Document and Entity Information
Document and Entity Information shares in Thousands | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Entity Registrant Name | Largo Inc. |
Entity Central Index Key | 0001400438 |
Current Fiscal Year End Date | --12-31 |
Document Type | 40-F/A |
Amendment Flag | true |
Document Period End Date | Dec. 31, 2021 |
Entity Common Stock, Shares Outstanding | 64,726,390 |
Entity Current Reporting Status | Yes |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-40333 |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | 55 University Avenue |
Entity Address, Address Line Two | Suite 1105 |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | M5J 2H7 |
City Area Code | 416 |
Local Phone Number | 861-9797 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Document Annual Report | true |
Document Registration Statement | false |
Trading Symbol | LGO |
Title of 12(b) Security | Common Shares |
Security Exchange Name | NASDAQ |
Auditor Firm ID | 271 |
Auditor Location | Toronto, Canada |
Auditor Name | PricewaterhouseCoopers LLP |
Amendment Description | Largo Inc., an Ontario corporation (the "Registrant"), is filing this Amendment No. 1 (the "Amendment") to Form 40-F (the "Form 40-F/A") for the year ended December 31, 2021, to furnish Exhibits 101 and 104, which provide certain items from the Registrant's Form 40-F formatted in eXtensible Business Reporting Language ("XBRL"). In accordance with the policy of the Securities and Exchange Commission (the "Commission") stated in Release No. 33-9002, the Registrant is filing this Form 40-F/A within the 30-day period available to first-time XBRL filers following the filing of the Registrant's Form 40-F, as filed with the Commission on March 16, 2022 (the "Original Filing"). Additionally, this Amendment also contains the certifications required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act and the consent of PricewaterhouseCoopers LLP, the Registrant's auditor. No other changes have been made to the Original Filing other than the furnishing of the exhibits described above, and no changes have been made to the financial statements previously filed as Exhibit 99.2 to the Registrant's Original Filing. This Form 40-F/A does not reflect subsequent events occurring after the original date of the Original Filing, or modify or update in any way disclosures made in the Original Filing. |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Suite 1000 |
Entity Address, City or Town | N.W. |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 20005 |
City Area Code | 202 |
Local Phone Number | 572-3111 |
Contact Personnel Name | C T Corporation System |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 83,790 | $ 79,145 |
Restricted cash | 448 | 0 |
Amounts receivable | 23,684 | 19,097 |
Inventory | 45,322 | 35,337 |
Prepaid expenses | 6,734 | 3,718 |
Total Current Assets | 159,978 | 137,297 |
Non-current Assets | ||
Deferred income tax | 3,343 | 7,178 |
Other intangible assets | 3,929 | 4,366 |
Mine properties, plant and equipment | 146,659 | 148,965 |
Total Non-current Assets | 153,931 | 160,509 |
Total Assets | 313,909 | 297,806 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 19,723 | 15,968 |
Deferred revenue | 5,469 | 3,223 |
Current portion of lease liability | 563 | 0 |
Current portion of provisions | 913 | 368 |
Debt | 15,000 | 24,788 |
Total Current Liabilities | 41,668 | 44,347 |
Non-current Liabilities | ||
Lease liability | 1,987 | 0 |
Provisions | 4,557 | 6,295 |
Total Non-current Liabilities | 6,544 | 6,295 |
Total Liabilities | 48,212 | 50,642 |
Equity | ||
Issued capital | 415,982 | 406,214 |
Equity reserves | 17,814 | 21,291 |
Accumulated other comprehensive loss | (118,772) | (108,438) |
Deficit | (49,327) | (71,903) |
Total equity | 265,697 | 247,164 |
Total Liabilities and Equity | $ 313,909 | $ 297,806 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | ||
Revenues | $ 198,280 | $ 119,987 |
Other gains (losses) | 0 | 1,636 |
Gross profit | 198,280 | 121,623 |
Expenses | ||
Operating costs | (133,010) | (88,390) |
Professional, consulting and management fees | (17,922) | (8,255) |
Foreign exchange (loss) | 610 | (9,064) |
Other general and administrative expenses | (6,404) | (3,329) |
Share-based payments | (3,135) | (1,638) |
Finance costs | (1,135) | (1,350) |
Interest income | 403 | 1,148 |
Technology start-up costs | (3,835) | 0 |
Exploration and evaluation costs | (2,093) | (3,022) |
Total Expenses | (166,521) | (113,900) |
Net income before tax | 31,759 | 7,723 |
Income tax expense | (5,430) | (139) |
Deferred income tax expense | (3,758) | (823) |
Net income | 22,571 | 6,761 |
Items that subsequently will be reclassified to operations: | ||
Unrealized loss on foreign currency translation | (10,334) | (41,937) |
Comprehensive (loss) | $ 12,237 | $ (35,176) |
Basic earnings per Common Share (in dollars per share) | $ 0.35 | $ 0.12 |
Diluted earnings per Common Share (in dollars per share) | $ 0.35 | $ 0.11 |
Weighted Average Number of Shares Outstanding (in 000’s) | ||
- Basic (in shares) | 64,048 | 56,402 |
- Diluted (in shares) | 65,045 | 61,360 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands | Issued Capital [Member] | Equity Reserves [Member] | Accumulated Other Comprehensive Loss [Member] | Deficit [Member] | Total |
Beginning balance (Shares) at Dec. 31, 2019 | $ 396,026 | $ 21,448 | $ (66,501) | $ (78,870) | $ 272,103 |
Balance, beginning of the year (Shares) at Dec. 31, 2019 | 55,453 | 55,453 | |||
Grant of stock options and restricted share units | 1,180 | $ 1,180 | |||
Share-based payments | 458 | 458 | |||
Exercise of warrants | $ 6,136 | (2,320) | $ 3,816 | ||
Exercise of warrants (Shares) | 2,953 | 2,953 | |||
Exercise of share options | $ 626 | (209) | $ 417 | ||
Exercise of share options (Shares) | 81 | 81 | |||
Exercise of restricted share units | $ 1,183 | (1,183) | |||
Exercise of restricted share units (Shares) | 40 | 40 | |||
Expiry of warrants | (159) | 159 | |||
Expiry of share options | (47) | 47 | |||
Purchase consideration | $ 2,243 | 2,123 | $ 4,366 | ||
Purchase consideration (Shares) | 252 | 252 | |||
Currency translation adjustment | (41,937) | $ (41,937) | |||
Net income for the year | 6,761 | 6,761 | |||
Beginning balance (Shares) at Dec. 31, 2020 | $ 406,214 | 21,291 | (108,438) | (71,903) | $ 247,164 |
Balance, end of the year (Shares) at Dec. 31, 2020 | 58,779 | 58,779 | |||
Grant of stock options and restricted share units | 1,580 | $ 1,580 | |||
Share-based payments | 1,555 | 1,555 | |||
Exercise of warrants | $ 7,982 | (5,344) | $ 2,638 | ||
Exercise of warrants (Shares) | 5,723 | 5,723 | |||
Exercise of share options | $ 944 | (421) | $ 523 | ||
Exercise of share options (Shares) | 156 | 156 | |||
Exercise of restricted share units | $ 842 | (842) | |||
Exercise of restricted share units (Shares) | 69 | 69 | |||
Expiry of warrants | (5) | 5 | |||
Purchase consideration | $ 0 | ||||
Purchase consideration (Shares) | 0 | ||||
Currency translation adjustment | (10,334) | $ (10,334) | |||
Net income for the year | 22,571 | 22,571 | |||
Beginning balance (Shares) at Dec. 31, 2021 | $ 415,982 | $ 17,814 | $ (118,772) | $ (49,327) | $ 265,697 |
Balance, end of the year (Shares) at Dec. 31, 2021 | 64,727 | 64,727 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | ||
Net income for the year | $ 22,571 | $ 6,761 |
Adjustment for Non-cash Items | ||
Other (gains) losses | 0 | (1,636) |
Depreciation | 22,511 | 17,507 |
Share-based payments | 3,135 | 1,638 |
Unrealized foreign exchange loss (gain) | 324 | (12,750) |
Finance costs | 1,135 | 1,350 |
Interest income | (403) | (1,148) |
Income tax expense | 5,430 | 139 |
Deferred income tax expense | 3,758 | 823 |
Income tax paid | (3,099) | (619) |
Cash Provided Before Working Capital Items | 55,362 | 12,065 |
Change in amounts receivable | (5,447) | (14,378) |
Change in inventory | (11,047) | (16,215) |
Change in vanadium products | 0 | 5,036 |
Change in prepaid expenses | (3,155) | (2,356) |
Change in accounts payable and accrued liabilities | 1,818 | (46,883) |
Change in deferred revenue | 2,246 | 3,223 |
Net Cash Provided by (Used in) Operating Activities | 39,777 | (59,508) |
Financing Activities | ||
Receipt of debt | 15,000 | 24,788 |
Repayment of debt | (24,788) | 0 |
Interest received | 403 | 1,135 |
Finance lease payments | (230) | 0 |
Change in restricted cash | (448) | 76 |
Issuance of common shares | 3,161 | 4,233 |
Net Cash (Used in) Provided by Financing Activities | (6,902) | 30,232 |
Investing Activities | ||
Mine properties, plant and equipment | (27,399) | (18,106) |
Net Cash Used in Investing Activities | (27,399) | (18,106) |
Effect of foreign exchange on cash | (831) | (972) |
Net Change in Cash | 4,645 | (48,354) |
Cash position – beginning of the year | 79,145 | 127,499 |
Cash Position – end of the year | $ 83,790 | $ 79,145 |
Nature of operations
Nature of operations | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Information About Nature Of Operations [Abstract] | |
Nature of operations [Text Block] | 1) Nature of operations The Company is a producer and supplier of high-quality vanadium products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine located in Brazil. The Company is also focused on the advancement of renewable energy storage solutions through Largo Clean Energy and its vanadium redox flow battery technology. The Company is in the process of vertically integrating its vanadium production operations with its vanadium redox flow battery technology. While the Company's Maracás Menchen Mine has reached commercial production, future changes in market conditions and feasibility estimates could result in the Company's mineral resources not being economically recoverable. On November 8, 2021, the Company changed its legal name from Largo Resources Ltd. to Largo Inc. The Company is a corporation governed by the Business Corporations Act (Ontario) and domiciled in Canada whose shares are listed on the Toronto Stock Exchange ("TSX") and on the Nasdaq Stock Market ("Nasdaq"). The head office, principal address and records office of the Company are located at 55 University Avenue, Suite 1105, Toronto, Ontario, Canada M5J 2H7. |
Statement of compliance
Statement of compliance | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Statement Of Compliance [Abstract] | |
Statement of compliance [Text Block] | 2) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") applicable to a going concern. The significant accounting policies applied in these consolidated financial statements are presented in note 3 and are based on IFRS effective as at December 31, 2021. The consolidated financial statements were approved by the Board of Directors of the Company on March 15, 2022. |
Basis of preparation, significa
Basis of preparation, significant accounting policies, and future accounting changes | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Preparation, Significant Accounting Policies, And Future Accounting Changes [Abstract] | |
Basis of preparation, significant accounting policies, and future accounting changes [Text Block] | 3) Basis of preparation, significant accounting policies, and future accounting changes These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments which are measured at fair value and certain inventory balances carried at net realizable value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. These consolidated financial statements are presented in thousands of U.S. dollars, unless otherwise noted. References to the symbol "C$" or "CAD" mean the Canadian dollar, references to the symbol "EUR" mean the Euro and references to the symbol "R$" or "BRL" mean the Brazilian real, the official currency of Brazil. a) Basis of consolidation Subsidiaries consist of entities over which the Company is exposed to, or has rights to, variable returns as well as the ability to affect those returns through the power to direct the relevant activities of the entity. Subsidiaries are consolidated from the date control is transferred to the Company and are de-consolidated from the date control ceases. The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating inter-entity balances and transactions. The consolidated financial statements include the financial condition and results of operations of the Company and its subsidiaries as outlined below (refer to note 23 for details of an entity incorporated subsequent to December 31, 2021): December 31, Accounting Name Property 2021 2020 Arrangement Method Largo Vanádio de Maracás S.A. Maracás Menchen 99.94% 99.94% Subsidiary Consolidation Largo Mineração Campo Alegre Campo Alegre 100% 100% Subsidiary Consolidation Largo Mineração Currais Novos Currais Novos 100% 100% Subsidiary Consolidation Largo Tech Ltda. N/A 100% -% Subsidiary Consolidation Largo Titânio Ltda. N/A 100% -% Subsidiary Consolidation Largo Resources (Yukon) Ltd. Northern Dancer 100% 100% Subsidiary Consolidation Largo Commodities Holding Ltd. N/A 100% 100% Subsidiary Consolidation Largo Commodities Trading Ltd. N/A 100% 100% Subsidiary Consolidation Largo Resources USA Inc. N/A 100% 100% Subsidiary Consolidation Largo Clean Energy Corp. N/A 100% 100% Subsidiary Consolidation b) Functional and presentation currency The consolidated financial statements are presented in U.S. dollars which is the functional and reporting currency of the Company. The functional currency of the Company's Brazilian subsidiaries is the Brazilian real, the functional currency of the Company's Canadian subsidiary is the Canadian dollar, the functional currency of Largo Commodities Holding Ltd. and Largo Commodities Trading Ltd. is the U.S. dollar and the functional currency of Largo Resources USA Inc. and Largo Clean Energy Corp. is the U.S. dollar. On May 1, 2020 the Company changed its presentation currency from the Canadian dollar to the U.S. dollar. Also on May 1, 2020 the functional currency of Largo Inc., Largo Commodities Holding Ltd. and Largo Commodities Trading Ltd. changed prospectively to the U.S. dollar from the Canadian dollar, Euro and Euro, respectively. The Company reconsiders the functional currency of its operations if there is a change in events and conditions which determine the primary economic environment. In early 2020, the Company's off-take agreement with its former off-take partner expired, and the Company started generating U.S. dollar denominated revenues and incurring U.S. dollar denominated costs. This is a significant judgment considering the significance of the revenues and costs to the Company's activities, and the primary economic environments in which the Company and its subsidiaries operate. In preparing the financial statements of the individual entities, transactions in currencies other than the entity's functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items denominated in foreign currencies are translated at the rates prevailing on the transaction dates. Income and expenses are translated at the average exchange rates for the period where these approximate the rates on the dates of transactions. Exchange differences are recognized in the consolidated statement of income (loss) and comprehensive income (loss) in the period in which they arise except for: • • All other foreign exchange gains and losses are presented in the consolidated statement of income (loss) and comprehensive income (loss) within "foreign exchange (loss)". The financial statements of subsidiaries that do not have the U.S. dollar as the functional currency are translated into U.S. dollars as follows: assets and liabilities - at the closing rate at the date of the statement of financial position; income and expenses - at the average rate for the period (if this is considered a reasonable approximation to actual rates) or at the rate on the date of transaction. All resulting changes are recognized in other comprehensive income (loss) as foreign currency translation adjustments. c) Significant accounting policies 1. Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. At December 31, 2021 and 2020, the Company held no cash equivalents. 2. Finished products inventory, work-in-process inventory and stockpiles are measured at the lower of weighted average production cost or average purchase cost and net realizable value. Warehouse materials are measured at the lower of average purchase cost and net realizable value. Net realizable value is calculated as the difference between the estimated selling price and estimated costs to complete processing into a saleable form and variable selling expenses. Production costs include the cost of materials, labour, mine site production overheads, depreciation and conversion costs to the applicable stage of processing. The cost of ore stockpiles is increased based on the related current cost of production for the period and decreases in stockpiles are charged to cost of sales using the weighted average cost per tonne. Stockpiles are segregated between current and non-current inventories in the consolidated statement of financial position based on the period of planned usage. Provisions are recorded to reduce the carrying amount of inventory to net realizable value to reflect changes in grades, quantity or other economic factors and to reflect current intentions for the use of redundant or slow-moving items. Provisions for redundant and slow-moving items are made by reference to specific items of inventory. The Company reverses provisions where there is a subsequent increase in net realizable value and where the inventory is still on hand. Spare parts, stand-by and servicing equipment held are generally classified as inventories. Major capital spare parts and stand-by equipment (insurance spares) are classified as a component of mine properties, plant and equipment. 3. Prior to May 1, 2020, vanadium products were initially recorded at cost on the date that control of the vanadium products passes to the Company. Cost was calculated as the purchase price, excluding transaction fees, which were expensed as incurred. Subsequent to initial recognition, vanadium products were measured at fair value at each reporting period end. Fair value was determined based on the most recent observable vanadium market transaction data as reported by a recognized provider of global metal prices. Gains and losses arising on the sale of the vanadium products and fair value gains and losses were recorded in the consolidated statements of income (loss) and comprehensive income (loss) as other gains (losses) in the period in which they arise. The Company's off-take agreement with its former off-take partner expired at the end of April 2020. In connection with this and with the Company managing its own sales activities from May 1, 2020 onwards, the Company's vanadium products are accounted for as finished products inventory effective from May 1, 2020. 4. • Expenditures on exploration and evaluation activities are expensed to exploration and evaluation costs in the consolidated statement of income (loss) and comprehensive income (loss). The cost of acquiring prospective properties and exploration rights is capitalized to exploration and evaluation properties in the consolidated statement of financial position. Post-acquisition exploration and evaluation costs relate to the initial search for deposits with economic potential and to detailed assessments of deposits or other projects that have been identified as having economic potential. Once an economically viable reserve has been determined for an area and the decision to proceed with development has been approved, exploration and evaluation assets attributable to that area are first tested for impairment and then reclassified to development properties. Subsequent expenditures are capitalized to development properties. Subsequent recovery of the resulting carrying value depends on successful development or sale of the undeveloped project. If impairment indicators are identified and an impairment test is performed, all irrecoverable costs will be written off. • When economically viable reserves have been determined and the decision to proceed with development has been approved, the expenditures related to construction are capitalized to development properties in the consolidated statement of financial position. Costs associated with the commissioning of new assets in the period before they are operating in the way intended by management, are capitalized, net of any pre-production revenues. Interest on borrowings related to the construction and development of qualifying assets are capitalized until substantially all the activities required to make the asset ready for its intended use are complete. 5. Upon completion of mine construction, development property assets are transferred to mine properties, plant and equipment. Items of plant and equipment and mine properties are stated at cost, less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of the rehabilitation obligation, and for qualifying assets, borrowing costs. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire or construct the asset and includes the direct charges associated with bringing the asset to the location and condition necessary for putting it into use. The capitalized value of a finance lease is also included within mine properties, plant and equipment. When a mine construction project moves into the production stage, the capitalization of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for costs which qualify for capitalization relating to mining asset additions or improvements, or mineable reserve development. When parts of an item of plant and equipment have different useful lives, they are accounted for as separate items (major components) of equipment. 6. Effective from the point an asset is available for its intended use, mine properties, plant and equipment are depreciated using either the straight line or units-of-production methods over the shorter of the estimated economic life of the asset or the mining operation. Depreciation and amortization are determined based on the method which best represents the use of the assets. The reserve and resource estimates for each mining operation are the prime determinants of the life of a mine. In general, when the useful life of mine properties, plant and equipment is akin to the life of the mining operation and the ore body's mineralization is reasonably well defined, the asset is depreciated on a units-of-production basis over its proven and probable mineral reserves. Non-reserve material may be included in depreciation calculations in limited circumstances where there is a high degree of confidence in its economic extraction. The Company evaluates the estimate of mineral reserves and resources at least on an annual basis and adjusts the units-of-production calculation prospectively. In 2021 and 2020, the Company has not incorporated any non-reserve material in its depreciation calculations on a units-of-production basis. When mine properties, plant and equipment are depreciated on a straight-line basis, the useful life of the asset is determined based on its estimated economic life and the most recent life of mine ("LOM") plan. LOM plans are typically developed annually and are based on management's current best estimates of optimized mine and processing plans, future operating costs and the assessment of capital expenditures of a mine site. Any change in the useful life is adjusted prospectively. The estimated useful lives for machinery and equipment ranges from 10 to 30 years. Computers, office equipment and vehicles are depreciated using the declining balance method using rates of 20%, 10% and 20%, respectively. Amounts related to capitalized costs of exploration and evaluation assets, development properties and construction in progress are not amortized as the assets are not available for use. Capitalized stripping costs are depreciated over the reserves that directly benefit from the specific stripping activity using the units-of-production method. Capitalized borrowing costs are amortized over the useful life of the related asset. Residual values, useful lives and amortization methods are reviewed at least annually and adjusted if appropriate. The impact of changes to the estimated useful lives, change in depreciation method or residual values is accounted for prospectively. 7. Other intangible assets includes acquired intellectual property, which is initially recognized at fair value. The fair value was determined through reference to the acquisition cost paid. Other intangible assets are amortized on a straight-line basis over their useful life. The estimated useful life is 10 years. 8. The carrying values of capitalized exploration and evaluation properties, development properties, mine properties, plant and equipment and other intangible assets are assessed by management for impairment when indicators of such impairment exist. If any indication of impairment exists an estimate of the asset's recoverable amount is calculated. The recoverable amount is determined as the higher of the fair value less costs of disposal ("FVLCD") of the asset and the asset's value in use ("VIU"). Impairment is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If this is the case, the individual assets of the Company are grouped together into cash generating units ("CGUs") for impairment purposes. Such CGUs represent the lowest level for which there are separately identifiable cash inflows that are largely independent of the cash flows from other assets or other groups of assets. This generally results in the Company evaluating its non-financial assets on a mine or project basis. If the carrying amount of the asset or CGU exceeds its recoverable amount, the asset or CGU is impaired, and an impairment loss is charged to the consolidated statement of income (loss) and comprehensive income (loss) so as to reduce the carrying amount to its recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the factors which gave rise to the triggering event. If this is the case, the carrying amount of the asset is increased to its recoverable amount. The increased amount cannot exceed the carrying amount that would have been determined, net of depreciation/amortization, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of income (loss) and comprehensive income (loss). 9. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in the consolidated statement of income (loss) and comprehensive income (loss) in the period in which they are incurred. 10. Revenues include sales of vanadium products and will include sales of vanadium redox flow batteries in future periods. The Company recognizes revenue when it transfers control of a product to the customer. The principal activity from which the Company generates its revenue is the sale of vanadium products to third parties. Delivery of the vanadium product is considered to be the only performance obligation. Revenues are measured based on the consideration specified in the contract with the customer. Under the terms of the Company's vanadium sales agreement that expired on April 30, 2020, vanadium prices were provisionally set at the time revenue was recognized based upon market commodity prices. Revenue, and a trade receivable, was recognized at the time of shipment, which is when control of the vanadium product passed to the customer and the Company's performance obligation was satisfied. Revenue was measured using market prices on the date of transfer of control of the vanadium product. Changes in the measurement of the trade receivable, which was re-measured once the date that final selling prices were determined had been set by the Company's former off-take partner, were also recognized as a component of revenues in the period in which the final price was determined. Variations occurred between the price recorded on the date of revenue recognition and the actual final price under the terms of the contract due to changes in market prices. 11. Deferred revenue is recognized in the consolidated statement of financial position when a cash prepayment is received from a customer prior to the sale of vanadium. Revenue is subsequently recognized in the consolidated statement of income (loss) and comprehensive income (loss) when control has been transferred to the customer. The Company determines the current portion of deferred revenue based on quantities anticipated to be delivered over the next twelve months. 12. Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based payment transactions are set out in note 13. The fair value determined at the grant date of the equity-settled share-based payments is expensed or capitalized, as appropriate, on a graded vesting basis over the period during which the employee becomes unconditionally entitled to equity instruments, based on the Company's estimate of equity instruments that will eventually vest. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity reserve. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. For those options and warrants that expire after vesting, the recorded value is transferred to deficit. 13. Income and deferred income tax expense or recovery is comprised of current and deferred tax. Current and deferred taxes are recognized in the consolidated statement of income (loss) and comprehensive income (loss) except to the extent that they relate to an asset acquisition, or items recognized directly in equity or in other comprehensive income (loss). • Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using the tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of the previous years. • Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its tax assets and liabilities on a net basis. 14. Financial instruments are recognized on the consolidated statement of financial position on the trade date, the date on which the Company or its subsidiaries become party to the contractual provisions of the financial instrument. All financial instruments are required to be classified and measured at fair value on initial recognition. The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments. A financial asset is derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial asset or when cash flows expire. A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of Income (loss) and comprehensive income (loss). Certain financial instruments are recorded at fair value in the consolidated statement of financial position. • Non-derivative financial instruments are recognized initially at fair value plus attributable transaction costs, where applicable, for financial instruments not classified as fair value through profit or loss. Subsequent to initial recognition, non-derivative financial instruments are classified and measured as described below. Financial assets at fair value through profit or loss ("FVTPL") Cash, restricted cash and trade receivables with the Company's former off-take partner (refer to revenues accounting policy in note 3(c) part 10) are classified as financial assets at FVTPL and are measured at fair value. Cash includes short-term investments with initial maturities of three months or less. The unrealized gains or losses related to changes in fair value of cash and restricted cash are reported in the consolidated statement of income (loss) and comprehensive income (loss). Changes in the value of trade receivables with the Company's former off-take partner were recognized in revenues in the consolidated statement of income (loss) and comprehensive income (loss). Amortized cost Amounts receivable, excluding trade receivables classified as financial assets at FVTPL, are classified as and measured at amortized cost using the effective interest rate ("EIR") method, less expected credit losses. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. EIR amortization is included in finance costs in the consolidated statement of income (loss) and comprehensive income (loss). Non-derivative financial liabilities Accounts payable and accrued liabilities, long-term debt, and other long-term liabilities are classified as and accounted for at amortized cost, using the EIR method. The amortization of long- term debt issue costs is calculated using the EIR method. Gains and losses are recognized in the consolidated statement of income (loss) and comprehensive income (loss) when the liabilities are derecognized, as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. • The Company may hold derivative financial instruments to hedge its risk exposure to fluctuations of other currencies compared to the Canadian dollar and the U.S. dollar. All derivative instruments not designated in a hedge relationship that qualifies for hedge accounting are classified as financial instruments at FVTPL. Further, any equity instrument that does not satisfy the fixed-for-fixed criteria for classification in equity will be classified as a derivative financial instrument. Derivative financial instruments at FVTPL, including embedded derivatives requiring separation from its host, are recorded in the consolidated statement of financial position at fair value. Changes in estimated fair value of non-hedge derivatives at each reporting date are included in the consolidated statement of income (loss) and comprehensive income (loss). Embedded derivatives in financial liabilities measured at amortized cost are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. Fair value of financial instruments The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs. For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include using recent arm's length market transactions; reference to the current fair value of another instrument that is substantially the same; discounted cash flow analysis or other valuation models. Impairment of financial assets The Company recognizes loss allowances for expected credit losses ("ECLs") on its financial assets measured at amortized cost. Loss allowances for other receivables are always measured at an amount equal to lifetime ECL. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company's historical experience and informed credit assessment and including forward-looking information. The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 60 days past due. The Company considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Company in full when due or if the financial asset is more than 120 days past due. • ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls, which is the difference between the cash flows due to the Company and the cash flows expected to be received. • At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred, such as a default or being more than 120 days past due. • Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. • The gross carrying amount of a financial asset carried at amortized cost is written off, either partially or in full, to the extent that there is no realistic prospect of recovery. 15. • Provisions are recognized when (a), the Company has a present obligation (legal or constructive) as a result of a past event, and (b), it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is presented in the consolidated statement of income (loss) and comprehensive income (loss), net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized in the consolidated statement of income (loss) and comprehensive income (loss). • The Company records the present value of estimated costs of legal and constructive obligations required to restore operating locations in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures, rehabilitating mines and tailings ponds, dismantling operating facilities, closure of plant and waste sites, and restoration, reclamatio |
Amounts receivable
Amounts receivable | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Amounts receivable [Text Block] | 4) Amounts receivable December 31, December 31, 2021 2020 Trade receivables (note 20(b)) $ 22,144 $ 13,749 Current taxes recoverable - Brazil 1,154 5,214 Current taxes recoverable - Other 358 92 Other receivables 28 42 Total $ 23,684 $ 19,097 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2021 | |
Classes of current inventories [abstract] | |
Inventory [Text Block] | 5) Inventory December 31, December 31, 2021 2020 Finished products $ 32,069 $ 25,087 Work-in-process 967 775 Stockpiles 593 997 Warehouse materials 11,693 8,478 Total $ 45,322 $ 35,337 During the year ended December 31, 2021, the Company recognized a net realizable value write-down of $558 for finished products (year ended December 31, 2020 - $3), $ nil nil |
Other intangible assets
Other intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Other intangible assets [Text Block] | 6) Other intangible assets During the year ended December 31, 2020, the Company acquired certain patent families (the "intellectual property") out of an assignment for the benefit of creditors under Massachusetts, U.S.A., law. The acquisition was completed through an asset purchase agreement, with the Company issuing 252 common shares and 362 common share purchase warrants as consideration. The transaction closed on December 7, 2020, with the common shares valued at $2,243 (note 12) and the common share purchase warrants valued at $2,123 ( note 13) for a total consideration of $4,366. At December 31, 2021, the remaining estimated useful life is 9 years (December 31, 2020 - 10 years). Intellectual Property Total Cost Balance at December 31, 2019 $ - $ - Additions 4,366 4,366 Balance at December 31, 2020 $ 4,366 $ 4,366 Additions - - Balance at December 31, 2021 $ 4,366 $ 4,366 Accumulated Depreciation Balance at December 31, 2019 $ - $ - Depreciation - - Balance at December 31, 2020 $ - $ - Depreciation 437 437 Balance at December 31, 2021 $ 437 $ 437 Net Book Value At December 31, 2020 $ 4,366 $ 4,366 At December 31, 2021 $ 3,929 $ 3,929 |
Mine properties, plant and equi
Mine properties, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Mine properties, plant and equipment [Text Block] | 7) Mine properties, plant and equipment At December 31, 2021 and December 31, 2020, the Company's economic interest in the Maracás Menchen Mine totaled 99.94%. The remaining 0.06% economic interest is held by Companhia Baiana de Pesquisa Mineral ("CBPM") owned by the state of Bahia. CBPM retains a 3% net smelter royalty ("NSR") in the Maracás Menchen Mine. The property is also subject to a royalty of 2% on certain operating costs under the Brazilian Mining Act. Under a separate agreement, Anglo Pacific Plc receives a 2% NSR in the Maracás Menchen Mine. Office and Buildings, Computer Mine Plant and Construction Equipment Vehicles Properties Equipment In Progress Total Cost Balance at December 31, 2019 $ 980 $ 336 $ 100,860 $ 185,861 $ 9,096 $ 297,133 Additions 115 - 9,049 2,421 8,174 19,759 Reclassifications - - - 8,323 (8,323 ) - Effects of changes in foreign exchange rates (176 ) (75 ) (18,465 ) (42,862 ) (639 ) (62,217 ) Balance at December 31, 2020 $ 919 $ 261 $ 91,444 $ 153,743 $ 8,308 $ 254,675 Additions 3,278 - 7,884 6,122 11,639 28,923 Disposals (177 ) - - (6 ) - (183 ) Reclassifications - - - 14,862 (14,862 ) - Effects of changes in foreign exchange rates (52 ) (18 ) (4,851 ) (11,487 ) 28 (16,380 ) Balance at December 31, 2021 $ 3,968 $ 243 $ 94,477 $ 163,234 $ 5,113 $ 267,035 Office and Buildings, Computer Mine Plant and Construction Equipment Vehicles Properties Equipment In Progress Total Accumulated Depreciation Balance at December 31, 2019 $ 523 $ 336 $ 25,728 $ 80,052 $ - $ 106,639 Depreciation 89 - 5,939 16,136 - 22,164 Effects of changes in foreign exchange rates (89 ) (75 ) (4,727 ) (18,202 ) - (23,093 ) Balance at December 31, 2020 $ 523 261 26,940 77,986 $ - $ 105,710 Depreciation 194 - 7,069 15,031 - 22,294 Disposals (177 ) - - (6 ) - (183 ) Effects of changes in foreign exchange rates (32 ) (18 ) (1,559 ) (5,836 ) - (7,445 ) Balance at December 31, 2021 $ 508 $ 243 $ 32,450 $ 87,175 $ - $ 120,376 Net Book Value At December 31, 2020 $ 396 $ - $ 64,504 $ 75,757 $ 8,308 $ 148,965 At December 31, 2021 $ 3,460 $ - $ 62,027 $ 76,059 $ 5,113 $ 146,659 The net book value of the Company's mine properties, plant and equipment at December 31, 2021 by geographic location is: Brazil - $123,404 (December 31, 2020 - $131,240); Canada - $16,298 (December 31, 2020 - $17,725) and U.S. - $6,957 (December 31, 2020 - $ nil Buildings, plant and equipment includes a right-of-use asset as disclosed in note 8. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Leases [Text Block] | 8) Leases Year ended December 31, December 31, 2021 2020 Recognized in the consolidated statements of income (loss) and comprehensive income (loss): Interest on lease liabilities (note 22) $ 59 $ - Variable lease payments not included in the measurement of lease liabilities $ 7,387 $ - Expenses relating to short-term leases $ 4,626 $ 12,707 Recognized in the consolidated statements of cash flows: Total cash outflow for leases $ 12,151 $ 10,916 During the year ended December 31, 2021, the Company entered into an agreement with a new mining contractor. This contract, which began on May 1, 2021 and runs until April 30, 2025, was assessed to contain a lease in accordance with IFRS 16, Leases. The contractual payments are variable in that they are directly linked to operational volumes and distances. Accordingly, these payments were excluded from the measurement of the lease liability and the right-of-use asset, with no resulting lease liability or right-of-use asset. The variable lease payments are recognized in operating costs (note 22) in the consolidated statements of income (loss) and comprehensive income (loss). At December 31, 2021 and December 31, 2020, the Company had one right-of-use asset and liability (December 31, 2020 - no right-of-use assets or liabilities). Right-of-use assets Mine properties, plant and equipment (note 7) includes a leased building recognized as a right-of-use asset. Buildings Total Cost Balance at December 31, 2020 $ - $ - Additions 2,723 2,723 Balance at December 31, 2021 $ 2,723 $ 2,723 Accumulated Depreciation Balance at December 31, 2020 $ - $ - Depreciation 383 383 Balance at December 31, 2021 $ 383 $ 383 Net Book Value At December 31, 2020 $ - $ - At December 31, 2021 $ 2,340 $ 2,340 Lease liabilities December 31, 2021 Maturity analysis - contractual undiscounted cash flows: Less than one year $ 563 One to five years 2,165 Total undiscounted lease liabilities $ 2,728 Lease liabilities included in the consolidated statements of financial position: Current $ 563 Non-current $ 1,987 |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Accounts Payable And Accrued Liabilities [Abstract] | |
Accounts payable and accrued liabilities [Text Block] | 9) December 31, December 31, 2021 2020 Accounts payable $ 14,050 $ 12,289 Accrued liabilities 2,962 2,572 Accrued financial costs 174 806 Other taxes 2,537 301 Total $ 19,723 $ 15,968 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
Debt [Text Block] | 10) December 31 December 31 2021 2020 Total debt $ 15,000 $ 24,788 Cash flows December 31, December 31, 2020 Proceeds Repayment 2021 Total debt $ 24,788 $ 15,000 $ (24,788 ) $ 15,000 Total liabilities from financing activities $ 24,788 $ 15,000 $ (24,788 ) $ 15,000 Cash flows December 31, December 31, 2019 Proceeds 2020 Total debt $ - $ 24,788 $ 24,788 Total liabilities from financing activities $ - $ 24,788 $ 24,788 Credit facilities On March 18, 2020, the Company secured a $13,000 credit facility with a bank in Brazil. This facility was fully drawn down and proceeds of R$65,980 ($13,000) were received on March 20, 2020. On March 24, 2020 the Company secured a $11,788 credit facility with a second bank in Brazil. This facility was fully drawn down and proceeds of R$60,000 ($11,788) were received on March 24, 2020. Between January 29, 2021 and February 3, 2021, the Company completed the settlement of these outstanding credit facilities through the repayment in full of the outstanding principal amounts of $13,000 and $11,788. On May 6, 2021, the Company secured a $15,000 working capital facility with a bank in Brazil. This facility was fully drawn down and proceeds of R$78,915 ($15,000) were received. This facility is due to be repaid as a lump sum payment in May 2022, together with accrued interest at a rate of 1.78% per annum. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Provision [Abstract] | |
Provisions [Text Block] | 11) Provisions a) Provision for litigation claims By their nature, contingencies will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events. The assessment of contingencies inherently involves the exercise of significant judgments and estimates of the outcome of future events. The Company, through its subsidiaries, is party to legal proceedings in the ordinary course of its operations. The Company's management, outside legal advisors, and other subject matter experts assess the potential outcome of these proceedings. Accordingly, the Company establishes provisions for future disbursements considered probable. At December 31, 2021, based on developments in the respective hearings, the Company recognized a provision of $314 (December 31, 2020 - $928) primarily due to legal proceedings regarding labour matters. The outcome of each case remains dependent on the final judgment, with $55 expected to be incurred in the next 12 months. Refer to note 18. b) Provision for environmental compensation In accordance with the terms of the Company's environmental license for its Maracás Menchen Mine, the Company recognized a provision for future social and environmental compensation. Following the direction of the Secretary of the Environment for the state of Bahia, Brazil, the Company will be required to fund social or environmental projects. At December 31, 2021, the Company recognized a provision of $496, with the full $496 expected to be incurred within the next 12 months (December 31, 2020 - $368). c) Provision for closure and reclamation The following table presents the reconciliation of the beginning and ending aggregate carrying amount of the provision for closure and reclamation associated with the retirement of the Company's projects: Maracás Menchen Currais Novos Mine Tungsten Total Balance at December 31, 2019 $ 5,578 $ 575 $ 6,153 Changes in estimated cash flows and discount rates 496 30 526 Accretion 149 13 162 Effect of foreign exchange (1,338 ) (136 ) (1,474 ) Balance at December 31, 2020 $ 4,885 $ 482 $ 5,367 Changes in estimated cash flows and discount rates (879 ) 11 (868 ) Accretion 132 15 147 Effect of foreign exchange (314 ) (34 ) (348 ) Balance at December 31, 2021 $ 3,824 $ 474 $ 4,298 The Company makes a provision for the future cost of rehabilitating mine sites and related production facilities on a discounted basis on the development of mines or installation of those facilities. The rehabilitation provision represents the present value of estimated future rehabilitation costs relating to mine sites. These provisions have been created based on the Company's internal estimates. Assumptions, including an inflation rate of 3.00% (December 31, 2020 - 3.25%) and a nominal discount rate of 7.00% (December 31, 2020 - 6.00%), have been made which management believes are a reasonable basis upon which to estimate the future liability. The provision for closure and reclamation of the Maracás Menchen Mine at December 31, 2021 is based on a total anticipated liability of R$46,223 ($8,283) (December 31, 2020 - R$45,671 ($8,787)) and is expected to be incurred between 2041 and 2046 (December 31, 2020 - between 2042 and 2046). The provision for closure and reclamation of the Currais Novos Tungsten project at December 31, 2021 is based on an anticipated liability of approximately R$3,058 ($548) (December 31, 2020 - R$2,768 ($533)), with reclamation expected to be incurred between 2024 and 2028 (December 31, 2020 - between 2023 and 2027). At December 31, 2021, the Company recognized a provision of $362 (December 31, 2020 - $nil) to remove infrastructure from a location that Largo Clean Energy had secured access to for product testing purposes. These costs are expected to be incurred within the next 12 months. |
Issued capital
Issued capital | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Issued capital [Text Block] | 12) Issued capital a) Authorized Unlimited common shares without par value. b) Year ended Year ended December 31, 2021 December 31, 2020 Number of Stated Number of Stated Shares Value Shares Value Balance, beginning of the year 58,779 $ 406,214 55,453 $ 396,026 Exercise of warrants (note 13) 5,723 7,982 2,953 6,136 Exercise of stock options (note 13) 156 944 81 626 Exercise of restricted share units (note 13) 69 842 40 1,183 Purchase consideration (note 6) - - 252 2,243 Balance, end of the year 64,727 $ 415,982 58,779 $ 406,214 On March 4, 2021, the Company completed the consolidation of its issued and outstanding common shares on the basis of one post-consolidation common share for every 10 pre-consolidation common shares. Any quantity relating to common shares, RSUs, stock options and warrants or any per unit price such as exercise prices disclosed throughout the annual consolidated financial statements have been retrospectively adjusted for the share consolidation, including the weighted average number of shares outstanding and the basic and diluted earnings (loss) per share for the periods presented. |
Equity reserves
Equity reserves | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Equity reserves [Text Block] | 13) Under the Company's incentive share compensation plan, the Company has issued options and restricted share units ("RSUs") approximating 1.70% of its issued and outstanding capital at December 31, 2021. RSUs Options Warrants Weighted Weighted average average exercise exercise Total Number Value Number price Value Number price Value value December 31, 2019 81 $ 1,617 315 C$ 9.56 $ 2,720 10,810 C$ 4.24 $ 17,111 $ 21,448 Share-based payments - 458 - - - - - - 458 Granted 191 441 383 6.70 774 362 13.00 2,123 3,338 Exercised (40 ) (1,183 ) (81 ) (7.00 ) (209 ) (2,679 ) (3.33 ) (2,320 ) (3,712 ) Expired - - (20 ) (4.55 ) (47 ) (127 ) (6.50 ) (159 ) (206 ) Forfeited (6 ) (4 ) (9 ) (6.70 ) (31 ) - - - (35 ) December 31, 2020 226 $ 1,329 588 C$ 8.27 $ 3,207 8,366 C$ 4.88 $ 16,755 $ 21,291 Share-based payments - 587 - - 998 - - - 1,585 Granted 76 499 467 15.59 1,081 - - - 1,580 Exercised (81 ) (842 ) (164 ) (4.68 ) (421 ) (6,527 ) (2.94 ) (5,344 ) (6,607 ) Expired - - - - - (7 ) (2.90 ) (5 ) (5 ) Forfeited (5 ) (22 ) (2 ) (6.70 ) (8 ) - - - (30 ) December 31, 2021 216 $ 1,551 889 C$ 12.78 $ 4,857 1,832 C$ 11.78 $ 11,406 $ 17,814 During the year ended December 31, 2021, the Company recognized a share-based payment expense related to the grant and vesting of stock options and RSUs of $3,135 (year ended December 31, 2020 - $1,638) for stock options and RSUs granted to the Company's directors, officers, employees and consultants. The total share- based payment expense was charged to operations. During the year ended December 31, 2021, 5,723 warrants were exercised resulting in proceeds to the Company of $2,638, with 804 warrants surrendered as part of cashless exercises. In addition, 156 stock options were exercised resulting in proceeds to the Company of $523, with eight stock options surrendered as part of cashless exercises. During the year ended December 31, 2020, 2,400 warrants were exercised resulting in proceeds to the Company of $3,816, with a further 279 warrants surrendered as part of cashless exercises. 553 shares were issued in connection with a warrant exercise in 2019. In addition, 81 stock options were exercised resulting in proceeds to the Company of $417. The Company applies the fair value method of accounting for share-based payment awards. The Company estimated the expected volatility using historical volatilities from the Company's traded common shares when estimating the fair value of stock options granted, as it believes that this methodology best reflects the expected future volatility of its stock. a) RSUs During the year ended December 31, 2021, the Company granted 76 RSUs in two separate grants to officers and employees of the Company and five RSUs were forfeited. These RSUs vest over time, with one-third of the first grant vesting during each of the three month periods ending March 31, 2022, March 31, 2023 and March 31, 2024, and one-third of the second grant vesting during each of the three month periods ending June 30, 2022, June 30, 2023 and June 30, 2024. The value of the vested RSUs includes the Company's expected forfeiture rate of 0%. Upon vesting, the RSUs provide the holders with common shares of the Company. During the year ended December 31, 2020, the Company granted 191 RSUs to officers and employees of the Company and six RSUs were forfeited. These RSUs vest over time, with one-third of a grant of 180 RSUs vesting during each of the three month periods ending March 31, 2021, March 31, 2022 and March 31, 2023, and one-third of a grant of 11 RSUs vesting during each of the three month periods ending September 30, 2021, September 30, 2022 and September 30, 2023. The value of the vested RSUs includes the Company's expected forfeiture rate of 0%. Upon vesting, the RSUs provide the holders with common shares of the Company. b) Stock options Weighted Weighted Weighted average average average No. No. remaining exercise grant date Range of prices outstanding exercisable life (years) price share price C$ 362 164 3.2 C$ C$ 10.01 - 15.00 300 - 1.1 13.87 13.87 15.01 - 20.00 166 52 4.3 18.69 18.69 20.01 - 25.00 29 29 1.6 24.00 24.00 30.01 - 30.40 32 32 2.0 30.40 30.40 889 277 C$ During the year ended December 31, 2021, the Company granted 467 (year ended December 31, 2020 - 383) stock options in three separate grants to its directors, officers, employees and consultants with a weighted average exercise price of C$15.59. The options vest over time, with one-third of the first grant vesting during each of the three month periods ending March 31, 2022, March 31, 2023 and March 31, 2024. For the second grant, 52 stock options vested immediately and the remainder vest over time, with one-third vesting during each of the three month periods ending June 30, 2022, June 30, 2023 and June 30, 2024. For the third grant, the options vest upon the achievement of certain conditions, with the first 50% expected to vest by March 15, 2022 and the second 50% by May 31, 2022. The estimated weighted average grant date fair value of the stock options in the first grant was C$11.92 per stock option, as determined using the Black-Scholes valuation model and the following assumptions: risk free interest rate - 0.92%, expected life in years - 5, expected volatility - 83.7%, expected dividends - 0% and expected forfeiture rate - 0%. The estimated weighted average grant date fair value of the stock options in the second grant was C$12.58 per stock option, as determined using the Black-Scholes valuation model and the following assumptions: risk free interest rate - 0.95%, expected life in years - 5, expected volatility - 81.1%, expected dividends - 0% and expected forfeiture rate - 0%. The estimated weighted average grant date fair value of the stock options in the third grant was C$4.81 per stock option, as determined using the Black-Scholes valuation model and the following assumptions: risk free interest rate - 0.50%, expected life in years - 1.35, expected volatility - 76.8%, expected dividends - 0% and expected forfeiture rate - 0%. During the year ended December 31, 2020, the Company granted 383 stock options to its directors, officers, employees and consultants with a weighted average exercise price of C$6.70. 75 of the stock options vested immediately and are exercisable for a period of 5 years from the date of grant. The remainder vest over time, with one-third vesting during each of the three month periods ending March 31, 2021, March 31, 2022 and March 31, 2023. The estimated weighted average grant date fair value of the stock options was C$4.80 per stock option, as determined using the Black-Scholes valuation model and the following assumptions: risk free interest rate - 0.74%, expected life in years - 5, expected volatility - 93.7%, expected dividends - 0% and expected forfeiture rate - 0%. The remaining weighted average contractual life of options outstanding at December 31, 2021 was 2.6 years (December 31, 2020 - 3.2 years). c) Warrants and broker warrants Expected Risk-free No. No. Grant Expiry Exercise Expected Expected dividend Interest outstanding exercisable Date Date price volatility life (years) yield rate 349 349 12/01/17 12/01/22 C$ 93% 5.00 0% 2% 1,142 1,142 12/13/17 12/13/22 C$ 93% 5.00 0% 2% 341 341 12/07/20 12/08/25 C$ 88% 5.00 0% 0% 1,832 1,832 C$ |
Earnings (loss) per share
Earnings (loss) per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Earnings (loss) per share [Text Block] | 14) Earnings (loss) per share The weighted average number of basic and diluted shares outstanding for all periods presented in the consolidated statements of income (loss) and comprehensive income (loss) reflect the effect of the share consolidation that was completed on March 4, 2021. The total number of shares issuable from options, warrants and RSUs that are excluded from the computation of diluted earnings (loss) per share because their effect would be anti-dilutive was 227 for the year ended December 31, 2021 (year ended December 31, 2020 - 1,919). |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Taxes [Text Block] | 15) a) Year ended December 31, December 31, 2021 2020 Income tax expense $ (5,430 ) $ (139 ) Deferred income tax expense (3,758 ) (823 ) Total $ (9,188 ) $ (962 ) The major items causing the Company's income tax expense to differ from the Canadian combined federal and provincial statutory rate of 26.50% (2020 - 26.50%) were: Year Ended December 31, December 31, 2021 2020 Net income before tax $ 31,759 $ 7,723 Expected income tax expense based on statutory rate (8,416 ) (2,047 ) Adjustments to expected income tax (expense) recovery: Permanent differences and other (9,722 ) (3,846 ) Tax effect of unrecognized temporary differences and tax losses (3,465 ) 1,873 Tax incentives and tax loss benefit not previously recognized 8,712 1,019 Effect of tax rates in foreign jurisdictions 4,971 290 Foreign exchange (1,268 ) 1,749 Income tax expense $ (9,188 ) $ (962 ) b) Year ended December 31, December 31, 2021 2020 Net deferred income tax asset, beginning of the year $ 7,178 $ 10,571 Deferred income tax expense (3,758 ) (823 ) Effect of foreign exchange (77 ) (2,570 ) Net deferred income tax asset, end of the year $ 3,343 $ 7,178 c) December 31, December 31, 2021 2020 Brazil Recognized deferred tax assets: Non-capital losses $ 10,565 $ 16,505 Mine properties 1,754 777 Recognized deferred tax liabilities: Transitional tax regime (7,713 ) (8,721 ) Provisions (4,227 ) (3,717 ) $ 379 $ 4,844 Canada Recognized deferred tax assets: Non-capital losses $ 2,009 $ 2,334 Ireland Recognized deferred tax assets: Non-capital losses $ 943 $ - U.S. Recognized deferred tax assets: Non-capital losses $ 1,900 $ - Provisions and other 12 - Recognized deferred tax liabilities: Mine properties, plant and equipment (1,900 ) - $ 12 $ - Net deferred income tax asset $ 3,343 $ 7,178 Deferred tax assets have not been recognized in respect of the following deductible temporary differences: December 31, December 31, 2021 2020 Canada Non-capital loss carry-forwards $ 46,921 $ 46,189 Mine properties, plant and equipment 18,778 18,670 Capital losses and foreign exchange 9,215 11,992 Share issue costs 1,856 3,634 Ireland Non-capital loss carry-forwards $ - $ 7,720 Mine properties, plant and equipment 2 86 U.S. Non-capital loss carry-forwards $ 10,633 $ - Provisions and other 394 - Mine properties, plant and equipment 584 - The Company has approximately $18,778 (December 31, 2020 - $18,670) of Canadian development expenditures and $1,754 (December 31, 2020 - $777) of development costs in Brazil at December 31, 2021, which under certain circumstances can be used to reduce the taxable income of future years. The non-capital losses in Brazil and Ireland carry forward indefinitely. The non-capital losses in Canada expire as follows: Expiry Date Amount Expiry Date Amount Expiry Date Amount 2032 $ 1,941 2035 $ 143 2038 $ 11,315 2033 4,052 2036 2,755 2039 13,751 2034 16,690 2037 3,848 2040 7 $ 54,502 Deferred tax assets have only been recognized to the extent of the value of the deferred tax liabilities because it is not probable that the remaining temporary difference will reverse in the foreseeable future and that taxable profit will be available against which the tax benefits can be utilized. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions [Text Block] | 16) Related party transactions In accordance with IAS 24, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, including any directors (executive and non-executive) of the Company. During the year ended December 31, 2021, 4,650 shares were issued to funds managed by Arias Resource Capital Management LP (the "ARC Funds") in connection with the exercise of warrants, with 809 warrants surrendered as part of this cashless exercise (note 13). The remuneration of directors and other members of key management personnel during the year was as follows: Year ended December 31, December 31, 2021 2020 Short-term benefits $ 3,879 $ 2,147 Share-based payments 2,428 1,275 Total $ 6,307 $ 3,422 Refer to note 18 for additional commitments with management. |
Segmented disclosure
Segmented disclosure | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Segmented disclosure [Text Block] | 17) Segmented disclosure The Company has five operating segments: sales & trading, mine properties, corporate, exploration and evaluation properties ("E&E properties") and Largo Clean Energy. Corporate includes the corporate team that provides administrative, technical, financial and other support to all of the Company's business units, as well as being part of the Company's sales structure. The Company recognized revenues from customers of $198,280 in the year ended December 31, 2021 (year ended December 31, 2020 - $119,987). Of the total revenues from customers, $160,535 is related to the Sales & trading segment (year ended December 31, 2020 - $64,512), $33,705 is related to the Mine properties segment (year ended December 31, 2020 - $55,475) and $4,040 is related to the Corporate segment (year ended December 31, 2020 - $) (after the elimination of inter-segment transactions). In the year ended December 31, 2021, the Company's revenues are from transactions with multiple customers, including three customers who each represented more than 10% of revenues during that period. In the year ended December 31, 2020, the Company's revenues are from transactions with two customers who each represented more than 10% of revenues during the eight month period from May 1, 2020 to December 31, 2020. In the four month period from January 1, 2020 to April 30, 2020, all of the Company's revenues are from transactions with a single customer. In the year ended December 31, 2021, $101,356 of the Company's revenues were from sales of V 2 5 2 5 Inter- Largo segment Sales & Mine E&E Clean transactions trading properties Corporate properties Energy & other Total Year ended December 31, 2021 Revenues $ 163,105 $ 161,790 $ 135,309 $ - $ - $ (261,924 ) $ 198,280 Operating costs (153,387 ) (110,184 ) (130,165 ) - - 260,726 (133,010 ) Professional, consulting and management fees (1,642 ) (4,162 ) (7,036 ) (1 ) (5,081 ) - (17,922 ) Foreign exchange (loss) gain (161 ) 574 207 - (10 ) - 610 Other general and administrative (100) 1 expenses (414 ) (1,500 ) (2,358 ) (3 ) (2,029 ) (6,404 ) Share-based payments - - (3,135 ) - - - (3,135 ) Finance costs (32 ) (1,022 ) (13 ) - (62 ) (6) 1 (1,135 ) Interest income - 275 128 - - - 403 Technology start-up costs - - - - (3,121 ) (714) 1 (3,835 ) Exploration and evaluation costs - (2,078 ) - (15 ) - - (2,093 ) (155,636 ) (118,097 ) (142,372 ) (19 ) (10,303 ) 259,906 (166,521 ) Net income (loss) before tax 7,469 43,693 (7,063 ) (19 ) (10,303 ) (2,018 ) 31,759 Income tax expense (74 ) (5,356 ) - - - - (5,430 ) Deferred income tax (expense) recovery 955 (4,388 ) (325 ) - - - (3,758 ) Net income (loss) $ 8,350 $ 33,949 $ (7,388 ) $ (19 ) $ (10,303 ) $ (2,018 ) $ 22,571 At December 31, 2021 Total non-current assets $ 961 $ 123,783 $ 18,303 $ - $ 10,884 $ - $ 153,931 Total assets $ 56,631 $ 191,086 $ 111,703 $ 2 $ 18,084 $ (63,597) 2 $ 313,909 Total liabilities $ 39,907 $ 34,604 $ 21,467 $ - $ 6,488 $ (54,254) 3 $ 48,212 1. 2. 3. Largo Inter- Sales & Mine E&E Clean segment trading properties Corporate properties Energy transactions Total Year ended December 31, 2020 Revenues $ 64,512 $ 126,750 $ 74,553 $ - $ - $ (145,828 ) $ 119,987 Other gains (losses) 1,636 - - - - - 1,636 66,148 126,750 74,553 - - (145,828 ) 121,623 Operating costs (65,429 ) (93,524 ) (71,275 ) - - 141,838 (88,390 ) Professional, consulting and management fees (1,274 ) (3,086 ) (3,188 ) - (707 ) - (8,255 ) Foreign exchange (loss) gain 44 (15,943 ) 6,835 - - - (9,064 ) Other general and administrative expenses (473 ) (1,669 ) (1,082 ) - (105 ) - (3,329 ) Share-based payments - - (1,638 ) - - - (1,638 ) Finance costs (17 ) (1,325 ) (8 ) - - - (1,350 ) Interest income - 601 547 - - - 1,148 Exploration and evaluation costs - (2,958 ) - (64 ) - - (3,022 ) (67,149 ) (117,904 ) (69,809 ) (64 ) (812 ) 141,838 (113,900 ) Net income (loss) before tax (1,001 ) 8,846 4,744 (64 ) (812 ) (3,990 ) 7,723 Income tax expense (15 ) (124 ) - - - - (139 ) Deferred income tax (expense) recovery - (3,157 ) 2,334 - - - (823 ) Net income (loss) $ (1,016 ) $ 5,565 $ 7,078 $ (64 ) $ (812 ) $ (3,990 ) $ 6,761 At December 31, 2020 Total non-current assets $ 9 $ 136,082 $ 20,052 $ - $ 4,366 $ - $ 160,509 Total assets $ 49,010 $ 213,619 $ 106,779 $ 25 $ 4,871 $ (76,498 ) $ 297,806 Total liabilities $ 41,968 $ 45,320 $ 34,352 $ - $ - $ (70,998 ) $ 50,642 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments and contingencies [Text Block] | 18) Commitments and contingencies At December 31, 2021, the Company was party to certain management and consulting contracts. Minimum commitments under the agreements are approximately $3,152 and all payable within one year. These contracts also require that additional payments of up to approximately $4,728 be made upon the occurrence of certain events such as change of control. As the triggering event has not occurred, the contingent payments have not been reflected in these consolidated financial statements. The Company has entered into a number of contracts with third party customers to deliver monthly quantities of the Company's vanadium products. A significant proportion of the Company's monthly vanadium production in 2022 has been committed. Prior to April 30, 2020, the Company sold 100% of its vanadium production under an off-take agreement. In 2021, the Company signed a 10-year exclusive off-take agreement with a third party for the purchase of all standard and high purity grade vanadium products they produce. The annual quantity to be delivered to the Company in 2022 is 220 tonnes of V 2 5 The Company's Largo Clean Energy business is required to pay a royalty of 7.5% of the net sales price of each VRFB which contains a manufactured licensed product or uses or transfers a licensed product on or after January 1, 2022. The Company's mining and exploration activities are subject to various federal, provincial and international laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company has made payments to comply with such laws and regulations. The Company indemnifies its directors and officers against any and all claims or losses reasonably incurred in the performance of their service to the Company to the extent permitted by law. The Company has acquired and maintains liability insurance for its directors and officers. The Company is committed to a minimum amount of rental payments under five leases of office space which expire between April 30, 2022 and December 31, 2023. Minimum rental commitments remaining under the leases are approximately $369, including $226 due within one year. In addition, minimum rental commitments remaining under other short-term leases are approximately $3, all due within one year. At the Company's Maracás Menchen Mine, the Company has entered into purchase order contracts with remaining amounts due related to goods not received or services not rendered as of December 31, 2021 of $10,576. The Company, through its subsidiaries, is party to legal proceedings in the ordinary course of its operations related to legally binding agreements with various third parties under supply contracts and consulting agreements. At December 31, 2021 one such proceeding was ongoing in Brazil. This relates to a supply agreement for the Maracás Menchen Mine which was filed with the courts in October 2014. The amount claimed totals R$9,900 ($1,774), with a counterclaim filed by Vanádio for R$10,700 ($1,917). A provision of R$1,281 ($230) has been recognized at December 31, 2021 for the probable loss (December 31, 2020 - R$1,281 ($247)). The Company and its subsidiaries are also party to legal proceedings regarding labour matters. A provision was recorded at December 31, 2020 for such proceedings in Brazil in an amount of R$3,538 ($681). At December 31, 2021, the provision recognized was R$469 ($84), following a settlement in October 2021. The outcome of these proceedings remains dependent on the final judgment. Management does not expect the outcome of any of the remaining proceedings to have a materially adverse effect on the results of the Company's financial position or results of operations. Should any losses result from the resolution of these claims and disputes, they will be charged to operations in the period that they are determined. |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2021 | |
Capital Management [Abstract] | |
Capital management [Text Block] | 19) Capital management The Company is a production stage entity with one operating asset in Brazil. The Company manages its capital to ensure that it will be able to continue to meet its financial and operational strategies and obligations, whilst maximizing the return to shareholders. In the management of capital, the Company includes the components of shareholders' equity and debt. The Company manages the capital structure and makes adjustments thereto in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Company may attempt to issue new shares, acquire or dispose of assets, attempt to obtain additional debt financing or repay debt facilities. There were no changes in the Company's capital management strategy during the year ended December 31, 2021 compared to the previous year. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments [Text Block] | 20) Financial instruments Financial assets and financial liabilities at December 31, 2021 and December 31, 2020 were as follows: December 31, December 31, 2021 2020 Cash $ 83,790 $ 79,145 Restricted cash 448 - Trade and other receivables 22,172 13,791 Accounts payable and accrued liabilities 19,723 15,968 Debt 15,000 24,788 Refer to the liquidity risk discussion below regarding liabilities and refer to note 8 for lease liabilities. The Company's risk exposures and the impact on the Company's financial instruments are summarized below. There have been no changes in the risks, objectives, policies and procedures from the previous year. a) Fair value IFRS requires that the Company disclose information about the fair value of its financial assets and liabilities. Fair value estimates are made based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties in significant matters of judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates. The fair value hierarchy categorizes into three levels the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). • • • The carrying amounts for cash, restricted cash, other trade receivables and amounts receivable, accounts payable and accrued liabilities and debt in the consolidated statements of financial position approximate fair values because of the limited term of these instruments. There have been no changes in the classification of financial instruments in the fair value hierarchy since December 31, 2020. The Company does not have any financial instruments measured using Level 3 inputs. The Company does not offset financial assets with financial liabilities and there were no transfers between Level 1 and Level 2 input financial instruments. b) Credit risk The Company's credit risk is primarily attributable to cash and amounts receivable. The Company minimizes its credit risk with respect to cash by placing its funds on deposit with the highest rated banks in Canada, Ireland, the U.S. and Brazil. Financial instruments included in amounts receivable consist primarily of receivables from unrelated companies. Sales to customers outside of Brazil are protected either by the Company's credit insurance policies, which establishes credit limits for each customer, or by the Company requiring letters of credit or up-front payment prior to delivery occurring. Of the total trade receivables balance of $22,144, $10,158 relates to customers in Brazil, which are not covered by the Company's credit insurance policies. The ratings for these companies range from B- to AAA. The Company applies the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables. To measure expected credit losses, trade receivables are grouped based on risk characteristics and due dates. At December 31, 2021, no amounts are past due and in the year ended December 31, 2021, the Company has not experienced any credit losses. At December 31, 2021, the loss allowance for trade receivables was determined to be $58 (December 31, 2020 - $ 51 c) Liquidity risk The following table details the Company's expected remaining contractual cash flow requirements at December 31, 2021 for its financial liabilities with agreed repayment periods. Refer to note 8 for lease liabilities. Less than 6 months 6 months to 1 year 1 to 3 years Over 3 years Accounts payable and accrued liabilities (note 9) $ 19,723 $ - $ - $ - Debt (note 10) 15,000 - - - Total $ 34,723 $ - $ - $ - The Company's principal sources of liquidity are its cash flows from operating activities and cash of $83,790 (December 31, 2020 - $79,145). d) Market risk Interest rate risk The Company's interest rate exposure is limited to that portion of its debt that is subject to floating interest rates. At December 31, 2021, the Company had no debt that is subject to floating interest rates and does not have any exposure to floating interest rates. Foreign currency risk At December 31, 2021, the Company's outstanding debt is 100% denominated in U.S. dollars (December 31, 2020 - 100% U.S. dollar denominated). The impact of fluctuations in foreign currency on cash balances and debt relates primarily to fluctuations between the U.S. dollar, the Canadian dollar, the Brazilian real and the Euro. At December 31, 2021, the Company's U.S. dollar functional currency entities had cash denominated in Canadian dollars and Euros and the Company's Brazilian real functional currency entities had cash and debt denominated in U.S. dollars. A 5% change in the value of the Canadian dollar and the Euro relative to the U.S. dollar would affect the value of these cash balances at December 31, 2021 by approximately $700. A 5% change in the value of the Brazilian real relative to the U.S. dollar would affect the value of Brazilian real cash balances by approximately $197. Price risk The Company does not have any financial instruments with significant exposure to price risk. Following the recognition of trade receivables on the recognition of revenue, there is no significant remeasurement related to price risk. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Revenues [Text Block] | 21) Year ended December 31, December 31, 2021 2020 Vanadium sales from contracts with customers $ 198,280 $ 121,008 Re-measurement of trade receivables / payables - (1,021 ) Total $ 198,280 $ 119,987 |
Expenses
Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Expenses [Abstract] | |
Expenses [Text Block] | 22) Year ended December 31, December 31, 2021 2020 Operating costs: Direct mine and production costs $ 75,126 $ 48,929 Conversion costs 9,252 1,976 Product acquisition costs 9,666 10,459 Royalties 8,867 7,107 Distribution costs 5,302 2,269 Inventory write-down (note 5) 3,210 177 Depreciation and amortization 21,537 17,473 Loss on iron ore sales 50 - $ 133,010 $ 88,390 Other general and administrative expenses: Shareholder and regulatory $ 358 $ 245 Travel 590 203 Donations 1,005 874 Occupancy 459 282 Information technology 1,076 405 Depreciation and amortization 974 34 Office and other 1,942 1,286 $ 6,404 $ 3,329 Finance costs: Interest expense $ 922 $ 1,137 Interest on lease liabilities (note 8) 59 - Accretion 147 162 Loss allowance for trade receivables (note 20(b)) 7 51 $ 1,135 $ 1,350 Year ended December 31, December 31, 2021 2020 Employee compensation amounts included in the consolidated statements of income (loss): Compensation $ 8,218 $ 4,554 Share-based payments 3,135 1,638 $ 11,353 $ 6,192 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events [Text Block] | 23) Subsequent events Largo Physical Vanadium Corp. On February 3, 2022, the Company announced the creation of Largo Physical Vanadium Corp. and a proposed qualifying transaction pursuant to the policies of the TSX Venture Exchange with Column Capital Corp. (the "CPC"), a capital pool company, the terms of which are set out in a non-binding letter of intent dated February 1, 2022 (the "LOI"). Upon completion of the proposed qualifying transaction and associated regulatory approvals amongst other things, it is anticipated that the resulting entity will be named Largo Physical Vanadium Corp. ("LPV") and will become a publicly listed physical vanadium holding company that will purchase and hold physical vanadium, amongst other things, for use in the Company's VCHARGE batteries. |
Basis of preparation, signifi_2
Basis of preparation, significant accounting policies, and future accounting changes (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Preparation, Significant Accounting Policies, And Future Accounting Changes [Abstract] | |
Cash and cash equivalents [Policy Text Block] | 1. Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. At December 31, 2021 and 2020, the Company held no cash equivalents. |
Inventories [Policy Text Block] | 2. Finished products inventory, work-in-process inventory and stockpiles are measured at the lower of weighted average production cost or average purchase cost and net realizable value. Warehouse materials are measured at the lower of average purchase cost and net realizable value. Net realizable value is calculated as the difference between the estimated selling price and estimated costs to complete processing into a saleable form and variable selling expenses. Production costs include the cost of materials, labour, mine site production overheads, depreciation and conversion costs to the applicable stage of processing. The cost of ore stockpiles is increased based on the related current cost of production for the period and decreases in stockpiles are charged to cost of sales using the weighted average cost per tonne. Stockpiles are segregated between current and non-current inventories in the consolidated statement of financial position based on the period of planned usage. Provisions are recorded to reduce the carrying amount of inventory to net realizable value to reflect changes in grades, quantity or other economic factors and to reflect current intentions for the use of redundant or slow-moving items. Provisions for redundant and slow-moving items are made by reference to specific items of inventory. The Company reverses provisions where there is a subsequent increase in net realizable value and where the inventory is still on hand. Spare parts, stand-by and servicing equipment held are generally classified as inventories. Major capital spare parts and stand-by equipment (insurance spares) are classified as a component of mine properties, plant and equipment. |
Vanadium products [Policy Text Block] | 3. Prior to May 1, 2020, vanadium products were initially recorded at cost on the date that control of the vanadium products passes to the Company. Cost was calculated as the purchase price, excluding transaction fees, which were expensed as incurred. Subsequent to initial recognition, vanadium products were measured at fair value at each reporting period end. Fair value was determined based on the most recent observable vanadium market transaction data as reported by a recognized provider of global metal prices. Gains and losses arising on the sale of the vanadium products and fair value gains and losses were recorded in the consolidated statements of income (loss) and comprehensive income (loss) as other gains (losses) in the period in which they arise. The Company's off-take agreement with its former off-take partner expired at the end of April 2020. In connection with this and with the Company managing its own sales activities from May 1, 2020 onwards, the Company's vanadium products are accounted for as finished products inventory effective from May 1, 2020. |
Mineral exploration, evaluation and development properties [Policy Text Block] | 4. • Expenditures on exploration and evaluation activities are expensed to exploration and evaluation costs in the consolidated statement of income (loss) and comprehensive income (loss). The cost of acquiring prospective properties and exploration rights is capitalized to exploration and evaluation properties in the consolidated statement of financial position. Post-acquisition exploration and evaluation costs relate to the initial search for deposits with economic potential and to detailed assessments of deposits or other projects that have been identified as having economic potential. Once an economically viable reserve has been determined for an area and the decision to proceed with development has been approved, exploration and evaluation assets attributable to that area are first tested for impairment and then reclassified to development properties. Subsequent expenditures are capitalized to development properties. Subsequent recovery of the resulting carrying value depends on successful development or sale of the undeveloped project. If impairment indicators are identified and an impairment test is performed, all irrecoverable costs will be written off. • When economically viable reserves have been determined and the decision to proceed with development has been approved, the expenditures related to construction are capitalized to development properties in the consolidated statement of financial position. Costs associated with the commissioning of new assets in the period before they are operating in the way intended by management, are capitalized, net of any pre-production revenues. Interest on borrowings related to the construction and development of qualifying assets are capitalized until substantially all the activities required to make the asset ready for its intended use are complete. |
Mine properties, plant and equipment [Policy Text Block] | 5. Upon completion of mine construction, development property assets are transferred to mine properties, plant and equipment. Items of plant and equipment and mine properties are stated at cost, less accumulated depreciation and accumulated impairment losses. The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of the rehabilitation obligation, and for qualifying assets, borrowing costs. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire or construct the asset and includes the direct charges associated with bringing the asset to the location and condition necessary for putting it into use. The capitalized value of a finance lease is also included within mine properties, plant and equipment. When a mine construction project moves into the production stage, the capitalization of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for costs which qualify for capitalization relating to mining asset additions or improvements, or mineable reserve development. When parts of an item of plant and equipment have different useful lives, they are accounted for as separate items (major components) of equipment. |
Depreciation [Policy Text Block] | 6. Effective from the point an asset is available for its intended use, mine properties, plant and equipment are depreciated using either the straight line or units-of-production methods over the shorter of the estimated economic life of the asset or the mining operation. Depreciation and amortization are determined based on the method which best represents the use of the assets. The reserve and resource estimates for each mining operation are the prime determinants of the life of a mine. In general, when the useful life of mine properties, plant and equipment is akin to the life of the mining operation and the ore body's mineralization is reasonably well defined, the asset is depreciated on a units-of-production basis over its proven and probable mineral reserves. Non-reserve material may be included in depreciation calculations in limited circumstances where there is a high degree of confidence in its economic extraction. The Company evaluates the estimate of mineral reserves and resources at least on an annual basis and adjusts the units-of-production calculation prospectively. In 2021 and 2020, the Company has not incorporated any non-reserve material in its depreciation calculations on a units-of-production basis. When mine properties, plant and equipment are depreciated on a straight-line basis, the useful life of the asset is determined based on its estimated economic life and the most recent life of mine ("LOM") plan. LOM plans are typically developed annually and are based on management's current best estimates of optimized mine and processing plans, future operating costs and the assessment of capital expenditures of a mine site. Any change in the useful life is adjusted prospectively. The estimated useful lives for machinery and equipment ranges from 10 to 30 years. Computers, office equipment and vehicles are depreciated using the declining balance method using rates of 20%, 10% and 20%, respectively. Amounts related to capitalized costs of exploration and evaluation assets, development properties and construction in progress are not amortized as the assets are not available for use. Capitalized stripping costs are depreciated over the reserves that directly benefit from the specific stripping activity using the units-of-production method. Capitalized borrowing costs are amortized over the useful life of the related asset. Residual values, useful lives and amortization methods are reviewed at least annually and adjusted if appropriate. The impact of changes to the estimated useful lives, change in depreciation method or residual values is accounted for prospectively. |
Other intangible assets [Policy Text Block] | 7. Other intangible assets includes acquired intellectual property, which is initially recognized at fair value. The fair value was determined through reference to the acquisition cost paid. Other intangible assets are amortized on a straight-line basis over their useful life. The estimated useful life is 10 years. |
Impairment of non-financial assets [Policy Text Block] | 8. The carrying values of capitalized exploration and evaluation properties, development properties, mine properties, plant and equipment and other intangible assets are assessed by management for impairment when indicators of such impairment exist. If any indication of impairment exists an estimate of the asset's recoverable amount is calculated. The recoverable amount is determined as the higher of the fair value less costs of disposal ("FVLCD") of the asset and the asset's value in use ("VIU"). Impairment is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If this is the case, the individual assets of the Company are grouped together into cash generating units ("CGUs") for impairment purposes. Such CGUs represent the lowest level for which there are separately identifiable cash inflows that are largely independent of the cash flows from other assets or other groups of assets. This generally results in the Company evaluating its non-financial assets on a mine or project basis. If the carrying amount of the asset or CGU exceeds its recoverable amount, the asset or CGU is impaired, and an impairment loss is charged to the consolidated statement of income (loss) and comprehensive income (loss) so as to reduce the carrying amount to its recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the factors which gave rise to the triggering event. If this is the case, the carrying amount of the asset is increased to its recoverable amount. The increased amount cannot exceed the carrying amount that would have been determined, net of depreciation/amortization, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of income (loss) and comprehensive income (loss). |
Borrowing costs [Policy Text Block] | 9. Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in the consolidated statement of income (loss) and comprehensive income (loss) in the period in which they are incurred. |
Revenues [Policy Text Block] | 10. Revenues include sales of vanadium products and will include sales of vanadium redox flow batteries in future periods. The Company recognizes revenue when it transfers control of a product to the customer. The principal activity from which the Company generates its revenue is the sale of vanadium products to third parties. Delivery of the vanadium product is considered to be the only performance obligation. Revenues are measured based on the consideration specified in the contract with the customer. Under the terms of the Company's vanadium sales agreement that expired on April 30, 2020, vanadium prices were provisionally set at the time revenue was recognized based upon market commodity prices. Revenue, and a trade receivable, was recognized at the time of shipment, which is when control of the vanadium product passed to the customer and the Company's performance obligation was satisfied. Revenue was measured using market prices on the date of transfer of control of the vanadium product. Changes in the measurement of the trade receivable, which was re-measured once the date that final selling prices were determined had been set by the Company's former off-take partner, were also recognized as a component of revenues in the period in which the final price was determined. Variations occurred between the price recorded on the date of revenue recognition and the actual final price under the terms of the contract due to changes in market prices. |
Deferred revenue [Policy Text Block] | 11. Deferred revenue is recognized in the consolidated statement of financial position when a cash prepayment is received from a customer prior to the sale of vanadium. Revenue is subsequently recognized in the consolidated statement of income (loss) and comprehensive income (loss) when control has been transferred to the customer. The Company determines the current portion of deferred revenue based on quantities anticipated to be delivered over the next twelve months. |
Share-based payments [Policy Text Block] | 12. Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based payment transactions are set out in note 13. The fair value determined at the grant date of the equity-settled share-based payments is expensed or capitalized, as appropriate, on a graded vesting basis over the period during which the employee becomes unconditionally entitled to equity instruments, based on the Company's estimate of equity instruments that will eventually vest. At the end of each reporting period, the Company revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the equity reserve. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. For those options and warrants that expire after vesting, the recorded value is transferred to deficit. |
Taxation [Policy Text Block] | 13. Income and deferred income tax expense or recovery is comprised of current and deferred tax. Current and deferred taxes are recognized in the consolidated statement of income (loss) and comprehensive income (loss) except to the extent that they relate to an asset acquisition, or items recognized directly in equity or in other comprehensive income (loss). • Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using the tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of the previous years. • Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its tax assets and liabilities on a net basis. |
Financial instruments [Policy Text Block] | 14. Financial instruments are recognized on the consolidated statement of financial position on the trade date, the date on which the Company or its subsidiaries become party to the contractual provisions of the financial instrument. All financial instruments are required to be classified and measured at fair value on initial recognition. The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments. A financial asset is derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial asset or when cash flows expire. A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of Income (loss) and comprehensive income (loss). Certain financial instruments are recorded at fair value in the consolidated statement of financial position. • Non-derivative financial instruments are recognized initially at fair value plus attributable transaction costs, where applicable, for financial instruments not classified as fair value through profit or loss. Subsequent to initial recognition, non-derivative financial instruments are classified and measured as described below. Financial assets at fair value through profit or loss ("FVTPL") Cash, restricted cash and trade receivables with the Company's former off-take partner (refer to revenues accounting policy in note 3(c) part 10) are classified as financial assets at FVTPL and are measured at fair value. Cash includes short-term investments with initial maturities of three months or less. The unrealized gains or losses related to changes in fair value of cash and restricted cash are reported in the consolidated statement of income (loss) and comprehensive income (loss). Changes in the value of trade receivables with the Company's former off-take partner were recognized in revenues in the consolidated statement of income (loss) and comprehensive income (loss). Amortized cost Amounts receivable, excluding trade receivables classified as financial assets at FVTPL, are classified as and measured at amortized cost using the effective interest rate ("EIR") method, less expected credit losses. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. EIR amortization is included in finance costs in the consolidated statement of income (loss) and comprehensive income (loss). Non-derivative financial liabilities Accounts payable and accrued liabilities, long-term debt, and other long-term liabilities are classified as and accounted for at amortized cost, using the EIR method. The amortization of long- term debt issue costs is calculated using the EIR method. Gains and losses are recognized in the consolidated statement of income (loss) and comprehensive income (loss) when the liabilities are derecognized, as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. • The Company may hold derivative financial instruments to hedge its risk exposure to fluctuations of other currencies compared to the Canadian dollar and the U.S. dollar. All derivative instruments not designated in a hedge relationship that qualifies for hedge accounting are classified as financial instruments at FVTPL. Further, any equity instrument that does not satisfy the fixed-for-fixed criteria for classification in equity will be classified as a derivative financial instrument. Derivative financial instruments at FVTPL, including embedded derivatives requiring separation from its host, are recorded in the consolidated statement of financial position at fair value. Changes in estimated fair value of non-hedge derivatives at each reporting date are included in the consolidated statement of income (loss) and comprehensive income (loss). Embedded derivatives in financial liabilities measured at amortized cost are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. Fair value of financial instruments The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations (bid price for long positions and ask price for short positions), without any deduction for transaction costs. For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. Such techniques may include using recent arm's length market transactions; reference to the current fair value of another instrument that is substantially the same; discounted cash flow analysis or other valuation models. Impairment of financial assets The Company recognizes loss allowances for expected credit losses ("ECLs") on its financial assets measured at amortized cost. Loss allowances for other receivables are always measured at an amount equal to lifetime ECL. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company's historical experience and informed credit assessment and including forward-looking information. The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 60 days past due. The Company considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Company in full when due or if the financial asset is more than 120 days past due. • ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls, which is the difference between the cash flows due to the Company and the cash flows expected to be received. • At each reporting date, the Company assesses whether financial assets carried at amortized cost are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred, such as a default or being more than 120 days past due. • Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. • The gross carrying amount of a financial asset carried at amortized cost is written off, either partially or in full, to the extent that there is no realistic prospect of recovery. |
Provisions [Policy Text Block] | 15. • Provisions are recognized when (a), the Company has a present obligation (legal or constructive) as a result of a past event, and (b), it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is presented in the consolidated statement of income (loss) and comprehensive income (loss), net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized in the consolidated statement of income (loss) and comprehensive income (loss). • The Company records the present value of estimated costs of legal and constructive obligations required to restore operating locations in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures, rehabilitating mines and tailings ponds, dismantling operating facilities, closure of plant and waste sites, and restoration, reclamation and re-vegetation of affected areas. The obligation generally arises when the asset is installed or the ground / environment is disturbed at the production location. When the liability is initially recognized, the present value of the estimated cost is capitalized by increasing the carrying amount of the related asset. Over time, the discounted liability is increased for the change in present value based on the discount rates that reflect current market assessments and the risks specific to the liability. The periodic unwinding of the discount is recognized in the consolidated statement of income (loss) and comprehensive income (loss). Additional disturbances or changes in rehabilitation costs will be recognized as additions or charges to the corresponding assets and rehabilitation liability when they occur. For closed sites, changes to estimated costs are recognized immediately in the consolidated statement of income (loss) and comprehensive income (loss). |
Earnings (loss) per share [Policy Text Block] | 16. Earnings per share is based on the weighted average number of common shares of the Company outstanding during the period. The diluted earnings (loss) per share reflects the potential dilution of common share equivalents, such as outstanding stock options, warrants and restricted share units, in the weighted average number of common shares outstanding during the period, if dilutive. In the Company's case, diluted loss per share is the same as basic loss per share in the current period presented as the effects of including all convertible securities would be anti-dilutive. If the number of ordinary or potential ordinary shares outstanding increases as a result of a capitalization, bonus issue or share split, or decreases as a result of a reverse share split, the calculation of basic and diluted earnings per share for all periods presented shall be adjusted retrospectively. If these changes occur after the reporting period but before the financial statements are authorized for issue, the per share calculations for those and any prior period financial statements presented shall be based on the new number of shares. |
Leases [Policy Text Block] | 17. At the inception of a contract, the Company assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: • • • ◦ ◦ At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for leases of land and buildings in which it is a lessee, the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of its useful life or the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. The lease liability is measured at amortized cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the consolidated statement of income (loss) and comprehensive income (loss) if the carrying amount of the right-of-use asset has been reduced to zero. Lease payments for short-term leases, leases of low-value assets and variable lease payments not included in the measurement of the lease liability are classified as cash flows from operating activities. Cash payments for the principal portion of the lease liability are included in financing activities and cash payments for the interest paid portion of the lease liability are included in debt issue costs, interest, guarantee fees and other associated fees paid in financing activities. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. |
Operating segments [Policy Text Block] | 18. The Company is engaged in the mining, exploration and development of mineral properties, primarily in Brazil, through which it produces and supplies vanadium products. The Company is also focused on the advancement of renewable energy storage solutions through Largo Clean Energy and its vanadium redox flow battery technology. The segments presented reflect the way in which the Company's management reviews its business performance. Operating segments are reported in a manner consistent with the internal reporting provided to executive management who act as the chief operating decision-maker. Executive management is responsible for allocating resources and assessing performance of the operating segments. The Company's operating segments are its sales & trading, mine properties, corporate, exploration and evaluation properties ("E&E properties") and Largo Clean Energy segments. |
Basis of preparation, signifi_3
Basis of preparation, significant accounting policies, and future accounting changes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Preparation, Significant Accounting Policies, And Future Accounting Changes [Abstract] | |
Disclosure of consolidated financial statements of the Company and its subsidiaries [Table Text Block] | December 31, Accounting Name Property 2021 2020 Arrangement Method Largo Vanádio de Maracás S.A. Maracás Menchen 99.94% 99.94% Subsidiary Consolidation Largo Mineração Campo Alegre Campo Alegre 100% 100% Subsidiary Consolidation Largo Mineração Currais Novos Currais Novos 100% 100% Subsidiary Consolidation Largo Tech Ltda. N/A 100% -% Subsidiary Consolidation Largo Titânio Ltda. N/A 100% -% Subsidiary Consolidation Largo Resources (Yukon) Ltd. Northern Dancer 100% 100% Subsidiary Consolidation Largo Commodities Holding Ltd. N/A 100% 100% Subsidiary Consolidation Largo Commodities Trading Ltd. N/A 100% 100% Subsidiary Consolidation Largo Resources USA Inc. N/A 100% 100% Subsidiary Consolidation Largo Clean Energy Corp. N/A 100% 100% Subsidiary Consolidation |
Amounts receivable (Tables)
Amounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Disclosure of detailed information about amounts receivable [Table Text Block] | 4) Amounts receivable December 31, December 31, 2021 2020 Trade receivables (note 20(b)) $ 22,144 $ 13,749 Current taxes recoverable - Brazil 1,154 5,214 Current taxes recoverable - Other 358 92 Other receivables 28 42 Total $ 23,684 $ 19,097 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Classes of current inventories [abstract] | |
Disclosure of detailed information about inventory [Table Text Block] | 5) Inventory December 31, December 31, 2021 2020 Finished products $ 32,069 $ 25,087 Work-in-process 967 775 Stockpiles 593 997 Warehouse materials 11,693 8,478 Total $ 45,322 $ 35,337 |
Other intangible assets (Tables
Other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of detailed information about intangible assets [Table Text Block] | Intellectual Property Total Cost Balance at December 31, 2019 $ - $ - Additions 4,366 4,366 Balance at December 31, 2020 $ 4,366 $ 4,366 Additions - - Balance at December 31, 2021 $ 4,366 $ 4,366 Accumulated Depreciation Balance at December 31, 2019 $ - $ - Depreciation - - Balance at December 31, 2020 $ - $ - Depreciation 437 437 Balance at December 31, 2021 $ 437 $ 437 Net Book Value At December 31, 2020 $ 4,366 $ 4,366 At December 31, 2021 $ 3,929 $ 3,929 |
Mine properties, plant and eq_2
Mine properties, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about Mine properties, plant and equipment [Table Text Block] | Office and Buildings, Computer Mine Plant and Construction Equipment Vehicles Properties Equipment In Progress Total Cost Balance at December 31, 2019 $ 980 $ 336 $ 100,860 $ 185,861 $ 9,096 $ 297,133 Additions 115 - 9,049 2,421 8,174 19,759 Reclassifications - - - 8,323 (8,323 ) - Effects of changes in foreign exchange rates (176 ) (75 ) (18,465 ) (42,862 ) (639 ) (62,217 ) Balance at December 31, 2020 $ 919 $ 261 $ 91,444 $ 153,743 $ 8,308 $ 254,675 Additions 3,278 - 7,884 6,122 11,639 28,923 Disposals (177 ) - - (6 ) - (183 ) Reclassifications - - - 14,862 (14,862 ) - Effects of changes in foreign exchange rates (52 ) (18 ) (4,851 ) (11,487 ) 28 (16,380 ) Balance at December 31, 2021 $ 3,968 $ 243 $ 94,477 $ 163,234 $ 5,113 $ 267,035 Office and Buildings, Computer Mine Plant and Construction Equipment Vehicles Properties Equipment In Progress Total Accumulated Depreciation Balance at December 31, 2019 $ 523 $ 336 $ 25,728 $ 80,052 $ - $ 106,639 Depreciation 89 - 5,939 16,136 - 22,164 Effects of changes in foreign exchange rates (89 ) (75 ) (4,727 ) (18,202 ) - (23,093 ) Balance at December 31, 2020 $ 523 261 26,940 77,986 $ - $ 105,710 Depreciation 194 - 7,069 15,031 - 22,294 Disposals (177 ) - - (6 ) - (183 ) Effects of changes in foreign exchange rates (32 ) (18 ) (1,559 ) (5,836 ) - (7,445 ) Balance at December 31, 2021 $ 508 $ 243 $ 32,450 $ 87,175 $ - $ 120,376 Net Book Value At December 31, 2020 $ 396 $ - $ 64,504 $ 75,757 $ 8,308 $ 148,965 At December 31, 2021 $ 3,460 $ - $ 62,027 $ 76,059 $ 5,113 $ 146,659 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Disclosure of detailed information about right of use assets or lease liabilities [Table Text Block] | Year ended December 31, December 31, 2021 2020 Recognized in the consolidated statements of income (loss) and comprehensive income (loss): Interest on lease liabilities (note 22) $ 59 $ - Variable lease payments not included in the measurement of lease liabilities $ 7,387 $ - Expenses relating to short-term leases $ 4,626 $ 12,707 Recognized in the consolidated statements of cash flows: Total cash outflow for leases $ 12,151 $ 10,916 |
Disclosure of detailed information about leased building recognized as a right-of-use asset [Table Text Block] | Buildings Total Cost Balance at December 31, 2020 $ - $ - Additions 2,723 2,723 Balance at December 31, 2021 $ 2,723 $ 2,723 Accumulated Depreciation Balance at December 31, 2020 $ - $ - Depreciation 383 383 Balance at December 31, 2021 $ 383 $ 383 Net Book Value At December 31, 2020 $ - $ - At December 31, 2021 $ 2,340 $ 2,340 |
Disclosure of detailed information about lease liabilities [Table Text Block] | Lease liabilities December 31, 2021 Maturity analysis - contractual undiscounted cash flows: Less than one year $ 563 One to five years 2,165 Total undiscounted lease liabilities $ 2,728 Lease liabilities included in the consolidated statements of financial position: Current $ 563 Non-current $ 1,987 |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Accounts Payable And Accrued Liabilities [Abstract] | |
Disclosure Of accounts payable and accrued liabilities [Table Text Block] | 9) December 31, December 31, 2021 2020 Accounts payable $ 14,050 $ 12,289 Accrued liabilities 2,962 2,572 Accrued financial costs 174 806 Other taxes 2,537 301 Total $ 19,723 $ 15,968 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
Disclosure of detailed information about debt [Table Text Block] | December 31 December 31 2021 2020 Total debt $ 15,000 $ 24,788 |
Disclosure of reconciliation of liabilities arising from financing activities [Table Text Block] | Cash flows December 31, December 31, 2020 Proceeds Repayment 2021 Total debt $ 24,788 $ 15,000 $ (24,788 ) $ 15,000 Total liabilities from financing activities $ 24,788 $ 15,000 $ (24,788 ) $ 15,000 Cash flows December 31, December 31, 2019 Proceeds 2020 Total debt $ - $ 24,788 $ 24,788 Total liabilities from financing activities $ - $ 24,788 $ 24,788 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Provision [Abstract] | |
Disclosure of reconciliation of provision for closure and reclamation [Table Text Block] | Maracás Menchen Currais Novos Mine Tungsten Total Balance at December 31, 2019 $ 5,578 $ 575 $ 6,153 Changes in estimated cash flows and discount rates 496 30 526 Accretion 149 13 162 Effect of foreign exchange (1,338 ) (136 ) (1,474 ) Balance at December 31, 2020 $ 4,885 $ 482 $ 5,367 Changes in estimated cash flows and discount rates (879 ) 11 (868 ) Accretion 132 15 147 Effect of foreign exchange (314 ) (34 ) (348 ) Balance at December 31, 2021 $ 3,824 $ 474 $ 4,298 |
Issued capital (Tables)
Issued capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of detailed information of issued capital [Table Text Block] | Year ended Year ended December 31, 2021 December 31, 2020 Number of Stated Number of Stated Shares Value Shares Value Balance, beginning of the year 58,779 $ 406,214 55,453 $ 396,026 Exercise of warrants (note 13) 5,723 7,982 2,953 6,136 Exercise of stock options (note 13) 156 944 81 626 Exercise of restricted share units (note 13) 69 842 40 1,183 Purchase consideration (note 6) - - 252 2,243 Balance, end of the year 64,727 $ 415,982 58,779 $ 406,214 |
Equity reserves (Tables)
Equity reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Disclosure of number, weighted average exercise price and value of RSU, options and warrants [Table Text Block] | RSUs Options Warrants Weighted Weighted average average exercise exercise Total Number Value Number price Value Number price Value value December 31, 2019 81 $ 1,617 315 C$ 9.56 $ 2,720 10,810 C$ 4.24 $ 17,111 $ 21,448 Share-based payments - 458 - - - - - - 458 Granted 191 441 383 6.70 774 362 13.00 2,123 3,338 Exercised (40 ) (1,183 ) (81 ) (7.00 ) (209 ) (2,679 ) (3.33 ) (2,320 ) (3,712 ) Expired - - (20 ) (4.55 ) (47 ) (127 ) (6.50 ) (159 ) (206 ) Forfeited (6 ) (4 ) (9 ) (6.70 ) (31 ) - - - (35 ) December 31, 2020 226 $ 1,329 588 C$ 8.27 $ 3,207 8,366 C$ 4.88 $ 16,755 $ 21,291 Share-based payments - 587 - - 998 - - - 1,585 Granted 76 499 467 15.59 1,081 - - - 1,580 Exercised (81 ) (842 ) (164 ) (4.68 ) (421 ) (6,527 ) (2.94 ) (5,344 ) (6,607 ) Expired - - - - - (7 ) (2.90 ) (5 ) (5 ) Forfeited (5 ) (22 ) (2 ) (6.70 ) (8 ) - - - (30 ) December 31, 2021 216 $ 1,551 889 C$ 12.78 $ 4,857 1,832 C$ 11.78 $ 11,406 $ 17,814 |
Disclosure Of share based payment arrangement, option, exercise price range [Table Text Block] | Weighted Weighted Weighted average average average No. No. remaining exercise grant date Range of prices outstanding exercisable life (years) price share price C$ 362 164 3.2 C$ C$ 10.01 - 15.00 300 - 1.1 13.87 13.87 15.01 - 20.00 166 52 4.3 18.69 18.69 20.01 - 25.00 29 29 1.6 24.00 24.00 30.01 - 30.40 32 32 2.0 30.40 30.40 889 277 C$ |
Disclosure Of number, exercise price and fair value assumptions of warrants and broker warrants [Table Text Block] | Expected Risk-free No. No. Grant Expiry Exercise Expected Expected dividend Interest outstanding exercisable Date Date price volatility life (years) yield rate 349 349 12/01/17 12/01/22 C$ 93% 5.00 0% 2% 1,142 1,142 12/13/17 12/13/22 C$ 93% 5.00 0% 2% 341 341 12/07/20 12/08/25 C$ 88% 5.00 0% 0% 1,832 1,832 C$ |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Disclosure of detailed information about Tax (expense) recovery [Table Text Block] | Year ended December 31, December 31, 2021 2020 Income tax expense $ (5,430 ) $ (139 ) Deferred income tax expense (3,758 ) (823 ) Total $ (9,188 ) $ (962 ) |
Disclosure of detailed information about effective income tax expense recovery [Table Text Block] | Year Ended December 31, December 31, 2021 2020 Net income before tax $ 31,759 $ 7,723 Expected income tax expense based on statutory rate (8,416 ) (2,047 ) Adjustments to expected income tax (expense) recovery: Permanent differences and other (9,722 ) (3,846 ) Tax effect of unrecognized temporary differences and tax losses (3,465 ) 1,873 Tax incentives and tax loss benefit not previously recognized 8,712 1,019 Effect of tax rates in foreign jurisdictions 4,971 290 Foreign exchange (1,268 ) 1,749 Income tax expense $ (9,188 ) $ (962 ) |
Disclosure of detailed information about deferred income tax balances [Table Text Block] | Year ended December 31, December 31, 2021 2020 Net deferred income tax asset, beginning of the year $ 7,178 $ 10,571 Deferred income tax expense (3,758 ) (823 ) Effect of foreign exchange (77 ) (2,570 ) Net deferred income tax asset, end of the year $ 3,343 $ 7,178 |
Disclosure of detailed information about changes in deferred income tax balances [Table Text Block] | December 31, December 31, 2021 2020 Brazil Recognized deferred tax assets: Non-capital losses $ 10,565 $ 16,505 Mine properties 1,754 777 Recognized deferred tax liabilities: Transitional tax regime (7,713 ) (8,721 ) Provisions (4,227 ) (3,717 ) $ 379 $ 4,844 Canada Recognized deferred tax assets: Non-capital losses $ 2,009 $ 2,334 Ireland Recognized deferred tax assets: Non-capital losses $ 943 $ - U.S. Recognized deferred tax assets: Non-capital losses $ 1,900 $ - Provisions and other 12 - Recognized deferred tax liabilities: Mine properties, plant and equipment (1,900 ) - $ 12 $ - Net deferred income tax asset $ 3,343 $ 7,178 |
Disclosure of detailed information about deductible temporary differences [Table Text Block] | December 31, December 31, 2021 2020 Canada Non-capital loss carry-forwards $ 46,921 $ 46,189 Mine properties, plant and equipment 18,778 18,670 Capital losses and foreign exchange 9,215 11,992 Share issue costs 1,856 3,634 Ireland Non-capital loss carry-forwards $ - $ 7,720 Mine properties, plant and equipment 2 86 U.S. Non-capital loss carry-forwards $ 10,633 $ - Provisions and other 394 - Mine properties, plant and equipment 584 - |
Disclosure of detailed information about expiraton period of non capital losses [Table Text Block] | Expiry Date Amount Expiry Date Amount Expiry Date Amount 2032 $ 1,941 2035 $ 143 2038 $ 11,315 2033 4,052 2036 2,755 2039 13,751 2034 16,690 2037 3,848 2040 7 $ 54,502 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of information about key management personnel [Table Text Block] | Year ended December 31, December 31, 2021 2020 Short-term benefits $ 3,879 $ 2,147 Share-based payments 2,428 1,275 Total $ 6,307 $ 3,422 |
Segmented disclosure (Tables)
Segmented disclosure (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Disclosure of operating segments [Table Text Block] | Inter- Largo segment Sales & Mine E&E Clean transactions trading properties Corporate properties Energy & other Total Year ended December 31, 2021 Revenues $ 163,105 $ 161,790 $ 135,309 $ - $ - $ (261,924 ) $ 198,280 Operating costs (153,387 ) (110,184 ) (130,165 ) - - 260,726 (133,010 ) Professional, consulting and management fees (1,642 ) (4,162 ) (7,036 ) (1 ) (5,081 ) - (17,922 ) Foreign exchange (loss) gain (161 ) 574 207 - (10 ) - 610 Other general and administrative (100) 1 expenses (414 ) (1,500 ) (2,358 ) (3 ) (2,029 ) (6,404 ) Share-based payments - - (3,135 ) - - - (3,135 ) Finance costs (32 ) (1,022 ) (13 ) - (62 ) (6) 1 (1,135 ) Interest income - 275 128 - - - 403 Technology start-up costs - - - - (3,121 ) (714) 1 (3,835 ) Exploration and evaluation costs - (2,078 ) - (15 ) - - (2,093 ) (155,636 ) (118,097 ) (142,372 ) (19 ) (10,303 ) 259,906 (166,521 ) Net income (loss) before tax 7,469 43,693 (7,063 ) (19 ) (10,303 ) (2,018 ) 31,759 Income tax expense (74 ) (5,356 ) - - - - (5,430 ) Deferred income tax (expense) recovery 955 (4,388 ) (325 ) - - - (3,758 ) Net income (loss) $ 8,350 $ 33,949 $ (7,388 ) $ (19 ) $ (10,303 ) $ (2,018 ) $ 22,571 At December 31, 2021 Total non-current assets $ 961 $ 123,783 $ 18,303 $ - $ 10,884 $ - $ 153,931 Total assets $ 56,631 $ 191,086 $ 111,703 $ 2 $ 18,084 $ (63,597) 2 $ 313,909 Total liabilities $ 39,907 $ 34,604 $ 21,467 $ - $ 6,488 $ (54,254) 3 $ 48,212 Largo Inter- Sales & Mine E&E Clean segment trading properties Corporate properties Energy transactions Total Year ended December 31, 2020 Revenues $ 64,512 $ 126,750 $ 74,553 $ - $ - $ (145,828 ) $ 119,987 Other gains (losses) 1,636 - - - - - 1,636 66,148 126,750 74,553 - - (145,828 ) 121,623 Operating costs (65,429 ) (93,524 ) (71,275 ) - - 141,838 (88,390 ) Professional, consulting and management fees (1,274 ) (3,086 ) (3,188 ) - (707 ) - (8,255 ) Foreign exchange (loss) gain 44 (15,943 ) 6,835 - - - (9,064 ) Other general and administrative expenses (473 ) (1,669 ) (1,082 ) - (105 ) - (3,329 ) Share-based payments - - (1,638 ) - - - (1,638 ) Finance costs (17 ) (1,325 ) (8 ) - - - (1,350 ) Interest income - 601 547 - - - 1,148 Exploration and evaluation costs - (2,958 ) - (64 ) - - (3,022 ) (67,149 ) (117,904 ) (69,809 ) (64 ) (812 ) 141,838 (113,900 ) Net income (loss) before tax (1,001 ) 8,846 4,744 (64 ) (812 ) (3,990 ) 7,723 Income tax expense (15 ) (124 ) - - - - (139 ) Deferred income tax (expense) recovery - (3,157 ) 2,334 - - - (823 ) Net income (loss) $ (1,016 ) $ 5,565 $ 7,078 $ (64 ) $ (812 ) $ (3,990 ) $ 6,761 At December 31, 2020 Total non-current assets $ 9 $ 136,082 $ 20,052 $ - $ 4,366 $ - $ 160,509 Total assets $ 49,010 $ 213,619 $ 106,779 $ 25 $ 4,871 $ (76,498 ) $ 297,806 Total liabilities $ 41,968 $ 45,320 $ 34,352 $ - $ - $ (70,998 ) $ 50,642 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of detailed information about financial instruments [Table Text Block] | December 31, December 31, 2021 2020 Cash $ 83,790 $ 79,145 Restricted cash 448 - Trade and other receivables 22,172 13,791 Accounts payable and accrued liabilities 19,723 15,968 Debt 15,000 24,788 |
Disclosure of liquidity risk [Table Text Block] | Less than 6 months 6 months to 1 year 1 to 3 years Over 3 years Accounts payable and accrued liabilities (note 9) $ 19,723 $ - $ - $ - Debt (note 10) 15,000 - - - Total $ 34,723 $ - $ - $ - |
Revenues (Table)
Revenues (Table) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Disclosure of detailed information about revenue [Table Text Block] | Year ended December 31, December 31, 2021 2020 Vanadium sales from contracts with customers $ 198,280 $ 121,008 Re-measurement of trade receivables / payables - (1,021 ) Total $ 198,280 $ 119,987 |
Expenses (Tables)
Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Expenses [Abstract] | |
Disclosure of expense [Table Text Block] | Year ended December 31, December 31, 2021 2020 Operating costs: Direct mine and production costs $ 75,126 $ 48,929 Conversion costs 9,252 1,976 Product acquisition costs 9,666 10,459 Royalties 8,867 7,107 Distribution costs 5,302 2,269 Inventory write-down (note 5) 3,210 177 Depreciation and amortization 21,537 17,473 Loss on iron ore sales 50 - $ 133,010 $ 88,390 Other general and administrative expenses: Shareholder and regulatory $ 358 $ 245 Travel 590 203 Donations 1,005 874 Occupancy 459 282 Information technology 1,076 405 Depreciation and amortization 974 34 Office and other 1,942 1,286 $ 6,404 $ 3,329 Finance costs: Interest expense $ 922 $ 1,137 Interest on lease liabilities (note 8) 59 - Accretion 147 162 Loss allowance for trade receivables (note 20(b)) 7 51 $ 1,135 $ 1,350 Year ended December 31, December 31, 2021 2020 Employee compensation amounts included in the consolidated statements of income (loss): Compensation $ 8,218 $ 4,554 Share-based payments 3,135 1,638 $ 11,353 $ 6,192 |
Basis of preparation, signifi_4
Basis of preparation, significant accounting policies, and future accounting changes (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Preparation, Significant Accounting Policies, And Future Accounting Changes [Line Items] | |
Depreciation method, property, plant and equipment | declining balance method |
Description of useful life, intangible assets other than goodwill | 10 |
Machinery and equipment [Member] | Maximum [Member] | |
Basis Of Preparation, Significant Accounting Policies, And Future Accounting Changes [Line Items] | |
Description of useful life, property, plant and equipment | 30 |
Machinery and equipment [Member] | Minimum [Member] | |
Basis Of Preparation, Significant Accounting Policies, And Future Accounting Changes [Line Items] | |
Description of useful life, property, plant and equipment | 10 |
Computers [Member] | |
Basis Of Preparation, Significant Accounting Policies, And Future Accounting Changes [Line Items] | |
Depreciation rate, property, plant and equipment | 20.00% |
Office equipment [Member] | |
Basis Of Preparation, Significant Accounting Policies, And Future Accounting Changes [Line Items] | |
Depreciation rate, property, plant and equipment | 10.00% |
Vehicles [Member] | |
Basis Of Preparation, Significant Accounting Policies, And Future Accounting Changes [Line Items] | |
Depreciation rate, property, plant and equipment | 20.00% |
Basis of preparation, signifi_5
Basis of preparation, significant accounting policies, and future accounting changes - Schedule of consolidated financial statements of the Company and its subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Largo Vanádio de Maracás S.A. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 99.94% | 99.94% |
Largo Mineração Campo Alegrede Lourdes Ltda. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Largo Mineração Currais Novos Ltda. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Largo Tech Ltda. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
Largo Titânio Ltda. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
Largo Resources (Yukon) Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Largo Commodities Holding Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Largo Commodities Trading Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Largo Resources USA Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Largo Clean Energy Corp. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Amounts receivable - Schedule o
Amounts receivable - Schedule of amounts receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other receivables [abstract] | ||
Trade receivables | $ 22,144 | $ 13,749 |
Current taxes recoverable - Brazil | 1,154 | 5,214 |
Current taxes recoverable - Other | 358 | 92 |
Other receivables | 28 | 42 |
Total | $ 23,684 | $ 19,097 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Classes of current inventories [abstract] | ||
Net realizable value written down for warehouse materials | $ 174 | |
Net realizable value written down for finished products | 558 | 3 |
Net realizable value write down for iron ore stockpiles | $ 2,652 |
Inventory - Schedule of detaile
Inventory - Schedule of detailed information about inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Classes of current inventories [abstract] | ||
Finished products | $ 32,069 | $ 25,087 |
Work-in-process | 967 | 775 |
Stockpiles | 593 | 997 |
Warehouse materials | 11,693 | 8,478 |
Total | $ 45,322 | $ 35,337 |
Other intangible assets (Narrat
Other intangible assets (Narrative) (Details) - Intellectual Property [Member] shares in Thousands, Share in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Shareshares | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Number of common shares issued as consideration in asset purchase agreement | Share | 252 | |
Number of warrants issued as consideration in asset purchase agreement | shares | 362 | |
Value of common shares issued as consideration | $ 2,243 | |
Value of warrants issued as consideration | 2,123 | |
Purchase consideration | $ 4,366 | |
Useful Life of Intangible Assets | 9 years | 10 years |
Other intangible assets - Sched
Other intangible assets - Schedule of detailed information about intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | $ 4,366 | |
Ending balance | 3,929 | $ 4,366 |
Cost [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 4,366 | 0 |
Additions | 0 | 4,366 |
Ending balance | 4,366 | 4,366 |
Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 0 | 0 |
Depreciation | 437 | 0 |
Ending balance | (437) | 0 |
Intellectual Property [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 4,366 | |
Ending balance | 3,929 | 4,366 |
Intellectual Property [Member] | Cost [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 4,366 | 0 |
Additions | 0 | 4,366 |
Ending balance | 4,366 | 4,366 |
Intellectual Property [Member] | Accumulated depreciation, amortisation and impairment [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 0 | 0 |
Depreciation | 437 | 0 |
Ending balance | $ (437) | $ 0 |
Mine properties, plant and eq_3
Mine properties, plant and equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 146,659 | $ 148,965 |
BRAZIL | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 123,404 | 131,240 |
CANADA | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 16,298 | 17,725 |
U.S | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 6,957 | |
Maracas Menchen Mine [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Proportion of ownership interest in subsidiary | 99.94% | 99.94% |
Companhia Baiana De Pesquisa Mineral [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Proportion of ownership interest in subsidiary | 0.06% | 0.06% |
Percentage Net Smelter Royalty | 3.00% | |
Companhia Baiana De Pesquisa Mineral [Member] | Anglo Pacific Plc [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Percentage of royalty certain operating costs | 2.00% | |
Percentage Net Smelter Royalty | 2.00% |
Mine properties, plant and eq_4
Mine properties, plant and equipment - Schedule of detailed information about Mine properties, plant and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | $ 148,965 | |
Ending Balance | 146,659 | $ 148,965 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 254,675 | 297,133 |
Additions | 28,923 | 19,759 |
Disposals | (183) | |
Reclassifications | 0 | 0 |
Effects of changes in foreign exchange rates | (16,380) | (62,217) |
Ending Balance | 267,035 | 254,675 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | (105,710) | (106,639) |
Depreciation | 22,294 | 22,164 |
Disposals | 183 | |
Effects of changes in foreign exchange rates | (7,445) | (23,093) |
Ending Balance | (120,376) | (105,710) |
Office and Computer Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 396 | |
Ending Balance | 3,460 | 396 |
Office and Computer Equipment [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 919 | 980 |
Additions | 3,278 | 115 |
Disposals | (177) | |
Reclassifications | 0 | 0 |
Effects of changes in foreign exchange rates | (52) | (176) |
Ending Balance | 3,968 | 919 |
Office and Computer Equipment [Member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | (523) | (523) |
Depreciation | 194 | 89 |
Disposals | 177 | |
Effects of changes in foreign exchange rates | (32) | (89) |
Ending Balance | (508) | (523) |
Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 0 | |
Ending Balance | 0 | 0 |
Vehicles [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 261 | 336 |
Additions | 0 | 0 |
Disposals | 0 | |
Reclassifications | 0 | 0 |
Effects of changes in foreign exchange rates | (18) | (75) |
Ending Balance | 243 | 261 |
Vehicles [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | (261) | (336) |
Depreciation | 0 | 0 |
Disposals | 0 | |
Effects of changes in foreign exchange rates | (18) | (75) |
Ending Balance | (243) | (261) |
Mine Properties [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 64,504 | |
Ending Balance | 62,027 | 64,504 |
Mine Properties [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 91,444 | 100,860 |
Additions | 7,884 | 9,049 |
Disposals | 0 | |
Reclassifications | 0 | 0 |
Effects of changes in foreign exchange rates | (4,851) | (18,465) |
Ending Balance | 94,477 | 91,444 |
Mine Properties [Member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | (26,940) | (25,728) |
Depreciation | 7,069 | 5,939 |
Disposals | 0 | |
Effects of changes in foreign exchange rates | (1,559) | (4,727) |
Ending Balance | (32,450) | (26,940) |
Machinery and Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 75,757 | |
Ending Balance | 76,059 | 75,757 |
Machinery and Equipment [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 153,743 | 185,861 |
Additions | 6,122 | 2,421 |
Disposals | (6) | |
Reclassifications | 14,862 | 8,323 |
Effects of changes in foreign exchange rates | (11,487) | (42,862) |
Ending Balance | 163,234 | 153,743 |
Machinery and Equipment [Member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | (77,986) | (80,052) |
Depreciation | 15,031 | 16,136 |
Disposals | 6 | |
Effects of changes in foreign exchange rates | (5,836) | (18,202) |
Ending Balance | (87,175) | (77,986) |
Construction In Progress [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 8,308 | |
Ending Balance | 5,113 | 8,308 |
Construction In Progress [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 8,308 | 9,096 |
Additions | 11,639 | 8,174 |
Disposals | 0 | |
Reclassifications | (14,862) | (8,323) |
Effects of changes in foreign exchange rates | 28 | (639) |
Ending Balance | 5,113 | 8,308 |
Construction In Progress [Member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning Balance | 0 | 0 |
Depreciation | 0 | 0 |
Disposals | 0 | |
Effects of changes in foreign exchange rates | 0 | 0 |
Ending Balance | $ 0 | $ 0 |
Leases - Schedule of detailed i
Leases - Schedule of detailed information about right of use assets or lease liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Recognized in the consolidated statements of income (loss) and comprehensive income (loss): | ||
Interest on lease liabilities | $ 59 | $ 0 |
Variable lease payments not included in the measurement of lease liabilities | 7,387 | 0 |
Expenses relating to short-term leases | 4,626 | 12,707 |
Recognized in the consolidated statements of cash flows: | ||
Total cash outflow for leases | $ 12,151 | $ 10,916 |
Leases - Schedule of leased bui
Leases - Schedule of leased building recognized as a right-of-use asset (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | $ 2,340 | $ 0 |
Cost [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Additions | 2,723 | |
Right-of-use assets | 2,723 | 0 |
Accumulated Depreciation [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation | 383 | |
Right-of-use assets | (383) | 0 |
Buildings [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | 2,340 | 0 |
Buildings [member] | Cost [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Additions | 2,723 | |
Right-of-use assets | 2,723 | 0 |
Buildings [member] | Accumulated Depreciation [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation | 383 | |
Right-of-use assets | $ (383) | $ 0 |
Leases - Schedule of Maturity a
Leases - Schedule of Maturity analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted lease liabilities | $ 2,728 | |
Current | 563 | $ 0 |
Non-current | 1,987 | $ 0 |
Less than one year [Member] | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted lease liabilities | 563 | |
One to five years [Member] | ||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||
Undiscounted lease liabilities | $ 2,165 |
Accounts payable and accrued _3
Accounts payable and accrued liabilities - Schedule of detailed information about accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Accounts Payable And Accrued Liabilities [Abstract] | ||
Accounts payable | $ 14,050 | $ 12,289 |
Accrued liabilities | 2,962 | 2,572 |
Accrued financial costs | 174 | 806 |
Other taxes | 2,537 | 301 |
Total | $ 19,723 | $ 15,968 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) R$ in Thousands, $ in Thousands | May 06, 2021BRL (R$) | May 06, 2021USD ($) | Mar. 24, 2020BRL (R$) | Mar. 24, 2020USD ($) | Mar. 20, 2020BRL (R$) | Mar. 20, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Feb. 03, 2021USD ($) | Jan. 29, 2021USD ($) | Mar. 18, 2020USD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Proceeds from borrowings | $ 15,000 | $ 24,788 | |||||||||
Credit facilities [Member] | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 15,000 | $ 11,788 | $ 11,788 | $ 13,000 | $ 13,000 | ||||||
Proceeds from borrowings | R$ 78915 | $ 15,000 | R$ 60000 | $ 11,788 | R$ 65980 | $ 13,000 | |||||
Interest rate | 1.78% |
Debt - Schedule of detailed inf
Debt - Schedule of detailed information debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [abstract] | ||
Total debt | $ 15,000 | $ 24,788 |
Debt - Schedule of reconciliati
Debt - Schedule of reconciliation for liabilities from financing activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Total liabilities from financing activities - Beginning balance | $ 24,788 | $ 0 |
Cash flows Proceeds | 15,000 | 24,788 |
Repayment of debt | (24,788) | 0 |
Total liabilities from financing activities - Ending balance | 15,000 | 24,788 |
Total debt | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Total liabilities from financing activities - Beginning balance | 24,788 | 0 |
Cash flows Proceeds | 15,000 | 24,788 |
Repayment of debt | (24,788) | |
Total liabilities from financing activities - Ending balance | $ 15,000 | $ 24,788 |
Provisions (Narrative) (Details
Provisions (Narrative) (Details) R$ in Thousands, $ in Thousands | Dec. 31, 2021BRL (R$) | Dec. 31, 2021USD ($) | Dec. 31, 2020BRL (R$) | Dec. 31, 2020USD ($) |
Disclosure of other provisions [line items] | ||||
Amount of recognized provision legal proceedings matter | $ 314 | $ 928 | ||
Amount of provision for litigation claims expected to be incurred next twelve months | $ 55 | |||
Assumption of expected rates of inflation | 3.00% | 3.00% | 3.25% | 3.25% |
Assumption of discount rates | 7.00% | 7.00% | 6.00% | 6.00% |
Maracas Menchen Mine [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provision for environmental compensation | $ 496 | |||
Amount of provision for environmental compensation expected to be incurred next twelve months | 496 | $ 368 | ||
Anticipated liability | R$ 46223 | 8,283 | R$ 45671 | 8,787 |
Currais Novos Tungsten [Member] | ||||
Disclosure of other provisions [line items] | ||||
Anticipated liability | R$ 3058 | 548 | R$ 2768 | 533 |
Largo Clean Energy [Member] | ||||
Disclosure of other provisions [line items] | ||||
Recognized provision for infrastructure | $ 362 | $ 0 |
Provisions - Schedule reconcili
Provisions - Schedule reconciliation of beginning and ending aggregate carrying amount of the provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other provisions [line items] | ||
Balance - Beginning of period | $ 5,367 | $ 6,153 |
Changes in estimated cash flows and discount rates | (868) | 526 |
Accretion | 147 | 162 |
Effect of foreign exchange | (348) | (1,474) |
Balance - End of period | 4,298 | 5,367 |
Maracas Menchen Mine [Member] | ||
Disclosure of other provisions [line items] | ||
Balance - Beginning of period | 4,885 | 5,578 |
Changes in estimated cash flows and discount rates | (879) | 496 |
Accretion | 132 | 149 |
Effect of foreign exchange | (314) | (1,338) |
Balance - End of period | 3,824 | 4,885 |
Currais Novos Tungsten [Member] | ||
Disclosure of other provisions [line items] | ||
Balance - Beginning of period | 482 | 575 |
Changes in estimated cash flows and discount rates | 11 | 30 |
Accretion | 15 | 13 |
Effect of foreign exchange | (34) | (136) |
Balance - End of period | $ 474 | $ 482 |
Issued capital - Schedule of de
Issued capital - Schedule of detailed information of issued capital (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Balance, beginning of the year (Shares) | 58,779 | 55,453 |
Beginning balance (Shares) | $ 247,164 | $ 272,103 |
Exercise of warrants (Shares) | 5,723 | 2,953 |
Exercise of warrants | $ 2,638 | $ 3,816 |
Exercise of share options (Shares) | 156 | 81 |
Exercise of share options | $ 523 | $ 417 |
Exercise of restricted share units (Shares) | 69 | 40 |
Purchase consideration (Shares) | 0 | 252 |
Purchase consideration | $ 4,366 | |
Balance, end of the year (Shares) | 64,727 | 58,779 |
Beginning balance (Shares) | $ 265,697 | $ 247,164 |
Issued Capital [Member] | ||
Disclosure of classes of share capital [line items] | ||
Balance, beginning of the year (Shares) | 58,779 | 55,453 |
Beginning balance (Shares) | $ 406,214 | $ 396,026 |
Exercise of warrants (Shares) | 5,723 | 2,953 |
Exercise of warrants | $ 7,982 | $ 6,136 |
Exercise of share options (Shares) | 156 | 81 |
Exercise of share options | $ 944 | $ 626 |
Exercise of restricted share units (Shares) | 69 | 40 |
Exercise of restricted share units | $ 842 | $ 1,183 |
Purchase consideration (Shares) | 252 | |
Purchase consideration | $ 0 | $ 2,243 |
Balance, end of the year (Shares) | 64,727 | 58,779 |
Beginning balance (Shares) | $ 415,982 | $ 406,214 |
Equity reserves (Narrative) (De
Equity reserves (Narrative) (Details) shares in Thousands, Share in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021$ / shares | Dec. 31, 2021USD ($)ShareYearshares | Dec. 31, 2020$ / shares | Dec. 31, 2020USD ($)ShareYearshares | Dec. 31, 2019Share | May 31, 2022 | Mar. 15, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Percent of issued and outstanding capital as number of options and restricted share units issued | 1.70% | ||||||
Expense from share-based payment transactions with employees | $ | $ 3,135 | $ 1,638 | |||||
Number of warrants exercised excluding surrendered warrants | shares | 5,723 | ||||||
Proceeds from exercise of warrants | $ | $ 2,638 | $ 3,816 | |||||
Number of warrants surrendered as part of cashless exercises | shares | 804 | 279 | |||||
Number of shares issued in connection with exercise of warrants | shares | 2,400 | ||||||
Number of share options exercised in share-based payment arrangement | 164 | 81 | 553 | ||||
Number of additional share options exercised in share-based payment arrangement | 156 | 81 | |||||
Proceeds from exercise of options | $ | $ 523 | $ 417 | |||||
Number of other equity instruments vested | 75 | ||||||
Number of share options granted in share-based payment arrangement | 467 | 383 | |||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 15.59 | $ 6.70 | |||||
Risk free interest rate, share options granted | 0.92% | ||||||
Option life, share options granted | Year | 5 | 5 | |||||
Expected volatility, share options granted | 83.70% | 93.70% | |||||
Expected dividend as percentage, share options granted | 0.00% | 0.00% | |||||
Expected forfeiture rate of share options granted | 0.00% | 0.00% | |||||
Weighted average remaining contractual life of outstanding share options | 2 years 7 months 6 days | 3 years 2 months 12 days | |||||
Restricted Stock Units [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments granted in share-based payment arrangement | 76 | 191 | |||||
Number of other equity instruments forfeited in share-based payment arrangement | 5 | 6 | |||||
Number of other equity instruments vested | 81 | 40 | |||||
Expected forfeiture rate | 0.00% | 0.00% | |||||
Restricted Stock Units [Member] | One-third of a grant - three month period ending March 31, 2021 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments vested | 180 | ||||||
Restricted Stock Units [Member] | One-third of a grant - three month period ending March 31, 2022 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments vested | 180 | ||||||
Restricted Stock Units [Member] | One-third of a grant - three month period ending March 31, 2023 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments vested | 180 | ||||||
Restricted Stock Units [Member] | One-third of a grant - three month period ending September 30, 2021 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments vested | 11 | ||||||
Restricted Stock Units [Member] | One-third of a grant - three month period ending September 30, 2022 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments vested | 11 | ||||||
Restricted Stock Units [Member] | One-third of a grant - three month period ending September 30, 2023 [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments vested | 11 | ||||||
Warrants [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of other equity instruments granted in share-based payment arrangement | 0 | 362 | |||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ / shares | 0 | 13 | |||||
Number of other equity instruments forfeited in share-based payment arrangement | 0 | 0 | |||||
Number of other equity instruments vested | 6,527 | 2,679 | |||||
First Grant [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | 11.92 | ||||||
Second Grant [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement | 52 | ||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | 12.58 | $ 4.80 | |||||
Risk free interest rate, share options granted | 0.95% | ||||||
Option life, share options granted | Year | 5 | ||||||
Expected volatility, share options granted | 81.10% | ||||||
Expected dividend as percentage, share options granted | 0.00% | ||||||
Expected forfeiture rate of share options granted | 0.00% | ||||||
Third Grant [Member] | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 4.81 | ||||||
Percentage of options vest upon achievement | 50.00% | 50.00% | |||||
Risk free interest rate, share options granted | 0.50% | 0.74% | |||||
Option life, share options granted | Year | 1.35 | ||||||
Expected volatility, share options granted | 76.80% | ||||||
Expected dividend as percentage, share options granted | 0.00% | ||||||
Expected forfeiture rate of share options granted | 0.00% |
Equity reserves - Schedule of d
Equity reserves - Schedule of detailed information about share-based payment awards (Details) Share in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021$ / shares | Dec. 31, 2021USD ($)Share | Dec. 31, 2020$ / shares | Dec. 31, 2020USD ($)Share | Dec. 31, 2019USD ($)Share | |
Number Of Other Equity Instruments [Roll Forward] | |||||
Exercised | Share | (75) | ||||
Number Of Options [Roll Forward] | |||||
Beginning balance | Share | 588 | 315 | |||
Granted | Share | 467 | 383 | |||
Exercised | Share | (164) | (81) | (553) | ||
Expired | Share | 0 | (20) | |||
Forfeited | Share | (2) | (9) | |||
Ending balance | Share | 889 | 588 | 315 | ||
Weighted Average Exercise Price Of Options [Roll Forward] | |||||
Beginning balance | $ / shares | $ 8.27 | $ 9.56 | |||
Granted | $ / shares | 15.59 | 6.70 | |||
Exercised | $ / shares | (4.68) | (7) | |||
Expired | $ / shares | 0 | (4.55) | |||
Forfeited | $ / shares | (6.70) | (6.70) | |||
Ending balance | $ / shares | 12.78 | 8.27 | |||
Value Of Options [Roll Forward] | |||||
Beginning balance | $ 3,207 | $ 2,720 | |||
Granted | 1,081 | 774 | |||
Exercised | (421) | (209) | |||
Expired | 0 | (47) | |||
Forfeited | (8) | (31) | |||
Ending balance | 4,857 | 3,207 | $ 2,720 | ||
Aggregate Value [Roll Forward] | |||||
Beginning balance | 21,291 | 21,448 | |||
Share-based payments | 1,555 | 458 | |||
Share-based payments | 998 | ||||
Share-based Payment Transactions | 1,585 | ||||
Granted | 1,580 | 3,338 | |||
Exercised | (6,607) | (3,712) | |||
Expired | (5) | (206) | |||
Forfeited | (30) | (35) | |||
Ending balance | $ 17,814 | $ 21,291 | $ 21,448 | ||
Restricted Stock Units [Member] | |||||
Number Of Other Equity Instruments [Roll Forward] | |||||
Beginning Balance | Share | 226 | 81 | |||
Granted | Share | 76 | 191 | |||
Exercised | Share | (81) | (40) | |||
Expired | Share | 0 | 0 | |||
Forfeited | Share | (5) | (6) | |||
Ending balance | Share | 216 | 226 | 81 | ||
Value Of Other Equity Instruments [Roll Forward] | |||||
Beginning balance | $ 1,329 | $ 1,617 | |||
Granted | 499 | 441 | |||
Exercised | (842) | (1,183) | |||
Expired | 0 | 0 | |||
Forfeited | (22) | (4) | |||
Ending balance | 1,551 | 1,329 | $ 1,617 | ||
Aggregate Value [Roll Forward] | |||||
Share-based payments | $ 587 | $ 458 | |||
Warrants [Member] | |||||
Number Of Other Equity Instruments [Roll Forward] | |||||
Beginning Balance | Share | 8,366 | 10,810 | |||
Granted | Share | 0 | 362 | |||
Exercised | Share | (6,527) | (2,679) | |||
Expired | Share | (7) | (127) | |||
Forfeited | Share | 0 | 0 | |||
Ending balance | Share | 1,832 | 8,366 | 10,810 | ||
Weighted Average Exercise Price Of Other Equity Instruments [Roll Forward] | |||||
Beginning balance | $ / shares | 4.88 | 4.24 | |||
Granted | $ / shares | 0 | 13 | |||
Exercised | $ / shares | (2.94) | (3.33) | |||
Expired | $ / shares | (2.90) | (6.50) | |||
Forfeited | $ / shares | 0 | 0 | |||
Ending balance | $ / shares | $ 11.78 | $ 4.88 | |||
Value Of Other Equity Instruments [Roll Forward] | |||||
Beginning balance | $ 16,755 | $ 17,111 | |||
Granted | 0 | 2,123 | |||
Exercised | (5,344) | (2,320) | |||
Expired | (5) | (159) | |||
Forfeited | 0 | 0 | |||
Ending balance | $ 11,406 | $ 16,755 | $ 17,111 |
Equity reserves - Schedule of_2
Equity reserves - Schedule of detailed information about stock options (Details) Share in Thousands | 12 Months Ended | ||
Dec. 31, 2021Share$ / shares | Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
No. outstanding | Share | 889 | 588 | 315 |
No. exercisable | Share | 277 | ||
Weighted average remaining life (years) | 2 years 7 months 6 days | 3 years 2 months 12 days | |
Weighted average exercise price | $ 12.78 | $ 8.27 | $ 9.56 |
6.70 - 10.00 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
No. outstanding | Share | 362 | ||
No. exercisable | Share | 164 | ||
Weighted average remaining life (years) | 3 years 2 months 12 days | ||
Weighted average exercise price | $ 6.70 | ||
Weighted average grant date share price | 6.70 | ||
6.70 - 10.00 [Member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | 6.70 | ||
6.70 - 10.00 [Member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 10 | ||
10.01 - 15.00 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
No. outstanding | Share | 300 | ||
No. exercisable | Share | 0 | ||
Weighted average remaining life (years) | 1 year 1 month 6 days | ||
Weighted average exercise price | $ 13.87 | ||
Weighted average grant date share price | 13.87 | ||
10.01 - 15.00 [Member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | 10.01 | ||
10.01 - 15.00 [Member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 15 | ||
15.01 - 20.00 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
No. outstanding | Share | 166 | ||
No. exercisable | Share | 52 | ||
Weighted average remaining life (years) | 4 years 3 months 18 days | ||
Weighted average exercise price | $ 18.69 | ||
Weighted average grant date share price | 18.69 | ||
15.01 - 20.00 [Member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | 15.01 | ||
15.01 - 20.00 [Member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 20 | ||
20.01 - 25.00 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
No. outstanding | Share | 29 | ||
No. exercisable | Share | 29 | ||
Weighted average remaining life (years) | 1 year 7 months 6 days | ||
Weighted average exercise price | $ 24 | ||
Weighted average grant date share price | 24 | ||
20.01 - 25.00 [Member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | 20.01 | ||
20.01 - 25.00 [Member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 25 | ||
30.01 - 30.40 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
No. outstanding | Share | 32 | ||
No. exercisable | Share | 32 | ||
Weighted average remaining life (years) | 2 years | ||
Weighted average exercise price | $ 30.40 | ||
Weighted average grant date share price | 30.40 | ||
30.01 - 30.40 [Member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | 30.01 | ||
30.01 - 30.40 [Member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 30.40 |
Equity reserves - Schedule of_3
Equity reserves - Schedule of detailed information about warrants and broker warrants (Details) - Warrants and broker warrants [Member] Share in Thousands | 12 Months Ended | ||
Dec. 31, 2021Share$ / shares | Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
No. outstanding | 1,832 | 8,366 | 10,810 |
No. exercisable | 1,832 | ||
Exercise price | $ / shares | $ 11.78 | $ 4.88 | $ 4.24 |
1-Dec-17 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
No. outstanding | 349 | ||
No. exercisable | 349 | ||
Grant Date | 12/01/17 | ||
Expiry Date | 12/01/22 | ||
Exercise price | $ / shares | $ 11.50 | ||
Expected volatility | 93.00% | ||
Expected life (years) | 5 years | ||
Expected dividend yield | 0.00% | ||
Risk-free Interest rate | 2.00% | ||
13-Dec-17 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
No. outstanding | 1,142 | ||
No. exercisable | 1,142 | ||
Grant Date | 12/13/17 | ||
Expiry Date | 12/13/22 | ||
Exercise price | $ / shares | $ 11.50 | ||
Expected volatility | 93.00% | ||
Expected life (years) | 5 years | ||
Expected dividend yield | 0.00% | ||
Risk-free Interest rate | 2.00% | ||
7-Dec-20 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
No. outstanding | 341 | ||
No. exercisable | 341 | ||
Grant Date | 12/07/20 | ||
Expiry Date | 12/08/25 | ||
Exercise price | $ / shares | $ 13 | ||
Expected volatility | 88.00% | ||
Expected life (years) | 5 years | ||
Expected dividend yield | 0.00% | ||
Risk-free Interest rate | 0.00% |
Earnings (loss) per share (Narr
Earnings (loss) per share (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 227 | 1,919 |
Description of anti-dilutive effect excluded from computation of earnings per share | The total number of shares issuable from options, warrants and RSUs that are excluded from the computation of diluted earnings (loss) per share because their effect would be anti-dilutive was 227 for the year ended December 31, 2021 (year ended December 31, 2020 - 1,919). |
Taxes (Narrative) (Details)
Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Federal and provincial statutory rate | 26.50% | 26.50% |
Mine properties, plant and equipment [Member] | Canada [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Canadian development expenditures and development costs which can be used to reduce taxable income of future years | $ 18,778 | $ 18,670 |
Mine properties, plant and equipment [Member] | Brazil [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Canadian development expenditures and development costs which can be used to reduce taxable income of future years | $ 1,754 | $ 777 |
Taxes - Schedule of detailed in
Taxes - Schedule of detailed information about tax (expense) recovery (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | ||
Income tax expense | $ (5,430) | $ (139) |
Deferred income tax (expense) recovery | (3,758) | (823) |
Total tax expense (income) | $ (9,188) | $ (962) |
Taxes - Schedule of detailed _2
Taxes - Schedule of detailed information about effective income tax expense recovery (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | ||
Net income (loss) before tax | $ 31,759 | $ (7,723) |
Expected income tax (expense) recovery based on statutory rate | (8,416) | 2,047 |
Adjustments to expected income tax (expense) recovery: | ||
Permanent differences and other | (9,722) | (3,846) |
Tax effect of unrecognized temporary differences and tax losses | (3,465) | 1,873 |
Tax incentives and tax loss benefit not previously recognized | 8,712 | 1,019 |
Effect of tax rates in foreign jurisdictions | 4,971 | 290 |
Foreign exchange | 1,268 | 1,749 |
Total tax expense (income) | $ (9,188) | $ (962) |
Taxes - Schedule of detailed _3
Taxes - Schedule of detailed information about changes in deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | ||
Net deferred income tax asset, beginning of the year | $ 7,178 | $ 10,571 |
Deferred income tax expense | (3,758) | (823) |
Effect of foreign exchange | (77) | (2,570) |
Net deferred income tax asset, end of the year | $ 3,343 | $ 7,178 |
Taxes - Schedule of detailed _4
Taxes - Schedule of detailed information about changes in deferred income tax balances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 3,343 | $ 7,178 | $ 10,571 |
Non-capital losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 54,502 | ||
Brazil [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax liabilities | 379 | 4,844 | |
Brazil [Member] | Non-capital losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 10,565 | 16,505 | |
Brazil [Member] | Mine properties [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,754 | 777 | |
Brazil [Member] | Transitional tax regime [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (7,713) | (8,721) | |
Brazil [Member] | Provisions [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (4,227) | (3,717) | |
Canada [Member] | Non-capital losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 2,009 | 2,334 | |
Ireland [Member] | Non-capital losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 943 | 0 | |
U.S. [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax liabilities | 12 | 0 | |
U.S. [Member] | Non-capital losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,900 | 0 | |
U.S. [Member] | Mine properties [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (1,900) | 0 | |
U.S. [Member] | Provisions [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 12 | $ 0 |
Taxes - Schedule of detailed _5
Taxes - Schedule of detailed information about deductible temporary differences (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Canada [Member] | Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognized | $ 46,921 | $ 46,189 |
Canada [Member] | Mine properties, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognized | 18,778 | 18,670 |
Canada [Member] | Capital losses and foreign exchange [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognized | 9,215 | 11,992 |
Canada [Member] | Share issue costs [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognized | 1,856 | 3,634 |
Ireland [Member] | Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognized | 0 | 7,720 |
Ireland [Member] | Mine properties, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognized | 2 | 86 |
U.S. [Member] | Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognized | 10,633 | 0 |
U.S. [Member] | Provisions [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognized | 394 | 0 |
U.S. [Member] | Mine properties, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognized | $ 584 | $ 0 |
Taxes - Schedule of detailed _6
Taxes - Schedule of detailed information about expiraton period of non capital losses (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 3,343 | $ 7,178 | $ 10,571 |
Non Capital Losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 54,502 | ||
Non Capital Losses [Member] | 2032 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,941 | ||
Non Capital Losses [Member] | 2033 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 4,052 | ||
Non Capital Losses [Member] | 2034 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 16,690 | ||
Non Capital Losses [Member] | 2035 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 143 | ||
Non Capital Losses [Member] | 2036 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 2,755 | ||
Non Capital Losses [Member] | 2037 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 3,848 | ||
Non Capital Losses [Member] | 2038 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 11,315 | ||
Non Capital Losses [Member] | 2039 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 13,751 | ||
Non Capital Losses [Member] | 2040 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 7 |
Related party transactions (Nar
Related party transactions (Narrative) (Details) - Arias Resource Capital Management LP (the "ARC Funds") [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2021shares | |
Disclosure of transactions between related parties [line items] | |
Number of warrants exercised | 4,650 |
Number of warrants surrendered | 809 |
Related party transactions - Sc
Related party transactions - Schedule of information about key management personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | ||
Short-term benefits | $ 3,879 | $ 2,147 |
Share-based payments | 2,428 | 1,275 |
Total | $ 6,307 | $ 3,422 |
Segmented disclosure (Narrative
Segmented disclosure (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | ||
Number of customers who each represented more than 10% of revenues during that period | two | single |
Revenues | $ 198,280 | $ 119,987 |
V2O5 [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 101,356 | |
V2O5 [Member] | Purchased Products [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 455 | |
V2O5 [Member] | Produced products [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 100,901 | |
FeV [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 96,924 | |
FeV [Member] | Purchased Products [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 8,163 | |
FeV [Member] | Produced products [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 88,761 | |
Sales & trading [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 163,105 | 64,512 |
Mine Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 161,790 | 126,750 |
Corporate [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 135,309 | 74,553 |
Inter-segment transactions & other activities [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | (261,924) | $ 145,828 |
Largo Clean Energy Corp. [Member] | Inter-segment transactions & other activities [Member] | ||
Disclosure of operating segments [line items] | ||
Inter-segment transaction elimination partially offset amount | 63,711 | |
Inter Segment Transaction Elimination Partially Offset Assets | 114 | |
Inter-segment transaction elimination partially offset amount | 54,327 | |
Inter-segment transaction elimination partially offset liabilities | $ 73 |
Segmented disclosure - Schedule
Segmented disclosure - Schedule of detailed information about operating segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | ||
Revenues | $ 198,280 | $ 119,987 |
Other gains (losses) | 0 | 1,636 |
Gross profit | 198,280 | 121,623 |
Operating costs | (133,010) | (88,390) |
Professional, consulting and management fees | (17,922) | (8,255) |
Foreign exchange gain (loss) | 610 | (9,064) |
Other general and administrative expenses | (6,404) | (3,329) |
Share-based payments | (3,135) | (1,638) |
Finance costs | (1,135) | (1,350) |
Interest income | 403 | 1,148 |
Technology start-up costs | (3,835) | |
Exploration and evaluation costs | (2,093) | (3,022) |
Total Expenses | (166,521) | (113,900) |
Net income (loss) before tax | 31,759 | 7,723 |
Income tax expense | (5,430) | (139) |
Deferred income tax (expense) recovery | (3,758) | (823) |
Net income (loss) | 22,571 | 6,761 |
Total Non-current Assets | 153,931 | 160,509 |
Total Assets | 313,909 | 297,806 |
Total Liabilities | 48,212 | 50,642 |
Sales & trading [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 163,105 | 64,512 |
Segment Revenues | 160,535 | |
Other gains (losses) | 1,636 | |
Gross profit | 66,148 | |
Operating costs | (153,387) | (65,429) |
Professional, consulting and management fees | (1,642) | (1,274) |
Foreign exchange gain (loss) | (161) | 44 |
Other general and administrative expenses | (414) | (473) |
Share-based payments | 0 | 0 |
Finance costs | (32) | (17) |
Interest income | 0 | 0 |
Technology start-up costs | 0 | |
Exploration and evaluation costs | 0 | 0 |
Total Expenses | (155,636) | (67,149) |
Net income (loss) before tax | 7,469 | (1,001) |
Income tax expense | (74) | (15) |
Deferred income tax (expense) recovery | 955 | 0 |
Net income (loss) | 8,350 | (1,016) |
Total Non-current Assets | 961 | 9 |
Total Assets | 56,631 | 49,010 |
Total Liabilities | 39,907 | 41,968 |
Mine properties [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 161,790 | 126,750 |
Segment Revenues | 33,705 | 55,475 |
Other gains (losses) | 0 | |
Gross profit | 126,750 | |
Operating costs | (110,184) | (93,524) |
Professional, consulting and management fees | (4,162) | (3,086) |
Foreign exchange gain (loss) | 574 | (15,943) |
Other general and administrative expenses | (1,500) | (1,669) |
Share-based payments | 0 | 0 |
Finance costs | (1,022) | (1,325) |
Interest income | 275 | 601 |
Technology start-up costs | 0 | |
Exploration and evaluation costs | (2,078) | (2,958) |
Total Expenses | (118,097) | (117,904) |
Net income (loss) before tax | 43,693 | 8,846 |
Income tax expense | (5,356) | (124) |
Deferred income tax (expense) recovery | (4,388) | (3,157) |
Net income (loss) | 33,949 | 5,565 |
Total Non-current Assets | 123,783 | 136,082 |
Total Assets | 191,086 | 213,619 |
Total Liabilities | 34,604 | 45,320 |
Corporate [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 135,309 | 74,553 |
Segment Revenues | 4,040 | |
Other gains (losses) | 0 | |
Gross profit | 74,553 | |
Operating costs | (130,165) | (71,275) |
Professional, consulting and management fees | (7,036) | (3,188) |
Foreign exchange gain (loss) | 207 | 6,835 |
Other general and administrative expenses | (2,358) | (1,082) |
Share-based payments | (3,135) | (1,638) |
Finance costs | (13) | (8) |
Interest income | 128 | 547 |
Technology start-up costs | 0 | |
Exploration and evaluation costs | 0 | 0 |
Total Expenses | (142,372) | (69,809) |
Net income (loss) before tax | (7,063) | 4,744 |
Income tax expense | 0 | 0 |
Deferred income tax (expense) recovery | (325) | 2,334 |
Net income (loss) | (7,388) | 7,078 |
Total Non-current Assets | 18,303 | 20,052 |
Total Assets | 111,703 | 106,779 |
Total Liabilities | 21,467 | 34,352 |
E&E properties [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 0 | 0 |
Other gains (losses) | 0 | |
Gross profit | 0 | |
Operating costs | 0 | 0 |
Professional, consulting and management fees | (1) | 0 |
Foreign exchange gain (loss) | 0 | 0 |
Other general and administrative expenses | (3) | 0 |
Share-based payments | 0 | 0 |
Finance costs | 0 | 0 |
Interest income | 0 | 0 |
Technology start-up costs | 0 | |
Exploration and evaluation costs | (15) | (64) |
Total Expenses | (19) | (64) |
Net income (loss) before tax | (19) | (64) |
Income tax expense | 0 | 0 |
Deferred income tax (expense) recovery | 0 | 0 |
Net income (loss) | (19) | (64) |
Total Non-current Assets | 0 | 0 |
Total Assets | 2 | 25 |
Total Liabilities | 0 | 0 |
Largo Clean Energy [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | 0 | 0 |
Other gains (losses) | 0 | |
Gross profit | 0 | |
Operating costs | 0 | 0 |
Professional, consulting and management fees | (5,081) | (707) |
Foreign exchange gain (loss) | (10) | 0 |
Other general and administrative expenses | (2,029) | (105) |
Share-based payments | 0 | 0 |
Finance costs | (62) | 0 |
Interest income | 0 | 0 |
Technology start-up costs | (3,121) | |
Exploration and evaluation costs | 0 | 0 |
Total Expenses | (10,303) | (812) |
Net income (loss) before tax | (10,303) | (812) |
Income tax expense | 0 | 0 |
Deferred income tax (expense) recovery | 0 | 0 |
Net income (loss) | (10,303) | (812) |
Total Non-current Assets | 10,884 | 4,366 |
Total Assets | 18,084 | 4,871 |
Total Liabilities | 6,488 | 0 |
Inter-segment transactions & other activities [Member] | ||
Disclosure of operating segments [line items] | ||
Revenues | (261,924) | 145,828 |
Other gains (losses) | 0 | |
Gross profit | (145,828) | |
Operating costs | 260,726 | 141,838 |
Professional, consulting and management fees | 0 | 0 |
Foreign exchange gain (loss) | 0 | 0 |
Other general and administrative expenses | (100) | 0 |
Share-based payments | 0 | 0 |
Finance costs | (6) | 0 |
Interest income | 0 | 0 |
Technology start-up costs | (714) | |
Exploration and evaluation costs | 0 | 0 |
Total Expenses | 259,906 | 141,838 |
Net income (loss) before tax | (2,018) | (3,990) |
Income tax expense | 0 | 0 |
Deferred income tax (expense) recovery | 0 | 0 |
Net income (loss) | (2,018) | (3,990) |
Total Non-current Assets | 0 | 0 |
Total Assets | (63,597) | (76,498) |
Total Liabilities | $ (54,254) | $ (70,998) |
Commitments and contingencies (
Commitments and contingencies (Narrative) (Details) R$ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021BRL (R$) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020BRL (R$) | Dec. 31, 2020USD ($) | |
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Additional Payments upon the occurrence of certain events such as change of control | $ 4,728 | ||||
Legal proceedings provision | $ 314 | $ 928 | |||
Percentage of royalty | 7.50% | 7.50% | |||
Maracas Menchen Mine [Member] | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Remaining amounts due related to goods not received or services not rendered | 10,576 | ||||
Maracas Menchen Mine [Member] | Supply Agreement [Member] | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Total amount of claimed | R$ 9900 | $ 1,774 | |||
Legal proceedings provision | 1,281 | 230 | R$ 1281 | $ 247 | |
Maracas Menchen Mine [Member] | Supply Agreement [Member] | Vanadio De Maracas Sa [Member] | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Amount of counterclaim | 10,700 | 1,917 | |||
Maracas Menchen Mine [Member] | Labour Matters [Member] | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Total amount of claimed | 3,538 | 681 | |||
Amount of provision | R$ 469 | $ 84 | |||
Between April 30 2022 And December 31 2023 [Member] | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Minimum rental commitments remaining under lease | 369 | ||||
Minimum rental commitments remaining under other short-term leases | 3 | ||||
Due within one year [Member] | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Minimum commitments under agreements | 3,152 | ||||
Due within one year [Member] | Between April 30 2022 And December 31 2023 [Member] | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Minimum rental commitments remaining under lease | $ 226 |
Financial instruments (Narrativ
Financial instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Current trade receivables | $ 22,144 | ||
Loss allowance for trade receivables | 58 | ||
Cash | $ 83,790 | $ 79,145 | $ 127,499 |
Percentage of outstanding debt | 100.00% | 100.00% | |
BRAZIL | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Current advances to suppliers | $ 10,158 | ||
Liquidity risk [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Cash | 83,790 | $ 79,145 | |
Foreign currency risk [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Impact of 5% change in value of Canadian dollar and Euro to U.S. dollar, change in cash | 700 | ||
Impact of 5% change in value of Brazilian real to U.S. dollar, change in cash | $ 197 |
Financial instruments - Schedul
Financial instruments - Schedule of detailed information about financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [abstract] | |||
Cash | $ 83,790 | $ 79,145 | $ 127,499 |
Restricted cash | 448 | 0 | |
Amounts receivable | 13,791 | ||
Accounts payable and accrued liabilities | 19,723 | 15,968 | |
Debt | $ 15,000 | $ 24,788 |
Financial instruments - Sched_2
Financial instruments - Schedule of detailed information about liquidity risk (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | $ 19,723 | $ 15,968 |
Debt | 15,000 | $ 24,788 |
Liquidity risk [Member] | Less than six months [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | 19,723 | |
Debt | 15,000 | |
Financial liabilities | 34,723 | |
Liquidity risk [Member] | Between six months to 1 year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | 0 | |
Debt | 0 | |
Financial liabilities | 0 | |
Liquidity risk [Member] | Between 1 and 3 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | 0 | |
Debt | 0 | |
Financial liabilities | 0 | |
Liquidity risk [Member] | over 3 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | 0 | |
Debt | 0 | |
Financial liabilities | $ 0 |
Revenues - Schedule of detailed
Revenues - Schedule of detailed information about revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue [abstract] | ||
Vanadium sales from contracts with customers | $ 198,280 | $ 121,008 |
Re-measurement of trade receivables / payables | 0 | (1,021) |
Total | $ 198,280 | $ 119,987 |
Expenses - Schedule of detailed
Expenses - Schedule of detailed information about expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating costs: | ||
Direct mine and production costs | $ 75,126 | $ 48,929 |
Conversion costs | 9,252 | 1,976 |
Product acquisition costs | 9,666 | 10,459 |
Royalties | 8,867 | 7,107 |
Distribution costs | 5,302 | 2,269 |
Inventory write-down | 3,210 | 177 |
Depreciation and amortization | 21,537 | 17,473 |
Loss on iron ore sales | 50 | 0 |
Operating costs | 133,010 | 88,390 |
Other general and administrative expenses: | ||
Shareholder and regulatory | 358 | 245 |
Travel | 590 | 203 |
Donations | 1,005 | 874 |
Occupancy | 459 | 282 |
Information technology | 1,076 | 405 |
Amortization | 974 | 34 |
Office and other | 1,942 | 1,286 |
Other general and administrative expenses | 6,404 | 3,329 |
Finance costs: | ||
Interest expense | 922 | 1,137 |
Interest on lease liabilities | 59 | 0 |
Accretion | 147 | 162 |
Loss allowance for trade receivables | 7 | 51 |
Finance costs | 1,135 | 1,350 |
Employee compensation amounts included in the consolidated statements of income (loss): | ||
Compensation | 8,218 | 4,554 |
Share-based payments | 3,135 | 1,638 |
Employee compensation | $ 11,353 | $ 6,192 |