Document and Entity Information
Document and Entity Information shares in Thousands | 12 Months Ended |
Dec. 31, 2020shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | SilverCrest Metals Inc. |
Entity Central Index Key | 0001659520 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Document Period End Date | Dec. 31, 2020 |
Document Type | 40-F |
Entity Common Stock, Shares Outstanding | 129,329,631 |
Document Fiscal Year Focus | 2020 |
Amendment Flag | false |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Current assets | |||
Cash and cash equivalents | $ 135,136 | $ 84,989 | $ 32,262 |
Amounts receivable | 342 | 476 | 125 |
Value-added taxes receivable | 345 | 1,206 | 27 |
Prepaids | 4,586 | 473 | 259 |
Total current assets | 140,409 | 87,144 | 32,673 |
Non-current assets | |||
Value-added taxes receivable | 12,198 | 4,975 | 2,843 |
Deposits | 73 | 72 | 52 |
Mineral property, plant, and equipment | 39,009 | 6,380 | 4,758 |
Total non-current assets | 51,280 | 11,427 | 7,653 |
TOTAL ASSETS | 191,689 | 98,571 | 40,326 |
Current liabilities | |||
Accounts payable and accrued liabilities | 13,412 | 3,820 | 1,072 |
Lease liabilities | 138 | 135 | |
Total current liabilities | 13,550 | 3,955 | 1,072 |
Non-current liabilities | |||
Lease liabilities | 172 | 275 | |
Debt | 28,967 | ||
Total liabilities | 42,689 | 4,230 | 1,072 |
Shareholders' equity | |||
Capital stock | 265,939 | 156,277 | 63,587 |
Share-based payment reserve | 8,978 | 8,668 | 4,769 |
Foreign currency translation reserve | 8,869 | 4,286 | 1,184 |
Deficit | (134,786) | (74,890) | (30,286) |
Total shareholders' equity | 149,000 | 94,341 | 39,254 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 191,689 | $ 98,571 | $ 40,326 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating expenses | ||
Depreciation | $ (130) | $ (118) |
Exploration and evaluation expenditures | (48,170) | (38,068) |
General and administrative expenses | (1,223) | (669) |
Marketing | (377) | (689) |
Professional fees | (841) | (311) |
Remuneration | (1,963) | (1,587) |
Share-based compensation | (1,461) | (2,845) |
Total operating expense | (54,165) | (44,287) |
Other income (expense) | ||
Gain on disposal of mineral property | 49 | |
Foreign exchange loss | (7,226) | (1,031) |
Interest expense | (34) | (44) |
Interest income | 1,493 | 759 |
Loss before income taxes | (59,932) | (44,554) |
Income tax expense | 0 | (113) |
Loss and comprehensive loss for the year | $ (59,932) | $ (44,667) |
Basic and diluted comprehensive loss per common share (in dollars per share) | $ (0.49) | $ (0.50) |
Weighted average number of common shares outstanding (in shares) | 123,032 | 88,617 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||
Net loss for the year | $ (59,932) | $ (44,667) |
Adjustments for: | ||
Depreciation | 395 | 212 |
Foreign exchange loss, unrealized | (203) | (26) |
Gain on disposal of mineral property | (49) | |
Income tax expense | 113 | |
Income taxes paid | (53) | (59) |
Interest expense | 34 | 44 |
Interest income | (1,493) | (759) |
Share-based compensation | 2,721 | 4,622 |
Changes in non-cash working capital items: | ||
Amounts receivable | 584 | (176) |
Value-added taxes receivable | (6,200) | (3,131) |
Prepaids and deposits | (3,895) | (214) |
Accounts payable and accrued liabilities | 1,353 | 2,316 |
Net cash used in operating activities | (66,689) | (41,774) |
Cash flows from investing activities | ||
Interest received | 1,043 | 596 |
Option payment received | 344 | |
Expenditures on mineral property, plant, and equipment | (22,921) | (1,366) |
Net cash used in investing activities | (21,878) | (426) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Capital stock issued | 108,959 | 97,404 |
Capital stock issuance costs | (1,776) | (5,049) |
Loan drawdown, net of fees | 28,967 | |
Payment of lease liabilities | (138) | (137) |
Net cash provided by financing activities | 136,012 | 92,218 |
Effect of foreign exchange on cash and cash equivalents | 2,702 | 2,709 |
Change in cash and cash equivalents, during the year | 50,147 | 52,727 |
Cash and cash equivalents, beginning of the year | 84,989 | 32,262 |
Cash and cash equivalents, end of the year | $ 135,136 | $ 84,989 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Supplemental) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents is represented by: | ||
Cash | $ 74,287 | $ 68,251 |
Cash equivalents | 60,849 | 16,738 |
Total cash and cash equivalents | 135,136 | 84,989 |
Capitalized to property and equipment | ||
Accounts payable and accrued liabilities | $ 8,320 | |
Right of use asset recognized | 494 | |
Non-cash financing activities | ||
Capital stock issuance costs in accounts payable and accrued liabilities | $ 282 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Capital stock [Member] | Share-based payment reserve [Member] | Foreign currency translation reserve [Member] | Deficit [Member] | Total |
Balance, beginning of year at Jan. 01, 2019 | $ 63,587 | $ 4,769 | $ 1,184 | $ (30,286) | $ 39,254 |
Beginning Balance (Shares) at Jan. 01, 2019 | 84,923,000 | ||||
Capital stock issued | $ 92,136 | 92,136 | |||
Capital stock issued (Shares) | 17,856,000 | ||||
Capital stock issuance costs | $ (5,192) | (5,192) | |||
Shares cancelled and returned to treasury (Shares) | (63,000) | ||||
Warrants exercised | $ 4,470 | 4,470 | |||
Warrants exercised (Shares) | 3,960,000 | ||||
Stock options exercised | $ 1,276 | (479) | 797 | ||
Stock options exercised (Shares) | 795,000 | ||||
Stock options forfeited | (63) | 63 | |||
Share-based compensation, stock options | 4,441 | 4,441 | |||
Foreign exchange translation | 3,102 | 3,102 | |||
Net loss and comprehensive loss for the year | (44,667) | (44,667) | |||
Balance, end of year at Dec. 31, 2019 | $ 156,277 | 8,668 | 4,286 | (74,890) | 94,341 |
Ending Balance (Shares) at Dec. 31, 2019 | 107,471,000 | ||||
Capital stock issued | $ 105,264 | 105,264 | |||
Capital stock issued (Shares) | 18,881,000 | ||||
Capital stock issuance costs | $ (1,497) | (1,497) | |||
Shares cancelled and returned to treasury (Shares) | (62,722) | ||||
Warrants exercised | $ 150 | 150 | |||
Warrants exercised (Shares) | 50,000 | ||||
Stock options exercised | $ 5,745 | (2,199) | 3,546 | ||
Stock options exercised (Shares) | 2,927,000 | ||||
Stock options forfeited | (36) | 36 | |||
Share-based compensation, stock options | 2,545 | 2,545 | |||
Foreign exchange translation | 4,583 | 4,583 | |||
Net loss and comprehensive loss for the year | (59,932) | (59,932) | |||
Balance, end of year at Dec. 31, 2020 | $ 265,939 | $ 8,978 | $ 8,869 | $ (134,786) | $ 149,000 |
Ending Balance (Shares) at Dec. 31, 2020 | 129,329,631 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Nature Of Operations [Abstract] | |
NATURE OF OPERATIONS [Text Block] | 1. NATURE OF OPERATIONS SilverCrest Metals Inc. (the "Company" or "SilverCrest") is a Canadian precious metals exploration and development company headquartered in Vancouver, BC. The Company was incorporated under the Business Corporations Act (British Columbia). The common shares of the Company trade on the Toronto Stock Exchange under the symbol "SIL" and on the NYSE-American under the symbol "SILV". The head office and principal address of the Company is 501-570 Granville Street, Vancouver, BC, Canada, V6C 3P1. The address of the Company's registered and records office is 19th Floor, 885 West Georgia Street, Vancouver, BC, Canada, V6C 3H4. The Company's primary development asset is the Las Chispas Project, located in Sonora, Mexico. The Company's business could be adversely affected by the effects of the ongoing outbreak of respiratory illness caused by the novel coronavirus ("COVID-19"). Since early March 2020, significant measures have been implemented in Canada, Mexico, and the rest of the world by governmental authorities in response to COVID-19. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of preparation and measurement These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). These consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. Additionally, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. These consolidated financial statements were approved for issuance by the Board of Directors on March 25, 2021. Basis of consolidation These consolidated financial statements incorporate the financial statements of the Company and its subsidiaries, all of which are wholly owned. The Company consolidates subsidiaries where the Company can exercise control. Control is achieved when the Company is exposed to variable returns from involvement with an investee and can affect the returns through power over the investee. Control is normally achieved through ownership, directly or indirectly, of more than 50 percent of the voting power. Control can also be achieved through power over more than half of the voting rights by virtue of an agreement with other investors or through the exercise of de facto control. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition of control up to the effective date of loss of control. The Company's subsidiaries at December 31, 2020 are as follows: Subsidiary Location Ownership Principal activity NorCrest Metals Inc. Canada 100% Holding company Compañía Minera La Llamarada, S.A. de C.V. Mexico 100% Exploration and development Tinto Roca Exploración, S.A. de C.V. Mexico 100% Service company Altadore Energía, S.A. de C.V. Mexico 100% Service company Babicanora Agrícola del Noroeste, S.A. de C.V. Mexico 100% Maintenance of surface rights SilverCrest Metals de México, S.A. de C.V. Mexico 100% Exploration Intercompany assets, liabilities, equity, income, expenses, and cash flows between the Company and its subsidiaries are eliminated on consolidation. Foreign currency translation Presentation currency During 2020, the Company changed its presentation currency to United States dollars ("US$") from Canadian dollars ("C$"). The Company has determined that this change in presentation currency better reflects the Company's current activities, increases the comparability to peer companies, and enhances the relevance of the financial statements to users. The Company applied the change in presentation currency retrospectively and restated the comparative financial information as if the presentation currency had always been US$, in accordance with International Accounting Standard ("IAS") 21, The Effects of Changes in Foreign Exchange Rates, and IAS 8, Accounting Policies, Changes in Accounting Estimates and Error. The financial statements of entities with the functional currency of C$ have been translated into US$ in accordance with IAS 21 as follows: • • • • • For entities with the functional currency of US$, foreign currency transactions and balances are translated as follows: • • • • In preparing its opening statement of financial position, the Company has restated the amounts reported previously in C$ to US$ as detailed below: Consolidated statement of financial position - as at January 1, 2019 Previously Restated reported in C$ US$ Assets Total current assets C$ 44,574 $ 32,673 Total non-current assets 10,440 7,653 Total assets C$ 55,014 $ 40,326 Liabilities Total current liabilities C$ 1,463 $ 1,072 Shareholders' equity Capital stock C$ 86,746 $ 63,587 Share-based payment reserve 6,196 4,769 Foreign currency translation reserve — 1,184 Deficit (39,391 ) (30,286 ) Total shareholders' equity C$ 53,551 $ 39,254 Total liabilities and shareholders' equity C$ 55,014 $ 40,326 Consolidated statement of financial position - as at December 31, 2019 Previously Restated reported in C$ US$ Assets Total current assets C$ 113,183 $ 87,144 Total non-current assets 14,842 11,427 Total assets C$ 128,025 $ 98,571 Liabilities Total current liabilities C$ 5,138 $ 3,955 Total non-current liabilities 357 275 Total liabilities C$ 5,495 $ 4,230 Shareholders' equity Capital stock C$ 209,736 $ 156,277 Share-based payment reserve 11,369 8,668 Foreign currency translation reserve — 4,286 Deficit (98,575 ) (74,890 ) Total shareholders' equity C$ 122,530 $ 94,341 Total liabilities and shareholders' equity C$ 128,025 $ 98,571 Consolidated statement of loss and comprehensive loss - year ended December 31, 2019 Previously Restated reported in C$ US$ Operating expenses Depreciation C$ (156 ) $ (118 ) Exploration and evaluation expenditures (50,512 ) (38,068 ) General and administrative expenses (890 ) (669 ) Marketing (914 ) (689 ) Professional fees (413 ) (311 ) Remuneration (2,106 ) (1,587 ) Share-based compensation (3,775 ) (2,845 ) (58,766 ) (44,287 ) Other income (expense) Gain on disposal of mineral property 66 49 Foreign exchange loss (1,369 ) (1,031 ) Interest expense (58 ) (44 ) Interest income 1,008 759 Loss before income taxes (59,119 ) (44,554 ) Income tax expense (150 ) (113 ) Loss and comprehensive loss for the year C$ (59,269 ) $ (44,667 ) Basic and diluted comprehensive loss per share C$ (0.67 ) $ (0.50 ) Consolidated statement of cash flows - year ended December 31, 2019 Previously Restated reported in C$ US$ Net cash used in operating activities C$ (54,227 ) $ (41,774 ) Net cash used in investing activities (564 ) (426 ) Net cash used in financing activities 122,364 92,218 Effect of foreign exchange on cash and cash equivalents (1,203 ) 2,709 Change in cash and cash equivalents, during the year 66,370 52,727 Cash and cash equivalents, beginning of the year 44,014 32,262 Cash and cash equivalents, end of the year C$ 110,384 $ 84,989 Functional currency The functional currency is the currency of the primary economic environment in which the entity operates and has been determined for each entity within the Company. The Company considers the functional currency for its Canadian operations to be C$. Until December 29, 2020, the Company considered the functional currency of its subsidiaries to be C$, after which the functional currency changed to US$. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21. The factor that caused the change in the subsidiaries’ functional currency was the currency of financing activities, which changed to US$ upon entering into the debt agreement (note 5). For entities with a functional currency other than US$, foreign currency transactions and balances are translated as follows: Assets and liabilities were translated at period end exchange rates; Revenue and expenses are translated using exchange rates approximating those in effect on the date transactions occurred; and Exchange gains and losses arising on translation are recorded to foreign currency translation reserve. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments that are readily convertible to known amounts of cash with a term to maturity at the date of purchase of 90 days or less which are subject to an insignificant risk of change in value. Value-added taxes receivable Current taxes receivable includes Goods and Services Tax receivables generated on the purchase of supplies and services and are refundable from the Canadian government. Current and non-current taxes receivable includes value-added taxes ("VAT") receivables generated on the purchase of supplies and services and are receivable from the Mexican government. The Company classifies the majority of VAT receivables as non-current as it does not expect collection of certain amounts to occur within the next year. The recovery of VAT involves a complex application process and the timing of collection of VAT receivables is uncertain. The Company has not recognized a loss allowance for expected credit losses as VAT receivables are not contract assets and therefore outside the scope of IFRS 9. Mineral property, plant, and equipment Exploration and evaluation assets - acquisition costs The costs of acquiring exploration properties, including transaction costs, are capitalized as exploration and evaluation assets. All other exploration and evaluation expenditures are expensed in the period in which they are incurred. Acquisition costs for each exploration property are carried forward as an asset provided that one of the following conditions is met: • • The Company performs an assessment for impairment of capitalized amounts whenever the facts and circumstances indicate that the asset may exceed its recoverable amount. In the case of undeveloped properties, there may be only inferred resources to allow management to form a basis for the impairment review. The review is based on the Company's intentions for the development of such an exploration property. If an exploration property does not prove viable, all unrecoverable costs associated with the property are charged to the consolidated statement of loss and comprehensive loss at the time the determination is made. For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units (CGUs) to which the exploration activity relates. If the recoverable amount of an individual asset cannot be determined, the recoverable amount is determined for the cash generating unit to which the asset belongs. Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in the statement of loss and comprehensive loss. Exploration and evaluation expenditures Exploration and evaluation costs, net of incidental revenues, are charged to the statement of loss and comprehensive loss in the year incurred until the technical feasibility and commercial viability of the extraction of mineral reserves or resources from a particular mineral property has been determined, in which case subsequent exploration costs and the costs incurred to develop a property are capitalized into mineral property, plant, and equipment. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as but not limited to: the extent to which mineral reserves or mineral resources have been identified through a feasibility study or similar level document; the results of optimization studies and further technical evaluation carried out to mitigate project risks identified in the feasibility study; the status of environmental permits, and the status of mining leases or permits. Mineral property - development phase Once the technical feasibility and commercial viability of an exploration property has been determined, it is then considered to be a mine under development and is reclassified to mineral property. The carrying value of capitalized exploration and evaluation acquisition costs are tested for impairment before they are transferred to mineral property. All costs relating to the construction, installation, or completion of a mine that are incurred subsequent to the exploration and evaluation stage are capitalized to mineral property. The Company assesses the stage of each mine under development to determine when a property reaches the stage when it is in the condition for it to be capable of operating in a manner intended by management ("commercial production"). Determining when a mine has achieved commercial production is a matter of judgement. Depending on the specific facts and circumstances, the following factors may indicate that commercial production has commenced: • • • • • • • Mineral property - production phase When management determines that a property is capable of commercial production, amortization of costs capitalized during development begins. Once a mineral property has been brought into commercial production, the costs of any additional work on that property are expensed as incurred, except for development programs which constitute a betterment, which will be deferred and amortized over the remaining useful life of the related assets. Mineral properties include decommissioning and restoration costs related to the reclamation of mineral properties. Mineral properties are derecognized upon disposal, or impaired when no future economic benefits are expected to arise from continued use of the asset or the carrying value of the CGU exceeds its recoverable amount. Any gain or loss on disposal of the asset, determined as the difference between the proceeds received and the carrying amount of the asset is recognized in the statement of loss and comprehensive loss. Mineral properties are amortized on the unit-of-production basis using the mineable ounces extracted from the mine in the period as a percentage of the total mineable ounces to be extracted in current and future periods based on mineral resources. Mineral properties are recorded at cost, net of accumulated depreciation and depletion and accumulated impairment losses and are not intended to represent future values. Recovery of capitalized costs is dependent on successful development of economic mining operations or the disposition of the related mineral property. Property, plant, and equipment Property, plant, and equipment is recorded at historical cost less accumulated depreciation and impairment charges. The cost of an item of property, plant, and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and for qualifying assets, the associated borrowing costs. Where an item of plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of plant and equipment. Plant and equipment is depreciated to its estimated residual value using the straight-line method over the estimated useful lives of the individual assets. The major categories of plant and equipment and their useful lives are as follows: Category Estimated life Computer equipment 3-4 years Mining equipment 5-15 years Vehicles 4 years Buildings Life-of-mine Mine plant and equipment Life-of-mine Underground infrastructure Life-of-mine Assets under construction are not depreciated until available for their intended use. Non-depreciable property, such as land, is recorded at historical cost, less any impairment charges. The Company conducts a review of residual values, useful lives, and depreciation methods annually and when events and circumstances indicate such a review should be made. Any changes in estimates that arise from this review are accounted for prospectively. An item of property, plant, and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in profit or loss. Asset retirement obligations The Company recognizes liabilities for statutory, contractual, constructive, or legal obligations, including those associated with the reclamation of exploration and evaluation assets, mineral properties, plant, and equipment, when those obligations result from the acquisition, construction, development or normal operation of the assets. Initially, a liability for an environmental rehabilitation obligation is recognized at its present value if a reasonable estimate of cost can be made. The Company records the present value of estimated future cash flows, adjusted for inflation, associated with reclamation as a liability, at a risk-free rate, when the liability is incurred and increases the carrying value of the related assets for that amount. Subsequently, these capitalized asset retirement costs are amortized over the life of the related assets. At the end of each period, the liability is increased to reflect the passage of time (accretion expense) and changes in the estimated future cash flows underlying any initial estimates (additional rehabilitation costs). The Company recognizes its environmental liability on a site-by-site basis when it can be reliably estimated. Environmental expenditures related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible are charged to the statement of loss and comprehensive loss. Leases The Company assesses whether a contract is or contains a lease, at the inception of a contract. The Company recognizes a right-of-use ("ROU") asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, at the commencement of the lease, with the following exceptions: (i) the Company has elected not to recognize ROU assets and liabilities for leases where the total lease term is less than or equal to 12 months, or (ii) for leases of low value. The payments for such leases are recognized in the consolidated statement of comprehensive loss on a straight-line basis over the lease term. The ROU asset is initially measured based on the present value of lease payments, lease payments made at or before the commencement day, and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator of impairment. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments include fixed payments less any lease incentives, and any variable lease payments where variability depends on an index or rate. When the lease contains an extension or purchase option that the Company considers reasonably certain to be exercised, the cost of the option is included in the lease payments. ROU assets are included in mineral property, plant, and equipment, and the lease liability is presented as a separate line in the consolidated statement of financial position. Variable lease payments that do not depend on an index or rate are not included in the measurement of the ROU asset and lease liability. The related payments are recognized as an expense in the period in which the triggering event occurs and are included in the consolidated statement of comprehensive loss. Debt and borrowing costs Debt is initially recognized at fair value, net of any transaction costs, and subsequently carried at amortized cost. Borrowing costs that are directly attributable to the acquisition, construction, or production of a qualifying asset are capitalized as part of the cost of that asset until the asset is substantially complete and ready for its intended use. All other borrowing costs are expensed as incurred. Share-based compensation and payments The Company grants stock options to buy common shares of the Company to directors, officers, employees, and consultants. The cost of stock options granted is recorded based on the estimated fair-value at the grant date and charged to the consolidated statement of comprehensive loss over the vesting period. Where stock options are subject to vesting, each vesting tranche is considered a separate award with its own vesting period and grant date fair value. The 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 a charge to the statement of comprehensive loss, with a corresponding increase to reserves based on the number of options expected to vest. Consideration paid for the shares on the exercise of stock options is credited to capital stock. When vested options are forfeited or are not exercised at the expiry date the amount previously recognized in share‐based compensation is transferred to deficit. The number of options expected to vest is reviewed at least annually, with any impact being recognized immediately. In situations where equity instruments are issued to non-employees and some or all the goods or services received by the entity as consideration cannot be specifically identified, they are measured at fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received. Related party transactions Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control, and related parties may be individuals, such as key management personnel, including immediate family members of the individual, or corporate entities, including the Company's wholly owned subsidiaries. A transaction is a related party transaction when there is a transfer of resources or obligations between related parties. Loss per share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted loss per share is computed similarly to basic loss per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of stock options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and warrants were exercised and that the proceeds from such exercises were used to acquire common stock at the average market price during the reporting periods. Taxation Income tax expense comprises current and deferred income taxes. Current and deferred income taxes are recognized in profit or loss except to the extent that they relate to items recognized directly in equity. Current income tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years. The Company follows the asset and liability method of accounting for income taxes whereby deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates and laws expected to apply in the years in which temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in operations in the period of substantive enactment. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is not recorded. Deferred income tax assets and liabilities are presented as non-current in the financial statements. Financial instruments The Company classifies its financial instruments in the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive income (loss) ("FVTOCI"), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL. Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are recognized in profit or loss for the period. An 'expected credit loss' impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to the present value of estimated future cash flows associated with the asset, discounted at the financial asset's original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of comprehensive loss. Adoption of new accounting standards Interest Rate Benchmark Reform Phase 2 In August 2020, the IASB issued Interest Rate Benchmark Reform Phase 2, which amends various standards requiring interest rates or interest rate calculations. The amendments provide guidance on financial reporting after the London Inter-bank Offered Rate ("LIBOR") reform, including its replacement with alternative benchmark rates. The amendments are effective for annual periods beginning on or after January 1, 2021. The Company has not assessed the impact of these amendments. Amendments to IAS 16 Property, plant and equipment - proceeds before intended use During the year ended December 31, 2020, the Company early adopted the amendments to IAS 16, Property, Plant & Equipment, Proceeds Before Intended Use, retrospectively. The amendments prohibit an entity from deducting from the cost of an item of property, plant, and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. With the adoption of the amended standard, revenue from sales of gold and silver ounces recovered and related costs while bringing a mine in a condition necessary for it to be capable of operating in the manner intended by management are recognized in the profit or loss in accordance with applicable standards. The entity measures the cost of those items applying the measurement requirements of IAS 2. There was no impact of this adoption on the comparative figures presented for the year ended December 31, 2019. |
CRITICAL JUDGMENTS AND ESTIMATE
CRITICAL JUDGMENTS AND ESTIMATES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Judgements And Estimates [Abstract] | |
CRITICAL JUDGMENTS AND ESTIMATES [Text Block] | 3. CRITICAL JUDGMENTS AND ESTIMATES The preparation of these consolidated financial statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the reported amounts and the valuation of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenditures during the year. These judgments and estimates are continuously evaluated and are based on management's experience and knowledge of the relevant facts and circumstances. Actual results may differ from the estimates. Revisions to estimates and the resulting effects on the carrying amounts of the Company's assets and liabilities are accounted for prospectively. Information about such judgments and estimates is contained in the description of accounting policies (note 2) and/or other notes to the financial statements. Management has made the following critical judgments and estimates: Critical judgments in applying accounting policies The critical judgments that the Company's management has made in the process of applying the Company's accounting policies, apart from those involving estimations, that have the most significant effect on the amounts recognized in the Company's consolidated financial statements are as follows: Assessment of impairment indicators of non-current assets Judgment is required in assessing whether certain factors would be considered an indicator of impairment. We consider both internal and external information to determine whether there is an indicator of impairment and, accordingly, whether impairment testing is required. The information we consider in assessing whether there is an indicator of impairment includes, but is not limited to, future silver and gold prices, future capital cost estimates, operating cost estimates, estimated mineral reserves and resources, and the discount rate. Functional currency The functional currency for the Company is the currency of the primary economic environment in which the entity operates. The Company had determined that the functional currency of the parent entity to be C$ and its subsidiaries to be US$. Determination of functional currency may involve certain judgments to determine the primary economic environment, and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment. During 2020, the Company determined that the functional currency of its subsidiaries had changed from C$ to US$ (note 2). Determination of technical feasibility and commercial viability of the Las Chispas Project The application of the Company's accounting policy for mineral property development costs required judgement to determine when the Las Chispas Project's technical feasibility and commercial viability had been demonstrated. The Company considered the approval of the Company's Board of Directors to enter into an engineering, procurement, and construction ("EPC") agreement for the construction of the Las Chispas process plant, along with the substantial amount of work that had been completed on the Las Chispas Feasibility Study at that time, and concluded that the technical feasibility and commercial viability had been achieved. Accordingly, effective December 29, 2020, the Company reclassified capitalized costs from exploration and evaluation assets to mineral property, tested for impairment, and commenced capitalization of Las Chispas development costs. Key sources of estimation uncertainty The significant assumptions about the future and other major sources of estimation uncertainty as at the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of the Company's assets and liabilities in the next 12 months are as follows: Collectability and classification of VAT receivable VAT receivable is collectible from the government of Mexico. The collection of VAT is subject to risk due to the complex application and collection process and therefore, risk related to the collectability and timing of payment from the Mexican government. The Company uses its best estimates based on the facts known at the time and its experience to determine its best estimate of the collectability and timing of these recoveries. Changes in the assumptions regarding collectability and the timing of collection could impact the valuation and classification of VAT receivable. At December 31, 2020, the current portion of VAT receivable was estimated to be $ Nil Impairment of non-current assets Non-current assets are tested for impairment when indicators of impairment are present. Calculating the estimated fair values of cash generating units for non-current asset impairment tests requires management to make estimates and assumptions with respect to future silver and gold prices; future capital cost estimates; operating cost estimates; reductions in the estimated mineral reserves and resources; and, the discount rate. Reductions in metal price forecasts; increases in estimated future costs of production; increases in estimated future non-expansionary capital expenditures; reductions in the amount of recoverable resources, and exploration potential; and/or adverse current economics can result in a write-down of the carrying amounts of the Company's non-current assets (note 4). During 2020, the Company performed an impairment test of the carrying value of the Las Chispas Project (note 4). The key assumptions used to determine the fair value of the property were taken from the Las Chispas Feasibility Study, prepared by qualified persons, and included the following: Gold prices of $1,500 per ounce and silver prices of $19.00 per ounce; Initial capital costs of $137.7 million; Sustaining capital costs of $123.9 million; Operating costs of $397.0 million; Dore production of 90.4 million ounces silver equivalent ("AgEq") ounces (AgEq based on metal prices of $1,410 per ounce gold and $16.60 per ounce silver, and metal recovery values of 96% gold and 94% silver); and A discount rate of 5%. The Company performed a sensitivity analysis of plus or minus 30% on the above inputs, except the discount rate, and noted that there was no impact on the results of the impairment test. |
MINERAL PROPERTY, PLANT, AND EQ
MINERAL PROPERTY, PLANT, AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
MINERAL PROPERTY, PLANT, AND EQUIPMENT [Text Block] | 4. MINERAL PROPERTY, PLANT, AND EQUIPMENT Property and equipment Construction in progress Mineral property Exploration and evaluation assets Total Cost At December 31, 2018 $ 1,051 $ — $ — $ 3,803 $ 4,854 Right of use asset recognized 486 — — — 486 Additions 853 — — 227 1,080 Effect of foreign currency translation 81 — — 196 277 At December 31, 2019 2,471 — — 4,226 6,697 Additions 1,808 27,071 — 2,362 31,241 Transfers (232 ) 232 4,092 (4,092 ) — Effect of foreign currency translation 134 1,465 220 (8 ) 1,811 At December 31, 2020 $ 4,181 $ 28,768 $ 4,312 $ 2,488 $ 39,749 Accumulated depreciation At December 31, 2018 $ (96 ) $ — $ — $ — $ (96 ) Depreciation for the year (212 ) — — — (212 ) Effect of foreign currency translation (9 ) — — — (9 ) At December 31, 2019 (317 ) — — — (317 ) Depreciation for the year (395 ) — — — (395 ) Effect of foreign currency translation (28 ) — — — (28 ) At December 31, 2020 $ (740 ) $ — $ — $ — $ (740 ) Carrying amounts At December 31, 2019 $ 2,154 $ — $ — $ 4,226 $ 6,380 At December 31, 2020 $ 3,441 $ 28,768 $ 4,312 $ 2,488 $ 39,009 Effective December 29, 2020, the Company determined that the technical feasibility and commercial viability of the Las Chispas Project had been demonstrated based on the substantial amount of work that had been completed on the Las Chispas Feasibility Study, at that time. The Company received the approval of the Board of Directors to enter into the EPC agreement to commence the construction of the process plant. Accordingly, the Company transferred the capitalized costs of the Las Chispas Project from exploration and evaluation assets to mineral property and began to capitalize development costs. Concurrent with the development decision, the Company completed an impairment test of the Las Chispas Project which compared the carrying value to the recoverable amount. The recoverable amount is the greater of the value in use and the fair value less disposal costs. The fair value less disposal costs is calculated using a discounted cash flow model with feasibility study economics. The significant assumptions that impacted the fair value included future silver and gold prices, capital cost estimates, operating cost estimates, estimated mineral reserves and resources, and the discount rate. Based on the result of the impairment test, the Company concluded that there was no impairment. On December 31, 2020, the Company’s subsidiary entered into the EPC agreement with Ausenco Engineering Canada Inc. and its affiliate (“Ausenco”) to construct a 1,250 tonne per day process plant at Las Chispas. The EPC agreement has a fixed price of $76,455 and at December 31, 2020, the Company had incurred $23,151 which was recorded as construction in progress. As such, at December 31, 2020, the Company’s remaining commitment to Ausenco on the EPC agreement was $53,304. At December 31, 2020, the Company had also committed to an additional $2,802 of costs related to construction in progress. In 2019 the Company voluntarily adopted a new accounting policy with respect to exploration and evaluation expenditures to expense all exploration and evaluation expenditures as incurred. This change was applied retrospectively. The Company determined that this change in accounting policy increases the comparability to peer companies and enhances the relevance of the financial statements for users. Exploration and evaluation expenditures The following table details the exploration and evaluation expenditures for the years for all properties: 2020 2019 Restated (note 2) Las Chispas Property Assays $ 1,373 $ 2,142 Decline construction and underground workings 15,289 8,558 Depreciation 265 94 Drilling 16,353 18,108 Field and administrative costs 4,223 2,323 Salaries and remuneration (notes 6) 4,966 2,611 Share-based compensation (notes 6 and 7) 1,260 1,777 Technical consulting services and studies 3,775 2,282 Subtotal - Las Chispas Property 47,504 37,895 Other exploration properties 666 173 Total exploration and evaluation expenditures $ 48,170 $ 38,068 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings [abstract] | |
DEBT [Text Block] | 5. DEBT On December 31, 2020, the Company's subsidiary entered into a credit agreement to provide a secured project financing facility (the "facility") for the Las Chispas Project of up to $120,000. The Company drew $30,000 on December 31, 2020, as required. The remaining $90,000 is available until August 31, 2022, if the Company: • • • All amounts borrowed under the facility are due on December 31, 2024. The Company may voluntarily prepay amounts borrowed under the facility but would incur fees of 4.0%, 3.0%, or 1.5% if prepaid before December 31, 2021, December 31, 2023, and December 31, 2024, respectively. Amounts borrowed under the facility incur interest at a rate of 6.95% per annum plus the greater of either 3-month LIBOR (or agreed upon equivalent) or 1.5%. Interest is payable quarterly, and the Company has the option to defer interest payments until after the availability period which, subject to the draw-down schedule noted above, is December 31, 2020 to August 31, 2022. All debts under the facility are guaranteed by the Company and its subsidiaries and secured by the assets of the Company and pledges of the securities of the Company's subsidiaries. In connection with the facility, the Company must also maintain a certain working capital ratio and adhere to other non-financial covenants. As at December 31, 2020, the Company was in compliance with these covenants. The debt has been recorded at amortized cost, net of transaction costs, and will be accreted to face value over the life of the debt using the effective interest rate method. The Company paid a 3% arrangement fee of $3,600 on December 31, 2020 of which $900 was recorded as a transaction cost and $2,700 was recorded as a prepaid expense, in proportion to the amount of debt drawn on the facility. The Company also incurred $531 in related transaction costs of which $133 was recorded as a transaction cost and $398 was recorded as a prepaid expense. A summary of debt transactions is as follows: 2020 Balance, beginning of year $ — Drawdown 30,000 Transaction costs (1,033 ) Balance, end of year $ 28,967 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS [Text Block] | 6. RELATED PARTY TRANSACTIONS Professional fees During 2020, the Company paid or accrued professional fees of $307 (2019 - $125) and capital stock issuance costs of $113 (2019 - $236), to Koffman Kalef LLP, a law firm of which the Company's Corporate Secretary is a partner. As at December 31, 2020, $25 (2019 - $99) was payable to Koffman Kalef LLP. Key management compensation The Company's key management personnel have authority and responsibility for planning, directing, and controlling the activities of the Company and include the Company's Chief Executive Officer ("CEO"), President, Chief Financial Officer ("CFO"), Chief Operating Officer ("COO"), and directors. Key management personnel compensation is summarized as follows: 2020 2019 Management fees (1) $ 574 $ 437 Management remuneration (2) 1,052 863 Director fees 170 129 Share-based compensation (3) 1,435 3,567 $ 3,231 $ 4,996 (1) (2) (3) CFO, and COO of which $583 (2019 - $951) was recorded as exploration and evaluation expenditures (note 4) and $255 (2019 - $636) was recorded as share-based compensation in the statement of loss and comprehensive loss. Other transactions During 2020, the Company: • • The Company has an allocation of costs agreement with Goldsource Mines Inc. ("Goldsource"), a company related by common directors and officers, whereby the Company shares salaries, administrative services, and other expenses. During 2020, the Company allocated to Goldsource $99 (2019 - $159) for its share of these expenses, of which $26 (December 31, 2019 - $28) was receivable from Goldsource at December 31, 2020. Amounts allocated to Goldsource are due at the end of each fiscal quarter and accrue interest at a rate of 1% per month, if in arrears for greater than 30 days. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2020 | |
Capital Stock [Abstract] | |
CAPITAL STOCK [Text Block] | 7. CAPITAL STOCK Authorized shares The Company's authorized capital stock consists of an unlimited number of common shares and an unlimited number of preferred shares without nominal or par value. Issued and outstanding As of December 31, 2020, the Company had 129,329,631 common shares and no preferred shares outstanding. 2020 The Company completed private placements for a total of 18,881,366 common shares at prices ranging from C$7.28 to C$7.50 per common share for total gross proceeds of $105,264. The Company incurred $1,497 of related capital stock issue costs. The Company also issued 2,927,250 common shares at prices ranging from C$0.16 to C$8.24 per common share for gross proceeds of $3,546 upon the exercise of stock options and 50,000 common shares at a price of C$4.03 per common share upon the exercise of warrants for gross proceeds of $150. Accordingly, the Company reallocated $2,199 from reserves to capital stock. 2019 The Company completed private placements for a total of 880,000 common shares at prices ranging from C$2.92 to C$5.85 per common share for gross proceeds of $3,659. The Company incurred $52 of related capital stock issuance costs. In connection with one private placement, the Company issued 50,000 warrants with an exercise price of C$4.03 per share until January 11, 2021. The Company completed short-form prospectus offerings for a total of 16,976,300 at prices ranging from C$5.85 to C$7.28 per common share for gross proceeds of $88,477. The Company incurred $5,135 of related capital stock issuance costs. The Company issued 3,959,804 common shares at prices ranging from C$1.45 to C$2.29 per common share for gross proceeds of $4,470 upon the exercise of warrants. The Company incurred $5 of related capital stock issue costs. The Company also issued 795,000 common shares at prices ranging from C$0.16 to C$3.24 per common share for gross proceeds of $797 upon the exercise of stock options. Accordingly, the Company reallocated $479 from reserves to capital stock. The Company cancelled and returned to treasury 62,722 shares pursuant to a depositary agreement dated September 15, 2015 between the Company and Computershare Trust Company of Canada ("Computershare"). Computershare was appointed to act as depositary for common shares of the Company to be distributed to former shareholders of SilverCrest Mines Inc. by a plan of arrangement agreement ("the Arrangement") dated July 26, 2015. Any shares not distributed on or before October 1, 2018, the third anniversary of the date of completion of the Arrangement, were returned to the Company for cancellation. Warrants Warrant transactions during the year are as follows: 2020 2019 Number of warrants Weighted average exercise price (C$) Number of warrants Weighted average exercise price (C$) Outstanding, beginning of year 50,000 $ 4.03 3,959,804 $ 1.50 Issued — — 50,000 4.03 Exercised (50,000 ) 4.03 (3,959,804 ) 1.50 Outstanding, end of year — $ — 50,000 $ 4.03 Stock options The Company has a "rolling 10%" Stock Option Plan which authorizes the grant of stock options to directors, officers, employees, and consultants, enabling them to acquire common shares of the Company to a maximum of 10% of the then issued and outstanding common shares. The exercise price of any option is the market price of the Company's stock as at the date of the grant. The options can be granted for a maximum term of ten years with vesting determined by the Board of Directors. A summary of the Company's stock option transactions during the year is as follows: 2020 2019 Number of Weighted average Number of Weighted average options exercised price (C$) options exercised price (C$) Outstanding, beginning of year 8,758,750 $ 3.38 7,627,500 $ 1.99 Issued 225,000 12.25 1,976,250 7.94 Exercised* (2,927,250 ) 1.63 (795,000 ) 1.33 Forfeited (25,000 ) 8.21 (50,000 ) 3.24 Outstanding, end of year 6,031,500 $ 4.55 8,758,750 $ 3.38 *During 2020, the weighted average market value of the Company's shares at the dates of exercise was C$11.25 (2019 - C$5.96). During 2020, the Company granted 225,000 stock options to directors, officers, and employees with exercise prices ranging from C$11.22 to C$12.63 per share and expiring five years from the grant date. These options vest over a 3-year period with 33% vesting after each of one year, two years, and three years after the grant date, respectively. During 2019, the Company granted: • • Stock options outstanding and exercisable as of December 31, 2020 are as follows: Options outstanding Options exercisable Exercise price (C$) Number of shares Remaining life Number of shares Expiry date issuable on exercise (years) issuable on exercise December 9, 2021 $ 2.30 900,000 0.94 900,000 January 3, 2022 $ 2.55 50,000 1.01 50,000 August 4, 2022 $ 1.88 477,500 1.59 477,500 January 2, 2023 $ 1.84 350,000 2.01 350,000 January 4, 2023 $ 1.94 645,000 2.01 645,000 November 11, 2023 $ 3.41 100,000 2.86 100,000 November 13, 2023 $ 3.30 200,000 2.87 200,000 December 14, 2023 $ 3.24 1,250,000 2.95 1,250,000 May 30, 2024 $ 4.54 122,750 3.41 122,750 September 4, 2024 $ 8.21 862,500 3.68 862,500 October 17, 2024 $ 7.89 7,500 3.80 7,500 December 19, 2024 $ 8.24 841,250 3.97 278,750 September 14, 2025 $ 12.53 150,000 4.71 — November 11, 2025 $ 12.63 25,000 4.87 — December 7, 2025 $ 11.22 50,000 4.94 — 6,031,500 5,244,000 The weighted average remaining life of options outstanding is 2.69 years. Share-based compensation The fair value of options granted during 2020 and 2019 was estimated using the Black-Scholes Option Pricing Model using the following weighted average assumptions: 2020 2019 Expected option life (years) 3.56 3.70 Expected volatility 54.09% 58.82% Expected dividend yield — — Risk-free interest rate 0.34% 1.42% Expected forfeiture rate 1.00% 1.00% Fair value per option (C$) $ 4.76 $ 3.48 Total fair value $ 798 $ 5,183 During 2020, the Company recognized share-based compensation of $114 for the vested portion of options granted during the year of which $78 was expensed and $36 was recorded as exploration and evaluation expenditures (note 4). The Company also recognized share-based compensation of $2,431 for the vested portion of options granted during 2019 of which $1,207 was expensed and $1,224 was recorded as exploration and evaluation expenditures (note 4). During 2019, the Company recognized share-based compensation expense of $1,825 for the vested portion of stock options granted during that period of which $1,098 was expensed and $727 was recorded as exploration and evaluation expenditures (note 4). The Company also recorded share-based compensation of $2,540 for the vested portion of stock options granted during 2018, of which $1,490 was expensed and $1,050 was recorded as exploration and evaluation expenditures (note 4). During 2019, the Company modified the expiry date of 55,000 options, with exercise prices ranging from C$1.88 to C$3.24 per share, to June 30, 2020. The original expiry dates ranged from December 9, 2020 to December 13, 2023. As a result of this modification during 2019, the Company recognized the incremental fair value of the options of $76 as stock-based compensation expense. Share-based payment reserve The share-based payment reserve records items recognized as share-based compensation and the fair value of private placement warrants issued based on the residual method. At the time that stock options or warrants are exercised, the corresponding amount is reallocated to share capital or, if cancelled or expired, the corresponding amount is reallocated to deficit. A summary of share-based payment reserve transactions is as follows: 2020 2019 Balance, beginning of year $ 8,668 $ 4,769 Share-based compensation, stock options 2,545 4,441 Stock options exercised, reallocated to capital stock (2,199 ) (479 ) Stock options forfeited, reallocated to deficit (36 ) (63 ) Balance, end of year $ 8,978 $ 8,668 Deferred share units During 2019, the Board of Directors approved a cash-settled Deferred Share Unit ("DSU") plan. Each DSU entitles the holder to receive cash equal to the current market value of the equivalent number of common shares of the Company. DSUs vest immediately and become payable upon the retirement of the holder. The share-based compensation expense related to the DSUs was calculated using the fair value method based on the market price of the Company's shares at the end of each reporting period. As DSUs are cash settled, the Company recorded a corresponding liability in accounts payable and accrued liabilities. During 2020 the Company issued 6,000 DSUs to a director (2019 - 27,500 DSUs to directors). As of December 31, 2020, the market value of the Company's common shares was C$14.19 (2019 - C$8.77). Accordingly, during 2020, the Company recorded share-based compensation expense of $176 (2019 - $181) and an accrued liability of $373 (December 31, 2019 - $186) at December 31, 2020. The following table summarizes the change in the accrued DSU liability: 2020 2019 Outstanding, beginning of year $ 186 $ — Change in accrued DSU liability 176 181 Effect of foreign currency translation 11 5 Outstanding, end of year $ 373 $ 186 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |
INCOME TAXES [Text Block] | 8. INCOME TAXES The income taxes recognized in loss and comprehensive loss are as follows: 2020 2019 Current tax expense $ — $ 113 The provision for income taxes reported differs from the amounts computed by applying statutory Canadian federal and provincial tax rates to the loss before tax due to the following: 2020 2019 Income (loss) for the year before income taxes $ (59,932 ) $ (44,554 ) Statutory tax rate 27% 27% Recovery of income taxes computed at statutory rates (16,182 ) (12,030 ) Share based payments 734 1,248 Mexican inflationary adjustments 47 105 Differing effective tax rate on loss in foreign jurisdiction (1,594 ) (1,213 ) Impact of share issuance costs (404 ) (1,363 ) Unrecognized deferred tax assets 17,010 11,524 Impact of foreign exchange and other 389 1,842 Total income tax expense (recovery) $ — $ 113 The approximate tax effect of each item that gives rise to the Company's recognized deferred tax assets and liabilities as at December 31, 2020 and 2019 is as follows: 2020 2019 Deferred income tax assets Non-capital losses $ — $ 106 Financing fees 229 — 229 106 Deferred income tax liabilities Mineral property, plant, and equipment (90 ) (106 ) Debt (139 ) — (229 ) (106 ) Net deferred income tax liability $ — $ — The Company has the following deductible temporary differences for which no deferred tax assets have been recognized: 2020 2019 Non-capital losses $ 12,207 $ 3,233 Mineral property, plant and equipment 22,085 15,056 Financing fees 1,377 1,386 Other 1,124 108 Unrecognized deferred tax assets (36,793 ) (19,783 ) Total $ — $ — At December 31, 2020, the Company had non-capital loss carry forwards of approximately $3,920 (2019 - $6,810), which expire between 2035 and 2040, available to offset future taxable income in Canada. The Company also had non-capital loss carry forwards of approximately $37,165 (2019 - $4,950), which expire between 2028 and 2030, available to offset future taxable income in Mexico |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of geographical areas [abstract] | |
SEGMENTED INFORMATION [Text Block] | 9. SEGMENTED INFORMATION The Company operates in one reportable segment, being the acquisition, exploration, and development of mineral property interests in Mexico. Geographical segmented information is presented as follows: Canada Mexico Total Comprehensive loss 2020 Loss and comprehensive loss for the year $ 5,315 $ 54,617 $ 59,932 2019 - Restated (note 2) Loss and comprehensive loss for the year $ 2,345 $ 42,322 $ 44,667 Non-current assets and liabilities December 31, 2020 Taxes receivable $ — $ 12,198 $ 12,198 Deposits $ 73 $ — $ 73 Mineral property, plant, and equipment $ 292 $ 38,717 $ 39,009 December 31, 2019 - Restated (note 2) Taxes receivable $ — $ 4,975 $ 4,975 Deposits $ 72 $ — $ 72 Mineral property, plant and equipment $ 412 $ 5,968 $ 6,380 |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Text Block] | 10. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The Company is exposed to various financial instrument risks and assesses the impact and likelihood of this exposure. These risks include liquidity, foreign currency, and credit and interest rate risks. Where material, these risks are reviewed and monitored by the Board of Directors. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. The Company's cash and cash equivalents are invested in business accounts with quality financial institutions and are available on demand for the Company's programs. The company enters into contracts that give rise to commitments in the normal course of business. The following table summarizes the remaining contractual maturities of the Company's financial liabilities, operating and capital commitments, shown in contractual undiscounted cash flows, at December 31, 2020: Less than 1 year 1 - 3 years 4 - 5 years After 5 years Total Accounts $ 13,412 $ — $ — $ — $ 13,412 EPC 46,959 6,345 — — 53,304 Other capital expenditure commitments 2,802 — — — 2,802 Lease 146 201 — — 347 Debt interest and repayment (1) 2,535 5,070 32,535 — 40,140 Total contractual obligations $ 65,854 $ 11,616 $ 32,535 $ — $ 110,005 (1) The Company believes its cash and cash equivalents at December 31, 2020 of $135,136, together with the funds raised in February 2021 of $138,069 (note 12), is sufficient to support its commitments through 2021. Foreign currency risk The Company operates in Canada and Mexico and is therefore exposed to foreign exchange risk arising from transactions denominated in foreign currencies. The operating results and the financial position of the Company are reported in US$. The functional currency of the parent entity is C$ and is therefore exposed to foreign currency risk from financial instruments denominated in currencies other than C$. The functional currency of the Company's subsidiaries, effective December 29, 2020, is US$ (note 2) and is therefore exposed to foreign currency risk from financial instruments denominated in currencies other than US$. The Company is exposed to foreign currency risk through the following financial assets and liabilities, expressed in US$: US Dollar Mexican Peso Total 2020 Cash and cash equivalents $ 90,690 $ 73 $ 90,763 Amounts receivable 81 1 82 Value-added taxes receivable — 12,198 12,198 Total financial assets 90,771 12,272 103,043 Less: accounts payable and accrued liabilities (70 ) (1,530 ) (1,600 ) Net financial assets $ 90,701 $ 10,742 $ 101,443 2019 Restated (note 2) Cash and cash equivalents $ 11,187 $ 333 $ 11,520 Amounts receivable — 6 6 Value added taxes receivable — 6,103 6,103 Total financial assets 11,187 6,442 17,629 Less: accounts payable and accrued liabilities (2,067 ) (374 ) (2,441 ) Net financial assets $ 9,120 $ 6,068 $ 15,188 The Company is primarily exposed to fluctuations in the value of C$ against US$ and US$ against Mexican pesos ("MX$") . With all other variables held constant, a 10% change in C$ against US$ and US$ against MX$ would result in the following impact on the Company's net loss for the year: 2020 C$/US$ exchange rate - increase 10% $ (8,246 ) C$/US$ exchange rate - decrease 10% $ 9,070 US$/MX$ exchange rate - increase 10% $ (977 ) US$/MX$ exchange rate - decrease 10% $ 1,074 Due to the change in the functional currency of the Company’s subsidiaries from C$ to US$, during 2020, the foreign currency risk of the subsidiaries has changed compared to 2019, as they are primarily exposed to changes in the value of MX$. Prior to the change in functional currency, the subsidiaries were exposed to foreign currency risk from changes in MX$ and US$ against C$. Credit risk Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company’s credit risk is primarily attributable to its liquid financial assets including cash and cash equivalents and amounts receivable. The Company limits exposure to credit risk on liquid financial assets through maintaining its cash and cash equivalents with high-credit quality financial institutions. At December 31, 2020, the amounts receivable balance of $342 (2019 – $476) consisted primarily of $123 (2019 – $263) due from related parties (note 6) and interest receivable of $218 (2019 – $167) on short-term interest bearing instruments. The Company has not recognized any expected credit losses with respect to interest receivable as the amounts are due from high-credit quality financial institutions. As the risk of default is considered low, any losses would be insignificant. The carrying amount of financial assets, as stated in the consolidated statement of financial position, represents the Company’s maximum credit exposure. Interest rate risk Interest rate risk is the risk that the fair values or future cash flows of our financial instruments will fluctuate because of changes in market interest rates. The Company's exposure to interest rate risk arises primarily from the interest rate impact on its cash and cash equivalents and debt. The Company's cash and cash equivalents are held or invested in highly liquid accounts with both floating and fixed rates of interest, in order to achieve a satisfactory return for shareholders. At December 31, 2020, the weighted average interest rate earned on the Company's cash and cash equivalents was 0.54%. With all other variables unchanged, a one percentage point change in interest rates would result in approximately a $1,079 decrease ($546 increase) in the Company's net and comprehensive loss for the year. The Company's debt has an interest rate of 6.95% per annum plus the greater of either 3-month LIBOR or 1.5%. At December 31, 2020, 3-month LIBOR was 0.24% and as a result, a one percentage point change in interest rates would have no impact on the Company's net and comprehensive loss for the year, as the debt's interest rate would be unchanged. Due to upcoming LIBOR reforms, the interest rate of the Company's debt may change upon the transition to the successor interest rate benchmark to 3-month LIBOR. Financial instruments carrying value and fair value The Company's financial instruments consist of cash and cash equivalents, amounts receivable, accounts payable and accrued liabilities, and debt and they are measured and recognized according to fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. The carrying value of amounts receivable and accounts payable and accrued liabilities (except as noted) approximate their fair values due to the short-term nature of these instruments. In relation to the Company's DSU plan (note 7), the Company recorded the fair value of DSUs in accounts payable and accrued liabilities. The Company's accounts payable and accrued liabilities (related to DSUs) are measured using level 1 inputs. The carrying values of lease liabilities and debt approximates their fair values. The following table summarizes the carrying value and fair value, by level, of the Company's financial instruments. It does not include fair value information for financial instruments not measured at fair value if the carrying amount reasonably approximates the fair value. Carrying value Fair value Fair value through profit and loss Amortized cost Level 1 Level 2 Level 3 December 31, 2020 Financial assets Amounts receivable $ — $ 342 $ — $ — $ — Financial liabilities Accounts payable and accrued liabilities (373 ) (13,039 ) (373 ) — — Lease liabilities — (310 ) — — — Debt — (28,967 ) — — — Net financial instruments $ (373 ) $ (41,974 ) $ (373 ) $ — $ — December 31, 2019 - Restated (note 2) Financial assets Amounts receivable $ — $ 476 $ — $ — $ — Financial liabilities Accounts payable and accrued liabilities (186 ) (3,634 ) (186 ) — — Lease liabilities — (410 ) — — — Net financial instruments $ (186 ) $ (3,568 ) $ (186 ) $ — $ — |
MANAGEMENT OF CAPITAL
MANAGEMENT OF CAPITAL | 12 Months Ended |
Dec. 31, 2020 | |
Management Of Capital [Abstract] | |
MANAGEMENT OF CAPITAL [Text Block] | 11. MANAGEMENT OF CAPITAL The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern in order to support the exploration and evaluation and development of its mineral properties. The capital of the Company consists of items included in shareholders' equity. The Company manages and adjusts its capital structure when changes to the risk characteristics of the underlying assets or changes in economic conditions occur. To maintain or adjust the capital structure, the Company may attempt to raise new funds. In order to facilitate the management of its capital requirements, the Company prepares annual expenditure budgets which are revised periodically based on the results of its exploration programs, the availability of financing, and industry conditions. There are no external restrictions placed on the management of capital other than the Company may not spend more than $30,000 of the debt (note 5) proceeds on property acquisitions or exploration. This restriction remains in place until the debt is fully repaid on or before December 31, 2024. The Company's investment policy is to invest any excess cash in liquid short-term interest-bearing instruments. When utilized, these instruments are selected with regard to the expected timing of expenditures from continuing operations. The Company expects to have sufficient funds to meet its planned administrative overhead expenses and exploration and development plans for 2021. Actual funding requirements may vary from those planned due to several factors, including the progress and results of exploration and drilling activities, development activities, and process plant construction. The exploration and development of the Company's properties may be dependent upon the Company's ability to obtain financing through equity or debt, and there can be no assurance that it will be able to obtain adequate financing in the future or that the terms of such financing will be favourable to the Company. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS [Text Block] | 12. SUBSEQUENT EVENTS Subsequent to December 31, 2020, the following events occurred: • • • • • |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
Basis of preparation and measurement [Policy Text Block] | Basis of preparation and measurement These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). These consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. Additionally, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. These consolidated financial statements were approved for issuance by the Board of Directors on March 25, 2021. |
Basis of consolidation [Policy Text Block] | Basis of consolidation These consolidated financial statements incorporate the financial statements of the Company and its subsidiaries, all of which are wholly owned. The Company consolidates subsidiaries where the Company can exercise control. Control is achieved when the Company is exposed to variable returns from involvement with an investee and can affect the returns through power over the investee. Control is normally achieved through ownership, directly or indirectly, of more than 50 percent of the voting power. Control can also be achieved through power over more than half of the voting rights by virtue of an agreement with other investors or through the exercise of de facto control. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition of control up to the effective date of loss of control. The Company's subsidiaries at December 31, 2020 are as follows: Subsidiary Location Ownership Principal activity NorCrest Metals Inc. Canada 100% Holding company Compañía Minera La Llamarada, S.A. de C.V. Mexico 100% Exploration and development Tinto Roca Exploración, S.A. de C.V. Mexico 100% Service company Altadore Energía, S.A. de C.V. Mexico 100% Service company Babicanora Agrícola del Noroeste, S.A. de C.V. Mexico 100% Maintenance of surface rights SilverCrest Metals de México, S.A. de C.V. Mexico 100% Exploration Intercompany assets, liabilities, equity, income, expenses, and cash flows between the Company and its subsidiaries are eliminated on consolidation. |
Foreign currency translation [Policy Text Block] | Foreign currency translation Presentation currency During 2020, the Company changed its presentation currency to United States dollars ("US$") from Canadian dollars ("C$"). The Company has determined that this change in presentation currency better reflects the Company's current activities, increases the comparability to peer companies, and enhances the relevance of the financial statements to users. The Company applied the change in presentation currency retrospectively and restated the comparative financial information as if the presentation currency had always been US$, in accordance with International Accounting Standard ("IAS") 21, The Effects of Changes in Foreign Exchange Rates, and IAS 8, Accounting Policies, Changes in Accounting Estimates and Error. The financial statements of entities with the functional currency of C$ have been translated into US$ in accordance with IAS 21 as follows: • • • • • For entities with the functional currency of US$, foreign currency transactions and balances are translated as follows: • • • • In preparing its opening statement of financial position, the Company has restated the amounts reported previously in C$ to US$ as detailed below: Consolidated statement of financial position - as at January 1, 2019 Previously Restated reported in C$ US$ Assets Total current assets C$ 44,574 $ 32,673 Total non-current assets 10,440 7,653 Total assets C$ 55,014 $ 40,326 Liabilities Total current liabilities C$ 1,463 $ 1,072 Shareholders' equity Capital stock C$ 86,746 $ 63,587 Share-based payment reserve 6,196 4,769 Foreign currency translation reserve — 1,184 Deficit (39,391 ) (30,286 ) Total shareholders' equity C$ 53,551 $ 39,254 Total liabilities and shareholders' equity C$ 55,014 $ 40,326 Consolidated statement of financial position - as at December 31, 2019 Previously Restated reported in C$ US$ Assets Total current assets C$ 113,183 $ 87,144 Total non-current assets 14,842 11,427 Total assets C$ 128,025 $ 98,571 Liabilities Total current liabilities C$ 5,138 $ 3,955 Total non-current liabilities 357 275 Total liabilities C$ 5,495 $ 4,230 Shareholders' equity Capital stock C$ 209,736 $ 156,277 Share-based payment reserve 11,369 8,668 Foreign currency translation reserve — 4,286 Deficit (98,575 ) (74,890 ) Total shareholders' equity C$ 122,530 $ 94,341 Total liabilities and shareholders' equity C$ 128,025 $ 98,571 Consolidated statement of loss and comprehensive loss - year ended December 31, 2019 Previously Restated reported in C$ US$ Operating expenses Depreciation C$ (156 ) $ (118 ) Exploration and evaluation expenditures (50,512 ) (38,068 ) General and administrative expenses (890 ) (669 ) Marketing (914 ) (689 ) Professional fees (413 ) (311 ) Remuneration (2,106 ) (1,587 ) Share-based compensation (3,775 ) (2,845 ) (58,766 ) (44,287 ) Other income (expense) Gain on disposal of mineral property 66 49 Foreign exchange loss (1,369 ) (1,031 ) Interest expense (58 ) (44 ) Interest income 1,008 759 Loss before income taxes (59,119 ) (44,554 ) Income tax expense (150 ) (113 ) Loss and comprehensive loss for the year C$ (59,269 ) $ (44,667 ) Basic and diluted comprehensive loss per share C$ (0.67 ) $ (0.50 ) Consolidated statement of cash flows - year ended December 31, 2019 Previously Restated reported in C$ US$ Net cash used in operating activities C$ (54,227 ) $ (41,774 ) Net cash used in investing activities (564 ) (426 ) Net cash used in financing activities 122,364 92,218 Effect of foreign exchange on cash and cash equivalents (1,203 ) 2,709 Change in cash and cash equivalents, during the year 66,370 52,727 Cash and cash equivalents, beginning of the year 44,014 32,262 Cash and cash equivalents, end of the year C$ 110,384 $ 84,989 Functional currency The functional currency is the currency of the primary economic environment in which the entity operates and has been determined for each entity within the Company. The Company considers the functional currency for its Canadian operations to be C$. Until December 29, 2020, the Company considered the functional currency of its subsidiaries to be C$, after which the functional currency changed to US$. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21. The factor that caused the change in the subsidiaries’ functional currency was the currency of financing activities, which changed to US$ upon entering into the debt agreement (note 5). For entities with a functional currency other than US$, foreign currency transactions and balances are translated as follows: Assets and liabilities were translated at period end exchange rates; Revenue and expenses are translated using exchange rates approximating those in effect on the date transactions occurred; and Exchange gains and losses arising on translation are recorded to foreign currency translation reserve. |
Cash and cash equivalents [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments that are readily convertible to known amounts of cash with a term to maturity at the date of purchase of 90 days or less which are subject to an insignificant risk of change in value. |
Value-added taxes receivable [Policy Text Block] | Value-added taxes receivable Current taxes receivable includes Goods and Services Tax receivables generated on the purchase of supplies and services and are refundable from the Canadian government. Current and non-current taxes receivable includes value-added taxes ("VAT") receivables generated on the purchase of supplies and services and are receivable from the Mexican government. The Company classifies the majority of VAT receivables as non-current as it does not expect collection of certain amounts to occur within the next year. The recovery of VAT involves a complex application process and the timing of collection of VAT receivables is uncertain. The Company has not recognized a loss allowance for expected credit losses as VAT receivables are not contract assets and therefore outside the scope of IFRS 9. |
Mineral property, plant, and equipment [Policy Text Block] | Mineral property, plant, and equipment Exploration and evaluation assets - acquisition costs The costs of acquiring exploration properties, including transaction costs, are capitalized as exploration and evaluation assets. All other exploration and evaluation expenditures are expensed in the period in which they are incurred. Acquisition costs for each exploration property are carried forward as an asset provided that one of the following conditions is met: • • The Company performs an assessment for impairment of capitalized amounts whenever the facts and circumstances indicate that the asset may exceed its recoverable amount. In the case of undeveloped properties, there may be only inferred resources to allow management to form a basis for the impairment review. The review is based on the Company's intentions for the development of such an exploration property. If an exploration property does not prove viable, all unrecoverable costs associated with the property are charged to the consolidated statement of loss and comprehensive loss at the time the determination is made. For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units (CGUs) to which the exploration activity relates. If the recoverable amount of an individual asset cannot be determined, the recoverable amount is determined for the cash generating unit to which the asset belongs. Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in the statement of loss and comprehensive loss. Exploration and evaluation expenditures Exploration and evaluation costs, net of incidental revenues, are charged to the statement of loss and comprehensive loss in the year incurred until the technical feasibility and commercial viability of the extraction of mineral reserves or resources from a particular mineral property has been determined, in which case subsequent exploration costs and the costs incurred to develop a property are capitalized into mineral property, plant, and equipment. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as but not limited to: the extent to which mineral reserves or mineral resources have been identified through a feasibility study or similar level document; the results of optimization studies and further technical evaluation carried out to mitigate project risks identified in the feasibility study; the status of environmental permits, and the status of mining leases or permits. Mineral property - development phase Once the technical feasibility and commercial viability of an exploration property has been determined, it is then considered to be a mine under development and is reclassified to mineral property. The carrying value of capitalized exploration and evaluation acquisition costs are tested for impairment before they are transferred to mineral property. All costs relating to the construction, installation, or completion of a mine that are incurred subsequent to the exploration and evaluation stage are capitalized to mineral property. The Company assesses the stage of each mine under development to determine when a property reaches the stage when it is in the condition for it to be capable of operating in a manner intended by management ("commercial production"). Determining when a mine has achieved commercial production is a matter of judgement. Depending on the specific facts and circumstances, the following factors may indicate that commercial production has commenced: • • • • • • • Mineral property - production phase When management determines that a property is capable of commercial production, amortization of costs capitalized during development begins. Once a mineral property has been brought into commercial production, the costs of any additional work on that property are expensed as incurred, except for development programs which constitute a betterment, which will be deferred and amortized over the remaining useful life of the related assets. Mineral properties include decommissioning and restoration costs related to the reclamation of mineral properties. Mineral properties are derecognized upon disposal, or impaired when no future economic benefits are expected to arise from continued use of the asset or the carrying value of the CGU exceeds its recoverable amount. Any gain or loss on disposal of the asset, determined as the difference between the proceeds received and the carrying amount of the asset is recognized in the statement of loss and comprehensive loss. Mineral properties are amortized on the unit-of-production basis using the mineable ounces extracted from the mine in the period as a percentage of the total mineable ounces to be extracted in current and future periods based on mineral resources. Mineral properties are recorded at cost, net of accumulated depreciation and depletion and accumulated impairment losses and are not intended to represent future values. Recovery of capitalized costs is dependent on successful development of economic mining operations or the disposition of the related mineral property. Property, plant, and equipment Property, plant, and equipment is recorded at historical cost less accumulated depreciation and impairment charges. The cost of an item of property, plant, and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and for qualifying assets, the associated borrowing costs. Where an item of plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of plant and equipment. Plant and equipment is depreciated to its estimated residual value using the straight-line method over the estimated useful lives of the individual assets. The major categories of plant and equipment and their useful lives are as follows: Category Estimated life Computer equipment 3-4 years Mining equipment 5-15 years Vehicles 4 years Buildings Life-of-mine Mine plant and equipment Life-of-mine Underground infrastructure Life-of-mine Assets under construction are not depreciated until available for their intended use. Non-depreciable property, such as land, is recorded at historical cost, less any impairment charges. The Company conducts a review of residual values, useful lives, and depreciation methods annually and when events and circumstances indicate such a review should be made. Any changes in estimates that arise from this review are accounted for prospectively. An item of property, plant, and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in profit or loss. |
Asset retirement obligations [Policy Text Block] | Asset retirement obligations The Company recognizes liabilities for statutory, contractual, constructive, or legal obligations, including those associated with the reclamation of exploration and evaluation assets, mineral properties, plant, and equipment, when those obligations result from the acquisition, construction, development or normal operation of the assets. Initially, a liability for an environmental rehabilitation obligation is recognized at its present value if a reasonable estimate of cost can be made. The Company records the present value of estimated future cash flows, adjusted for inflation, associated with reclamation as a liability, at a risk-free rate, when the liability is incurred and increases the carrying value of the related assets for that amount. Subsequently, these capitalized asset retirement costs are amortized over the life of the related assets. At the end of each period, the liability is increased to reflect the passage of time (accretion expense) and changes in the estimated future cash flows underlying any initial estimates (additional rehabilitation costs). The Company recognizes its environmental liability on a site-by-site basis when it can be reliably estimated. Environmental expenditures related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible are charged to the statement of loss and comprehensive loss. |
Leases [Policy Text Block] | Leases The Company assesses whether a contract is or contains a lease, at the inception of a contract. The Company recognizes a right-of-use ("ROU") asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, at the commencement of the lease, with the following exceptions: (i) the Company has elected not to recognize ROU assets and liabilities for leases where the total lease term is less than or equal to 12 months, or (ii) for leases of low value. The payments for such leases are recognized in the consolidated statement of comprehensive loss on a straight-line basis over the lease term. The ROU asset is initially measured based on the present value of lease payments, lease payments made at or before the commencement day, and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator of impairment. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments include fixed payments less any lease incentives, and any variable lease payments where variability depends on an index or rate. When the lease contains an extension or purchase option that the Company considers reasonably certain to be exercised, the cost of the option is included in the lease payments. ROU assets are included in mineral property, plant, and equipment, and the lease liability is presented as a separate line in the consolidated statement of financial position. Variable lease payments that do not depend on an index or rate are not included in the measurement of the ROU asset and lease liability. The related payments are recognized as an expense in the period in which the triggering event occurs and are included in the consolidated statement of comprehensive loss. |
Debt and borrowing costs [Policy Text Block] | Debt and borrowing costs Debt is initially recognized at fair value, net of any transaction costs, and subsequently carried at amortized cost. Borrowing costs that are directly attributable to the acquisition, construction, or production of a qualifying asset are capitalized as part of the cost of that asset until the asset is substantially complete and ready for its intended use. All other borrowing costs are expensed as incurred. |
Share-based compensation and payments [Policy Text Block] | Share-based compensation and payments The Company grants stock options to buy common shares of the Company to directors, officers, employees, and consultants. The cost of stock options granted is recorded based on the estimated fair-value at the grant date and charged to the consolidated statement of comprehensive loss over the vesting period. Where stock options are subject to vesting, each vesting tranche is considered a separate award with its own vesting period and grant date fair value. The 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 a charge to the statement of comprehensive loss, with a corresponding increase to reserves based on the number of options expected to vest. Consideration paid for the shares on the exercise of stock options is credited to capital stock. When vested options are forfeited or are not exercised at the expiry date the amount previously recognized in share‐based compensation is transferred to deficit. The number of options expected to vest is reviewed at least annually, with any impact being recognized immediately. In situations where equity instruments are issued to non-employees and some or all the goods or services received by the entity as consideration cannot be specifically identified, they are measured at fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received. |
Related party transactions [Policy Text Block] | Related party transactions Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control, and related parties may be individuals, such as key management personnel, including immediate family members of the individual, or corporate entities, including the Company's wholly owned subsidiaries. A transaction is a related party transaction when there is a transfer of resources or obligations between related parties. |
Loss per share [Policy Text Block] | Loss per share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted loss per share is computed similarly to basic loss per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of stock options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and warrants were exercised and that the proceeds from such exercises were used to acquire common stock at the average market price during the reporting periods. |
Taxation [Policy Text Block] | Taxation Income tax expense comprises current and deferred income taxes. Current and deferred income taxes are recognized in profit or loss except to the extent that they relate to items recognized directly in equity. Current income tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years. The Company follows the asset and liability method of accounting for income taxes whereby deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates and laws expected to apply in the years in which temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in operations in the period of substantive enactment. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is not recorded. Deferred income tax assets and liabilities are presented as non-current in the financial statements. |
Financial instruments [Policy Text Block] | Financial instruments The Company classifies its financial instruments in the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive income (loss) ("FVTOCI"), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL. Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are recognized in profit or loss for the period. An 'expected credit loss' impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to the present value of estimated future cash flows associated with the asset, discounted at the financial asset's original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of comprehensive loss. |
Adoption of new accounting standards [Policy Text Block] | Adoption of new accounting standards Interest Rate Benchmark Reform Phase 2 In August 2020, the IASB issued Interest Rate Benchmark Reform Phase 2, which amends various standards requiring interest rates or interest rate calculations. The amendments provide guidance on financial reporting after the London Inter-bank Offered Rate ("LIBOR") reform, including its replacement with alternative benchmark rates. The amendments are effective for annual periods beginning on or after January 1, 2021. The Company has not assessed the impact of these amendments. Amendments to IAS 16 Property, plant and equipment - proceeds before intended use During the year ended December 31, 2020, the Company early adopted the amendments to IAS 16, Property, Plant & Equipment, Proceeds Before Intended Use, retrospectively. The amendments prohibit an entity from deducting from the cost of an item of property, plant, and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. With the adoption of the amended standard, revenue from sales of gold and silver ounces recovered and related costs while bringing a mine in a condition necessary for it to be capable of operating in the manner intended by management are recognized in the profit or loss in accordance with applicable standards. The entity measures the cost of those items applying the measurement requirements of IAS 2. There was no impact of this adoption on the comparative figures presented for the year ended December 31, 2019. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
Disclosure of detailed information about subsidiaries [Table Text Block] | Subsidiary Location Ownership Principal activity NorCrest Metals Inc. Canada 100% Holding company Compañía Minera La Llamarada, S.A. de C.V. Mexico 100% Exploration and development Tinto Roca Exploración, S.A. de C.V. Mexico 100% Service company Altadore Energía, S.A. de C.V. Mexico 100% Service company Babicanora Agrícola del Noroeste, S.A. de C.V. Mexico 100% Maintenance of surface rights SilverCrest Metals de México, S.A. de C.V. Mexico 100% Exploration |
Disclosure of detailed information about change in policy affected financial position, financial performance and cash flows of the Company [Table Text Block] | Consolidated statement of financial position - as at January 1, 2019 Previously Restated reported in C$ US$ Assets Total current assets C$ 44,574 $ 32,673 Total non-current assets 10,440 7,653 Total assets C$ 55,014 $ 40,326 Liabilities Total current liabilities C$ 1,463 $ 1,072 Shareholders' equity Capital stock C$ 86,746 $ 63,587 Share-based payment reserve 6,196 4,769 Foreign currency translation reserve — 1,184 Deficit (39,391 ) (30,286 ) Total shareholders' equity C$ 53,551 $ 39,254 Total liabilities and shareholders' equity C$ 55,014 $ 40,326 Consolidated statement of financial position - as at December 31, 2019 Previously Restated reported in C$ US$ Assets Total current assets C$ 113,183 $ 87,144 Total non-current assets 14,842 11,427 Total assets C$ 128,025 $ 98,571 Liabilities Total current liabilities C$ 5,138 $ 3,955 Total non-current liabilities 357 275 Total liabilities C$ 5,495 $ 4,230 Shareholders' equity Capital stock C$ 209,736 $ 156,277 Share-based payment reserve 11,369 8,668 Foreign currency translation reserve — 4,286 Deficit (98,575 ) (74,890 ) Total shareholders' equity C$ 122,530 $ 94,341 Total liabilities and shareholders' equity C$ 128,025 $ 98,571 |
Disclosure of detailed information about consolidated statement of loss and comprehensive loss [Table Text Block] | Consolidated statement of loss and comprehensive loss - year ended December 31, 2019 Previously Restated reported in C$ US$ Operating expenses Depreciation C$ (156 ) $ (118 ) Exploration and evaluation expenditures (50,512 ) (38,068 ) General and administrative expenses (890 ) (669 ) Marketing (914 ) (689 ) Professional fees (413 ) (311 ) Remuneration (2,106 ) (1,587 ) Share-based compensation (3,775 ) (2,845 ) (58,766 ) (44,287 ) Other income (expense) Gain on disposal of mineral property 66 49 Foreign exchange loss (1,369 ) (1,031 ) Interest expense (58 ) (44 ) Interest income 1,008 759 Loss before income taxes (59,119 ) (44,554 ) Income tax expense (150 ) (113 ) Loss and comprehensive loss for the year C$ (59,269 ) $ (44,667 ) Basic and diluted comprehensive loss per share C$ (0.67 ) $ (0.50 ) |
Disclosure of detailed information about consolidated statement of cash flows [Table Text Block] | Consolidated statement of cash flows - year ended December 31, 2019 Previously Restated reported in C$ US$ Net cash used in operating activities C$ (54,227 ) $ (41,774 ) Net cash used in investing activities (564 ) (426 ) Net cash used in financing activities 122,364 92,218 Effect of foreign exchange on cash and cash equivalents (1,203 ) 2,709 Change in cash and cash equivalents, during the year 66,370 52,727 Cash and cash equivalents, beginning of the year 44,014 32,262 Cash and cash equivalents, end of the year C$ 110,384 $ 84,989 |
Disclosure of detailed information about estimated useful life or depreciation rate [Table Text Block] | Category Estimated life Computer equipment 3-4 years Mining equipment 5-15 years Vehicles 4 years Buildings Life-of-mine Mine plant and equipment Life-of-mine Underground infrastructure Life-of-mine |
MINERAL PROPERTY, PLANT, AND _2
MINERAL PROPERTY, PLANT, AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment [Table Text Block] | Property and equipment Construction in progress Mineral property Exploration and evaluation assets Total Cost At December 31, 2018 $ 1,051 $ — $ — $ 3,803 $ 4,854 Right of use asset recognized 486 — — — 486 Additions 853 — — 227 1,080 Effect of foreign currency translation 81 — — 196 277 At December 31, 2019 2,471 — — 4,226 6,697 Additions 1,808 27,071 — 2,362 31,241 Transfers (232 ) 232 4,092 (4,092 ) — Effect of foreign currency translation 134 1,465 220 (8 ) 1,811 At December 31, 2020 $ 4,181 $ 28,768 $ 4,312 $ 2,488 $ 39,749 Accumulated depreciation At December 31, 2018 $ (96 ) $ — $ — $ — $ (96 ) Depreciation for the year (212 ) — — — (212 ) Effect of foreign currency translation (9 ) — — — (9 ) At December 31, 2019 (317 ) — — — (317 ) Depreciation for the year (395 ) — — — (395 ) Effect of foreign currency translation (28 ) — — — (28 ) At December 31, 2020 $ (740 ) $ — $ — $ — $ (740 ) Carrying amounts At December 31, 2019 $ 2,154 $ — $ — $ 4,226 $ 6,380 At December 31, 2020 $ 3,441 $ 28,768 $ 4,312 $ 2,488 $ 39,009 |
Disclosure of detailed information about exploration and evaluation expenditures [Table Text Block] | 2020 2019 Restated (note 2) Las Chispas Property Assays $ 1,373 $ 2,142 Decline construction and underground workings 15,289 8,558 Depreciation 265 94 Drilling 16,353 18,108 Field and administrative costs 4,223 2,323 Salaries and remuneration (notes 6) 4,966 2,611 Share-based compensation (notes 6 and 7) 1,260 1,777 Technical consulting services and studies 3,775 2,282 Subtotal - Las Chispas Property 47,504 37,895 Other exploration properties 666 173 Total exploration and evaluation expenditures $ 48,170 $ 38,068 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings [abstract] | |
Disclosure of detailed information about debt [Table Text Block] | 2020 Balance, beginning of year $ — Drawdown 30,000 Transaction costs (1,033 ) Balance, end of year $ 28,967 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions [abstract] | |
Disclosure of detailed information about key management personnel [Table Text Block] | 2020 2019 Management fees (1) $ 574 $ 437 Management remuneration (2) 1,052 863 Director fees 170 129 Share-based compensation (3) 1,435 3,567 $ 3,231 $ 4,996 (1) (2) (3) CFO, and COO of which $583 (2019 - $951) was recorded as exploration and evaluation expenditures (note 4) and $255 (2019 - $636) was recorded as share-based compensation in the statement of loss and comprehensive loss. |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Capital Stock [Abstract] | |
Disclosure of detailed information about warrants, activity [Table Text Block] | 2020 2019 Number of warrants Weighted average exercise price (C$) Number of warrants Weighted average exercise price (C$) Outstanding, beginning of year 50,000 $ 4.03 3,959,804 $ 1.50 Issued — — 50,000 4.03 Exercised (50,000 ) 4.03 (3,959,804 ) 1.50 Outstanding, end of year — $ — 50,000 $ 4.03 |
Disclosure of detailed information about number and weighted average exercise prices of share options [Table Text Block] | 2020 2019 Number of Weighted average Number of Weighted average options exercised price (C$) options exercised price (C$) Outstanding, beginning of year 8,758,750 $ 3.38 7,627,500 $ 1.99 Issued 225,000 12.25 1,976,250 7.94 Exercised* (2,927,250 ) 1.63 (795,000 ) 1.33 Forfeited (25,000 ) 8.21 (50,000 ) 3.24 Outstanding, end of year 6,031,500 $ 4.55 8,758,750 $ 3.38 *During 2020, the weighted average market value of the Company's shares at the dates of exercise was C$11.25 (2019 - C$5.96). |
Disclosure of detailed information about number and weighted average remaining contractual life of outstanding share options [Table Text Block] | Options outstanding Options exercisable Exercise price (C$) Number of shares Remaining life Number of shares Expiry date issuable on exercise (years) issuable on exercise December 9, 2021 $ 2.30 900,000 0.94 900,000 January 3, 2022 $ 2.55 50,000 1.01 50,000 August 4, 2022 $ 1.88 477,500 1.59 477,500 January 2, 2023 $ 1.84 350,000 2.01 350,000 January 4, 2023 $ 1.94 645,000 2.01 645,000 November 11, 2023 $ 3.41 100,000 2.86 100,000 November 13, 2023 $ 3.30 200,000 2.87 200,000 December 14, 2023 $ 3.24 1,250,000 2.95 1,250,000 May 30, 2024 $ 4.54 122,750 3.41 122,750 September 4, 2024 $ 8.21 862,500 3.68 862,500 October 17, 2024 $ 7.89 7,500 3.80 7,500 December 19, 2024 $ 8.24 841,250 3.97 278,750 September 14, 2025 $ 12.53 150,000 4.71 — November 11, 2025 $ 12.63 25,000 4.87 — December 7, 2025 $ 11.22 50,000 4.94 — 6,031,500 5,244,000 |
Disclosure of detailed information about indirect measurement of fair value of goods or services received, share options granted during period [Table Text Block] | 2020 2019 Expected option life (years) 3.56 3.70 Expected volatility 54.09% 58.82% Expected dividend yield — — Risk-free interest rate 0.34% 1.42% Expected forfeiture rate 1.00% 1.00% Fair value per option (C$) $ 4.76 $ 3.48 Total fair value $ 798 $ 5,183 |
Disclosure of detailed information about share capital, reserves and other equity interest [Table Text Block] | 2020 2019 Balance, beginning of year $ 8,668 $ 4,769 Share-based compensation, stock options 2,545 4,441 Stock options exercised, reallocated to capital stock (2,199 ) (479 ) Stock options forfeited, reallocated to deficit (36 ) (63 ) Balance, end of year $ 8,978 $ 8,668 |
Disclosure of detailed information about summarizes change in accrued DSU liability [Table Text Block] | 2020 2019 Outstanding, beginning of year $ 186 $ — Change in accrued DSU liability 176 181 Effect of foreign currency translation 11 5 Outstanding, end of year $ 373 $ 186 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |
Disclosure of detailed information about effective income tax expense (recovery) [Table Text Block] | 2020 2019 Current tax expense $ — $ 113 2020 2019 Income (loss) for the year before income taxes $ (59,932 ) $ (44,554 ) Statutory tax rate 27% 27% Recovery of income taxes computed at statutory rates (16,182 ) (12,030 ) Share based payments 734 1,248 Mexican inflationary adjustments 47 105 Differing effective tax rate on loss in foreign jurisdiction (1,594 ) (1,213 ) Impact of share issuance costs (404 ) (1,363 ) Unrecognized deferred tax assets 17,010 11,524 Impact of foreign exchange and other 389 1,842 Total income tax expense (recovery) $ — $ 113 |
Disclosure of detailed information about deferred taxes [Table Text Block] | 2020 2019 Deferred income tax assets Non-capital losses $ — $ 106 Financing fees 229 — 229 106 Deferred income tax liabilities Mineral property, plant, and equipment (90 ) (106 ) Debt (139 ) — (229 ) (106 ) Net deferred income tax liability $ — $ — |
Disclosure of detailed information about deductible temporary differences for which no deferred tax assets have been recognized [Table Text Block] | 2020 2019 Non-capital losses $ 12,207 $ 3,233 Mineral property, plant and equipment 22,085 15,056 Financing fees 1,377 1,386 Other 1,124 108 Unrecognized deferred tax assets (36,793 ) (19,783 ) Total $ — $ — |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of geographical areas [abstract] | |
Disclosure of detailed information about geographical areas [Table Text Block] | Canada Mexico Total Comprehensive loss 2020 Loss and comprehensive loss for the year $ 5,315 $ 54,617 $ 59,932 2019 - Restated (note 2) Loss and comprehensive loss for the year $ 2,345 $ 42,322 $ 44,667 Non-current assets and liabilities December 31, 2020 Taxes receivable $ — $ 12,198 $ 12,198 Deposits $ 73 $ — $ 73 Mineral property, plant, and equipment $ 292 $ 38,717 $ 39,009 December 31, 2019 - Restated (note 2) Taxes receivable $ — $ 4,975 $ 4,975 Deposits $ 72 $ — $ 72 Mineral property, plant and equipment $ 412 $ 5,968 $ 6,380 |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Disclosure of financial liabilities [Table Text Block] | Less than 1 year 1 - 3 years 4 - 5 years After 5 years Total Accounts $ 13,412 $ — $ — $ — $ 13,412 EPC 46,959 6,345 — — 53,304 Other capital expenditure commitments 2,802 — — — 2,802 Lease 146 201 — — 347 Debt interest and repayment (1) 2,535 5,070 32,535 — 40,140 Total contractual obligations $ 65,854 $ 11,616 $ 32,535 $ — $ 110,005 (1) |
Disclosure of detailed information about effect of changes in foreign exchange rates [Table Text Block] | US Dollar Mexican Peso Total 2020 Cash and cash equivalents $ 90,690 $ 73 $ 90,763 Amounts receivable 81 1 82 Value-added taxes receivable — 12,198 12,198 Total financial assets 90,771 12,272 103,043 Less: accounts payable and accrued liabilities (70 ) (1,530 ) (1,600 ) Net financial assets $ 90,701 $ 10,742 $ 101,443 2019 Restated (note 2) Cash and cash equivalents $ 11,187 $ 333 $ 11,520 Amounts receivable — 6 6 Value added taxes receivable — 6,103 6,103 Total financial assets 11,187 6,442 17,629 Less: accounts payable and accrued liabilities (2,067 ) (374 ) (2,441 ) Net financial assets $ 9,120 $ 6,068 $ 15,188 |
Disclosure of detailed information about sensitivity analysis for foreign currency risk [Table Text Block] | 2020 C$/US$ exchange rate - increase 10% $ (8,246 ) C$/US$ exchange rate - decrease 10% $ 9,070 US$/MX$ exchange rate - increase 10% $ (977 ) US$/MX$ exchange rate - decrease 10% $ 1,074 |
Disclosure of financial instruments carrying value and fair value [Table Text Block] | Carrying value Fair value Fair value through profit and loss Amortized cost Level 1 Level 2 Level 3 December 31, 2020 Financial assets Amounts receivable $ — $ 342 $ — $ — $ — Financial liabilities Accounts payable and accrued liabilities (373 ) (13,039 ) (373 ) — — Lease liabilities — (310 ) — — — Debt — (28,967 ) — — — Net financial instruments $ (373 ) $ (41,974 ) $ (373 ) $ — $ — December 31, 2019 - Restated (note 2) Financial assets Amounts receivable $ — $ 476 $ — $ — $ — Financial liabilities Accounts payable and accrued liabilities (186 ) (3,634 ) (186 ) — — Lease liabilities — (410 ) — — — Net financial instruments $ (186 ) $ (3,568 ) $ (186 ) $ — $ — |
CRITICAL JUDGMENTS AND ESTIMA_2
CRITICAL JUDGMENTS AND ESTIMATES (Narrative) (Details) Ounce in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)OunceUSD_per_Ounce | |
Accounting Judgements And Estimates [Abstract] | |
Current portion of VAT recoverable | $ | |
Gold prices | USD_per_Ounce | 1,500 |
Silver prices | USD_per_Ounce | 19 |
Initial capital costs | $ | $ 137.7 |
Sustaining capital costs | $ | 123.9 |
Operating costs | $ | $ 397 |
Dore production | Ounce | 90.4 |
Metal price per gold | USD_per_Ounce | 1,410 |
Metal price per silver | USD_per_Ounce | 16.60 |
Percentages of gold metal recovery | 96.00% |
Percentages of silver metal recovery | 94.00% |
Discount rate | 5.00% |
MINERAL PROPERTY, PLANT, AND _3
MINERAL PROPERTY, PLANT, AND EQUIPMENT (Narrative) (Details) - Las Chispas Property [Member] - Auesnco Engineering Canada Inc [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)t | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of tonne per day process for plant | t | 1,250 |
Fixed price of agreement | $ 76,455 |
Construction in progress | 23,151 |
Remaining commitment | 53,304 |
Additional commitment related to construction in progress | $ 2,802 |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of detailed information about borrowings [line items] | |||
Amount of borrowing drawn | $ 30,000 | ||
Transaction cost | 1,033 | ||
Prepaid expense | 4,586 | $ 473 | $ 259 |
Secured project financing facility for Las Chispas Project [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maximum amount borrowed for project financing | 120,000 | ||
Amount of borrowing drawn | 30,000 | ||
Undrawn amount of credit agreement | $ 90,000 | ||
Borrowings, interest rate basis | Amounts borrowed under the facility incur interest at a rate of 6.95% per annum plus the greater of either 3-month LIBOR (or agreed upon equivalent) or 1.5%. Interest is payable quarterly, and the Company has the option to defer interest payments until after the availability period which, subject to the draw-down schedule noted above, is December 31, 2020 to August 31, 2022. | ||
Percentage of arrangement fees paid | 3.00% | ||
Borrowing costs incurred | $ 3,600 | ||
Transaction cost | 900 | ||
Prepaid expense | 2,700 | ||
Additional borrowing costs incurred | 531 | ||
Additional transaction costs | 133 | ||
Additional prepaid expenses | 398 | ||
Secured project financing facility for Las Chispas Project [Member] | Debt drawn by August 31, 2021 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Additional amount of borrowing drawn during period | 30,000 | ||
Amount of borrowing drawn | 60,000 | ||
Secured project financing facility for Las Chispas Project [Member] | Debt drawn by December 31, 2021 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Additional amount of borrowing drawn during period | 30,000 | ||
Amount of borrowing drawn | 90,000 | ||
Secured project financing facility for Las Chispas Project [Member] | Debt drawn by August 31, 2022 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Additional amount of borrowing drawn during period | 30,000 | ||
Amount of borrowing drawn | $ 120,000 | ||
Secured project financing facility for Las Chispas Project [Member] | Debt prepaid before December 31, 2021 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Percentage of fees incurred on borrowings | 4.00% | ||
Secured project financing facility for Las Chispas Project [Member] | Debt prepaid before December 31, 2023 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Percentage of fees incurred on borrowings | 3.00% | ||
Secured project financing facility for Las Chispas Project [Member] | Debt prepaid before December 31, 2024 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Percentage of fees incurred on borrowings | 1.50% |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | ||
Professional fees expense | $ 841 | $ 311 |
Capital stock issuance costs | 1,776 | 5,049 |
Management fees | 574 | 437 |
Remuneration and short-term benefits paid | 1,052 | 863 |
Remuneration | 1,963 | 1,587 |
Share-based compensation | 1,461 | 2,845 |
Amounts receivable, related party transactions | 123 | 263 |
Koffman Kalef, LLP [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Professional fees expense | 307 | 125 |
Capital stock issuance costs | 113 | 236 |
Amounts payable, related party transactions | 25 | 99 |
Goldsource Mines Inc. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Services received, related party transactions | 99 | 159 |
Amounts receivable, related party transactions | $ 26 | 28 |
Interest rate | 1.00% | |
Recorded as exploration and evaluation expenditures [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Management fees | $ 432 | 225 |
Chief Executive Officer (CEO) [Member] | Recorded as exploration and evaluation expenditures [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Management fees | 574 | 442 |
Share-based compensation | 838 | 1,587 |
Share based compensation for vested portion of options granted to related parties | 583 | 951 |
Exploration and technical services expenses | 255 | 636 |
President [Member] | Recorded as exploration and evaluation expenditures [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration and short-term benefits paid | 447 | 327 |
Chief Financial Officer (CFO) [Member] | Recorded as exploration and evaluation expenditures [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration and short-term benefits paid | 447 | 327 |
Share-based compensation | 838 | 1,587 |
Share based compensation for vested portion of options granted to related parties | 583 | 951 |
Exploration and technical services expenses | 255 | 636 |
Chief Operating Officer (COO) [Member] | Recorded as exploration and evaluation expenditures [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration and short-term benefits paid | 447 | 327 |
Share-based compensation | 838 | 1,587 |
Share based compensation for vested portion of options granted to related parties | 583 | 951 |
Exploration and technical services expenses | 255 | 636 |
Vice President ("VP") [Member] | Recorded as exploration and evaluation expenditures [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Share-based compensation | 1,587 | |
Officers [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | $ 97 | 263 |
Interest rate | 2.00% | |
Immediate family member of CEO [Member] | Employee providing technical services [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration | $ 145 | 118 |
Share-based compensation | 86 | 99 |
Immediate family member of CEO [Member] | Recorded as exploration and evaluation expenditures [Member] | Employee providing technical services [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration | 116 | 114 |
Share-based compensation | 69 | 94 |
Immediate family member of CEO [Member] | Expensed [Member] | Employee providing technical services [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration | 29 | 4 |
Share-based compensation | $ 17 | $ 5 |
CAPITAL STOCK (Narrative) (Deta
CAPITAL STOCK (Narrative) (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020share$ / sharesshares | Dec. 31, 2020USD ($)shareshares | Dec. 31, 2019share$ / sharesshares | Dec. 31, 2019USD ($)shareshares | Jan. 01, 2019shares | |
Capital Stock [Line Items] | |||||
Proceeds from issuing shares | $ 108,959 | $ 97,404 | |||
Share issue related cost | $ 1,497 | $ 5,192 | |||
Number of share options exercised in share-based payment arrangement | share | 2,927,250 | 795,000 | |||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 1.63 | $ 1.33 | |||
Stock options exercised | $ 3,546 | $ 797 | |||
Number of warrants exercised in share-based payment arrangement | share | 50,000 | 3,959,804 | |||
Weighted average exercise price of warrants exercised in share-based payment arrangement | $ / shares | 4.03 | 1.50 | |||
Proceeds from warrants exercised | $ 150 | $ 4,470 | |||
Capital stock issuance costs related to exercise of warrants | $ 5 | ||||
Number of warrants issued | share | 0 | 50,000 | |||
Weighted average exercise price of warrants granted in share-based payment arrangement | $ / shares | 0 | 4.03 | |||
Maximum percentage of issued and outstanding common shares acquirable through stock option plan | 10.00% | ||||
Weighted average market value of shares exercised | $ / shares | 11.25 | 5.96 | |||
Number of share options granted in share-based payment arrangement | share | 225,000 | 1,976,250 | |||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 12.25 | 7.94 | |||
Description of vesting requirements for share-based payment arrangement | These options vest over a 3-year period with 33% vesting after each of one year, two years, and three years after the grant date, respectively | ||||
Weighted average remaining life of options outstanding | 2 years 8 months 8 days | ||||
Share-based compensation, stock options | $ 2,545 | $ 4,441 | |||
Options exerciseable | share | 5,244,000 | 5,244,000 | |||
Number Of DSU's issued | share | 6,000 | 27,500 | |||
Market value of deferred share unit issued | $ / shares | $ 14.19 | 8.77 | |||
Share-based compensation expense | $ 176 | $ 181 | |||
Accrued liability | $ 373 | $ 186 | |||
Private placement [Member] | |||||
Capital Stock [Line Items] | |||||
Number of shares issued under private placement | shares | 18,881,366 | 880,000 | |||
Proceeds from issuing shares | $ 105,264 | $ 3,659 | |||
Share issue related cost | $ 1,497 | $ 52 | |||
Number of warrants issued | share | 50,000 | ||||
Weighted average exercise price of warrants granted in share-based payment arrangement | $ / shares | $ 4.03 | ||||
Capital stock [Member] | |||||
Capital Stock [Line Items] | |||||
Number of shares outstanding | shares | 129,329,631 | 129,329,631 | 107,471,000 | 84,923,000 | |
Capital stock issued (Shares) | shares | 18,881,000 | 17,856,000 | |||
Share issue related cost | $ 1,497 | $ 5,192 | |||
Stock options exercised | $ 5,745 | $ 1,276 | |||
Number of shares cancelled and returned to treasury | shares | 62,722 | 63,000 | |||
Share-based payment reserve [Member] | |||||
Capital Stock [Line Items] | |||||
Stock options exercised | $ (2,199) | $ (479) | |||
Share-based compensation, stock options | 2,545 | $ 4,441 | |||
Bottom of range [Member] | |||||
Capital Stock [Line Items] | |||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 0.16 | $ 0.16 | |||
Weighted average exercise price of warrants granted in share-based payment arrangement | $ / shares | 1.45 | ||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | 11.22 | ||||
Bottom of range [Member] | Private placement [Member] | |||||
Capital Stock [Line Items] | |||||
Price per share issued under private placement | $ / shares | 7.28 | 2.92 | |||
Top of range [Member] | |||||
Capital Stock [Line Items] | |||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | 8.24 | 3.24 | |||
Weighted average exercise price of warrants granted in share-based payment arrangement | $ / shares | 2.29 | ||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | 12.63 | ||||
Top of range [Member] | Private placement [Member] | |||||
Capital Stock [Line Items] | |||||
Price per share issued under private placement | $ / shares | $ 7.50 | 5.85 | |||
Short-form prospectus offerings [Member] | |||||
Capital Stock [Line Items] | |||||
Capital stock issued (Shares) | shares | 16,976,300 | ||||
Proceeds from issuing shares | $ 88,477 | ||||
Share issue related cost | 5,135 | ||||
Short-form prospectus offerings [Member] | Bottom of range [Member] | |||||
Capital Stock [Line Items] | |||||
Equity issuance, price per share | $ / shares | 5.85 | ||||
Short-form prospectus offerings [Member] | Top of range [Member] | |||||
Capital Stock [Line Items] | |||||
Equity issuance, price per share | $ / shares | $ 7.28 | ||||
Expiry date June 30, 2020 [Member] | |||||
Capital Stock [Line Items] | |||||
Share-based compensation, stock options | $ 76 | ||||
Options exerciseable | share | 55,000 | ||||
Expiry date June 30, 2020 [Member] | Bottom of range [Member] | |||||
Capital Stock [Line Items] | |||||
Exercise price | $ / shares | $ 1.88 | ||||
Expiry date June 30, 2020 [Member] | Top of range [Member] | |||||
Capital Stock [Line Items] | |||||
Exercise price | $ / shares | 3.24 | ||||
Stock Options Granted 1 [Member] | |||||
Capital Stock [Line Items] | |||||
Number of share options granted in share-based payment arrangement | share | 1,132,500 | ||||
Description of vesting requirements for share-based payment arrangement | These options vest over a one-year period, with 25% vesting after each of the three months, six months, nine months, and twelve months after the grant date, respectively | ||||
Share-based compensation, stock options | 114 | $ 2,431 | |||
Stock Options Granted 1 [Member] | Bottom of range [Member] | |||||
Capital Stock [Line Items] | |||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | 4.54 | ||||
Stock Options Granted 1 [Member] | Top of range [Member] | |||||
Capital Stock [Line Items] | |||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | 8.21 | ||||
Stock Options Granted 1 [Member] | Share-based compensation - expensed [Member] | |||||
Capital Stock [Line Items] | |||||
Share-based compensation, stock options | 78 | 1,207 | |||
Stock Options Granted 1 [Member] | Capitalized as exploration expenditures [Member] | |||||
Capital Stock [Line Items] | |||||
Share-based compensation, stock options | $ 36 | $ 1,224 | |||
Stock Options Granted 2 [Member] | |||||
Capital Stock [Line Items] | |||||
Number of share options granted in share-based payment arrangement | share | 843,750 | ||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 8.24 | ||||
Description of vesting requirements for share-based payment arrangement | These options vest over a 3-year period with 33% vesting after each of one year, two years, and three years after the grant date, respectively | ||||
Share-based compensation, stock options | $ 1,825 | ||||
Stock Options Granted 2 [Member] | Share-based compensation - expensed [Member] | |||||
Capital Stock [Line Items] | |||||
Share-based compensation, stock options | 1,098 | ||||
Stock Options Granted 2 [Member] | Capitalized as exploration expenditures [Member] | |||||
Capital Stock [Line Items] | |||||
Share-based compensation, stock options | 727 | ||||
Stock Options Granted 3 [Member] | |||||
Capital Stock [Line Items] | |||||
Share-based compensation, stock options | 2,540 | ||||
Stock Options Granted 3 [Member] | Share-based compensation - expensed [Member] | |||||
Capital Stock [Line Items] | |||||
Share-based compensation, stock options | 1,490 | ||||
Stock Options Granted 3 [Member] | Capitalized as exploration expenditures [Member] | |||||
Capital Stock [Line Items] | |||||
Share-based compensation, stock options | $ 1,050 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-capital loss carry-forwards (Canada) [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital loss carry-forwards | $ 3,920 | $ 6,810 |
Non-capital loss carry-forwards (Mexico) [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital loss carry-forwards | $ 37,165 | $ 4,950 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Cash and cash equivalents | $ 135,136 | $ 84,989 | $ 32,262 |
Gross proceeds from prospectus offering | 108,959 | 97,404 | |
Amounts receivable | 342 | 476 | $ 125 |
Amounts receivable, related party transactions | 123 | 263 | |
Interest receivable | 218 | $ 167 | |
Prospectus offering in subsequent period [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Gross proceeds from prospectus offering | $ 138,069 | ||
Interest rate risk [Member] | Cash and cash equivalents [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Average rate of hedging instrument | 0.54% | ||
Effect of variance decrease on after-tax profit | $ 1,079 | ||
Effect of variance increase on after-tax profit | $ 546 | ||
Interest rate risk [Member] | Debt securities [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Borrowings, interest rate | 6.95% | ||
Borrowings, adjustment to interest rate basis | 1.50% | ||
Interest rate risk [Member] | Debt securities [Member] | Fixed interest rate [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Borrowings, interest rate | 0.24% |
MANAGEMENT OF CAPITAL (Narrativ
MANAGEMENT OF CAPITAL (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Management Of Capital [Abstract] | |
Maximum debt proceeds to spend on property acquisitions or exploration | $ 30,000 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020$ / shares | Dec. 31, 2020USD ($)share$ / sharesshares | Dec. 31, 2019$ / shares | Dec. 31, 2019USD ($)share | |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Gross proceeds from prospectus offering | $ | $ 108,959 | $ 97,404 | ||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 1.63 | $ 1.33 | ||
Weighted average exercise price of share options granted in share-based payment arrangement | 12.25 | 7.94 | ||
Number Of DSU's issued | share | 6,000 | 27,500 | ||
Number of stock options granted | share | 225,000 | 1,976,250 | ||
Description of stock options vesting | These options vest over a 3-year period with 33% vesting after each of one year, two years, and three years after the grant date, respectively | |||
Number of stock options forfeited | share | 25,000 | 50,000 | ||
Exercise price per share of forfeited stock options | 8.21 | 3.24 | ||
Bottom of range [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Weighted average exercise price of share options exercised in share-based payment arrangement | 0.16 | 0.16 | ||
Weighted average exercise price of share options granted in share-based payment arrangement | 11.22 | |||
Top of range [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Weighted average exercise price of share options exercised in share-based payment arrangement | 8.24 | $ 3.24 | ||
Weighted average exercise price of share options granted in share-based payment arrangement | 12.63 | |||
Prospectus offering in subsequent period [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Number of common shares issued in prospectus offering | shares | 15,007,500 | |||
Equity issuance, price per share | $ 9.20 | |||
Gross proceeds from prospectus offering | $ | $ 138,069 | |||
Exercise of stock options in subsequent period [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Number of common shares issued upon exercise of stock options | shares | 120,833 | |||
Proceeds from exercise of options | $ | $ 317 | |||
Exercise of stock options in subsequent period [Member] | Bottom of range [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Weighted average exercise price of share options exercised in share-based payment arrangement | 2.30 | |||
Exercise of stock options in subsequent period [Member] | Top of range [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Weighted average exercise price of share options exercised in share-based payment arrangement | 8.24 | |||
DSU's issued in subsequent period [Member] | Directors [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Number Of DSU's issued | share | 57,000 | |||
Stock options granted during subsequent period [Member] | Officers employees and contractors [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Weighted average exercise price of share options granted in share-based payment arrangement | 10.87 | |||
Number of stock options granted | share | 756,000 | |||
Description of stock options vesting | These options vest over a 3-year period with 33% vesting after each of one year, two years, and three years after the grant date, respectively | |||
Cancellation of stock options forfeited in subsequent period [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Number of stock options forfeited | share | 46,667 | |||
Exercise price per share of forfeited stock options | $ 8.24 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2020 | |
NorCrest Metals Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Compañía Minera La Llamarada, S.A. de C.V. [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Tinto Roca Exploración, S.A. de C.V. [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Altadore Energía, S.A. de C.V. [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Babicanora Agrícola del Noroeste, S.A. de C.V. [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
SilverCrest Metals de México, S.A. de C.V. [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about change in policy affected financial position, financial performance and cash flows of the Company (Details) $ in Thousands, $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019CAD ($) | Jan. 01, 2019USD ($) |
Assets | |||||
Total current assets | $ 140,409 | $ 87,144 | $ 32,673 | ||
Total non-current assets | 51,280 | 11,427 | 7,653 | ||
Total assets | 191,689 | 98,571 | 40,326 | ||
Liabilities | |||||
Total current liabilities | 13,550 | 3,955 | 1,072 | ||
Total non-current liabilities | 275 | ||||
Total liabilities | 42,689 | 4,230 | 1,072 | ||
Shareholders' equity | |||||
Capital stock | 265,939 | 156,277 | 63,587 | ||
Share-based payment reserve | 8,978 | 8,668 | 4,769 | ||
Foreign currency translation reserve | 8,869 | 4,286 | 1,184 | ||
Deficit | (134,786) | (74,890) | (30,286) | ||
Total shareholders' equity | 149,000 | 94,341 | 39,254 | ||
Total liabilities and shareholders' equity | $ 191,689 | $ 98,571 | $ 40,326 | ||
As previously reported [Member] | |||||
Assets | |||||
Total current assets | $ 113,183 | $ 44,574 | |||
Total non-current assets | 14,842 | 10,440 | |||
Total assets | 128,025 | 55,014 | |||
Liabilities | |||||
Total current liabilities | 5,138 | 1,463 | |||
Total non-current liabilities | 357 | ||||
Total liabilities | 5,495 | ||||
Shareholders' equity | |||||
Capital stock | 209,736 | 86,746 | |||
Share-based payment reserve | 11,369 | 6,196 | |||
Foreign currency translation reserve | 0 | 0 | |||
Deficit | (98,575) | (39,391) | |||
Total shareholders' equity | 122,530 | 53,551 | |||
Total liabilities and shareholders' equity | $ 128,025 | $ 55,014 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about consolidated statement of loss and comprehensive loss (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019CAD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | |
Operating expenses | |||
Depreciation | $ (130) | $ (118) | |
Exploration and evaluation expenditures | (48,170) | (38,068) | |
General and administrative expenses | (1,223) | (669) | |
Marketing | (377) | (689) | |
Professional fees | (841) | (311) | |
Remuneration | (1,963) | (1,587) | |
Share-based compensation | (1,461) | (2,845) | |
Total operating expense | (54,165) | (44,287) | |
Other income (expense) | |||
Gain on disposal of mineral property | 49 | ||
Foreign exchange loss | (7,226) | (1,031) | |
Interest expense | (34) | (44) | |
Interest income | 1,493 | 759 | |
Loss before income taxes | (59,932) | (44,554) | |
Income tax expense | 0 | (113) | |
Loss and comprehensive loss for the year | $ (59,932) | $ (44,667) | |
Basic and diluted comprehensive loss per share | $ / shares | $ (0.49) | $ (0.50) | |
As previously reported [Member] | |||
Operating expenses | |||
Depreciation | $ (156) | ||
Exploration and evaluation expenditures | (50,512) | ||
General and administrative expenses | (890) | ||
Marketing | (914) | ||
Professional fees | (413) | ||
Remuneration | (2,106) | ||
Share-based compensation | (3,775) | ||
Total operating expense | (58,766) | ||
Other income (expense) | |||
Gain on disposal of mineral property | 66 | ||
Foreign exchange loss | (1,369) | ||
Interest expense | (58) | ||
Interest income | 1,008 | ||
Loss before income taxes | (59,119) | ||
Income tax expense | (150) | ||
Loss and comprehensive loss for the year | $ (59,269) | ||
Basic and diluted comprehensive loss per share | $ / shares | $ (0.67) |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about consolidated statement of cash flows (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | |
Statements [Line Items] | |||
Net cash used in operating activities | $ (66,689) | $ (41,774) | |
Net cash used in investing activities | (21,878) | (426) | |
Net cash used in financing activities | 136,012 | 92,218 | |
Effect of foreign exchange on cash and cash equivalents | 2,702 | 2,709 | |
Change in cash and cash equivalents, during the year | 50,147 | 52,727 | |
Cash and cash equivalents, beginning of the year | 84,989 | 32,262 | |
Cash and cash equivalents, end of the year | $ 135,136 | $ 84,989 | |
As previously reported [Member] | |||
Statements [Line Items] | |||
Net cash used in operating activities | $ (54,227) | ||
Net cash used in investing activities | (564) | ||
Net cash used in financing activities | 122,364 | ||
Effect of foreign exchange on cash and cash equivalents | (1,203) | ||
Change in cash and cash equivalents, during the year | 66,370 | ||
Cash and cash equivalents, beginning of the year | 44,014 | ||
Cash and cash equivalents, end of the year | $ 110,384 |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about estimated useful life or depreciation rate (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Computer equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3-4 years |
Mining equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 5-15 years |
Vehicles [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 4 years |
Buildings [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | Life-of-mine |
Mine plant and equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | Life-of-mine |
Underground infrastructure [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | Life-of-mine |
MINERAL PROPERTY, PLANT, AND _4
MINERAL PROPERTY, PLANT, AND EQUIPMENT - Disclosure of detailed information about property, plant and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | $ 6,380 | $ 4,758 |
Property and equipment at end of period | 39,009 | 6,380 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 6,697 | 4,854 |
Right of use asset recognized | 486 | |
Additions | 31,241 | 1,080 |
Transfers | 0 | |
Effect of foreign currency translation | 1,811 | 277 |
Property and equipment at end of period | 39,749 | 6,697 |
Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | (317) | (96) |
Depreciation for the year | (395) | (212) |
Effect of foreign currency translation | (28) | (9) |
Property and equipment at end of period | (740) | (317) |
Property and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 2,154 | |
Property and equipment at end of period | 3,441 | 2,154 |
Property and equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 2,471 | 1,051 |
Right of use asset recognized | 486 | |
Additions | 1,808 | 853 |
Transfers | (232) | |
Effect of foreign currency translation | 134 | 81 |
Property and equipment at end of period | 4,181 | 2,471 |
Property and equipment [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | (317) | (96) |
Depreciation for the year | (395) | (212) |
Effect of foreign currency translation | (28) | (9) |
Property and equipment at end of period | (740) | (317) |
Construction in progress [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 0 | |
Property and equipment at end of period | 28,768 | 0 |
Construction in progress [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 0 | 0 |
Right of use asset recognized | 0 | |
Additions | 27,071 | 0 |
Transfers | 232 | |
Effect of foreign currency translation | 1,465 | 0 |
Property and equipment at end of period | 28,768 | 0 |
Construction in progress [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 0 | 0 |
Depreciation for the year | 0 | 0 |
Effect of foreign currency translation | 0 | 0 |
Property and equipment at end of period | 0 | 0 |
Mineral property [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 0 | |
Property and equipment at end of period | 4,312 | 0 |
Mineral property [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 0 | 0 |
Right of use asset recognized | 0 | |
Additions | 0 | 0 |
Transfers | 4,092 | |
Effect of foreign currency translation | 220 | 0 |
Property and equipment at end of period | 4,312 | 0 |
Mineral property [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 0 | 0 |
Depreciation for the year | 0 | 0 |
Effect of foreign currency translation | 0 | 0 |
Property and equipment at end of period | 0 | 0 |
Exploration and evaluation assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 4,226 | |
Property and equipment at end of period | 2,488 | 4,226 |
Exploration and evaluation assets [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 4,226 | 3,803 |
Right of use asset recognized | 0 | |
Additions | 2,362 | 227 |
Transfers | (4,092) | |
Effect of foreign currency translation | (8) | 196 |
Property and equipment at end of period | 2,488 | 4,226 |
Exploration and evaluation assets [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 0 | 0 |
Depreciation for the year | 0 | 0 |
Effect of foreign currency translation | 0 | 0 |
Property and equipment at end of period | $ 0 | $ 0 |
MINERAL PROPERTY, PLANT, AND _5
MINERAL PROPERTY, PLANT, AND EQUIPMENT - Disclosure of detailed information about exploration and evaluation expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation expenditures | $ 48,170 | $ 38,068 |
Las Chispas Property [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation expenditures | 47,504 | 37,895 |
Las Chispas Property [Member] | Assays [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation expenditures | 1,373 | 2,142 |
Las Chispas Property [Member] | Decline construction and underground workings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation expenditures | 15,289 | 8,558 |
Las Chispas Property [Member] | Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation expenditures | 265 | 94 |
Las Chispas Property [Member] | Drilling [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation expenditures | 16,353 | 18,108 |
Las Chispas Property [Member] | Field and administrative costs [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation expenditures | 4,223 | 2,323 |
Las Chispas Property [Member] | Salaries and remuneration [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation expenditures | 4,966 | 2,611 |
Las Chispas Property [Member] | Share-based compensation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation expenditures | 1,260 | 1,777 |
Las Chispas Property [Member] | Technical Consulting Services And Studies [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation expenditures | 3,775 | 2,282 |
Other exploration properties [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation expenditures | $ 666 | $ 173 |
DEBT - Disclosure of detailed i
DEBT - Disclosure of detailed information about debt (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Borrowings [abstract] | |
Balance, beginning of year | $ 0 |
Drawdown | 30,000 |
Transaction costs | (1,033) |
Balance, end of year | $ 28,967 |
RELATED PARTY TRANSACTIONS - Di
RELATED PARTY TRANSACTIONS - Disclosure of detailed information about key management personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related party transactions [abstract] | ||
Management fees | $ 574 | $ 437 |
Management remuneration | 1,052 | 863 |
Director fees | 170 | 129 |
Share-based compensation | 1,435 | 3,567 |
Key management compensation | $ 3,231 | $ 4,996 |
CAPITAL STOCK - Disclosure of d
CAPITAL STOCK - Disclosure of detailed information about warrants, activity (Details) | 12 Months Ended | |
Dec. 31, 2020share$ / shares | Dec. 31, 2019share$ / shares | |
Capital Stock [Abstract] | ||
Number of warrants outstanding in share-based payment arrangement at beginning of period | share | 50,000 | 3,959,804 |
Weighted average exercise price of warrants outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 4.03 | $ 1.50 |
Number of warrants granted in share-based payment arrangement | share | 0 | 50,000 |
Weighted average exercise price of warrants granted in share-based payment arrangement | $ / shares | $ 0 | $ 4.03 |
Number of warrants exercised in share-based payment arrangement | share | (50,000) | (3,959,804) |
Weighted average exercise price of warrants exercised in share-based payment arrangement | $ / shares | $ 4.03 | $ 1.50 |
Number of warrants outstanding in share-based payment arrangement at end of period | share | 0 | 50,000 |
Weighted average exercise price of warrants outstanding in share-based payment arrangement at end of period | $ / shares | $ 0 | $ 4.03 |
CAPITAL STOCK - Disclosure of_2
CAPITAL STOCK - Disclosure of detailed information about number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2020share$ / shares | Dec. 31, 2019share$ / shares | |
Capital Stock [Abstract] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | share | 8,758,750 | 7,627,500 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 3.38 | $ 1.99 |
Number of share options granted in share-based payment arrangement | share | 225,000 | 1,976,250 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 12.25 | $ 7.94 |
Number of share options exercised in share-based payment arrangement | share | (2,927,250) | (795,000) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 1.63 | $ 1.33 |
Number of share options forfeited in share-based payment arrangement | share | (25,000) | (50,000) |
Weighted average exercise price of share options forfeited in share-based payment arrangement | $ / shares | $ 8.21 | $ 3.24 |
Number of share options outstanding in share-based payment arrangement at end of period | share | 6,031,500 | 8,758,750 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares | $ 4.55 | $ 3.38 |
CAPITAL STOCK - Disclosure of_3
CAPITAL STOCK - Disclosure of detailed information about number and weighted average remaining contractual life of outstanding share options (Details) | 12 Months Ended | ||
Dec. 31, 2020share$ / shares | Dec. 31, 2019share | Jan. 01, 2019share | |
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Options outstanding | 6,031,500 | 8,758,750 | 7,627,500 |
Remaining life (years) | 2 years 8 months 8 days | ||
Options exerciseable | 5,244,000 | ||
Expire December 9, 2021 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 2.30 | ||
Options outstanding | 900,000 | ||
Remaining life (years) | 11 months 8 days | ||
Options exerciseable | 900,000 | ||
Expire January 3, 2022 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 2.55 | ||
Options outstanding | 50,000 | ||
Remaining life (years) | 1 year 3 days | ||
Options exerciseable | 50,000 | ||
Expire August 4, 2022 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 1.88 | ||
Options outstanding | 477,500 | ||
Remaining life (years) | 1 year 7 months 2 days | ||
Options exerciseable | 477,500 | ||
Expire January 2, 2023 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 1.84 | ||
Options outstanding | 350,000 | ||
Remaining life (years) | 2 years 3 days | ||
Options exerciseable | 350,000 | ||
Expire January 4, 2023 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 1.94 | ||
Options outstanding | 645,000 | ||
Remaining life (years) | 2 years 3 days | ||
Options exerciseable | 645,000 | ||
Expire November 11, 2023 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 3.41 | ||
Options outstanding | 100,000 | ||
Remaining life (years) | 2 years 10 months 9 days | ||
Options exerciseable | 100,000 | ||
Expire November 13, 2023 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 3.30 | ||
Options outstanding | 200,000 | ||
Remaining life (years) | 2 years 10 months 13 days | ||
Options exerciseable | 200,000 | ||
Expire December 14, 2023 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 3.24 | ||
Options outstanding | 1,250,000 | ||
Remaining life (years) | 2 years 11 months 12 days | ||
Options exerciseable | 1,250,000 | ||
Expire May 30, 2024 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 4.54 | ||
Options outstanding | 122,750 | ||
Remaining life (years) | 3 years 4 months 28 days | ||
Options exerciseable | 122,750 | ||
Expire September 4, 2024 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 8.21 | ||
Options outstanding | 862,500 | ||
Remaining life (years) | 3 years 8 months 4 days | ||
Options exerciseable | 862,500 | ||
Expire October 17, 2024 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 7.89 | ||
Options outstanding | 7,500 | ||
Remaining life (years) | 3 years 9 months 18 days | ||
Options exerciseable | 7,500 | ||
Expire December 19, 2024 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 8.24 | ||
Options outstanding | 841,250 | ||
Remaining life (years) | 3 years 11 months 19 days | ||
Options exerciseable | 278,750 | ||
Expire September 14, 2025 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 12.53 | ||
Options outstanding | 150,000 | ||
Remaining life (years) | 4 years 8 months 15 days | ||
Options exerciseable | 0 | ||
Expire November 11, 2025 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 12.63 | ||
Options outstanding | 25,000 | ||
Remaining life (years) | 4 years 10 months 13 days | ||
Options exerciseable | 0 | ||
Expire December 7, 2025 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 11.22 | ||
Options outstanding | 50,000 | ||
Remaining life (years) | 4 years 11 months 8 days | ||
Options exerciseable | 0 |
CAPITAL STOCK - Disclosure of_4
CAPITAL STOCK - Disclosure of detailed information about options, valuation assumptions (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($)year | Dec. 31, 2019USD ($)year | Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | |
Capital Stock [Abstract] | ||||||
Expected option life (years) | year | 3.56 | 3.70 | ||||
Expected volatility | 54.09% | 58.82% | ||||
Expected dividend yield | $ 0 | $ 0 | ||||
Risk-free interestrate | 0.34% | 1.42% | ||||
Expected forfeiture rate | 1.00% | 1.00% | ||||
Fair value per share | $ 4.76 | $ 3.48 | ||||
Total fair value | $ 798 | $ 5,183 |
CAPITAL STOCK - Disclosure of_5
CAPITAL STOCK - Disclosure of detailed information about share capital, reserves and other equity interest (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Capital Stock [Line Items] | ||
Balance, beginning of year | $ 94,341 | $ 39,254 |
Share-based compensation, stock options | 2,545 | 4,441 |
Stock options exercised, reallocated to capital stock | 3,546 | 797 |
Balance, end of year | 149,000 | 94,341 |
Share-based payment reserve [Member] | ||
Disclosure Of Capital Stock [Line Items] | ||
Balance, beginning of year | 8,668 | 4,769 |
Share-based compensation, stock options | 2,545 | 4,441 |
Stock options exercised, reallocated to capital stock | (2,199) | (479) |
Stock options forfeited, reallocated to deficit | (36) | (63) |
Balance, end of year | $ 8,978 | $ 8,668 |
CAPITAL STOCK - Disclosure of_6
CAPITAL STOCK - Disclosure of detailed information about summarizes change in accrued DSU liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Capital Stock [Abstract] | ||
Outstanding, beginning of year | $ 186 | $ 0 |
Change in accrued DSU liability | 176 | 181 |
Effect of foreign currency translation | 11 | 5 |
Outstanding, end of year | $ 373 | $ 186 |
INCOME TAXES - Disclosure of de
INCOME TAXES - Disclosure of detailed information about effective income tax expense (recovery) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | ||
Current tax (recovery) expense | $ 0 | $ 113 |
Loss for the year, before income taxes | $ (59,932) | $ (44,554) |
Statutory tax rate | 27.00% | 27.00% |
Recovery of income taxes computed at statutory rates | $ (16,182) | $ (12,030) |
Share based payments | 734 | 1,248 |
Mexican Inflationary Adjustments | 47 | 105 |
Differing effective tax rate on loss in foreign jurisdiction | (1,594) | (1,213) |
Impact of share issuance costs | (404) | (1,363) |
Unrecognized deferred tax assets | 17,010 | 11,524 |
Impact of foreign exchange and other | 389 | 1,842 |
Total income tax expense (recovery) | $ 0 | $ 113 |
INCOME TAXES - Disclosure of _2
INCOME TAXES - Disclosure of detailed information about deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | $ 229 | $ 106 |
Deferred income tax liabilities | (229) | (106) |
Net deferred tax asset (liabilities) | 0 | 0 |
Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 0 | 106 |
Financing fees [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 229 | 0 |
Mineral property, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax liabilities | (90) | (106) |
Debt [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax liabilities | $ (139) | $ 0 |
INCOME TAXES - Disclosure of _3
INCOME TAXES - Disclosure of detailed information about deductible temporary differences for which no deferred tax assets have been recognized (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | $ 0 | $ 0 |
Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 12,207 | 3,233 |
Mineral property, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 22,085 | 15,056 |
Financing fees [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 1,377 | 1,386 |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 1,124 | 108 |
Unrecognized deferred tax assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | $ (36,793) | $ (19,783) |
SEGMENTED INFORMATION - Disclos
SEGMENTED INFORMATION - Disclosure of detailed information of geographical areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of geographical areas [line items] | |||
Loss and comprehensive loss for the year | $ 59,932 | $ 44,667 | |
Taxes receivable | 12,198 | 4,975 | $ 2,843 |
Deposits | 73 | 72 | 52 |
Mineral property, plant, and equipment | 39,009 | 6,380 | $ 4,758 |
Canada [Member] | |||
Disclosure of geographical areas [line items] | |||
Loss and comprehensive loss for the year | 5,315 | 2,345 | |
Taxes receivable | 0 | 0 | |
Deposits | 73 | 72 | |
Mineral property, plant, and equipment | 292 | 412 | |
Mexico [Member] | |||
Disclosure of geographical areas [line items] | |||
Loss and comprehensive loss for the year | 54,617 | 42,322 | |
Taxes receivable | 12,198 | 4,975 | |
Deposits | 0 | 0 | |
Mineral property, plant, and equipment | $ 38,717 | $ 5,968 |
FINANCIAL INSTRUMENTS AND FAI_4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Disclosure of financial liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Accounts payable and accrued liabilities | $ 13,412 | $ 3,820 | $ 1,072 |
Liquidity risk [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Accounts payable and accrued liabilities | 13,412 | ||
EPC | 53,304 | ||
Other capital expenditure commitments | 2,802 | ||
Lease liabilities | 347 | ||
Debt interest and repayment | 40,140 | ||
Total contractual obligations | 110,005 | ||
Liquidity risk [Member] | Less than 1 year [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Accounts payable and accrued liabilities | 13,412 | ||
EPC | 46,959 | ||
Other capital expenditure commitments | 2,802 | ||
Lease liabilities | 146 | ||
Debt interest and repayment | 2,535 | ||
Total contractual obligations | 65,854 | ||
Liquidity risk [Member] | 1 - 3 years [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Accounts payable and accrued liabilities | 0 | ||
EPC | 6,345 | ||
Other capital expenditure commitments | 0 | ||
Lease liabilities | 201 | ||
Debt interest and repayment | 5,070 | ||
Total contractual obligations | 11,616 | ||
Liquidity risk [Member] | 4 - 5 years [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Accounts payable and accrued liabilities | 0 | ||
EPC | 0 | ||
Other capital expenditure commitments | 0 | ||
Lease liabilities | 0 | ||
Debt interest and repayment | 32,535 | ||
Total contractual obligations | 32,535 | ||
Liquidity risk [Member] | After 5 years [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Accounts payable and accrued liabilities | 0 | ||
EPC | 0 | ||
Other capital expenditure commitments | 0 | ||
Lease liabilities | 0 | ||
Debt interest and repayment | 0 | ||
Total contractual obligations | $ 0 |
FINANCIAL INSTRUMENTS AND FAI_5
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Disclosure of detailed information about effect of changes in foreign exchange rates (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | $ 135,136 | $ 84,989 | $ 32,262 |
Amounts receivable | 342 | 476 | 125 |
Less: accounts payable and accrued liabilities | (13,412) | (3,820) | $ (1,072) |
Foreign currency risk [Member] | |||
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | 90,763 | 11,520 | |
Amounts receivable | 82 | 6 | |
Value added taxes receivable | 12,198 | 6,103 | |
Total financial assets | 103,043 | 17,629 | |
Less: accounts payable and accrued liabilities | (1,600) | (2,441) | |
Net financial assets | 101,443 | 15,188 | |
Foreign currency risk [Member] | US Dollar [Member] | |||
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | 90,690 | 11,187 | |
Amounts receivable | 81 | 0 | |
Value added taxes receivable | 0 | 0 | |
Total financial assets | 90,771 | 11,187 | |
Less: accounts payable and accrued liabilities | (70) | (2,067) | |
Net financial assets | 90,701 | 9,120 | |
Foreign currency risk [Member] | Mexican Peso [Member] | |||
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | 73 | 333 | |
Amounts receivable | 1 | 6 | |
Value added taxes receivable | 12,198 | 6,103 | |
Total financial assets | 12,272 | 6,442 | |
Less: accounts payable and accrued liabilities | (1,530) | (374) | |
Net financial assets | $ 10,742 | $ 6,068 |
FINANCIAL INSTRUMENTS AND FAI_6
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Disclosure of detailed information of foreign currency risk (Details) - Foreign currency risk [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
C$/US$ exchange rate [Member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Sensitivity analysis, variance, percentage | 10.00% |
Effect of variance increase on after-tax profit | $ (8,246) |
Effect of variance decrease on after-tax profit | $ 9,070 |
US$/MX$ exchange rate [Member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Sensitivity analysis, variance, percentage | 10.00% |
Effect of variance increase on after-tax profit | $ (977) |
Effect of variance decrease on after-tax profit | $ 1,074 |
FINANCIAL INSTRUMENTS AND FAI_7
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Disclosure of detailed information of classification and carrying values of Company's financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Financial assets | |||
Amounts receivable | $ 342 | $ 476 | $ 125 |
Financial liabilities | |||
Accounts payable and accrued liabilities | (13,412) | (3,820) | $ (1,072) |
Debt | (28,967) | ||
Net financial instruments | (373) | (186) | |
Net financial instruments at amortised cost | (41,974) | (3,568) | |
FVTPL (financial assets) [Member] | |||
Financial assets | |||
Amounts receivable | 0 | 0 | |
FVTPL (financial liabilities) [Member] | |||
Financial liabilities | |||
Accounts payable and accrued liabilities | (373) | (186) | |
Lease liabilities | 0 | 0 | |
Debt | 0 | ||
Amortized cost (financial assets) [Member] | |||
Financial assets | |||
Amounts receivable | 342 | 476 | |
Amortized cost (financial liabilities) [Member] | |||
Financial liabilities | |||
Accounts payable and accrued liabilities | (13,039) | (3,634) | |
Lease liabilities | (310) | (410) | |
Debt | (28,967) | ||
Level 1 [Member] | Fair value [Member] | |||
Financial assets | |||
Amounts receivable | 0 | 0 | |
Financial liabilities | |||
Accounts payable and accrued liabilities | (373) | (186) | |
Lease liabilities | 0 | 0 | |
Debt | 0 | ||
Net financial instruments | (373) | (186) | |
Level 2 [Member] | Fair value [Member] | |||
Financial assets | |||
Amounts receivable | 0 | 0 | |
Financial liabilities | |||
Accounts payable and accrued liabilities | 0 | 0 | |
Lease liabilities | 0 | 0 | |
Debt | 0 | ||
Net financial instruments | 0 | 0 | |
Level 3 [Member] | Fair value [Member] | |||
Financial assets | |||
Amounts receivable | 0 | 0 | |
Financial liabilities | |||
Accounts payable and accrued liabilities | 0 | 0 | |
Lease liabilities | 0 | 0 | |
Debt | 0 | ||
Net financial instruments | $ 0 | $ 0 |