Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Statement [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Trading Symbol | or |
Entity Registrant Name | Osisko Gold Royalties LTD |
Entity Central Index Key | 1,627,272 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 157,797,193 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 333,705 | $ 499,249 |
Short-term investments | 0 | 2,100 |
Accounts receivable | 8,385 | 8,416 |
Inventories | 9,859 | 0 |
Other assets | 984 | 974 |
Total current assets | 352,933 | 510,739 |
Non-current assets | ||
Investments in associates | 257,433 | 82,902 |
Other investments | 115,133 | 108,409 |
Royalty, stream and other interests | 1,575,772 | 494,768 |
Exploration and evaluation | 102,182 | 100,038 |
Goodwill | 111,204 | 111,204 |
Deferred income taxes | 0 | 7,978 |
Other assets | 1,686 | 266 |
Total Assets | 2,516,343 | 1,416,304 |
Current liabilities | ||
Accounts payable and accrued liabilities | 15,310 | 7,438 |
Dividends payable | 7,890 | 4,266 |
Provisions and other liabilities | 5,632 | 4,153 |
Total current liabilities | 28,832 | 15,857 |
Non-current liabilities | ||
Long-term debt | 464,308 | 45,780 |
Provisions and other liabilities | 2,036 | 12,433 |
Deferred income taxes | 126,762 | 127,930 |
Total liabilities | 621,938 | 202,000 |
Equity | ||
Share capital | 1,633,013 | 908,890 |
Warrants | 30,901 | 30,901 |
Contributed surplus | 13,265 | 11,411 |
Equity component of convertible debentures | 17,601 | 3,091 |
Accumulated other comprehensive income (loss) | (2,878) | 7,838 |
Retained earnings | 202,503 | 250,306 |
Equity attributable to Osisko Gold Royalties Ltd shareholders | 1,894,405 | 1,212,437 |
Non-controlling interests | 0 | 1,867 |
Total equity | 1,894,405 | 1,214,304 |
Total Liabilities and Equity | $ 2,516,343 | $ 1,416,304 |
Consolidated Statements of Inco
Consolidated Statements of Income - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Revenues | $ 213,216 | $ 62,677 |
Cost of Sales | (125,645) | (143) |
Depletion of royalty interests | (28,065) | (11,291) |
Gross Profit | 59,506 | 51,243 |
Other operating expenses | ||
General and administrative | (26,176) | (16,715) |
Business development | (18,706) | (8,282) |
Impairment of royalty, stream and other interests | (89,000) | 0 |
Exploration and evaluation, net of tax credits | (204) | 1,240 |
Other gains (expenses), net | 20 | (1,436) |
Cost recoveries from associates | 4,125 | 3,039 |
Operating income (loss) | (70,435) | 29,089 |
Interest income | 4,255 | 3,260 |
Dividend income | 0 | 4,931 |
Finance costs | (8,384) | (3,435) |
Foreign exchange gain (loss) | (16,086) | (5,846) |
Share of loss of associates | (6,114) | (6,623) |
Other gains, net | 30,829 | 30,202 |
Earnings before income taxes | (65,935) | 51,578 |
Income tax expense | 23,147 | (9,724) |
Net earnings | (42,788) | 41,854 |
Net earnings (loss) attributable to: | ||
Osisko Gold Royalties Ltds shareholders | (42,501) | 42,113 |
Non-controlling interests | $ (287) | $ (259) |
Net earnings (loss) per share | ||
Basic | $ (0.33) | $ 0.40 |
Diluted | $ (0.33) | $ 0.40 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Net earnings (loss) | $ (42,788) | $ 41,854 |
Items that will not be reclassified to the statement of income | ||
Changes in fair value of financial assets at fair value through comprehensive income | 6,139 | 74,914 |
Income tax effect | (762) | (4,859) |
Changes in fair value of derivative financial instruments cash flow hedges | (21,072) | 0 |
Income tax effect | 2,824 | 0 |
Share of other comprehensive income of associates | (78) | 1,645 |
Items that may be reclassified to the statement of income | ||
Currency translation adjustments | 1,532 | 0 |
Share of other comprehensive loss of associates | (459) | (382) |
Other comprehensive income (loss) | (11,876) | 71,318 |
Comprehensive income (loss) | (54,664) | 113,172 |
Comprehensive income (loss) attributable to: | ||
Osisko Gold Royalties Ltds shareholders | (54,377) | 113,431 |
Non-controlling interests | $ (287) | $ (259) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | ||
Net earnings (loss) | $ (42,788) | $ 41,854 |
Adjustments for: | ||
Share-based compensation | 10,524 | 7,380 |
Depletion and amortization | 28,210 | 11,509 |
Impairment of royalty, stream and other interests | 89,000 | 0 |
Share of loss of associates | 6,114 | 6,623 |
Loss (gain) on acquisition of investments | 2,099 | (8,379) |
Net gain (loss) on dilution of investments in associates | (30,560) | (12,023) |
Net gain on disposal of investments | (703) | (3,410) |
Change in fair value of financial assets at fair value through profit and loss | (1,665) | (6,390) |
Deferred income tax expense (recovery) | (24,150) | 8,372 |
Settlement of restricted share units | (5,539) | 0 |
Foreign exchange loss | 16,211 | 5,851 |
Other | 2,403 | 2,832 |
Net cash flows provided by operating activities before changes in non-cash working capital items | 49,156 | 54,219 |
Changes in non-cash working capital items | (440) | (775) |
Net cash flows provided by operating activities | 48,716 | 53,444 |
Investing activities | ||
Decrease (increase) in short-term investments | 2,047 | (1,800) |
Business combination, net of cash aquired | (621,430) | 0 |
Settlement of derivative financial instruments | (21,072) | 0 |
Acquisition of investments | (226,766) | (82,384) |
Proceeds on disposal of investments | 71,090 | 129,183 |
Acquisition of royalty and stream interests | (80,119) | (55,250) |
Proceeds on sale of royalty interests | 0 | 3,630 |
Property and equipment | (137) | (105) |
Exploration and evaluation, net of tax credits | (1,128) | (8,327) |
Net cash flows used in investing activities | (877,515) | (15,053) |
Financing activities | ||
Issuance of long-term debt | 447,323 | 50,000 |
Issuance of common shares and warrants | 264,278 | 177,934 |
Issue expenses | (190) | (8,066) |
Financing fees | (12,619) | (850) |
Investment from non-controlling interests | 1,292 | 4,499 |
Normal course issue bid, purchase of common shares | (1,822) | 0 |
Dividends paid | (19,325) | (15,317) |
Net cash flows provided by financing activities | 678,937 | 208,200 |
Increase (decrease) in cash and cash equivalents before effects of exchange rate changes on cash and cash equivalents | (149,862) | 246,591 |
Effect of exchange rate changes on cash and cash equivalents | (15,682) | (5,851) |
Increase (decrease) in cash and cash equivalents | (165,544) | 240,740 |
Cash and cash equivalents at beginning of period | 499,249 | 258,509 |
Cash and cash equivalents at end of period | $ 333,705 | $ 499,249 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands | Total | Share capital [Member] | Warrants [Member] | Contributed surplus [Member] | Equity component of convertible debentures | Accumulated other comprehensive income (loss) [Member] | Retained earnings [Member] | Equity attributed to Osisko Gold Royalties Ltd shareholders [Member] | Non-controlling interest [Member] |
Beginning Balance at Dec. 31, 2015 | $ 937,239 | $ 745,007 | $ 18,072 | $ 10,164 | $ (41,203) | $ 203,800 | $ 935,840 | $ 1,399 | |
Beginning Balance (shares) at Dec. 31, 2015 | 94,578,280 | ||||||||
Statement [Line Items] | |||||||||
Adoption of IFRS 9 | (7,610) | 7,610 | |||||||
Net earnings (loss) | 41,854 | 42,113 | 42,113 | (259) | |||||
Other comprehensive income (loss) | 71,318 | 71,318 | 71,318 | ||||||
Comprehensive income (loss) | 113,172 | 71,318 | 42,113 | 113,431 | (259) | ||||
Issuance of shares and warrants | 172,608 | $ 159,325 | 13,283 | 172,608 | |||||
Issuance of shares and warrants (shares) | 11,431,000 | ||||||||
Dividends declared | (17,037) | (17,037) | (17,037) | ||||||
Shares issued Dividends reinvestment plan | 1,236 | $ 1,236 | 1,236 | ||||||
Shares issued Dividends reinvestment plan (shares) | 83,533 | ||||||||
Shares issued Employee share purchase plan | 532 | $ 532 | 532 | ||||||
Shares issued Employee share purchase plan (shares) | 36,411 | ||||||||
Shared-based compensation | 5,077 | 5,077 | 5,077 | ||||||
Fair value of options exercised | $ 42 | (42) | |||||||
Proceeds from exercise of options | 188 | $ 188 | 188 | ||||||
Proceeds from exercise of options (shares) | 12,335 | ||||||||
Fair value of options exercised, replacement share options | $ 3,788 | (3,788) | |||||||
Proceeds from exercise of options, replacement share options | 4,806 | $ 4,806 | 4,806 | ||||||
Proceeds from exercise of options, replacement share options (shares) | 505,756 | ||||||||
Equity component of convertible debentures, net of transaction costs | 3,091 | $ 3,091 | 3,091 | ||||||
Investments from non-controlling interests | 1,111 | 384 | 384 | 727 | |||||
Issue costs | (5,896) | $ (5,442) | (454) | (5,896) | |||||
Normal course issuer bid purchase of common chares | (1,823) | $ (592) | (1,231) | (1,823) | |||||
Normal course issuer bid purchase of common chares (shares) | (150,000) | ||||||||
Transfer of realized gain on financial assets at fair value through other comprehensive income | (14,667) | 14,667 | |||||||
Ending Balance at Dec. 31, 2016 | 1,214,304 | $ 908,890 | 30,901 | 11,411 | 3,091 | 7,838 | 250,306 | 1,212,437 | 1,867 |
Ending Balance (shares) at Dec. 31, 2016 | 106,497,315 | ||||||||
Statement [Line Items] | |||||||||
Net earnings (loss) | (42,788) | (42,501) | (42,501) | (287) | |||||
Other comprehensive income (loss) | (11,876) | (11,876) | (11,876) | ||||||
Comprehensive income (loss) | (54,664) | (11,876) | (42,501) | (54,377) | (287) | ||||
Business combinations | 445,334 | $ 445,334 | 445,334 | ||||||
Business combinations (shares) | 30,906,594 | ||||||||
Private placements | 261,250 | $ 261,250 | 261,250 | ||||||
Private placements (shares) | 19,272,820 | ||||||||
Exercise of share exchange rights | 11,979 | $ 11,979 | 1,589 | 13,568 | (1,589) | ||||
Exercise of share exchange rights (shares) | 772,810 | ||||||||
Dividends declared | (24,274) | (24,274) | (24,274) | ||||||
Shares issued Dividends reinvestment plan | 1,327 | $ 1,327 | 1,327 | ||||||
Shares issued Dividends reinvestment plan (shares) | 88,536 | ||||||||
Shares issued Employee share purchase plan | 371 | $ 371 | 371 | ||||||
Shares issued Employee share purchase plan (shares) | 24,677 | ||||||||
Shared-based compensation | 3,218 | 3,218 | 3,218 | ||||||
Fair value of options exercised | $ 162 | (162) | |||||||
Proceeds from exercise of options | 625 | $ 625 | 625 | ||||||
Proceeds from exercise of options (shares) | 43,970 | ||||||||
Fair value of options exercised, replacement share options | $ 1,202 | (1,202) | |||||||
Proceeds from exercise of options, replacement share options | 2,148 | $ 2,148 | 2,148 | ||||||
Proceeds from exercise of options, replacement share options (shares) | 190,471 | ||||||||
Equity component of convertible debentures, net of transaction costs | 14,510 | 14,510 | 14,510 | ||||||
Investments from non-controlling interests | 304 | 295 | 295 | $ 9 | |||||
Issue costs | (275) | $ (275) | (275) | ||||||
Transfer of realized gain on financial assets at fair value through other comprehensive income | (17,088) | 17,088 | |||||||
Settlement of derivative financial instruments, net of taxes | 18,248 | 18,248 | 18,248 | ||||||
Ending Balance at Dec. 31, 2017 | $ 1,894,405 | $ 1,633,013 | $ 30,901 | $ 13,265 | $ 17,601 | $ (2,878) | $ 202,503 | $ 1,894,405 | |
Ending Balance (shares) at Dec. 31, 2017 | 157,797,193 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Parenthetical) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Equity component of convertible debentures, transaction costs | $ 789 | $ 66 |
Equity component of convertible debentures, taxes | 5,232 | 1,137 |
Issue costs, taxes | 101 | 2,003 |
Issue costs, taxes (2) | $ 167 | |
Settlement of derivative financial instruments, net of tax | $ 2,824 |
Nature of activities
Nature of activities | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Nature of activities [Text Block] | 1. Nature of activities Osisko Gold Royalties Ltd and its subsidiaries (together “Osisko” or the “Company”) are engaged in the business of acquiring and managing precious metal and other high-quality royalties, streams and similar interests in Canada and worldwide. Osisko is a public company traded on the Toronto Stock Exchange and the New York Stock Exchange constituted under the Business Corporations Act (Québec) and is domiciled in the Province of Québec, Canada. The address of its registered office is 1100, avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec. The Company owns a 5% net smelter return (“NSR”) royalty on the Canadian Malartic mine, a sliding scale 2.0% to 3.5% NSR royalty on the Éléonore mine, a 9.6% diamond stream on the Renard diamond mine, a 4% gold and silver stream on the Brucejack gold and silver mine and a silver stream on the Gibraltar mine, all of which are in Canada, in addition to a 100% silver stream on the Mantos Blancos copper mine in Chile. The Company also owns a portfolio of royalties, streams, offtakes, options on royalty/stream financings and exclusive rights to participate in future royalty/stream financings on various projects mainly in Canada. In addition, the Company invests in equities of exploration, development and royalty companies. |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Basis of presentation [Text Block] | 2. Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The accounting policies, methods of computation and presentation applied in these consolidated financial statements are consistent with those of the previous financial year, except for the presentation of depletion of royalty, stream and other interests which is now presented before Gross profit Other operating expenses The Board of Directors approved the audited consolidated financial statements for issue on February 19, 2018. |
New accounting standard
New accounting standard | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
New accounting standard [Text Block] | 3. New accounting standard IAS 7, Statement of Cash Flows (“IAS 7”) In January 2016, the IASB issued amendments to IAS 7. The amendments are intended to clarify IAS 7 to improve information provided to users of financial statements about an entity’s financing activities. The application of the amendments to IAS 7 resulted in additional information on financing activities presented in Note 29. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Significant accounting policies [Text Block] | 4. Significant accounting policies The significant accounting policies applied in the preparation of the consolidated financial statements are described below. a) Basis of measurement The consolidated financial statements are prepared under the historical cost convention, except for the revaluation of certain financial assets at fair value. b) 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, liabilities and contingent liabilities (identifiable net assets) of the business on the basis of the 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, which period shall not exceed twelve months from the acquisition date and are adjusted to reflect the transaction as of the acquisition date. The Company recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of acquiree’s identifiable net assets. The results of businesses acquired during the period are consolidated into the consolidated financial statements from the date on which control commences (generally at the closing date when the acquirer legally transfers the consideration). When a business is acquired in a number of stages, the cost of each stage is compared with the fair value of the identifiable net assets at the date of that purchase. Any excess is treated as goodwill, and any discount is immediately recognized in the consolidated statement of income (loss) and comprehensive income (loss). If control is obtained or lost as a result of a transaction, the identifiable net assets are recognized on the balance sheet at fair value and the difference between the fair value recognized and the carrying value as at the date of the transaction is recognized in the consolidated statement of income (loss). Acquisition costs are expensed as incurred. c) Consolidation The Company’s financial statements consolidate the accounts of Osisko Gold Royalties Ltd and its subsidiaries. All intercompany transactions, balances and unrealized gains or losses from intercompany transactions are eliminated on consolidation. Subsidiaries are all entities over which the Company has the ability to exercise control. The Company controls an entity when the group 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. Subsidiaries are fully consolidated from the date on which control is transferred to Osisko and are de-consolidated from the date that control ceases. Accounting policies of subsidiaries are consistent with the policies adopted by Osisko. The principal subsidiaries of the Company and their geographic locations at December 31, 2017 were as follows: Entity Jurisdiction Economic Interest Osisko Bermuda Limited Bermuda 100% Coulon Mines Inc. Canada 100% (i) General Partnership Osisko James Bay Québec 100% Osisko Mining (USA) Inc. Delaware 100% (i) 76% as at December 31, 2016. d) Non-controlling interests Non-controlling interests represent an equity interest in a subsidiary owned by an outside party. The share of net assets of the subsidiary attributable to the non-controlling interests is presented as a component of equity. Their share of net income or loss and comprehensive income or loss is recognized directly in equity. Changes in the Company’s ownership interest in the subsidiary that do not result in a loss of control are accounted for as equity transactions. e) Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each consolidated entity and associate of the Company are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in Canadian dollars, which is the functional currency of the parent Company and some of its subsidiaries. Assets and liabilities of the subsidiaries that have a functional currency other than the Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the consolidated balance sheet date and revenues and expenses are translated at the average exchange rate over the reporting period. Gains and losses from these translations are recognized as currency translation adjustment in other comprehensive income (loss). (ii) Transactions and balances Foreign currency transactions, including revenues and expenses, are translated into the functional currency at the rate of exchange prevailing on the date of each transaction or valuation when items are re-measured. Monetary assets and liabilities denominated in currencies other than the operation’s functional currencies are translated into the functional currency at exchange rates in effect at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of those transactions and from period-end translations are recognized in the consolidated statement of income (loss). Non-monetary assets and liabilities are translated at historical rates, unless such assets and liabilities are carried at market value, in which case, they are translated at the exchange rate in effect at the date of the balance sheet. Changes in fair value attributable to currency fluctuations of non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in the consolidated statement of income (loss) as part of the fair value gain or loss. Such changes in fair value of non-monetary financial assets, such as equities classified at fair value through other comprehensive income, are included in other comprehensive income (loss). f) Financial instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. All financial instruments are required to be measured at fair value on initial recognition. The fair value is based on quoted market prices, unless the financial instruments are not traded in an active market. In this case, the fair value is determined by using valuation techniques like the Black-Scholes option pricing model or other valuation techniques. Measurement after initial recognition depends on the classification of the financial instrument. The Company has classified its financial instruments in the following categories depending on the purpose for which the instruments were acquired and their characteristics. (i) Financial assets Debt instruments Investments in debt instruments are subsequently measured at amortized cost when the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows and when the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Investments in debt instruments are subsequently measured at fair value when they do not qualify for measurement at amortized cost. Financial instruments subsequently measured at fair value can be carried at fair value with changes in fair value recorded in net income or loss unless they are held within a business model whose objective is to hold assets in order to collect contractual cash flows or sell the assets and when the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, in which case unrealized gains and losses are initially recognized in other comprehensive income (loss) for subsequent reclassification to net income or loss through amortization of premiums and discounts, impairment or derecognition. Equity instruments Investments in equity instruments are subsequently measured at fair value with changes recorded in net income or loss. Equity instruments that are not held for trading can be irrevocably designated at fair value through other comprehensive income (loss) on initial recognition without subsequent reclassification to net income. Cumulative gains and losses are transferred from accumulated other comprehensive income (loss) to retained earnings upon derecognition of the investment. Dividend income on equity instruments measured at fair value through other comprehensive income is recognized in the statement of income (loss) on the ex-dividend date. (ii) Financial Liabilities Financial liabilities are subsequently measured at amortized cost using the effective interest method, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value. Put and call options over non-controlling interests The terms of a put and/or a call over a non-controlling interest is analyzed to assess whether it gives the controlling interest in substance, the risks and rewards associated with ownership of the shares covered by the instruments. A put and call with a fair value exercise price is less likely to convey the risks and rewards of ownership to the controlling interest (i.e. the non-controlling shareholders still have present access to the associated benefits). In such cases, the Company uses the present access method in which the non-controlling interest continues to be recognized as such as it still has present access to the economic benefits associated with the underlying ownership interests. A financial liability is initially recognized against the parent’s equity for the repurchase obligation. The transaction is not treated as an anticipated acquisition. The Company has classified its financial instruments as follows: Category Financial instrument Financial assets at amortized cost Bank balances and cash on hand Guaranteed investment certificates Short-term debt securities Bonds Notes receivable Trade receivables Interest and dividend income receivable Amounts receivable from associates and other receivables Financial assets at fair value through profit or loss Investments in derivatives Financial assets at fair value through other comprehensive income Investments in shares and equity instruments, other than in derivatives Financial liabilities at amortized cost Accounts payable and accrued liabilities Liability related to share exchange rights Liability component of convertible debentures Borrowings under revolving credit facilities Derivatives Derivatives, other than warrants held in mining exploration, development and royalty companies, are only used for economic hedging purposes and not as speculative investments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently measured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Cash flow hedges The Company applies the hedge accounting requirements of IFRS 9, Financial Instruments . The fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months and it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income (loss) and accumulated in equity under accumulated other comprehensive income (loss). The gain or loss relating to the ineffective portion is recognised immediately in the consolidated statement of income (loss) within other gains, net. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains and losses previously deferred in equity are reclassified from equity and included in the initial measurement of the cost of the asset. When a hedging instrument expires, is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss deferred in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss. g) Impairment of financial assets At each reporting date, the Company assesses, on a forward-looking basis, the expected credit losses associated with its financial assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in the credit risk or if a simplified approach has been selected. The Company has two principal types of financial assets subject to the expected credit loss model: • Trade receivables; and • Investments in debt instruments measured at amortized cost. Accounts receivables The Company applies the simplified approach permitted by IFRS 9 for trade receivables (including amounts receivable from associates and other receivables), which requires lifetime expected credit losses to be recognized from initial recognition of the receivables. Investments in debt instruments To the extent that a debt instrument at amortized cost is considered to have low credit risk, which corresponds to a credit rating within the investment grade category and the credit risk has not increased significantly, the loss allowance is determined on the basis of 12 -month expected credit losses. If the credit risk has increased significantly, the lifetime expected credit losses are recognized. h) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held with banks and other highly liquid short-term investments with original maturities of three months or less or that can be redeemed at any time without penalties. i) Refundable tax credits for mining exploration expenses The Company is entitled to a refundable tax credit on qualified mining exploration and evaluation expenses incurred in the province of Québec. The credit is accounted for against the exploration and evaluation expenses incurred. j) Inventories Inventories are mainly comprised of gold and silver bullions and diamonds in saleable form that have not yet been sold. Inventories are valued at the lower of cost and net realizable value. Cost is determined on a weighted average basis. k) Investments in associates Associates are entities over which the Company has significant influence, but not control. The financial results of the Company’s investments in its associates are included in the Company’s results according to the equity method. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the Company’s share of profits or losses of associates after the date of acquisition. The Company’s share of profits or losses is recognized in the consolidated statement of income (loss) and its share of other comprehensive income or loss of associates is included in other comprehensive income (loss). Unrealized gains on transactions between the Company and an associate are eliminated to the extent of the Company’s interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Dilution gains and losses arising from changes in interests in investments in associates are recognized in the consolidated statement of income (loss). The Company assesses at each period-end whether there is any objective evidence that its investments in associates are impaired. If impaired, the carrying value of the Company’s share of the underlying assets of associates is written down to its estimated recoverable amount (being the higher of fair value less costs of disposal and value in use) and charged to the consolidated statement of income (loss). l) Royalty, stream and other interests Royalty, stream and other interests consist of acquired royalty, stream and other interests in producing, development and exploration and evaluation stage properties. Royalty, stream and other interests are recorded at cost and capitalized as tangible assets. They are subsequently measured at cost less accumulated depletion and depreciation and accumulated impairment losses. The major categories of the Company’s interests are producing, development and exploration and evaluation. Producing assets are those that have generated revenue from steady-state operations for the Company. Development assets are interests in projects that are under development, in permitting or feasibility stage and that in management’s view, can be reasonably expected to generate steady-state revenue for the Company in the near future. Exploration and evaluation assets represent properties that are not yet in development, permitting or feasibility stage or that are speculative in nature and are expected to require several years to generate revenue, if ever, or are currently not active. Producing and development royalty, stream and other interests are recorded at cost and capitalized in accordance with IAS 16, Property, Plant and Equipment On acquisition of a producing or a development royalty, stream and other interest, an allocation of the acquisition cost is made for the exploration potential based on its fair value. The estimated fair value of this acquired exploration potential is recorded as an asset (non-depreciable interest) on the acquisition date. Updated mineral reserve and resource information obtained from the operators of the properties is used to determine the amount to be converted from non-depreciable interest to depreciable interest. Royalty, stream and other interests for exploration and evaluation assets are recorded at cost and capitalized in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources Producing and development royalty, stream and other interests are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. Impairment is assessed at the level of Cash-Generating Units (‘‘CGU’’) which, in accordance with IAS 36, Impairment of Assets Royalty, stream and other interests for exploration and evaluation assets are assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. An interest that has previously been classified as exploration and evaluation is also assessed for impairment before reclassification to development or producing, and the impairment loss, if any, is recognized in net income. m) Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of an asset. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefit associated with the item will flow to the Company and the cost can be measured reliably. The carrying amount of a replaced asset is derecognized when replaced. Depreciation is calculated to amortize the cost of the property and equipment less their residual values over their estimated useful lives using the straight-line method and following periods by major categories: Leasehold improvements Lease term Furniture and office equipment 3 - 5 years Residual values, method of depreciation and useful lives of the assets are reviewed annually and adjusted if appropriate. Gains and losses on disposals of property and equipment are determined by comparing the proceeds with the carrying amount of the asset and are included as part of other gains (losses) n) Exploration and evaluation expenditures Exploration and evaluation assets are comprised of exploration and evaluation expenditures and mining properties acquisition costs. Expenditures incurred on activities that precede exploration and evaluation, being all expenditures incurred prior to securing the legal rights to explore an area, are expensed immediately. Exploration and evaluation assets include rights in mining properties, paid or acquired through a business combination or an acquisition of assets, and costs related to the initial search for mineral deposits with economic potential or to obtain more information about existing mineral deposits. Mining rights are recorded at acquisition cost less accumulated impairment losses. Mining rights and options to acquire undivided interests in mining rights are depreciated only as these properties are put into commercial production. Exploration and evaluation expenditures for each separate area of interest are capitalized and include costs associated with prospecting, sampling, trenching, drilling and other work involved in searching for ore like topographical, geological, geochemical and geophysical studies. They also reflect costs related to establishing the technical and commercial viability of extracting a mineral resource identified through exploration and evaluation or acquired through a business combination or asset acquisition. Exploration and evaluation expenditures include the cost of: (i) establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities; (ii) determining the optimal methods of extraction and metallurgical and treatment processes; (iii) studies related to surveying, transportation and infrastructure requirements; (iv) permitting activities; and (v) economic evaluations to determine whether development of the mineralized material is commercially justified, including scoping, prefeasibility and final feasibility studies. Exploration and evaluation expenditures include overhead expenses directly attributable to the related activities. Cash flows attributable to capitalized exploration and evaluation costs are classified as investing activities in the consolidated statement of cash flows under the heading exploration and evaluation Exploration and evaluation assets under a farm-out arrangement (where a farmee incurs certain expenditures in a property to earn an interest in that property) are accounted as follows: (i) the Company uses the carrying value of the interest before the farm-out arrangement as the carrying value for the portion of the interest retained; (ii) the Company credits any cash consideration received against the carrying amount of the portion of the interest retained, with an excess included as a gain in profit or loss; (iii) in the situation where a royalty interest is retained by the Company as a result of an interest earned by the farmee, the Company records the royalty interest received at an amount corresponding to the carrying value of the exploration and evaluation property at the time of the transfer in ownership; and (iv) the Company does not record exploration expenditures made by the farmee on the property. o) Goodwill Goodwill is recognized in a business combination if the cost of the acquisition exceeds the fair values of the identifiable net assets acquired. Goodwill is then allocated to the CGU or group of CGUs that are expected to benefit from the synergies of the combination. The Company performs goodwill impairment tests on an annual basis as at December 31 of each year. In addition, the Company assesses for indicators of impairment at each reporting period end and, if an indicator of impairment is identified, goodwill is tested for impairment at that time. If the carrying value of the CGU or group of CGUs to which goodwill is assigned exceeds its recoverable amount, an impairment loss is recognized. Goodwill impairment losses are not reversed. The recoverable amount of a CGU or group of CGUs is measured as the higher of value in use and fair value less costs of disposal. p) Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated statement of income (loss), except to the extent that it relates to items recognized in other comprehensive income (loss) or directly in equity. In this case, the tax is also recognized in other comprehensive income (loss) or directly in equity, respectively. Current income taxes The current income tax charge is the expected tax payable on the taxable income for the year, using the tax laws enacted or substantively enacted at the balance sheet date in the jurisdictions where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates (and laws) that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are presented as non-current and are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. q) Convertible debentures The liability and equity components of convertible debentures are presented separately on the consolidated balance sheet starting from initial recognition. The liability component is recognized initially at the fair value, by discounting the stream of future payments of interest and principal at the prevailing market rate for a similar liability of comparable credit status and providing substantially the same cash flows that do not have an associated conversion option. Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method; the liability component is increased by accretion of the discounted amounts to reach the nominal value of the debentures at maturity. The carrying amount of the equity component is calculated by deducting the carrying amount of the financial liability from the amount of the debentures and is presented in shareholders’ equity as equity component of convertible debenture r) Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from the proceeds in equity in the period where the transaction occurs. s) Warrants Warrants are classified as equity. Incremental costs directly attributable to the issuance of warrants are recognized as a deduction from the proceeds in equity in the period where the transaction occurs. t) Revenue recognition Revenue comprises revenues from the sale of commodities received under royalty, stream and other interest agreements and revenues earned directly from royalty, stream and other interest agreements. For royalty agreements paid in-kind and for stream and other interest agreements (including offtake agreements), revenue recognition occurs when the relevant commodity received from the operator is physically delivered and sold by the Company to its third party customers. Significant risks and rewards of ownership are passed to the buyer at the time of delivery, which also corresponds to the transfer of the title of the property. For royalty and stream agreements paid in cash, revenue recognition will depend on the related agreement. Revenue is measured at fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty, stream and other interest agreements. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of revenue 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. u) Operating leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the consolidated income statement on a straight-line basis over the period of the lease. v) Share-based compensation Share option plan The Company offers a share option plan for its directors, officers, employees and consultants. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognized over the tranche’s vesting period by increasing contributed surplus based on the number of awards expected to vest. The number of awards expected to vest is reviewed at least annually, with any impact being recognized immediately. Any consideration paid on exercise of share options is credited to share capital. The contributed surplus resulting from share-based compensation is transferred to share capital when the options are exercised. Deferred and restricted share units Deferred share units (“DSU”) and restricted share units (“RSU”) may be granted to employees, directors and officers as part of their long-term compensation package entitling them to receive payout in cash based on the Company’s share price at the relevant time. A liability for DSU and RSU is measured at fair value on the grant date and is subsequently adjusted at each balance sheet date for changes in fair value according to the estimation made by management of the number of DSU and RSU that will eventually vest. The liability is recognized over the vesting period, with a corresponding charge to share-based compensation w) Earnings per share The calculation of earnings per share (“EPS”) is based on the weighted average number of shares outstanding for each period. The basic EPS is calculated by dividing the profit or loss attributable to the equity owners of Osisko by the weighted average number of common shares outstanding during the period. The computation of diluted EPS assumes the conversion, exe |
Accounting standards issued but
Accounting standards issued but not yet effective | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Accounting standards issued but not yet effective [Text Block] | 5. Accounting standards issued but not yet effective The Company has not yet adopted certain standards, interpretations to existing standards and amendments which have been issued but have an effective date of later than January 1, 2017. Many of these updates are not relevant to the Company and are therefore not discussed herein. IFRS 15, Revenue from contracts with customers (“IFRS 15”) In May 2014, the IASB issued IFRS 15. IFRS 15 replaces all previous revenue recognition standards, including IAS 18, Revenue The new standard is effective for annual periods beginning on or after January 1, 2018, with early adoption permitted. Management has evaluated the impact that this standard will have on its consolidated financial statements and has concluded that, based on its current operations, the adoption of IFRS 15 as of January 1, 2018 will have no significant impact on the Company’s consolidated financial statements. IFRS 16, Leases (“IFRS 16”) In January 2016, the IASB issued IFRS 16. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, which is the customer (“lessee”) and the supplier (“lessor”). IFRS 16 replaces IAS 17, Leases i) assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value; and ii) depreciation of lease assets separately from interest on lease liabilities in the statement of income (loss). The new standard is effective for annual periods beginning on or after January 1, 2019. Management has not yet evaluated the impact that this standard will have on its consolidated financial statements. However, the impact is currently not expected to be significant given the limited extent of the Company’s current lease commitments, as disclosed in Note 34. IFRIC 22, Foreign currency translation and advance consideration (“IFRIC 22”) In December 2016, the IASB issued IFRIC 22 that addresses foreign currency transactions or parts of transactions where there is consideration that is denominated or priced in a foreign currency; the entity recognizes a prepayment asset or a deferred income liability in respect of that consideration, in advance of the recognition of the related asset, expense or income; and the prepayment asset or deferred income liability is non-monetary. The Interpretations Committee came to the conclusion that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability. If there are multiple payments or receipts in advance, a date of transaction is established for each payment or receipt. IFRIC 22 is effective for annual reporting periods beginning on or after January 1, 2018. Management has evaluated the impact that this standard will have on its consolidated financial statements and has concluded that, based on its current operations, the adoption of IFRIC 22 as of January 1, 2018 will have no significant impact on the Company’s consolidated financial statements. |
Critical accounting estimates a
Critical accounting estimates and judgements | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Critical accounting estimates and judgements [Text Block] | 6. Critical accounting estimates and judgements The preparation of financial statements in conformity with IFRS requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company also makes estimates and assumptions concerning the future. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience and current and expected economic conditions. Actual results could differ from those estimates. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions Mineral reserves and resources Royalty, stream and other interests comprise a large component of the Company’s assets and as such, the mineral reserves and resources of the properties to which the interests relate have a significant effect on the Company’s consolidated financial statements. These estimates are applied in determining the depletion of the Company’s royalty, stream and other interests and assessing the recoverability of the carrying value of royalty, stream and other interests. For royalty, stream and other interests, the public disclosures of mineral reserves and resources that are released by the operators of the properties involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. These assumptions are, by their very nature, subject to interpretation and uncertainty. The estimates of mineral reserves and resources may change based on additional knowledge gained subsequent to the initial assessment. Changes in the estimates of mineral reserves and resources may materially affect the recorded amounts of depletion and the assessed recoverability of the carrying value of royalty, stream and other interests. Impairment of royalty, stream and other interests The assessment of the fair values of royalty, stream and other interests requires the use of estimates and assumptions for recoverable production, long-term commodity prices, discount rates, mineral reserve/resource conversion, foreign exchange rates, future capital expansion plans and the associated production implications. In addition, the Company may use other approaches in determining fair value which may include estimates related to (i) dollar value per ounce of mineral reserve/resource; (ii) cash-flow multiples; and (iii) market capitalization of comparable assets. Changes in any of the estimates used in determining the fair value of the royalty, stream and other interests could impact the impairment analysis. Impairment of goodwill The Company performs goodwill impairment tests on an annual basis as at December 31 of each year. In addition, the Company assesses for indicators of impairment at each reporting period end and, if an indicator of impairment is identified, goodwill is tested for impairment at that time. For the purpose of impairment testing, goodwill is allocated to each CGU or group of CGUs expected to benefit from the synergies of the combination. When completing an impairment test, the Company calculates the estimated recoverable amount of CGU or group of CGUs, which requires management to make estimates and assumptions with respect to items such as future production levels, long-term commodity prices, foreign exchange rates, discount rates and exploration potential. These estimates and assumptions are subject to risk and uncertainty. Therefore, there is a possibility that changes in circumstances will have an impact on these projections, which may impact the recoverable amount of the CGU or group of CGUs. Accordingly, it is possible that some or the entire carrying amount of goodwill may be further impaired with the impact recognized in the consolidated statement of income (loss). The Company performs annual impairment tests using the fair value less cost of disposal of the group of CGUs supporting the goodwill and using discounted cash flows with the most recent budgets and forecasts available, including information from external sources. The periods to be used for the projections are based on the expected production from the mines, the proven and probable mineral reserves and a portion of the resources. The discount rate to be used takes into consideration the different risk factors of the Company. Critical judgements in applying the Company’s accounting policies Business combinations The assessment of whether an acquisition meets the definition of a business, or whether assets are acquired is an area of key judgment. The assumptions and estimates with respect to determining the fair value of assets acquired and liabilities assumed, and of royalty, stream and other interests and exploration and evaluation properties in particular, generally requires a high degree of judgment. Changes in the judgements made could impact the amounts assigned to assets and liabilities. Investee – significant influence The assessment of whether the Company has a significant influence over an investee requires the use of judgements when assessing factors that could give rise to a significant influence. Factors which could lead to the conclusion of having a significant influence over an investee include, but are not limited to, ownership percentage; representation on the board of directors; participation in the policy-making process; material transactions between the investor and the investee; interchange of managerial personnel; provision of essential technical information; and potential voting rights. Changes in the judgements used in determining if the Company has a significant influence over an investee would impact the accounting treatment of the investment in the investee. Impairment of exploration and evaluation assets and royalty, stream and other interests on exploration and evaluation properties Assessment of impairment of exploration and evaluation assets (including exploration and evaluation assets under a farm- out agreement) and royalty, stream and other interests on exploration and evaluation properties requires the use of judgements when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment test on the Company’s exploration and evaluation assets and royalty, stream and other interests on exploration and evaluation properties. Factors which could trigger an impairment review include, but are not limited to, an expiry of the right to explore in the specific area during the period or on expiry in the near future, with no expectation to renew; substantive exploration and evaluation expenditures in a specific area, taking into consideration such expenditures to be incurred by a farmee, is neither budgeted nor planned; exploration for and evaluation of mineral resources in a specific area have not led to the discovery of commercially viable quantities of mineral resources and the Company has decided to discontinue such activities in the specific area; sufficient data exists to indicate that, although a development in a specific area is likely to proceed, the carrying amount of the assets is unlikely to be recovered in full from successful development or by sale; significant negative industry or economic trends; interruptions in exploration and evaluation activities by the Company or its farmee; and a significant drop in current or forecast commodity prices. Changes in the judgements used in determining the fair value of the exploration and evaluation assets and royalty, stream and other interests on exploration and evaluation properties could impact the impairment analysis. Impairment of development and producing royalty, stream and other interests and goodwill Assessment of impairment of development and producing royalty, stream and other interests and goodwill requires the use of judgment when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment test on the Company’s development and producing royalty, stream and other interests or goodwill. Factors which could trigger an impairment review include, but are not limited to, a significant market value decline; net assets higher than the market capitalization; a significant reduction in mineral reserve and resources; significant negative industry or economic trends; interruptions in production activities; significantly lower production than expected; and a significant drop in current or forecast commodity prices. Changes in the judgements used in determining the fair value of the producing royalty, stream and other interests or goodwill could impact the impairment analysis. Deferred income tax assets Management continually evaluates the likelihood that it is probable that its deferred tax assets will be realized. This requires management to assess whether it is probable that sufficient taxable income will exist in the future to utilize these losses within the carry-forward period. By its nature, this assessment requires significant judgment. |
Business combination
Business combination | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Business combination [Text Block] | 7. Business combination On July 31, 2017, Osisko acquired a precious metals portfolio of assets from Orion Mine Finance Group (“Orion”) consisting of 61 royalties, 6 streams and 7 precious metal offtakes for $1.1 billion. The final acquisition price was comprised of US$504.8 million ($630.1 million) in cash consideration, representing the agreed upon purchase price of US$500.6 million ($625.0 million) plus US$4.2 million ($5.1 million) for the working capital acquired, and 30,906,594 common shares of Osisko issued to Orion (the “Purchase Price”) (the “Transaction”). Any sale of the shares issued to Orion is subject to certain restrictions, including a 12 -month hold period and a broad distribution requirement. The combination of Osisko and Orion’s Portfolio resulted in Osisko holding a total of 131 royalties, streams and offtakes, including 16 revenue-generating assets on July 31, 2017. Through the Transaction, the Company acquired a 9.6% diamond stream on the Renard diamond mine and a 4% gold and silver stream on the Brucejack gold and silver mine, both of which are new mines in Canada, in addition to a 100% silver stream on the Mantos Blancos copper mine in Chile. As part of the Transaction, CDP Investissements Inc., an affiliate of Caisse de dépôt et placement du Québec (“Caisse”) and the Fonds de solidarité des travailleurs du Québec (F.T.Q.) (“Fonds F.T.Q.”) subscribed for $200 million and $75 million in common shares of Osisko, respectively, as part of a concurrent private placement (“Private Placement”) to fund a portion of the cash consideration and support the Transaction. A total of 18,887,363 common shares were issued at a price of $14.56 per share under the Private Placement. The Private Placement was subject to a 7% capital commitment payment payable partially in shares ( 2% representing 385,457 common shares) and in cash ( 5% representing $13.8 million). Additional fees of $376,000 ($275,000 net of income taxes) were incurred for the financing. Additionally, Osisko drew US$118.0 million ($147.3 million) under its revolving credit facility with the National Bank of Canada and Bank of Montreal, settled the foreign exchange forward contracts (Note 30) by disbursing $275 million to receive US$204.0 million and paid US$182.8 million ($228.9 million) from Osisko’s current cash and cash equivalents balance. The acquisition of Orion’s Portfolio meets the definition of a business combination. Consequently, the transaction has been recorded as a business combination with Osisko as the acquirer. The assets acquired and the liabilities assumed were recorded at their estimated fair market values at the time of the closing of the acquisition, being July 31, 2017. The transaction costs related to the acquisition were expensed under business development expenses and amounted to $8.9 million. As of the reporting date, the Company has completed the purchase price allocation over the identifiable net assets of Orion’s Portfolio. Adjustments between the preliminary and final purchase price allocation are related to adjustments to the working capital acquired (decrease in the consideration paid in cash of $1.0 million) and the final fair values of royalty, stream and other interests acquired (decrease of $1.0 million). The table below presents the purchase price allocation: Consideration paid $ Cash (1) 648,385 Issuance of 30,906,594 common shares (2) 445,333 1,093,718 Net assets acquired $ Cash and cash equivalents 8,707 Other current assets 1,217 Royalty, stream and other interests 1,116,115 Current liabilities (435 ) Deferred income tax liability (31,886 ) 1,093,718 (1) Including the loss on settlement of derivative financial instruments (cash flow hedges) of $18.2 million, net of income taxes of $2.8 million. (2) The fair value of the consideration paid in common shares represents the fair value of the shares on July 31, 2017 minus an illiquidity discount to take into account the twelve-month restrictions on their sales. For the year ended December 31, 2017, the revenues and net earnings of the acquiree included in the statement of income (loss) amounted to $139,509,000 and $232,000, respectively. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Cash and cash equivalents [Text Block] | 8. Cash and cash equivalents December 31, December 31, 2017 2016 $ $ Cash 266,785 404,347 Cash equivalents 66,920 94,902 333,705 499,249 Cash equivalents are comprised of banker’s acceptances bearing a weighted average interest rate of 1.25% and having maturity dates in January 2018. As at December 31, 2017 and 2016, cash held in U.S. dollars amounted respectively to $69.5 million (US$55.4 million) and $243.0 million (US$181.0 million). |
Short-term investments
Short-term investments | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Short-term investments [Text Block] | 9. Short-term investments As at December 31, 2016, short-term investments included two notes receivable (interest rate of 7%) from a gold producer for which the Company holds royalty interests. The two notes receivable were repaid in 2017. In 2016, short-term investments also included a guaranteed investment certificate of $100,000 issued by a Canadian financial institution having an interest rate of 2.75% and a maturity date in July 2017. |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Accounts receivable [Text Block] | 10. Accounts receivable December 31, December 31, 2017 2016 $ $ Tax credits 4,091 6,034 Interest and dividend income receivable 1,508 852 Amounts receivable from associates (i) 1,245 720 Revenues receivable from royalty, stream and other interests 924 - Sales taxes and other receivables 617 810 8,385 8,416 (i) Amounts receivable from associates for cost recoveries are mainly related to professional services and office rent. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Inventories [Text Block] | 11. Inventories As at December 31, 2017, inventories are mainly comprised of unsold ounces of gold bullion acquired from offtake agreements, which were sold in January 2018. |
Investments in associates
Investments in associates | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Investments in associates [Text Block] | 12. Investments in associates 2017 2016 $ $ Balance – January 1 82,902 44,011 Acquisitions 136,529 14,974 Exercise of warrants 14,519 775 Transfer from other investments - 13,068 Share of loss, net (6,114 ) (6,623 ) Share of other comprehensive income (loss), net (537 ) 1,264 Net gain on ownership dilution 30,560 12,023 Disposals (426 ) - Gain on disposal (i) - 3,410 Balance – December 31 257,433 82,902 (i) In March 2016, Osisko Mining Inc. (“Osisko Mining”), an associate, acquired NioGold Mining Corp. (“NioGold”), another associate. This transaction generated a gain on the disposal of the shares of NioGold. Material investments Osisko Mining Inc. Osisko Mining is a Canadian focused gold exploration and development company. In 2016, Osisko acquired a 1% NSR royalty on properties held by Osisko Mining for $5.0 million, which includes a 1% NSR royalty on the Windfall Lake gold project (bringing the total NSR royalty on the Windfall Lake gold project to 1.5%, including the 0.5% NSR royalty acquired in 2015), where Osisko Mining is currently pursuing significant drilling activities. In March 2016, Osisko Mining acquired all of the outstanding shares of NioGold. The Company invested $6.8 million in Osisko Mining in 2016 and an additional $40.1 million in 2017. As at December 31, 2017, the Company holds 32,302,034 common shares representing 15.5% interest in Osisko Mining ( 13.5% as at December 31, 2016). Based on the fact that some officers and directors of Osisko are also officers and directors of Osisko Mining, and because of other facts and circumstances, the Company concluded that it exercises significant influence over Osisko Mining since 2014 and accounts for its investment using the equity method. Barkerville Gold Mines Ltd. Barkerville Gold Mines Ltd. (“Barkerville”) is focused on the development of its extensive land package located in the historical Cariboo Mining District of central British Columbia, Canada. In November, 2015, Osisko and Barkerville entered into an agreement for Osisko to acquire a 1.5% NSR royalty on the Cariboo Gold project for cash consideration of $25.0 million. In April, 2017, Osisko acquired an additional 0.75% NSR royalty on the Cariboo gold project for cash consideration of $12.5 million, increasing the total NSR royalty held by Osisko to 2.25% . In 2016 and 2017, Osisko acquired common shares of Barkerville for $8.2 million and $52.1 million, respectively. As at December 31, 2017, the Company holds 142,309,310 common shares representing a 32.7% interest in Barkerville ( 17.3% as at December 31, 2016). Based on the fact that the chair of the Board of Directors and chief executive officer of Osisko is also the chair of the Board of Directors of Barkerville, and because of other facts and circumstances, the Company concluded that it exercises significant influence over Barkerville since 2016 and accounts for its investment using the equity method. Dalradian Resources Inc. Dalradian Resources Inc. (“Dalradian”) is a mineral exploration and development company focused on advancing its high- grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom. On October 10, 2017, Osisko entered into a subscription agreement with Dalradian pursuant to which Osisko made an investment of $28.3 million into Dalradian by way of a non-brokered private placement to acquire 19,217,687 common shares. In 2017, Osisko also exercised warrants for $6.5 million in exchange for 6,250,000 common shares of Dalradian. As at December 31, 2017, the Company holds 31,717,687 common shares representing an 8.9% interest in Dalradian ( 2.6% as at December 31, 2016). Based on the fact that the chair of the Board of Directors and chief executive officer of Osisko is also a director of Dalradian, and because of other facts and circumstances, the Company concluded that it exercises significant influence over Dalradian since 2012 and accounts for its investment using the equity method. Falco Resources Ltd. Falco Resources Ltd.’s (“Falco”) main asset is the Horne 5 gold project, for which a positive feasibility study was released in October 2017. In 2016, Osisko entered into a financing agreement of $10.0 million with Falco, bearing an interest rate of 7%, which will be applied against a stream deposit to be negotiated by May 31, 2018 (the original maturity date was October 31, 2017, which was subsequently extended by six months) or converted into a 1% NSR royalty on the Horne 5 project if no stream agreement is concluded. In 2016 and 2017, Osisko acquired common shares in Falco for $3.3 million and $4.0 million, respectively. As at December 31, 2017, the Company holds 23,927,005 common shares representing a 12.7% interest in Falco ( 14.2% as at December 31, 2016). Based on the fact that some officers and directors of Osisko are also officers and directors of Falco, and because of other facts and circumstances, the Company concluded that it exercises significant influence over Falco since 2014 and accounts for its investment using the equity method. The financial information of the individually material associates is as follows and includes adjustments to the accounting policies of the associates to conform to those of Osisko (in thousands of dollars): Osisko Mining Barkerville Dalradian Falco 2017 (i) 2016 (ii) 2017 (i) 2016 (ii) 2017 (i) 2016 (ii) 2017 (iii) 2016 (iv) $ $ $ $ $ $ $ $ Current assets 108,439 100,963 67,162 34,698 50,088 44,095 34,703 34,242 Non-current assets 290,332 173,334 31,659 16,000 164,310 117,894 87,300 35,657 Current liabilities 23,657 4,972 15,709 10,211 6,437 4,116 25,567 16,516 Non-current liabilities 15,941 5,882 15,634 5,229 685 1,058 8,424 5,315 Revenues - - - - - - - - Net loss from continuing operations (19,741 ) (10,051 ) (6,733 ) (9,744 ) (8,884 ) (7,609 ) (6,677 ) (8,972 ) Net loss from discontinued operations, net of taxes - (5 ) - - - - - - Other comprehensive income (loss) (954 ) 9,695 175 (19 ) - - - - Comprehensive loss (20,695 ) (361 ) (6,558 ) (9,763 ) (8,884 ) (7,609 ) (6,677 ) (8,972 ) Carrying value of investment (v) 73,635 36,680 89,556 16,909 40,122 3,924 15,652 12,330 Fair value of investment (v) 109,504 53,491 106,732 24,253 42,026 7,313 20,817 18,535 (i) Information is for the reconstructed twelve months ended September 30, 2017 and as at September 30, 2017. (ii) Information is for the reconstructed twelve months ended September 30, 2016 and as at September 30, 2016. (iii) Information is for the reconstructed twelve months ended December 31, 2017 and as at December 31, 2017. (iv) Information is for the reconstructed twelve months ended December 31, 2016 and as at December 31, 2016. (v) As at December 31, 2017 and 2016. Investments in immaterial associates The Company has interests in a number of individually immaterial associates that are accounted for using the equity method. The aggregate financial information on these associates is as follows: 2017 2016 $ $ Aggregate amount of the Company’s share of net loss (2,725 ) (1,645 ) Aggregate amount of the Company’s share of other comprehensive income (loss) 459 (382 ) Aggregate carrying value of investments 38,468 16,983 Aggregate fair value of investments 53,061 28,176 |
Other investments
Other investments | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Other investments [Text Block] | 13. Other investments 2017 2016 $ $ Fair value through profit or loss (warrants) Balance – January 1 10,935 1,578 Acquisitions 9,662 3,278 Exercise (14,170 ) (311 ) Change in fair value 1,665 6,390 Balance – December 31 8,092 10,935 Fair value through other comprehensive income (shares) Balance – January 1 97,274 93,607 Acquisitions 72,719 71,137 Exercise of warrants 500 - Interests on financial assets at amortized cost paid in shares 12 26 Change in fair value 6,139 74,914 Disposals (69,803 ) (129,342 ) Transfer to investments in associates - (13,068 ) Balance – December 31 106,841 97,274 Amortized cost Balance – January 1 200 10,300 Transfer to short-term investments - (100 ) Conversion to royalty interests (i) - (10,000 ) Balance – December 31 200 200 Total 115,133 108,409 (i) Conversion of a secured note receivable of $10.0 million with Highland Copper Company Inc. (“Highland Copper”) into a 3.0% NSR royalty on all metals produced from the mineral rights and leases associated with the Copperwood project. Upon closing of the acquisition of the White Pine project, Highland Copper will grant Osisko a 1.5% NSR royalty on all metals produced from the White Pine project, and Osisko's NSR royalty on the Copperwood project will be reduced to 1.5%. |
Royalty, stream and other inter
Royalty, stream and other interests | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Royalty, stream and other interests [Text Block] | 14. Royalty, stream and other interests 2017 2016 Royalty Stream Offtake interests interests interests Total Royalty interests $ $ $ $ $ Balance – Beginning of period 494,768 - - 494,768 449,439 Acquisitions (i),(ii), 26,681 53,438 - 80,119 50,250 Business combination (iii) 353,314 656,602 106,199 1,116,115 - Conversion of a note receivable - - - - 10,000 Sale - - - - (3,630 ) Depletion (15,475 ) (11,283 ) (1,307 ) (28,065 ) (11,291 ) Impairment (89,000 ) - - (89,000 ) - Translation adjustments 242 1,321 272 1,835 - Balance – End of period 770,530 700,078 105,164 1,575,772 494,768 Producing Cost 503,340 582,466 66,812 1,152,618 431,455 Accumulated depletion (27,352 ) (11,242 ) (1,307 ) (39,901 ) (11,879 ) Accumulated impairment (89,000 ) - - (89,000 ) - Net book value – End of period 386,988 571,224 65,505 1,023,717 419,576 Development Cost 194,535 118,094 30,793 343,422 - Accumulated depletion - - - - - Net book value – End of period 194,535 118,094 30,793 343,422 - Exploration and evaluation Cost 189,007 10,760 8,866 208,633 75,192 Accumulated depletion - - - - - Net book value – End of period 189,007 10,760 8,866 208,633 75,192 Total net book value – End of period 770,530 700,078 105,164 1,575,772 494,768 (i) On April 19, 2017, Osisko acquired an additional 0.75% NSR royalty on the Cariboo gold project from Barkerville for cash consideration of $12.5 million, increasing the total NSR royalty held by Osisko on the Cariboo gold project to 2.25%. The grant of the additional royalty cancelled Osisko’s royalty acquisition right which was granted pursuant to an investment agreement between Osisko and Barkerville dated February 5, 2016. However, Osisko retains a right of first refusal relating to any gold stream offer received by Barkerville with respect to the Cariboo gold project. (ii) On March 3, 2017, Osisko acquired from Gibraltar Mines Ltd. (“Gibco”), a wholly-owned subsidiary of Taseko Mines Limited (“Taseko”) having a 75% interest in the Gibraltar copper mine (“Gibraltar”), a silver stream with reference to silver produced at Gibraltar, located in British Columbia, Canada. Osisko paid Taseko cash consideration of US$33.0 million ($44.3 million) to purchase a silver stream and 3.0 million warrants of Taseko. Each warrant allows Osisko to acquire one common share of Taseko at a price of $2.74 until April 1, 2020. The fair value of the warrants was evaluated at $1,780,000 using the Black-Scholes option pricing model and the residual value of $42,678,000 was attributed to the silver stream (including $175,000 of transaction fees). (iii) On July 31, 2017, Osisko acquired a precious metals portfolio of assets from Orion consisting of 61 royalties, 7 precious metal offtakes and 6 streams. Through the Transaction, the Company acquired a 9.6% diamond stream on the Renard diamond mine and a 4% gold and silver stream on the Brucejack gold and silver mine, both of which are new mines in Canada, in addition to a 100% silver stream on the Mantos Blancos copper mine in Chile. Buy-back and buy-down rights Some royalty, stream and offtake interests are subject to buy-back and/or buy-down rights held by the operators. The significant buy-back and buy-down rights are described below. Brucejack stream The buy-back and buy-down rights held by Pretium Resources Inc. on the Brucejack stream are as follows: Right Description Election date Total Buy-back (2018) Right to repurchase the entire stream December 31, 2018 US$119.0 million ($149.3 million) Buy-down (2018) Right to reduce the stream percentage from 4% to 1.5% December 31, 2018 US$75.0 million ($94.1 million) Buy-back (2019) Right to repurchase the entire stream December 31, 2019 US$136 million ($170.6 million) Buy-down (2019) Right to reduce the stream percentage from 4% to 2% December 31, 2019 US$75.0 million ($94.1 million) Impairment of royalty, stream and other interests The operator of the Éléonore gold mine in Québec, Canada reviewed its guidance on long-term annual gold production to 400,000 ounces, which is significantly lower compared to the design capacity of 600,000 ounces. This was considered an indicator of impairment among other facts and circumstances and, accordingly, management performed an impairment assessment as at December 31, 2017. The Company recorded an impairment charge of $89.0 million ($65.4 million net of income taxes) on the Éléonore NSR royalty for the year ended December 31, 2017. The Éléonore NSR royalty was written down to its estimated recoverable amount of $300.0 million, which was determined by the fair value less cost of disposal using a discounted cash-flows approach. The fair value of the Éléonore NSR royalty is classified as level 3 of the fair value hierarchy because the main valuation inputs used are significant unobservable inputs. The main valuation inputs used were the cash flows expected to be generated by the sale of gold received from the Éléonore NSR royalty based on the long-term annual gold production of 400,000 ounces over the estimated life of the Éléonore mine, the long-term gold price of US$1,300 per ounce and a post-tax real discount rate of 4.2% . A sensitivity analysis was performed by management for the long-term gold price and the post-tax real discount rate (in isolation). If the long-term gold price applied to the cash flow projections had been 10% lower than management’s estimates (US$1,170 per ounce instead of US$1,300 per ounce), the Company would have recognized an additional impairment charge of $30.0 million. If the post-tax real discount rate applied to the cash flow projections had been 1% higher than management’s estimates ( 5.2% instead of 4.2%), the Company would have recognized an additional impairment charge of $35.0 million. |
Exploration and evaluation
Exploration and evaluation | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Exploration and evaluation [Text Block] | 15. Exploration and evaluation 2017 201 6 (i) $ $ Net book value - January 1 100,038 96,220 Additions 2,745 8,245 Disposals - (812 ) Investments tax credits (601 ) (3,430 ) Share-based compensation capitalized - 483 Impairment - (668 ) Net book value - December 31 102,182 100,038 Balance – December 31 Cost 103,042 100,898 Accumulated impairment (860 ) (860 ) Net book value - December 31 102,182 100,038 (i) Effective October 4, 2016, Osisko entered into an earn-in agreement with Osisko Mining, which was subsequently amended to create two separate earn-in agreements. Under the first earn-in agreement, Osisko Mining may earn a 100% interest in 26 of Osisko’s exploration properties located in the James Bay area and Labrador Trough (excluding the Coulon copper-zinc project and four other exploration properties) upon completing expenditures of $26.0 million over a 7 -year period; Osisko Mining may earn a 50% interest upon completing expenditures totaling $15.6 million over a 4 -year period. Under the second earn-in agreement, Osisko Mining may earn a 100% interest in the Kan property upon completing expenditures totaling $6.0 million over a 7 -year period, which represents the guaranteed expenditures to be incurred by Barrick Gold Corporation (“Barrick”), following an earn-in agreement signed between Osisko Mining and Barrick where Barrick committed to spend $15.0 million on the Kan property; Osisko Mining may earn a 50% interest upon completing expenditures totaling $3.6 million over a 4 -year period. Osisko will retain an escalating NSR royalty ranging from 1.5% to 3.5% on precious metals and a 2.0% NSR royalty on other metals and minerals produced from the 27 properties. New properties acquired by Osisko Mining in a designated area during the 7 -year term will be subject to a royalty agreement in favour of Osisko with similar terms. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Goodwill [Text Block] | 16. Goodwill The Company’s goodwill is allocated to a group of cash generating units, the Éléonore NSR royalty and the Canadian Malartic NSR royalty (“CGUs”). The Company tests whether goodwill has suffered any impairment on an annual basis. The recoverable amount of the CGUs is determined based on fair value less cost of disposal calculations using a discounted cash-flows approach, which require the use of assumptions and unobservable inputs, and therefore is classified as level 3 of the fair value hierarchy. The calculations use cash flow projections expected to be generated by the sale of gold and silver received from the CGUs based on annual gold and silver production over their estimated life from publicly released technical information by the operators to predict future performance. The following table sets out the key assumptions for the CGUs in addition to annual gold and silver production over the estimated life of the Éléonore and Canadian Malartic mines: 2017 2016 Long-term gold price (per ounce) US$1,300 US$1,280 Long-term silver price (per ounce) US$18 US$17 Post-tax real discount rate 4.2% 5.0% Management has determined the values assigned to each of the above key assumptions as follows: Assumption Approach used to determining values Long-term gold price Based on current gold market trends consistent with external sources of information, such as long-term gold price consensus. Long-term silver price Based on current silver market trends consistent with external sources of information, such as long-term silver price consensus. Post-tax real discount rate Reflects specific risks relating to gold mines operating in Québec, Canada. The Company’s management has considered and assessed reasonably possible changes for key assumptions and has not identified any instances that could cause the carrying amount of the CGUs to exceed their recoverable amounts. |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Accounts payable and accrued liabilities [Text Block] | 17. Accounts payable and accrued liabilities December 31, December 31, 2017 2016 $ $ Trade payables 411 1,394 Payables on metals received from offtakes 3,710 - Accrued interests on long-term debt 2,081 38 Other accrued liabilities 2,070 628 Sale taxes and other payables 7,038 5,378 15,310 7,438 |
Provisions and other liabilitie
Provisions and other liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Provisions and other liabilities [Text Block] | 18. Provisions and other liabilities 2017 2016 Share exchange DSU and Share exchange DSU and rights (i) RSU (ii) Total rights (i) RSU (ii) Total $ $ $ $ $ $ Balance – January 1 10,692 5,894 16,586 7,067 3,109 10,176 Accretion expense 299 - 299 236 - 236 New liabilities 988 7,053 8,041 3,389 3,787 7,176 Settlement of liabilities (11,979 ) (5,539 ) (17,518 ) - - - Extinguished liabilities - (59 ) (59 ) - (268 ) (268 ) Revision of estimates - 319 319 - (734 ) (734 ) Balance – December 31 - 7,668 7,668 10,692 5,894 16,586 Current portion - 5,632 5,632 - 4,153 4,153 Non-current portion - 2,036 2,036 10,692 1,741 12,433 - 7,668 7,668 10,692 5,894 16,586 (i) The liability related to share exchange rights represented a put option held by the non-controlling shareholders in Mines Coulon Inc., a subsidiary of the Company. On October 20, 2017 (or before under certain conditions), the non-controlling shareholders had the option to convert their shares of Mines Coulon Inc. for an amount corresponding to 75% of the cost of their investment, such amount to be settled by the issuance of a variable number of common shares of the Company based on the fair market value of the Company’s shares at the time of conversion. In October 2017, the exercise date of the option was postponed by one month to November 20, 2017. In November 2017, the share exchange rights were exercised by the non-controlling interests and 772,810 common shares were issued. The put option was initially measured at the present value of the redemption amount of the option. The financial liability was subsequently measured at amortized cost using the effective interest method with any differences recognized as finance costs in the consolidated statement of income (loss). In 2017, prior to the exercise of the share exchange rights, the non-controlling interests had invested $1.3 million in Mines Coulon Inc. ($4.5 million in 2016). (ii) The Deferred Share Units and Restricted Share Units Plans are described in Note 22. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Long-term debt [Text Block] | 19. Long-term debt The movements in the long-term debt are as follows: 2017 2016 $ $ Balance - January 1 45,780 - New debt – convertible debentures (i),(ii) 279,469 45,706 Transaction costs – convertible debentures (i),(ii) (10,735 ) (709 ) New debt – revolving credit facility (iii) 147,323 - Amortization of transaction costs 427 114 Accretion expense 1,336 669 Foreign exchange revaluation impact 708 - Balance - December 31 464,308 45,780 The summary of the long-term debt is as follows: December 31, December 31, 2017 2016 $ $ Convertible debentures (i),(ii) 350,000 50,000 Revolving credit facility (iii) 148,031 - Long-term debt 498,031 50,000 Unamortized debt issuance costs (10,903 ) (594 ) Unamortized accretion on convertible debentures (22,820 ) (3,626 ) Long-term debt, net of issuance costs 464,308 45,780 Current portion - - Non-current portion 464,308 45,780 464,308 45,780 (i) Convertible debenture (2016) In February 2016, the Company issued a senior non-guaranteed convertible debenture of $50.0 million to Ressources Québec, a wholly-owned subsidiary of Investissement Québec. The convertible debenture bears interest at a rate of 4.0% per annum payable on a quarterly basis and has a five-year term maturing on February 12, 2021. Ressources Québec will be entitled, at its option, to convert the debenture into common shares of the Company at a price of $19.08 at any time during the term of the debenture. Osisko has paid a 1% financing fee to Ressources Québec and has reimbursed its costs incurred in connection with the financing. At initial recognition, net proceeds after transaction costs of $775,000 amounted to $49,225,000. Of this amount, the liability and equity components represented respectively $44,997,000 (net of transaction costs of $709,000) and $3,091,000 (net of transaction costs of $66,000 and income taxes of $1,137,000). The effective interest rate used is 6% representing the estimated market rate at closing that the Company would obtain for similar financing without the conversion option. (ii) Convertible debentures (2017) In November 2017, the Company closed a bought-deal offering of convertible senior unsecured debentures (the “Debentures”) in an aggregate principal of $300.0 million (the “Offering”). The Offering was comprised of a public offering, by way of a short form prospectus, of $184.0 million aggregate principal amount of Debentures and a private placement offering of $116.0 million aggregate principal amount of Debentures. The underwriters have received a commission of 3.55% related to the Offering. Osisko plans to use the net proceeds from the Offering to fund the acquisition of precious metal royalties and streams, working capital and general corporate purposes. The Debentures bear interest at a rate of 4.0% per annum, payable semi-annually on June 30 and December 31 of each year, commencing on June 30, 2018. The Debentures will be convertible at the holder’s option into common shares of the Company at a conversion price equal to $22.89 per common share. The Debentures will mature on December 31, 2022 and may be redeemed by Osisko, in certain circumstances, on or after December 31, 2020. The Debentures are listed for trading on the TSX under the symbol “OR.DB”. At initial recognition, net proceeds after transaction costs of $11.5 million amounted to $288.5 million. Of this amount, the liability and equity components represented respectively $268.7 million (net of transaction costs of $10.7 million) and $14.5 million (net of transaction costs of $0.8 million and income taxes of $5.3 million). The effective interest rate used is 5.5% representing the estimated market rate at closing that the Company would obtain for similar financing without the conversion option. (iii) Revolving credit facility In November 2017, the Company amended its revolving credit facility (the “Facility”) increasing the amount from $150 million to $350 million, with an additional uncommitted accordion of up to $100 million, for a total availability of up to $450 million. The increase is subject to standard due diligence procedures and acceptance of the lenders. The Facility is to be used for general corporate purposes and investments in the mineral industry, including the acquisition of royalties, streams and other interests. The Facility is secured by the Company’s assets, present and future (including the royalty, stream and other interests), and has a four-year term (November 14, 2021), which can be extended by one year on each of the first two anniversary dates. The deferred financing costs amounting to $1,474,000 are being amortized over the term of the facility. Amortization of the deferred financing costs related to the Facility on the consolidated statement of income (loss) amounted to $224,000 in 2017 ($175,000 in 2016). The Facility is subject to standby fees. Funds drawn will bear interest based on the base rate, prime rate or London Inter-Bank Offer Rate (“LIBOR”) plus an applicable margin depending on the Company’s leverage ratio. As at December 31, 2017, the Facility was drawn for US118.0 million ($148.0 million) and the interest rate was 2.96%, including the applicable margin. The Facility includes covenants that require the Company to maintain certain financial ratios, including the Company’s leverage ratios and meet certain non-financial requirements. As at December 31, 2017, all such ratios and requirements were met. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Share capital [Text Block] | 20. Share capital Shares Authorized Unlimited number of common shares, without par value Issued and fully paid 157,797,193 common shares Employee Share Purchase Plan In October 2015, the Company established an employee share purchase plan. Under the terms of the plan, the Company contributes an amount equal to 60% of the eligible employee’s contribution towards the acquisition of common shares from treasury on a quarterly basis. A maximum of 1.0% of the issued and outstanding common shares are reserved for issuance under the current plan. Issuances Year ended December 31, 2017 On July 31, 2017, Osisko issued 30,906,594 common shares to Orion as part of the Transaction (Note 7). The shares were valued at $445.3 million, which represents the fair value of the shares on July 31, 2017 minus an illiquidity discount to take into account certain restrictions on the sales of the common shares by Orion, including a 12-month hold period and a broad distribution requirement. Caisse and Fonds F.T.Q. also subscribed for $200.0 million and $75.0 million in common shares of Osisko, respectively, as part of a concurrent Private Placement to fund a portion of the cash consideration and support the Transaction (Note 7). A total of 18,887,363 common shares were issued at a price of $14.56 per share under the Private Placement. The Private Placement was subject to a 7% capital commitment payment payable partially in shares ( 2% representing 385,457 common shares) and in cash ( 5% representing $13.8 million). Additional fees of $190,000 ($139,000 net of income taxes) were incurred for the financing. In November 2017, the non-controlling interests in Mines Coulon (Note 18) exercised their share exchange rights and converted their non-controlling interests into 772,810 common shares of Osisko. The number of common shares to be issued was based on 75% of the cost of their investment, being $12.0 million, and the fair market value of the Company’s common shares at the time of conversion. Year ended December 31, 2016 On February 26, 2016, the Company closed a bought deal public offering (the “Shares Offering”) of 11,431,000 units of Osisko (“Units”), including the full exercise of the over-allotment option by the underwriters of the Shares Offering, at a price of $15.10 per Unit for aggregate gross proceeds of $172,608,000 (net proceeds of $164,543,000). Each Unit was comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant being a “Warrant”) of the Company. Each whole Warrant entitles the holder thereof to purchase one common share of the Company at a price of $19.08 per common share, for a period of 36 months following the closing date. The relative fair value of the common shares issued under the Shares Offering was evaluated at $159,325,000 and the relative fair value of the Warrants was evaluated at $13,283,000 using the Black-Scholes option pricing model and the following assumptions: dividend per share of 1.2%; expected life of 3 years, expected volatility of 42% and risk free interest rate of 0.50%. Transaction costs amounted to $8,066,000 ($5,896,000 net of income taxes) and were allocated to the common shares and Warrants based on their pro rata value. As a result, transaction costs of $7,445,000 ($5,442,000 net of income taxes) were allocated to the common shares and $621,000 ($454,000 net of income taxes) to the Warrants. Normal Course Issuer Bid In October 2016, the TSX approved the Company’s notice of intention to make a normal course issuer bid (the “2016 NCIB Program”). Under the terms of the 2016 NCIB Program, Osisko could acquire up to 5,330,217 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. Repurchases under the 2016 NCIB Program were authorized until October 23, 2017. During the year ended December 31, 2016, the Company purchased for cancellation a total of 150,000 common shares under the NCIB Program for $1,823,000, which were paid in 2017. In December 2017, Osisko renewed its normal course issuer bid (the “2017 NCIB Program”). Under the terms of the 2017 NCIB Program, Osisko may acquire up to 10,567,441 of its common shares from time to time in accordance with the normal course issuer bid procedures of the TSX. Repurchases under the 2017 NCIB Program will terminate on December 10, 2018 or on such earlier date as the 2017 NCIB Program is complete. Daily purchases will be limited to 95,695 common shares, other than block purchase exemptions, representing 25% of the average daily trading volume of the common shares on the TSX for the six month period ending November 30, 2017, being 382,781 common shares. As at December 31, 2017, no common shares were purchased for cancellation under the 2017 NCIB Program. Dividends The following table provides details on the dividends declared for the years ended December 31, 2016 and 2017: Dividend Dividend Dividend reinvestment Declaration date per share Record date Payment date payable plan (i) $ $ February 16, 2016 0.04 March 31, 2016 April 15, 2016 4,248,000 7,144,004 May 4, 2016 0.04 June 30, 2016 July 15, 2016 4,259,000 11,594,125 August 4, 2016 0.04 September 30, 2016 October 14, 2016 4,264,000 4,460,148 November 9, 2016 0.04 December 31, 2016 January 16, 2017 4,266,000 4,591,999 0.16 17,037,000 March 15, 2017 0.04 March 31, 2017 April 17, 2017 4,264,000 8,024,301 May 4, 2017 0.04 June 30, 2017 July 17, 2017 4,270,000 13,498,789 August 3, 2017 0.05 September 30, 2017 October 16, 2017 7,850,000 5,683,585 November 7, 2017 0.05 December 29, 2017 January 15, 2018 7,890,000 6,863,864 0.18 24,274,000 (i) Number of common shares held by shareholders participating to the dividend reinvestment plan described below. Dividend reinvestment plan In 2015, the Company implemented a dividend reinvestment plan (“DRIP”). The DRIP allows Canadian shareholders and U.S. shareholders (commencing with the dividend paid on October 16, 2017) to reinvest their cash dividends into additional common shares either purchased on the open market through the facilities of the TSX or the NYSE, or issued directly from treasury by the Company, or acquired by a combination thereof. In the case of a treasury issuance, the price will be the weighted average price of the common shares on the TSX or the NYSE during the five (5) trading days immediately preceding the dividend payment date, less a discount, if any, of up to 5%, at the Company’s sole election. As at December 31, 2017, the holders of 6,863,864 common shares had elected to participate in the DRIP, representing dividends payable of $343,000. During the year ended December 31, 2017, the Company issued 88,536 common shares under the DRIP, at a discount rate of 3% ( 83,533 common shares in 2016 at a discount rate of 3%). On January 15, 2018, 24,513 common shares were issued under the DRIP at a discount rate of 3%. Capital management The Company’s primary objective when managing capital is to maximize returns for its shareholders by growing its asset base, both organically through strategic investments in exploration, evaluation and development companies and through accretive acquisitions of high-quality royalties, streams and other similar interests, while ensuring capital protection. The Company defines capital as long-term debt and total equity, including the undrawn portion of the revolving credit facility. Capital is managed by the Company’s management and governed by the Board of Directors. December 31, December 31, 2017 2016 $ $ Long-term debt 464,308 45,780 Total equity 1,894,405 1,214,304 Undrawn revolving credit facility (i) 201,969 150,000 2,560,682 1,410,084 (i) Excluding the potential additional available credit (accordion) of $100.0 million as at December 31, 2017 and $50.0 million as at December 31, 2016. There were no changes in the Company’s approach to capital management during the year ended December 31, 2017, compared to the prior year. The Company is not subject to material externally imposed capital requirements and is in compliance with all its covenants under its revolving credit facility (Note 19) as at December 31, 2017. |
Disclosure of warrants
Disclosure of warrants | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of warrants [Text Block] | 21. Warrants 2017 2016 Weighted Weighted average average Number of exercise Number of exercise Warrants Amount price warrants Amount price $ $ $ $ Balance – January 1 11,195,500 30,901 27.61 5,480,000 (i) 18,072 36.50 Issued - - - 5,715,500 (ii) 12,829 19.08 Balance – December 31 11,195,500 30,901 27.61 11,195,500 30,901 27.61 (i) Each warrant entitles the holder to purchase one common share of Osisko at a price of $36.50 until March 5, 2022. (ii) Each warrant entitles the holder to purchase one common share of Osisko at a price of $19.08 until February 26, 2019 (Note 20). |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Share-based compensation [Text Block] | 22. Share-based compensation Share options In May 2014, the Company adopted a share option plan (the “Plan”) offered to its directors, officers, management, employees and consultants. Options may be granted at an exercise price determined by the Board of Directors but shall not be less than the closing market price of the common shares of the Company on the TSX on the day prior to their grant. No participant shall be granted an option which exceeds 5% of the issued and outstanding shares of the Company at the time of granting of the option. The number of common shares issued to insiders of the Company within one year and issuable to the insiders of the Company at any time under the Plan or combined with all other share compensation arrangements, cannot exceed 8% of the issued and outstanding common shares. The duration and the vesting period are determined by the Board of Directors. However, the expiry date may not exceed 7 years after the date of granting. The following table summarizes information about the movement of the share options outstanding: 2017 2016 Weighted Weighted Number of average Number of average options exercise price options exercise price $ $ Balance – January 1 3,063,130 14.25 2,823,333 13.71 Granted (i) 763,400 16.57 1,084,700 13.43 Exercised (43,970 ) 14.22 (12,335 ) 15.22 Exercised – Virginia replacement share options (ii) (190,471 ) 11.28 (505,756 ) 9.50 Expired (4,333 ) 15.80 (30,712 ) 13.77 Forfeited (50,633 ) 14.57 (296,100 ) 14.17 Balance – December 31 3,537,123 14.90 3,063,130 14.25 Options exercisable – December 31 2,051,323 14.57 1,322,729 14.04 (i) Options were granted to officers, management, employees and consultants. (ii) Share options issued as Virginia replacement share options following the acquisition of Virginia Mines Inc. in 2015. The weighted average share price when share options were exercised during the year ended December 31, 2017 was $15.83 ($15.51 for the year ended December 31, 2016). The following table summarizes the Company’s share options outstanding as at December 31, 2017: Options outstanding Options exercisable Weighted average Weighted remaining Weighted Exercise average contractual average price range Number exercise price life (years) Number exercise price $ $ $ 8.35 – 9.98 57,391 9.77 4.1 57,391 9.77 10.58 – 10.73 72,075 10.66 5.3 72,075 10.66 13.38 – 14.78 994,860 13.49 3.5 444,860 13.49 14.90 – 15.80 1,680,997 15.33 2.1 1,473,664 15.26 16.66 – 17.84 731,800 16.68 4.4 3,333 17.84 3,537,123 14.90 3.1 2,051,323 14.57 Share options – Fair value The options, when granted, are accounted for at their fair value determined by the Black-Scholes option pricing model based on the vesting period and on the following weighted average assumptions: 2017 2016 Dividend per share 1% 1% Expected volatility 38% 41% Risk-free interest rate 1% 1% Expected life 45 months 45 months Share price $16.57 $13.43 Fair value of options granted $4.58 $3.88 The expected volatility was estimated using Osisko’s historical data from the date of grant and for a period corresponding to the expected life of the options. Share options issued in 2016 and 2017 are exercisable at the closing market price of the common shares of the Company on the day prior to their grant. The fair value of the share options is amortized over the vesting period. In 2017, the total share-based compensation related to share options on the statement of income (loss) amounted to $3,211,000 ($4,594,000 in 2016) and share-based compensation capitalized to exploration and evaluation assets amounted to $6,000 ($483,000 in 2016). Deferred and restricted share units In April 2014, Osisko adopted a Deferred Share Unit Plan and a Restricted Share Unit Plan. Under the plans, DSU and RSU can be granted to directors, officers and employees as part of their long-term compensation package, entitling them to receive payout in cash. The value of the payout would be determined by multiplying the number of DSU and RSU vested at the payout date by the closing price of the Company’s shares on the day prior to the payout date. The value to be recognized at each reporting date is determined based on the closing price of the Company’s shares and based on applicable terms for performance based and fixed components. The fair value is recognized over the vesting period. The following table summarizes information about the DSU and RSU movements: 2017 2016 DSU RSU DSU RSU Balance – January 1 175,446 595,076 106,408 440,166 Granted 88,600 231,300 67,602 211,300 Reinvested (dividends on common shares) 2,396 7,260 1,436 5,674 Settled - (225,429 ) - - Forfeited - (7,580 ) - (62,064 ) Balance – December 31 266,442 600,627 175,446 595,076 Balance – Vested 177,405 - 107,573 - The DSU granted vest the day prior to the next annual general meeting and are payable at the end of the employment period of each director. The RSU granted vest and are payable three years after the grant date, one half of which depends on the achievement of certain performance measures. The total share-based compensation expense related to the DSU and RSU plans in 2017 amounted to $7,313,000 ($2,786,000 in 2016). Deferred and restricted share units – Fair value The following table summarizes the carrying value of the outstanding DSU and RSU and the fair value of the vested DSU and RSU as at December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Carrying Intrinsic value Carrying Intrinsic value value of vested units value of vested units $ $ $ $ Current portion 5,632 2,576 4,153 1,408 Non-current portion 2,036 - 1,741 - 7,668 2,576 5,894 1,408 The carrying value of the DSU and RSU is included in provisions and other liabilities |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Revenues [Text Block] | 23. Revenues 2017 2016 $ $ Royalty interests 74,041 62,677 Stream interests 19,751 - Offtake interests 119,424 - 213,216 62,677 |
Cost of sales
Cost of sales | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Cost of sales [Text Block] | 24. Cost of sales 2017 2016 $ $ Royalty interests 286 143 Stream interests 7,385 - Offtake interests 117,974 - 125,645 143 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Income taxes [Text Block] | 25. Income taxes (a) Income tax expense 2017 2016 $ $ Current income taxes 1,003 1,352 Deferred income taxes (Note 25 (b)): Origination and reversal of temporary differences (28,128 ) 6,647 Impact of changes in tax rates 3,978 1,725 Deferred income taxes (24,150 ) 8,372 Income taxes (23,147 ) 9,724 The components that give rise to deferred income tax assets and liabilities are as follows: December 31, December 31, 2017 2016 $ $ Deferred tax assets: Stream interests 7,793 - Share and debt issue expenses 2,286 3,824 Deferred and restricted share units 2,032 1,562 Non-capital losses 1,015 - Other assets 223 25 Royalty interests and exploration and evaluation assets - 2,567 13,349 7,978 Deferred tax liabilities: Royalty interests and exploration and evaluation assets (123,772 ) (118,306 ) Investments (10,054 ) (8,051 ) Convertible debentures (6,047 ) (975 ) Other liabilities (238 ) (598 ) (140,111 ) (127,930 ) (126,762 ) (119,952 ) Deferred tax assets and liabilities have been offset in the balance sheet where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. (b) The provision for income taxes presented in the consolidated financial statements differs from the amount that would arise using the statutory weighted average tax rate applicable to income of the consolidated entities, as a result of the following: 2017 2016 $ $ Earnings (loss) before income taxes (65,935 ) 51,578 Income tax provision calculated using the combined Canadian federal and provincial statutory income tax rate (17,671 ) 13,874 Increase (decrease) in income taxes resulting from: Dividends received from a taxable Canadian corporation - (1,326 ) Non-deductible expenses, net 1,606 1,265 Non-taxable portion of capital gains, net (3,312 ) (2,341 ) Change in tax rates (3,978 ) (1,725 ) Differences in foreign statutory tax rates (134 ) - Other, net 342 (23 ) Total income tax expense (23,147 ) 9,724 The 2017 effective tax rate reflects a net income tax recovery of $3,978,000, including $4,245,000 related to the reduction of the U.S. Federal income tax rate from 35% to 21% for fiscal year 2018 (enacted on December 22, 2017), and $267,000 of income tax loss related to the reduction of the Québec income tax rate from 11.8% to 11.5% in 2020. The 2016 effective tax rate reflects an income tax recovery of $1,725,000 relating to the reduction of the Québec tax rate from 11.8% to 11.5% in 2020. (c) The 2017 movement for deferred tax assets and deferred tax liabilities may be summarized as follows: Benefit Other Business Transla- Statement from flow- compre- combi- tion Dec. 31, of income through hensive naison adjust- Dec. 31, 2016 (loss) shares Equity income (Note 7 ) ments 2017 $ $ $ $ $ $ Deferred tax assets: Stream interests - 294 - - - 7,499 - 7,793 Share and debt issue expenses 3,824 (1,639 ) - 101 - - - 2,286 Deferred and restricted share units 1,562 470 - - - - - 2,032 Non-capital losses - - - - - 1,015 - 1,015 Royalty interests and exploration and evaluation assets 2,567 (2,567 ) - - - - - - Other assets 25 198 - - - - - 223 Deferred tax liabilities: Royalty interests and exploration and evaluation assets (118,306 ) 29,041 6,416 - (3,241 ) (37,576 ) (106 ) (123,772 ) Investments (8,051 ) (2,167 ) (2,315 ) - 2,479 - - (10,054 ) Convertible debentures (975 ) 160 - (5,232 ) - - - (6,047 ) Other liabilities (598 ) 360 - - - - - (238 ) (119,952 ) 24,150 4,101 (5,131 ) (762 ) (29,062 ) (106 ) (126,762 ) Benefit Other Statement from flow- compre- December 31, of income through hensive December 31, 2015 (loss) shares Equity income 2016 $ $ $ $ $ $ Deferred tax assets: Other assets 904 683 - - - 1,587 Non-capital losses 8,475 (8,475 ) - - - - Royalty interests and exploration and evaluation assets 5,618 (3,051 ) - - - 2,567 Share and debt issue expenses 2,829 (1,192 ) - 2,187 - 3,824 Deferred tax liabilities: Investments at fair value through other comprehensive income - (1,462 ) (1,730 ) - (4,859 ) (8,051 ) Royalty interests and exploration and evaluation assets (127,814 ) 5,543 3,965 - - (118,306 ) Other liabilities - (418 ) - (1,155 ) - (1,573 ) (109,988 ) (8,372 ) 2,235 1,032 (4,859 ) (119,952 ) |
Detail of expenses
Detail of expenses | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Detail of expenses [Text Block] | 26. Detail of expenses Operating expenses by nature 2017 2016 $ $ Professional fees 13,183 2,960 Employee benefit expenses (see below) 22,432 15,295 Depletion and depreciation 28,210 11,509 Travel expenses 1,637 1,174 Rent and office expenses 1,180 1,536 Communication and promotional expenses 1,194 755 Public company expenses 920 680 Cost recoveries from associates (532 ) (463 ) Recovery of tax credits - (2,223 ) Other expenses 782 2,365 69,006 33,588 Employee benefit expenses 2017 2016 $ $ Salaries and wages 15,501 10,491 Share-based compensation 10,524 7,380 Cost recoveries from associates (3,593 ) (2,576 ) 22,432 15,295 Other gains, net 2017 2016 $ $ Change in fair value of financial assets at fair value through profit and loss 1,665 6,390 Net gain on disposal of investments 703 3,410 Net gain on dilution of investments in associates 30,560 12,023 Gain (loss) on acquisition of investments (i) (2,099 ) 8,379 Other - - 30,829 30,202 (i) Represents changes in the fair value of the underlying investments between the respective subscription dates and the closing dates. |
Key management
Key management | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Key management [Text Block] | 27. Key management Key management includes directors (executive and non-executive) and the executive management team. The compensation paid or payable to key management for employee services is presented below: 2017 2016 $ $ Salaries and short-term employee benefits 6,921 4,247 Share-based compensation 7,731 4,522 Cost recoveries from associates (449 ) (180 ) 14,203 8,589 Key management employees are subject to employment agreements which provide for payments on termination of employment without cause or following a change of control providing for payments of between once to twice base salary and bonus and certain vesting acceleration clauses on restricted and deferred share units and share options. |
Net earnings (loss) per share
Net earnings (loss) per share | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Net earnings (loss) per share [Text Block] | 28. Net earnings (loss) per share 2017 2016 $ $ Net earnings (loss) attributable to Osisko Gold Royalties Ltd’s shareholders (42,501 ) 42,113 Basic weighted average number of common shares outstanding (in thousands) (i) 127,939 104,671 Dilutive effect of share options (ii) - 153 Dilutive effect of warrants (ii) - - Dilutive effect of convertible debentures (ii) - - Diluted weighted average number of common shares 127,939 104,824 Net earnings (loss) per share attributable to Osisko Gold Royalties Ltd’s shareholders Basic (0.33 ) 0.40 Diluted (0.33 ) 0.40 (i) As a result of the net loss for the year ended December 31, 2017, all potentially dilutive common shares are deemed to be antidilutive and thus diluted net loss per share is equal to the basic net loss per share. (ii) For the year ended December 31, 2016, 2,646,665 outstanding share options, 11,195,500 outstanding warrants and 2,620,545 common shares underlying the convertible debenture were excluded from the computation of diluted earnings per share as their effect was anti-dilutive. |
Additional information on the c
Additional information on the consolidated statements of cash flows | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Additional information on the consolidated statements of cash flows [Text Block] | 29. Additional information on the consolidated statements of cash flows 2017 2016 $ $ Interests received 3,384 2,699 Interests paid on long-term debt 4,005 2,221 Dividends received 215 6,276 Income taxes paid 132 - Changes in non-cash working capital items Decrease (increase) in accounts receivable (1,248 ) 1,037 Increase in inventory (8,737 ) - Increase in other current assets (221 ) (565 ) Increase (decrease) in accounts payable and accrued liabilities 9,766 (1,247 ) (440 ) (775 ) Accounts receivable on disposal of investments Beginning of year 159 - End of year - 159 Accounts payable on acquisition of investments Beginning of year 819 - End of year - 819 2017 2016 $ $ Tax credits receivable related to exploration and evaluation assets Beginning of year 6,238 2,083 End of year 4,091 6,238 Accounts payable and accrued liabilities related to exploration and evaluation assets Beginning of year 276 704 End of year 22 276 Accounts payable and accrued liabilities related to financing fees Beginning of year - - End of year 379 - Accounts payable and accrued liabilities related to share issue expenses Beginning of year - - End of year 186 - The Company paid $5,000,000 in January and March 2016 for the acquisition of royalty interests that were included in accounts payable and accrued liabilities as at December 31, 2015. |
Financial risks
Financial risks | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Financial risks [Text Block] | 30. Financial risks The Company’s activities expose it to a variety of financial risks: market risks (including interest rate risk, foreign currency risk and other price risk), credit risk and liquidity risk. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s performance. Risk management is carried out under policies approved by the Board of Directors. The Board of Directors provides principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, the use of derivative financial instruments and non-derivative financial instruments, and investment in excess liquidities. (a) Market risks (i) Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates. The Company’s interest rate risk on financial assets is primarily related to cash and cash equivalents and short-term investments, which bear interest at fixed rates. However, as these investments come to maturity within a short period of time, the impact would likely be not significant. Other financial assets are not exposed to interest rate risk because they are non-interest bearing, except for derivative financial instruments (warrants) for which a 0.5% increase (decrease) in interest rates would have resulted in a variation of net earnings of approximately $54,000 in 2017 ($26,000 in 2016). Financial liabilities are not exposed to interest rate risk because they are non-interest bearing or bear a fixed interest rate, except for the revolving credit facility which bears a variable interest rate. An increase (decrease) of 0.5% in the interest rates would have resulted in a variation of net earnings of approximately $312,000 ($312,000) in 2017 ( nil in 2016). The Company does not use derivatives to mitigate its exposure to interest rate risk. (ii) Foreign exchange risk The Company is exposed to foreign exchange risk arising from currency volatility, primarily with respect to the US dollar. The Company holds balances in cash and cash equivalents denominated in U.S. dollars and is therefore exposed to gains or losses on foreign exchange. In addition, the Company, in connection with the business combination (Note 7), has entered in June 2017 into foreign exchange forward contracts to mitigate its exposure to foreign currency risks as the Company agreed to pay the cash portion of the acquisition in U.S. dollars for a fixed pre-determined amount of US$500.6 million. The Company entered into foreign exchange forward contracts to buy US$204.0 million at a weighted average rate of 1.3480 US$/CA$ and designated these contracts as cash flow hedges. These contracts were settled on July 31, 2017 (acquisition date of the business combination). The amount of ineffectiveness recorded in the consolidated statement of income (loss) is insignificant. The balance of the cash portion of the acquisition price to be paid in U.S. dollars (approximately US$296.6 million) was paid from current cash and cash equivalent balances denominated in U.S. dollars and the available revolving credit facility. The current cash and cash equivalents balances denominated in U.S. dollars held by entities having the Canadian dollar as their functional currency (US$43.5 million as at December 31, 2017) are not part of any hedging relationship and, therefore, foreign exchange gains and losses on these balances continue to be presented in the consolidated statement of income (loss). As at December 31, 2017 and 2016, the balances in US dollars held by entities having the Canadian dollar as their functional currency were as follows: December 31, 2017 2016 $ $ Cash and cash equivalents 43,495 180,963 Account receivable 493 - Other assets 412 - Accounts payable and accrued liabilities (105 ) - Revolving credit facility (118,000 ) - Net exposure, in US dollars (73,705 ) 180,963 Equivalent in Canadian dollars (92,463 ) 242,979 Based on the balances as at December 31, 2017, a 5% fluctuation in the exchange rates on that date (with all other variables being constant) would have resulted in a variation of net earnings of approximately $5,354,000 in 2017 ($8,881,000 in 2016). (iii) Other price risk The Company is exposed to equity price risk as a result of holding long-term investments in other mining and royalty companies. The equity prices of long-term investments are impacted by various underlying factors including commodity prices. Based on the Company's long-term investments held as at December 31, 2017, a 10% increase (decrease) in the equity prices of these investments would increase (decrease) net earnings by $1,297,000 ($1,218,000) and other comprehensive income by $9,252,000 ($9,252,000) for the year ended December 31, 2017. Based on the Company's long-term investments held as at December 31, 2016, a 10% increase (decrease) in the equity prices of these investments would increase (decrease) net earnings by $1,944,000 ($1,825,000) and other comprehensive income by $9,727,000 ($9,727,000) for the year ended December 31, 2016. (b) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge its obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, short-term investments, accounts receivable and notes receivable. The Company reduces its credit risk by investing its cash and cash equivalents and short-term investments (other than notes receivable) in high interest savings accounts, banker’s acceptances and guaranteed investments certificates issued by Canadian chartered banks. In the case of accounts receivable and notes receivable, the Company performs either a credit analysis or ensures that is has sufficient guaranties in case of a non-payment by the third party to cover the net book value of the note. The maximum credit exposure of the Company corresponds to the respective instrument’s carrying amount. (c) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet the obligations associated with its financial liabilities. The Company manages the liquidity risk by continuously monitoring actual and projected cash flows, taking into account the requirements related to its investment commitments and mining properties and matching the maturity profile of financial assets and liabilities. The Board of Directors reviews and approves any material transaction out of the ordinary course of business, including proposals on mergers, acquisitions or other major investment or divestitures. The Company also manages liquidity risk through the management of its capital structure and financial leverage as outlined in Note 20. As at December 31, 2017, cash and cash equivalents and short-term investments (other than notes receivable) are invested in high interest savings accounts, banker’s acceptances and guaranteed investment certificates issued by Canadian financial institutions. As a result, the Company estimates that with the projected cash flows from operations and the current liquidity position, it has enough funds available to meet its financial liabilities for the next year. As at December 31, 2017, all financial liabilities to be settled in cash or by the transfer of other financial assets mature within 90 days, except for the convertible debentures and the revolving credit facility, which are described below: As at December 31, 2017 Amount payable Estimated annual interest payable at maturity Maturity 2018 2019 2020 2021 2022 $ $ $ $ $ $ Conv. debenture (2016) 50,000 February 12, 2021 2,000 2,000 2,000 236 - Conv. debentures (2017) 300,000 December 31, 2022 13,900 12,000 12,000 12,000 12,000 Revolving credit facility (i) 148,031 November 14, 2021 4,380 4,380 4,380 3,830 - 498,031 20,280 18,380 18,380 16,066 12,000 (i) The maturity date can be extended by one year on each of the first two anniversary dates. The interest payable is based on the actual interest rate and exchange rate as at December 31, 2017. |
Fair Value of financial instrum
Fair Value of financial instruments | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Fair Value of financial instruments [Text Block] | 31. Fair value of financial instruments The following table provides information about financial assets and liabilities measured at fair value in the consolidated balance sheets and categorized by level according to the significance of the inputs used in making the measurements. Level 1– Unadjusted quoted prices in active markets for identical assets or liabilities; December 31, 2017 Level 1 Level 2 Level 3 Total $ $ $ $ Recurring measurements Financial assets at fair value through profit or loss (i) Warrants on equity securities Publicly traded mining exploration and development companies Precious metals - - 3,375 3,375 Other minerals, oil and gas - - 4,717 4,717 Financial assets at fair value through other comprehensive income (i) Equity securities Publicly traded royalty companies 29,360 - - 29,360 Publicly traded mining exploration and development companies Precious metals 60,286 - - 60,286 Other minerals, oil and gas 17,195 - - 17,195 106,841 - 8,092 114,933 December 31, 2016 Level 1 Level 2 Level 3 Total $ $ $ $ Recurring measurements Financial assets at fair value through profit or loss (i) Warrants on equity securities Publicly traded mining exploration and development companies Precious metals - - 3,227 3,227 Other minerals, oil and gas - - 7,708 7,708 Financial assets at fair value through other comprehensive income (i) Equity securities Publicly traded royalty companies 30,338 - - 30,338 Publicly traded mining exploration and development companies Precious metals 41,627 - - 41,627 Other minerals, oil and gas 25,309 - - 25,309 97,274 - 10,935 108,209 (i) On the basis of its analysis of the nature, characteristics and risks of equity securities, the Company has determined that presenting them by industry and type of investment is appropriate. During the years ended December 31, 2017 and 2016, there were no transfers among Level 1, Level 2 and Level 3. Financial instruments in Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices on a recognized securities exchange at the balance sheet dates. The quoted market price used for financial assets held by the Company is the last transaction price. Instruments included in Level 1 consist primarily of common shares trading on the TSX or the TSX Venture. Financial instruments in Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on the Company’s specific estimates. If all significant inputs required to measure the fair value of an instrument are observable, the instrument is included in Level 2. Instruments included in Level 2 consist of notes receivable and the liability related to share exchange rights. If one or more of the significant inputs are not based on observable market data, the instrument is included in Level 3. Financial instruments in Level 3 The warrants held by the Company are not traded on a recognized securities exchange. At each balance sheet date, the fair value of the investments in warrants is determined using the Black-Scholes option pricing model which includes significant inputs not based on observable market data. Therefore, investments in warrants are included in Level 3. The following table presents the changes in the Level 3 investments (warrants) for the years ended December 31, 2017 and 2016: 2017 2016 $ $ Balance – January 1 10,935 1,578 Acquisitions 9,662 3,278 Exercised (14,170 ) (311 ) Change in fair value - investments exercised (i) 3,148 271 Change in fair value - investments expired (i) (30 ) (88 ) Change in fair value - investments held at the end of the period (i) (1,453 ) 6,207 Balance – December 31 8,092 10,935 (i) Recognized in the consolidated statement of income (loss) under other gains, net. The following table presents the valuation technique and data used to evaluate the fair value of the significant financial instruments classified as Level 3: December 31, 2017 Inputs Fair Valuation Non- Weighted value technique observable Range average $ Other investments Warrants and call options on equity Black-Scholes securities of publicly traded mining option Expected exploration and development companies 8,092 pricing model volatility 48% to 100% 73% December 31, 2016 Inputs Fair Valuation Non- Weighted value technique observable Range average $ Other investments Warrants and call options on equity Black-Scholes securities of publicly traded mining option Expected exploration and development companies 10,935 pricing model volatility 36% to 100% 73% An increase (decrease) in the expected volatility of 10% would lead to an increase (decrease) in the fair value of $676,000 ($685,000) in 2017 and $170,000 ($163,000) in 2016. Financial instruments not measured at fair value on the balance sheet Financial instruments that are not measured at fair value on the consolidated balance sheets are represented by cash and cash equivalents, guaranteed investment certificates, trade receivables, amounts receivable from associates and other receivables, notes receivable, accounts payable and accrued liabilities and the long-term debt. The fair values of cash and cash equivalents, guaranteed investment certificates, trade receivables, amounts receivable from associates and other receivables and accounts payable and accrued liabilities approximate their carrying values due to their short-term nature. The fair value of the non-current notes receivable approximate their carrying value as there were no significant changes in economic and risks parameters since the issuance/acquisition or assumption of those financial instruments. The following table presents the carrying amount and the fair value of long-term debt, categorized under Levels 1 and 2, as at December 31, 2017: December 31, 2017 Fair Carrying value amount $ $ Long-term debt 509,229 464,308 |
Segment disclosure
Segment disclosure | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Segment disclosure [Text Block] | 32. Segment disclosure The chief operating decision-maker organizes and manages the business under a single operating segment, consisting of acquiring and managing precious metal and other high-quality royalties, streams and similar interests. All of the Company’s assets and revenues are attributable to this single operating segment. Geographic revenues from the sale of metals and diamonds received or acquired from in-kind royalties, streams and other interests are determined by the location of the mining operations giving rise to the royalty, stream or other interest. For the years ended December 31, 2017 and 2016, royalty, stream and other interest revenues were mainly earned from the following jurisdictions: 2017 2016 $ $ Royalties Canada 72,057 62,677 1,984 Rest of the World - 74,041 62,677 Streams Canada 11,321 - 8,430 Rest of the World - 19,751 - Offtakes Canada 86,303 - Australia 22,475 - 10,646 Rest of the World - 119,424 - Total revenues 213,216 62,677 For the year ended December 31, 2017, one royalty interest generated revenues of $53.8 million ($48.1 million in 2016), which represented 57% of revenues ( 77% of revenues in 2016) (excluding revenues generated from the offtakes). For the year ended December 31, 2017 revenues generated from precious metals and diamonds represented 96% and 4% of revenues, respectively ( 90% and 8% excluding offtakes, respectively). For the year ended December 31, 2016 revenues were exclusively generated from precious metals. The following table summarizes the royalty, stream and other interests by country, which is based on the location of the property related to the royalty, stream or other interest: December 31, December 31, 2017 2016 $ $ Royalty interests, net Canada 577,875 471,077 United States 120,611 22,941 South America 27,047 - Africa 12,040 - Rest of the World 32,957 750 770,530 494,768 Stream interests, net Canada 332,497 - South America 173,591 - Asia 78,665 - United States 50,189 - Rest of the World 65,136 - 700,078 - Offtake interests, net Canada 48,919 - Asia 26,147 - Australia 12,606 - South America 5,109 - Rest of the World 12,383 - 105,164 - Royalty, stream and other interests, net 1,575,772 494,768 |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Related party transactions [Text Block] | 33. Related party transactions In addition to the transactions with the associates described in Notes 12, 13 and 14, an amount of $4,125,000 ($4,750,000 in 2016, including $1,711,000 for professional services related to capitalized exploration and evaluation activities) was invoiced by Osisko to associates for recoveries of costs related to professional services and rental of offices. An amount of $1,245,000 (including sales taxes) is receivable from associates and included in accounts receivable as at December 31, 2017 ($720,000 as at December 31, 2016). In 2017, an amount of $395,000 ($231,000 in 2016) was invoiced to Osisko by an associate for professional services and rental of offices, including $355,000 ($227,000 in 2016) related to capitalized exploration and evaluation activities. In 2017, interest revenues of $748,000 ($418,000 in 2016) were accounted for with regards to a $10.0 million financing completed in May 2016 with Falco, an associate of Osisko. As at December 31, 2017, interests of $1,166,000 ($418,000 as at December 31, 2016) are receivable from Falco. During the years ended December 31, 2017 and 2016, certain directors and officers of Osisko have participated in financings completed by certain associates. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Commitments [Text Block] | 34. Commitments The Company is committed to minimum amounts under long-term lease agreements for office space, which expire at the latest in 2020. As at December 31, 2017, minimum commitments remaining under these leases were approximately $2,322,000 over the following years: $ 2018 1,154 2019 1,033 2020 135 2,322 Streams and offtakes The following table summarizes the significant commitments to pay for gold, silver and diamonds to which Osisko has the contractual right pursuant to the associated precious metals and diamond purchase agreements: Attributable Payable Production Per Ounce/Carat to be Purchased (ounces or %) Cash Payment (US$) Term of Date of Contract Interest Gold Silver Diamond Gold Silver Diamond Agreement Amulsar stream (1),(7) 142,454 694,000 $400 $4 40 years Nov 25, 2015 Back Forty stream (7) (7) 18.5% 75% 30% spot price (max $600) $4 Life of mine Mar 31, 2015 Brucejack offtake (7) 50% Based on quotational period Until delivery of 7,067,000 ounces Au Sept. 21, 2015 Brucejack stream (2), (7) 4% 4% $400 $4 Until delivery of 7,067,000 ounces Au Sept. 21, 2015 Matilda offtake (7) 55% Based on quotational period Until delivery of 300,000 ounces Au May 18, 2015 Mantos stream (3), (7) 100% 25% spot Life of mine Sept 11, 2015 Renard stream (4), (7) 9.6% $50 40 years Jul 8, 2014 Sasa stream (5), (7) 100% $5 40 years Nov 3, 2015 Gibraltar stream (6) 100% $2.75 Life of mine March 3, 2017 (1) Stream of 4.22% of gold and 62.5% of silver production up to the production maximum. Subject to multiple buyback options: 50% for US$31.3 million and US$34.4 million on 2 nd rd nd (2) Stream subject to multiple buyback/buydown options: December 31, 2018 buyback for US$119 million or buydown for US$75 million + 1.5% ongoing stream; December 31, 2019 buyback for US$136 million or buydown for US$75 million + 2% ongoing stream. If buyback/buydown not exercised by December 31, 2019, US$10 million make-whole payment + 4% ongoing stream. (3) The stream percentage shall be payable on 100% of silver until 19,300,000 ounces have been delivered, after which the stream percentage will be 30%. (4) The stream term shall be automatically extended beyond the initial term for successive 10 -year periods. (5) The stream term shall be automatically extended beyond initial term for successive 10 -year periods. 3% or consumer price index (CPI) per ounce price escalation after 2016. (6) Under the silver stream, Osisko will make ongoing payments of US$2.75 per ounce of silver delivered. Osisko will receive from Taseko an amount equal to 100% of Gibco’s share of silver production until reaching the delivery to Osisko of 5.9 million ounces of silver, and 35% of Gibco’s share of silver production thereafter. Silver in respect of which a delivery is made after January 1, 2017, is subject to the stream. (7) The silver stream was acquired through the acquisition of Orion’s Portfolio (Note 7). The gold stream will be reduced to 9.25% after the delivery of 105,000 gold ounces. Back Forty Gold Stream (Aquila Resources Inc.) In November 2017, Osisko acquired an additional gold stream on the Back Forty project, through its wholly-owned subsidiary, Osisko Bermuda Limted (“OBL”). OBL will make staged upfront cash deposits to Aquila of up to US$55 million for the gold stream, and will make ongoing payments equal to 30% of the spot price of gold, to a maximum of US$600 per ounce. The gold stream applies to 18.5% of the refined gold from the project until 105,000 ounces of gold have been delivered, and to 9.25% of the refined gold for the remaining life-of-mine. The deposit will be paid in four installments, as follows: (i) US$7.5 million was paid on closing of the gold stream transaction; (ii) US$7.5 million payable upon receipt by Aquila Resources Inc. (“Aquila”) of all material permits required for the development and operation of the project, and receipt of a positive feasibility study; (iii) US$10 million payable following a positive construction decision for the property; and (iv) US$30 million payable upon the first drawdown of an appropriate project debt finance facility, subject to the change of control provision. In the event of a change of control of Aquila prior to the advancement of the fourth deposit, the person or entity acquiring control over the project may elect to forego the fourth deposit, in which case the stream will be reduced to 9.5% of the refined gold from the project until 105,000 ounces of gold have been delivered and to 4.75% of the refined gold for the remaining life-of-mine. All other terms and conditions will remain unchanged. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Subsequent events [Text Block] | 35. Subsequent event Dividends On February 16, 2018, the Board of Directors declared a quarterly dividend of $0.05 per common share payable on April 16, 2018 to shareholders of record as of the close of business on March 30, 2018. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Basis of measurement [Policy Text Block] | a) Basis of measurement The consolidated financial statements are prepared under the historical cost convention, except for the revaluation of certain financial assets at fair value. |
Business combinations [Policy Text Block] | b) 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, liabilities and contingent liabilities (identifiable net assets) of the business on the basis of the 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, which period shall not exceed twelve months from the acquisition date and are adjusted to reflect the transaction as of the acquisition date. The Company recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of acquiree’s identifiable net assets. The results of businesses acquired during the period are consolidated into the consolidated financial statements from the date on which control commences (generally at the closing date when the acquirer legally transfers the consideration). When a business is acquired in a number of stages, the cost of each stage is compared with the fair value of the identifiable net assets at the date of that purchase. Any excess is treated as goodwill, and any discount is immediately recognized in the consolidated statement of income (loss) and comprehensive income (loss). If control is obtained or lost as a result of a transaction, the identifiable net assets are recognized on the balance sheet at fair value and the difference between the fair value recognized and the carrying value as at the date of the transaction is recognized in the consolidated statement of income (loss). Acquisition costs are expensed as incurred. |
Consolidation [Policy Text Block] | c) Consolidation The Company’s financial statements consolidate the accounts of Osisko Gold Royalties Ltd and its subsidiaries. All intercompany transactions, balances and unrealized gains or losses from intercompany transactions are eliminated on consolidation. Subsidiaries are all entities over which the Company has the ability to exercise control. The Company controls an entity when the group 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. Subsidiaries are fully consolidated from the date on which control is transferred to Osisko and are de-consolidated from the date that control ceases. Accounting policies of subsidiaries are consistent with the policies adopted by Osisko. The principal subsidiaries of the Company and their geographic locations at December 31, 2017 were as follows: Entity Jurisdiction Economic Interest Osisko Bermuda Limited Bermuda 100% Coulon Mines Inc. Canada 100% (i) General Partnership Osisko James Bay Québec 100% Osisko Mining (USA) Inc. Delaware 100% (i) 76% as at December 31, 2016. |
Non-controlling interests [Policy Text Block] | d) Non-controlling interests Non-controlling interests represent an equity interest in a subsidiary owned by an outside party. The share of net assets of the subsidiary attributable to the non-controlling interests is presented as a component of equity. Their share of net income or loss and comprehensive income or loss is recognized directly in equity. Changes in the Company’s ownership interest in the subsidiary that do not result in a loss of control are accounted for as equity transactions. |
Foreign currency translation [Policy Text Block] | e) Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each consolidated entity and associate of the Company are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in Canadian dollars, which is the functional currency of the parent Company and some of its subsidiaries. Assets and liabilities of the subsidiaries that have a functional currency other than the Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the consolidated balance sheet date and revenues and expenses are translated at the average exchange rate over the reporting period. Gains and losses from these translations are recognized as currency translation adjustment in other comprehensive income (loss). (ii) Transactions and balances Foreign currency transactions, including revenues and expenses, are translated into the functional currency at the rate of exchange prevailing on the date of each transaction or valuation when items are re-measured. Monetary assets and liabilities denominated in currencies other than the operation’s functional currencies are translated into the functional currency at exchange rates in effect at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of those transactions and from period-end translations are recognized in the consolidated statement of income (loss). Non-monetary assets and liabilities are translated at historical rates, unless such assets and liabilities are carried at market value, in which case, they are translated at the exchange rate in effect at the date of the balance sheet. Changes in fair value attributable to currency fluctuations of non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognized in the consolidated statement of income (loss) as part of the fair value gain or loss. Such changes in fair value of non-monetary financial assets, such as equities classified at fair value through other comprehensive income, are included in other comprehensive income (loss). |
Financial instruments [Policy Text Block] | f) Financial instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. All financial instruments are required to be measured at fair value on initial recognition. The fair value is based on quoted market prices, unless the financial instruments are not traded in an active market. In this case, the fair value is determined by using valuation techniques like the Black-Scholes option pricing model or other valuation techniques. Measurement after initial recognition depends on the classification of the financial instrument. The Company has classified its financial instruments in the following categories depending on the purpose for which the instruments were acquired and their characteristics. (i) Financial assets Debt instruments Investments in debt instruments are subsequently measured at amortized cost when the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows and when the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Investments in debt instruments are subsequently measured at fair value when they do not qualify for measurement at amortized cost. Financial instruments subsequently measured at fair value can be carried at fair value with changes in fair value recorded in net income or loss unless they are held within a business model whose objective is to hold assets in order to collect contractual cash flows or sell the assets and when the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, in which case unrealized gains and losses are initially recognized in other comprehensive income (loss) for subsequent reclassification to net income or loss through amortization of premiums and discounts, impairment or derecognition. Equity instruments Investments in equity instruments are subsequently measured at fair value with changes recorded in net income or loss. Equity instruments that are not held for trading can be irrevocably designated at fair value through other comprehensive income (loss) on initial recognition without subsequent reclassification to net income. Cumulative gains and losses are transferred from accumulated other comprehensive income (loss) to retained earnings upon derecognition of the investment. Dividend income on equity instruments measured at fair value through other comprehensive income is recognized in the statement of income (loss) on the ex-dividend date. (ii) Financial Liabilities Financial liabilities are subsequently measured at amortized cost using the effective interest method, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value. Put and call options over non-controlling interests The terms of a put and/or a call over a non-controlling interest is analyzed to assess whether it gives the controlling interest in substance, the risks and rewards associated with ownership of the shares covered by the instruments. A put and call with a fair value exercise price is less likely to convey the risks and rewards of ownership to the controlling interest (i.e. the non-controlling shareholders still have present access to the associated benefits). In such cases, the Company uses the present access method in which the non-controlling interest continues to be recognized as such as it still has present access to the economic benefits associated with the underlying ownership interests. A financial liability is initially recognized against the parent’s equity for the repurchase obligation. The transaction is not treated as an anticipated acquisition. The Company has classified its financial instruments as follows: Category Financial instrument Financial assets at amortized cost Bank balances and cash on hand Guaranteed investment certificates Short-term debt securities Bonds Notes receivable Trade receivables Interest and dividend income receivable Amounts receivable from associates and other receivables Financial assets at fair value through profit or loss Investments in derivatives Financial assets at fair value through other comprehensive income Investments in shares and equity instruments, other than in derivatives Financial liabilities at amortized cost Accounts payable and accrued liabilities Liability related to share exchange rights Liability component of convertible debentures Borrowings under revolving credit facilities Derivatives Derivatives, other than warrants held in mining exploration, development and royalty companies, are only used for economic hedging purposes and not as speculative investments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently measured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Cash flow hedges The Company applies the hedge accounting requirements of IFRS 9, Financial Instruments . The fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months and it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income (loss) and accumulated in equity under accumulated other comprehensive income (loss). The gain or loss relating to the ineffective portion is recognised immediately in the consolidated statement of income (loss) within other gains, net. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains and losses previously deferred in equity are reclassified from equity and included in the initial measurement of the cost of the asset. When a hedging instrument expires, is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss deferred in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss. |
Impairment of financial assets (effective January 1, 2016) [Policy Text Block] | g) Impairment of financial assets At each reporting date, the Company assesses, on a forward-looking basis, the expected credit losses associated with its financial assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in the credit risk or if a simplified approach has been selected. The Company has two principal types of financial assets subject to the expected credit loss model: • Trade receivables; and • Investments in debt instruments measured at amortized cost. Accounts receivables The Company applies the simplified approach permitted by IFRS 9 for trade receivables (including amounts receivable from associates and other receivables), which requires lifetime expected credit losses to be recognized from initial recognition of the receivables. Investments in debt instruments To the extent that a debt instrument at amortized cost is considered to have low credit risk, which corresponds to a credit rating within the investment grade category and the credit risk has not increased significantly, the loss allowance is determined on the basis of 12 -month expected credit losses. If the credit risk has increased significantly, the lifetime expected credit losses are recognized. |
Cash and cash equivalents [Policy Text Block] | h) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held with banks and other highly liquid short-term investments with original maturities of three months or less or that can be redeemed at any time without penalties. |
Refundable tax credits for mining exploration expenses [Policy Text Block] | i) Refundable tax credits for mining exploration expenses The Company is entitled to a refundable tax credit on qualified mining exploration and evaluation expenses incurred in the province of Québec. The credit is accounted for against the exploration and evaluation expenses incurred. |
Inventories [Policy Text Block] | j) Inventories Inventories are mainly comprised of gold and silver bullions and diamonds in saleable form that have not yet been sold. Inventories are valued at the lower of cost and net realizable value. Cost is determined on a weighted average basis. |
Investments in associates [Policy Text Block] | k) Investments in associates Associates are entities over which the Company has significant influence, but not control. The financial results of the Company’s investments in its associates are included in the Company’s results according to the equity method. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the Company’s share of profits or losses of associates after the date of acquisition. The Company’s share of profits or losses is recognized in the consolidated statement of income (loss) and its share of other comprehensive income or loss of associates is included in other comprehensive income (loss). Unrealized gains on transactions between the Company and an associate are eliminated to the extent of the Company’s interest in the associate. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Dilution gains and losses arising from changes in interests in investments in associates are recognized in the consolidated statement of income (loss). The Company assesses at each period-end whether there is any objective evidence that its investments in associates are impaired. If impaired, the carrying value of the Company’s share of the underlying assets of associates is written down to its estimated recoverable amount (being the higher of fair value less costs of disposal and value in use) and charged to the consolidated statement of income (loss). |
Royalty, stream and other interests [Policy Text Block] | l) Royalty, stream and other interests Royalty, stream and other interests consist of acquired royalty, stream and other interests in producing, development and exploration and evaluation stage properties. Royalty, stream and other interests are recorded at cost and capitalized as tangible assets. They are subsequently measured at cost less accumulated depletion and depreciation and accumulated impairment losses. The major categories of the Company’s interests are producing, development and exploration and evaluation. Producing assets are those that have generated revenue from steady-state operations for the Company. Development assets are interests in projects that are under development, in permitting or feasibility stage and that in management’s view, can be reasonably expected to generate steady-state revenue for the Company in the near future. Exploration and evaluation assets represent properties that are not yet in development, permitting or feasibility stage or that are speculative in nature and are expected to require several years to generate revenue, if ever, or are currently not active. Producing and development royalty, stream and other interests are recorded at cost and capitalized in accordance with IAS 16, Property, Plant and Equipment On acquisition of a producing or a development royalty, stream and other interest, an allocation of the acquisition cost is made for the exploration potential based on its fair value. The estimated fair value of this acquired exploration potential is recorded as an asset (non-depreciable interest) on the acquisition date. Updated mineral reserve and resource information obtained from the operators of the properties is used to determine the amount to be converted from non-depreciable interest to depreciable interest. Royalty, stream and other interests for exploration and evaluation assets are recorded at cost and capitalized in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources Producing and development royalty, stream and other interests are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. Impairment is assessed at the level of Cash-Generating Units (‘‘CGU’’) which, in accordance with IAS 36, Impairment of Assets Royalty, stream and other interests for exploration and evaluation assets are assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. An interest that has previously been classified as exploration and evaluation is also assessed for impairment before reclassification to development or producing, and the impairment loss, if any, is recognized in net income. |
Property and equipment [Policy Text Block] | m) Property and equipment Property and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of an asset. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefit associated with the item will flow to the Company and the cost can be measured reliably. The carrying amount of a replaced asset is derecognized when replaced. Depreciation is calculated to amortize the cost of the property and equipment less their residual values over their estimated useful lives using the straight-line method and following periods by major categories: Leasehold improvements Lease term Furniture and office equipment 3 - 5 years Residual values, method of depreciation and useful lives of the assets are reviewed annually and adjusted if appropriate. Gains and losses on disposals of property and equipment are determined by comparing the proceeds with the carrying amount of the asset and are included as part of other gains (losses) |
Exploration and evaluation expenditures [Policy Text Block] | n) Exploration and evaluation expenditures Exploration and evaluation assets are comprised of exploration and evaluation expenditures and mining properties acquisition costs. Expenditures incurred on activities that precede exploration and evaluation, being all expenditures incurred prior to securing the legal rights to explore an area, are expensed immediately. Exploration and evaluation assets include rights in mining properties, paid or acquired through a business combination or an acquisition of assets, and costs related to the initial search for mineral deposits with economic potential or to obtain more information about existing mineral deposits. Mining rights are recorded at acquisition cost less accumulated impairment losses. Mining rights and options to acquire undivided interests in mining rights are depreciated only as these properties are put into commercial production. Exploration and evaluation expenditures for each separate area of interest are capitalized and include costs associated with prospecting, sampling, trenching, drilling and other work involved in searching for ore like topographical, geological, geochemical and geophysical studies. They also reflect costs related to establishing the technical and commercial viability of extracting a mineral resource identified through exploration and evaluation or acquired through a business combination or asset acquisition. Exploration and evaluation expenditures include the cost of: (i) establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities; (ii) determining the optimal methods of extraction and metallurgical and treatment processes; (iii) studies related to surveying, transportation and infrastructure requirements; (iv) permitting activities; and (v) economic evaluations to determine whether development of the mineralized material is commercially justified, including scoping, prefeasibility and final feasibility studies. Exploration and evaluation expenditures include overhead expenses directly attributable to the related activities. Cash flows attributable to capitalized exploration and evaluation costs are classified as investing activities in the consolidated statement of cash flows under the heading exploration and evaluation Exploration and evaluation assets under a farm-out arrangement (where a farmee incurs certain expenditures in a property to earn an interest in that property) are accounted as follows: (i) the Company uses the carrying value of the interest before the farm-out arrangement as the carrying value for the portion of the interest retained; (ii) the Company credits any cash consideration received against the carrying amount of the portion of the interest retained, with an excess included as a gain in profit or loss; (iii) in the situation where a royalty interest is retained by the Company as a result of an interest earned by the farmee, the Company records the royalty interest received at an amount corresponding to the carrying value of the exploration and evaluation property at the time of the transfer in ownership; and (iv) the Company does not record exploration expenditures made by the farmee on the property. |
Goodwill [Policy Text Block] | o) Goodwill Goodwill is recognized in a business combination if the cost of the acquisition exceeds the fair values of the identifiable net assets acquired. Goodwill is then allocated to the CGU or group of CGUs that are expected to benefit from the synergies of the combination. The Company performs goodwill impairment tests on an annual basis as at December 31 of each year. In addition, the Company assesses for indicators of impairment at each reporting period end and, if an indicator of impairment is identified, goodwill is tested for impairment at that time. If the carrying value of the CGU or group of CGUs to which goodwill is assigned exceeds its recoverable amount, an impairment loss is recognized. Goodwill impairment losses are not reversed. The recoverable amount of a CGU or group of CGUs is measured as the higher of value in use and fair value less costs of disposal. |
Current and deferred income tax [Policy Text Block] | p) Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognized in the consolidated statement of income (loss), except to the extent that it relates to items recognized in other comprehensive income (loss) or directly in equity. In this case, the tax is also recognized in other comprehensive income (loss) or directly in equity, respectively. Current income taxes The current income tax charge is the expected tax payable on the taxable income for the year, using the tax laws enacted or substantively enacted at the balance sheet date in the jurisdictions where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates (and laws) that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are presented as non-current and are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. |
Convertible debentures [Policy Text Block] | q) Convertible debentures The liability and equity components of convertible debentures are presented separately on the consolidated balance sheet starting from initial recognition. The liability component is recognized initially at the fair value, by discounting the stream of future payments of interest and principal at the prevailing market rate for a similar liability of comparable credit status and providing substantially the same cash flows that do not have an associated conversion option. Subsequent to initial recognition, the liability component is measured at amortized cost using the effective interest method; the liability component is increased by accretion of the discounted amounts to reach the nominal value of the debentures at maturity. The carrying amount of the equity component is calculated by deducting the carrying amount of the financial liability from the amount of the debentures and is presented in shareholders’ equity as equity component of convertible debenture |
Share capital [Policy Text Block] | r) Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from the proceeds in equity in the period where the transaction occurs. |
Warrants [Policy Text Block] | s) Warrants Warrants are classified as equity. Incremental costs directly attributable to the issuance of warrants are recognized as a deduction from the proceeds in equity in the period where the transaction occurs. |
Revenue recognition [Policy Text Block] | t) Revenue recognition Revenue comprises revenues from the sale of commodities received under royalty, stream and other interest agreements and revenues earned directly from royalty, stream and other interest agreements. For royalty agreements paid in-kind and for stream and other interest agreements (including offtake agreements), revenue recognition occurs when the relevant commodity received from the operator is physically delivered and sold by the Company to its third party customers. Significant risks and rewards of ownership are passed to the buyer at the time of delivery, which also corresponds to the transfer of the title of the property. For royalty and stream agreements paid in cash, revenue recognition will depend on the related agreement. Revenue is measured at fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty, stream and other interest agreements. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of revenue 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. |
Operating leases [Policy Text Block] | u) Operating leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the consolidated income statement on a straight-line basis over the period of the lease. |
Share-based compensation [Policy Text Block] | v) Share-based compensation Share option plan The Company offers a share option plan for its directors, officers, employees and consultants. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognized over the tranche’s vesting period by increasing contributed surplus based on the number of awards expected to vest. The number of awards expected to vest is reviewed at least annually, with any impact being recognized immediately. Any consideration paid on exercise of share options is credited to share capital. The contributed surplus resulting from share-based compensation is transferred to share capital when the options are exercised. Deferred and restricted share units Deferred share units (“DSU”) and restricted share units (“RSU”) may be granted to employees, directors and officers as part of their long-term compensation package entitling them to receive payout in cash based on the Company’s share price at the relevant time. A liability for DSU and RSU is measured at fair value on the grant date and is subsequently adjusted at each balance sheet date for changes in fair value according to the estimation made by management of the number of DSU and RSU that will eventually vest. The liability is recognized over the vesting period, with a corresponding charge to share-based compensation |
Earnings per share [Policy Text Block] | w) Earnings per share The calculation of earnings per share (“EPS”) is based on the weighted average number of shares outstanding for each period. The basic EPS is calculated by dividing the profit or loss attributable to the equity owners of Osisko by the weighted average number of common shares outstanding during the period. The computation of diluted EPS assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on the income per share. It also includes shares issued and held in escrow. The treasury stock method is used to determine the dilutive effect of the warrants, share options and the if-converted method is used for convertible debentures. When the Company reports a loss, the diluted net loss per common share is equal to the basic net loss per common share due to the anti-dilutive effect of the shares held in escrow, the outstanding warrants, share options and convertible debentures. |
Segment reporting [Policy Text Block] | x) Segment The operating segments are reported in a manner consistent with the internal reporting provided to the Chief Executive Officer (“CEO”) who fulfills the role of the chief operating decision-maker. The CEO is responsible for allocating resources and assessing performance of the Company’s operating segments. The Company manages its business under a single operating segment, consisting of acquiring and managing precious metal and other high- quality royalties, streams and similar interests. |
Significant accounting polici44
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of principal subsidiaries and their geographic location [Table Text Block] | Entity Jurisdiction Economic Interest Osisko Bermuda Limited Bermuda 100% Coulon Mines Inc. Canada 100% (i) General Partnership Osisko James Bay Québec 100% Osisko Mining (USA) Inc. Delaware 100% |
Disclosure of detailed information about estimated useful life or depreciation rate [Table Text Block] | Leasehold improvements Lease term Furniture and office equipment 3 - 5 years |
Business combination (Tables)
Business combination (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about purchase price allocation [Table Text Block] | Consideration paid $ Cash (1) 648,385 Issuance of 30,906,594 common shares (2) 445,333 1,093,718 Net assets acquired $ Cash and cash equivalents 8,707 Other current assets 1,217 Royalty, stream and other interests 1,116,115 Current liabilities (435 ) Deferred income tax liability (31,886 ) 1,093,718 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about cash and cash equivalents [Table Text Block] | December 31, December 31, 2017 2016 $ $ Cash 266,785 404,347 Cash equivalents 66,920 94,902 333,705 499,249 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about trade and other receivables [Table Text Block] | December 31, December 31, 2017 2016 $ $ Tax credits 4,091 6,034 Interest and dividend income receivable 1,508 852 Amounts receivable from associates (i) 1,245 720 Revenues receivable from royalty, stream and other interests 924 - Sales taxes and other receivables 617 810 8,385 8,416 |
Investments in associates (Tabl
Investments in associates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [Table Text Block] | 2017 2016 $ $ Balance – January 1 82,902 44,011 Acquisitions 136,529 14,974 Exercise of warrants 14,519 775 Transfer from other investments - 13,068 Share of loss, net (6,114 ) (6,623 ) Share of other comprehensive income (loss), net (537 ) 1,264 Net gain on ownership dilution 30,560 12,023 Disposals (426 ) - Gain on disposal (i) - 3,410 Balance – December 31 257,433 82,902 |
Disclosure of associates [Table Text Block] | Osisko Mining Barkerville Dalradian Falco 2017 (i) 2016 (ii) 2017 (i) 2016 (ii) 2017 (i) 2016 (ii) 2017 (iii) 2016 (iv) $ $ $ $ $ $ $ $ Current assets 108,439 100,963 67,162 34,698 50,088 44,095 34,703 34,242 Non-current assets 290,332 173,334 31,659 16,000 164,310 117,894 87,300 35,657 Current liabilities 23,657 4,972 15,709 10,211 6,437 4,116 25,567 16,516 Non-current liabilities 15,941 5,882 15,634 5,229 685 1,058 8,424 5,315 Revenues - - - - - - - - Net loss from continuing operations (19,741 ) (10,051 ) (6,733 ) (9,744 ) (8,884 ) (7,609 ) (6,677 ) (8,972 ) Net loss from discontinued operations, net of taxes - (5 ) - - - - - - Other comprehensive income (loss) (954 ) 9,695 175 (19 ) - - - - Comprehensive loss (20,695 ) (361 ) (6,558 ) (9,763 ) (8,884 ) (7,609 ) (6,677 ) (8,972 ) Carrying value of investment (v) 73,635 36,680 89,556 16,909 40,122 3,924 15,652 12,330 Fair value of investment (v) 109,504 53,491 106,732 24,253 42,026 7,313 20,817 18,535 |
Disclosure of investments accounted for using equity method [Table Text Block] | 2017 2016 $ $ Aggregate amount of the Company’s share of net loss (2,725 ) (1,645 ) Aggregate amount of the Company’s share of other comprehensive income (loss) 459 (382 ) Aggregate carrying value of investments 38,468 16,983 Aggregate fair value of investments 53,061 28,176 |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about other investments [Table Text Block] | 2017 2016 $ $ Fair value through profit or loss (warrants) Balance – January 1 10,935 1,578 Acquisitions 9,662 3,278 Exercise (14,170 ) (311 ) Change in fair value 1,665 6,390 Balance – December 31 8,092 10,935 Fair value through other comprehensive income (shares) Balance – January 1 97,274 93,607 Acquisitions 72,719 71,137 Exercise of warrants 500 - Interests on financial assets at amortized cost paid in shares 12 26 Change in fair value 6,139 74,914 Disposals (69,803 ) (129,342 ) Transfer to investments in associates - (13,068 ) Balance – December 31 106,841 97,274 Amortized cost Balance – January 1 200 10,300 Transfer to short-term investments - (100 ) Conversion to royalty interests (i) - (10,000 ) Balance – December 31 200 200 Total 115,133 108,409 |
Royalty, stream and other int50
Royalty, stream and other interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about royalty interests [Table Text Block] | 2017 2016 Royalty Stream Offtake interests interests interests Total Royalty interests $ $ $ $ $ Balance – Beginning of period 494,768 - - 494,768 449,439 Acquisitions (i),(ii), 26,681 53,438 - 80,119 50,250 Business combination (iii) 353,314 656,602 106,199 1,116,115 - Conversion of a note receivable - - - - 10,000 Sale - - - - (3,630 ) Depletion (15,475 ) (11,283 ) (1,307 ) (28,065 ) (11,291 ) Impairment (89,000 ) - - (89,000 ) - Translation adjustments 242 1,321 272 1,835 - Balance – End of period 770,530 700,078 105,164 1,575,772 494,768 Producing Cost 503,340 582,466 66,812 1,152,618 431,455 Accumulated depletion (27,352 ) (11,242 ) (1,307 ) (39,901 ) (11,879 ) Accumulated impairment (89,000 ) - - (89,000 ) - Net book value – End of period 386,988 571,224 65,505 1,023,717 419,576 Development Cost 194,535 118,094 30,793 343,422 - Accumulated depletion - - - - - Net book value – End of period 194,535 118,094 30,793 343,422 - Exploration and evaluation Cost 189,007 10,760 8,866 208,633 75,192 Accumulated depletion - - - - - Net book value – End of period 189,007 10,760 8,866 208,633 75,192 Total net book value – End of period 770,530 700,078 105,164 1,575,772 494,768 |
Disclosure of detailed information about buy-back and buy-down rights [Table Text Block] | Right Description Election date Total Buy-back (2018) Right to repurchase the entire stream December 31, 2018 US$119.0 million ($149.3 million) Buy-down (2018) Right to reduce the stream percentage from 4% to 1.5% December 31, 2018 US$75.0 million ($94.1 million) Buy-back (2019) Right to repurchase the entire stream December 31, 2019 US$136 million ($170.6 million) Buy-down (2019) Right to reduce the stream percentage from 4% to 2% December 31, 2019 US$75.0 million ($94.1 million) |
Exploration and evaluation (Tab
Exploration and evaluation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about exploration assets [Table Text Block] | 2017 201 6 (i) $ $ Net book value - January 1 100,038 96,220 Additions 2,745 8,245 Disposals - (812 ) Investments tax credits (601 ) (3,430 ) Share-based compensation capitalized - 483 Impairment - (668 ) Net book value - December 31 102,182 100,038 Balance – December 31 Cost 103,042 100,898 Accumulated impairment (860 ) (860 ) Net book value - December 31 102,182 100,038 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Dislclosure of detailed information about key assumptions for the CGU's [Table Text Block] | 2017 2016 Long-term gold price (per ounce) US$1,300 US$1,280 Long-term silver price (per ounce) US$18 US$17 Post-tax real discount rate 4.2% 5.0% |
Accounts payable and accrued 53
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about trade and other payables [Table Text Block] | December 31, December 31, 2017 2016 $ $ Trade payables 411 1,394 Payables on metals received from offtakes 3,710 - Accrued interests on long-term debt 2,081 38 Other accrued liabilities 2,070 628 Sale taxes and other payables 7,038 5,378 15,310 7,438 |
Provisions and other liabilit54
Provisions and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of other provisions [Table Text Block] | 2017 2016 Share exchange DSU and Share exchange DSU and rights (i) RSU (ii) Total rights (i) RSU (ii) Total $ $ $ $ $ $ Balance – January 1 10,692 5,894 16,586 7,067 3,109 10,176 Accretion expense 299 - 299 236 - 236 New liabilities 988 7,053 8,041 3,389 3,787 7,176 Settlement of liabilities (11,979 ) (5,539 ) (17,518 ) - - - Extinguished liabilities - (59 ) (59 ) - (268 ) (268 ) Revision of estimates - 319 319 - (734 ) (734 ) Balance – December 31 - 7,668 7,668 10,692 5,894 16,586 Current portion - 5,632 5,632 - 4,153 4,153 Non-current portion - 2,036 2,036 10,692 1,741 12,433 - 7,668 7,668 10,692 5,894 16,586 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information of long-term debt, activity [Table Text Block] | 2017 2016 $ $ Balance - January 1 45,780 - New debt – convertible debentures (i),(ii) 279,469 45,706 Transaction costs – convertible debentures (i),(ii) (10,735 ) (709 ) New debt – revolving credit facility (iii) 147,323 - Amortization of transaction costs 427 114 Accretion expense 1,336 669 Foreign exchange revaluation impact 708 - Balance - December 31 464,308 45,780 |
Disclosure of detailed information about borrowings [text block] [Table Text Block] | December 31, December 31, 2017 2016 $ $ Convertible debentures (i),(ii) 350,000 50,000 Revolving credit facility (iii) 148,031 - Long-term debt 498,031 50,000 Unamortized debt issuance costs (10,903 ) (594 ) Unamortized accretion on convertible debentures (22,820 ) (3,626 ) Long-term debt, net of issuance costs 464,308 45,780 Current portion - - Non-current portion 464,308 45,780 464,308 45,780 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of dividends [Table Text Block] | Dividend Dividend Dividend reinvestment Declaration date per share Record date Payment date payable plan (i) $ $ February 16, 2016 0.04 March 31, 2016 April 15, 2016 4,248,000 7,144,004 May 4, 2016 0.04 June 30, 2016 July 15, 2016 4,259,000 11,594,125 August 4, 2016 0.04 September 30, 2016 October 14, 2016 4,264,000 4,460,148 November 9, 2016 0.04 December 31, 2016 January 16, 2017 4,266,000 4,591,999 0.16 17,037,000 March 15, 2017 0.04 March 31, 2017 April 17, 2017 4,264,000 8,024,301 May 4, 2017 0.04 June 30, 2017 July 17, 2017 4,270,000 13,498,789 August 3, 2017 0.05 September 30, 2017 October 16, 2017 7,850,000 5,683,585 November 7, 2017 0.05 December 29, 2017 January 15, 2018 7,890,000 6,863,864 0.18 24,274,000 |
Disclosure of objectives, policies and processes for managing capital [text block] [Table Text Block] | December 31, December 31, 2017 2016 $ $ Long-term debt 464,308 45,780 Total equity 1,894,405 1,214,304 Undrawn revolving credit facility (i) 201,969 150,000 2,560,682 1,410,084 |
Disclosure of warrants (Tables)
Disclosure of warrants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about warrants, activity [Table Text Block] | 2017 2016 Weighted Weighted average average Number of exercise Number of exercise Warrants Amount price warrants Amount price $ $ $ $ Balance – January 1 11,195,500 30,901 27.61 5,480,000 (i) 18,072 36.50 Issued - - - 5,715,500 (ii) 12,829 19.08 Balance – December 31 11,195,500 30,901 27.61 11,195,500 30,901 27.61 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | 2017 2016 Weighted Weighted Number of average Number of average options exercise price options exercise price $ $ Balance – January 1 3,063,130 14.25 2,823,333 13.71 Granted (i) 763,400 16.57 1,084,700 13.43 Exercised (43,970 ) 14.22 (12,335 ) 15.22 Exercised – Virginia replacement share options (ii) (190,471 ) 11.28 (505,756 ) 9.50 Expired (4,333 ) 15.80 (30,712 ) 13.77 Forfeited (50,633 ) 14.57 (296,100 ) 14.17 Balance – December 31 3,537,123 14.90 3,063,130 14.25 Options exercisable – December 31 2,051,323 14.57 1,322,729 14.04 |
Disclosure of range of exercise prices of outstanding share options [Table Text Block] | Options outstanding Options exercisable Weighted average Weighted remaining Weighted Exercise average contractual average price range Number exercise price life (years) Number exercise price $ $ $ 8.35 – 9.98 57,391 9.77 4.1 57,391 9.77 10.58 – 10.73 72,075 10.66 5.3 72,075 10.66 13.38 – 14.78 994,860 13.49 3.5 444,860 13.49 14.90 – 15.80 1,680,997 15.33 2.1 1,473,664 15.26 16.66 – 17.84 731,800 16.68 4.4 3,333 17.84 3,537,123 14.90 3.1 2,051,323 14.57 |
Disclosure of detailed information about options, valuation assumptions [Table Text Block] | 2017 2016 Dividend per share 1% 1% Expected volatility 38% 41% Risk-free interest rate 1% 1% Expected life 45 months 45 months Share price $16.57 $13.43 Fair value of options granted $4.58 $3.88 |
Disclosure of deferred and restricted share units [Table Text Block] | 2017 2016 DSU RSU DSU RSU Balance – January 1 175,446 595,076 106,408 440,166 Granted 88,600 231,300 67,602 211,300 Reinvested (dividends on common shares) 2,396 7,260 1,436 5,674 Settled - (225,429 ) - - Forfeited - (7,580 ) - (62,064 ) Balance – December 31 266,442 600,627 175,446 595,076 Balance – Vested 177,405 - 107,573 - |
Disclosure of deferred and restricted share units, fair value [Table Text Block] | December 31, 2017 December 31, 2016 Carrying Intrinsic value Carrying Intrinsic value value of vested units value of vested units $ $ $ $ Current portion 5,632 2,576 4,153 1,408 Non-current portion 2,036 - 1,741 - 7,668 2,576 5,894 1,408 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about revenues [Table Text Block] | 2017 2016 $ $ Royalty interests 74,041 62,677 Stream interests 19,751 - Offtake interests 119,424 - 213,216 62,677 |
Cost of sales (Tables)
Cost of sales (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about cost of sales [Table Text Block] | 2017 2016 $ $ Royalty interests 286 143 Stream interests 7,385 - Offtake interests 117,974 - 125,645 143 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Disclosure of detailed information about income taxes [Table Text Block] | 2017 2016 $ $ Current income taxes 1,003 1,352 Deferred income taxes (Note 25 (b)): Origination and reversal of temporary differences (28,128 ) 6,647 Impact of changes in tax rates 3,978 1,725 Deferred income taxes (24,150 ) 8,372 Income taxes (23,147 ) 9,724 | |
Disclosure of components of deferred income tax assets and liabilities [Table Text Block] | December 31, December 31, 2017 2016 $ $ Deferred tax assets: Stream interests 7,793 - Share and debt issue expenses 2,286 3,824 Deferred and restricted share units 2,032 1,562 Non-capital losses 1,015 - Other assets 223 25 Royalty interests and exploration and evaluation assets - 2,567 13,349 7,978 Deferred tax liabilities: Royalty interests and exploration and evaluation assets (123,772 ) (118,306 ) Investments (10,054 ) (8,051 ) Convertible debentures (6,047 ) (975 ) Other liabilities (238 ) (598 ) (140,111 ) (127,930 ) (126,762 ) (119,952 ) | |
Disclosure of reconciliation of statutory weighted average tax rate applicable to income [Table Text Block] | 2017 2016 $ $ Earnings (loss) before income taxes (65,935 ) 51,578 Income tax provision calculated using the combined Canadian federal and provincial statutory income tax rate (17,671 ) 13,874 Increase (decrease) in income taxes resulting from: Dividends received from a taxable Canadian corporation - (1,326 ) Non-deductible expenses, net 1,606 1,265 Non-taxable portion of capital gains, net (3,312 ) (2,341 ) Change in tax rates (3,978 ) (1,725 ) Differences in foreign statutory tax rates (134 ) - Other, net 342 (23 ) Total income tax expense (23,147 ) 9,724 | |
Disclosure of deferred taxes [Table Text Block] | Benefit Other Business Transla- Statement from flow- compre- combi- tion Dec. 31, of income through hensive naison adjust- Dec. 31, 2016 (loss) shares Equity income (Note 7 ) ments 2017 $ $ $ $ $ $ Deferred tax assets: Stream interests - 294 - - - 7,499 - 7,793 Share and debt issue expenses 3,824 (1,639 ) - 101 - - - 2,286 Deferred and restricted share units 1,562 470 - - - - - 2,032 Non-capital losses - - - - - 1,015 - 1,015 Royalty interests and exploration and evaluation assets 2,567 (2,567 ) - - - - - - Other assets 25 198 - - - - - 223 Deferred tax liabilities: Royalty interests and exploration and evaluation assets (118,306 ) 29,041 6,416 - (3,241 ) (37,576 ) (106 ) (123,772 ) Investments (8,051 ) (2,167 ) (2,315 ) - 2,479 - - (10,054 ) Convertible debentures (975 ) 160 - (5,232 ) - - - (6,047 ) Other liabilities (598 ) 360 - - - - - (238 ) (119,952 ) 24,150 4,101 (5,131 ) (762 ) (29,062 ) (106 ) (126,762 ) | Benefit Other Statement from flow- compre- December 31, of income through hensive December 31, 2015 (loss) shares Equity income 2016 $ $ $ $ $ $ Deferred tax assets: Other assets 904 683 - - - 1,587 Non-capital losses 8,475 (8,475 ) - - - - Royalty interests and exploration and evaluation assets 5,618 (3,051 ) - - - 2,567 Share and debt issue expenses 2,829 (1,192 ) - 2,187 - 3,824 Deferred tax liabilities: Investments at fair value through other comprehensive income - (1,462 ) (1,730 ) - (4,859 ) (8,051 ) Royalty interests and exploration and evaluation assets (127,814 ) 5,543 3,965 - - (118,306 ) Other liabilities - (418 ) - (1,155 ) - (1,573 ) (109,988 ) (8,372 ) 2,235 1,032 (4,859 ) (119,952 ) |
Detail of expenses (Tables)
Detail of expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of expenses by nature [Table Text Block] | 2017 2016 $ $ Professional fees 13,183 2,960 Employee benefit expenses (see below) 22,432 15,295 Depletion and depreciation 28,210 11,509 Travel expenses 1,637 1,174 Rent and office expenses 1,180 1,536 Communication and promotional expenses 1,194 755 Public company expenses 920 680 Cost recoveries from associates (532 ) (463 ) Recovery of tax credits - (2,223 ) Other expenses 782 2,365 69,006 33,588 |
Disclosure of employee benefits [Table Text Block] | 2017 2016 $ $ Salaries and wages 15,501 10,491 Share-based compensation 10,524 7,380 Cost recoveries from associates (3,593 ) (2,576 ) 22,432 15,295 |
Disclosure of other gains, net [Table Text Block] | 2017 2016 $ $ Change in fair value of financial assets at fair value through profit and loss 1,665 6,390 Net gain on disposal of investments 703 3,410 Net gain on dilution of investments in associates 30,560 12,023 Gain (loss) on acquisition of investments (i) (2,099 ) 8,379 Other - - 30,829 30,202 |
Key management (Tables)
Key management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of compensation, key management [Table Text Block] | 2017 2016 $ $ Salaries and short-term employee benefits 6,921 4,247 Share-based compensation 7,731 4,522 Cost recoveries from associates (449 ) (180 ) 14,203 8,589 |
Net earnings (loss) per share (
Net earnings (loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information of earnings per share explanatory [Table Text Block] | 2017 2016 $ $ Net earnings (loss) attributable to Osisko Gold Royalties Ltd’s shareholders (42,501 ) 42,113 Basic weighted average number of common shares outstanding (in thousands) (i) 127,939 104,671 Dilutive effect of share options (ii) - 153 Dilutive effect of warrants (ii) - - Dilutive effect of convertible debentures (ii) - - Diluted weighted average number of common shares 127,939 104,824 Net earnings (loss) per share attributable to Osisko Gold Royalties Ltd’s shareholders Basic (0.33 ) 0.40 Diluted (0.33 ) 0.40 |
Additional information on the65
Additional information on the consolidated statements of cash flows (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about cash flow information [Table Text Block] | 2017 2016 $ $ Interests received 3,384 2,699 Interests paid on long-term debt 4,005 2,221 Dividends received 215 6,276 Income taxes paid 132 - Changes in non-cash working capital items Decrease (increase) in accounts receivable (1,248 ) 1,037 Increase in inventory (8,737 ) - Increase in other current assets (221 ) (565 ) Increase (decrease) in accounts payable and accrued liabilities 9,766 (1,247 ) (440 ) (775 ) Accounts receivable on disposal of investments Beginning of year 159 - End of year - 159 Accounts payable on acquisition of investments Beginning of year 819 - End of year - 819 2017 2016 $ $ Tax credits receivable related to exploration and evaluation assets Beginning of year 6,238 2,083 End of year 4,091 6,238 Accounts payable and accrued liabilities related to exploration and evaluation assets Beginning of year 276 704 End of year 22 276 Accounts payable and accrued liabilities related to financing fees Beginning of year - - End of year 379 - Accounts payable and accrued liabilities related to share issue expenses Beginning of year - - End of year 186 - |
Financial risks (Tables)
Financial risks (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about foreign currency risk explanatory [Table Text Block] | December 31, 2017 2016 $ $ Cash and cash equivalents 43,495 180,963 Account receivable 493 - Other assets 412 - Accounts payable and accrued liabilities (105 ) - Revolving credit facility (118,000 ) - Net exposure, in US dollars (73,705 ) 180,963 Equivalent in Canadian dollars (92,463 ) 242,979 |
Disclosure of detailed information about financial instruments [text block] [Table Text Block] | As at December 31, 2017 Amount payable Estimated annual interest payable at maturity Maturity 2018 2019 2020 2021 2022 $ $ $ $ $ $ Conv. debenture (2016) 50,000 February 12, 2021 2,000 2,000 2,000 236 - Conv. debentures (2017) 300,000 December 31, 2022 13,900 12,000 12,000 12,000 12,000 Revolving credit facility (i) 148,031 November 14, 2021 4,380 4,380 4,380 3,830 - 498,031 20,280 18,380 18,380 16,066 12,000 |
Fair Value of financial instr67
Fair Value of financial instruments (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Disclosure of significant observable inputs used in fair value measurement of equity [text block] [Table Text Block] | December 31, 2017 Level 1 Level 2 Level 3 Total $ $ $ $ Recurring measurements Financial assets at fair value through profit or loss (i) Warrants on equity securities Publicly traded mining exploration and development companies Precious metals - - 3,375 3,375 Other minerals, oil and gas - - 4,717 4,717 Financial assets at fair value through other comprehensive income (i) Equity securities Publicly traded royalty companies 29,360 - - 29,360 Publicly traded mining exploration and development companies Precious metals 60,286 - - 60,286 Other minerals, oil and gas 17,195 - - 17,195 106,841 - 8,092 114,933 | December 31, 2016 Level 1 Level 2 Level 3 Total $ $ $ $ Recurring measurements Financial assets at fair value through profit or loss (i) Warrants on equity securities Publicly traded mining exploration and development companies Precious metals - - 3,227 3,227 Other minerals, oil and gas - - 7,708 7,708 Financial assets at fair value through other comprehensive income (i) Equity securities Publicly traded royalty companies 30,338 - - 30,338 Publicly traded mining exploration and development companies Precious metals 41,627 - - 41,627 Other minerals, oil and gas 25,309 - - 25,309 97,274 - 10,935 108,209 |
Disclosure of detailed information about changes in fair value of investments [Table Text Block] | 2017 2016 $ $ Balance – January 1 10,935 1,578 Acquisitions 9,662 3,278 Exercised (14,170 ) (311 ) Change in fair value - investments exercised (i) 3,148 271 Change in fair value - investments expired (i) (30 ) (88 ) Change in fair value - investments held at the end of the period (i) (1,453 ) 6,207 Balance – December 31 8,092 10,935 | |
Disclosure of detailed information about valuation technique used to evaluate fair value explanatory [Table Text Block] | December 31, 2017 Inputs Fair Valuation Non- Weighted value technique observable Range average $ Other investments Warrants and call options on equity Black-Scholes securities of publicly traded mining option Expected exploration and development companies 8,092 pricing model volatility 48% to 100% 73% | December 31, 2016 Inputs Fair Valuation Non- Weighted value technique observable Range average $ Other investments Warrants and call options on equity Black-Scholes securities of publicly traded mining option Expected exploration and development companies 10,935 pricing model volatility 36% to 100% 73% |
Disclosure of detailed information about fair value of long-term debt [Table Text Block] | December 31, 2017 Fair Carrying value amount $ $ Long-term debt 509,229 464,308 |
Segment disclosure (Tables)
Segment disclosure (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about geographical areas segment reporting explanatory [Table Text Block] | 2017 2016 $ $ Royalties Canada 72,057 62,677 1,984 Rest of the World - 74,041 62,677 Streams Canada 11,321 - 8,430 Rest of the World - 19,751 - Offtakes Canada 86,303 - Australia 22,475 - 10,646 Rest of the World - 119,424 - Total revenues 213,216 62,677 |
Disclosure of detailed information about geographic areas segment reporitng, by country [Table Text Block] | December 31, December 31, 2017 2016 $ $ Royalty interests, net Canada 577,875 471,077 United States 120,611 22,941 South America 27,047 - Africa 12,040 - Rest of the World 32,957 750 770,530 494,768 Stream interests, net Canada 332,497 - South America 173,591 - Asia 78,665 - United States 50,189 - Rest of the World 65,136 - 700,078 - Offtake interests, net Canada 48,919 - Asia 26,147 - Australia 12,606 - South America 5,109 - Rest of the World 12,383 - 105,164 - Royalty, stream and other interests, net 1,575,772 494,768 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Disclosure of detailed information about commitments [Table Text Block] | $ 2018 1,154 2019 1,033 2020 135 2,322 |
Disclosure of detailed information about significant commitments for streams and offtakes [Table Text Block] | Attributable Payable Production Per Ounce/Carat to be Purchased (ounces or %) Cash Payment (US$) Term of Date of Contract Interest Gold Silver Diamond Gold Silver Diamond Agreement Amulsar stream (1),(7) 142,454 694,000 $400 $4 40 years Nov 25, 2015 Back Forty stream (7) (7) 18.5% 75% 30% spot price (max $600) $4 Life of mine Mar 31, 2015 Brucejack offtake (7) 50% Based on quotational period Until delivery of 7,067,000 ounces Au Sept. 21, 2015 Brucejack stream (2), (7) 4% 4% $400 $4 Until delivery of 7,067,000 ounces Au Sept. 21, 2015 Matilda offtake (7) 55% Based on quotational period Until delivery of 300,000 ounces Au May 18, 2015 Mantos stream (3), (7) 100% 25% spot Life of mine Sept 11, 2015 Renard stream (4), (7) 9.6% $50 40 years Jul 8, 2014 Sasa stream (5), (7) 100% $5 40 years Nov 3, 2015 Gibraltar stream (6) 100% $2.75 Life of mine March 3, 2017 |
Nature of activities (Narrative
Nature of activities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Silver stream | 62.50% |
Renard diamond mine [Member] | |
Statement [Line Items] | |
Diamond stream | 9.60% |
Brucejack gold and silver mine [Member] | |
Statement [Line Items] | |
Gold and silver stream | 4.00% |
Mantos Blancos copper mine [Member] | |
Statement [Line Items] | |
Silver stream | 100.00% |
Canadian Malartic Mine [Member] | |
Statement [Line Items] | |
Net smelter return | 5.00% |
Top of range [Member] | Eleonore Mine [Member] | |
Statement [Line Items] | |
Net smelter return | 3.50% |
Bottom of range [Member] | Eleonore Mine [Member] | |
Statement [Line Items] | |
Net smelter return | 2.00% |
Significant accounting polici71
Significant accounting policies (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Coulon Mines Inc. [Member] | ||
Statement [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 76.00% |
Business combination (Narrative
Business combination (Narrative) (Details) - 12 months ended Dec. 31, 2017 $ / shares in Units, $ in Millions | CAD ($)$ / sharesshares | USD ($)shares | USD ($) |
Statement [Line Items] | |||
Acquisition of assets | $ 1,093,718,000 | ||
Portion of consideration paid (received) consisting of cash and cash equivalents | 630,100,000 | $ 504.8 | |
Purchase price, acquisition of assets | 625,000,000 | 500.6 | |
Portion of working capital, acquisition of assets | $ 5,100,000 | $ 4.2 | |
Number of shares issued | 30,906,594 | 30,906,594 | |
Silver stream | 62.50% | 62.50% | |
Private placements | $ 261,250,000 | ||
Revolving credit facility | 147,300,000 | $ 118 | |
Cash disbursement for foreign exchange forward contract | 275,000,000 | ||
Foreign exchange forward contract | 204,000,000 | ||
Payment from cash and cash equivalents for settlement | 228,900,000 | $ 182.8 | |
Business combination transaction costs | 8,900,000 | ||
Decrease in consideration paid | 1,000,000 | ||
Decrease in final fair values of royalty, stream and other interests | 1,000,000 | ||
Loss on settlement of derivative financial instruments | 18,200,000 | ||
Income taxes on loss on settlement of derivative financial instruments | 2,800,000 | ||
Revenue of acquiree | 139,509,000 | ||
Net earnings of acquiree | 232,000 | ||
Approximations [Member] | |||
Statement [Line Items] | |||
Acquisition of assets | $ 1,100,000,000 | ||
Private Placement [Member] | |||
Statement [Line Items] | |||
Shares issued for private placement | shares | 18,887,363 | 18,887,363 | |
Exercise price, common shares, private placement | $ / shares | $ 14.56 | ||
Capital commitment, percentage | 7.00% | 7.00% | |
Additional fees | $ 376,000 | ||
Taxes on additional fees | $ 275,000 | ||
Private Placement [Member] | Capital Commitments representing 2% [Member] | |||
Statement [Line Items] | |||
Capital commitment, percentage | 2.00% | 2.00% | |
Capital commitment, shares to be issued | shares | 385,457 | 385,457 | |
Private Placement [Member] | Capital Commitments representing 5% [Member] | |||
Statement [Line Items] | |||
Capital commitment, percentage | 5.00% | 5.00% | |
Capital commitments | $ 13,800,000 | ||
Fonds [Member] | Private Placement [Member] | |||
Statement [Line Items] | |||
Share subscriptions | 75,000,000 | ||
CDP Investissements Inc. [Member] | Private Placement [Member] | |||
Statement [Line Items] | |||
Share subscriptions | $ 200,000,000 | ||
Renard diamond mine [Member] | |||
Statement [Line Items] | |||
Diamond stream | 9.60% | 9.60% | |
Brucejack gold and silver mine [Member] | |||
Statement [Line Items] | |||
Gold and silver stream | 4.00% | 4.00% | |
Mantos Blancos copper mine [Member] | |||
Statement [Line Items] | |||
Silver stream | 100.00% | 100.00% |
Cash and cash equivalents (Narr
Cash and cash equivalents (Narrative) (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2016USD ($) | |
Statement [Line Items] | ||||
Cash equivalents, weighted average interest rate | 1.25% | |||
Cash | $ 266,785 | $ 404,347 | ||
Cash held in USD [Member] | ||||
Statement [Line Items] | ||||
Cash | $ 69,500 | $ 55.4 | $ 243,000 | $ 181 |
Short-term investments (Narrati
Short-term investments (Narrative) (Details) | Dec. 31, 2017CAD ($) |
Guaranteed investment certificate [Member] | July 2017 [Member] | |
Statement [Line Items] | |
Guaranteed investment certificate | $ 100,000 |
Interest rate, investment | 2.75% |
Notes receivable [Member] | |
Statement [Line Items] | |
Interest rate, investment | 7.00% |
Investments in associates (Narr
Investments in associates (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2017 | Oct. 31, 2016CAD ($) | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($) | Dec. 31, 2015CAD ($) | |
Statement [Line Items] | |||||
Investments in associates | $ 257,433,000 | $ 82,902,000 | |||
Cariboo Gold project [Member] | Increase [Member] | |||||
Statement [Line Items] | |||||
Net smelter return | 2.25% | ||||
27 Exploration prorperties [Member] | |||||
Statement [Line Items] | |||||
Net smelter return | 2.00% | ||||
Osisko Mining [Member] | |||||
Statement [Line Items] | |||||
Investments in associates | $ 40,100,000 | $ 6,800,000 | |||
Shares held in associates | 32,302,034 | ||||
Net smelter return | 1.00% | ||||
Exercise of NSR royalty | $ 5,000,000 | ||||
Proportion of ownership interest in associate | 15.50% | 13.50% | |||
Osisko Mining [Member] | Windfall Lake project [Member] | |||||
Statement [Line Items] | |||||
Net smelter return | 1.00% | 1.50% | 0.50% | ||
Falco [Member] | |||||
Statement [Line Items] | |||||
Investments in associates | $ 4,000,000 | $ 3,300,000 | |||
Shares held in associates | 23,927,005 | ||||
Proportion of ownership interest in associate | 12.70% | 14.20% | |||
Financing agreement | $ 10,000,000 | $ 10,000,000 | |||
Interest rate, financing | 7.00% | ||||
Barkerville [Member] | |||||
Statement [Line Items] | |||||
Investments in associates | $ 52,100,000 | $ 8,200,000 | |||
Shares held in associates | 142,309,310 | ||||
Proportion of ownership interest in associate | 32.70% | 17.30% | |||
Barkerville [Member] | Cariboo Gold project [Member] | |||||
Statement [Line Items] | |||||
Investments in associates | $ 12,500,000 | $ 25,000,000 | |||
Net smelter return | 0.75% | 1.50% | |||
Barkerville [Member] | Cariboo Gold project [Member] | Increase [Member] | |||||
Statement [Line Items] | |||||
Net smelter return | 2.25% | ||||
Dalradian Resources Inc. [Member] | |||||
Statement [Line Items] | |||||
Investments in associates | $ 28,300,000 | ||||
Shares held in associates | 31,717,687 | ||||
Proportion of ownership interest in associate | 8.90% | 2.60% | |||
Private placement, shares | shares | 19,217,687 | ||||
Exercise of warrants in associates | $ 6,500,000 | ||||
Exercise of warrants in associates, shares held | 6,250,000 | ||||
Taseko [Member] | |||||
Statement [Line Items] | |||||
Proportion of ownership interest in associate | 75.00% |
Other investments (Narrative) (
Other investments (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017CAD ($) | |
Statement [Line Items] | |
Secured note receivable | $ 0 |
Highland Copper [Member] | |
Statement [Line Items] | |
Secured note receivable | $ 10,000 |
Copperwood project [Member] | Bottom of range [Member] | Highland Copper [Member] | |
Statement [Line Items] | |
Net smelter return | 1.50% |
Copperwood project [Member] | Top of range [Member] | Highland Copper [Member] | |
Statement [Line Items] | |
Net smelter return | 3.00% |
White Pine project [Member] | |
Statement [Line Items] | |
Net smelter return | 1.50% |
27 Exploration prorperties [Member] | |
Statement [Line Items] | |
Net smelter return | 2.00% |
Royalty, stream and other int77
Royalty, stream and other interests (Narrative) (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2017 | Oct. 31, 2016 | Dec. 31, 2017CAD ($)$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2015CAD ($) | |
Statement [Line Items] | ||||||
Investments in associates | $ 257,433,000 | $ 82,902,000 | ||||
Silver stream | 62.50% | 62.50% | ||||
Impairment of royalty, stream and other interests | $ 89,000,000 | |||||
Taxes on impairment of royalty, stream and other interests | 65,400,000 | |||||
Estimated recoverable amount | 300,000,000 | |||||
Long-term gold price, per ounce | $ 1,300 | |||||
Discount rate applied to cash flow projections | 4.20% | 5.00% | ||||
Description of discount rates applied to cash flow projections plus reasonable increase in estimate | 5.20% | |||||
Commodity Price Risk [Member] | ||||||
Statement [Line Items] | ||||||
Value at risk | $ 30,000,000 | |||||
Other price risk [Member] | ||||||
Statement [Line Items] | ||||||
Value at risk | $ 35,000,000 | |||||
Renard diamond mine [Member] | ||||||
Statement [Line Items] | ||||||
Diamond stream | 9.60% | 9.60% | ||||
Brucejack gold and silver mine [Member] | ||||||
Statement [Line Items] | ||||||
Gold and silver stream | 4.00% | 4.00% | ||||
Mantos Blancos copper mine [Member] | ||||||
Statement [Line Items] | ||||||
Silver stream | 100.00% | 100.00% | ||||
Top of range [Member] | ||||||
Statement [Line Items] | ||||||
Estimated gold price, per ounce | $ 1,300 | |||||
Bottom of range [Member] | ||||||
Statement [Line Items] | ||||||
Estimated gold price, per ounce | $ 1,170 | |||||
Increase [Member] | ||||||
Statement [Line Items] | ||||||
Reasonable increase decrease in estimates, percentage | 1.00% | |||||
Decrease [Member] | ||||||
Statement [Line Items] | ||||||
Reasonable increase decrease in estimates, percentage | 10.00% | |||||
Cariboo Gold project [Member] | Increase [Member] | ||||||
Statement [Line Items] | ||||||
Net smelter return | 2.25% | 2.25% | ||||
White Pine project [Member] | ||||||
Statement [Line Items] | ||||||
Net smelter return | 1.50% | 1.50% | ||||
26 Exploration properties [Member] | Top of range [Member] | ||||||
Statement [Line Items] | ||||||
Net smelter return | 3.50% | 3.50% | ||||
26 Exploration properties [Member] | Bottom of range [Member] | ||||||
Statement [Line Items] | ||||||
Net smelter return | 1.50% | 1.50% | ||||
27 Exploration prorperties [Member] | ||||||
Statement [Line Items] | ||||||
Net smelter return | 2.00% | 2.00% | ||||
Osisko Mining [Member] | ||||||
Statement [Line Items] | ||||||
Net smelter return | 1.00% | |||||
Investments in associates | $ 40,100,000 | $ 6,800,000 | ||||
Proportion of ownership interest | 15.50% | 15.50% | 13.50% | |||
Osisko Mining [Member] | Windfall Lake project [Member] | ||||||
Statement [Line Items] | ||||||
Net smelter return | 1.00% | 1.50% | 1.50% | 0.50% | ||
Falco [Member] | ||||||
Statement [Line Items] | ||||||
Investments in associates | $ 4,000,000 | $ 3,300,000 | ||||
Proportion of ownership interest | 12.70% | 12.70% | 14.20% | |||
Barkerville [Member] | ||||||
Statement [Line Items] | ||||||
Investments in associates | $ 52,100,000 | $ 8,200,000 | ||||
Proportion of ownership interest | 32.70% | 32.70% | 17.30% | |||
Barkerville [Member] | Cariboo Gold project [Member] | ||||||
Statement [Line Items] | ||||||
Net smelter return | 0.75% | 1.50% | ||||
Investments in associates | $ 12,500,000 | $ 25,000,000 | ||||
Barkerville [Member] | Cariboo Gold project [Member] | Increase [Member] | ||||||
Statement [Line Items] | ||||||
Net smelter return | 2.25% | 2.25% | ||||
Highland Copper [Member] | Copperwood project [Member] | Top of range [Member] | ||||||
Statement [Line Items] | ||||||
Net smelter return | 3.00% | 3.00% | ||||
Highland Copper [Member] | Copperwood project [Member] | Bottom of range [Member] | ||||||
Statement [Line Items] | ||||||
Net smelter return | 1.50% | 1.50% | ||||
Dalradian Resources Inc. [Member] | ||||||
Statement [Line Items] | ||||||
Investments in associates | $ 28,300,000 | |||||
Proportion of ownership interest | 8.90% | 8.90% | 2.60% | |||
Taseko [Member] | ||||||
Statement [Line Items] | ||||||
Investments in associates, payment | $ 44,300,000 | $ 33 | ||||
Proportion of ownership interest | 75.00% | 75.00% | ||||
Warrants purchased | 3,000,000 | 3,000,000 | ||||
Warrants, purchase price | $ / shares | $ 2.74 | |||||
Fair value of warrants | $ 1,780,000 | |||||
Warrants, residual value | 42,678,000 | |||||
Transaction fees | $ 175,000 |
Exploration and evaluation (Nar
Exploration and evaluation (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
27 Exploration prorperties [Member] | ||
Statement [Line Items] | ||
Net smelter return | 2.00% | |
Osisko Mining [Member] | ||
Statement [Line Items] | ||
Earn-in agreement description | Barrick committed to spend $15.0 million on the Kan property. Osisko Mining may earn a 50% interest upon completing expenditures totaling $3.6 million over a 4 -year period. | |
Net smelter return | 1.00% | |
Osisko Mining [Member] | Kan property [Member] | ||
Statement [Line Items] | ||
Earn-in agreement description | Osisko Mining may earn a 100% interest in the Kan property upon completing expenditures of $6.0 million over a 7-year period. Osisko Mining may earn a 50% interest upon completing expenditures of $3.6 million over a 4-year period. | |
Osisko Mining [Member] | 26 Exploration properties [Member] | ||
Statement [Line Items] | ||
Earn-in agreement description | Osisko Mining may earn 100% interest in 26 of Osisko's exploration properties upon completing expenditures of $26 million over a 7-year period; Osisko may earn a 50% interest upon completing expenditures of $15.6 million over a 4-year period. | |
Top of range [Member] | 26 Exploration properties [Member] | ||
Statement [Line Items] | ||
Net smelter return | 3.50% | |
Bottom of range [Member] | 26 Exploration properties [Member] | ||
Statement [Line Items] | ||
Net smelter return | 1.50% |
Provisions and other liabilit79
Provisions and other liabilities (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Non-controlling interests | $ 0 | $ 1,867 |
Mines Coulon Inc. [Member] | ||
Statement [Line Items] | ||
Non-controlling interests | $ 1,300 | $ 4,500 |
Exercise of share exchange rights | 772,810 |
Long-term debt (Narrative) (Det
Long-term debt (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($) | |
Statement [Line Items] | ||
Revolving credit facility | $ 148,031,000 | $ 0 |
Convertible debenture | 350,000,000 | 50,000,000 |
Long-term debt | 464,308,000 | 45,780,000 |
Equity component of convertible debentures, taxes | 5,232,000 | 1,137,000 |
Accretion expense | 299,000 | 236,000 |
Accordion feature | 100,000,000 | 50,000,000 |
Revolving credit facility [Member] | ||
Statement [Line Items] | ||
Revolving credit facility | $ 350,000,000 | |
Borrowings, interest rate | 3.00% | |
Long-term debt | $ 148,000,000 | |
Accordion feature | 100,000,000 | |
Deferred financing costs | 1,474,000 | |
Amortization of financing costs | 224,000 | 175,000 |
Liability component of convertible debenture [Member] | ||
Statement [Line Items] | ||
Convertible debt after transaction costs | 268,700,000 | 44,997,000 |
Transaction costs | 10,700,000 | 709,000 |
Equity component of convertible instruments [Member] | ||
Statement [Line Items] | ||
Convertible debt after transaction costs | 14,500,000 | 3,091,000 |
Transaction costs | 800,000 | 66,000 |
Equity component of convertible debentures, taxes | 5,300,000 | |
Convertible debt [Member] | ||
Statement [Line Items] | ||
Transaction costs | (10,735,000) | (709,000) |
Public Offering [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 184,000,000 | |
Private Placement [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 116,000,000 | |
Convertible debenture 2016 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 50,000,000 | $ 50,000,000 |
Borrowings, interest rate | 4.00% | |
Financing fee | 1.00% | |
Conversion price | 19.08 | |
Convertible debt after transaction costs | $ 49,225,000 | |
Transaction costs | 775,000 | |
Equity component of convertible debentures, taxes | $ 1,137,000 | |
Effective interest rate | 6.00% | |
Convertible debenture 2017 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | $ 300,000,000 | |
Borrowings, interest rate | 4.00% | |
Conversion price | 22.89 | |
Convertible debt after transaction costs | $ 288,500,000 | |
Transaction costs | $ 11,500,000 | |
Commission percentage | 3.55% | |
Effective interest rate | 5.50% | |
Top of range [Member] | Revolving credit facility [Member] | ||
Statement [Line Items] | ||
Revolving credit facility | $ 450,000,000 | |
Bottom of range [Member] | Revolving credit facility [Member] | ||
Statement [Line Items] | ||
Revolving credit facility | $ 150,000,000 |
Share capital (Narrative) (Deta
Share capital (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2017CAD ($)$ / sharesshares | Dec. 31, 2016CAD ($)$ / sharesshares | Dec. 31, 2015shares | |
Statement [Line Items] | |||
Exercise price, units | $ / shares | $ 15.10 | ||
Increase (decrease) in number of units issued | shares | 11,431,000 | ||
Proceeds from exercise of options, aggregate amount | $ 172,608,000 | ||
Proceeds from exercise of options, net amount | 164,543,000 | ||
Equity amount | $ 172,608,000 | ||
Exercise price, warrants | $ / shares | $ 19.08 | ||
Transaction costs | $ 8,066,000 | ||
Transaction costs, net of income taxes | $ 275,000 | $ 5,896,000 | |
Daily purchases of common shares, limit | shares | 95,695 | ||
Normal course issuer bid purchase of common shares | shares | 382,781 | 150,000 | |
Normal course issuer bid purchase of common shares. amount | $ 1,823,000 | ||
Cost of investment at conversion | $ 12,000,000 | ||
Number of shares issued | 30,906,594 | ||
Share issued, value | $ 445,333,000 | ||
Accordion feature | 100,000,000 | $ 50,000,000 | |
Approximations [Member] | |||
Statement [Line Items] | |||
Share issued, value | $ 445,300,000 | ||
Private Placement [Member] | |||
Statement [Line Items] | |||
Shares issued for private placement | shares | 18,887,363 | ||
Exercise price, common shares, private placement | $ / shares | $ 14.56 | ||
Capital commitment, percentage | 7.00% | ||
Additional fees related to financing | $ 190,000 | ||
Income taxes on additional fees | $ 139,000 | ||
Private Placement [Member] | Capital Commitments representing 2% [Member] | |||
Statement [Line Items] | |||
Capital commitment, percentage | 2.00% | ||
Capital commitment, shares to be issued | shares | 385,457 | ||
Private Placement [Member] | Capital Commitments representing 5% [Member] | |||
Statement [Line Items] | |||
Capital commitment, percentage | 5.00% | ||
Capital commitments | $ 13,800,000 | ||
Fonds [Member] | Private Placement [Member] | |||
Statement [Line Items] | |||
Share subscriptions | $ 75,000,000 | ||
Mines Coulon Inc. [Member] | |||
Statement [Line Items] | |||
Exercise of share exchange rights | shares | 772,810 | ||
CDP Investissements Inc. [Member] | Private Placement [Member] | |||
Statement [Line Items] | |||
Share subscriptions | $ 200,000,000 | ||
Dividend reinvestment plan [Member] | |||
Statement [Line Items] | |||
Common shares elected to participate in dividend reinvestment plan | shares | 6,863,864 | ||
Dividends payable | $ 343,000 | ||
Shares issued under dividend reinvestment plan | shares | 88,536 | 83,533 | 24,513 |
Discount under dividend reinvestment plan | 3.00% | 3.00% | 3.00% |
February 16, 2016 [Member] | |||
Statement [Line Items] | |||
Shares issued under dividend reinvestment plan | shares | 7,144,004 | ||
May 4, 2016 [Member] | |||
Statement [Line Items] | |||
Shares issued under dividend reinvestment plan | shares | 11,594,125 | ||
August 4, 2016 [Member] | |||
Statement [Line Items] | |||
Shares issued under dividend reinvestment plan | shares | 4,460,148 | ||
November 9, 2016 [Member] | |||
Statement [Line Items] | |||
Shares issued under dividend reinvestment plan | shares | 4,591,999 | ||
March 15, 2017 [Member] | |||
Statement [Line Items] | |||
Shares issued under dividend reinvestment plan | shares | 8,024,301 | ||
May 4, 2017 [Member] | |||
Statement [Line Items] | |||
Shares issued under dividend reinvestment plan | shares | 13,498,789 | ||
August 3, 2017 [Member] | |||
Statement [Line Items] | |||
Shares issued under dividend reinvestment plan | shares | 5,683,585 | ||
November 7, 2017 [Member] | |||
Statement [Line Items] | |||
Shares issued under dividend reinvestment plan | shares | 6,863,864 | ||
Top of range [Member] | |||
Statement [Line Items] | |||
Discount under dividend reinvestment plan | 5.00% | ||
Common shares | |||
Statement [Line Items] | |||
Number of shares outstanding | shares | 157,797,193 | 106,497,315 | 94,578,280 |
Increase (decrease) in number of shares outstanding | shares | 11,431,000 | ||
Equity amount | $ 159,325,000 | ||
Transaction costs | 7,445,000 | ||
Transaction costs, net of income taxes | $ 275,000 | 5,442,000 | |
Exercise of share exchange rights | shares | 772,810 | ||
Common shares | Fair value [Member] | |||
Statement [Line Items] | |||
Equity amount | 159,325,000 | ||
Warrants [Member] | |||
Statement [Line Items] | |||
Equity amount | $ 13,283,000 | ||
Expected dividend, warrants | 1.20% | ||
Expected life, warrants | 3 years | ||
Expected volitility, warrants | 42.00% | ||
Risk free interest rate, warrants | 0.50% | ||
Transaction costs | $ 621,000 | ||
Transaction costs, net of income taxes | 454,000 | ||
Warrants [Member] | Fair value [Member] | |||
Statement [Line Items] | |||
Equity amount | $ 13,283,000 | ||
Issued and fully paid [Member] | |||
Statement [Line Items] | |||
Number of shares outstanding | shares | 157,797,193 |
Disclosure of warrants (Narrati
Disclosure of warrants (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
March 5, 2022 [Member] | |
Statement [Line Items] | |
Exercise price, warrants | $ 36.50 |
February 26, 2019 [Member] | |
Statement [Line Items] | |
Exercise price, warrants | $ 19.08 |
Share-based compensation (Narra
Share-based compensation (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Weighted average share price | $ 15.83 | $ 15.51 |
Share-based compensation related to share options | 3,211,000 | 4,594,000 |
Exploration and evaluation [Member] | ||
Statement [Line Items] | ||
Share-based compensation capitalized | 6,000 | 483,000 |
DSU and RSU [Member] | ||
Statement [Line Items] | ||
Share-based compensation | $ 7,313,000 | $ 2,786,000 |
Income taxes (Narrative) (Detai
Income taxes (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Tax effect from change in tax rate | $ 3,978,000 | $ 1,725,000 |
Tax effect of Federal tax rate | 4,245,000 | |
Quebec [Member] | ||
Statement [Line Items] | ||
Tax effect from change in tax rate | $ 267,000 | |
Top of range [Member] | ||
Statement [Line Items] | ||
Tax rate effect of Federal tax rate | 35.00% | |
Top of range [Member] | Quebec [Member] | ||
Statement [Line Items] | ||
Tax rate effect from change in tax rate | 11.80% | 11.80% |
Bottom of range [Member] | ||
Statement [Line Items] | ||
Tax rate effect of Federal tax rate | 21.00% | |
Bottom of range [Member] | Quebec [Member] | ||
Statement [Line Items] | ||
Tax rate effect from change in tax rate | 11.50% | 11.50% |
Net earnings (loss) per share85
Net earnings (loss) per share (Narrative) (Details) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement [Line Items] | |||
Outstanding share options | 2,646,665 | ||
Warrants outstanding | 11,195,500 | 11,195,500 | 5,480,000 |
Common shares excluded due to anti-dilutive effect | 2,620,545 |
Additional information on the86
Additional information on the consolidated statements of cash flows (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017CAD ($) | |
Statement [Line Items] | |
Payment for royalty interests | $ 5,000,000 |
Financial risks (Narrative) (De
Financial risks (Narrative) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015CAD ($) | |
Statement [Line Items] | |||||
Purchase price, acquisition of assets | $ 625,000,000 | $ 500.6 | |||
Foreign exchange forward contract | 204,000,000 | ||||
Cash transferred | 648,385,000 | ||||
Cash and cash equivalents | $ 333,705,000 | $ 499,249,000 | $ 258,509,000 | ||
Currency risk [Member] | |||||
Statement [Line Items] | |||||
Sensitivity analysis, variance, percentage | 5.00% | 5.00% | |||
Effect of variance on net earnings | $ 5,354,000 | 8,881,000 | |||
Interest rate risk [Member] | |||||
Statement [Line Items] | |||||
Sensitivity analysis, variance, percentage | 0.50% | 0.50% | |||
Effect of variance on net earnings | $ 54,000 | $ 26,000 | |||
Interest rate risk [Member] | Financial liabilities [Member] | |||||
Statement [Line Items] | |||||
Sensitivity analysis, variance, percentage | 0.50% | 0.50% | |||
Effect of variance on net earnings | $ 0 | ||||
Foreign exchange risk [Member] | |||||
Statement [Line Items] | |||||
Purchase price, acquisition of assets | 500,600,000 | ||||
Foreign exchange forward contract | $ 204,000,000 | ||||
Weighted average rate | 1.3480 | 1.3480 | |||
Balance owing, foreign exchange forward contract | $ 296,600,000 | ||||
Cash and cash equivalents | $ 43.5 | ||||
Increase [Member] | Market risk [Member] | |||||
Statement [Line Items] | |||||
Sensitivity analysis, variance, percentage | 10.00% | 10.00% | 10.00% | ||
Effect of variance increase decrease on net earnings | $ 1,297,000 | $ 1,944,000 | |||
Effect of variance increase decrease on other comprehensive income | 9,252,000 | $ 9,727,000 | |||
Increase [Member] | Interest rate risk [Member] | Financial liabilities [Member] | |||||
Statement [Line Items] | |||||
Effect of variance on net earnings | $ 312,000 | ||||
Decrease [Member] | Market risk [Member] | |||||
Statement [Line Items] | |||||
Sensitivity analysis, variance, percentage | 10.00% | 10.00% | 10.00% | ||
Effect of variance increase decrease on net earnings | $ 1,218,000 | $ 1,825,000 | |||
Effect of variance increase decrease on other comprehensive income | 9,252,000 | $ 9,727,000 | |||
Decrease [Member] | Interest rate risk [Member] | Financial liabilities [Member] | |||||
Statement [Line Items] | |||||
Effect of variance on net earnings | $ 312,000 |
Fair Value of financial instr88
Fair Value of financial instruments (Narrative) (Details) - Level 3 [Member] - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Sensitivity analysis, variance, percentage | 10.00% | |
Increase [Member] | ||
Statement [Line Items] | ||
Effect of variance on fair value | $ 676,000 | $ 170,000 |
Decrease [Member] | ||
Statement [Line Items] | ||
Effect of variance on fair value | $ 685,000 | $ 163,000 |
Segment disclosure (Narrative)
Segment disclosure (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Revenue | $ 213,216 | $ 62,677 |
One royalty interest [Member] | ||
Statement [Line Items] | ||
Revenue | $ 53,800 | $ 48,100 |
Percentage of entity's revenue | 57.00% | 77.00% |
Excluding offtakes [Member] | ||
Statement [Line Items] | ||
Percentage of entity's revenue | 90.00% | 8.00% |
Precious metals and diamonds [Member] | ||
Statement [Line Items] | ||
Percentage of entity's revenue | 96.00% | 4.00% |
Related party transactions (Nar
Related party transactions (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Amounts receivable, related party transactions | $ 1,245,000 | $ 720,000 |
Falco [Member] | ||
Statement [Line Items] | ||
Amounts receivable, related party transactions | 1,166,000 | 418,000 |
Interest revenue | 748,000 | 418,000 |
Financing agreement | 10,000,000 | 10,000,000 |
Professional services and rental offices [Member] | ||
Statement [Line Items] | ||
Revenue from rendering of services, related party transactions | 4,125,000 | 4,750,000 |
Amounts payable, related party transactions | 395,000 | 231,000 |
Related to capitalized exploration and evaluation activities [Member] | ||
Statement [Line Items] | ||
Revenue from rendering of services, related party transactions | 1,711,000 | |
Amounts payable, related party transactions | $ 355,000 | $ 227,000 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2017USD ($) | |
Statement [Line Items] | ||||
Minimum lease payments payable under non-cancellable operating lease | $ 2,322 | |||
Gold stream | 4.22% | 4.22% | ||
Silver stream | 62.50% | 62.50% | ||
Buy-back option, percentage | 50.00% | 50.00% | ||
Buy-back option | $ 136 | $ 119,000 | $ 31.3 | |
Buy-down option | $ 75 | $ 75,000 | ||
Additional ongoing stream | 2.00% | 1.50% | 4.00% | 4.00% |
Whole payment option | $ 10 | |||
Per ounce/carat price | 30% of the spot price of gold, maximum $600 per ounce | 30% of the spot price of gold, maximum $600 per ounce | ||
Share of silver production | 100.00% | 100.00% | ||
Cash payments for gold stream | $ 55,000 | |||
2nd Anniversary [Member] | ||||
Statement [Line Items] | ||||
Buy-back option | $ 34.4 | |||
After reaching 19,300,000 ounces [Member] | ||||
Statement [Line Items] | ||||
Share of silver production | 30.00% | 30.00% | ||
Until reaching 105,000 ounces of gold [Member] | ||||
Statement [Line Items] | ||||
Gold stream | 18.50% | 18.50% | ||
After reaching 105,000 ounces of gold [Member] | ||||
Statement [Line Items] | ||||
Gold stream | 9.25% | 9.25% | ||
Back Forty stream [Member] | ||||
Statement [Line Items] | ||||
Per ounce/carat price | $ 4 | $ 4 | ||
Amount paid on closing | $ 7,500 | |||
Back Forty stream [Member] | Until reaching 105,000 ounces of gold [Member] | ||||
Statement [Line Items] | ||||
Gold stream | 9.50% | 9.50% | ||
Back Forty stream [Member] | After reaching 105,000 ounces of gold [Member] | ||||
Statement [Line Items] | ||||
Gold stream | 4.75% | 4.75% | ||
Back Forty stream [Member] | Upon receipt by Aquila all material permits [Member] | ||||
Statement [Line Items] | ||||
Amount payable | $ 7,500 | |||
Back Forty stream [Member] | After a positive construction decision for the property [Member] | ||||
Statement [Line Items] | ||||
Amount payable | 10,000 | |||
Back Forty stream [Member] | Upon the first drawdown of an appropriate project debt finance facility [Member] | ||||
Statement [Line Items] | ||||
Amount payable | $ 30,000 | |||
Brucejack stream [Member] | ||||
Statement [Line Items] | ||||
Per ounce/carat price | $ 4 | $ 4 | ||
Gibraltar stream [Member] | ||||
Statement [Line Items] | ||||
Per ounce/carat price | 2.75 per ounce | 2.75 per ounce | ||
Gibraltar stream [Member] | Until reaching the delivery of 5.9 million ounces of silver [Member] | ||||
Statement [Line Items] | ||||
Share of silver production | 100.00% | 100.00% | ||
Gibraltar stream [Member] | After reaching 5.9 million ounces of silver [Member] | ||||
Statement [Line Items] | ||||
Share of silver production | 35.00% | 35.00% | ||
Decrease [Member] | After reaching 105,000 ounces of gold [Member] | ||||
Statement [Line Items] | ||||
Gold stream | 9.25% | 9.25% |
Subsequent events (Narrative) (
Subsequent events (Narrative) (Details) | Feb. 16, 2018 |
Subsequent events [Member] | |
Statement [Line Items] | |
Dividend per share | 0.05 |
Disclosure of principal subsidi
Disclosure of principal subsidiaries and their geographic location (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Osisko Bermuda Limited [Member] | ||
Statement [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | |
Coulon Mines Inc. [Member] | ||
Statement [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 76.00% |
General Partnership Osisko James Bay [Member] | ||
Statement [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | |
Osisko Mining (USA) Inc. [Member] | ||
Statement [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% |
Disclosure of detailed informat
Disclosure of detailed information about estimated useful life or depreciation rate (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Furniture and office equipment [Member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | 3 to 5 years |
Disclosure of detailed inform95
Disclosure of detailed information about purchase price allocation (Details) $ in Thousands | Dec. 31, 2017CAD ($) |
Consideration paid | |
Cash | $ 648,385 |
Number of shares issued | 30,906,594 |
Issuance of 30,906,594 common shares | $ 445,333 |
Acquisition of assets | 1,093,718 |
Net assets acquired | |
Cash and cash equivalents | 8,707 |
Other current assets | 1,217 |
Royalty, streams and other interests | 1,116,115 |
Current liabilities | (435) |
Deferred income tax liability | (31,886) |
Net assets acquired | $ 1,093,718 |
Disclosure of detailed inform96
Disclosure of detailed information about cash and cash equivalents (Details) - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement [Line Items] | |||
Cash | $ 266,785 | $ 404,347 | |
Cash equivalents | 66,920 | 94,902 | |
Cash and cash equivalents | $ 333,705 | $ 499,249 | $ 258,509 |
Disclosure of detailed inform97
Disclosure of detailed information about trade and other receivables (Details) - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement [Line Items] | ||
Tax credits | $ 4,091 | $ 6,034 |
Sales taxes | 1,508 | 852 |
Interest and dividend income receivable | 1,245 | 720 |
Amounts receivable from associates | 924 | 0 |
Other receivables | 617 | 810 |
Accounts receivable | $ 8,385 | $ 8,416 |
Disclosure of transactions reco
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Investments in associates beginning balance | $ 82,902 | $ 44,011 |
Acquistions | 136,529 | 14,974 |
Exercise of warrants | 14,519 | 775 |
Transfer from other investments | 0 | 13,068 |
Share of loss, net | (6,114) | (6,623) |
Share of other comprehensive income, net . | (537) | 1,264 |
Net gain (loss) on ownership dilution | 30,560 | 12,023 |
Disposals | (426) | 0 |
Gain on disposal | 0 | 3,410 |
Investments in associates end of period | $ 257,433 | $ 82,902 |
Disclosure of associates (Detai
Disclosure of associates (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Current assets | $ 352,933 | $ 510,739 |
Current liabilities | 28,832 | 15,857 |
Revenue | 213,216 | 62,677 |
Other comprehensive income (loss) | (11,876) | 71,318 |
Comprehensive loss | (54,664) | 113,172 |
Osisko Mining [Member] | ||
Statement [Line Items] | ||
Current assets | 108,439 | 100,963 |
Non-current assets | 290,332 | 173,334 |
Current liabilities | 23,657 | 4,972 |
Non-current liabilities | 15,941 | 5,882 |
Revenue | 0 | 0 |
Net loss from continuing operations | (19,741) | (10,051) |
Net loss from discontinued operations, net of taxes | 0 | (5) |
Other comprehensive income (loss) | (954) | 9,695 |
Comprehensive loss | (20,695) | (361) |
Carrying value of investment | 73,635 | 36,680 |
Fair value of investment | 109,504 | 53,491 |
Falco [Member] | ||
Statement [Line Items] | ||
Current assets | 34,703 | 34,242 |
Non-current assets | 87,300 | 35,657 |
Current liabilities | 25,567 | 16,516 |
Non-current liabilities | 8,424 | 5,315 |
Revenue | 0 | 0 |
Net loss from continuing operations | (6,677) | (8,972) |
Net loss from discontinued operations, net of taxes | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 |
Comprehensive loss | (6,677) | (8,972) |
Carrying value of investment | 15,652 | 12,330 |
Fair value of investment | 20,817 | 18,535 |
Barkerville [Member] | ||
Statement [Line Items] | ||
Current assets | 67,162 | 34,698 |
Non-current assets | 31,659 | 16,000 |
Current liabilities | 15,709 | 10,211 |
Non-current liabilities | 15,634 | 5,229 |
Revenue | 0 | 0 |
Net loss from continuing operations | (6,733) | (9,744) |
Net loss from discontinued operations, net of taxes | 0 | 0 |
Other comprehensive income (loss) | 175 | (19) |
Comprehensive loss | (6,558) | (9,763) |
Carrying value of investment | 89,556 | 16,909 |
Fair value of investment | 106,732 | 24,253 |
Dalradian Resources Inc. [Member] | ||
Statement [Line Items] | ||
Current assets | 50,088 | 44,095 |
Non-current assets | 164,310 | 117,894 |
Current liabilities | 6,437 | 4,116 |
Non-current liabilities | 685 | 1,058 |
Revenue | 0 | 0 |
Net loss from continuing operations | (8,884) | (7,609) |
Net loss from discontinued operations, net of taxes | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 |
Comprehensive loss | (8,884) | (7,609) |
Carrying value of investment | 40,122 | 3,924 |
Fair value of investment | $ 42,026 | $ 7,313 |
Disclosure of investments accou
Disclosure of investments accounted for using equity method (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Aggregate amount of the Companys share of net loss | $ (78) | $ 1,645 |
Aggregate amount of the Companys share of other comprehensive income (loss) | (459) | (382) |
Investments accounted for using equity method [Member] | ||
Statement [Line Items] | ||
Aggregate amount of the Companys share of net loss | (2,725) | (1,645) |
Aggregate amount of the Companys share of other comprehensive income (loss) | 459 | (382) |
Aggregate carrying value of investments | 38,468 | 16,983 |
Aggregate fair value of investments | $ 53,061 | $ 28,176 |
Disclosure of detailed infor101
Disclosure of detailed information about other investments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Balance - January 1 | $ 10,935 | |
Change in fair value | 1,665 | $ 6,390 |
Transfer to investments in associates | 0 | 13,068 |
Balance - December 31 | 8,092 | 10,935 |
Total | 115,133 | 108,409 |
Fair value through profit or loss [Member] | ||
Statement [Line Items] | ||
Balance - January 1 | 10,935 | 1,578 |
Acquisitions | 9,662 | 3,278 |
Exercised | (14,170) | (311) |
Change in fair value | 1,665 | 6,390 |
Balance - December 31 | 8,092 | 10,935 |
Fair value through other comprehensive income [Member] | ||
Statement [Line Items] | ||
Balance - January 1 | 97,274 | 93,607 |
Acquisitions | 72,719 | 71,137 |
Exercise of warrants | 500 | 0 |
Interests on financial assets amortized cost paid in shares | 12 | 26 |
Change in fair value | 6,139 | 74,914 |
Disposals | (69,803) | (129,342) |
Transfer to investments in associates | 0 | (13,068) |
Balance - December 31 | 106,841 | 97,274 |
Amortized cost [Member] | ||
Statement [Line Items] | ||
Balance - January 1 | 200 | 10,300 |
Transfer to short term investments | 0 | (100) |
Conversion to royalty interests | 0 | (10,000) |
Balance - December 31 | $ 200 | $ 200 |
Disclosure of detailed infor102
Disclosure of detailed information about royalty interests (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement [Line Items] | |||
Beginning balance | $ 494,768 | ||
Acquisitions | 80,119 | ||
Business combination | 1,116,115 | ||
Conversion of a note receivable | 0 | ||
Sale | 0 | ||
Depletion | (28,065) | ||
Impairment | (89,000) | ||
Translation adjustment | 1,835 | ||
Ending balance | 1,575,772 | $ 494,768 | |
Royalty interests [Member] | |||
Statement [Line Items] | |||
Beginning balance | 494,768 | 449,439 | |
Acquisitions | 26,681 | 50,250 | |
Business combination | 0 | ||
Conversion of a note receivable | 0 | 10,000 | |
Sale | 0 | (3,630) | |
Depletion | (15,475) | (11,291) | |
Impairment | (89,000) | 0 | |
Translation adjustment | 242 | 0 | |
Ending balance | 770,530 | 494,768 | |
Stream interests [Member] | |||
Statement [Line Items] | |||
Beginning balance | 0 | ||
Acquisitions | 53,438 | ||
Business combination | 656,602 | ||
Conversion of a note receivable | 0 | ||
Sale | 0 | ||
Depletion | (11,283) | ||
Impairment | 0 | ||
Translation adjustment | 1,321 | ||
Ending balance | 700,078 | 0 | |
Offtake interests [Member] | |||
Statement [Line Items] | |||
Beginning balance | 0 | ||
Acquisitions | 0 | ||
Business combination | 106,199 | ||
Conversion of a note receivable | 0 | ||
Sale | 0 | ||
Depletion | (1,307) | ||
Impairment | 0 | ||
Translation adjustment | 272 | ||
Ending balance | 105,164 | 0 | |
Royalty Interest [Member] | |||
Statement [Line Items] | |||
Business combination | 353,314 | ||
Producing [Member] | |||
Statement [Line Items] | |||
Cost | 1,152,618 | ||
Accumulated depletion | (39,901) | ||
Accumulated impairment | (89,000) | ||
Ending balance | 1,023,717 | ||
Producing [Member] | Royalty interests [Member] | |||
Statement [Line Items] | |||
Beginning balance | 419,576 | ||
Cost | 503,340 | $ 431,455 | |
Accumulated depletion | (27,352) | (11,879) | |
Accumulated impairment | (89,000) | 0 | |
Ending balance | 386,988 | 419,576 | |
Producing [Member] | Stream interests [Member] | |||
Statement [Line Items] | |||
Cost | 582,466 | ||
Accumulated depletion | (11,242) | ||
Accumulated impairment | 0 | ||
Ending balance | 571,224 | ||
Producing [Member] | Offtake interests [Member] | |||
Statement [Line Items] | |||
Cost | 66,812 | ||
Accumulated depletion | (1,307) | ||
Accumulated impairment | 0 | ||
Ending balance | 65,505 | ||
Exploration and evaluation | |||
Statement [Line Items] | |||
Cost | 208,633 | ||
Accumulated depletion | 0 | ||
Ending balance | 208,633 | ||
Exploration and evaluation | Royalty interests [Member] | |||
Statement [Line Items] | |||
Beginning balance | 75,192 | ||
Cost | 189,007 | 75,192 | |
Accumulated depletion | 0 | 0 | |
Ending balance | 189,007 | 75,192 | |
Exploration and evaluation | Stream interests [Member] | |||
Statement [Line Items] | |||
Cost | 10,760 | ||
Accumulated depletion | 0 | ||
Ending balance | 10,760 | ||
Exploration and evaluation | Offtake interests [Member] | |||
Statement [Line Items] | |||
Cost | 8,866 | ||
Accumulated depletion | 0 | ||
Ending balance | 8,866 | ||
Development [Member] | |||
Statement [Line Items] | |||
Cost | 343,422 | ||
Accumulated depletion | 0 | ||
Ending balance | 343,422 | ||
Development [Member] | Royalty interests [Member] | |||
Statement [Line Items] | |||
Beginning balance | 0 | ||
Cost | 194,535 | $ 0 | |
Accumulated depletion | 0 | 0 | |
Ending balance | 194,535 | 0 | |
Development [Member] | Stream interests [Member] | |||
Statement [Line Items] | |||
Cost | 118,094 | ||
Accumulated depletion | 0 | ||
Ending balance | 118,094 | ||
Development [Member] | Offtake interests [Member] | |||
Statement [Line Items] | |||
Cost | $ 30,793 | ||
Accumulated depletion | 0 | ||
Ending balance | $ 30,793 |
Disclosure of detailed infor103
Disclosure of detailed information about buy-back and buy-down rights (Details) - Brucejack Stream $ in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2017CAD ($) | Dec. 31, 2017USD ($) | |
Right 1 [Member] | ||
Statement [Line Items] | ||
Right to reduce stream, amount | $ 149.3 | $ 119 |
Right 2 [Member] | ||
Statement [Line Items] | ||
Right to reduce stream, amount | 94.1 | 75 |
Right 3 [Member] | ||
Statement [Line Items] | ||
Right to reduce stream, amount | 170.6 | 136 |
Right 4 [Member] | ||
Statement [Line Items] | ||
Right to reduce stream, amount | $ 94.1 | $ 75 |
Top of range [Member] | Right 2 [Member] | ||
Statement [Line Items] | ||
Right to reduce stream percentage | 4.00% | 4.00% |
Top of range [Member] | Right 4 [Member] | ||
Statement [Line Items] | ||
Right to reduce stream percentage | 4.00% | 4.00% |
Bottom of range [Member] | Right 2 [Member] | ||
Statement [Line Items] | ||
Right to reduce stream percentage | 1.50% | 1.50% |
Bottom of range [Member] | Right 4 [Member] | ||
Statement [Line Items] | ||
Right to reduce stream percentage | 2.00% | 2.00% |
Disclosure of detailed infor104
Disclosure of detailed information about exploration assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Net book value - January 1 | $ 100,038 | $ 96,220 |
Additions | 2,745 | 8,245 |
Disposals | 0 | (812) |
Investments tax credits | (601) | (3,430) |
Share-based compensation capitalized | 0 | 483 |
Impairment | 0 | (668) |
Net book value - December 31 | 102,182 | 100,038 |
Cost [Member] | ||
Statement [Line Items] | ||
Net book value - January 1 | 100,898 | |
Net book value - December 31 | 103,042 | 100,898 |
Accumulated impairment [Member] | ||
Statement [Line Items] | ||
Net book value - January 1 | (860) | |
Net book value - December 31 | (860) | (860) |
Net book value [Member] | ||
Statement [Line Items] | ||
Net book value - January 1 | 100,038 | |
Net book value - December 31 | $ 102,182 | $ 100,038 |
Dislclosure of detailed informa
Dislclosure of detailed information about key assumptions for the CGU's (Details) $ in Thousands, $ in Thousands | Dec. 31, 2017CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2016USD ($) |
Statement [Line Items] | ||||
Goodwill | $ 111,204 | $ 111,204 | ||
Post-tax real discount rate | 4.20% | 4.20% | 5.00% | 5.00% |
Long-term gold price [Member] | ||||
Statement [Line Items] | ||||
Goodwill | $ 1,300 | $ 1,280 | ||
Long-term silver price [Member] | ||||
Statement [Line Items] | ||||
Goodwill | $ 18 | $ 17 |
Disclosure of detailed infor106
Disclosure of detailed information about trade and other payables (Details) - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement [Line Items] | ||
Trade payables | $ 411 | $ 1,394 |
Payables on metals received from offtakes | 3,710 | 0 |
Accrued interests on long-term debt | 2,081 | 38 |
Other accrued liabilities | 2,070 | 628 |
Sales taxes and other payables | 7,038 | 5,378 |
Accounts payable and accrued liabilities | $ 15,310 | $ 7,438 |
Disclosure of other provisions
Disclosure of other provisions (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Provisions | $ 16,586 | $ 10,176 |
Accretion expense | 299 | 236 |
New liabilities | 8,041 | 7,176 |
Settlement of liabilities | (17,518) | 0 |
Extinguished liabilities | (59) | (268) |
Revision of estimates | 319 | (734) |
Provisions | 7,668 | 16,586 |
Current portion | 5,632 | 4,153 |
Provisions and other liabilities | 2,036 | 12,433 |
Total provisions and other liabilities | 7,668 | 16,586 |
Share exchange rights [Member] | ||
Statement [Line Items] | ||
Provisions | 10,692 | 7,067 |
Accretion expense | 299 | 236 |
New liabilities | 988 | 3,389 |
Settlement of liabilities | (11,979) | 0 |
Extinguished liabilities | 0 | 0 |
Revision of estimates | 0 | 0 |
Provisions | 0 | 10,692 |
Current portion | 0 | 0 |
Provisions and other liabilities | 0 | 10,692 |
Total provisions and other liabilities | 0 | 10,692 |
DSU and RSU [Member] | ||
Statement [Line Items] | ||
Provisions | 5,894 | 3,109 |
Accretion expense | 0 | 0 |
New liabilities | 7,053 | 3,787 |
Settlement of liabilities | (5,539) | 0 |
Extinguished liabilities | (59) | (268) |
Revision of estimates | 319 | (734) |
Provisions | 7,668 | 5,894 |
Current portion | 5,632 | 4,153 |
Provisions and other liabilities | 2,036 | 1,741 |
Total provisions and other liabilities | $ 7,668 | $ 5,894 |
Disclosure of detailed infor108
Disclosure of detailed information of long-term debt, activity (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015CAD ($) | |
Statement [Line Items] | ||||
Balance - January 1 | $ 45,780,000 | $ 0 | ||
New debt | 147,300,000 | $ 118 | ||
Amortization of transaction costs | 427,000 | 114,000 | ||
Accretion expense | 1,336,000 | 669,000 | ||
Foreign exchange revaluation impact | 708,000 | 0 | ||
Balance - December 31 | 464,308,000 | 45,780,000 | ||
Revolving credit facility | ||||
Statement [Line Items] | ||||
New debt | 147,323,000 | $ 0 | ||
Convertible debentures | ||||
Statement [Line Items] | ||||
New debt | 279,469,000 | $ 45,706,000 | ||
Transaction costs | (10,735,000) | (709,000) | ||
Convertible debenture 2016 [Member] | ||||
Statement [Line Items] | ||||
Transaction costs | $ 775,000 | |||
Convertible debenture 2017 [Member] | ||||
Statement [Line Items] | ||||
Transaction costs | $ 11,500,000 |
Disclosure of detailed infor109
Disclosure of detailed information about borrowings (Details) - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement [Line Items] | |||
Convertible debentures | $ 350,000 | $ 50,000 | |
Revolving credit facility | 148,031 | 0 | |
Long-term debt | 498,031 | 50,000 | |
Unamortized debt issuance costs | (10,903) | (594) | |
Unamortized accretion on convertible debentures | (22,820) | (3,626) | |
Long-term debt, net of issuance costs | 464,308 | 45,780 | |
Current portion of non-current borrowings | 0 | 0 | |
Non-current portion | 464,308 | 45,780 | |
Borrowings | $ 464,308 | $ 45,780 | $ 0 |
Disclosure of dividends (Detail
Disclosure of dividends (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Dividend per share | $ 0.18 | $ 0.16 |
Dividend payable | $ 24,274,000 | $ 17,037,000 |
February 16, 2016 [Member] | ||
Statement [Line Items] | ||
Dividend per share | $ 0.04 | |
Dividend payable | $ 4,248,000 | |
Shares issued under dividend reinvestment plan | 7,144,004 | |
May 4, 2016 [Member] | ||
Statement [Line Items] | ||
Dividend per share | $ 0.04 | |
Dividend payable | $ 4,259,000 | |
Shares issued under dividend reinvestment plan | 11,594,125 | |
August 4, 2016 [Member] | ||
Statement [Line Items] | ||
Dividend per share | $ 0.04 | |
Dividend payable | $ 4,264,000 | |
Shares issued under dividend reinvestment plan | 4,460,148 | |
November 9, 2016 [Member] | ||
Statement [Line Items] | ||
Dividend per share | $ 0.04 | |
Dividend payable | $ 4,266,000 | |
Shares issued under dividend reinvestment plan | 4,591,999 | |
March 15, 2017 [Member] | ||
Statement [Line Items] | ||
Dividend per share | $ 0.04 | |
Dividend payable | $ 4,264,000 | |
Shares issued under dividend reinvestment plan | 8,024,301 | |
May 4, 2017 [Member] | ||
Statement [Line Items] | ||
Dividend per share | $ 0.04 | |
Dividend payable | $ 4,270,000 | |
Shares issued under dividend reinvestment plan | 13,498,789 | |
August 3, 2017 [Member] | ||
Statement [Line Items] | ||
Dividend per share | $ 0.05 | |
Dividend payable | $ 7,850,000 | |
Shares issued under dividend reinvestment plan | 5,683,585 | |
November 7, 2017 [Member] | ||
Statement [Line Items] | ||
Dividend per share | $ 0.05 | |
Dividend payable | $ 7,890,000 | |
Shares issued under dividend reinvestment plan | 6,863,864 |
Disclosure of objectives, polic
Disclosure of objectives, policies and processes for managing capital (Details) - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement [Line Items] | |||
Long-term debt | $ 464,308 | $ 45,780 | |
Total equity | 1,894,405 | 1,214,304 | $ 937,239 |
Undrawn revolving credit facility | 201,969 | 150,000 | |
Total capital | $ 2,560,682 | $ 1,410,084 |
Disclosure of detailed infor112
Disclosure of detailed information about warrants, activity (Details) | 12 Months Ended | |
Dec. 31, 2017CAD ($)$ / shares | Dec. 31, 2016CAD ($)$ / shares | |
Statement [Line Items] | ||
Number of warrants, outstanding, beginning of period | 11,195,500 | 5,480,000 |
Warrants outstanding, amount, beginning of period | $ | $ 30,901 | $ 18,072 |
Warrants outstanding, weighted average exercise price, beginning of period | $ / shares | $ 27.61 | $ 36.50 |
Number of warrants issued during period | 0 | 5,715,500 |
Warrants issued during period | $ | $ 0 | $ 12,829 |
Number of warrants issued during period, weighted average exercise price | $ / shares | $ 0 | $ 19.08 |
Number of warrants, outstanding, end of period | 11,195,500 | 11,195,500 |
Warrants outstanding, amount end of period | $ | $ 30,901 | $ 30,901 |
Warrants oustanding, weighted average exercise price, end of period | $ / shares | $ 27.61 | $ 27.61 |
Disclosure of number and weight
Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($) | |
Statement [Line Items] | ||
Number of share options outstanding, beginning of period | 3,063,130 | 2,823,333 |
Weighted average exercise price share options, beginning of period | $ 14.25 | $ 13.71 |
Number of share options granted in share-based payment arrangement | 763,400 | 1,084,700 |
Weighted average exercise price of share options granted | $ 16.57 | $ 13.43 |
Number of share options exercised | (43,970) | (12,335) |
Weighted average exercise price of share options exercised | $ 14.22 | $ 15.22 |
Number of share options expired | (4,333) | (30,712) |
Weighted average exercise price of share options expired | $ 15.80 | $ 13.77 |
Number of share options forfeited | (50,633) | (296,100) |
Weighted average exercise price of share options forfeited | $ 14.57 | $ 14.17 |
Number of share options oustanding, end of period | 3,537,123 | 3,063,130 |
Weighted average exercise price share options, end of period | $ 14.90 | $ 14.25 |
Number of share options exercisable | 2,051,323 | 1,322,729 |
Weighted average exercise price of share options exercisable | $ 14.57 | $ 14.04 |
Virginia replacement share options [Member] | ||
Statement [Line Items] | ||
Number of share options exercised | (190,471) | (505,756) |
Weighted average exercise price of share options exercised | $ 11.28 | $ 9.50 |
Disclosure of range of exercise
Disclosure of range of exercise prices of outstanding share options (Details) | Dec. 31, 2017CAD ($)yr | Dec. 31, 2016CAD ($) | Dec. 31, 2015CAD ($) |
Statement [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 3,537,123 | 3,063,130 | 2,823,333 |
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 14.90 | $ 14.25 | $ 13.71 |
Weighted average remaining contractual life of outstanding share options | yr | 3.1 | ||
Number of share options exercisable in share-based payment arrangement | 2,051,323 | 1,322,729 | |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 14.57 | $ 14.04 | |
$8.35 - $9.98 [Member] | |||
Statement [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 57,391 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 9.77 | ||
Weighted average remaining contractual life of outstanding share options | yr | 4.1 | ||
Number of share options exercisable in share-based payment arrangement | 57,391 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 9.77 | ||
$10.58 - $10.73 [Member] | |||
Statement [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 72,075 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 10.66 | ||
Weighted average remaining contractual life of outstanding share options | yr | 5.3 | ||
Number of share options exercisable in share-based payment arrangement | 72,075 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 10.66 | ||
$13.38 - $14.48 [Member] | |||
Statement [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 994,860 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 13.49 | ||
Weighted average remaining contractual life of outstanding share options | yr | 3.5 | ||
Number of share options exercisable in share-based payment arrangement | 444,860 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 13.49 | ||
$14.90 - $15.80 [Member] | |||
Statement [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 1,680,997 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 15.33 | ||
Weighted average remaining contractual life of outstanding share options | yr | 2.1 | ||
Number of share options exercisable in share-based payment arrangement | 1,473,664 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 15.26 | ||
$16.66 - $17.84 | |||
Statement [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 731,800 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 16.68 | ||
Weighted average remaining contractual life of outstanding share options | yr | 4.4 | ||
Number of share options exercisable in share-based payment arrangement | 3,333 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 17.84 | ||
Top of range [Member] | $8.35 - $9.98 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | 9.98 | ||
Top of range [Member] | $10.58 - $10.73 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | 10.73 | ||
Top of range [Member] | $13.38 - $14.48 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | 14.78 | ||
Top of range [Member] | $14.90 - $15.80 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | 15.80 | ||
Top of range [Member] | $16.66 - $17.84 | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | 17.84 | ||
Bottom of range [Member] | $8.35 - $9.98 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | 8.35 | ||
Bottom of range [Member] | $10.58 - $10.73 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | 10.58 | ||
Bottom of range [Member] | $13.38 - $14.48 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | 13.38 | ||
Bottom of range [Member] | $14.90 - $15.80 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | 14.90 | ||
Bottom of range [Member] | $16.66 - $17.84 | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | $ 16.66 |
Disclosure of detailed infor115
Disclosure of detailed information about options, valuation assumptions (Details) | 12 Months Ended | |
Dec. 31, 2017CAD ($)mo | Dec. 31, 2016CAD ($)mo | |
Statement [Line Items] | ||
Dividend per share | 1.00% | 1.00% |
Expected volatility | 38.00% | 41.00% |
Risk-free interest rate | 1.00% | 1.00% |
Expected life | mo | 45 | 45 |
Share price | $ 16.57 | $ 13.43 |
Fair value of options granted | $ 4.58 | $ 3.88 |
Disclosure of deferred and rest
Disclosure of deferred and restricted share units (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
DSU [Member] | ||
Statement [Line Items] | ||
Number of units, beginning of period | 175,446 | 106,408 |
Number of units, granted | 88,600 | 67,602 |
Number of other equity instruments reinvested in share-based payment arrangement | 2,396 | 1,436 |
Number of units, settled | 0 | 0 |
Number of units, forfeited | 0 | 0 |
Number of units, end of period | 266,442 | 175,446 |
Number of units, vested | 177,405 | 107,573 |
RSU [Member] | ||
Statement [Line Items] | ||
Number of units, beginning of period | 595,076 | 440,166 |
Number of units, granted | 231,300 | 211,300 |
Number of other equity instruments reinvested in share-based payment arrangement | 7,260 | 5,674 |
Number of units, settled | (225,429) | 0 |
Number of units, forfeited | (7,580) | (62,064) |
Number of units, end of period | 600,627 | 595,076 |
Number of units, vested | 0 | 0 |
Disclosure of deferred and r117
Disclosure of deferred and restricted share units, fair value (Details) - DSU and RSU [Member] - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement [Line Items] | ||
Carrying value | $ 7,668 | $ 5,894 |
Intrinsic value of vested units | 2,576 | 1,408 |
Current portion [Member] | ||
Statement [Line Items] | ||
Carrying value | 5,632 | 4,153 |
Intrinsic value of vested units | 2,576 | 1,408 |
Non-current portion [Member] | ||
Statement [Line Items] | ||
Carrying value | 2,036 | 1,741 |
Intrinsic value of vested units | $ 0 | $ 0 |
Disclosure of detailed infor118
Disclosure of detailed information about revenues (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Revenue | $ 213,216 | $ 62,677 |
Royalty interests [Member] | ||
Statement [Line Items] | ||
Revenue | 74,041 | 62,677 |
Stream interests [Member] | ||
Statement [Line Items] | ||
Revenue | 19,751 | 0 |
Offtake interests [Member] | ||
Statement [Line Items] | ||
Revenue | $ 119,424 | $ 0 |
Disclosure of detailed infor119
Disclosure of detailed information about cost of sales (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Cost of sales | $ 125,645 | $ 143 |
Royalty interests [Member] | ||
Statement [Line Items] | ||
Cost of sales | 286 | 143 |
Stream interests [Member] | ||
Statement [Line Items] | ||
Cost of sales | 7,385 | 0 |
Offtake interests [Member] | ||
Statement [Line Items] | ||
Cost of sales | $ 117,974 | $ 0 |
Disclosure of detailed infor120
Disclosure of detailed information about income taxes (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Current income taxes | $ 1,003 | $ 1,352 |
Origination and reversal of temporary differences | (28,128) | 6,647 |
Tax effect from change in tax rate | 3,978 | 1,725 |
Deferred income taxes | (24,150) | 8,372 |
Income taxes | $ (23,147) | $ 9,724 |
Disclosure of components of def
Disclosure of components of deferred income tax assets and liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | |||
Stream interests | $ 7,793 | $ 0 | |
Share and debt issue expense | 2,286 | 3,824 | $ 2,829 |
Deferred and restricted share units | 2,032 | 1,562 | |
Non-capital losses | 1,015 | 0 | 8,475 |
Other assets | 223 | 25 | 904 |
Royalty interests and exploration and evaluation assets | 0 | 2,567 | 5,618 |
Deferred tax assets | 13,349 | 7,978 | |
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | (123,772) | (118,306) | (127,814) |
Investments | (10,054) | (8,051) | 0 |
Convertible debt | (6,047) | (975) | |
Other liabilities | (238) | (598) | 0 |
Net deferred tax liabilities | (140,111) | (127,930) | |
Total deferred tax assets and liabilities | $ (126,762) | $ (119,952) | $ (109,988) |
Disclosure of reconciliation of
Disclosure of reconciliation of statutory weighted average tax rate applicable to income (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Earnings before income taxes | $ (65,935) | $ 51,578 |
Income tax provision calculated using the combined Canadian federal and provincial statutory income tax rate | (17,671) | 13,874 |
Increase (decrease) in income taxes resulting from: | ||
Dividends received from a taxable Canadian corporation | 0 | (1,326) |
Non-deductible expenses, net | 1,606 | 1,265 |
Non-taxable portion of capital gains, net | (3,312) | (2,341) |
Change in tax rates | (3,978) | (1,725) |
Differences in foreign statutory tax rates | (134) | 0 |
Other, net | 342 | (23) |
Total income tax expense | $ (23,147) | $ 9,724 |
Disclosure of deferred taxes (D
Disclosure of deferred taxes (Details) - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | |||
Stream interests | $ 7,793 | $ 0 | |
Share and debt issue expense | 2,286 | 3,824 | $ 2,829 |
Deferred and restricted share units | 2,032 | 1,562 | |
Non-capital losses | 1,015 | 0 | 8,475 |
Royalty interests and exploration and evaluation assets | 0 | 2,567 | 5,618 |
Other assets | 223 | 25 | 904 |
Other assets | 1,587 | ||
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | (123,772) | (118,306) | (127,814) |
Investments | (10,054) | (8,051) | 0 |
Other liabilities | (238) | (598) | 0 |
Other liabilities | (1,573) | ||
Convertible debt | (6,047) | (975) | |
Total deferred tax assets and liabilities | (126,762) | (119,952) | $ (109,988) |
Statement of income [Member] | |||
Deferred tax assets: | |||
Stream interests | 294 | ||
Share and debt issue expense | (1,639) | (1,192) | |
Deferred and restricted share units | 470 | ||
Non-capital losses | 0 | (8,475) | |
Royalty interests and exploration and evaluation assets | (2,567) | (3,051) | |
Other assets | 198 | 683 | |
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | 29,041 | 5,543 | |
Investments | (2,167) | (1,462) | |
Other liabilities | 360 | (418) | |
Convertible debt | 160 | ||
Total deferred tax assets and liabilities | 24,150 | (8,372) | |
Benefit from flow-throw shares [Member] | |||
Deferred tax assets: | |||
Stream interests | 0 | ||
Share and debt issue expense | 0 | 0 | |
Deferred and restricted share units | 0 | ||
Non-capital losses | 0 | 0 | |
Royalty interests and exploration and evaluation assets | 0 | 0 | |
Other assets | 0 | 0 | |
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | 6,416 | 3,965 | |
Investments | (2,315) | (1,730) | |
Other liabilities | 0 | 0 | |
Convertible debt | 0 | ||
Total deferred tax assets and liabilities | 4,101 | 2,235 | |
Equity components [Domain] | |||
Deferred tax assets: | |||
Stream interests | 0 | ||
Share and debt issue expense | 101 | 2,187 | |
Deferred and restricted share units | 0 | ||
Non-capital losses | 0 | 0 | |
Royalty interests and exploration and evaluation assets | 0 | 0 | |
Other assets | 0 | 0 | |
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | 0 | 0 | |
Investments | 0 | 0 | |
Other liabilities | 0 | (1,155) | |
Convertible debt | (5,232) | ||
Total deferred tax assets and liabilities | (5,131) | 1,032 | |
Other comprehensive income [Member] | |||
Deferred tax assets: | |||
Stream interests | 0 | ||
Share and debt issue expense | 0 | 0 | |
Deferred and restricted share units | 0 | ||
Non-capital losses | 0 | 0 | |
Royalty interests and exploration and evaluation assets | 0 | 0 | |
Other assets | 0 | 0 | |
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | (3,241) | 0 | |
Investments | 2,479 | (4,859) | |
Other liabilities | 0 | 0 | |
Convertible debt | 0 | ||
Total deferred tax assets and liabilities | (762) | $ (4,859) | |
Business combinations [Domain] | |||
Deferred tax assets: | |||
Stream interests | 7,499 | ||
Share and debt issue expense | 0 | ||
Deferred and restricted share units | 0 | ||
Non-capital losses | 1,015 | ||
Royalty interests and exploration and evaluation assets | 0 | ||
Other assets | 0 | ||
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | (37,576) | ||
Investments | 0 | ||
Other liabilities | 0 | ||
Convertible debt | 0 | ||
Total deferred tax assets and liabilities | (29,062) | ||
Translation Adjustments [Member] | |||
Deferred tax assets: | |||
Stream interests | 0 | ||
Share and debt issue expense | 0 | ||
Deferred and restricted share units | 0 | ||
Non-capital losses | 0 | ||
Royalty interests and exploration and evaluation assets | 0 | ||
Other assets | 0 | ||
Deferred tax liabilities: | |||
Royalty interests and exploration and evaluation assets | (106) | ||
Investments | 0 | ||
Other liabilities | 0 | ||
Convertible debt | 0 | ||
Total deferred tax assets and liabilities | $ (106) |
Disclosure of expenses by natur
Disclosure of expenses by nature (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Professional fees | $ 13,183 | $ 2,960 |
Employee benefits expense | 22,432 | 15,295 |
Depletion and depreciation | 28,210 | 11,509 |
Travel expense | 1,637 | 1,174 |
Rent and office expenses | 1,180 | 1,536 |
Communication and promotional expenses | 1,194 | 755 |
Public company expenses | 920 | 680 |
Cost recoveries from associates | (532) | (463) |
Recovery of tax credits | 0 | (2,223) |
Other expenses | 782 | 2,365 |
Expenses, by nature | $ 69,006 | $ 33,588 |
Disclosure of employee benefits
Disclosure of employee benefits (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Cost recoveries from associates | $ (4,125) | $ (3,039) |
Employee benefit expenses | 22,432 | 15,295 |
Employee benefit expenses [Member] | ||
Statement [Line Items] | ||
Salaries and wages | 15,501 | 10,491 |
Share-based compensation | 10,524 | 7,380 |
Cost recoveries from associates | (3,593) | (2,576) |
Employee benefit expenses | $ 22,432 | $ 15,295 |
Disclosure of other gains, net
Disclosure of other gains, net (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Change in fair value of financial assets at fair value through profit and loss | $ 1,665 | $ 6,390 |
Gain on disposal of invesments | 703 | 3,410 |
Gain loss on dilution of investments in associates | 30,560 | 12,023 |
Gain loss on acquisition of investments | (2,099) | 8,379 |
Other | 0 | 0 |
Other gains, net | $ 30,829 | $ 30,202 |
Disclosure of compensation, key
Disclosure of compensation, key management (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Cost recoveries from associates | $ 4,125 | $ 3,039 |
Key management personnel [Member] | ||
Statement [Line Items] | ||
Salaries and short-term employee benefits | 6,921 | 4,247 |
Share-based compensation | 7,731 | 4,522 |
Cost recoveries from associates | (449) | (180) |
Employee benefits expense | $ 14,203 | $ 8,589 |
Disclosure of detailed infor128
Disclosure of detailed information of earnings per share explanatory (Details) - CAD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Net earnings attributable to shareholders of Osisko Gold Royalties Ltd | $ (42,501) | $ 42,113 |
Basic weighted average number of common shares outstanding | 127,939 | 104,671 |
Dilutive effect of share options | 0 | 153 |
Dilutive effecf of warrants | 0 | 0 |
Dilutive effect of convertible debenture | 0 | 0 |
Adjusted weighted average number of common shares outstanding | 127,939 | 104,824 |
Earnings per share [abstract] | ||
Basic | $ (0.33) | $ 0.40 |
Diluted | $ (0.33) | $ 0.40 |
Disclosure of detailed infor129
Disclosure of detailed information about cash flow information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Interests received | $ 3,384 | $ 2,699 |
Interests paid on long-term debt | 4,005 | 2,221 |
Dividends received | 215 | 6,276 |
Income taxes paid | 132 | 0 |
Decrease (increase) in accounts receivable | (1,248) | 1,037 |
Increase in inventory | (8,737) | 0 |
Decrease (increase) in other current assets | (221) | (565) |
Decrease in accounts payable and accrued liabilities | 9,766 | (1,247) |
Changes in non-cash working capital items | (440) | (775) |
Accounts receivable on disposal of investments - beginning of period | 159 | 0 |
Accounts receivable on disposal of investments - end of period | 0 | 159 |
Accounts payable on acquisition of investments - beginning of year | 819 | 0 |
Accounts payable on acquisition of investments - end of period | 0 | 819 |
Tax credits receivable related to exploration and evaluation assets - beginning of period | 6,238 | 2,083 |
Tax credits receivable related to exploration and evaluation assets - end of period | 4,091 | 6,238 |
Accounts payable and accrued liabilities related to exploration and evaluation assets - beginning of period | 276 | 704 |
Accounts payable and accrued liabilities related to exploration and evaluation assets - end of period | 22 | 276 |
Accounts payable and accrued liabilities related to financing fees | 0 | 0 |
Accounts payable and accrued liabilities related to financing fees | 379 | 0 |
Accounts payable and accrued liabilities related to share issue expenses - beginning of period | 0 | 0 |
Accounts payable and accrued liabilities related to share issue expenses - end of period | $ 186 | $ 0 |
Disclosure of detailed infor130
Disclosure of detailed information about foreign currency risk explanatory (Details) $ in Thousands, $ in Thousands | Dec. 31, 2017CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015CAD ($) |
Statement [Line Items] | |||||
Cash and cash equivalents | $ 333,705 | $ 499,249 | $ 258,509 | ||
Account receivable | 8,385 | 8,416 | |||
Trade and other current payables | 15,310 | 7,438 | |||
Revolving credit facility | 148,031 | 0 | |||
Equivalent in CDN [Member] | |||||
Statement [Line Items] | |||||
Net exposure in foreign currencies | $ (92,463) | $ 242,979 | |||
Amounts held in US dollars [Member] | |||||
Statement [Line Items] | |||||
Cash and cash equivalents | $ 43,495 | $ 180,963 | |||
Account receivable | 493 | 0 | |||
Other assets | 412 | 0 | |||
Trade and other current payables | (105) | 0 | |||
Revolving credit facility | (118,000) | 0 | |||
Net exposure in foreign currencies | $ (73,705) | $ 180,963 |
Disclosure of detailed infor131
Disclosure of detailed information about financial instruments (Details) - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement [Line Items] | ||
Convertible debenture | $ 350,000 | $ 50,000 |
Revolving credit facility | 148,031 | 0 |
Long-term debt | 498,031 | 50,000 |
2018 [Member] | ||
Statement [Line Items] | ||
Revolving credit facility | 4,380 | |
Long-term debt | 20,280 | |
2019 [Member] | ||
Statement [Line Items] | ||
Revolving credit facility | 4,380 | |
Long-term debt | 18,380 | |
2020 [Member] | ||
Statement [Line Items] | ||
Revolving credit facility | 4,380 | |
Long-term debt | 18,380 | |
2021 [Member] | ||
Statement [Line Items] | ||
Revolving credit facility | 3,830 | |
Long-term debt | 16,066 | |
2022 [Member] | ||
Statement [Line Items] | ||
Revolving credit facility | 0 | |
Long-term debt | 12,000 | |
Convertible debenture 2016 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 50,000 | $ 50,000 |
Convertible debenture 2016 [Member] | 2018 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 2,000 | |
Convertible debenture 2016 [Member] | 2019 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 2,000 | |
Convertible debenture 2016 [Member] | 2020 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 2,000 | |
Convertible debenture 2016 [Member] | 2021 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 236 | |
Convertible debenture 2016 [Member] | 2022 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 0 | |
Convertible debenture 2017 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 300,000 | |
Convertible debenture 2017 [Member] | 2018 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 13,900 | |
Convertible debenture 2017 [Member] | 2019 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 12,000 | |
Convertible debenture 2017 [Member] | 2020 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 12,000 | |
Convertible debenture 2017 [Member] | 2021 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | 12,000 | |
Convertible debenture 2017 [Member] | 2022 [Member] | ||
Statement [Line Items] | ||
Convertible debenture | $ 12,000 |
Disclosure of significant obser
Disclosure of significant observable inputs used in fair value measurement of equity (Details) - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement [Line Items] | ||
Total financial assets | $ 114,933 | $ 108,209 |
Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 7,708 | |
Available-for-sale financial assets | 25,309 | |
Warrants and call options on equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 3,375 | 3,227 |
Warrants and call options on equity securities [Member] | Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 4,717 | |
Equity securities [Member] | ||
Statement [Line Items] | ||
Available-for-sale financial assets | 30,338 | |
Equity securities [Member] | Publicly traded royalty companies [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | 29,360 | |
Equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | 60,286 | |
Available-for-sale financial assets | 41,627 | |
Equity securities [Member] | Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | 17,195 | |
Level 1 [Member] | ||
Statement [Line Items] | ||
Total financial assets | 106,841 | 97,274 |
Level 1 [Member] | Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Level 1 [Member] | Warrants and call options on equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Level 1 [Member] | Warrants and call options on equity securities [Member] | Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Level 1 [Member] | Equity securities [Member] | ||
Statement [Line Items] | ||
Available-for-sale financial assets | 30,338 | |
Level 1 [Member] | Equity securities [Member] | Publicly traded royalty companies [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | 29,360 | |
Level 1 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | 60,286 | |
Available-for-sale financial assets | 41,627 | |
Level 1 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | 17,195 | |
Available-for-sale financial assets | 25,309 | |
Level 2 [Member] | ||
Statement [Line Items] | ||
Total financial assets | 0 | 0 |
Level 2 [Member] | Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Available-for-sale financial assets | 0 | |
Level 2 [Member] | Warrants and call options on equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Level 2 [Member] | Warrants and call options on equity securities [Member] | Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Level 2 [Member] | Equity securities [Member] | ||
Statement [Line Items] | ||
Available-for-sale financial assets | 0 | |
Level 2 [Member] | Equity securities [Member] | Publicly traded royalty companies [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | 0 | |
Level 2 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | 0 | |
Available-for-sale financial assets | 0 | |
Level 2 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | 0 | |
Level 3 [Member] | ||
Statement [Line Items] | ||
Total financial assets | 8,092 | 10,935 |
Level 3 [Member] | Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 7,708 | |
Available-for-sale financial assets | 0 | |
Level 3 [Member] | Warrants and call options on equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 3,375 | 3,227 |
Level 3 [Member] | Warrants and call options on equity securities [Member] | Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 4,717 | |
Level 3 [Member] | Equity securities [Member] | ||
Statement [Line Items] | ||
Available-for-sale financial assets | 0 | |
Level 3 [Member] | Equity securities [Member] | Publicly traded royalty companies [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | 0 | |
Level 3 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, precious metals [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | 0 | |
Available-for-sale financial assets | $ 0 | |
Level 3 [Member] | Equity securities [Member] | Publicly traded mining exploration and development, other minerals, oil and gas [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through other comprehensive income | $ 0 |
Disclosure of detailed infor133
Disclosure of detailed information about changes in fair value of investments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Balance - January 1 | $ 10,935 | |
Balance - December 31 | 8,092 | $ 10,935 |
Level 3 [Member] | ||
Statement [Line Items] | ||
Balance - January 1 | 10,935 | 1,578 |
Acquisitions | 9,662 | 3,278 |
Exercised | (14,170) | (311) |
Balance - December 31 | 8,092 | 10,935 |
Level 3 [Member] | Investments exercised [Member] | ||
Statement [Line Items] | ||
Change in fair value | 3,148 | 271 |
Level 3 [Member] | Investments expired [Member] | ||
Statement [Line Items] | ||
Change in fair value | (30) | (88) |
Level 3 [Member] | Investments held at the end of the period [Member] | ||
Statement [Line Items] | ||
Change in fair value | $ (1,453) | $ 6,207 |
Disclosure of detailed infor134
Disclosure of detailed information about valuation technique used to evaluate fair value explanatory (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Fair value, warrants and call options on equity securities | $ 8,092 | $ 10,935 |
Weighted average, warrants and call options | 73.00% | 73.00% |
Top of range [Member] | ||
Statement [Line Items] | ||
Expected volatility, warrants and call options | 100% | 100% |
Bottom of range [Member] | ||
Statement [Line Items] | ||
Expected volatility, warrants and call options | 48% | 36% |
Disclosure of detailed infor135
Disclosure of detailed information about fair value of long-term debt (Details) - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement [Line Items] | ||
Non-current portion | $ 464,308 | $ 45,780 |
Fair value [Member] | ||
Statement [Line Items] | ||
Non-current portion | $ 509,229 |
Disclosure of detailed infor136
Disclosure of detailed information about geographical areas segment reporting explanatory (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement [Line Items] | ||
Revenue | $ 213,216 | $ 62,677 |
Royalty interests [Member] | ||
Statement [Line Items] | ||
Revenue | 74,041 | 62,677 |
Stream interests [Member] | ||
Statement [Line Items] | ||
Revenue | 19,751 | 0 |
Offtake interests [Member] | ||
Statement [Line Items] | ||
Revenue | 119,424 | 0 |
Canada [Member] | Royalty interests [Member] | ||
Statement [Line Items] | ||
Revenue | 72,057 | 62,677 |
Canada [Member] | Stream interests [Member] | ||
Statement [Line Items] | ||
Revenue | 11,321 | 0 |
Canada [Member] | Offtake interests [Member] | ||
Statement [Line Items] | ||
Revenue | 86,303 | 0 |
Australia [Member] | Offtake interests [Member] | ||
Statement [Line Items] | ||
Revenue | 22,475 | 0 |
Rest of the world [Member] | Royalty interests [Member] | ||
Statement [Line Items] | ||
Revenue | 1,984 | 0 |
Rest of the world [Member] | Stream interests [Member] | ||
Statement [Line Items] | ||
Revenue | 8,430 | 0 |
Rest of the world [Member] | Offtake interests [Member] | ||
Statement [Line Items] | ||
Revenue | $ 10,646 | $ 0 |
Disclosure of detailed infor137
Disclosure of detailed information about geographic areas segment reporitng, by country (Details) - CAD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement [Line Items] | |||
Royalty, stream and other interests | $ 1,575,772 | $ 494,768 | |
Royalty interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 770,530 | 494,768 | $ 449,439 |
Stream interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 700,078 | 0 | |
Offtake interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 105,164 | 0 | |
Rest of the world [Member] | Royalty interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 32,957 | 750 | |
Rest of the world [Member] | Stream interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 65,136 | 0 | |
Rest of the world [Member] | Offtake interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 12,383 | 0 | |
Canada [Member] | Royalty interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 577,875 | 471,077 | |
Canada [Member] | Stream interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 332,497 | 0 | |
Canada [Member] | Offtake interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 48,919 | 0 | |
United States [Member] | Royalty interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 120,611 | 22,941 | |
United States [Member] | Stream interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 50,189 | 0 | |
Australia [Member] | Offtake interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 12,606 | 0 | |
South America [Member] | Royalty interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 26,147 | 0 | |
South America [Member] | Stream interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 173,591 | 0 | |
South America [Member] | Offtake interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 5,109 | 0 | |
Asia [Member] | Stream interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 78,665 | 0 | |
Asia [Member] | Offtake interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | 26,147 | 0 | |
Africa [Member] | Royalty interests [Member] | |||
Statement [Line Items] | |||
Royalty, stream and other interests | $ 12,040 | $ 0 |
Disclosure of detailed infor138
Disclosure of detailed information about commitments (Details) $ in Thousands | Dec. 31, 2017CAD ($) |
Statement [Line Items] | |
Minimum lease payments payable under non-cancellable operating lease | $ 2,322 |
Not later than one year [Member] | |
Statement [Line Items] | |
Minimum lease payments payable under non-cancellable operating lease | 1,154 |
Later than one year [Member] | |
Statement [Line Items] | |
Minimum lease payments payable under non-cancellable operating lease | 1,033 |
No later than 5 years [Member] | |
Statement [Line Items] | |
Minimum lease payments payable under non-cancellable operating lease | $ 135 |
Disclosure of detailed infor139
Disclosure of detailed information about significant commitments for streams and offtakes (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [Line Items] | |
Per ounce/carat price | 30% of the spot price of gold, maximum $600 per ounce |
Amulsar stream [Member] | |
Statement [Line Items] | |
Per ounce/carat price | $ 4 |
Term of agreement | 40 years |
Back Forty stream [Member] | |
Statement [Line Items] | |
Per ounce/carat price | $ 4 |
Brucejack offtake [Member] | |
Statement [Line Items] | |
Term of agreement | Until delivery of 7,067,000 ounces Au |
Brucejack stream [Member] | |
Statement [Line Items] | |
Per ounce/carat price | $ 4 |
Term of agreement | Until delivery of 7,067,000 ounces Au |
Matilda offtake [Member] | |
Statement [Line Items] | |
Term of agreement | Until delivery of 300,000 ounces Au |
Mantos stream [Member] | |
Statement [Line Items] | |
Per ounce/carat price | 25% spot |
Renard stream | |
Statement [Line Items] | |
Term of agreement | 40 years |
Sasa stream [Member] | |
Statement [Line Items] | |
Term of agreement | 40 years |
Gibraltar stream [Member] | |
Statement [Line Items] | |
Per ounce/carat price | 2.75 per ounce |
Gold [Member] | |
Statement [Line Items] | |
Attributable payable production to be purchased, percentage | 55.00% |
Gold [Member] | Amulsar stream [Member] | |
Statement [Line Items] | |
Atrributable payable production to be purchased, ounces | 142,454 |
Per ounce/carat price | $ 400 |
Gold [Member] | Back Forty stream [Member] | |
Statement [Line Items] | |
Attributable payable production to be purchased, percentage | 18.50% |
Per ounce/carat price | 30% spot price (max $600) |
Gold [Member] | Brucejack offtake [Member] | |
Statement [Line Items] | |
Attributable payable production to be purchased, percentage | 50.00% |
Gold [Member] | Brucejack stream [Member] | |
Statement [Line Items] | |
Attributable payable production to be purchased, percentage | 4.00% |
Per ounce/carat price | $ 400 |
Silver [Member] | Amulsar stream [Member] | |
Statement [Line Items] | |
Atrributable payable production to be purchased, ounces | 694,000 |
Silver [Member] | Back Forty stream [Member] | |
Statement [Line Items] | |
Attributable payable production to be purchased, percentage | 75.00% |
Silver [Member] | Brucejack stream [Member] | |
Statement [Line Items] | |
Attributable payable production to be purchased, percentage | 4.00% |
Silver [Member] | Mantos stream [Member] | |
Statement [Line Items] | |
Attributable payable production to be purchased, percentage | 100.00% |
Silver [Member] | Sasa stream [Member] | |
Statement [Line Items] | |
Attributable payable production to be purchased, percentage | 100.00% |
Per ounce/carat price | $ 5 |
Silver [Member] | Gibraltar stream [Member] | |
Statement [Line Items] | |
Attributable payable production to be purchased, percentage | 100.00% |
Per ounce/carat price | $ 2.75 |
Diamond [Member] | Renard stream | |
Statement [Line Items] | |
Attributable payable production to be purchased, percentage | 9.60% |
Per ounce/carat price | $ 50 |