Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document - Document and Entity Information [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | SAND |
Entity Registrant Name | SANDSTORM GOLD LTD |
Entity Central Index Key | 0001434614 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 180,881,580 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current | ||
Cash and cash equivalents | $ 5,892 | $ 12,539 |
Short-term investments | 13,937 | 18,252 |
Trade receivables and other | 6,870 | 7,568 |
Total current assets | 26,699 | 38,359 |
Non-current | ||
Mineral, royalty and other interests | 374,206 | 365,477 |
Hod Maden interest | 127,224 | 177,452 |
Investments | 46,243 | 60,630 |
Deferred income tax assets | 9,038 | 13,581 |
Other long term assets | 5,477 | 2,817 |
Exploration assets | 0 | 2,599 |
Total Assets | 588,887 | 660,915 |
Current | ||
Trade and other payables | 4,980 | 6,438 |
Non-current | ||
Deferred income tax liabilities | 510 | 2,807 |
Total liabilities | 5,490 | 9,245 |
- EQUITY | ||
Share capital | 684,722 | 693,880 |
Reserves | 20,712 | 23,659 |
Deficit | (19,263) | (25,135) |
Accumulated other comprehensive loss | (102,774) | (40,734) |
Total equity | 583,397 | 651,670 |
Total liabilities and equity | $ 588,887 | $ 660,915 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Total revenue | $ 73,150 | $ 68,275 | |
Cost of sales, excluding depletion | 16,003 | 15,321 | |
Depletion | 29,028 | 29,580 | |
Total cost of sales | 45,031 | 44,901 | |
Gross profit | 28,119 | 23,374 | |
Expenses and other (income) | |||
Administration expenses | [1] | 6,897 | 6,850 |
Project evaluation | [1] | 4,356 | 4,450 |
Foreign exchange loss (gain) | 2,631 | (2,434) | |
Finance income | (76) | (722) | |
Finance expense | 1,661 | 2,187 | |
Mineral, royalty and other interests impairments | 4,475 | 9,104 | |
(Gain) on mineral interest disposal and other | (498) | (4,848) | |
(Gain) on revaluation of investments | (31) | (5,827) | |
Income before taxes | 8,704 | 14,614 | |
Current income tax expense | 1,290 | 868 | |
Deferred income tax expense | 1,542 | 3,209 | |
Income tax expense | 2,832 | 4,077 | |
Net income for the year | $ 5,872 | $ 10,537 | |
Earnings per share | |||
Basic earnings per share | $ 0.03 | $ 0.06 | |
Diluted earnings per share | $ 0.03 | $ 0.06 | |
Weighted average number of common shares outstanding | |||
Basic | 183,381,187 | 167,265,059 | |
Diluted | 190,985,786 | 174,703,186 | |
Sales [member] | |||
Total revenue | $ 50,632 | $ 49,208 | |
Royalty revenue [member] | |||
Total revenue | $ 22,518 | $ 19,067 | |
[1] | Equity settled stock based compensation (a non-cash item) is included in administration expenses and project evaluation $ 3,858 $ 3,785 |
Consolidated Statements of In_2
Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | ||
Equity settled stock based compensation (a non-cash item) is included in administration expenses and project evaluation | $ 3,858 | $ 3,785 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of comprehensive income [abstract] | ||
Net income for the year | $ 5,872 | $ 10,537 |
Items that may subsequently be re-classified to net income: | ||
Currency translation differences | (50,383) | (15,205) |
Items that will not subsequently be re-classified to net income: | ||
(Loss) gain on FVTOCI investments | (10,953) | 8,159 |
Tax (expense) recovery on FVTOCI investments | (704) | 335 |
Total other comprehensive (loss) income for the year | (62,040) | (6,711) |
Total comprehensive (loss) income for the year | $ (56,168) | $ 3,826 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
- OPERATING ACTIVITIES | ||
Net income for the year | $ 5,872 | $ 10,537 |
Items not affecting cash: | ||
Depletion and depreciation and financing amortization | 30,091 | 30,723 |
Mineral, royalty and other interests impairments | 4,475 | 9,104 |
Deferred income tax expense | 1,542 | 3,209 |
Share based payments | 3,858 | 3,785 |
Unrealized foreign exchange loss (gain) | 2,005 | (2,122) |
Loss (gain) on mineral interest disposal and other | 263 | (5,433) |
(Gain) on revaluation of investments | (31) | (5,827) |
Changes in non-cash working capital | (1,493) | 797 |
Cash flow from (used in) operating activities | 46,582 | 44,773 |
- INVESTING ACTIVITIES | ||
Acquisition of mineral, royalty and other interests | (46,031) | (4,409) |
Proceeds from disposal of investments and other | 24,770 | 14,352 |
Acquisition of investments and other | (13,030) | (4,761) |
Investment in Hod Maden interest | (1,979) | (584) |
Proceeds from disposal of mineral, royalty and other interests | 0 | 3,600 |
Acquisition of Mariana Resources Limited | 0 | (48,299) |
Cash flow from (used in) investing activities | (36,270) | (40,101) |
- FINANCING ACTIVITIES | ||
Redemption of common shares (normal course issuer bid) | (20,464) | (17,729) |
Bank debt drawn | 16,000 | 16,000 |
Bank debt repaid | (16,000) | (16,000) |
Proceeds on exercise of warrants, options and other | 3,313 | 2,605 |
Cash flow from (used in) financing activities | (17,151) | (15,124) |
Effect of exchange rate changes on cash and cash equivalents | 192 | 1,557 |
Net (decrease) in cash and cash equivalents | (6,647) | (8,895) |
Cash and cash equivalents - beginning of the year | 12,539 | 21,434 |
Cash and cash equivalents - end of the year | $ 5,892 | $ 12,539 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity $ in Thousands | USD ($)shares | Share Capital [member]USD ($)shares | Reserves Share Options and Restricted Share Rights [member]USD ($) | Reserve Share Purchase Warrants [member]USD ($) | Retained Earnings (Deficit) [member]USD ($) | Accumulated Other Comprehensive Income (Loss) [member]USD ($) |
Equity at beginning of period at Dec. 31, 2016 | $ 527,305 | $ 573,085 | $ 10,898 | $ 13,017 | $ (35,672) | $ (34,023) |
Equity, shares, beginning at Dec. 31, 2016 | shares | 151,931,282 | |||||
Options exercised | 2,013 | $ 3,127 | (1,114) | 0 | 0 | 0 |
Options exercised, shares | shares | 797,128 | |||||
Warrants exercised | 1,108 | $ 3,911 | 0 | (2,803) | 0 | 0 |
Warrants exercised, shares | shares | 1,059,242 | |||||
Vesting of restricted share rights | 0 | $ 1,035 | (1,035) | 0 | 0 | 0 |
Vesting of restricted share rights, shares | shares | 319,394 | |||||
Expiration of unexercised warrants | 0 | $ 7,874 | 0 | (7,874) | 0 | 0 |
Acquisition and cancellation of common shares (normal course issuer bid) | (17,729) | $ (17,729) | 0 | 0 | 0 | 0 |
Acquisition and cancellation of common shares (normal course issuer bid), shares | shares | (4,106,772) | |||||
Shares issued for acquisition of Mariana Resources Ltd. | 122,569 | $ 122,569 | 0 | 0 | 0 | 0 |
Shares issued for acquisition of Mariana Resources Ltd., shares | shares | 32,685,228 | |||||
Issuance of Mariana Resources Ltd. replacement equity awards | 8,785 | $ 0 | 3,207 | 5,578 | 0 | 0 |
Financing costs and other | 8 | 8 | 0 | 0 | 0 | 0 |
Share based payments | 3,785 | 0 | 3,785 | 0 | 0 | 0 |
Total comprehensive income (loss) | 3,826 | 0 | 0 | 0 | 10,537 | (6,711) |
Equity at end of period at Dec. 31, 2017 | 651,670 | $ 693,880 | 15,741 | 7,918 | (25,135) | (40,734) |
Equity, shares, ending at Dec. 31, 2017 | shares | 182,685,502 | |||||
Options exercised | 3,581 | $ 4,834 | (1,253) | 0 | 0 | 0 |
Options exercised, shares | shares | 1,440,907 | |||||
Warrants exercised and expired | 1,011 | $ 3,965 | 0 | (2,954) | 0 | 0 |
Warrants exercised and expired, shares | shares | 1,021,624 | |||||
Vesting of restricted share rights | 0 | $ 2,598 | (2,598) | 0 | 0 | 0 |
Vesting of restricted share rights, shares | shares | 522,322 | |||||
Acquisition and cancellation of common shares (normal course issuer bid) | $ (20,555) | $ (20,555) | 0 | 0 | 0 | 0 |
Acquisition and cancellation of common shares (normal course issuer bid), shares | shares | (4,788,775) | (4,788,775) | ||||
Share based payments | $ 3,858 | $ 0 | 3,858 | 0 | 0 | 0 |
Total comprehensive income (loss) | (56,168) | 0 | 0 | 0 | 5,872 | (62,040) |
Equity at end of period at Dec. 31, 2018 | $ 583,397 | $ 684,722 | $ 15,748 | $ 4,964 | $ (19,263) | $ (102,774) |
Equity, shares, ending at Dec. 31, 2018 | shares | 180,881,580 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Nature of Operations | 1 – Nature of Operations Sandstorm Gold Ltd. was incorporated under the Business Corporations Act of British Columbia on March 23, 2007. Sandstorm Gold Ltd. and its subsidiary entities (collectively “Sandstorm”, “Sandstorm Gold” or the “Company”) is a resource-based company that seeks to acquire gold and other metals purchase agreements (“Gold Streams” or “Streams”) and royalties from companies that have advanced stage development projects or operating mines. In return for making an upfront payment to acquire a Gold Stream or royalty, Sandstorm receives the right to purchase, at a fixed price per unit or at a fixed percentage of the spot price, a percentage of a mine’s production for the life of the mine (in the case of a Stream) or a portion of the revenue generated from the mine (in the case of a royalty). The head office, principal address and registered office of the Company are located at Suite 1400, 400 Burrard Street, Vancouver, British Columbia, V6C 3A6. These consolidated financial statements were authorized for issue by the Board of Directors of the Company on February 19, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Significant Accounting Policies | 2 – Summary of Significant Accounting Policies A. 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”). B. Basis of Presentation These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments, which are measured at fair value or amortized cost. The consolidated financial statements are presented in United States dollars, and all values are rounded to the nearest thousand except as otherwise indicated. C. Principles of Consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries (all wholly owned), Sandstorm Gold (Canada) Ltd., Bridgeport Gold Inc., Inversiones Mineras Australes Holdings (BVI) Inc., Inversiones Mineras Australes S.A., Premier Royalty U.S.A. Inc., SA Targeted Investing Corp., Sandstorm Metals & Energy (Canada) Holdings Ltd., Sandstorm Metals & Energy (Canada) Ltd., Sandstorm Metals & Energy (US) Inc., Mariana Resources Limited and Mariana Turkey Limited. Subsidiaries are fully consolidated from the date the Company obtains control and continue to be consolidated until the date that control ceases. Control is achieved when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All intercompany balances, transactions, revenues and expenses have been eliminated on consolidation. D. Business Combinations On the acquisition of a business, the acquisition method of accounting is used, whereby the purchase consideration is allocated to the identifiable assets and liabilities on the basis of fair value at the date of acquisition. Provisional fair values allocated at a reporting date are finalized as soon as the relevant information is available, within a period not to exceed twelve months from the acquisition date with retrospective restatement of the impact of adjustments to those provisional fair values effective as at the acquisition date. Incremental costs related to acquisitions are expensed as incurred. When the amount of purchase consideration is contingent on future events, the initial cost of the acquisition recorded includes an estimate of the fair value of the contingent amounts expected to be payable in the future. When the fair value of contingent consideration as at the date of acquisition is finalized before the purchase price allocation is finalized, the adjustment is allocated to the identifiable assets and liabilities acquired. Subsequent changes to the estimated fair value of contingent consideration are recorded in the Consolidated Statements of Income (Loss). When the cost of the acquisition exceeds the fair values of the identifiable net assets acquired, the difference is recorded as goodwill. If the fair value attributable to the Company’s share of the identifiable net assets exceeds the cost of acquisition, the difference is recognized as a gain in the Consolidated Statements of Income (Loss). Non-controlling E. Investment in Associate An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor a joint arrangement. The Company has significant influence when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control over those policies. The Hod Maden interest on the Company’s Consolidated Statements of Financial Position represents an investment in an associate. The Company accounts for its investment in an associate using the equity method. Under the equity method, the Company’s investment in an associate is initially recognized at cost when acquired and subsequently increased or decreased to recognize the Company’s share of net income and losses of the associate, after any adjustments necessary to give effect to uniform accounting policies, any other movement in the associate’s reserves, and for impairment losses after the initial recognition date. The Company’s share of income and losses of associates is recognized in net income during the period. Dividends received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment. F. Goodwill The Company allocates goodwill arising from business combinations to each cash-generating unit or group of cash-generating units that are expected to receive the benefits from the business combination. Irrespective of any indication of impairment, the recoverable amount of the cash-generating unit or group of cash-generating units to which goodwill has been allocated is tested annually for impairment and when there is an indication that the goodwill may be impaired. Any impairment is recognized as an expense immediately. Any impairment of goodwill is not subsequently reversed. G. Mineral, Royalty and Other Interests Mineral, royalty and other interests consist of acquired royalty interests and stream metal purchase agreements. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific agreement are expensed in the period incurred. Producing mineral, royalty and other interests are depleted using the units-of-production On acquisition of a mineral, royalty or other interest, an allocation of its fair value is attributed to the exploration potential of the interest and is recorded as an asset on the acquisition date. The value of the exploration potential is accounted for in accordance with IFRS 6, Exploration and Evaluation of Mineral Resources and is not depleted until such time as the technical feasibility and commercial viability have been established at which point the value of the asset is accounted for in accordance with IAS 16, Property, Plant and Equipment. H. Impairment of Mineral, Royalty and Other Interests Evaluation of the carrying values of each mineral property is undertaken when events or changes in circumstances indicate that the carrying values may not be recoverable. If any indication of impairment exists, the recoverable amount is estimated to determine the extent of any impairment loss. The recoverable amount is the higher of the fair value less costs of disposal and value in use. Fair value is the price that would be received from selling an asset in an orderly transaction between market participants at the measurement date. Costs of disposal are incremental costs directly attributable to the disposal of an asset. Fair value less costs of disposal is usually estimated using a discounted cash flow approach. Estimated future cash flows are calculated using estimated production, sales prices, and a discount rate. Estimated production is determined using current reserves and the portion of resources expected to be classified as mineral reserves as well as exploration potential expected to be converted into resources. Estimated sales prices are determined by reference to an average of long-term metal price forecasts by analysts and management’s expectations. The discount rate is estimated using an average discount rate incorporating analyst views to value precious metal royalty companies. Value in use is determined as the future value of present cash flows expected to be derived from continuing use of an asset in its present form for those assets where value in use exceeds fair value less costs of disposal. If it is determined that the recoverable amount is less than the carrying value then an impairment is recognized within net income (loss) immediately. An assessment is made at each reporting period if there is any indication that a previous impairment loss may no longer exist or has decreased. If indications are present, the carrying amount of the mineral interest is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount net of depletion that would have been determined had no impairment loss been recognized for the mineral interest in previous periods. I. Exploration Assets All costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on a project are expensed in the period incurred. Exploration and evaluation costs arising following the acquisition of an exploration licence are capitalised on a project-by-project Upon demonstration of the technical and commercial feasibility of a project and a development decision, any past exploration and evaluation costs related to that project are subject to an impairment test and are reclassified in accordance with IAS 16, Property Plant and Equipment. Management annually assesses exploration assets for impairment when facts and circumstances suggest that the carrying value of capitalized exploration costs may not be recoverable. J. Revenue Recognition Revenue is comprised of revenue earned in the period from contracts with customers under each of its royalty and mineral stream interests. The Company has determined that each unit of a commodity that is delivered to a customer under a royalty and mineral stream interest arrangement is a performance obligation for the delivery of a good that is separate from each other unit of the commodity to be delivered under the same arrangement. In accordance with IFRS 15, the Company recognizes revenue to depict the transfer of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities. For stream agreements, revenue recognition occurs when the relevant commodity received from the stream operator is transferred by the Company to its third-party customers. For royalty interests, revenue recognition occurs when the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. K. Foreign Currency Translation The functional currency of the Company and its subsidiaries is the principal currency of the economic environment in which they operate. For the Company and its subsidiaries Sandstorm Gold (Canada) Ltd., Bridgeport Gold Inc., Inversiones Mineras Australes S.A., Inversiones Mineras Australes Holdings (BVI) Inc., Premier Royalty U.S.A. Inc., SA Targeted Investing Corp., Sandstorm Metals & Energy (Canada) Holdings Ltd., Sandstorm Metals & Energy (Canada) Ltd., Sandstorm Metals & Energy (US) Inc., Mariana Resources Limited and Mariana Turkey Limited the functional currency is the U.S. dollar. The functional currency of the Company’s Hod Maden interest in associate is the Turkish Lira. To translate the Hod Maden interest to the presentation currency of the U.S. dollar, all assets and liabilities are translated using the exchange rate as of the reporting date and all income and expenses are translated using the average exchange rates during the period. All resulting exchange differences are recognized in other comprehensive income (loss). Transactions in foreign currencies are initially recorded in the entity’s functional currency as the rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the closing rate as at the reporting date. L. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, trade receivables and other, short and long-term investments, loans receivable which are included in other long term assets, and trade and other payables. All financial instruments are initially recorded at fair value and designated as follows: Cash and cash equivalents, trade receivables and other, and loans receivable which are included in other long term assets are classified as financial assets at amortized cost and trade and other payables and bank debt are classified as financial liabilities at amortized cost. Both financial assets at amortized cost and financial liabilities at amortized cost are measured at amortized cost using the effective interest method. The company’s financial assets which are subject to credit risk include cash and cash equivalents, trade receivables and other and loans receivable which are included in other long term assets. Application of the expected credit loss model at the date of adoption did not have a significant impact on the Company’s financial assets because the Company determined that the expected credit losses on its financial assets were nominal. There were no impairment losses recognized on financial assets during the years ended December 31, 2018 and December 31, 2017. Investments in common shares are held for long-term strategic purposes and not for trading. The Company has made an irrevocable election to designate all these investments as fair value through other comprehensive income (“FVTOCI”) in order to provide a more meaningful presentation based on management’s intention, rather than reflecting changes in fair value in net income. Such investments are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement Investments in warrants and convertible debt instruments are classified as fair value through profit or loss (“FVTPL”). These warrants, and convertible debt instruments are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement Transaction costs on initial recognition of financial instruments classified as FVTPL are expensed as incurred. Transaction costs incurred on initial recognition of financial instruments classified as loans and receivables, FVTOCI and other financial liabilities are recognized at their fair value amount and offset against the related loans and receivables or capitalized when appropriate. Financial assets are derecognized when the contractual rights to the cash flows from the asset expire. Financial liabilities are derecognized only when the Company’s obligations are discharged, cancelled or they expire. On derecognition, the difference between the carrying amount (measured at the date of derecognition) and the consideration received (including any new asset obtained less any new liability obtained) is recognized in profit or loss. M. Inventory When refined gold or the applicable commodity, under the Stream agreement, is delivered to the Company, it is recorded as inventory. The amount recognized as inventory includes both the cash payment and the related depletion associated with the related mineral interest. N. Cash and Cash Equivalents Cash and cash equivalents include cash on account, demand deposits and money market investments with maturities from the date of acquisition of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant changes in value. O. Income Taxes Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used are those that are substantively enacted at the reporting date. Deferred income taxes are provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for accounting. The change in the net deferred income tax asset or liability is included in income except for deferred income tax relating to equity items which is recognized directly in equity. The income tax effects of differences in the periods when revenue and expenses are recognized in accordance with Company accounting practices, and the periods they are recognized for income tax purposes are reflected as deferred income tax assets or liabilities. Deferred income tax assets and liabilities are measured using the substantively enacted statutory income tax rates which are expected to apply to taxable income in the years in which the assets are realized or the liabilities settled. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available for utilization. Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to offset current tax assets against liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity and are intended to be settled on a net basis. The determination of current and deferred taxes requires interpretations of tax legislation, estimates of expected timing of reversal of deferred tax assets and liabilities, and estimates of future earnings. P. Share Capital and Share Purchase Warrants The proceeds from the issue of units are allocated between common shares and share purchase warrants (with an exercise price denominated in U.S. dollars) on a pro-rata Q. Earnings Per Share Basic earnings per share is computed by dividing the net income available to common shareholders by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated assuming that outstanding share options and share purchase warrants, with an average market price that exceeds the average exercise prices of the options and warrants for the year, are exercised and the proceeds are used to repurchase shares of the Company at the average market price of the common shares for the year. R. Share Based Payments The Company recognizes share based compensation expense for all share purchase options and restricted share rights (“RSRs”) awarded to employees, officers and directors based on the fair values of the share purchase options and RSRs at the date of grant. The fair values of share purchase options and RSRs at the date of grant are expensed over the vesting periods of the share purchase options and RSRs, respectively, with a corresponding increase to equity. The fair value of share purchase options is determined using the BSM with market related inputs as of the date of grant. Share purchase options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. The fair value of RSRs is the market value of the underlying shares at the date of grant. At the end of each reporting period, the Company re-assesses The BSM requires management to estimate the expected volatility and expected term of the equity instrument, the risk-free rate of return over the term, expected dividends, and the number of equity instruments expected to ultimately vest. The Company uses its competitors market data with respect to expected volatility and expected dividend yield to the extent these factors are indicative of the Company’s future expectations. The expected term is estimated using historical exercise data, and the number of equity instruments expected to vest is estimated using historical forfeiture data. S. Related Party Transactions Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties. T. Segment Reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses. The Company’s operating segments are components of the Company’s business for which discrete financial information is available and which are reviewed regularly by the Company’s Chief Executive Officer to make decisions about resources to be allocated to the segment and assess its performance. |
New Accounting Policies and Fut
New Accounting Policies and Future Changes in Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
New Accounting Policies and Future Changes in Accounting Policies | 3 – New Accounting Policies and Future Changes in Accounting Policies ADOPTION OF IFRS 15: REVENUE FROM CONTRACTS WITH CUSTOMERS IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It has replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The new standard establishes a five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. IFRS 15 requires that revenue be recognized when control of goods or services transfers to the customer whereas under the previous standard, IAS 18, revenue was recognized when the risks or rewards of the goods or services transferred to the customer. The Company has adopted IFRS 15 using the modified retrospective approach with the effect of initially applying this standard recognized at the date of initial application – January 1, 2018. Accordingly, the information presented for 2017 has not been restated and is presented, as previously reported, under IAS 18 and related interpretations. Because the adoption of IFRS 15 did not result in a change to the timing and measurement of the Company’s revenue, there was no impact on retained earnings at January 1, 2018. IFRS 16: LEASES In January 2016, the IASB issued IFRS 16 Leases, which requires lessees to recognize assets and liabilities for most leases. IFRS 16 becomes effective for annual periods beginning on or after January 1, 2019 and is to be applied retrospectively. The new standard is not expected to have a material impact on the Company’s consolidated financial statements and the adoption of the new standard will not give rise to any material changes to the Company’s processes, IT controls or consolidated financial statements. IFRIC INTERPRETATION 23: UNCERTAINTY OVER INCOME TAX TREATMENTS In June 2017, the IASB issued IFRS Interpretations Committee (“IFRIC”) Interpretation 23 Uncertainty over Income Tax Treatments, which is applied to the determination of taxable profit or loss, unused tax losses, unused tax credits, tax rates and tax bases, when there is uncertainty about income tax treatment under IAS 12 Income Taxes. IFRIC 23 becomes effective January 1, 2019 and is to be applied retrospectively. The Company’s assessment of the impact on the Company’s consolidated financial statements is ongoing, but it does currently anticipate a material impact on the consolidated financial statements. |
Key Sources of Estimation Uncer
Key Sources of Estimation Uncertainty and Critical Accounting Judgments | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Key Sources of Estimation Uncertainty and Critical Accounting Judgments | 4 – Key Sources of Estimation Uncertainty and Critical Accounting Judgments The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. A. Attributable Reserve and Resource Estimates Mineral, royalty and other interests are a significant class of assets of the Company, with a carrying value of $374.2 million at December 31, 2018 (2017 - $365.5 million). This amount represents the capitalized expenditures related to the acquisition of the mineral, royalty and other interests net of accumulated depletion and any impairments. The Company estimates the reserves and resources relating to each agreement. Reserves are estimates of the amount of minerals that can be economically and legally extracted from the mining properties at which the Company has purchase and royalty agreements, adjusted where applicable to reflect the Company’s percentage entitlement to minerals produced from such mines. The public disclosures of reserves and resources that are released by the operators of the interests involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. The estimates of reserves and resources may change based on additional knowledge gained subsequent to the initial assessment. Changes in the reserve or resource estimates may impact the carrying value of the Company’s mineral, royalty and other interests and depletion charges. The Company’s mineral and royalty interests are depleted on a units-of-production B. Investments In the normal course of operations, the Company invests in equity interests of other entities. In such circumstances, management considers whether the facts and circumstances pertaining to each such investment result in the Company obtaining control, joint control or significant influence over the investee entity. In some cases, the determination of whether or not the Company controls, jointly controls or significantly influences the investee entities requires the application of significant management judgment to consider individually and collectively such factors as: • The purpose and design of the investee entity. • The ability to exercise power, through substantive rights, over the activities of the investee entity that significantly affect its returns. • The size of the Company’s equity ownership and voting rights, including potential voting rights. • The size and dispersion of other voting interests, including the existence of voting blocks. • Other investments in or relationships with the investee entity including, but not limited to, current or possible board representation, royalty and/or stream investments, loans and other types of financial support, material transactions with the investee entity, interchange of managerial personnel or consulting positions. • Other relevant and pertinent factors. If it is determined that the Company neither has control, joint control or significant influence over an investee entity, the Company accounts for the corresponding investment in equity interest at fair value through other comprehensive income as further described in note 2. C. Income Taxes The interpretation of existing tax laws or regulations in Canada, the United States of America, Australia, Argentina, Chile, Ecuador, Turkey, Guernsey, Mexico or any of the countries in which the mining operations are located or to which shipments of gold and other metals are made requires the use of judgment. Differing interpretation of these laws or regulations could result in an increase in the Company’s taxes, or other governmental charges, duties or impositions. To the extent there are uncertain tax provisions, the Company measures the impact of the uncertainty using the method that best predicts the resolution of the uncertainty. The judgements and estimates made to recognize and measure the effect of uncertain tax treatments are reassessed whenever circumstances change or when there is new information that affects those judgements. In addition, the recoverability of deferred income tax assets, including expected periods of reversal of temporary differences and expectations of future taxable income, are assessed by management at the end of each reporting period and adjusted, as necessary, on a prospective basis. Refer to note 12 for more information. D. Impairment of Assets There is judgment required to determine whether any indication of impairment exists at the end of each reporting period for each mineral, royalty and other interest, including assessing whether there are observable indications that the asset’s value has declined during the period. If such an indication exists, the recoverable amount of the interest is estimated in order to determine the extent of the impairment (if any). The recoverable amount is the higher of the fair value less costs of disposal and value in use. The calculation of the recoverable amount requires the use of estimates and assumptions such as long-term commodity prices, discount rates, and operating performance. The recoverable amount is determined by calculating the present value of expected future cash flows. The discount rate is based on the Company’s weighted average cost of capital, adjusted for various risks. The expected future cash flows are management’s best estimates of expected future revenues and costs. Under each method, expected future revenues reflect the estimated future production for each mine at which the Company has a Gold Stream or royalty based on detailed life of mine plans received from each of the mine operators. Included in these forecasts is the production of mineral resources that do not currently qualify for inclusion in proven and probable ore reserves where there is a high degree of confidence in its economic extraction. This is consistent with the methodology that is used to measure value beyond proven and probable reserves when determining the fair value attributable to acquired mineral and royalty interests. Expected future revenues also reflect management’s estimated long term metal prices, which are determined based on current prices, forward pricing curves and forecasts of expected long-term metal prices prepared by analysts. These estimates often differ from current price levels, but are consistent with how a market participant would assess future long-term metal prices. Estimated future cash costs are established based on the terms of each Gold Stream, Stream, or royalty, as disclosed in note 16 to the financial statements. During the year ended December 31, 2018, the Company recorded an impairment charge of $4.5 million (2017 - $9.1 million). E. Accounting for Acquisition of Assets and Interests The Company’s business is the acquisition of Gold Streams, Streams, and royalties. Each mineral, royalty and other interest agreement has its own unique terms and judgement is required to assess the appropriate accounting treatment. The assessment of whether an acquisition meets the definition of a business or whether assets are acquired is an area of key judgement. If deemed to be a business combination, applying the acquisition method to business combinations requires each identifiable asset and liability to be measured at its acquisition date fair value. The excess, if any, of the fair value of the consideration over the fair value of the net identifiable assets acquired is recognized as goodwill. The determination of the acquisition date fair values often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of mineral, royalty and other interests generally requires a high degree of judgement, and include estimates of mineral reserves and resources acquired, future metal prices, discount rates and conversion of reserves and resources. Changes in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could impact the amounts assigned to assets and liabilities. F. Functional Currency The functional currency for each of the Company’s subsidiaries and associates is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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Financial Instruments | 5 – Financial Instruments A. Capital Risk Management The Company manages its capital such that it endeavors to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. At December 31, 2018, the capital structure of the Company consists of $583.4 million (2017—$651.7 million) of equity attributable to common shareholders, comprising of issued capital (note 11), accumulated reserves, deficit and accumulated other comprehensive income (loss). The Company was not subject to any externally imposed capital requirements with the exception of complying with certain covenants under the credit agreement governing bank debt. The Company is in compliance with the debt covenants described in note 10 as at December 31, 2018. B. Fair Value Estimation The fair value hierarchy establishes three levels to classify the inputs of valuation techniques used to measure fair value. The three levels of the fair value hierarchy are described below: Level 1 | Level 2 | Level 3 | The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at December 31, 2018 and December 31, 2017. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As at December 31, 2018: In $000s Total Quoted prices (Level 1) Significant (Level 2) Significant (Level 3) Short-term investments Convertible debt $ 13,937 $ 0 $ 13,937 $ 0 Long-term investments Common shares held $ 33,139 $ 33,139 $ 0 $ 0 Warrants and other 2,106 0 2,106 0 Convertible debt 10,998 0 10,998 0 $ 60,180 $ 33,139 $ 27,041 $ 0 As at December 31, 2017: In $000s Total Quoted prices in active (Level 1) Significant (Level 2) Significant (Level 3) Short-term investments Common shares held $ 3,252 $ 3,252 $ — $ — Convertible debt 15,000 — 15,000 — Long-term investments Common shares held $ 40,722 $ 40,722 $ — $ — Warrants and other 3,313 — 3,313 — Convertible debt 16,595 — 16,595 — $ 78,882 $ 43,974 $ 34,908 $ — The fair value of the Company’s other financial instruments which include cash and cash equivalents, trade receivables and other, loans receivable which are included in long term assets, and trade and other payables, approximate their carrying values at December 31, 2018 and December 31, 2017 due to their short-term nature. There were no transfers between the levels of the fair value hierarchy during the years ended December 31, 2018 and December 31, 2017. C. Credit Risk The Company’s credit risk is limited to cash and cash equivalents, loans receivable which are included in long term assets, trade receivables and other and the Company’s investments in convertible debentures. The Company’s trade receivables and other is subject to the credit risk of the counterparties who own and operate the mines underlying Sandstorm’s royalty portfolio. In order to mitigate its exposure to credit risk, the Company closely monitors its financial assets and maintains its cash deposits in several high-quality financial institutions. The Company’s investments in convertible debentures are subject to the counterparties’ credit risk. In particular, the Company’s convertible debenture due from Equinox Gold Corp. (“Equinox”) is subject to Equinox’s credit risk, the Company’s ability to realize on its security, and the risk that the value of Equinox’s equity decreases below the puttable price of the instrument. D. Currency Risk Financial instruments that impact the Company’s net income (loss) or other comprehensive income (loss) due to currency fluctuations include: cash and cash equivalents, trade receivables and other, investments and trade and other payables denominated in Canadian dollars. Based on the Company’s Canadian dollar denominated monetary assets and monetary liabilities at December 31, 2018 a 10% increase (decrease) of the value of the Canadian dollar relative to the United States dollar would increase (decrease) net income by $1.3 million and other comprehensive income by $2.3 million, respectively. E. Liquidity Risk The Company has in place a planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. In managing liquidity risk, the Company takes into account the amount available under the Company’s Revolving Facility, anticipated cash flows from operating activities and its holding of cash and cash equivalents. As at December 31, 2018, the Company had cash and cash equivalents of $5.9 million (December 31, 2017 – $12.5 million). Sandstorm holds common shares, convertible debentures, and warrants and other of other companies with a combined fair market value as at December 31, 2018, of $60.2 million (December 31, 2017 – $78.9 million). The daily exchange traded volume of these shares, including the shares underlying the warrants, may not be sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. F. Other Price Risk The Company is exposed to equity price risk as a result of holding investments in other mining companies. The Company does not actively trade these investments. The equity prices of long term investments are impacted by various underlying factors including commodity prices. Based on the Company’s investments held as at December 31, 2018 a 10% increase (decrease) in the equity prices of these investments would increase (decrease) net income by $0.8 million and other comprehensive income by $3.3 million. |
Mineral, Royalty and Other Inte
Mineral, Royalty and Other Interests | 12 Months Ended |
Dec. 31, 2018 | |
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Mineral, Royalty and Other Interests | 6 – Mineral, Royalty and Other Interests A. Carrying Amount As of and for the year ended December 31, 2018: COST ACCUMULATED DEPLETION In $000s Opening Net Ending Opening Depletion 1 Depletion Impairment Ending Carrying Aurizona, Brazil $ 11,033 $ 0 $ 11,033 $ 310 $ 0 $ 0 $ 0 $ 310 $ 10,723 Bachelor Lake, Canada 24,009 20 24,029 23,183 381 0 0 23,564 465 Black Fox, Canada 37,791 8 37,799 26,831 1,260 0 0 28,091 9,708 Bracemac-McLeod, Canada 21,495 0 21,495 15,194 1,327 0 0 16,521 4,974 Chapada, Brazil 69,528 0 69,528 6,502 4,100 0 0 10,602 58,926 Diavik, Canada 53,111 0 53,111 17,872 5,697 0 0 23,569 29,542 Hod Maden, Turkey 5,818 0 5,818 0 0 0 0 0 5,818 Houndé, Burkina Faso 0 45,036 45,036 0 4,478 0 0 4,478 40,558 Hugo North Extension and Heruga, Mongolia 35,351 0 35,351 0 0 0 0 0 35,351 Karma, Burkina Faso 26,289 0 26,289 6,203 3,270 400 0 9,873 16,416 Ming, Canada 20,070 0 20,070 9,046 120 700 0 9,866 10,204 Santa Elena, Mexico 23,342 12 23,354 20,466 584 8 0 21,058 2,296 Yamana silver stream, Argentina 74,236 0 74,236 3,680 2,392 0 0 6,072 68,164 Other Royalties 2 203,198 1,577 204,775 115,298 3,941 0 4,475 123,714 81,061 Other 3 9,461 (4,657 ) 4,804 4,670 134 0 0 4,804 0 Total 4 $ 614,732 $ 41,996 $ 656,728 $ 249,255 $ 27,684 $ 1,108 $ 4,475 $ 282,522 $ 374,206 1 Depletion during the period in the Consolidated Statements of Income (loss) of $29.0 million is comprised of depletion expense for the period of $27.7 million, and $1.3 million from depletion in ending inventory as at December 31, 2017. 2 Includes Coringa, Mt. Hamilton, Paul Isnard, Prairie Creek, Ann Mason, Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, Sao Francisco, Thunder Creek, the Early Gold Deposit, Hackett River, Lobo-Marte, Agi Dagi & Kirazli, Forrestania and other. 3 Includes Koricancha Stream and other. 4 Mineral, Royalty and Other Interests includes assets accounted for under IFRS 6 (Exploration and Evaluation) of $58.1 million and assets accounted for under IAS 16 (Property, Plant and Equipment) of $316.1 million. As of and for the year ended December 31, 2017: COST ACCUMULATED DEPLETION In $000’s Opening Net Ending Opening Depletion 1 Depletion Impairment Ending Carrying Aurizona, Brazil $ 11,033 $ — $ 11,033 $ 310 $ — $ — $ — $ 310 $ 10,723 Bachelor Lake, Canada 23,972 37 24,009 19,339 3,823 21 — 23,183 826 Black Fox, Canada 37,761 30 37,791 24,395 2,253 183 — 26,831 10,960 Bracemac-McLeod, Canada 21,495 — 21,495 13,378 1,816 — — 15,194 6,301 Chapada, Brazil 69,528 — 69,528 2,737 3,765 — — 6,502 63,026 Diavik, Canada 53,111 — 53,111 11,792 6,080 — — 17,872 35,239 Hod Maden, Turkey 5,818 — 5,818 — — — — — 5,818 Hugo North Extension and Heruga, Mongolia 35,351 — 35,351 — — — — — 35,351 Karma, Burkina Faso 26,289 — 26,289 2,619 2,913 671 — 6,203 20,086 Ming, Canada 20,068 2 20,070 8,585 185 276 — 9,046 11,024 Santa Elena, Mexico 23,342 — 23,342 19,308 992 166 — 20,466 2,876 Yamana silver stream, Argentina 74,234 2 74,236 1,427 2,253 — — 3,680 70,556 Other Royalties 2 200,602 2,596 203,198 102,114 4,080 — 9,104 115,298 87,900 Other 3 10,725 (1,264 ) 9,461 4,540 103 27 — 4,670 4,791 Total 4 $ 613,329 $ 1,403 $ 614,732 $ 210,544 $ 28,263 $ 1,344 $ 9,104 $ 249,255 $ 365,477 1 Depletion during the year in the Consolidated Statements of Income (loss) of $29.6 million is comprised of depletion expense for the year of $28.3 million, and $1.3 million from depletion in ending inventory as at December 31, 2016. 2 Includes Coringa, Mt. Hamilton, Paul Isnard, Prairie Creek, Ann Mason, Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, Sao Francisco, Thunder Creek, the Early Gold Deposit, Hackett River, Lobo-Marte, Agi Dagi & Kirazli, Forrestania and other. 3 Includes Koricancha Stream and other. 4 Mineral, Royalty and Other Interests includes assets accounted for under IFRS 6 (Exploration and Evaluation) of $52.3 million and assets accounted for under IAS 16 (Property, Plant and Equipment) of $313.2 million. B. Significant updates and other transactions During the year ended December 31, 2018: HOUNDÉ On January 17, 2018, the Company acquired a 2% net smelter returns royalty (‘‘ NSR’’) on the producing Houndé gold mine in Burkina Faso, owned and operated by Endeavour Mining Corporation. The royalty was acquired from Acacia Mining PLC for $45 million in cash and covers the Kari North and Kari South tenements. KORICANCHA In August 2018, the Company disposed of its interest in the Koricancha Gold Stream. The fair value of the financial instruments received on disposal amounted to $4.3 million, resulting in a $0.4 million loss. During the year ended December 31, 2017: BACHELOR LAKE STREAM On September 29, 2017, the Company amended its Gold Stream with Metanor Resources Inc. (“Metanor”). Metanor was subsequently acquired by Bonterra Resources Inc. (“Bonterra”) in 2018. Under the amended terms, once a cumulative 12,000 ounces of gold have been purchased by the Company, during the period between October 1, 2017 and October 1, 2019, the Gold Stream will convert to a 3.9% NSR. As part of the amendment, Bonterra agreed it will sell a minimum of 1,500 ounces of gold to Sandstorm at a per ounce cash payment of equal to the lesser of $500 and the then prevailing price of gold, on a quarterly basis until the 12,000 ounce threshold has been reached. Under the previous Gold Stream, there were no requirements for minimum deliveries nor was there a subsequent conversion of the Gold Stream into a NSR. In consideration for entering into the amendment, Sandstorm received: • a 3.9% NSR on Bonterra’s Barry project; and • $2.0 million in the common shares of Metanor Bonterra may elect to reduce the 3.9% NSR on the Bachelor Lake or Barry projects by making a $2.0 million payment to Sandstorm in each case (the “Purchase Option”). Upon exercising either of the Purchase Options, the respective Sandstorm NSR will decrease to 1.8%. In addition to the Gold Stream, Sandstorm has an already existing 1% NSR on the Bachelor Lake gold mine, which remains unaffected by the amendment. In connection with the partial disposition of the stream, the Company recognized a $3.0 million gain in other income during the year ended December 31, 2017. C. Impairments During the year ended December 31, 2018: As a result of an update to the production profile of the Gualcamayo mine and the estimated future ounces expected from the royalty, the Company re-evaluated During the year ended December 31, 2017: A reduction in the mineral resource estimate for the Coringa gold project announced during the period prompted the Company to evaluate the carrying value of its royalty investment. As a result of this review, the Company recorded an impairment charge of $4.5 million. The recoverable amount of $3.4 million was determined using a discounted cash flow model in estimating the fair value less costs of disposal. Key assumptions used in the cash flow forecast were: a 5 year mine life, a long term gold price of $1,300 and a 6% discount rate. As a result of an update to the production profile of the Emigrant Springs mine and the ounces expected from the area subject to the royalty, the Company re-evaluated |
Acquisition of Mariana Resource
Acquisition of Mariana Resources Limited | 12 Months Ended |
Dec. 31, 2018 | |
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Acquisition of Mariana Resources Limited | 7 – Acquisition of Mariana Resources Limited On July 3, 2017, Sandstorm completed its previously announced arrangement to acquire all the issued and ordinary shares of Mariana Resources Ltd. (that Sandstorm did not already own) (“Mariana”) (the “Arrangement”). Under the terms of the Arrangement and as consideration for the acquisition, the Company issued 32,685,228 common shares and paid an additional $47.3 million in cash. In addition, all outstanding stock options and warrant holders of Mariana received 0.3487 Sandstorm stock option or warrant for each Mariana stock option or warrant previously held. The transaction was accounted for as an asset acquisition, with the capitalized costs of $199.6 million being determined by reference to the fair value of the net assets acquired. As part of the transaction, the Company acquired a 30% net profits interest in the Hod Maden gold-copper project, located in the Artvin Province, northeastern Turkey (“Hod Maden” or “Hod Maden Interest”). The project is operated and co-owned The Company’s 30% net profits interest in Hod Maden represents an investment in an associate and is accounted for in accordance with IAS 28 - Investments in associates and joint ventures. Refer to note 8 for further information. In addition, the acquisition of Mariana included exploration properties in Côte d’Ivoire, Turkey, and Argentina. The fair value of $5.0 million ascribed to these assets was determined based on management’s best estimate of the recoverable value and took into consideration the exploration expenditures at the respective properties. During the years ended December 31, 2017 and December 31, 2018, Sandstorm was able to dispose of a number of these properties in exchange for receiving NSRs and equity to be granted to Sandstorm in the future. The other assets acquired in the transaction included cash and other assets of approximately $5.0 million and accounts payable and accrued liabilities of approximately $1.1 million. Other key assumptions utilized in the fair value assessment of the replacement warrants and options included a risk-free annual interest rate of approximately 1%, an expected volatility of up to 30% and an expected average life of up to 1.6 years. |
Hod Maden Interest
Hod Maden Interest | 12 Months Ended |
Dec. 31, 2018 | |
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Hod Maden Interest | 8 – Hod Maden Interest On July 3, 2017, the Company acquired a 30% net profits interest in Artmin Madencilik Sanaya ve Ticaret A.S, incorporated in Turkey which owns and operates the Hod Maden project. This interest is accounted for using the equity method and its financial results are adjusted, where appropriate, to give effect to uniform accounting policies. The following table summarizes the changes in the carrying amount of the Company’s Hod Maden interest: In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Beginning of Year $ 177,452 $ — Acquisition of Investment in Associate (note 7) 0 190,714 Company’s share of net income (loss) of associate (178 ) (28 ) Capital investment 1,979 584 Currency translation adjustments (52,029 ) (13,818 ) End of Year $ 127,224 $ 177,452 Summarized financial information for the Company’s investment in associate, on a 100% basis and reflecting adjustments made by the Company, including fair value adjustments made at the time of acquisition and adjustments for differences in accounting policies is as follows: In $000s Year Ended December 31, 2018 Period Ended 1 December 31, 2017 Revenue $ 0 $ — Administration expenses (1,140 ) (113 ) Other income 546 20 Total net (loss) income (594 ) (93 ) Company’s share of net (loss) income of associate $ (178 ) $ (28 ) 1 Financial results presented above pertain to the period beginning July 3, 2017, the date of acquisition, to December 31, 2017. In $000s December 31, 2018 December 31, 2017 Current Assets $ 668 $ 619 Non-current 423,758 591,343 Total Assets $ 424,426 $ 591,962 Current Liabilities 347 456 Non-current 0 — Total Liabilities $ 347 $ 456 Net Assets 424,079 591,506 Company’s share of net assets of associate $ 127,224 $ 177,452 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
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Investments | 9 – Investments As of and for the year ended December 31, 2018: In $000s Fair Value Jan. 1, 2018 Net Additions (Disposals) Transfers Fair Value Adjustment Fair Value Dec. 31, 2018 Short-term investments Common shares 1 $ 3,252 $ (3,252 ) $ 0 $ 0 $ 0 Convertible debt instruments 2 15,000 (11,000 ) 8,976 961 13,937 Total short-term investments $ 18,252 $ (14,252 ) $ 8,976 $ 961 $ 13,937 Non-current Common shares 1 $ 40,722 $ 3,370 $ 0 $ (10,953 ) $ 33,139 Warrants and other 2 3,313 697 0 (1,904 ) 2,106 Convertible debt instruments 2 16,595 2,405 (8,976 ) 974 10,998 Total non-current $ 60,630 $ 6,472 $ (8,976 ) $ (11,883 ) $ 46,243 Total Investments $ 78,882 $ (7,780 ) $ 0 $ (10,922 ) $ 60,180 1 Fair value adjustment recorded within Other Comprehensive Income (loss) for the period. 2 Fair value adjustment recorded within Net Income (loss) for the period. On January 3, 2018, the Company completed its previously announced agreement to sell $18.3 million in debt and equity securities of Equinox Gold Corp. to Mr. Ross Beaty. As of and for the year ended December 31, 2017: In $000s Fair Value Jan. 1, 2017 Net Additions (Disposals) Transfers Fair Value Adjustment Fair Value Dec. 31, 2017 Short-term investments Common shares 1 $ — $ — $ 3,252 $ — $ 3,252 Convertible debt instruments 2 — — 15,000 — 15,000 Total short-term investments $ — $ — $ 18,252 $ — $ 18,252 Non-current Common shares 1 $ 28,850 $ 6,965 $ (3,252 ) $ 8,159 $ 40,722 Warrants and other 2 3,404 (1,979 ) — 1,888 3,313 Convertible debt instruments 2 29,039 (1,383 ) (15,000 ) 3,939 16,595 Total non-current $ 61,293 $ 3,603 $ (18,252 ) $ 13,986 $ 60,630 Total Investments $ 61,293 $ 3,603 $ — $ 13,986 $ 78,882 1 Fair value adjustment recorded within Other Comprehensive Income (loss) for the period. 2 Fair value adjustment recorded within Net Income (loss) for the period. |
Revolving Facility and Deferred
Revolving Facility and Deferred Financing Costs | 12 Months Ended |
Dec. 31, 2018 | |
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Revolving Facility and Deferred Financing Costs | 10 – Revolving Facility and Deferred Financing Costs In December 2018, the Company amended its revolving credit agreement, allowing the Company to borrow up to $225 million (the “Revolving Facility”), for general corporate purposes, from a syndicate of banks including the Bank of Nova Scotia, Bank of Montreal, National Bank of Canada, Canadian Imperial Bank of Commerce and Royal Bank of Canada (the “Syndicate”). The Revolving Facility matures on December 20, 2022 and is extendable by mutual consent of Sandstorm and the Syndicate. The amounts drawn on the Revolving Facility are subject to interest at LIBOR plus 2.00% – 3.00% per annum, and the undrawn portion of the Revolving Facility is subject to a standby fee of 0.45% – 0.675% per annum, dependent on the Company’s leverage ratio. Under the credit agreement, the Company is required to maintain a leverage ratio of net debt divided by EBITDA (as defined in the credit facility agreement) of less than or equal to 3.50:1.00 for each fiscal quarter. For any consecutive eight fiscal quarters following a material permitted acquisition, the Company is required to maintain a leverage ratio of less than or equal to 4.00:1.00. The Company must also maintain an interest coverage ratio of greater than or equal to 3.00:1.00 for each fiscal quarter. The Company is further required to maintain a tangible net worth greater than the aggregate of $136.8 million and 50% of positive net income for each fiscal quarter beginning with the fiscal quarter ended September 30, 2017. The Revolving Facility is secured against the Company’s assets, including the Company’s mineral, royalty and other interests and investments. As of December 31, 2018, the Company was in compliance with the covenants and the balance of the Revolving Facility was nil. Deferred financing costs are amortized on a straight-line basis over the term of the Revolving Facility. At December 31, 2018, deferred financing costs, net of accumulated amortization, was $2.5 million (December 31, 2017—$2.3 million). |
Share Capital and Reserves
Share Capital and Reserves | 12 Months Ended |
Dec. 31, 2018 | |
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Share Capital and Reserves | 11 – Share Capital and Reserves A. Authorized Share Capital The Company is authorized to issue an unlimited number of common shares without par value. Under the Company’s normal course issuer bid (“NCIB”), the Company is able until April 4, 2019, to purchase up to 9,191,777 common shares. The NCIB provides the Company with the option to purchase its common shares from time to time. During the year ended December 31, 2018 and pursuant to the NCIB, the Company purchased and cancelled an aggregate of 4,788,775 common shares. B. Stock Options of the Company The Company has an incentive stock option plan (the “Option Plan”) whereby the Company may grant share options to eligible employees, officers, directors and consultants at an exercise price, expiry date, and vesting conditions to be determined by the Board of Directors. The maximum expiry date is five years from the grant date. All options are equity settled. The Option Plan permits the issuance of options which, together with the Company’s other share compensation arrangements, may not exceed 8.5% of the Company’s issued common shares as at the date of the grant. During the year ended December 31, 2018, the Company issued 3,130,000 options with a weighted average exercise price of CAD5.92 and a fair value of $2.8 million or $0.90 per option. The fair value of the options granted was determined using a Black-Scholes model using the following weighted average assumptions: grant date share price and exercise price of CAD5.92, expected volatility of 30%, risk-free interest rate of 1.90% and an expected life of 3 years. Expected volatility was determined by considering the trailing 3 year historic average share price volatility of similar companies in the same industry and business model. A summary of the Company’s options and the changes for the period are as follows: Note Number of Weighted average 1 Options outstanding at December 31, 2016 6,235,180 4.71 Mariana Resources Ltd. replacement options 1 7 2,078,248 3.41 Granted 795,000 5.50 Exercised (797,128 ) (3.23 ) Expired unexercised (584,983 ) (15.29 ) Options outstanding at December 31, 2017 7,726,317 3.79 Granted 3,130,000 5.92 Exercised (1,440,907 ) (3.22 ) Expired unexercised (77,436 ) (7.19 ) Forfeited (15,333 ) (4.96 ) Options outstanding at December 31, 2018 9,322,641 4.58 1 For options exercisable in British Pounds Sterling (“GBP”), exercise price is translated to Canadian Dollars (“CAD”) using the period end exchange rate. The weighted-average share price, at the time of exercise, for those shares that were exercised during the year ended December 31, 2018 was CAD6.07 per share (2017: CAD5.69). The weighted average remaining contractual life of the options as at December 31, 2018 was 3.02 years (2017: 2.82 years). A summary of the Company’s share purchase options as of December 31, 2018 is as follows: Year of expiry Number outstanding Vested Exercise price per (CAD) 1 Weighted average exercise price per share (CAD) 1,2 2019 2,327,033 2,327,033 1.49 - 6.03 2.74 2020 1,225,334 1,225,334 3.60 - 3.64 3.61 2021 1,382,740 945,078 2.70 - 4.96 4.79 2022 1,257,534 727,537 4.96 - 15.00 5.19 2023 3,130,000 0 5.92 - 9,322,641 5,224,982 3.66 1 For options exercisable in GBP, exercise price is translated to CAD using the period end exchange rate. 2 Weighted average exercise price of options that are exercisable. C. Share Purchase Warrants A summary of the Company’s warrants and the changes for the period are as follows: Note Number of Shares to be Issued Upon Warrants outstanding at December 31, 2016 28,046,400 28,046,400 Mariana Resources Ltd. replacement warrants 7 2,025,314 2,025,314 Exercised (1,059,242 ) (1,059,242 ) Expired unexercised (5,002,500 ) (5,002,500 ) Warrants outstanding at December 31, 2017 24,009,972 24,009,972 Exercised (1,021,624 ) (1,021,624 ) Expired unexercised (22,948 ) (22,948 ) Warrants outstanding at December 31, 2018 22,965,400 22,965,400 A summary of the Company’s warrants as of December 31, 2018 are as follows: Number outstanding Exercise price per share Expiry Date 3,000,000 $ 4.50 March 23, 2020 15,000,000 3.50 October 27, 2020 4,965,400 4.00 November 3, 2020 22,965,400 D. Restricted Share Rights The Company has a restricted share plan (the “Restricted Share Plan”) whereby the Company may grant restricted share rights (“RSRs”) to eligible employees, officers, directors and consultants at an expiry date to be determined by the Board of Directors. Each restricted share right entitles the holder to receive a common share of the Company without any further consideration. The Restricted Share Plan permits the issuance of up to a maximum of 3,800,000 restricted share rights. During the year ended December 31, 2018, the Company granted 619,300 RSRs with a fair value of $2.7 million, a three year vesting term, and a weighted average grant date fair value of $4.43 per unit. As at December 31, 2018, the Company had 2,377,436 RSRs outstanding. E. Diluted Earnings Per Share Diluted earnings per share is calculated based on the following: In $000s (excluding per share amounts) Year Ended December 31, 2018 Year Ended December 31, 2017 Net income for the year $ 5,872 $ 10,537 Basic weighted average number of shares 183,381,187 167,265,059 Basic earnings per share $ 0.03 $ 0.06 Effect of dilutive securities Stock options 2,146,601 2,217,597 Warrants 3,821,430 3,582,912 Restricted share rights 1,636,568 1,637,618 Diluted weighted average number of common shares 190,985,786 174,703,186 Diluted earnings per share $ 0.03 $ 0.06 The following table lists the number of stock options and warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of CAD5.73 during the year ended December 31, 2018 (2017: CAD5.55), or because a performance obligation had not been met as at December 31, 2018. Year Ended December 31, 2018 Year Ended December 31, 2017 Stock Options 1,010,489 1,967,557 Warrants 3,000,000 6,412,664 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
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Income Taxes | 12 – Income Taxes The income tax expense differs from the amount that would result from applying the federal and provincial income tax rate to the net income before income taxes. These differences result from the following items: In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Income before income taxes $ 8,704 $ 14,614 Canadian federal and provincial income tax rates 27 % 26 % Income tax expense based on the above rates $ 2,350 $ 3,800 Increase (decrease) due to: Non-deductible $ 1,053 $ 989 Change in unrecognized temporary differences 0 1,146 Non-taxable (4 ) (1,801 ) Change in future substantively enacted tax rate (401 ) (84 ) Change in valuation allowance and other (166 ) 27 Income tax expense $ 2,832 $ 4,077 The deferred tax assets and liabilities are shown below: In $000s As at December 31, 2018 As at December 31, 2017 Deferred Income Tax Assets Non-capital $ 29,391 $ 30,027 Share issue costs and other 1,882 1,966 Mineral, royalty and other interests (22,235 ) (18,412 ) Total deferred income tax assets $ 9,038 $ 13,581 Deferred Income Tax Liabilities Mineral, royalty and other interests $ (510 ) $ (2,807 ) Total deferred income tax liabilities $ (510 ) $ (2,807 ) Total deferred income tax asset, net $ 8,528 $ 10,774 Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. Non-capital Movement in net deferred income taxes: In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Balance, beginning of the year $ 10,774 $ 13,646 Recognized in net income (loss) for the year (1,542 ) (3,209 ) Recognized in equity 0 2 Recognized in other comprehensive income (loss) for the year (704 ) 335 Balance, end of year $ 8,528 $ 10,774 The Company has deductible unused tax losses, for which a deferred tax asset has been recognized, expiring as follows: In $000s Location Amount Expiration Non-capital Canada $ 108,857 2030 - 2036 The aggregate amount of deductible temporary differences associated with capital losses and other items, for which deferred income tax assets have not been recognized as at December 31, 2018 are $34.2 million (2017: $34.3 million). No deferred tax asset is recognized in respect of these items because it is not probable that future taxable capital gains or taxable income will be available against which the Company can utilize the benefit. |
Administration Expenses
Administration Expenses | 12 Months Ended |
Dec. 31, 2018 | |
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Administration Expenses | 13 – Administration Expenses The administration expenses for the Company are as follows: In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Corporate administration $ 1,925 $ 1,850 Employee benefits and salaries 1,939 2,035 Professional fees 817 801 Administration expenses before share based compensation $ 4,681 $ 4,686 Equity settled share based compensation (a non-cash $ 2,216 $ 2,164 Total administration expenses $ 6,897 $ 6,850 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
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Supplemental Cash Flow Information | 14 – Supplemental Cash Flow Information In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Change in non-cash Trade receivables and other $ (506 ) $ (602 ) Trade and other payables (987 ) 1,399 Net (decrease) increase in cash $ (1,493 ) $ 797 Significant non-cash Shares and replacement equity awards issued for Mariana acquisition $ 0 $ 131,354 Financial instruments received on disposal of mineral, royalty and other interests $ 4,275 $ — |
Key Management Compensation
Key Management Compensation | 12 Months Ended |
Dec. 31, 2018 | |
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Key Management Compensation | 15 – Key Management Compensation The remuneration of directors and those persons having authority and responsibility for planning, directing and controlling activities of the Company are as follows: In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Employee salaries and benefits $ 1,818 $ 2,340 Share based payments 2,695 2,594 Total key management compensation expense $ 4,513 $ 4,934 |
Contractual Obligations
Contractual Obligations | 12 Months Ended |
Dec. 31, 2018 | |
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Contractual Obligations | 16 – Contractual Obligations In connection with its commodity streams, the Company has committed to purchase the following: Stream % of Life of Mine Gold or Relevant Commodity 4,5,6,7,8,9 Per Ounce Cash Payment: lesser of amount below and the then 1, 2, 3 Bachelor Lake 20% $500 Black Fox 8% $540 Chapada 4.2% 30% of copper spot price Entrée 5.62% on Hugo North Extension and 4.26% on Heruga $220 Karma 26,875 ounces over 5 years and 20% of gold spot price Ming 25% of the first 175,000 ounces $nil Santa Elena 20% $455 Yamana silver stream Varies 30% of silver spot price 1 Subject to an annual inflationary adjustment except for Ming and Bachelor Lake. 2 For the Entrée Gold Stream, after approximately 8.6 million ounces of gold have been produced from the joint venture property, the price increases to $500 per gold ounce. 3 For the Entrée silver stream, percentage of life of mine is 5.62% on Hugo North Extension and 4.26% on Heruga which the Company can purchase for the lesser of the prevailing market price and $5 per ounce of silver until 40.3 million ounces of silver have been produced from the entire joint venture property. Thereafter, the purchase price will increase to the lesser of the prevailing market price and $10 per ounce of silver. 4 For the Entrée Gold and silver stream, percentage of life of mine is 5.62% on Hugo North Extension and 4.26% on Heruga if the minerals produced are contained below 560 metres in depth. 5 For the Entrée Gold and silver stream, percentage of life of mine is 8.43% on Hugo North Extension and 6.39% on Heruga if the minerals produced are contained above 560 metres in depth. 6 For the Entrée copper stream, the Company has committed to purchase an amount equal to 0.42% of the copper produced from the Hugo North Extension and Heruga deposits. If the minerals produced are contained above 560 metres in depth, then the commitment increases to 0.62% for both the Hugo North Extension and Heruga deposits. Sandstorm will make ongoing per pound cash payments equal to the lesser of $0.50 and the then prevailing market price of copper, until 9.1 billion pounds of copper have been produced from the entire joint venture property. Thereafter, the ongoing per pound payments will increase to the lesser of $1.10 and the then prevailing market price of copper. 7 For the Chapada copper stream, the Company has committed to purchase an amount equal to 4.2% of the copper produced (up to an annual maximum of 3.9 million pounds of copper) until Yamana has delivered 39 million pounds of copper to Sandstorm; then 3.0% of the copper produced until, on a cumulative basis, Yamana has delivered 50 million pounds of copper to Sandstorm; then 1.5% of the copper produced thereafter, for the life of the mine. 8 Under the terms of the Yamana silver stream, Sandstorm has agreed to purchase an amount of silver from Cerro Moro equal to 20% of the silver produced (up to an annual maximum of 1.2 million ounces of silver), until Yamana has delivered to Sandstorm 7.0 million ounces of silver; then 9.0% of the silver produced thereafter. As part of the Yamana silver stream, through 2018, Sandstorm has also agreed to purchase an amount of silver from: (i) the Minera Florida mine in Chile equal to 38% of the silver produced (up to an annual maximum of 200,000 ounces of silver); and (ii) the Chapada mine in Brazil equal to 52% of the silver produced (up to an annual maximum of 100,000 ounces of silver). 9 For the Bachelor Lake Gold Stream, the Company has committed to purchase 20% of gold produced until 6,000 ounces have been purchased. |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2018 | |
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Segmented Information | 17 – Segmented Information The Company’s reportable operating segments, which are components of the Company’s business where separate financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer, who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below: For the year ended December 31, 2018: In $000s Product Sales Royalty Cost of Depletion Mineral, and other (Gain) Income Cash flow Bachelor Lake, Canada Gold $ 6,923 $ 280 $ 2,667 $ 402 $ 0 $ 0 $ 4,134 $ 4,756 Black Fox, Canada Gold 5,674 0 2,396 1,443 0 0 1,835 3,484 Bracemac-McLeod, Canada 1 Various 0 3,237 0 1,327 0 0 1,910 3,370 Chapada, Brazil Copper 11,608 0 3,469 4,100 0 0 4,039 8,139 Diavik, Canada Diamonds 0 7,197 0 5,697 0 0 1,500 7,047 Houndé, Burkina Faso Gold 0 6,744 0 4,478 0 0 2,266 5,393 Karma, Burkina Faso Gold 8,041 0 1,610 3,941 0 0 2,490 6,539 Ming, Canada Gold 940 0 0 396 0 0 544 940 Santa Elena, Mexico Gold 13,097 0 4,652 750 0 0 7,695 8,908 Yamana silver stream, Argentina Silver 3,808 0 1,166 2,392 0 0 250 2,645 Other Royalties 2 Various 0 5,060 0 3,941 4,475 (759 ) (2,597 ) 4,734 Other Gold 541 0 43 161 0 538 (201 ) 506 Total Segments $ 50,632 $ 22,518 $ 16,003 $ 29,028 $ 4,475 $ (221 ) $ 23,865 $ 56,461 Corporate: Administration & Project evaluation expenses 0 0 0 0 0 0 (11,253 ) (7,378 ) Foreign exchange loss 0 0 0 0 0 0 (2,630 ) 0 Gain on revaluation of investments 0 0 0 0 0 0 30 0 Finance expense, net 0 0 0 0 0 0 (1,585 ) (1,029 ) Other 0 0 0 0 0 (277 ) 277 (1,472 ) Total Corporate $ 0 $ 0 $ 0 $ 0 $ 0 $ (277 ) $ (15,161 ) $ (9,879 ) Consolidated $ 50,632 $ 22,518 $ 16,003 $ 29,028 $ 4,475 $ (498 ) $ 8,704 $ 46,582 1 Royalty revenue from Bracemac-McLeod consists of $1.0 million from Copper and $2.2 million from Zinc. 2 Where a mineral interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and represents a royalty on gold, silver or other metal, the royalty interest has been summarized under Other Royalties. Other Royalties includes royalty revenue from Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, Thunder Creek, Forrestania and Sheerness. Includes royalty revenue from royalty interests located in Canada of $0.8 million, the United States of $0.6 million, Argentina of $1.3 million, Honduras of $1.2 million and other of $1.2 million. Includes royalty revenue from Gold of $4.3 million and Other Base Metals of $0.8 million. For the year ended December 31, 2017: In $000s Product Sales Royalty Cost of Depletion Impairment and other (Gain) loss Income Cash flow Bachelor Lake, Canada Gold $ 7,706 $ 379 $ 3,082 $ 4,074 $ — $ (2,952 ) $ 3,881 $ 5,030 Black Fox, Canada Gold 6,693 — 2,847 2,520 — — 1,326 3,953 Bracemac-McLeod, Canada 1 Various — 4,074 — 1,816 — — 2,258 3,948 Chapada, Brazil Copper 11,001 — 3,249 3,765 — — 3,987 7,753 Diavik, Canada Diamonds — 7,150 — 6,080 — — 1,070 6,781 Karma, Burkina Faso Gold 6,863 — 1,365 3,437 — — 2,061 5,489 Ming, Canada Gold 796 — — 356 — — 440 796 Santa Elena, Mexico Gold 11,570 — 3,485 1,098 — — 6,987 7,548 Yamana silver stream, Argentina Silver 4,252 — 1,267 2,253 — — 732 2,985 Other Royalties 2 Various — 7,464 — 4,078 9,104 (459 ) (5,259 ) 9,745 Other Gold 327 — 26 103 — (186 ) 384 294 Total Segments $ 49,208 $ 19,067 $ 15,321 $ 29,580 $9,104 $ (3,597 ) $ 17,867 $ 54,322 Corporate: Administration & Project evaluation expenses — — — — — — (11,300 ) (7,408 ) Foreign exchange gain — — — — — — 2,434 — Gain on revaluation of investments — — — — — — 5,827 — Finance expense, net — — — — — — (1,465 ) (1,593 ) Other — — — — (1,251 ) 1,251 (548 ) Total Corporate $ — $ — $ — $ — $ — $ (1,251 ) $ (3,253 ) $ (9,549 ) Consolidated $ 49,208 $ 19,067 $ 15,321 $ 29,580 $ 9,104 $ (4,848 ) $ 14,614 $ 44,773 1 Royalty revenue from Bracemac-McLeod consists of $1.5 million from Copper and $2.6 million from Zinc. 2 Where a mineral interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and represents a royalty on gold, silver or other metal, the royalty interest has been summarized under Other Royalties. Other Royalties includes royalty revenue from Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, Thunder Creek, Copper Mountain, Forrestania and Sheerness. Includes royalty revenue from royalty interests located in Canada of $1.6 million, in the United States of $1.5 million, Argentina of $1.8 million, Honduras of $1.8 million and other of $0.8 million. Includes royalty revenue from Gold of $6.5 million and Other Base Metals of $1.0 million. Total assets as of: In $000s December 31, December 31, Aurizona $ 10,723 $ 10,723 Bachelor Lake 525 1,124 Black Fox 9,708 11,350 Bracemac-McLeod 5,366 6,827 Chapada 58,926 63,026 Diavik 31,192 36,739 Hod Maden 1 133,042 183,271 Houndé 41,549 — Hugo North Extension and Heruga 35,351 35,351 Karma 16,983 21,034 Ming 10,904 11,300 Santa Elena 2,356 3,693 Yamana silver stream 68,164 70,556 Other Royalties 2 82,092 89,304 Other 3 0 7,423 Total Segments $ 506,881 $ 551,721 Corporate: Cash and cash equivalents 5,892 12,539 Investments 60,180 78,882 Deferred income tax assets 9,038 13,581 Other assets 6,896 4,192 Total Corporate $ 82,006 $ 109,194 Consolidated $ 588,887 $ 660,915 1 Includes royalty interest of $5.8 million and investment in associate of $127.2 million at December 31, 2018. Includes royalty interest of $5.8 million and investment in associate of $177.5 million at December 31, 2017. 2 Where a mineral interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and represents a royalty on gold, silver or other metal, the royalty interest has been summarized under Other Royalties. Includes Coringa, Mt. Hamilton, Paul Isnard, Prairie Creek, Ann Mason, Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, Sao Francisco, Sao Vicente, Thunder Creek, Hackett River, Lobo-Marte, Agi Dagi & Kirazli and other. 3 Includes Koricancha Stream and other. Non-current In $000s December 31, 2018 1 December 31, 2017 1 North America Canada $ 77,484 $ 86,832 USA 15,574 16,055 Mexico 2,387 2,874 South & Central America Argentina $ 83,463 $ 94,166 Brazil 73,014 77,113 French Guiana 5,154 5,154 Peru 1,677 6,434 Honduras 854 1,430 Chile 2,460 2,460 Africa Burkina Faso $ 57,015 $ 20,087 South Africa 4,022 4,301 Cote D’Ivoire 421 400 Botswana 1,017 1,017 Egypt 244 — Asia & Australia Turkey $ 137,520 $ 187,725 Mongolia 36,589 36,589 Australia 2,535 2,891 Consolidated $ 501,430 $ 545,528 1 Includes Mineral, Royalty and Other Interests (Note 6) and Investment in Associate (Note 8) and exploration assets. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
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Subsequent Events | 18 – Subsequent Events On January 18, 2019, the Company acquired a 0.9% NSR royalty on precious metals produced from the Fruta del Norte gold project in Ecuador, currently under construction by Lundin Gold Inc. The NSR royalty was acquired from a private third party for $32.75 million in cash and covers all mining concessions held by Lundin Gold Inc. Subsequent to year end, the Company purchased and canceled an additional 2.4 million common shares under the Company’s current NCIB for a total of $11.5 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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Statement of Compliance | A. 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”). |
Basis of Presentation | B. Basis of Presentation These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments, which are measured at fair value or amortized cost. The consolidated financial statements are presented in United States dollars, and all values are rounded to the nearest thousand except as otherwise indicated. |
Principles of Consolidation | C. Principles of Consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries (all wholly owned), Sandstorm Gold (Canada) Ltd., Bridgeport Gold Inc., Inversiones Mineras Australes Holdings (BVI) Inc., Inversiones Mineras Australes S.A., Premier Royalty U.S.A. Inc., SA Targeted Investing Corp., Sandstorm Metals & Energy (Canada) Holdings Ltd., Sandstorm Metals & Energy (Canada) Ltd., Sandstorm Metals & Energy (US) Inc., Mariana Resources Limited and Mariana Turkey Limited. Subsidiaries are fully consolidated from the date the Company obtains control and continue to be consolidated until the date that control ceases. Control is achieved when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All intercompany balances, transactions, revenues and expenses have been eliminated on consolidation. |
Business Combinations | D. Business Combinations On the acquisition of a business, the acquisition method of accounting is used, whereby the purchase consideration is allocated to the identifiable assets and liabilities on the basis of fair value at the date of acquisition. Provisional fair values allocated at a reporting date are finalized as soon as the relevant information is available, within a period not to exceed twelve months from the acquisition date with retrospective restatement of the impact of adjustments to those provisional fair values effective as at the acquisition date. Incremental costs related to acquisitions are expensed as incurred. When the amount of purchase consideration is contingent on future events, the initial cost of the acquisition recorded includes an estimate of the fair value of the contingent amounts expected to be payable in the future. When the fair value of contingent consideration as at the date of acquisition is finalized before the purchase price allocation is finalized, the adjustment is allocated to the identifiable assets and liabilities acquired. Subsequent changes to the estimated fair value of contingent consideration are recorded in the Consolidated Statements of Income (Loss). When the cost of the acquisition exceeds the fair values of the identifiable net assets acquired, the difference is recorded as goodwill. If the fair value attributable to the Company’s share of the identifiable net assets exceeds the cost of acquisition, the difference is recognized as a gain in the Consolidated Statements of Income (Loss). Non-controlling |
Investment in Associate | E. Investment in Associate An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor a joint arrangement. The Company has significant influence when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control over those policies. The Hod Maden interest on the Company’s Consolidated Statements of Financial Position represents an investment in an associate. The Company accounts for its investment in an associate using the equity method. Under the equity method, the Company’s investment in an associate is initially recognized at cost when acquired and subsequently increased or decreased to recognize the Company’s share of net income and losses of the associate, after any adjustments necessary to give effect to uniform accounting policies, any other movement in the associate’s reserves, and for impairment losses after the initial recognition date. The Company’s share of income and losses of associates is recognized in net income during the period. Dividends received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment. |
Goodwill | F. Goodwill The Company allocates goodwill arising from business combinations to each cash-generating unit or group of cash-generating units that are expected to receive the benefits from the business combination. Irrespective of any indication of impairment, the recoverable amount of the cash-generating unit or group of cash-generating units to which goodwill has been allocated is tested annually for impairment and when there is an indication that the goodwill may be impaired. Any impairment is recognized as an expense immediately. Any impairment of goodwill is not subsequently reversed. |
Mineral, Royalty and Other Interests | G. Mineral, Royalty and Other Interests Mineral, royalty and other interests consist of acquired royalty interests and stream metal purchase agreements. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific agreement are expensed in the period incurred. Producing mineral, royalty and other interests are depleted using the units-of-production On acquisition of a mineral, royalty or other interest, an allocation of its fair value is attributed to the exploration potential of the interest and is recorded as an asset on the acquisition date. The value of the exploration potential is accounted for in accordance with IFRS 6, Exploration and Evaluation of Mineral Resources and is not depleted until such time as the technical feasibility and commercial viability have been established at which point the value of the asset is accounted for in accordance with IAS 16, Property, Plant and Equipment. |
Impairment of Mineral, Royalty and Other Interests | H. Impairment of Mineral, Royalty and Other Interests Evaluation of the carrying values of each mineral property is undertaken when events or changes in circumstances indicate that the carrying values may not be recoverable. If any indication of impairment exists, the recoverable amount is estimated to determine the extent of any impairment loss. The recoverable amount is the higher of the fair value less costs of disposal and value in use. Fair value is the price that would be received from selling an asset in an orderly transaction between market participants at the measurement date. Costs of disposal are incremental costs directly attributable to the disposal of an asset. Fair value less costs of disposal is usually estimated using a discounted cash flow approach. Estimated future cash flows are calculated using estimated production, sales prices, and a discount rate. Estimated production is determined using current reserves and the portion of resources expected to be classified as mineral reserves as well as exploration potential expected to be converted into resources. Estimated sales prices are determined by reference to an average of long-term metal price forecasts by analysts and management’s expectations. The discount rate is estimated using an average discount rate incorporating analyst views to value precious metal royalty companies. Value in use is determined as the future value of present cash flows expected to be derived from continuing use of an asset in its present form for those assets where value in use exceeds fair value less costs of disposal. If it is determined that the recoverable amount is less than the carrying value then an impairment is recognized within net income (loss) immediately. An assessment is made at each reporting period if there is any indication that a previous impairment loss may no longer exist or has decreased. If indications are present, the carrying amount of the mineral interest is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount net of depletion that would have been determined had no impairment loss been recognized for the mineral interest in previous periods. |
Exploration Assets | I. Exploration Assets All costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on a project are expensed in the period incurred. Exploration and evaluation costs arising following the acquisition of an exploration licence are capitalised on a project-by-project Upon demonstration of the technical and commercial feasibility of a project and a development decision, any past exploration and evaluation costs related to that project are subject to an impairment test and are reclassified in accordance with IAS 16, Property Plant and Equipment. Management annually assesses exploration assets for impairment when facts and circumstances suggest that the carrying value of capitalized exploration costs may not be recoverable. |
Revenue Recognition | J. Revenue Recognition Revenue is comprised of revenue earned in the period from contracts with customers under each of its royalty and mineral stream interests. The Company has determined that each unit of a commodity that is delivered to a customer under a royalty and mineral stream interest arrangement is a performance obligation for the delivery of a good that is separate from each other unit of the commodity to be delivered under the same arrangement. In accordance with IFRS 15, the Company recognizes revenue to depict the transfer of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities. For stream agreements, revenue recognition occurs when the relevant commodity received from the stream operator is transferred by the Company to its third-party customers. For royalty interests, revenue recognition occurs when the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. |
Foreign Currency Translation | K. Foreign Currency Translation The functional currency of the Company and its subsidiaries is the principal currency of the economic environment in which they operate. For the Company and its subsidiaries Sandstorm Gold (Canada) Ltd., Bridgeport Gold Inc., Inversiones Mineras Australes S.A., Inversiones Mineras Australes Holdings (BVI) Inc., Premier Royalty U.S.A. Inc., SA Targeted Investing Corp., Sandstorm Metals & Energy (Canada) Holdings Ltd., Sandstorm Metals & Energy (Canada) Ltd., Sandstorm Metals & Energy (US) Inc., Mariana Resources Limited and Mariana Turkey Limited the functional currency is the U.S. dollar. The functional currency of the Company’s Hod Maden interest in associate is the Turkish Lira. To translate the Hod Maden interest to the presentation currency of the U.S. dollar, all assets and liabilities are translated using the exchange rate as of the reporting date and all income and expenses are translated using the average exchange rates during the period. All resulting exchange differences are recognized in other comprehensive income (loss). Transactions in foreign currencies are initially recorded in the entity’s functional currency as the rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the closing rate as at the reporting date. |
Financial Instruments | L. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, trade receivables and other, short and long-term investments, loans receivable which are included in other long term assets, and trade and other payables. All financial instruments are initially recorded at fair value and designated as follows: Cash and cash equivalents, trade receivables and other, and loans receivable which are included in other long term assets are classified as financial assets at amortized cost and trade and other payables and bank debt are classified as financial liabilities at amortized cost. Both financial assets at amortized cost and financial liabilities at amortized cost are measured at amortized cost using the effective interest method. The company’s financial assets which are subject to credit risk include cash and cash equivalents, trade receivables and other and loans receivable which are included in other long term assets. Application of the expected credit loss model at the date of adoption did not have a significant impact on the Company’s financial assets because the Company determined that the expected credit losses on its financial assets were nominal. There were no impairment losses recognized on financial assets during the years ended December 31, 2018 and December 31, 2017. Investments in common shares are held for long-term strategic purposes and not for trading. The Company has made an irrevocable election to designate all these investments as fair value through other comprehensive income (“FVTOCI”) in order to provide a more meaningful presentation based on management’s intention, rather than reflecting changes in fair value in net income. Such investments are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement Investments in warrants and convertible debt instruments are classified as fair value through profit or loss (“FVTPL”). These warrants, and convertible debt instruments are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement Transaction costs on initial recognition of financial instruments classified as FVTPL are expensed as incurred. Transaction costs incurred on initial recognition of financial instruments classified as loans and receivables, FVTOCI and other financial liabilities are recognized at their fair value amount and offset against the related loans and receivables or capitalized when appropriate. Financial assets are derecognized when the contractual rights to the cash flows from the asset expire. Financial liabilities are derecognized only when the Company’s obligations are discharged, cancelled or they expire. On derecognition, the difference between the carrying amount (measured at the date of derecognition) and the consideration received (including any new asset obtained less any new liability obtained) is recognized in profit or loss. |
Inventory | M. Inventory When refined gold or the applicable commodity, under the Stream agreement, is delivered to the Company, it is recorded as inventory. The amount recognized as inventory includes both the cash payment and the related depletion associated with the related mineral interest. |
Cash and Cash Equivalents | N. Cash and Cash Equivalents Cash and cash equivalents include cash on account, demand deposits and money market investments with maturities from the date of acquisition of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant changes in value. |
Income Taxes | O. Income Taxes Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used are those that are substantively enacted at the reporting date. Deferred income taxes are provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for accounting. The change in the net deferred income tax asset or liability is included in income except for deferred income tax relating to equity items which is recognized directly in equity. The income tax effects of differences in the periods when revenue and expenses are recognized in accordance with Company accounting practices, and the periods they are recognized for income tax purposes are reflected as deferred income tax assets or liabilities. Deferred income tax assets and liabilities are measured using the substantively enacted statutory income tax rates which are expected to apply to taxable income in the years in which the assets are realized or the liabilities settled. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available for utilization. Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to offset current tax assets against liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity and are intended to be settled on a net basis. The determination of current and deferred taxes requires interpretations of tax legislation, estimates of expected timing of reversal of deferred tax assets and liabilities, and estimates of future earnings. |
Share Capital and Share Purchase Warrants | P. Share Capital and Share Purchase Warrants The proceeds from the issue of units are allocated between common shares and share purchase warrants (with an exercise price denominated in U.S. dollars) on a pro-rata |
Earnings Per Share | Q. Earnings Per Share Basic earnings per share is computed by dividing the net income available to common shareholders by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated assuming that outstanding share options and share purchase warrants, with an average market price that exceeds the average exercise prices of the options and warrants for the year, are exercised and the proceeds are used to repurchase shares of the Company at the average market price of the common shares for the year. |
Share Based Payments | R. Share Based Payments The Company recognizes share based compensation expense for all share purchase options and restricted share rights (“RSRs”) awarded to employees, officers and directors based on the fair values of the share purchase options and RSRs at the date of grant. The fair values of share purchase options and RSRs at the date of grant are expensed over the vesting periods of the share purchase options and RSRs, respectively, with a corresponding increase to equity. The fair value of share purchase options is determined using the BSM with market related inputs as of the date of grant. Share purchase options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. The fair value of RSRs is the market value of the underlying shares at the date of grant. At the end of each reporting period, the Company re-assesses The BSM requires management to estimate the expected volatility and expected term of the equity instrument, the risk-free rate of return over the term, expected dividends, and the number of equity instruments expected to ultimately vest. The Company uses its competitors market data with respect to expected volatility and expected dividend yield to the extent these factors are indicative of the Company’s future expectations. The expected term is estimated using historical exercise data, and the number of equity instruments expected to vest is estimated using historical forfeiture data. |
Related Party Transactions | S. Related Party Transactions Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties. |
Segment Reporting | T. Segment Reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses. The Company’s operating segments are components of the Company’s business for which discrete financial information is available and which are reviewed regularly by the Company’s Chief Executive Officer to make decisions about resources to be allocated to the segment and assess its performance. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at December 31, 2018 and December 31, 2017. As required by IFRS 13, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As at December 31, 2018: In $000s Total Quoted prices (Level 1) Significant (Level 2) Significant (Level 3) Short-term investments Convertible debt $ 13,937 $ 0 $ 13,937 $ 0 Long-term investments Common shares held $ 33,139 $ 33,139 $ 0 $ 0 Warrants and other 2,106 0 2,106 0 Convertible debt 10,998 0 10,998 0 $ 60,180 $ 33,139 $ 27,041 $ 0 As at December 31, 2017: In $000s Total Quoted prices in active (Level 1) Significant (Level 2) Significant (Level 3) Short-term investments Common shares held $ 3,252 $ 3,252 $ — $ — Convertible debt 15,000 — 15,000 — Long-term investments Common shares held $ 40,722 $ 40,722 $ — $ — Warrants and other 3,313 — 3,313 — Convertible debt 16,595 — 16,595 — $ 78,882 $ 43,974 $ 34,908 $ — |
Mineral, Royalty and Other In_2
Mineral, Royalty and Other Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Carrying Amount Related to Mineral, Royalty and Other Interests | As of and for the year ended December 31, 2018: COST ACCUMULATED DEPLETION In $000s Opening Net Ending Opening Depletion 1 Depletion Impairment Ending Carrying Aurizona, Brazil $ 11,033 $ 0 $ 11,033 $ 310 $ 0 $ 0 $ 0 $ 310 $ 10,723 Bachelor Lake, Canada 24,009 20 24,029 23,183 381 0 0 23,564 465 Black Fox, Canada 37,791 8 37,799 26,831 1,260 0 0 28,091 9,708 Bracemac-McLeod, Canada 21,495 0 21,495 15,194 1,327 0 0 16,521 4,974 Chapada, Brazil 69,528 0 69,528 6,502 4,100 0 0 10,602 58,926 Diavik, Canada 53,111 0 53,111 17,872 5,697 0 0 23,569 29,542 Hod Maden, Turkey 5,818 0 5,818 0 0 0 0 0 5,818 Houndé, Burkina Faso 0 45,036 45,036 0 4,478 0 0 4,478 40,558 Hugo North Extension and Heruga, Mongolia 35,351 0 35,351 0 0 0 0 0 35,351 Karma, Burkina Faso 26,289 0 26,289 6,203 3,270 400 0 9,873 16,416 Ming, Canada 20,070 0 20,070 9,046 120 700 0 9,866 10,204 Santa Elena, Mexico 23,342 12 23,354 20,466 584 8 0 21,058 2,296 Yamana silver stream, Argentina 74,236 0 74,236 3,680 2,392 0 0 6,072 68,164 Other Royalties 2 203,198 1,577 204,775 115,298 3,941 0 4,475 123,714 81,061 Other 3 9,461 (4,657 ) 4,804 4,670 134 0 0 4,804 0 Total 4 $ 614,732 $ 41,996 $ 656,728 $ 249,255 $ 27,684 $ 1,108 $ 4,475 $ 282,522 $ 374,206 1 Depletion during the period in the Consolidated Statements of Income (loss) of $29.0 million is comprised of depletion expense for the period of $27.7 million, and $1.3 million from depletion in ending inventory as at December 31, 2017. 2 Includes Coringa, Mt. Hamilton, Paul Isnard, Prairie Creek, Ann Mason, Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, Sao Francisco, Thunder Creek, the Early Gold Deposit, Hackett River, Lobo-Marte, Agi Dagi & Kirazli, Forrestania and other. 3 Includes Koricancha Stream and other. 4 Mineral, Royalty and Other Interests includes assets accounted for under IFRS 6 (Exploration and Evaluation) of $58.1 million and assets accounted for under IAS 16 (Property, Plant and Equipment) of $316.1 million. As of and for the year ended December 31, 2017: COST ACCUMULATED DEPLETION In $000’s Opening Net Ending Opening Depletion 1 Depletion Impairment Ending Carrying Aurizona, Brazil $ 11,033 $ — $ 11,033 $ 310 $ — $ — $ — $ 310 $ 10,723 Bachelor Lake, Canada 23,972 37 24,009 19,339 3,823 21 — 23,183 826 Black Fox, Canada 37,761 30 37,791 24,395 2,253 183 — 26,831 10,960 Bracemac-McLeod, Canada 21,495 — 21,495 13,378 1,816 — — 15,194 6,301 Chapada, Brazil 69,528 — 69,528 2,737 3,765 — — 6,502 63,026 Diavik, Canada 53,111 — 53,111 11,792 6,080 — — 17,872 35,239 Hod Maden, Turkey 5,818 — 5,818 — — — — — 5,818 Hugo North Extension and Heruga, Mongolia 35,351 — 35,351 — — — — — 35,351 Karma, Burkina Faso 26,289 — 26,289 2,619 2,913 671 — 6,203 20,086 Ming, Canada 20,068 2 20,070 8,585 185 276 — 9,046 11,024 Santa Elena, Mexico 23,342 — 23,342 19,308 992 166 — 20,466 2,876 Yamana silver stream, Argentina 74,234 2 74,236 1,427 2,253 — — 3,680 70,556 Other Royalties 2 200,602 2,596 203,198 102,114 4,080 — 9,104 115,298 87,900 Other 3 10,725 (1,264 ) 9,461 4,540 103 27 — 4,670 4,791 Total 4 $ 613,329 $ 1,403 $ 614,732 $ 210,544 $ 28,263 $ 1,344 $ 9,104 $ 249,255 $ 365,477 1 Depletion during the year in the Consolidated Statements of Income (loss) of $29.6 million is comprised of depletion expense for the year of $28.3 million, and $1.3 million from depletion in ending inventory as at December 31, 2016. 2 Includes Coringa, Mt. Hamilton, Paul Isnard, Prairie Creek, Ann Mason, Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, Sao Francisco, Thunder Creek, the Early Gold Deposit, Hackett River, Lobo-Marte, Agi Dagi & Kirazli, Forrestania and other. 3 Includes Koricancha Stream and other. 4 Mineral, Royalty and Other Interests includes assets accounted for under IFRS 6 (Exploration and Evaluation) of $52.3 million and assets accounted for under IAS 16 (Property, Plant and Equipment) of $313.2 million. |
Hod Maden Interest (Tables)
Hod Maden Interest (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Changes in Carrying Amount of Company's Hod Maden Interest | The following table summarizes the changes in the carrying amount of the Company’s Hod Maden interest: In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Beginning of Year $ 177,452 $ — Acquisition of Investment in Associate (note 7) 0 190,714 Company’s share of net income (loss) of associate (178 ) (28 ) Capital investment 1,979 584 Currency translation adjustments (52,029 ) (13,818 ) End of Year $ 127,224 $ 177,452 |
Summarized Financial Information of Associate | Summarized financial information for the Company’s investment in associate, on a 100% basis and reflecting adjustments made by the Company, including fair value adjustments made at the time of acquisition and adjustments for differences in accounting policies is as follows: In $000s Year Ended December 31, 2018 Period Ended 1 December 31, 2017 Revenue $ 0 $ — Administration expenses (1,140 ) (113 ) Other income 546 20 Total net (loss) income (594 ) (93 ) Company’s share of net (loss) income of associate $ (178 ) $ (28 ) 1 Financial results presented above pertain to the period beginning July 3, 2017, the date of acquisition, to December 31, 2017. In $000s December 31, 2018 December 31, 2017 Current Assets $ 668 $ 619 Non-current 423,758 591,343 Total Assets $ 424,426 $ 591,962 Current Liabilities 347 456 Non-current 0 — Total Liabilities $ 347 $ 456 Net Assets 424,079 591,506 Company’s share of net assets of associate $ 127,224 $ 177,452 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Disclosure of Detailed Information about Financial Instruments | As of and for the year ended December 31, 2018: In $000s Fair Value Jan. 1, 2018 Net Additions (Disposals) Transfers Fair Value Adjustment Fair Value Dec. 31, 2018 Short-term investments Common shares 1 $ 3,252 $ (3,252 ) $ 0 $ 0 $ 0 Convertible debt instruments 2 15,000 (11,000 ) 8,976 961 13,937 Total short-term investments $ 18,252 $ (14,252 ) $ 8,976 $ 961 $ 13,937 Non-current Common shares 1 $ 40,722 $ 3,370 $ 0 $ (10,953 ) $ 33,139 Warrants and other 2 3,313 697 0 (1,904 ) 2,106 Convertible debt instruments 2 16,595 2,405 (8,976 ) 974 10,998 Total non-current $ 60,630 $ 6,472 $ (8,976 ) $ (11,883 ) $ 46,243 Total Investments $ 78,882 $ (7,780 ) $ 0 $ (10,922 ) $ 60,180 1 Fair value adjustment recorded within Other Comprehensive Income (loss) for the period. 2 Fair value adjustment recorded within Net Income (loss) for the period. As of and for the year ended December 31, 2017: In $000s Fair Value Jan. 1, 2017 Net Additions (Disposals) Transfers Fair Value Adjustment Fair Value Dec. 31, 2017 Short-term investments Common shares 1 $ — $ — $ 3,252 $ — $ 3,252 Convertible debt instruments 2 — — 15,000 — 15,000 Total short-term investments $ — $ — $ 18,252 $ — $ 18,252 Non-current Common shares 1 $ 28,850 $ 6,965 $ (3,252 ) $ 8,159 $ 40,722 Warrants and other 2 3,404 (1,979 ) — 1,888 3,313 Convertible debt instruments 2 29,039 (1,383 ) (15,000 ) 3,939 16,595 Total non-current $ 61,293 $ 3,603 $ (18,252 ) $ 13,986 $ 60,630 Total Investments $ 61,293 $ 3,603 $ — $ 13,986 $ 78,882 1 Fair value adjustment recorded within Other Comprehensive Income (loss) for the period. 2 Fair value adjustment recorded within Net Income (loss) for the period. |
Share Capital and Reserves (Tab
Share Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Company's Options and Weighted Average Exercise Price | A summary of the Company’s options and the changes for the period are as follows: Note Number of Weighted average 1 Options outstanding at December 31, 2016 6,235,180 4.71 Mariana Resources Ltd. replacement options 1 7 2,078,248 3.41 Granted 795,000 5.50 Exercised (797,128 ) (3.23 ) Expired unexercised (584,983 ) (15.29 ) Options outstanding at December 31, 2017 7,726,317 3.79 Granted 3,130,000 5.92 Exercised (1,440,907 ) (3.22 ) Expired unexercised (77,436 ) (7.19 ) Forfeited (15,333 ) (4.96 ) Options outstanding at December 31, 2018 9,322,641 4.58 1 For options exercisable in British Pounds Sterling (“GBP”), exercise price is translated to Canadian Dollars (“CAD”) using the period end exchange rate. |
Summary of Share Purchase Options | A summary of the Company’s share purchase options as of December 31, 2018 is as follows: Year of expiry Number outstanding Vested Exercise price per (CAD) 1 Weighted average exercise price per share (CAD) 1,2 2019 2,327,033 2,327,033 1.49 - 6.03 2.74 2020 1,225,334 1,225,334 3.60 - 3.64 3.61 2021 1,382,740 945,078 2.70 - 4.96 4.79 2022 1,257,534 727,537 4.96 - 15.00 5.19 2023 3,130,000 0 5.92 - 9,322,641 5,224,982 3.66 1 For options exercisable in GBP, exercise price is translated to CAD using the period end exchange rate. 2 Weighted average exercise price of options that are exercisable. |
Summary of Information of Diluted Earnings per Share | Diluted earnings per share is calculated based on the following: In $000s (excluding per share amounts) Year Ended December 31, 2018 Year Ended December 31, 2017 Net income for the year $ 5,872 $ 10,537 Basic weighted average number of shares 183,381,187 167,265,059 Basic earnings per share $ 0.03 $ 0.06 Effect of dilutive securities Stock options 2,146,601 2,217,597 Warrants 3,821,430 3,582,912 Restricted share rights 1,636,568 1,637,618 Diluted weighted average number of common shares 190,985,786 174,703,186 Diluted earnings per share $ 0.03 $ 0.06 |
Number of Stock Options and Warrants Excluded from the Computation of Diluted Earnings per Share | The following table lists the number of stock options and warrants excluded from the computation of diluted earnings per share because the exercise prices exceeded the average market value of the common shares of CAD5.73 during the year ended December 31, 2018 (2017: CAD5.55), or because a performance obligation had not been met as at December 31, 2018. Year Ended December 31, 2018 Year Ended December 31, 2017 Stock Options 1,010,489 1,967,557 Warrants 3,000,000 6,412,664 |
Warrants [member] | |
Summary of the Company's Other Equity Instruments and the Changes for the Year | A summary of the Company’s warrants and the changes for the period are as follows: Note Number of Shares to be Issued Upon Warrants outstanding at December 31, 2016 28,046,400 28,046,400 Mariana Resources Ltd. replacement warrants 7 2,025,314 2,025,314 Exercised (1,059,242 ) (1,059,242 ) Expired unexercised (5,002,500 ) (5,002,500 ) Warrants outstanding at December 31, 2017 24,009,972 24,009,972 Exercised (1,021,624 ) (1,021,624 ) Expired unexercised (22,948 ) (22,948 ) Warrants outstanding at December 31, 2018 22,965,400 22,965,400 A summary of the Company’s warrants as of December 31, 2018 are as follows: Number outstanding Exercise price per share Expiry Date 3,000,000 $ 4.50 March 23, 2020 15,000,000 3.50 October 27, 2020 4,965,400 4.00 November 3, 2020 22,965,400 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Disclosure of Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates to Income Tax Expense | These differences result from the following items: In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Income before income taxes $ 8,704 $ 14,614 Canadian federal and provincial income tax rates 27 % 26 % Income tax expense based on the above rates $ 2,350 $ 3,800 Increase (decrease) due to: Non-deductible $ 1,053 $ 989 Change in unrecognized temporary differences 0 1,146 Non-taxable (4 ) (1,801 ) Change in future substantively enacted tax rate (401 ) (84 ) Change in valuation allowance and other (166 ) 27 Income tax expense $ 2,832 $ 4,077 |
Deferred Tax Assets and Liabilities, Movement in Deferred Tax Assets and Unused Tax Losses | The deferred tax assets and liabilities are shown below: In $000s As at December 31, 2018 As at December 31, 2017 Deferred Income Tax Assets Non-capital $ 29,391 $ 30,027 Share issue costs and other 1,882 1,966 Mineral, royalty and other interests (22,235 ) (18,412 ) Total deferred income tax assets $ 9,038 $ 13,581 Deferred Income Tax Liabilities Mineral, royalty and other interests $ (510 ) $ (2,807 ) Total deferred income tax liabilities $ (510 ) $ (2,807 ) Total deferred income tax asset, net $ 8,528 $ 10,774 Movement in net deferred income taxes: In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Balance, beginning of the year $ 10,774 $ 13,646 Recognized in net income (loss) for the year (1,542 ) (3,209 ) Recognized in equity 0 2 Recognized in other comprehensive income (loss) for the year (704 ) 335 Balance, end of year $ 8,528 $ 10,774 The Company has deductible unused tax losses, for which a deferred tax asset has been recognized, expiring as follows: In $000s Location Amount Expiration Non-capital Canada $ 108,857 2030 - 2036 |
Administration Expenses (Tables
Administration Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Schedule of Administration Expenses | The administration expenses for the Company are as follows: In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Corporate administration $ 1,925 $ 1,850 Employee benefits and salaries 1,939 2,035 Professional fees 817 801 Administration expenses before share based compensation $ 4,681 $ 4,686 Equity settled share based compensation (a non-cash $ 2,216 $ 2,164 Total administration expenses $ 6,897 $ 6,850 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Supplemental Cash Flow Information | In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Change in non-cash Trade receivables and other $ (506 ) $ (602 ) Trade and other payables (987 ) 1,399 Net (decrease) increase in cash $ (1,493 ) $ 797 Significant non-cash Shares and replacement equity awards issued for Mariana acquisition $ 0 $ 131,354 Financial instruments received on disposal of mineral, royalty and other interests $ 4,275 $ — |
Key Management Compensation (Ta
Key Management Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Disclosure of Key Management Compensation | The remuneration of directors and those persons having authority and responsibility for planning, directing and controlling activities of the Company are as follows: In $000s Year Ended December 31, 2018 Year Ended December 31, 2017 Employee salaries and benefits $ 1,818 $ 2,340 Share based payments 2,695 2,594 Total key management compensation expense $ 4,513 $ 4,934 |
Contractual Obligations (Tables
Contractual Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Schedule of Purchase Commitments in Connection With Commodity Streams | In connection with its commodity streams, the Company has committed to purchase the following: Stream % of Life of Mine Gold or Relevant Commodity 4,5,6,7,8,9 Per Ounce Cash Payment: lesser of amount below and the then 1, 2, 3 Bachelor Lake 20% $500 Black Fox 8% $540 Chapada 4.2% 30% of copper spot price Entrée 5.62% on Hugo North Extension and 4.26% on Heruga $220 Karma 26,875 ounces over 5 years and 20% of gold spot price Ming 25% of the first 175,000 ounces $nil Santa Elena 20% $455 Yamana silver stream Varies 30% of silver spot price 1 Subject to an annual inflationary adjustment except for Ming and Bachelor Lake. 2 For the Entrée Gold Stream, after approximately 8.6 million ounces of gold have been produced from the joint venture property, the price increases to $500 per gold ounce. 3 For the Entrée silver stream, percentage of life of mine is 5.62% on Hugo North Extension and 4.26% on Heruga which the Company can purchase for the lesser of the prevailing market price and $5 per ounce of silver until 40.3 million ounces of silver have been produced from the entire joint venture property. Thereafter, the purchase price will increase to the lesser of the prevailing market price and $10 per ounce of silver. 4 For the Entrée Gold and silver stream, percentage of life of mine is 5.62% on Hugo North Extension and 4.26% on Heruga if the minerals produced are contained below 560 metres in depth. 5 For the Entrée Gold and silver stream, percentage of life of mine is 8.43% on Hugo North Extension and 6.39% on Heruga if the minerals produced are contained above 560 metres in depth. 6 For the Entrée copper stream, the Company has committed to purchase an amount equal to 0.42% of the copper produced from the Hugo North Extension and Heruga deposits. If the minerals produced are contained above 560 metres in depth, then the commitment increases to 0.62% for both the Hugo North Extension and Heruga deposits. Sandstorm will make ongoing per pound cash payments equal to the lesser of $0.50 and the then prevailing market price of copper, until 9.1 billion pounds of copper have been produced from the entire joint venture property. Thereafter, the ongoing per pound payments will increase to the lesser of $1.10 and the then prevailing market price of copper. 7 For the Chapada copper stream, the Company has committed to purchase an amount equal to 4.2% of the copper produced (up to an annual maximum of 3.9 million pounds of copper) until Yamana has delivered 39 million pounds of copper to Sandstorm; then 3.0% of the copper produced until, on a cumulative basis, Yamana has delivered 50 million pounds of copper to Sandstorm; then 1.5% of the copper produced thereafter, for the life of the mine. 8 Under the terms of the Yamana silver stream, Sandstorm has agreed to purchase an amount of silver from Cerro Moro equal to 20% of the silver produced (up to an annual maximum of 1.2 million ounces of silver), until Yamana has delivered to Sandstorm 7.0 million ounces of silver; then 9.0% of the silver produced thereafter. As part of the Yamana silver stream, through 2018, Sandstorm has also agreed to purchase an amount of silver from: (i) the Minera Florida mine in Chile equal to 38% of the silver produced (up to an annual maximum of 200,000 ounces of silver); and (ii) the Chapada mine in Brazil equal to 52% of the silver produced (up to an annual maximum of 100,000 ounces of silver). 9 For the Bachelor Lake Gold Stream, the Company has committed to purchase 20% of gold produced until 6,000 ounces have been purchased. |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block1 [abstract] | |
Summary of Company's Reportable Operating Segments | The Company’s reportable operating segments, which are components of the Company’s business where separate financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer, who is the Company’s chief operating decision maker, for the purpose of assessing performance, are summarized in the tables below: For the year ended December 31, 2018: In $000s Product Sales Royalty Cost of Depletion Mineral, and other (Gain) Income Cash flow Bachelor Lake, Canada Gold $ 6,923 $ 280 $ 2,667 $ 402 $ 0 $ 0 $ 4,134 $ 4,756 Black Fox, Canada Gold 5,674 0 2,396 1,443 0 0 1,835 3,484 Bracemac-McLeod, Canada 1 Various 0 3,237 0 1,327 0 0 1,910 3,370 Chapada, Brazil Copper 11,608 0 3,469 4,100 0 0 4,039 8,139 Diavik, Canada Diamonds 0 7,197 0 5,697 0 0 1,500 7,047 Houndé, Burkina Faso Gold 0 6,744 0 4,478 0 0 2,266 5,393 Karma, Burkina Faso Gold 8,041 0 1,610 3,941 0 0 2,490 6,539 Ming, Canada Gold 940 0 0 396 0 0 544 940 Santa Elena, Mexico Gold 13,097 0 4,652 750 0 0 7,695 8,908 Yamana silver stream, Argentina Silver 3,808 0 1,166 2,392 0 0 250 2,645 Other Royalties 2 Various 0 5,060 0 3,941 4,475 (759 ) (2,597 ) 4,734 Other Gold 541 0 43 161 0 538 (201 ) 506 Total Segments $ 50,632 $ 22,518 $ 16,003 $ 29,028 $ 4,475 $ (221 ) $ 23,865 $ 56,461 Corporate: Administration & Project evaluation expenses 0 0 0 0 0 0 (11,253 ) (7,378 ) Foreign exchange loss 0 0 0 0 0 0 (2,630 ) 0 Gain on revaluation of investments 0 0 0 0 0 0 30 0 Finance expense, net 0 0 0 0 0 0 (1,585 ) (1,029 ) Other 0 0 0 0 0 (277 ) 277 (1,472 ) Total Corporate $ 0 $ 0 $ 0 $ 0 $ 0 $ (277 ) $ (15,161 ) $ (9,879 ) Consolidated $ 50,632 $ 22,518 $ 16,003 $ 29,028 $ 4,475 $ (498 ) $ 8,704 $ 46,582 1 Royalty revenue from Bracemac-McLeod consists of $1.0 million from Copper and $2.2 million from Zinc. 2 Where a mineral interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and represents a royalty on gold, silver or other metal, the royalty interest has been summarized under Other Royalties. Other Royalties includes royalty revenue from Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, Thunder Creek, Forrestania and Sheerness. Includes royalty revenue from royalty interests located in Canada of $0.8 million, the United States of $0.6 million, Argentina of $1.3 million, Honduras of $1.2 million and other of $1.2 million. Includes royalty revenue from Gold of $4.3 million and Other Base Metals of $0.8 million. For the year ended December 31, 2017: In $000s Product Sales Royalty Cost of Depletion Impairment and other (Gain) loss Income Cash flow Bachelor Lake, Canada Gold $ 7,706 $ 379 $ 3,082 $ 4,074 $ — $ (2,952 ) $ 3,881 $ 5,030 Black Fox, Canada Gold 6,693 — 2,847 2,520 — — 1,326 3,953 Bracemac-McLeod, Canada 1 Various — 4,074 — 1,816 — — 2,258 3,948 Chapada, Brazil Copper 11,001 — 3,249 3,765 — — 3,987 7,753 Diavik, Canada Diamonds — 7,150 — 6,080 — — 1,070 6,781 Karma, Burkina Faso Gold 6,863 — 1,365 3,437 — — 2,061 5,489 Ming, Canada Gold 796 — — 356 — — 440 796 Santa Elena, Mexico Gold 11,570 — 3,485 1,098 — — 6,987 7,548 Yamana silver stream, Argentina Silver 4,252 — 1,267 2,253 — — 732 2,985 Other Royalties 2 Various — 7,464 — 4,078 9,104 (459 ) (5,259 ) 9,745 Other Gold 327 — 26 103 — (186 ) 384 294 Total Segments $ 49,208 $ 19,067 $ 15,321 $ 29,580 $9,104 $ (3,597 ) $ 17,867 $ 54,322 Corporate: Administration & Project evaluation expenses — — — — — — (11,300 ) (7,408 ) Foreign exchange gain — — — — — — 2,434 — Gain on revaluation of investments — — — — — — 5,827 — Finance expense, net — — — — — — (1,465 ) (1,593 ) Other — — — — (1,251 ) 1,251 (548 ) Total Corporate $ — $ — $ — $ — $ — $ (1,251 ) $ (3,253 ) $ (9,549 ) Consolidated $ 49,208 $ 19,067 $ 15,321 $ 29,580 $ 9,104 $ (4,848 ) $ 14,614 $ 44,773 1 Royalty revenue from Bracemac-McLeod consists of $1.5 million from Copper and $2.6 million from Zinc. 2 Where a mineral interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and represents a royalty on gold, silver or other metal, the royalty interest has been summarized under Other Royalties. Other Royalties includes royalty revenue from Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, Thunder Creek, Copper Mountain, Forrestania and Sheerness. Includes royalty revenue from royalty interests located in Canada of $1.6 million, in the United States of $1.5 million, Argentina of $1.8 million, Honduras of $1.8 million and other of $0.8 million. Includes royalty revenue from Gold of $6.5 million and Other Base Metals of $1.0 million. Total assets as of: In $000s December 31, December 31, Aurizona $ 10,723 $ 10,723 Bachelor Lake 525 1,124 Black Fox 9,708 11,350 Bracemac-McLeod 5,366 6,827 Chapada 58,926 63,026 Diavik 31,192 36,739 Hod Maden 1 133,042 183,271 Houndé 41,549 — Hugo North Extension and Heruga 35,351 35,351 Karma 16,983 21,034 Ming 10,904 11,300 Santa Elena 2,356 3,693 Yamana silver stream 68,164 70,556 Other Royalties 2 82,092 89,304 Other 3 0 7,423 Total Segments $ 506,881 $ 551,721 Corporate: Cash and cash equivalents 5,892 12,539 Investments 60,180 78,882 Deferred income tax assets 9,038 13,581 Other assets 6,896 4,192 Total Corporate $ 82,006 $ 109,194 Consolidated $ 588,887 $ 660,915 1 Includes royalty interest of $5.8 million and investment in associate of $127.2 million at December 31, 2018. Includes royalty interest of $5.8 million and investment in associate of $177.5 million at December 31, 2017. 2 Where a mineral interest represents less than 10% of the Company’s sales, gross margin or aggregate asset book value and represents a royalty on gold, silver or other metal, the royalty interest has been summarized under Other Royalties. Includes Coringa, Mt. Hamilton, Paul Isnard, Prairie Creek, Ann Mason, Gualcamayo, Emigrant Springs, Mine Waste Solutions, San Andres, Sao Francisco, Sao Vicente, Thunder Creek, Hackett River, Lobo-Marte, Agi Dagi & Kirazli and other. 3 Includes Koricancha Stream and other. |
Non-current Assets by Geographical Region | Non-current In $000s December 31, 2018 1 December 31, 2017 1 North America Canada $ 77,484 $ 86,832 USA 15,574 16,055 Mexico 2,387 2,874 South & Central America Argentina $ 83,463 $ 94,166 Brazil 73,014 77,113 French Guiana 5,154 5,154 Peru 1,677 6,434 Honduras 854 1,430 Chile 2,460 2,460 Africa Burkina Faso $ 57,015 $ 20,087 South Africa 4,022 4,301 Cote D’Ivoire 421 400 Botswana 1,017 1,017 Egypt 244 — Asia & Australia Turkey $ 137,520 $ 187,725 Mongolia 36,589 36,589 Australia 2,535 2,891 Consolidated $ 501,430 $ 545,528 1 Includes Mineral, Royalty and Other Interests (Note 6) and Investment in Associate (Note 8) and exploration assets. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Impairment losses recognized on financial assets | $ 0 | $ 0 |
New Accounting Policies and F_2
New Accounting Policies and Future Changes in Accounting Policies - Additional Information (Detail) | Jan. 01, 2018USD ($) |
Increase (decrease) due to application of IFRS 15 [member] | |
Disclosure of new accounting policies and future changes in accounting policies [line items] | |
Impact of new accounting policy on retained earnings | $ 0 |
Key Sources of Estimation Unc_2
Key Sources of Estimation Uncertainty and Critical Accounting Judgments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Key Source Of Estimation Uncertainty And Critical Accounting Judgements [Abstract] | ||
Mineral, royalty and other interests | $ 374,206 | $ 365,477 |
Mineral, royalty and other interests impairments | $ 4,475 | $ 9,104 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Equity | $ 583,397,000 | $ 651,670,000 | $ 527,305,000 |
Transfers between levels of fair value hierarchy | 0 | 0 | |
Cash and cash equivalents | 5,892,000 | 12,539,000 | $ 21,434,000 |
Recurring fair value measurement [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Financial assets | $ 60,180,000 | $ 78,882,000 | |
Currency Risk [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Monetary assets and liabilities currency risk percentage change | 10.00% | ||
Monetary assets and liabilities currency risk changes increase (decrease) in net income | $ 1,300,000 | ||
Monetary assets and liabilities currency risk changes increase (decrease) in other comprehensive income | $ 2,300,000 | ||
Other Price Risk [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Long term investments percentage change threshold | 10.00% | ||
Long term investments fair value increase (decrease) potential in profit (loss) | $ 800,000 | ||
Long term investments fair value increase (decrease) potential in other comprehensive income (loss) | $ 3,300,000 |
Financial Instruments - Financi
Financial Instruments - Financial Assets and Liabilities measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value measurement of assets [line items] | ||
Short-term investments | $ 13,937 | $ 18,252 |
Long-term investments | 46,243 | 60,630 |
Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 60,180 | 78,882 |
Recurring fair value measurement [member] | Convertible Debt [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Short-term investments | 13,937 | 15,000 |
Long-term investments | 10,998 | 16,595 |
Recurring fair value measurement [member] | Common Shares Held [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Short-term investments | 0 | 3,252 |
Long-term investments | 33,139 | 40,722 |
Recurring fair value measurement [member] | Warrants and other [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Long-term investments | 2,106 | 3,313 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 33,139 | 43,974 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Convertible Debt [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Common Shares Held [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Short-term investments | 0 | 3,252 |
Long-term investments | 33,139 | 40,722 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Warrants and other [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Long-term investments | 0 | 0 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 27,041 | 34,908 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Convertible Debt [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Short-term investments | 13,937 | 15,000 |
Long-term investments | 10,998 | 16,595 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Common Shares Held [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Warrants and other [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Long-term investments | 2,106 | 3,313 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets | 0 | 0 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Convertible Debt [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Common Shares Held [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Short-term investments | 0 | 0 |
Long-term investments | 0 | 0 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Warrants and other [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Long-term investments | $ 0 | $ 0 |
Mineral, Royalty and Other In_3
Mineral, Royalty and Other Interests - Carrying Amount Related to Mineral, Royalty and Other Interests (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Depletion | $ 29,028 | $ 29,580 |
Impairment of mineral, royalty and other interests | 4,475 | 9,104 |
Carrying Amount | 374,206 | 365,477 |
Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 614,732 | 613,329 |
Net Additions (disposals) | 41,996 | 1,403 |
Ending Cost | 656,728 | 614,732 |
Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 249,255 | 210,544 |
Depletion | 27,684 | 28,263 |
Depletion in Ending Inventory | 1,108 | 1,344 |
Impairment of mineral, royalty and other interests | 4,475 | 9,104 |
Ending | 282,522 | 249,255 |
Other Royalties [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 81,061 | 87,900 |
Other Royalties [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 203,198 | 200,602 |
Net Additions (disposals) | 1,577 | 2,596 |
Ending Cost | 204,775 | 203,198 |
Other Royalties [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 115,298 | 102,114 |
Depletion | 3,941 | 4,080 |
Depletion in Ending Inventory | 0 | 0 |
Impairment of mineral, royalty and other interests | 4,475 | 9,104 |
Ending | 123,714 | 115,298 |
Other [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 0 | 4,791 |
Other [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 9,461 | 10,725 |
Net Additions (disposals) | (4,657) | (1,264) |
Ending Cost | 4,804 | 9,461 |
Other [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 4,670 | 4,540 |
Depletion | 134 | 103 |
Depletion in Ending Inventory | 0 | 27 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 4,804 | 4,670 |
BRAZIL | Aurizona [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 10,723 | 10,723 |
BRAZIL | Aurizona [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 11,033 | 11,033 |
Net Additions (disposals) | 0 | 0 |
Ending Cost | 11,033 | 11,033 |
BRAZIL | Aurizona [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 310 | 310 |
Depletion | 0 | 0 |
Depletion in Ending Inventory | 0 | 0 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 310 | 310 |
BRAZIL | Chapada Mine [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 58,926 | 63,026 |
BRAZIL | Chapada Mine [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 69,528 | 69,528 |
Net Additions (disposals) | 0 | 0 |
Ending Cost | 69,528 | 69,528 |
BRAZIL | Chapada Mine [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 6,502 | 2,737 |
Depletion | 4,100 | 3,765 |
Depletion in Ending Inventory | 0 | 0 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 10,602 | 6,502 |
CANADA | Bachelor Lake [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 465 | 826 |
CANADA | Bachelor Lake [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 24,009 | 23,972 |
Net Additions (disposals) | 20 | 37 |
Ending Cost | 24,029 | 24,009 |
CANADA | Bachelor Lake [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 23,183 | 19,339 |
Depletion | 381 | 3,823 |
Depletion in Ending Inventory | 0 | 21 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 23,564 | 23,183 |
CANADA | Black Fox [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 9,708 | 10,960 |
CANADA | Black Fox [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 37,791 | 37,761 |
Net Additions (disposals) | 8 | 30 |
Ending Cost | 37,799 | 37,791 |
CANADA | Black Fox [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 26,831 | 24,395 |
Depletion | 1,260 | 2,253 |
Depletion in Ending Inventory | 0 | 183 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 28,091 | 26,831 |
CANADA | Bracemac Mcleod [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 4,974 | 6,301 |
CANADA | Bracemac Mcleod [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 21,495 | 21,495 |
Net Additions (disposals) | 0 | 0 |
Ending Cost | 21,495 | 21,495 |
CANADA | Bracemac Mcleod [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 15,194 | 13,378 |
Depletion | 1,327 | 1,816 |
Depletion in Ending Inventory | 0 | 0 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 16,521 | 15,194 |
CANADA | Diavik [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 29,542 | 35,239 |
CANADA | Diavik [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 53,111 | 53,111 |
Net Additions (disposals) | 0 | 0 |
Ending Cost | 53,111 | 53,111 |
CANADA | Diavik [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 17,872 | 11,792 |
Depletion | 5,697 | 6,080 |
Depletion in Ending Inventory | 0 | 0 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 23,569 | 17,872 |
CANADA | Ming [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 10,204 | 11,024 |
CANADA | Ming [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 20,070 | 20,068 |
Net Additions (disposals) | 0 | 2 |
Ending Cost | 20,070 | 20,070 |
CANADA | Ming [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 9,046 | 8,585 |
Depletion | 120 | 185 |
Depletion in Ending Inventory | 700 | 276 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 9,866 | 9,046 |
TURKEY | Hod Maden [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 5,818 | 5,818 |
TURKEY | Hod Maden [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 5,818 | 5,818 |
Net Additions (disposals) | 0 | 0 |
Ending Cost | 5,818 | 5,818 |
TURKEY | Hod Maden [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 0 | 0 |
Depletion | 0 | 0 |
Depletion in Ending Inventory | 0 | 0 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 0 | 0 |
BURKINA FASO | Hounde [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 40,558 | |
BURKINA FASO | Hounde [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 0 | |
Net Additions (disposals) | 45,036 | |
Ending Cost | 45,036 | 0 |
BURKINA FASO | Hounde [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 0 | |
Depletion | 4,478 | |
Depletion in Ending Inventory | 0 | |
Impairment of mineral, royalty and other interests | 0 | |
Ending | 4,478 | 0 |
BURKINA FASO | Karma Gold [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 16,416 | 20,086 |
BURKINA FASO | Karma Gold [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 26,289 | 26,289 |
Net Additions (disposals) | 0 | 0 |
Ending Cost | 26,289 | 26,289 |
BURKINA FASO | Karma Gold [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 6,203 | 2,619 |
Depletion | 3,270 | 2,913 |
Depletion in Ending Inventory | 400 | 671 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 9,873 | 6,203 |
MONGOLIA | Hugo North Extension and Heruga Gold Stream [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 35,351 | 35,351 |
MONGOLIA | Hugo North Extension and Heruga Gold Stream [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 35,351 | 35,351 |
Net Additions (disposals) | 0 | 0 |
Ending Cost | 35,351 | 35,351 |
MONGOLIA | Hugo North Extension and Heruga Gold Stream [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 0 | 0 |
Depletion | 0 | 0 |
Depletion in Ending Inventory | 0 | 0 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 0 | 0 |
MEXICO | Santa Elena [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 2,296 | 2,876 |
MEXICO | Santa Elena [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 23,342 | 23,342 |
Net Additions (disposals) | 12 | 0 |
Ending Cost | 23,354 | 23,342 |
MEXICO | Santa Elena [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 20,466 | 19,308 |
Depletion | 584 | 992 |
Depletion in Ending Inventory | 8 | 166 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | 21,058 | 20,466 |
ARGENTINA | Yamana Silver Stream [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 68,164 | 70,556 |
ARGENTINA | Yamana Silver Stream [member] | Cost [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening Cost | 74,236 | 74,234 |
Net Additions (disposals) | 0 | 2 |
Ending Cost | 74,236 | 74,236 |
ARGENTINA | Yamana Silver Stream [member] | Accumulated Depreciation [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Opening | 3,680 | 1,427 |
Depletion | 2,392 | 2,253 |
Depletion in Ending Inventory | 0 | 0 |
Impairment of mineral, royalty and other interests | 0 | 0 |
Ending | $ 6,072 | $ 3,680 |
Mineral, Royalty and Other In_4
Mineral, Royalty and Other Interests - Carrying Amount Related to Mineral, Royalty and Other Interests (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Depletion | $ 29,028 | $ 29,580 |
Carrying Amount | 374,206 | 365,477 |
Property, Plant and Equipment [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | 316,100 | 313,200 |
Current Period Depletion Expense [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Depletion | 27,700 | 28,300 |
Current Period Depletion Expense From Prior Period Depletion in Ending Inventory [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Depletion in Ending Inventory | 1,300 | 1,300 |
Exploration and evaluation assets [member] | ||
Reconciliation of changes in property, plant and equipment and exploration and evaluation assets [line items] | ||
Carrying Amount | $ 58,100 | $ 52,300 |
Mineral, Royalty and Other In_5
Mineral, Royalty and Other Interests - Additional Information (Detail) $ in Thousands | Jan. 17, 2018USD ($) | Aug. 31, 2018USD ($) | Dec. 31, 2018USD ($)$ / USD_per_Oz | Dec. 31, 2017USD ($)$ / USD_per_Oz |
Disclosure of property plant and equipment and exploration and evaluation [line items] | ||||
Acquisition of mineral, royalty and other interests | $ 46,031 | $ 4,409 | ||
(Gain) on mineral interest disposal and other | 498 | 4,848 | ||
Impairment of mineral, royalty and other interests | 4,475 | 9,104 | ||
Coringa Project [member] | ||||
Disclosure of property plant and equipment and exploration and evaluation [line items] | ||||
Impairment of mineral, royalty and other interests | 4,500 | |||
Recoverable amount of asset or cash-generating unit | $ 3,400 | |||
Fair value assumption used for life of mine, years | 5 years | |||
Fair value assumption commodity price used | $ / USD_per_Oz | 1,300 | |||
Discount rate used in current measurement of fair value less costs of disposal | 6.00% | |||
Description of key assumptions on which management has based determination of fair value less costs of disposal | Key assumptions used in the cash flow forecast were: a 5 year mine life, a long term gold price of $1,300 and a 6% discount rate. | |||
Emigrant Springs [member] | ||||
Disclosure of property plant and equipment and exploration and evaluation [line items] | ||||
Impairment of mineral, royalty and other interests | $ 4,600 | |||
Recoverable amount of asset or cash-generating unit | $ 500 | |||
Fair value assumption commodity price used | $ / USD_per_Oz | 1,300 | |||
Discount rate used in current measurement of fair value less costs of disposal | 4.00% | |||
Description of key assumptions on which management has based determination of fair value less costs of disposal | Key assumptions used in the cash flow forecast were: a 1 - 3 year mine life, a long term gold price of $1,300 and a 4% discount rate. | |||
Gualcamayo [member] | ||||
Disclosure of property plant and equipment and exploration and evaluation [line items] | ||||
Impairment of mineral, royalty and other interests | 4,500 | |||
Impairment of mineral, royalty and other interests, net of tax | 3,200 | |||
Recoverable amount of asset or cash-generating unit | $ 2,500 | |||
Fair value assumption used for life of mine, years | 3 years | |||
Fair value assumption commodity price used | $ / USD_per_Oz | 1,300 | |||
Discount rate used in current measurement of fair value less costs of disposal | 4.00% | |||
Description of key assumptions on which management has based determination of fair value less costs of disposal | Key assumptions used in the cash flow forecast were a 3 year mine life, a long term gold price of $1,300 and a 4% discount rate. | |||
Hounde [member] | BURKINA FASO | ||||
Disclosure of property plant and equipment and exploration and evaluation [line items] | ||||
Net smelter return royalty percentage | 2.00% | |||
Acquisition of mineral, royalty and other interests | $ 45,000 | |||
Koricancha Gold Stream [member] | ||||
Disclosure of property plant and equipment and exploration and evaluation [line items] | ||||
Fair value of financial instruments received on disposal | $ 4,300 | |||
(Gain) on mineral interest disposal and other | $ (400) | |||
Bottom of Range [member] | Emigrant Springs [member] | ||||
Disclosure of property plant and equipment and exploration and evaluation [line items] | ||||
Fair value assumption used for life of mine, years | 1 year | |||
Top of Range [member] | Emigrant Springs [member] | ||||
Disclosure of property plant and equipment and exploration and evaluation [line items] | ||||
Fair value assumption used for life of mine, years | 3 years |
Mineral, Royalty and Other In_6
Mineral, Royalty and Other Interests - Bachelor Lake Amendment - Additional Information (Detail) $ in Thousands | Sep. 29, 2017USD ($)$ / USD_per_OunceOunce | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disclosure of property plant and equipment and exploration and evaluation [line items] | |||
(Gain) on mineral interest disposal and other | $ 498 | $ 4,848 | |
Metanor Resources Inc [member] | |||
Disclosure of property plant and equipment and exploration and evaluation [line items] | |||
Value of common shares received | $ 2,000 | ||
Barry project [member] | Bonterra Resources Inc [member] | |||
Disclosure of property plant and equipment and exploration and evaluation [line items] | |||
Percentage of NSR received | 3.90% | ||
Bachelor Lake Gold Stream and Barry Project [member] | |||
Disclosure of property plant and equipment and exploration and evaluation [line items] | |||
Reduced NSR percentage if purchase option exercised | 1.80% | ||
Bachelor Lake Gold Stream and Barry Project [member] | Bonterra Resources Inc [member] | |||
Disclosure of property plant and equipment and exploration and evaluation [line items] | |||
Payment to reduce each NSR | $ 2,000 | ||
Bachelor Lake Gold Stream [member] | |||
Disclosure of property plant and equipment and exploration and evaluation [line items] | |||
Gold purchased | Ounce | 12,000 | ||
Net smelter returns royalty percentage | 3.90% | ||
Minimum ounces of gold purchased quarterly | Ounce | 1,500 | ||
Per ounce gold cash payment | $ / USD_per_Ounce | 500 | ||
Net smelter return percentage | 1.00% | ||
(Gain) on mineral interest disposal and other | $ 3,000 |
Acquisition of Mariana Resour_2
Acquisition of Mariana Resources Limited - Additional Information (Detail) $ in Thousands | Jul. 03, 2017USD ($)$ / USD_per_Ozshares | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) |
Disclosure of detailed information about asset acquisitions [line items] | ||||
Investments in associates accounted for using equity method | $ 177,452 | $ 127,224 | ||
Exploration and Evaluation Assets | $ 2,599 | $ 0 | ||
Mariana Resources Ltd. [member] | ||||
Disclosure of detailed information about asset acquisitions [line items] | ||||
Shares issued for acquisition of Mariana Resources Ltd., shares | shares | 32,685,228 | |||
Additional cash paid for acquisition of asset | $ 47,300 | |||
Share ratio of entity equity instruments transferred to acquiree shareholders | 0.3487 | |||
Fair value of net assets acquired related to asset acquisition | $ 199,600 | |||
Exploration and Evaluation Assets | 5,000 | |||
Cash and other assets acquired | 5,000 | |||
Accounts payable and accrued liabilities acquired | $ 1,100 | |||
Fair value assumption for annual risk free interest rate on warrants and options | 1.00% | |||
Volatility rate assumption used in fair value of warrants and options | 30.00% | |||
Expected life assumption used in fair value of warrants and options | 1 year 7 months 6 days | |||
Hod Maden Associate [member] | ||||
Disclosure of detailed information about asset acquisitions [line items] | ||||
Proportion of ownership interest in associate | 30.00% | 30.00% | 30.00% | |
Investments in associates accounted for using equity method | $ 190,700 | $ 177,452 | $ 127,224 | $ 0 |
Fair value assumption commodity price used | $ / USD_per_Oz | 1,300 | |||
Fair value assumption discount rate used to value investment in associate | 7.00% | |||
Hod Maden Associate [member] | Bottom of Range [member] | ||||
Disclosure of detailed information about asset acquisitions [line items] | ||||
Estimated useful life of mine assumption used to value investment in associate | 12 years | |||
Hod Maden Associate [member] | Top of Range [member] | ||||
Disclosure of detailed information about asset acquisitions [line items] | ||||
Estimated useful life of mine assumption used to value investment in associate | 14 years |
Hod Maden Interest - Additional
Hod Maden Interest - Additional Information (Detail) | Jul. 03, 2017 | Dec. 31, 2017 | Dec. 31, 2018 |
Hod Maden Associate [member] | |||
Disclosure of detailed information about asset acquisitions [line items] | |||
Proportion of ownership interest in associate | 30.00% | 30.00% | 30.00% |
Hod Maden Interest - Summarized
Hod Maden Interest - Summarized Financial Information in Associate Carrying Amount Rollforward (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | ||
Beginning of Year | $ 177,452 | |
Currency translation adjustments | 50,383 | $ 15,205 |
End of Year | 127,224 | 177,452 |
Hod Maden Associate [member] | ||
Disclosure of associates [line items] | ||
Beginning of Year | 177,452 | 0 |
Acquisition of Investment in Associate (note 7) | 0 | 190,714 |
Company's share of net income (loss) of associate | (178) | (28) |
Capital investment | 1,979 | 584 |
Currency translation adjustments | (52,029) | (13,818) |
End of Year | $ 127,224 | $ 177,452 |
Hod Maden Interest - Summariz_2
Hod Maden Interest - Summarized Financial Information in Associate 100% Basis and Adjustments (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of associates [line items] | ||||
Administration expenses | [1] | $ (6,897) | $ (6,850) | |
Hod Maden Associate [member] | ||||
Disclosure of associates [line items] | ||||
Revenue | $ 0 | 0 | ||
Administration expenses | (113) | (1,140) | ||
Other income | 20 | 546 | ||
Total net (loss) income | (93) | (594) | ||
Company's share of net (loss) income of associate | $ (28) | $ (178) | ||
[1] | Equity settled stock based compensation (a non-cash item) is included in administration expenses and project evaluation $ 3,858 $ 3,785 |
Hod Maden Interest - Summariz_3
Hod Maden Interest - Summarized Financial Information in Associate Balance Sheet Items (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 03, 2017 | Dec. 31, 2016 |
Disclosure of associates [line items] | ||||
Current Assets | $ 26,699 | $ 38,359 | ||
Total Assets | 588,887 | 660,915 | ||
Total liabilities | 5,490 | 9,245 | ||
Company's share of net assets of associate | 127,224 | 177,452 | ||
Hod Maden Associate [member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | 668 | 619 | ||
Non-current Assets | 423,758 | 591,343 | ||
Total Assets | 424,426 | 591,962 | ||
Current Liabilities | 347 | 456 | ||
Non-current Liabilities | 0 | 0 | ||
Total liabilities | 347 | 456 | ||
Net Assets | 424,079 | 591,506 | ||
Company's share of net assets of associate | $ 127,224 | $ 177,452 | $ 190,700 | $ 0 |
Investments - Disclosure of Det
Investments - Disclosure of Detailed Information about Financial Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets [line items] | ||
Non-current investments, beginning | $ 60,630 | |
Current investments, beginning | 18,252 | |
Fair Value Adjustment in Other Comprehensive Income (Loss) | (10,953) | $ 8,159 |
Fair Value Adjustment in Net Income (Loss) | 31 | 5,827 |
Current investments, ending | 13,937 | 18,252 |
Non-current investments, ending | 46,243 | 60,630 |
Non-Current [member] | ||
Disclosure of financial assets [line items] | ||
Non-current investments, beginning | 60,630 | 61,293 |
Net Additions (Disposals) | 6,472 | 3,603 |
Transfers in (out) | (8,976) | (18,252) |
Fair Value Adjustment | (11,883) | 13,986 |
Non-current investments, ending | 46,243 | 60,630 |
Non-Current [member] | Common Shares Held [member] | ||
Disclosure of financial assets [line items] | ||
Non-current investments, beginning | 40,722 | 28,850 |
Net Additions (Disposals) | 3,370 | 6,965 |
Transfers in (out) | 0 | (3,252) |
Fair Value Adjustment in Other Comprehensive Income (Loss) | (10,953) | 8,159 |
Non-current investments, ending | 33,139 | 40,722 |
Non-Current [member] | Convertible Debt [member] | ||
Disclosure of financial assets [line items] | ||
Non-current investments, beginning | 16,595 | 29,039 |
Net Additions (Disposals) | 2,405 | (1,383) |
Transfers in (out) | (8,976) | (15,000) |
Fair Value Adjustment in Net Income (Loss) | 974 | 3,939 |
Non-current investments, ending | 10,998 | 16,595 |
Non-Current [member] | Warrants and other [member] | ||
Disclosure of financial assets [line items] | ||
Non-current investments, beginning | 3,313 | 3,404 |
Net Additions (Disposals) | 697 | (1,979) |
Transfers in (out) | 0 | 0 |
Fair Value Adjustment in Net Income (Loss) | (1,904) | 1,888 |
Non-current investments, ending | 2,106 | 3,313 |
Short-Term [member] | ||
Disclosure of financial assets [line items] | ||
Current investments, beginning | 18,252 | 0 |
Net Additions (Disposals) | (14,252) | 0 |
Transfers in (out) | 8,976 | 18,252 |
Fair Value Adjustment | 961 | 0 |
Current investments, ending | 13,937 | 18,252 |
Short-Term [member] | Common Shares Held [member] | ||
Disclosure of financial assets [line items] | ||
Current investments, beginning | 3,252 | 0 |
Net Additions (Disposals) | (3,252) | 0 |
Transfers in (out) | 0 | 3,252 |
Fair Value Adjustment in Net Income (Loss) | 0 | 0 |
Current investments, ending | 0 | 3,252 |
Short-Term [member] | Convertible Debt [member] | ||
Disclosure of financial assets [line items] | ||
Current investments, beginning | 15,000 | 0 |
Net Additions (Disposals) | (11,000) | 0 |
Transfers in (out) | 8,976 | 15,000 |
Fair Value Adjustment in Net Income (Loss) | 961 | 0 |
Current investments, ending | 13,937 | 15,000 |
Equity Securities and Warrants and Other and Debt Securities [member] | ||
Disclosure of financial assets [line items] | ||
Total investments at beginning of period | 78,882 | 61,293 |
Net Additions (Disposals) | (7,780) | 3,603 |
Fair Value Adjustment | (10,922) | 13,986 |
Total investments at end of period | $ 60,180 | $ 78,882 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Investments with investee names [line items] | |||
Proceeds from disposal of investments and other | $ 24,770 | $ 14,352 | |
Equinox Gold Corp. [member] | |||
Investments with investee names [line items] | |||
Proceeds from disposal of investments and other | $ 18,300 |
Revolving Facility and Deferr_2
Revolving Facility and Deferred Financing Costs - Additional Information (Detail) - Revolving Facility [member] | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate basis | LIBOR | |
Maturity of credit facility | December 20, 2022 | |
Borrowings maximum leverage ratio | 3.5 | |
Borrowings maximum leverage ratio under permitted acquisition | 4 | |
Borrowing covenants base tangible net worth threshold | $ 136,800,000 | |
Borrowings covenants positive net income percentage per quarter | 50.00% | |
Borrowings required interest coverage ratio | 3 | |
Borrowings | $ 0 | |
Deferred financing costs | 2,500,000 | $ 2,300,000 |
Floating Interest Rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Maximum credit facility available | $ 225,000,000 | |
Bottom of Range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings standby fee percentage | 0.45% | |
Bottom of Range [member] | Floating Interest Rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.00% | |
Top of Range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings standby fee percentage | 0.675% | |
Top of Range [member] | Floating Interest Rate [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 3.00% |
Share Capital and Reserves - Ad
Share Capital and Reserves - Additional Information (Detail) $ / shares in Units, $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($)sharesyr$ / shares | Dec. 31, 2018CAD ($)sharesyr$ / shares | Dec. 31, 2017CAD ($)sharesyr$ / shares | Dec. 31, 2016shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Treasury shares authorized to purchase | shares | 9,191,777 | 9,191,777 | ||
Cancellation of treasury shares | shares | 4,788,775 | 4,788,775 | ||
Average share price of entity | $ / shares | $ 5.73 | $ 5.55 | ||
Stock Option Incentive Plan [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Maximum percentage share compensation arrangements relative to outstanding shares | 8.50% | 8.50% | ||
Maximum term of share options granted | 5 years | 5 years | ||
Number of option issued | 3,130,000 | 3,130,000 | 795,000 | |
Weighted average exercise price | $ 5.92 | $ 5.50 | ||
Fair value of option issued | $ 2.8 | |||
Fair value per option | $ / shares | $ 0.90 | |||
Exercise price | $ 5.92 | |||
Expected volatility | 30.00% | 30.00% | ||
Risk-free interest rate | 1.90% | 1.90% | ||
Expected life | yr | 3 | 3 | ||
Description of option pricing model, share options granted | Black-Scholes model | Black-Scholes model | ||
Weighted average share price at time of exercise of options | $ 6.07 | $ 5.69 | ||
Weighted average remaining contractual life of outstanding share options | yr | 3.02 | 3.02 | 2.82 | |
Number of options outstanding | shares | 9,322,641 | 9,322,641 | 7,726,317 | 6,235,180 |
Restricted Share Rights [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of option issued | 619,300 | 619,300 | ||
Fair value of option issued | $ 2.7 | |||
Fair value per option | $ / shares | $ 4.43 | |||
Shares authorized for issuance share based compensation arrangement | shares | 3,800,000 | 3,800,000 | ||
Vesting term | Three year | Three year | ||
Number of options outstanding | 2,377,436 | 2,377,436 |
Share Capital and Reserves - Su
Share Capital and Reserves - Summary of Company's Options and Weighted Average Exercise Price (Detail) - Stock Option Incentive Plan [member] | 12 Months Ended | |
Dec. 31, 2018CAD ($)shares | Dec. 31, 2017CAD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of options, beginning balance | shares | 7,726,317 | 6,235,180 |
Number of options, Mariana Resources Ltd. replacement options | shares | 2,078,248 | |
Number of options, granted | 3,130,000 | 795,000 |
Number of options, exercised | shares | (1,440,907) | (797,128) |
Number of options, expired unexercised | shares | (77,436) | (584,983) |
Number of options, Forfeited | shares | (15,333) | |
Number of options, ending balance | shares | 9,322,641 | 7,726,317 |
Weighted average exercise price, beginning balance | $ 3.79 | $ 4.71 |
Weighted average exercise price, Mariana Resources Ltd. replacement options | 3.41 | |
Weighted average exercise price, granted | 5.92 | 5.50 |
Weighted average exercise price, exercised | (3.22) | (3.23) |
Weighted average exercise price, expired unexercised | (7.19) | (15.29) |
Weighted average exercise price, Forfeited | (4.96) | |
Weighted average exercise price, ending balance | $ 4.58 | $ 3.79 |
Share Capital and Reserves - _2
Share Capital and Reserves - Summary of Share Purchase Options (Detail) - Stock Option Incentive Plan [member] | 12 Months Ended | ||
Dec. 31, 2018CAD ($)shares | Dec. 31, 2017shares | Dec. 31, 2016shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of shares purchase options outstanding | shares | 9,322,641 | 7,726,317 | 6,235,180 |
Number of shares purchase options, vested | shares | 5,224,982 | ||
Weighted average exercise price per share | $ 3.66 | ||
Range Exercise Price 1.49 - 6.03 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of expiry | 2019 | ||
Number of shares purchase options outstanding | shares | 2,327,033 | ||
Number of shares purchase options, vested | shares | 2,327,033 | ||
Weighted average exercise price per share | $ 2.74 | ||
Range Exercise Price 1.49 - 6.03 [member] | Bottom of Range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price per share | 1.49 | ||
Range Exercise Price 1.49 - 6.03 [member] | Top of Range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price per share | $ 6.03 | ||
Range Exercise Price 3.60 - 3.64 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of expiry | 2020 | ||
Number of shares purchase options outstanding | shares | 1,225,334 | ||
Number of shares purchase options, vested | shares | 1,225,334 | ||
Weighted average exercise price per share | $ 3.61 | ||
Range Exercise Price 3.60 - 3.64 [member] | Bottom of Range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price per share | 3.60 | ||
Range Exercise Price 3.60 - 3.64 [member] | Top of Range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price per share | $ 3.64 | ||
Range Exercise Price 2.70 - 4.96 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of expiry | 2021 | ||
Number of shares purchase options outstanding | shares | 1,382,740 | ||
Number of shares purchase options, vested | shares | 945,078 | ||
Weighted average exercise price per share | $ 4.79 | ||
Range Exercise Price 2.70 - 4.96 [member] | Bottom of Range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price per share | 2.70 | ||
Range Exercise Price 2.70 - 4.96 [member] | Top of Range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price per share | $ 4.96 | ||
Range Exercise Price 4.96 - 15.00 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of expiry | 2022 | ||
Number of shares purchase options outstanding | shares | 1,257,534 | ||
Number of shares purchase options, vested | shares | 727,537 | ||
Weighted average exercise price per share | $ 5.19 | ||
Range Exercise Price 4.96 - 15.00 [member] | Bottom of Range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price per share | 4.96 | ||
Range Exercise Price 4.96 - 15.00 [member] | Top of Range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price per share | $ 15 | ||
Range Exercise Price 5.92 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Year of expiry | 2023 | ||
Number of shares purchase options outstanding | shares | 3,130,000 | ||
Number of shares purchase options, vested | shares | 0 | ||
Exercise price per share | $ 5.92 | ||
Weighted average exercise price per share | $ 0 |
Share Capital and Reserve - Sum
Share Capital and Reserve - Summary of the Company's Other Equity Instruments and the Changes for the Year (Detail) - Warrants [member] - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of warrants, outstanding beginning balance | 24,009,972 | 28,046,400 |
Number of warrants, Mariana Resources Ltd. replacement warrants | 2,025,314 | |
Number of warrants, exercised | (1,021,624) | (1,059,242) |
Number of warrants, expired unexercised | (22,948) | (5,002,500) |
Number of warrants, outstanding ending balance | 22,965,400 | 24,009,972 |
Shares to be issued upon exercise of the warrants, outstanding beginning balance | 24,009,972 | 28,046,400 |
Shares to be issued upon exercise of the warrants, Mariana Resources Ltd. replacement warrants | 2,025,314 | |
Shares to be issued upon exercise of the warrants, exercised | (1,021,624) | (1,059,242) |
Shares to be issued upon exercise of the warrants, expired unexercised | (22,948) | (5,002,500) |
Shares to be issued upon exercise of the warrants, outstanding ending balance | 22,965,400 | 24,009,972 |
Share Capital and Reserve - S_2
Share Capital and Reserve - Summary of Share Purchase Other Equity Instruments (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | Dec. 31, 2016shares | |
Warrants Expiring March 23, 2020 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of warrants, outstanding | 3,000,000 | ||
Exercise price per share | $ | $ 4.50 | ||
Expiry Date | Mar. 23, 2020 | ||
Warrants Expiring October 27, 2020 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of warrants, outstanding | 15,000,000 | ||
Exercise price per share | $ | $ 3.50 | ||
Expiry Date | Oct. 27, 2020 | ||
Warrants Expiring November 3, 2020 [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of warrants, outstanding | 4,965,400 | ||
Exercise price per share | $ | $ 4 | ||
Expiry Date | Nov. 3, 2020 | ||
Warrants [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of warrants, outstanding | 22,965,400 | 24,009,972 | 28,046,400 |
Share Capital and Reserve - S_3
Share Capital and Reserve - Summary of Information of Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | ||
Net income for the year | $ 5,872 | $ 10,537 |
Basic weighted average number of shares | 183,381,187 | 167,265,059 |
Basic earnings per share | $ 0.03 | $ 0.06 |
Effect of dilutive stock options | 2,146,601 | 2,217,597 |
Effect of dilutive warrants | 3,821,430 | 3,582,912 |
Effect of dilutive restricted share rights | 1,636,568 | 1,637,618 |
Diluted weighted average number of common shares | 190,985,786 | 174,703,186 |
Diluted earnings per share | $ 0.03 | $ 0.06 |
Share Capital and Reserve - Num
Share Capital and Reserve - Number of Stock Options and Warrants Excluded from the Computation of Diluted Earnings per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Option Incentive Plan [member] | ||
Earnings per share [line items] | ||
Equity securities excluded from the calculation of diluted earnings per share | 1,010,489 | 1,967,557 |
Warrants [member] | ||
Earnings per share [line items] | ||
Equity securities excluded from the calculation of diluted earnings per share | 3,000,000 | 6,412,664 |
Income Taxes - Disclosure of Re
Income Taxes - Disclosure of Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates to Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | ||
Income before income taxes | $ 8,704 | $ 14,614 |
Canadian federal and provincial income tax rates | 27.00% | 26.00% |
Income tax expense based on the above rates | $ 2,350 | $ 3,800 |
Non-deductible expenses and permanent differences | 1,053 | 989 |
Change in unrecognized temporary differences | 0 | 1,146 |
Non-taxable portion of capital gain or loss | (4) | (1,801) |
Change in future substantively enacted tax rate | (401) | (84) |
Change in valuation allowance and other | (166) | 27 |
Income tax expense | $ 2,832 | $ 4,077 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities, Movement in Deferred Tax Assets and Unused Tax Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 9,038 | $ 13,581 | |
Deferred tax liabilities | (510) | (2,807) | |
Total deferred income tax asset, net | 8,528 | 10,774 | $ 13,646 |
Non-capital Losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 29,391 | 30,027 | |
Share Issue Costs and Other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,882 | 1,966 | |
Mineral, Royalty and Other Interests [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (510) | (2,807) | |
Total deferred income tax asset, net | $ (22,235) | $ (18,412) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Major components of tax expense (income) [abstract] | ||
Tax losses for which deferred tax assets recognized | $ 108.9 | $ 111.2 |
Unused tax losses for which no deferred tax asset recognized | $ 34.2 | $ 34.3 |
Income Taxes - Movement in Defe
Income Taxes - Movement in Deferred Tax Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Balance, beginning of the year | $ 10,774 | $ 13,646 |
Recognized in net income (loss) for the year | (1,542) | (3,209) |
Recognized in equity | 0 | 2 |
Recognized in other comprehensive income (loss) for the year | (704) | 335 |
Balance, end of the year | $ 8,528 | $ 10,774 |
Income Taxes - Summary of Deduc
Income Taxes - Summary of Deductible Unused Tax Losses (Detail) - CANADA $ in Thousands | Dec. 31, 2018USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Non-capital loss carry-forwards | $ 108,857 |
Bottom of Range [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Expiry date non capital loss carryforwards | 2030 |
Top of Range [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Expiry date non capital loss carryforwards | 2036 |
Administration Expenses - Sched
Administration Expenses - Schedule of Administration Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of general and administrative expenses [abstract] | |||
Corporate administration | $ 1,925 | $ 1,850 | |
Employee benefits and salaries | 1,939 | 2,035 | |
Professional fees | 817 | 801 | |
Administration expenses before share based compensation | 4,681 | 4,686 | |
Equity settled share based compensation (a non-cash expense) | 2,216 | 2,164 | |
Total administration expenses | [1] | $ 6,897 | $ 6,850 |
[1] | Equity settled stock based compensation (a non-cash item) is included in administration expenses and project evaluation $ 3,858 $ 3,785 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Change in non-cash working capital: | ||
Trade receivables and other | $ (506) | $ (602) |
Trade and other payables | (987) | 1,399 |
Net (decrease) increase in cash | (1,493) | 797 |
Significant non-cash transactions: | ||
Shares and replacement equity awards issued for Mariana acquisition | 0 | 131,354 |
Financial instruments received on disposal of mineral, royalty and other interests | $ 4,275 | $ 0 |
Key Management Compensation - D
Key Management Compensation - Disclosure of Key Management Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of key management compensation [Abstract] | ||
Employee salaries and benefits | $ 1,818 | $ 2,340 |
Share based payments | 2,695 | 2,594 |
Total key management compensation expense | $ 4,513 | $ 4,934 |
Contractual Obligations - Sched
Contractual Obligations - Schedule of Purchase Commitments in Connection With Commodity Streams (Detail) | Dec. 31, 2018USD_per_Ozoz |
Gold Commodity Type [member] | Bachelor Lake [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 20.00% |
Gold Commodity Type [member] | Bachelor Lake [member] | The Lesser of $500 and Prevailing Market Price [member] | |
Contractual Commitments [line items] | |
Commodity per ounce purchase price | 500 |
Gold Commodity Type [member] | Black Fox [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 8.00% |
Gold Commodity Type [member] | Black Fox [member] | Lesser of 540 and prevailing market price [member] | |
Contractual Commitments [line items] | |
Commodity per ounce purchase price | 540 |
Gold Commodity Type [member] | Hugo North Extension and Heruga Gold Stream [member] | Before 8.6 million Ounces [member] | Lesser of 220 and Prevailing Market Price [member] | |
Contractual Commitments [line items] | |
Commodity per ounce purchase price | 220 |
Gold Commodity Type [member] | Karma Gold [member] | |
Contractual Commitments [line items] | |
Commodity per ounce purchase price percentage of market price | 20.00% |
Threshold, percentage life of mine or relevant weight commodity change | oz | 26,875 |
Gold Commodity Type [member] | Karma Gold [member] | After 26875 Ounces Over 5 Years [Member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 1.625% |
Gold Commodity Type [member] | Santa Elena [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 20.00% |
Gold Commodity Type [member] | Santa Elena [member] | Lesser of 455 and prevailing market price [member] | |
Contractual Commitments [line items] | |
Commodity per ounce purchase price | 455 |
Gold Commodity Type [member] | Ming [member] | |
Contractual Commitments [line items] | |
Threshold, percentage life of mine or relevant weight commodity change | oz | 175,000 |
Commodity per ounce purchase price | 0 |
Gold Commodity Type [member] | Ming [member] | First 175000 Ounces [Member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 25.00% |
Gold Commodity Type [member] | Ming [member] | After 175000 Ounces [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 12.00% |
Copper Commodity Type [member] | Chapada Mine [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 4.20% |
Commodity per ounce purchase price percentage of market price | 30.00% |
Copper Commodity Type [member] | Hugo North Extension and Heruga Gold Stream [member] | Below 560 Metres Threshold [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 0.42% |
Gold and Silver Commodity Type [member] | Hugo North Extension [member] | Below 560 Metres Threshold [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 5.62% |
Gold and Silver Commodity Type [member] | Heruga [member] | Below 560 Metres Threshold [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 4.26% |
Silver Commodity Type [member] | Yamana Silver Stream [member] | |
Contractual Commitments [line items] | |
Commodity per ounce purchase price percentage of market price | 30.00% |
Threshold, percentage life of mine or relevant weight commodity change | oz | 7,000,000 |
Contractual Obligations - Sch_2
Contractual Obligations - Schedule of Purchase Commitments in Connection With Commodity Streams (Parenthetical) (Detail) lb in Millions | Dec. 31, 2018USD_per_OzUSD_per_LBozlb |
Gold Commodity Type [member] | Bachelor Lake [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 20.00% |
Threshold, maximum measurement weight commodity, purchased | 6,000 |
Gold Commodity Type [member] | The Lesser of $500 and Prevailing Market Price [member] | Bachelor Lake [member] | |
Contractual Commitments [line items] | |
Commodity per ounce purchase price | USD_per_Oz | 500 |
Gold Commodity Type [member] | After 8.6 Million Ounces [member] | The Lesser of $500 and Prevailing Market Price [member] | Hugo North Extension and Heruga Gold Stream [member] | |
Contractual Commitments [line items] | |
Commodity per ounce purchase price | USD_per_Oz | 500 |
Copper Commodity Type [member] | Chapada Mine [member] | |
Contractual Commitments [line items] | |
Threshold, annual maximum measurement weight commodity purchase | lb | 3.9 |
Percentage of life of mine gold or relevant commodity | 4.20% |
Copper Commodity Type [member] | Hugo North Extension and Heruga Gold Stream [member] | |
Contractual Commitments [line items] | |
Threshold, purchase price per measurement weight change | lb | 9,100 |
Copper Commodity Type [member] | Below 560 Metres Threshold [member] | Hugo North Extension and Heruga Gold Stream [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 0.42% |
Copper Commodity Type [member] | Above 560 Metres Threshold [member] | Hugo North Extension and Heruga Gold Stream [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 0.62% |
Copper Commodity Type [member] | Before 9.1 Billion Pounds Produced [member] | The Lesser of $.50 and Prevailing Market Price [member] | Hugo North Extension and Heruga Gold Stream [member] | |
Contractual Commitments [line items] | |
Commodity per pound purchase price | USD_per_LB | 0.50 |
Copper Commodity Type [member] | After 9.1 Billion Pounds Produced [member] | The Lesser of $1.10 and Prevailing Market Price [member] | Hugo North Extension and Heruga Gold Stream [member] | |
Contractual Commitments [line items] | |
Commodity per pound purchase price | USD_per_LB | 1.10 |
Copper Commodity Type [member] | Before Yamana Copper Stream Delivers 39 Million Pounds [member] | Chapada Mine [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 4.20% |
Threshold, percentage life of mine or relevant weight commodity change | lb | 39 |
Copper Commodity Type [member] | Above 39 Million Pounds And Less Than 50 Million Pounds Threshold [member] | Chapada Mine [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 3.00% |
Copper Commodity Type [member] | After Yamana Copper Stream Delivers 39 Million Pounds [member] | Chapada Mine [member] | |
Contractual Commitments [line items] | |
Threshold, percentage life of mine or relevant weight commodity change | lb | 50 |
Copper Commodity Type [member] | Above 50 Million Pounds [member] | Chapada Mine [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 1.50% |
Gold and Silver Commodity Type [member] | Below 560 Metres Threshold [member] | Hugo North Extension [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 5.62% |
Gold and Silver Commodity Type [member] | Below 560 Metres Threshold [member] | Heruga [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 4.26% |
Gold and Silver Commodity Type [member] | Above 560 Metres Threshold [member] | Hugo North Extension [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 8.43% |
Gold and Silver Commodity Type [member] | Above 560 Metres Threshold [member] | Heruga [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 6.39% |
Silver Commodity Type [member] | Chapada Mine [member] | |
Contractual Commitments [line items] | |
Threshold, annual maximum measurement weight commodity purchase | 100,000 |
Silver Commodity Type [member] | Yamana Silver Stream [member] | |
Contractual Commitments [line items] | |
Threshold, annual maximum measurement weight commodity purchase | 1,200,000 |
Threshold, percentage life of mine or relevant weight commodity change | 7,000,000 |
Silver Commodity Type [member] | Minera Florida Mine [member] | |
Contractual Commitments [line items] | |
Threshold, annual maximum measurement weight commodity purchase | 200,000 |
Silver Commodity Type [member] | Before 40.3 million ounces produced from property [member] | The Lesser of $5 and Prevailing Market Price [member] | Hugo North Extension and Heruga Gold Stream [member] | |
Contractual Commitments [line items] | |
Commodity per ounce purchase price | USD_per_Oz | 5 |
Silver Commodity Type [member] | After 40.3 Million Ounces [member] | The Lesser of $10 and Prevailing Market Price [member] | Hugo North Extension and Heruga Gold Stream [member] | |
Contractual Commitments [line items] | |
Commodity per ounce purchase price | USD_per_Oz | 10 |
Silver Commodity Type [member] | Below 7 Million Ounces Threshold [member] | Yamana Silver Stream [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 20.00% |
Silver Commodity Type [member] | Above 7 Million Ounces Threshold [member] | Yamana Silver Stream [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 9.00% |
Silver Commodity Type [member] | For Year 2018 [member] | Chapada Mine [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 52.00% |
Silver Commodity Type [member] | For Year 2018 [member] | Minera Florida Mine [member] | |
Contractual Commitments [line items] | |
Percentage of life of mine gold or relevant commodity | 38.00% |
Segment Information - Summary o
Segment Information - Summary of Company's Reportable Operating Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | |||
Total revenue | $ 73,150 | $ 68,275 | |
Cost of sales, excluding depletion | 16,003 | 15,321 | |
Depletion | 29,028 | 29,580 | |
Impairment of mineral, royalty and other interests | 4,475 | 9,104 | |
(Gain) on mineral interest disposal and other | (498) | (4,848) | |
Income (loss) before taxes | 8,704 | 14,614 | |
Cash flow from operating activities | 46,582 | 44,773 | |
Cash and cash equivalents | 5,892 | 12,539 | $ 21,434 |
Deferred income tax assets | 9,038 | 13,581 | |
Assets | 588,887 | 660,915 | |
Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 16,003 | 15,321 | |
Depletion | 29,028 | 29,580 | |
Impairment of mineral, royalty and other interests | 4,475 | 9,104 | |
(Gain) on mineral interest disposal and other | (221) | (3,597) | |
Income (loss) before taxes | 23,865 | 17,867 | |
Cash flow from operating activities | 56,461 | 54,322 | |
Assets | 506,881 | 551,721 | |
Material Reconciling Items [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 0 | 0 | |
Depletion | 0 | 0 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | (277) | (1,251) | |
Income (loss) before taxes | (15,161) | (3,253) | |
Cash flow from operating activities | (9,879) | (9,549) | |
Cash and cash equivalents | 5,892 | 12,539 | |
Investments | 60,180 | 78,882 | |
Deferred income tax assets | 9,038 | 13,581 | |
Other assets | 6,896 | 4,192 | |
Assets | 82,006 | 109,194 | |
Material Reconciling Items [member] | Administrative and Project Evaluation Expenses [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 0 | 0 | |
Depletion | 0 | 0 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | (11,253) | (11,300) | |
Cash flow from operating activities | (7,378) | (7,408) | |
Material Reconciling Items [member] | Foreign exchange gain loss [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 0 | 0 | |
Depletion | 0 | 0 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | (2,630) | 2,434 | |
Cash flow from operating activities | 0 | 0 | |
Material Reconciling Items [member] | Gain on revaluation of investments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 0 | 0 | |
Depletion | 0 | 0 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | 30 | 5,827 | |
Cash flow from operating activities | 0 | 0 | |
Material Reconciling Items [member] | Finance expense net [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 0 | 0 | |
Depletion | 0 | 0 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | (1,585) | (1,465) | |
Cash flow from operating activities | (1,029) | (1,593) | |
Material Reconciling Items [member] | Other income statement line item [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 0 | 0 | |
Depletion | 0 | 0 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | (277) | (1,251) | |
Income (loss) before taxes | 277 | 1,251 | |
Cash flow from operating activities | (1,472) | (548) | |
Bachelor Lake [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 525 | 1,124 | |
Black Fox [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 9,708 | 11,350 | |
Bracemac-McLeod [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 5,366 | 6,827 | |
Chapada [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 58,926 | 63,026 | |
Diavik [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 31,192 | 36,739 | |
Hounde [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 41,549 | 0 | |
Karma [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 16,983 | 21,034 | |
Ming [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 10,904 | 11,300 | |
Santa Elena [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 2,356 | 3,693 | |
Yamana Silver Stream [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 68,164 | 70,556 | |
Other Royalties [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 82,092 | 89,304 | |
All other segments [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 0 | 7,423 | |
Aurizona Segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 10,723 | 10,723 | |
Hod Maden [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 133,042 | 183,271 | |
Hugo North Extension and Heruga Segment [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Assets | 35,351 | 35,351 | |
Gold [member] | Bachelor Lake [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 2,667 | 3,082 | |
Depletion | 402 | 4,074 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | (2,952) | |
Income (loss) before taxes | 4,134 | 3,881 | |
Cash flow from operating activities | 4,756 | 5,030 | |
Gold [member] | Black Fox [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 2,396 | 2,847 | |
Depletion | 1,443 | 2,520 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | 1,835 | 1,326 | |
Cash flow from operating activities | 3,484 | 3,953 | |
Gold [member] | Hounde [member] | Operating segments [member] | BURKINA FASO | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 0 | ||
Depletion | 4,478 | ||
Impairment of mineral, royalty and other interests | 0 | ||
(Gain) on mineral interest disposal and other | 0 | ||
Income (loss) before taxes | 2,266 | ||
Cash flow from operating activities | 5,393 | ||
Gold [member] | Karma [member] | Operating segments [member] | BURKINA FASO | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 1,610 | 1,365 | |
Depletion | 3,941 | 3,437 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | 2,490 | 2,061 | |
Cash flow from operating activities | 6,539 | 5,489 | |
Gold [member] | Ming [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 0 | 0 | |
Depletion | 396 | 356 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | 544 | 440 | |
Cash flow from operating activities | 940 | 796 | |
Gold [member] | Santa Elena [member] | Operating segments [member] | MEXICO | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 4,652 | 3,485 | |
Depletion | 750 | 1,098 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | 7,695 | 6,987 | |
Cash flow from operating activities | 8,908 | 7,548 | |
Gold [member] | All other segments [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 43 | 26 | |
Depletion | 161 | 103 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 538 | (186) | |
Income (loss) before taxes | (201) | 384 | |
Cash flow from operating activities | 506 | 294 | |
Various [member] | Bracemac-McLeod [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 0 | 0 | |
Depletion | 1,327 | 1,816 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | 1,910 | 2,258 | |
Cash flow from operating activities | 3,370 | 3,948 | |
Various [member] | Other Royalties [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 0 | 0 | |
Depletion | 3,941 | 4,078 | |
Impairment of mineral, royalty and other interests | 4,475 | 9,104 | |
(Gain) on mineral interest disposal and other | (759) | (459) | |
Income (loss) before taxes | (2,597) | (5,259) | |
Cash flow from operating activities | 4,734 | 9,745 | |
Copper [member] | Chapada [member] | Operating segments [member] | BRAZIL | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 3,469 | 3,249 | |
Depletion | 4,100 | 3,765 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | 4,039 | 3,987 | |
Cash flow from operating activities | 8,139 | 7,753 | |
Diamonds [member] | Diavik [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 0 | 0 | |
Depletion | 5,697 | 6,080 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | 1,500 | 1,070 | |
Cash flow from operating activities | 7,047 | 6,781 | |
Silver [member] | Yamana Silver Stream [member] | Operating segments [member] | ARGENTINA | |||
Disclosure of operating segments [line items] | |||
Cost of sales, excluding depletion | 1,166 | 1,267 | |
Depletion | 2,392 | 2,253 | |
Impairment of mineral, royalty and other interests | 0 | 0 | |
(Gain) on mineral interest disposal and other | 0 | 0 | |
Income (loss) before taxes | 250 | 732 | |
Cash flow from operating activities | 2,645 | 2,985 | |
Sales [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 50,632 | 49,208 | |
Sales [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 50,632 | 49,208 | |
Sales [member] | Material Reconciling Items [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Sales [member] | Material Reconciling Items [member] | Administrative and Project Evaluation Expenses [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Sales [member] | Material Reconciling Items [member] | Foreign exchange gain loss [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Sales [member] | Material Reconciling Items [member] | Gain on revaluation of investments [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Sales [member] | Material Reconciling Items [member] | Finance expense net [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Sales [member] | Material Reconciling Items [member] | Other income statement line item [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Sales [member] | Gold [member] | Bachelor Lake [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 6,923 | 7,706 | |
Sales [member] | Gold [member] | Black Fox [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 5,674 | 6,693 | |
Sales [member] | Gold [member] | Hounde [member] | Operating segments [member] | BURKINA FASO | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | ||
Sales [member] | Gold [member] | Karma [member] | Operating segments [member] | BURKINA FASO | |||
Disclosure of operating segments [line items] | |||
Total revenue | 8,041 | 6,863 | |
Sales [member] | Gold [member] | Ming [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 940 | 796 | |
Sales [member] | Gold [member] | Santa Elena [member] | Operating segments [member] | MEXICO | |||
Disclosure of operating segments [line items] | |||
Total revenue | 13,097 | 11,570 | |
Sales [member] | Gold [member] | All other segments [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 541 | 327 | |
Sales [member] | Various [member] | Bracemac-McLeod [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Sales [member] | Various [member] | Other Royalties [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Sales [member] | Copper [member] | Chapada [member] | Operating segments [member] | BRAZIL | |||
Disclosure of operating segments [line items] | |||
Total revenue | 11,608 | 11,001 | |
Sales [member] | Diamonds [member] | Diavik [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Sales [member] | Silver [member] | Yamana Silver Stream [member] | Operating segments [member] | ARGENTINA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 3,808 | 4,252 | |
Royalty revenue [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 22,518 | 19,067 | |
Royalty revenue [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 22,518 | 19,067 | |
Royalty revenue [member] | Material Reconciling Items [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Material Reconciling Items [member] | Administrative and Project Evaluation Expenses [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Material Reconciling Items [member] | Foreign exchange gain loss [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Material Reconciling Items [member] | Gain on revaluation of investments [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Material Reconciling Items [member] | Finance expense net [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Material Reconciling Items [member] | Other income statement line item [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Other Royalties [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 800 | 1,600 | |
Royalty revenue [member] | Other Royalties [member] | ARGENTINA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 1,300 | 1,800 | |
Royalty revenue [member] | Gold [member] | Bachelor Lake [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 280 | 379 | |
Royalty revenue [member] | Gold [member] | Black Fox [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Gold [member] | Hounde [member] | Operating segments [member] | BURKINA FASO | |||
Disclosure of operating segments [line items] | |||
Total revenue | 6,744 | ||
Royalty revenue [member] | Gold [member] | Karma [member] | Operating segments [member] | BURKINA FASO | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Gold [member] | Ming [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Gold [member] | Santa Elena [member] | Operating segments [member] | MEXICO | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Gold [member] | Other Royalties [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 4,300 | 6,500 | |
Royalty revenue [member] | Gold [member] | All other segments [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Various [member] | Bracemac-McLeod [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 3,237 | 4,074 | |
Royalty revenue [member] | Various [member] | Other Royalties [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 5,060 | 7,464 | |
Royalty revenue [member] | Copper [member] | Bracemac-McLeod [member] | |||
Disclosure of operating segments [line items] | |||
Total revenue | 1,000 | 1,500 | |
Royalty revenue [member] | Copper [member] | Chapada [member] | Operating segments [member] | BRAZIL | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
Royalty revenue [member] | Diamonds [member] | Diavik [member] | Operating segments [member] | CANADA | |||
Disclosure of operating segments [line items] | |||
Total revenue | 7,197 | 7,150 | |
Royalty revenue [member] | Silver [member] | Yamana Silver Stream [member] | Operating segments [member] | ARGENTINA | |||
Disclosure of operating segments [line items] | |||
Total revenue | $ 0 | $ 0 |
Segment Information - Summary_2
Segment Information - Summary of Company's Reportable Operating Segments (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | ||
Total revenue | $ 73,150 | $ 68,275 |
Mineral, royalty and other interests | 374,206 | 365,477 |
Hod Maden interest | 127,224 | 177,452 |
Hod Maden [member] | ||
Disclosure of operating segments [line items] | ||
Mineral, royalty and other interests | 5,800 | 5,800 |
Hod Maden interest | $ 127,200 | 177,500 |
Top of Range [member] | Other Royalties [member] | ||
Disclosure of operating segments [line items] | ||
Percentage of companys sales gross margin or aggregate asset book value | 10.00% | |
Royalty revenue [member] | ||
Disclosure of operating segments [line items] | ||
Total revenue | $ 22,518 | 19,067 |
Royalty revenue [member] | Bracemac-McLeod [member] | Copper [member] | ||
Disclosure of operating segments [line items] | ||
Total revenue | 1,000 | 1,500 |
Royalty revenue [member] | Bracemac-McLeod [member] | Zinc product [member] | ||
Disclosure of operating segments [line items] | ||
Total revenue | 2,200 | 2,600 |
Royalty revenue [member] | Other Royalties [member] | Gold [member] | ||
Disclosure of operating segments [line items] | ||
Total revenue | 4,300 | 6,500 |
Royalty revenue [member] | Other Royalties [member] | Other Base Metal Product [member] | ||
Disclosure of operating segments [line items] | ||
Total revenue | 800 | 1,000 |
CANADA | Royalty revenue [member] | Other Royalties [member] | ||
Disclosure of operating segments [line items] | ||
Total revenue | 800 | 1,600 |
ARGENTINA | Royalty revenue [member] | Other Royalties [member] | ||
Disclosure of operating segments [line items] | ||
Total revenue | 1,300 | 1,800 |
UNITED STATES | Royalty revenue [member] | Other Royalties [member] | ||
Disclosure of operating segments [line items] | ||
Total revenue | 600 | 1,500 |
HONDURAS | Royalty revenue [member] | Other Royalties [member] | ||
Disclosure of operating segments [line items] | ||
Total revenue | 1,200 | 1,800 |
Other Geographical Area [member] | Royalty revenue [member] | Other Royalties [member] | ||
Disclosure of operating segments [line items] | ||
Total revenue | $ 1,200 | $ 800 |
Segment Information - Non-curre
Segment Information - Non-current Assets by Geographical Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of operating segments [line items] | ||
Noncurrent assets | $ 501,430 | $ 545,528 |
CANADA | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 77,484 | 86,832 |
UNITED STATES | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 15,574 | 16,055 |
MEXICO | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 2,387 | 2,874 |
ARGENTINA | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 83,463 | 94,166 |
BRAZIL | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 73,014 | 77,113 |
FRENCH GUIANA | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 5,154 | 5,154 |
PERU | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 1,677 | 6,434 |
HONDURAS | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 854 | 1,430 |
CHILE | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 2,460 | 2,460 |
BURKINA FASO | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 57,015 | 20,087 |
SOUTH AFRICA | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 4,022 | 4,301 |
COTE D'IVOIRE | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 421 | 400 |
BOTSWANA | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 1,017 | 1,017 |
EGYPT | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 244 | 0 |
TURKEY | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 137,520 | 187,725 |
MONGOLIA | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | 36,589 | 36,589 |
AUSTRALIA | ||
Disclosure of operating segments [line items] | ||
Noncurrent assets | $ 2,535 | $ 2,891 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 18, 2019 | Feb. 19, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Acquisition of mineral, royalty and other interests | $ 46,031 | $ 4,409 | ||
Additional number of shares purchased and canceled | (4,788,775) | |||
Major purchases of assets [member] | Fruta del Norte Project [member] | ECUADOR | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Net smelter return royalty percentage | 0.90% | |||
Acquisition of mineral, royalty and other interests | $ 32,750 | |||
Treasury share transactions [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Additional number of shares purchased and canceled | 2,400,000 | |||
Additional number of shares purchased and canceled, value | $ 11,500 |