Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021 | |
Entity Addresses [Line Items] | |
Entity Registrant Name | SilverCrest Metals Inc. |
Entity Central Index Key | 0001659520 |
Current Fiscal Year End Date | --12-31 |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Entity Current Reporting Status | Yes |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-38628 |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | 570 Granville Street, Suite 501 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6C 3P1 |
City Area Code | 604 |
Local Phone Number | 694-1730 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Document Annual Report | true |
Document Registration Statement | false |
Trading Symbol | SILV |
Title of 12(b) Security | Common Shares, no par value |
Security Exchange Name | NYSE |
Auditor Firm ID | 271 |
Auditor Location | Vancouver, Canada |
Auditor Name | PricewaterhouseCoopers LLP |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 1015 15th Street N.W., |
Entity Address, Address Line Two | Suite 1000 |
Entity Address, City or Town | DC |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 20005 |
City Area Code | 202 |
Local Phone Number | 572-3100 |
Contact Personnel Name | CT Corporation System |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 176,515 | $ 135,136 |
Amounts receivable | 88 | 342 |
Value-added taxes receivable | 10,211 | 345 |
Prepaid expenses and other | 3,303 | 4,586 |
Total current assets | 190,117 | 140,409 |
Non-current assets | ||
Value-added taxes receivable | 13,082 | 12,198 |
Deposits | 92 | 73 |
Mineral property, plant and equipment | 165,686 | 39,009 |
Total non-current assets | 178,860 | 51,280 |
TOTAL ASSETS | 368,977 | 191,689 |
Current liabilities | ||
Accounts payable and accrued liabilities | 10,385 | 13,412 |
Lease liabilities | 178 | 138 |
Total current liabilities | 10,563 | 13,550 |
Non-current liabilities | ||
Lease liabilities | 263 | 172 |
Debt | 87,168 | 28,967 |
Reclamation and closure provision | 2,713 | 0 |
Total liabilities | 100,707 | 42,689 |
Shareholders' equity | ||
Capital stock | 401,736 | 265,939 |
Share-based payment reserve | 9,782 | 8,978 |
Foreign currency translation reserve | 14,194 | 8,869 |
Deficit | (157,442) | (134,786) |
Total shareholders' equity | 268,270 | 149,000 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 368,977 | $ 191,689 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating expenses | ||
Exploration and evaluation expenditures | $ (10,476) | $ (48,170) |
Depreciation | (59) | (130) |
General and administrative expenses | (2,039) | (1,223) |
Marketing | (507) | (377) |
Professional fees | (1,099) | (841) |
Remuneration | (2,366) | (1,963) |
Share-based compensation | (1,721) | (1,461) |
Total operating expense | (18,267) | (54,165) |
Other income (expense) | ||
Foreign exchange loss | (5,171) | (7,226) |
Interest expense | (27) | (34) |
Interest income | 1,085 | 1,493 |
Loss before income taxes | (22,380) | (59,932) |
Income tax expense | (384) | 0 |
Loss for the year | (22,764) | (59,932) |
Other comprehensive loss | ||
Foreign currency translation adjustment | 5,325 | 4,583 |
Comprehensive loss for the year | $ (17,439) | $ (55,349) |
Basic and diluted loss per common share (in dollars per share) | $ (0.16) | $ (0.49) |
Weighted average number of common shares outstanding (in shares) | 142,611 | 123,032 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the year | $ (22,764) | $ (59,932) |
Adjustments for: | ||
Depreciation | 59 | 395 |
Foreign exchange gain (loss), unrealized | 2,660 | (203) |
Income tax expense | 384 | 0 |
Income taxes paid | (285) | (53) |
Interest expense | 27 | 34 |
Interest income | (1,085) | (1,493) |
Share-based compensation | 2,013 | 2,721 |
Changes in non-cash working capital items: | ||
Amounts receivable | 58 | 584 |
Value-added taxes receivable | (10,745) | (6,200) |
Prepaids and deposits | (713) | (3,895) |
Accounts payable and accrued liabilities | (2,462) | 1,353 |
Net cash used in operating activities | (32,853) | (66,689) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Interest received | 1,286 | 1,043 |
Expenditures on mineral properties, plant and equipment | (120,381) | (22,921) |
Net cash used in investing activities | (119,095) | (21,878) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Capital stock issued | 140,823 | 108,959 |
Capital stock issuance costs | (6,645) | (1,776) |
Loan drawdown | 60,000 | 28,967 |
Loan interest payment | (3,436) | 0 |
Payment of lease liabilities | (153) | (138) |
Net cash provided by financing activities | 190,589 | 136,012 |
Effect of foreign exchange on cash and cash equivalents | 2,738 | 2,702 |
Change in cash and cash equivalents, during the year | 41,379 | 50,147 |
Cash and cash equivalents, beginning of the year | 135,136 | 84,989 |
Cash and cash equivalents, end of the year | $ 176,515 | $ 135,136 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Supplemental) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash and cash equivalents is represented by: | ||
Cash | $ 125,587 | $ 74,287 |
Cash equivalents | 50,928 | 60,849 |
Total cash and cash equivalents | 176,515 | 135,136 |
Capitalized to mineral property, plant, and equipment | ||
Accounts payable and accrued liabilities | 6,611 | 8,320 |
Depreciation | 1,388 | 0 |
Loan interest accretion | 267 | 0 |
Share-based compensation | 1,398 | 0 |
Right-of-use asset recognized | 256 | 0 |
Interest on lease liabilities | 9 | 0 |
Recognition of reclamation and closure provision | $ 2,713 | $ 0 |
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 Dec. 31, 2019 | $ 156,277 | $ 8,668 | $ 4,286 | $ (74,890) | $ 94,341 |
Beginning 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) | |||
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 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 | 129,329,000 | ||||
Capital stock issued | $ 138,069 | 138,069 | |||
Capital stock issued (Shares) | 15,008,000 | ||||
Capital stock issuance costs | $ (6,645) | (6,645) | |||
Stock options exercised | $ 4,373 | (1,619) | 2,754 | ||
Stock options exercised (Shares) | 1,312,000 | ||||
Stock options forfeited | (108) | 108 | |||
Share-based compensation, stock options | 2,531 | 2,531 | |||
Foreign exchange translation | 5,325 | 5,325 | |||
Net loss for the year | (22,764) | (22,764) | |||
Balance, end of year at Dec. 31, 2021 | $ 401,736 | $ 9,782 | $ 14,194 | $ (157,442) | $ 268,270 |
Ending Balance (Shares) at Dec. 31, 2021 | 145,648,764 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2021 | |
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 ("TSX") 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 19 th 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, 2021 | |
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 23, 2022. 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 principal subsidiaries at December 31, 2021 are as follows: Subsidiary Location Ownership Principal project or purpose NorCrest Metals Inc. Canada 100% Holding company, borrower Compañía Minera La Llamarada, S.A. de C.V. Mexico 100% Las Chispas Project Babicanora Agrícola del Noroeste, S.A. de C.V. Mexico 100% Maintenance of surface rights Intercompany assets, liabilities, equity, income, expenses, and cash flows between the Company and its subsidiaries are eliminated on consolidation. Foreign currencies The Company’s presentation currency is the United States dollar (“US$”). The functional currency is the currency of the primary economic environment in which the entity operates and has been determined for each entity within the Company. The Company considers the functional currency for its Canadian operations to be the Canadian dollar (“C$”) and its Mexican operations to be US$. Foreign currency transactions Foreign currency balances and transactions are translated into the respective functional currencies of each entity as follows: ● ● ● ● Translation to presentation currency For entities with a functional currency other than US$, balances and transactions are translated as follows: ● ● ● 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 VAT receivables as non-current if 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 and management's determination that the exploration property is not viable. If an exploration property is considered to be impaired, 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 consolidated statement of loss and comprehensive loss. Exploration and evaluation expenditures Exploration and evaluation costs, net of incidental revenues, are charged to the consolidated 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 an asset 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 an asset 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: ● ● ● ● ● ● ● Proceeds before intended use Revenue from the sale of gold and silver ounces recovered before items of mineral property, plant, and equipment, such as the mine or process plant, are operating in the manner intended by management are recognized, along with related costs, in the consolidated statement of loss and comprehensive loss. 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 exploration and 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 consolidated 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 the statement of consolidated loss and comprehensive loss. Reclamation and closure provision The Company recognizes liabilities for statutory, contractual, constructive, or legal obligations, including those associated with the reclamation and closure 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 reclamation and closure 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 reclamation and closure 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 consolidated 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 loss and 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 loss and 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 loss and 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 consolidated statement of loss and 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 to non-employees 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 share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and share unit 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 statement of loss and comprehensive loss. Adoption of new accounting standards and amendments The Company adopted Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 9, IAS 39, IFRS 4 and IFRS 16 The Phase 2 Amendments provide a practical expedient requiring the effective interest rate to be adjusted when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities that relate directly to the Reform rather than applying modification accounting which might have resulted in a gain or loss. In addition, the Phase 2 Amendments require disclosures to assist users in understanding the effect of the Reform on the Company's financial instruments and risk management strategy. The debt as defined in note 5 is indexed to London interbank offered rates ("LIBOR") that have not yet transitioned to alternative benchmark rates at the end of the current reporting period. |
CRITICAL JUDGMENTS AND ESTIMATE
CRITICAL JUDGMENTS AND ESTIMATES | 12 Months Ended |
Dec. 31, 2021 | |
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 Management assesses whether any indication of impairment exists at the end of each reporting period. 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, significant decreases in future gold and silver prices, increases in future capital and operating cost estimates, decreases in estimated mineral reserves and resources, and increases in the discount rate. No impairment indicators were identified by management as of December 31, 2021. Functional currency The functional currency of an entity 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. 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, 2021, the current portion of VAT receivable was estimated to be $10,211. Impairment of non-current assets Non-current assets are tested for impairment when indicators of impairment are present. Calculating the estimated fair values of cash generating units for non-current asset impairment tests requires management to make estimates and assumptions with respect to future silver and gold prices; future capital cost estimates; operating cost estimates; reductions in the estimated mineral reserves and resources; and, the discount rate. Reductions in metal price forecasts; increases in estimated future costs of production; increases in estimated future non-expansionary capital expenditures; reductions in the amount of recoverable resources, and exploration potential; and/or adverse current economics can result in a write-down of the carrying amounts of the Company's non-current assets. Estimate of reclamation and closure cost provision The Company's provision for reclamation and closure costs represents management's best estimate of the present value of the future cash outflows required to settle the liability which reflects estimates of future costs, the timing of the cash flows associated with the future costs, inflation, and movements in foreign exchange rates when liabilities are anticipated to be settled in a currency other than US$. Cost estimates can vary in response to many factors including changes to the relevant legal requirements, whether closure plans achieve intended reclamation goals, the emergence of new restoration techniques, or experience at other mine sites, local inflation rates, and foreign exchange rates. The expected timing of expenditures can also change, for example, in response to changes in mineral reserves, production rates, or economic conditions. The Company's assumptions are reviewed at the end of each reporting period and adjusted to reflect management's current best estimate and changes in any of the aforementioned factors can result in a material change to the provision recognized by the Company. |
MINERAL PROPERTY, PLANT, AND EQ
MINERAL PROPERTY, PLANT, AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
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 Construction in progress (1) Mineral property Exploration and evaluation Total Cost 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 Additions 9,553 60,598 57,973 - 128,124 Transfers 5,083 (5,083 ) - - - At December 31, 2021 $ 18,817 $ 84,283 $ 62,285 $ 2,488 $ 167,873 Accumulated depreciation 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 ) Depreciation for the year (1,447 ) - - - (1,447 ) At December 31, 2021 $ (2,187 ) $ - $ - $ - $ (2,187 ) Carrying amounts At December 31, 2020 $ 3,441 $ 28,768 $ 4,312 $ 2,488 $ 39,009 At December 31, 2021 $ 16,630 $ 84,283 $ 62,285 $ 2,488 $ 165,686 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 an engineering, procurement, and construction ("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. 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, 2021, the Company had incurred $68,580 in milestone payments (2020 - $23,151) which were recorded as construction in progress. At December 31, 2021, the Company had committed to incur an additional $8,930 (note 11), including $7,875 to Ausenco, of costs related to construction in progress. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
DEBT [Text Block] | 5. DEBT On December 31, 2020, the Company's subsidiary entered into a credit agreement for 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, and made drawdowns of $30,000 on both August 31, 2021 and December 30, 2021. The remaining $30,000 is available until August 31, 2022. 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 3.0% or 1.5% of the prepaid principal amount if prepaid before December 31, 2023 or December 31, 2024, respectively. During 2021, the Company did not prepay any borrowed amounts. 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. During 2021, the Company did not exercise its option to defer interest payments and made interest payments of $3,436. In August 2020, the IASB issued Interest Rate Benchmark Reform - Phase 2 IFRS 9 - Financial Instruments 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, 2021, 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. During 2021, interest cost recorded on the facility of $3,703 was capitalized to mineral property. 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 (on the same pro rata basis). During 2021, the Company recorded transaction costs of $2,066 in proportion to the amount of debt drawn on the facility. A summary of debt transactions is as follows: 2021 2020 Balance, beginning of year $ 28,967 $ - Drawdown 60,000 30,000 Interest expense (capitalized to mineral property, plant and equipment) 3,703 - Interest payment (3,436 ) - Transaction costs (2,066 ) (1,033 ) Balance, end of year $ 87,168 $ 28,967 |
RECLAMATION AND CLOSURE PROVISI
RECLAMATION AND CLOSURE PROVISION | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring provision [abstract] | |
RECLAMATION AND CLOSURE PROVISION [Text Block] | 6. RECLAMATION AND CLOSURE PROVISION Changes to the reclamation and closure provision during the year were as follows: 2021 Balance, beginning of year $ - Reclamation and closure provision capitalized to mineral property, plant, and equipment 2,713 Balance, end of year $ 2,713 The reclamation and closure cost provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions: ● ● ● The undiscounted value of the reclamation and closure provision is estimated to be $4,357 which is calculated using a long-term inflation rate assumption of 3.0% to 4.5%. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS [Text Block] | 7. RELATED PARTY TRANSACTIONS Professional fees During 2021 and 2020, the Company had the following transactions with Koffman Kalef LLP, a law firm of which the Company's Corporate Secretary is a partner. 2021 2020 Professional fees - expense 105 307 Professional fees - capital stock issuance costs 250 113 December 31, 2021 December 31, 2020 Payable to Koffman Kalef LLP 6 25 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: Expensed Mineral Remuneration Exploration and Total 2021 Management fees (1) $ 328 $ 227 $ 213 $ 768 Management remuneration (2) 744 629 34 1,407 Director fees - 282 - 282 Share-based compensation - stock options 445 462 101 1,008 Share-based compensation - restricted share units 2 2 1 5 $ 1,519 $ 1,602 $ 349 $ 3,470 2020 Management fees (1) $ - $ 142 $ 432 $ 574 Management remuneration (2) - 605 447 1,052 Director fees - 170 - 170 Share-based compensation - 852 583 1,435 $ - $ 1,769 $ 1,462 $ 3,231 (1) (2) Other transactions ● Expensed Mineral Remuneration Exploration and Total 2021 Remuneration $ 87 $ 16 $ 58 $ 161 Share-based compensation 41 8 28 77 $ 128 $ 24 $ 86 $ 238 2020 Remuneration $ - $ 29 $ 116 $ 145 Share-based compensation - $ 17 69 86 $ - $ 46 $ 185 $ 231 ● December 31, 2021 December 31, 2020 Loan receivable 44 97 ● 2021 2020 Costs allocated to Goldsource 94 99 December 31, 2021 December 31, 2020 Receivable from Goldsource 23 26 |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2021 | |
Capital Stock [Abstract] | |
CAPITAL STOCK [Text Block] | 8. 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, 2021, the Company had 145,648,764 common shares and no preferred shares outstanding. 2021 In February 2021, the Company completed a prospectus offering of 15,007,500 common shares at a price of US$9.20 per common share for gross proceeds of $138,069. The Company incurred $6,645 of related capital stock issue costs. The Company also issued 1,311,633 common shares at prices ranging from C$1.88 per share to C$8.24 per share for gross proceeds of $2,754 upon the exercise of stock options. 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 $2,199 from reserves to capital stock. Stock options During 2021, the Company amended its Stock Option Plan to a "rolling 5.5%" plan which authorizes the grant of stock options to directors, officers, employees, and consultants, enabling them to acquire common shares of the Company to a collective maximum of 5.5% (previously 10.0%) of the then issued and outstanding common shares. The exercise price of any option is the market price of the Company's stock as at the date of the grant. The options can be granted for a maximum term of ten years with vesting determined by the Board of Directors. A summary of the Company's stock option transactions during the year is as follows: 2021 2020 Number of Weighted average Number of Weighted average options exercised price (C$) options exercised price (C$) Outstanding, beginning of year 6,031,500 $ 4.55 8,758,750 $ 3.38 Granted 1,562,500 10.36 225,000 12.25 Exercised* (1,311,633 ) 2.63 (2,927,250 ) 1.63 Forfeited (65,667 ) 8.80 (25,000 ) 8.21 Outstanding, end of year 6,216,700 $ 6.37 6,031,500 $ 4.55 *During 2021, the weighted average market value of the Company's shares at the dates of exercise was C$11.04 (2020 - C$11.25). During 2021, the Company granted 1,562,500 stock options to officers, employees, and contractors with exercise prices ranging from C$9.79 to C$10.87 and expiring five years from the grant date. These options vest over a 3-year period with 1/3 vesting after each of one year, two years, and three years after the grant date, respectively. During 2020, the Company granted 225,000 stock options to directors, officers, and employees with exercise prices ranging from C$11.22 to C$12.63 per share and expiring five years from the grant date. These options vest over a 3-year period with 1/3 vesting after each of one year, two years, and three years after the grant date, respectively. Stock options outstanding and exercisable as of December 31, 2021 are as follows: Options outstanding Options exercisable Exercise Number of shares Remaining life Number of shares Expiry date price (C$) issuable on exercise (years) issuable on exercise August 4, 2022 $ 1.88 397,500 0.59 397,500 January 2, 2023 $ 1.84 350,000 1.01 350,000 January 4, 2023 $ 1.94 570,000 1.01 570,000 November 13, 2023 $ 3.30 172,500 1.87 172,500 December 14, 2023 $ 3.24 1,235,000 1.95 1,235,000 May 30, 2024 $ 4.54 110,250 2.41 110,250 September 4, 2024 $ 8.21 850,000 2.68 850,000 December 19, 2024 $ 8.24 757,950 2.97 501,699 September 14, 2025 $ 12.53 150,000 3.71 50,000 November 11, 2025 $ 12.63 25,000 3.87 8,333 December 7, 2025 $ 11.22 50,000 3.94 16,667 February 25, 2026 $ 10.87 742,000 4.16 - July 26, 2026 $ 9.97 100,000 4.57 - August 3, 2026 $ 10.80 52,500 4.59 - December 21, 2026 $ 9.79 654,000 4.98 - 6,216,700 4,261,949 The weighted average remaining life of options outstanding is 2.67 years. Share-based compensation The fair value of options granted during 2021 and 2020 was estimated using the Black-Scholes Option Pricing Model using the following weighted average assumptions: 2021 2020 Expected option life (years) 3.56 3.56 Expected volatility 54.90% 54.09% Expected dividend yield - - Risk-free interest rate 0.72% 0.34% Expected forfeiture rate 1.00% 1.00% Fair value per option (C$) $ 4.12 $ 4.76 Total fair value $ 5,137 $ 798 2021 2020 Portion of options granted during 2019 which vested in the year Share-based compensation expense $ 209 $ 1,207 Exploration and evaluation expenditures 81 1,224 Mineral property, plant, and equipment 316 - Subtotal, options granted during 2019 606 2,431 Vested portion of options granted during 2020 Share-based compensation expense 226 78 Exploration and evaluation expenditures 55 36 Mineral property, plant, and equipment 174 - Subtotal, options granted during 2020 455 114 Vested portion of options granted during 2021 Share-based compensation expense 414 - Exploration and evaluation expenditures 154 - Mineral property, plant, and equipment 902 - Subtotal, options granted during 2021 1,470 - Subtotal, share-based compensation expense 849 1,285 Subtotal, exploration and evaluation expenditures 290 1,260 Subtotal, mineral property, plant, and equipment 1,392 - Total share-based compensation on vested options $ 2,531 $ 2,545 Share-based compensation expense Share-based compensation expense - stock options $ 849 $ 1,285 Share-based compensation expense - deferred share units 869 176 Share-based compensation expense - restricted share units 3 - Total, share-based compensation expense $ 1,721 $ 1,461 Share-based payment reserve The share-based payment reserve records items recognized as share-based compensation. At the time that stock options 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: 2021 2020 Balance, beginning of year $ 8,978 $ 8,668 Share-based compensation, stock options 2,531 2,545 Stock options exercised, reallocated to capital stock (1,619 ) (2,199 ) Stock options forfeited, reallocated to deficit (108 ) (36 ) Balance, end of year $ 9,782 $ 8,978 Share unit plan On June 15, 2021, the shareholders of the Company approved the adoption of a new Equity Share Unit Plan for the Company (the "SU Plan") pursuant to which the Company may grant share units ("SUs"), including restricted share units ("RSUs"), performance share units and deferred share units ("new DSUs"). The SU Plan provides for up to 1.5% of the outstanding common shares of the Company from time to time to be issuable to settle share units granted under the SU Plan. With the implementation of the SU Plan, the Company's former cash-settled DSU plan ("old DSU plan") was phased out and no new awards of DSUs will be granted under that plan ("old DSUs"). The SUs will be subject to any combination of time-based vesting and performance-based vesting conditions as the Board of Directors shall determine from time to time. Unless set forth in the particular award agreement, the Board of Directors may elect one or any combination of the following settlement methods for the settlement of SUs: issuing shares from treasury, causing a broker to purchase shares on the TSX; and/or paying cash. While the SUs issued during 2021 did not specify a method of settlement, the Company determined that at least a portion would be settled by a brokered purchase or cash. Accordingly, the Company recorded the value of SUs issued during the year as an accrued liability. DSUs Old DSU plan During 2019, the Board of Directors approved the old DSU plan. Each old DSU entitles the holder to receive cash equal to the current market value of the equivalent number of common shares of the Company. Old DSUs vest immediately and become payable upon the retirement of the holder. The share-based compensation expense related to old DSUs is calculated using the fair value method based on the market price of the Company's shares at the end of each reporting period. As old DSUs are cash settled, the Company records a corresponding liability in accounts payable and accrued liabilities. Old DSUs will remain in effect but no further old DSUs may be awarded under the old DSU plan as the Company adopted the SU Plan (see above). During 2021, the Company issued 57,000 old DSUs (excluding new DSUs) to directors of the Company as compensation for service in 2020. During 2020, the Company issued 6,000 old DSUs to a director upon their appointment to the Board. New DSUs During 2021, the Company issued a total of 66,000 new DSUs to directors of the Company. New DSUs vest immediately and become payable upon the retirement of the holder. The share-based compensation expense related to new 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 and the Company records a corresponding liability in accounts payable and accrued liabilities. Share-based compensation expense and accrued DSU liability As of December 31, 2021, the market value of the Company's common shares was C$10.00 (2020 - C$14.19). Accordingly, during 2021, the Company recorded share-based compensation expense of $869 (2020 - $176), including an expense of $981 from all DSUs granted during 2021 offset by a recovery of $112 from old DSUs previously granted. At December 31, 2021, the Company recorded an accrued liability of $1,234 (2020 - $373) for all DSUs. The following table summarizes the change in the accrued DSU liability: 2021 2020 Outstanding, beginning of year $ 373 $ 186 Change in accrued DSU liability 869 176 Effect of foreign currency translation (8 ) 11 Outstanding, end of year $ 1,234 $ 373 RSUs During 2021, the Company issued a total of 83,500 RSUs to officers and employees of the Company. These RSUs vest over a 3-year period with 1/3 of the options vesting after each of one year, two years, and three years after the grant date, respectively. Share-based compensation of RSUs is calculated using the fair-value method based on the market price of the Company's shares at the grant date and is recorded over the vesting period. Where RSUs are subject to vesting, each vesting tranche is considered a separate award with its own vesting period and grant date fair value. Share-based compensation is recognized over the tranche's vesting period as either an expense, exploration and evaluation expenditure, or capitalized as mineral property, plant, and equipment, with a corresponding change in accrued liabilities. The value of vested RSUs is remeasured at each reporting date to the current market price of the Company's shares. As of December 31, 2021, the market value of the Company's common shares was C$10.00. Accordingly, during 2021, the Company recorded share-based compensation of $11, including an expense of $3, exploration and evaluation expenditures of $2, and mineral property, plant, and equipment of $6. As at December 31, 2021, the Company recorded an accrued liability of $11 for RSUs. The following table summarizes the change in the accrued RSU liability: 2021 2020 Outstanding, beginning of year $ - $ - Change in accrued RSU liability 11 - Outstanding, end of year $ 11 $ - |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
INCOME TAXES [Text Block] | 9. INCOME TAXES The income taxes recognized in loss and comprehensive loss are as follows: 2021 2020 Current tax expense $ 384 $ - The provision for income taxes reported differs from the amounts computed by applying statutory tax rates to the loss before tax due to the following: 2021 2020 Loss for the year before income taxes $ (22,380 ) $ (59,932 ) Statutory tax rate 27% 27% Recovery of income taxes computed at statutory rates (6,043 ) (16,182 ) Share based payments 921 734 Mexican inflationary adjustments 1,642 47 Differing effective tax rate on loss in foreign jurisdiction (955 ) (1,594 ) Impact of share issuance costs (1,794 ) (404 ) Unrecognized deferred tax assets 1,600 17,010 Impact of foreign exchange and other 5,013 389 Total income tax expense (recovery) $ 384 $ - The approximate tax effect of each item that gives rise to the Company's recognized deferred tax assets and liabilities as at December 31, 2021 and 2020 is as follows: 2021 2020 Deferred income tax assets Exploration and evaluation assets $ 34 $ - Non-capital losses 40 - Financing fees 858 229 932 229 Deferred income tax liabilities Mineral property, plant, and equipment (496 ) (90 ) Debt (436 ) (139 ) (932 ) (229 ) Net deferred income tax liability $ - $ - The Company has the following deductible temporary differences for which no deferred tax assets have been recognized: 2021 2020 Non-capital losses $ 18,786 $ 12,207 Mineral property, plant and equipment 15,638 22,085 Financing fees 2,585 1,377 Other 1,384 1,124 Unrecognized deferred tax assets (38,393 ) (36,793 ) Total $ - $ - At December 31, 2021, the Company had non-capital loss carry forwards of approximately $618 (2020 - $3,920), which expire in 2040, available to offset future taxable income in Canada. The Company also had non-capital loss carry forwards of approximately $62,173 (2020 - $37,165), which expire between 2027 and 2031, available to offset future taxable income in Mexico. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of geographical areas [abstract] | |
SEGMENTED INFORMATION [Text Block] | 10. SEGMENTED INFORMATION During 2021, the Company had two operating segments: the Las Chispas Project and the El Picacho Property ("Picacho"), which is in the exploration phase. Corporate includes the corporate team that provides administrative, technical, financial, and other support to the Company's business units. Significant information relating to the Company's reportable operating segments during 2021 is summarized below: Las Chispas Picacho Corporate Total Loss for the year $ - $ (10,411 ) $ (12,353 ) $ (22,764 ) Additions to: Development $ 57,973 $ - $ - $ 57,973 PPE 70,151 - - 70,151 Total capital additions $ 128,124 $ - $ - $ 128,124 Total assets $ 181,318 $ 2,489 $ 185,170 $ 368,977 Total liabilities $ 95,716 $ 1,248 $ 3,743 $ 100,707 Prior to 2021, the Company operated 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 Loss 2021 Loss for the year $ 12,107 $ 10,657 $ 22,764 2020 Loss for the year $ 5,315 $ 54,617 $ 59,932 Non-current assets 2021 Value-added taxes receivable $ - $ 13,082 $ 13,082 Deposits $ 92 $ - $ 92 Mineral property, plant and equipment $ 181 $ 165,505 $ 165,686 2020 Value-added taxes receivable $ - $ 12,198 $ 12,198 Deposits $ 73 $ - $ 73 Mineral property, plant and equipment $ 292 $ 38,717 $ 39,009 |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Text Block] | 11. 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 to fund the Company's operations. 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, 2021: Less than 1 Between 1 - 3 Between 4 - 5 After 5 years Total Accounts payable and accrued liabilities $ 10,385 $ - $ - $ - $ 10,385 Lease liabilities 186 142 81 148 557 Credit facility (1) 7,711 104,918 - - 112,629 Reclamation and closure provision (2) - - - 4,357 4,357 TOTAL $ 18,282 $ 105,060 $ 81 $ 4,505 $ 127,928 (1) (2) The Company believes its cash and cash equivalents at December 31, 2021 of $176,515 is sufficient to settle its commitments through the next 12 months. Foreign currency risk The Company operates in Canada and Mexico and is therefore exposed to foreign exchange risk arising from transactions denominated in foreign currencies. The operating results and the financial position of the Company are reported in US$. The functional currency of the parent entity is C$ and therefore the Company is exposed to foreign currency risk from financial instruments denominated in currencies other than C$. The functional currency of the Company's subsidiaries is US$ and therefore the Company's subsidiaries are 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 December 31, 2021 Cash and cash equivalents $ 128,144 $ 218 $ 128,362 Amounts receivable 20 - 20 Value-added taxes receivable - 23,270 23,270 Total financial assets 128,164 23,488 151,652 Less: accounts payable and accrued liabilities 7,382 (1,896 ) 5,486 Net financial assets $ 135,546 $ 21,592 $ 157,138 The Company is primarily exposed to fluctuations in the value of C$ against US$ and US$ against Mexican pesos ("MX$"). With all other variables held constant, a 1% change in C$ against US$ or US$ against MX$ would result in the following impact on the Company's net loss for the year: December 31, 2021 C$/US$exchange rate - increase/decrease 1% $ 1,355 US$/MX$exchange rate - increase/decrease 1% $ 216 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, 2021, the amounts receivable balance of $88 (2020 - $342) consisted primarily of $67 (2020 - $123) due from related parties (note 7) and interest receivable of $20 (2020 - $218) 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 and the risk of default is considered negligible. 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 the Company's 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, 2021, the weighted average interest rate earned on the Company's cash and cash equivalents was 0.51%. With all other variables unchanged, a one percentage point change in interest rates would result in approximately a $1,647 decrease ($677 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, 2021, 3-month LIBOR was 0.21% 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 period, 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, lease liabilities, and debt. 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 level of measurement for each financial instrument is determined by the lowest level of significant 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 SU plan (note 8), the Company recorded the fair value of SUs in accounts payable and accrued liabilities. The Company's accounts payable and accrued liabilities related to SUs are measured using level 2 inputs. The carrying values of lease liabilities and debt approximate their fair values as a result of relatively unchanged interest rates since inception of the lease liabilities and debt. 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 because of their short-term nature. Carrying value Fair value Fair value through profit and loss Amortized cost Level 1 Level 2 Level 3 December 31, 2021 Financial assets Amounts receivable $ - $ 88 $ - $ - $ - Financial liabilities Accounts payable and accrued liabilities (1,245 ) (9,140 ) - (1,245 ) - Lease liabilities - (441 ) - - (441 ) Debt - (87,168 ) - - (87,168 ) Net financial instruments $ (1,245 ) $ (96,661 ) $ - $ (1,245 ) $ (87,609 ) December 31, 2020 Financial assets Amounts receivable $ - $ 342 $ - $ - $ - Financial liabilities Accounts payable and accrued liabilities (373 ) (13,039 ) (373 ) - - Lease liabilities - (310 ) - - (310 ) Debt - (28,967 ) - - (28,967 ) Net financial instruments $ (373 ) $ (41,974 ) $ (373 ) $ - $ (29,277 ) |
MANAGEMENT OF CAPITAL
MANAGEMENT OF CAPITAL | 12 Months Ended |
Dec. 31, 2021 | |
Management Of Capital [Abstract] | |
MANAGEMENT OF CAPITAL [Text Block] | 12. 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 progress of its mine development and plant construction, the availability of financing, and industry conditions. There are no external restrictions on the Company's expenditures 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 2022. Actual funding requirements may vary from those planned due to several factors, including the progress and results of exploration and drilling activities, mine development activities, and process plant construction and commissioning. 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, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS [Text Block] | 13. SUBSEQUENT EVENTS Subsequent to December 31, 2021, the following occurred: ● ● |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 23, 2022. |
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 principal subsidiaries at December 31, 2021 are as follows: Subsidiary Location Ownership Principal project or purpose NorCrest Metals Inc. Canada 100% Holding company, borrower Compañía Minera La Llamarada, S.A. de C.V. Mexico 100% Las Chispas Project Babicanora Agrícola del Noroeste, S.A. de C.V. Mexico 100% Maintenance of surface rights Intercompany assets, liabilities, equity, income, expenses, and cash flows between the Company and its subsidiaries are eliminated on consolidation. |
Foreign currencies [Policy Text Block] | Foreign currencies The Company’s presentation currency is the United States dollar (“US$”). 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 the Canadian dollar (“C$”) and its Mexican operations to be US$. Foreign currency transactions Foreign currency balances and transactions are translated into the respective functional currencies of each entity as follows: ● ● ● ● Translation to presentation currency For entities with a functional currency other than US$, balances and transactions are translated as follows: ● ● ● |
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 VAT receivables as non-current if 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 and management's determination that the exploration property is not viable. If an exploration property is considered to be impaired, 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 consolidated statement of loss and comprehensive loss. Exploration and evaluation expenditures Exploration and evaluation costs, net of incidental revenues, are charged to the consolidated 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 an asset 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 an asset 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: ● ● ● ● ● ● ● Proceeds before intended use Revenue from the sale of gold and silver ounces recovered before items of mineral property, plant, and equipment, such as the mine or process plant, are operating in the manner intended by management are recognized, along with related costs, in the consolidated statement of loss and comprehensive loss. 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 exploration and 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 consolidated 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 the statement of consolidated loss and comprehensive loss. |
Reclamation and closure provision [Policy Text Block] | Reclamation and closure provision The Company recognizes liabilities for statutory, contractual, constructive, or legal obligations, including those associated with the reclamation and closure 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 reclamation and closure 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 reclamation and closure 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 consolidated 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 loss and 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 loss and 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 loss and 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 consolidated statement of loss and 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 to non-employees 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 share units, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and share unit 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 statement of loss and comprehensive loss. |
Adoption of new accounting standards and amendments [Policy Text Block] | Adoption of new accounting standards and amendments The Company adopted Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 9, IAS 39, IFRS 4 and IFRS 16 The Phase 2 Amendments provide a practical expedient requiring the effective interest rate to be adjusted when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities that relate directly to the Reform rather than applying modification accounting which might have resulted in a gain or loss. In addition, the Phase 2 Amendments require disclosures to assist users in understanding the effect of the Reform on the Company's financial instruments and risk management strategy. The debt as defined in note 5 is indexed to London interbank offered rates ("LIBOR") that have not yet transitioned to alternative benchmark rates at the end of the current reporting period. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Disclosure of detailed information about subsidiaries [Table Text Block] | Subsidiary Location Ownership Principal project or purpose NorCrest Metals Inc. Canada 100% Holding company, borrower Compañía Minera La Llamarada, S.A. de C.V. Mexico 100% Las Chispas Project Babicanora Agrícola del Noroeste, S.A. de C.V. Mexico 100% Maintenance of surface rights |
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, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment [Table Text Block] | Property and Construction in progress (1) Mineral property Exploration and evaluation Total Cost 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 Additions 9,553 60,598 57,973 - 128,124 Transfers 5,083 (5,083 ) - - - At December 31, 2021 $ 18,817 $ 84,283 $ 62,285 $ 2,488 $ 167,873 Accumulated depreciation 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 ) Depreciation for the year (1,447 ) - - - (1,447 ) At December 31, 2021 $ (2,187 ) $ - $ - $ - $ (2,187 ) Carrying amounts At December 31, 2020 $ 3,441 $ 28,768 $ 4,312 $ 2,488 $ 39,009 At December 31, 2021 $ 16,630 $ 84,283 $ 62,285 $ 2,488 $ 165,686 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Disclosure of detailed information about debt [Table Text Block] | 2021 2020 Balance, beginning of year $ 28,967 $ - Drawdown 60,000 30,000 Interest expense (capitalized to mineral property, plant and equipment) 3,703 - Interest payment (3,436 ) - Transaction costs (2,066 ) (1,033 ) Balance, end of year $ 87,168 $ 28,967 |
RECLAMATION AND CLOSURE PROVI_2
RECLAMATION AND CLOSURE PROVISION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring provision [abstract] | |
Disclosure of changes to reclamation and closure provision during the year [Table Text Block] | 2021 Balance, beginning of year $ - Reclamation and closure provision capitalized to mineral property, plant, and equipment 2,713 Balance, end of year $ 2,713 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |
Disclosure of detailed information about key management personnel [Table Text Block] | Expensed Mineral Remuneration Exploration and Total 2021 Management fees (1) $ 328 $ 227 $ 213 $ 768 Management remuneration (2) 744 629 34 1,407 Director fees - 282 - 282 Share-based compensation - stock options 445 462 101 1,008 Share-based compensation - restricted share units 2 2 1 5 $ 1,519 $ 1,602 $ 349 $ 3,470 2020 Management fees (1) $ - $ 142 $ 432 $ 574 Management remuneration (2) - 605 447 1,052 Director fees - 170 - 170 Share-based compensation - 852 583 1,435 $ - $ 1,769 $ 1,462 $ 3,231 (1) (2) |
Officers [Member] | |
Disclosure of transactions between related parties [line items] | |
Disclosure of detailed information about key management personnel [Table Text Block] | December 31, 2021 December 31, 2020 Loan receivable 44 97 |
Immediate family member of CEO [Member] | |
Disclosure of transactions between related parties [line items] | |
Disclosure of detailed information about key management personnel [Table Text Block] | Expensed Mineral Remuneration Exploration and Total 2021 Remuneration $ 87 $ 16 $ 58 $ 161 Share-based compensation 41 8 28 77 $ 128 $ 24 $ 86 $ 238 2020 Remuneration $ - $ 29 $ 116 $ 145 Share-based compensation - $ 17 69 86 $ - $ 46 $ 185 $ 231 |
Koffman Kalef, LLP [Member] | |
Disclosure of transactions between related parties [line items] | |
Disclosure of detailed information about key management personnel [Table Text Block] | 2021 2020 Professional fees - expense 105 307 Professional fees - capital stock issuance costs 250 113 December 31, 2021 December 31, 2020 Payable to Koffman Kalef LLP 6 25 |
Goldsource Mines Inc. [Member] | |
Disclosure of transactions between related parties [line items] | |
Disclosure of detailed information about key management personnel [Table Text Block] | 2021 2020 Costs allocated to Goldsource 94 99 December 31, 2021 December 31, 2020 Receivable from Goldsource 23 26 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Capital Stock [Abstract] | |
Disclosure of detailed information about number and weighted average exercise prices of share options [Table Text Block] | 2021 2020 Number of Weighted average Number of Weighted average options exercised price (C$) options exercised price (C$) Outstanding, beginning of year 6,031,500 $ 4.55 8,758,750 $ 3.38 Granted 1,562,500 10.36 225,000 12.25 Exercised* (1,311,633 ) 2.63 (2,927,250 ) 1.63 Forfeited (65,667 ) 8.80 (25,000 ) 8.21 Outstanding, end of year 6,216,700 $ 6.37 6,031,500 $ 4.55 *During 2021, the weighted average market value of the Company's shares at the dates of exercise was C$11.04 (2020 - C$11.25). |
Disclosure of detailed information about number and weighted average remaining contractual life of outstanding share options [Table Text Block] | Options outstanding Options exercisable Exercise Number of shares Remaining life Number of shares Expiry date price (C$) issuable on exercise (years) issuable on exercise August 4, 2022 $ 1.88 397,500 0.59 397,500 January 2, 2023 $ 1.84 350,000 1.01 350,000 January 4, 2023 $ 1.94 570,000 1.01 570,000 November 13, 2023 $ 3.30 172,500 1.87 172,500 December 14, 2023 $ 3.24 1,235,000 1.95 1,235,000 May 30, 2024 $ 4.54 110,250 2.41 110,250 September 4, 2024 $ 8.21 850,000 2.68 850,000 December 19, 2024 $ 8.24 757,950 2.97 501,699 September 14, 2025 $ 12.53 150,000 3.71 50,000 November 11, 2025 $ 12.63 25,000 3.87 8,333 December 7, 2025 $ 11.22 50,000 3.94 16,667 February 25, 2026 $ 10.87 742,000 4.16 - July 26, 2026 $ 9.97 100,000 4.57 - August 3, 2026 $ 10.80 52,500 4.59 - December 21, 2026 $ 9.79 654,000 4.98 - 6,216,700 4,261,949 |
Disclosure of detailed information about indirect measurement of fair value of goods or services received, share options granted during period [Table Text Block] | 2021 2020 Expected option life (years) 3.56 3.56 Expected volatility 54.90% 54.09% Expected dividend yield - - Risk-free interest rate 0.72% 0.34% Expected forfeiture rate 1.00% 1.00% Fair value per option (C$) $ 4.12 $ 4.76 Total fair value $ 5,137 $ 798 |
Disclosure of share based compensation for options vested [Table Text Block] | 2021 2020 Portion of options granted during 2019 which vested in the year Share-based compensation expense $ 209 $ 1,207 Exploration and evaluation expenditures 81 1,224 Mineral property, plant, and equipment 316 - Subtotal, options granted during 2019 606 2,431 Vested portion of options granted during 2020 Share-based compensation expense 226 78 Exploration and evaluation expenditures 55 36 Mineral property, plant, and equipment 174 - Subtotal, options granted during 2020 455 114 Vested portion of options granted during 2021 Share-based compensation expense 414 - Exploration and evaluation expenditures 154 - Mineral property, plant, and equipment 902 - Subtotal, options granted during 2021 1,470 - Subtotal, share-based compensation expense 849 1,285 Subtotal, exploration and evaluation expenditures 290 1,260 Subtotal, mineral property, plant, and equipment 1,392 - Total share-based compensation on vested options $ 2,531 $ 2,545 Share-based compensation expense Share-based compensation expense - stock options $ 849 $ 1,285 Share-based compensation expense - deferred share units 869 176 Share-based compensation expense - restricted share units 3 - Total, share-based compensation expense $ 1,721 $ 1,461 |
Disclosure of detailed information about share capital, reserves and other equity interest [Table Text Block] | 2021 2020 Balance, beginning of year $ 8,978 $ 8,668 Share-based compensation, stock options 2,531 2,545 Stock options exercised, reallocated to capital stock (1,619 ) (2,199 ) Stock options forfeited, reallocated to deficit (108 ) (36 ) Balance, end of year $ 9,782 $ 8,978 |
Disclosure of detailed information about summarizes change in accrued DSU liability [Table Text Block] | 2021 2020 Outstanding, beginning of year $ 373 $ 186 Change in accrued DSU liability 869 176 Effect of foreign currency translation (8 ) 11 Outstanding, end of year $ 1,234 $ 373 |
Disclosure of detailed information about summarizes change in accrued RSU liability [Table Text Block] | 2021 2020 Outstanding, beginning of year $ - $ - Change in accrued RSU liability 11 - Outstanding, end of year $ 11 $ - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Disclosure of detailed information about effective income tax expense (recovery) [Table Text Block] | 2021 2020 Current tax expense $ 384 $ - 2021 2020 Loss for the year before income taxes $ (22,380 ) $ (59,932 ) Statutory tax rate 27% 27% Recovery of income taxes computed at statutory rates (6,043 ) (16,182 ) Share based payments 921 734 Mexican inflationary adjustments 1,642 47 Differing effective tax rate on loss in foreign jurisdiction (955 ) (1,594 ) Impact of share issuance costs (1,794 ) (404 ) Unrecognized deferred tax assets 1,600 17,010 Impact of foreign exchange and other 5,013 389 Total income tax expense (recovery) $ 384 $ - |
Disclosure of detailed information about deferred taxes [Table Text Block] | 2021 2020 Deferred income tax assets Exploration and evaluation assets $ 34 $ - Non-capital losses 40 - Financing fees 858 229 932 229 Deferred income tax liabilities Mineral property, plant, and equipment (496 ) (90 ) Debt (436 ) (139 ) (932 ) (229 ) 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] | 2021 2020 Non-capital losses $ 18,786 $ 12,207 Mineral property, plant and equipment 15,638 22,085 Financing fees 2,585 1,377 Other 1,384 1,124 Unrecognized deferred tax assets (38,393 ) (36,793 ) Total $ - $ - |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of geographical areas [abstract] | |
Disclosure of operating segments [text block] | Las Chispas Picacho Corporate Total Loss for the year $ - $ (10,411 ) $ (12,353 ) $ (22,764 ) Additions to: Development $ 57,973 $ - $ - $ 57,973 PPE 70,151 - - 70,151 Total capital additions $ 128,124 $ - $ - $ 128,124 Total assets $ 181,318 $ 2,489 $ 185,170 $ 368,977 Total liabilities $ 95,716 $ 1,248 $ 3,743 $ 100,707 |
Disclosure of detailed information about geographical areas [Table Text Block] | Canada Mexico Total Loss 2021 Loss for the year $ 12,107 $ 10,657 $ 22,764 2020 Loss for the year $ 5,315 $ 54,617 $ 59,932 Non-current assets 2021 Value-added taxes receivable $ - $ 13,082 $ 13,082 Deposits $ 92 $ - $ 92 Mineral property, plant and equipment $ 181 $ 165,505 $ 165,686 2020 Value-added taxes receivable $ - $ 12,198 $ 12,198 Deposits $ 73 $ - $ 73 Mineral property, plant and equipment $ 292 $ 38,717 $ 39,009 |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Disclosure of financial liabilities [Table Text Block] | Less than 1 Between 1 - 3 Between 4 - 5 After 5 years Total Accounts payable and accrued liabilities $ 10,385 $ - $ - $ - $ 10,385 Lease liabilities 186 142 81 148 557 Credit facility (1) 7,711 104,918 - - 112,629 Reclamation and closure provision (2) - - - 4,357 4,357 TOTAL $ 18,282 $ 105,060 $ 81 $ 4,505 $ 127,928 (1) (2) |
Disclosure of detailed information about effect of changes in foreign exchange rates [Table Text Block] | US Dollar Mexican Peso Total December 31, 2021 Cash and cash equivalents $ 128,144 $ 218 $ 128,362 Amounts receivable 20 - 20 Value-added taxes receivable - 23,270 23,270 Total financial assets 128,164 23,488 151,652 Less: accounts payable and accrued liabilities 7,382 (1,896 ) 5,486 Net financial assets $ 135,546 $ 21,592 $ 157,138 |
Disclosure of detailed information about sensitivity analysis for foreign currency risk [Table Text Block] | December 31, 2021 C$/US$exchange rate - increase/decrease 1% $ 1,355 US$/MX$exchange rate - increase/decrease 1% $ 216 |
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, 2021 Financial assets Amounts receivable $ - $ 88 $ - $ - $ - Financial liabilities Accounts payable and accrued liabilities (1,245 ) (9,140 ) - (1,245 ) - Lease liabilities - (441 ) - - (441 ) Debt - (87,168 ) - - (87,168 ) Net financial instruments $ (1,245 ) $ (96,661 ) $ - $ (1,245 ) $ (87,609 ) December 31, 2020 Financial assets Amounts receivable $ - $ 342 $ - $ - $ - Financial liabilities Accounts payable and accrued liabilities (373 ) (13,039 ) (373 ) - - Lease liabilities - (310 ) - - (310 ) Debt - (28,967 ) - - (28,967 ) Net financial instruments $ (373 ) $ (41,974 ) $ (373 ) $ - $ (29,277 ) |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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% |
Babicanora Agrícola del Noroeste, 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 estimated useful life or depreciation rate (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 |
CRITICAL JUDGMENTS AND ESTIMA_2
CRITICAL JUDGMENTS AND ESTIMATES (Narrative) (Details) | Dec. 31, 2021USD ($) |
Accounting Judgements And Estimates [Abstract] | |
Current portion of VAT recoverable | $ 10,211 |
MINERAL PROPERTY, PLANT, AND _3
MINERAL PROPERTY, PLANT, AND EQUIPMENT (Narrative) (Details) - Las Chispas Property [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)t | Dec. 31, 2020USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Additional commitment related to construction in progress | $ 8,930 | |
Auesnco Engineering Canada Inc [Member] | ||
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 | 68,580 | $ 23,151 |
Additional commitment related to construction in progress | $ 7,875 |
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, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | $ 39,009 | |
Property and equipment at end of period | 165,686 | $ 39,009 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 39,749 | 6,697 |
Additions | 128,124 | 31,241 |
Transfers | 0 | 0 |
Effect of foreign currency translation | 1,811 | |
Property and equipment at end of period | 167,873 | 39,749 |
Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | (740) | (317) |
Depreciation for the year | (1,447) | (395) |
Effect of foreign currency translation | (28) | |
Property and equipment at end of period | (2,187) | (740) |
Property and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 3,441 | |
Property and equipment at end of period | 16,630 | 3,441 |
Property and equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 4,181 | 2,471 |
Additions | 9,553 | 1,808 |
Transfers | (5,083) | (232) |
Effect of foreign currency translation | 134 | |
Property and equipment at end of period | 18,817 | 4,181 |
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 | (740) | (317) |
Depreciation for the year | (1,447) | (395) |
Effect of foreign currency translation | (28) | |
Property and equipment at end of period | (2,187) | (740) |
Construction in progress [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 28,768 | |
Property and equipment at end of period | 84,283 | 28,768 |
Construction in progress [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 28,768 | 0 |
Additions | 60,598 | 27,071 |
Transfers | (5,083) | 232 |
Effect of foreign currency translation | 1,465 | |
Property and equipment at end of period | 84,283 | 28,768 |
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 | |
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 | 4,312 | |
Property and equipment at end of period | 62,285 | 4,312 |
Mineral property [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 4,312 | 0 |
Additions | 57,973 | 0 |
Transfers | 0 | 4,092 |
Effect of foreign currency translation | 220 | |
Property and equipment at end of period | 62,285 | 4,312 |
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 | |
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 | 2,488 | |
Property and equipment at end of period | 2,488 | 2,488 |
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 | 2,488 | 4,226 |
Additions | 0 | 2,362 |
Transfers | 0 | (4,092) |
Effect of foreign currency translation | 8 | |
Property and equipment at end of period | 2,488 | 2,488 |
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 | |
Property and equipment at end of period | $ 0 | $ 0 |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||
Amount of borrowing drawn | $ 60,000 | $ 30,000 |
Transaction cost | 2,066 | 1,033 |
Prepaid expense | 3,303 | 4,586 |
Interest payment | (3,436) | 0 |
Interest expense (capitalized to mineral property, plant and equipment) | 3,703 | 0 |
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 | |
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. During 2021, the Company did not exercise its option to defer interest payments and made interest payments of $3,436. | |
Percentage of arrangement fees paid | 3.00% | |
Arrangement fees paid | $ 3,600 | |
Transaction cost | 900 | |
Prepaid expense | 2,700 | |
Additional borrowing costs incurred | 531 | |
Additional transaction costs | 133 | |
Additional prepaid expenses | 398 | |
Interest payment | 3,436 | |
Interest expense (capitalized to mineral property, plant and equipment) | 3,703 | |
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 | |
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 | |
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 | |
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% |
DEBT - Disclosure of detailed i
DEBT - Disclosure of detailed information about debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Borrowings [abstract] | ||
Balance, beginning of year | $ 28,967 | $ 0 |
Drawdown | 60,000 | 30,000 |
Interest expense (capitalized to mineral property, plant and equipment) | 3,703 | 0 |
Interest payment | (3,436) | 0 |
Transaction costs | (2,066) | (1,033) |
Balance, end of year | $ 87,168 | $ 28,967 |
RECLAMATION AND CLOSURE PROVI_3
RECLAMATION AND CLOSURE PROVISION (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of other provisions [line items] | |
Discount rate used in estimated reclamation and closure cost provision | 5.50% |
Percentage change in discount rate | 1.00% |
Increase or decrease in the provision due to change in discount rate | $ 200 |
Estimated undiscounted value of the reclamation and closure provision | $ 4,357 |
Bottom of range [member] | |
Disclosure of other provisions [line items] | |
Long-term inflation rate | 3.00% |
Top of range [member] | |
Disclosure of other provisions [line items] | |
Long-term inflation rate | 4.50% |
RECLAMATION AND CLOSURE PROVI_4
RECLAMATION AND CLOSURE PROVISION - Disclosure of changes to the reclamation and closure provision during year (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Restructuring provision [abstract] | |
Balance, beginning of year | $ 0 |
Reclamation and closure provision capitalized to mineral property, plant, and equipment | 2,713 |
Balance, end of year | $ 2,713 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) | Dec. 31, 2021 |
Goldsource Mines Inc. [Member] | |
Disclosure of transactions between related parties [line items] | |
Interest rate | 1.00% |
Officers [Member] | |
Disclosure of transactions between related parties [line items] | |
Interest rate | 2.00% |
RELATED PARTY TRANSACTIONS - Di
RELATED PARTY TRANSACTIONS - Disclosure of professional fees (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Professional fees expense | $ 1,099 | $ 841 |
Capital stock issuance costs | 6,645 | 1,776 |
Koffman Kalef, LLP [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Professional fees expense | 105 | 307 |
Capital stock issuance costs | 250 | 113 |
Amounts payable, related party transactions | $ 6 | $ 25 |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Disclosure of detailed information about key management personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Management fees | $ 768 | $ 574 |
Management remuneration | 1,407 | 1,052 |
Director fees | 282 | 170 |
Share-based compensation | 1,008 | 1,435 |
Share-based compensation - restricted share units | 5 | |
Key management compensation | 3,470 | 3,231 |
Mineral Property, Plant, And Equipment [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Management fees | 328 | 0 |
Management remuneration | 744 | 0 |
Director fees | 0 | 0 |
Share-based compensation | 445 | 0 |
Share-based compensation - restricted share units | 2 | |
Key management compensation | 1,519 | 0 |
Expensed [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Management fees | 227 | 142 |
Management remuneration | 629 | 605 |
Director fees | 282 | 170 |
Share-based compensation | 462 | 852 |
Share-based compensation - restricted share units | 2 | |
Key management compensation | 1,602 | 1,769 |
Recorded as exploration and evaluation expenditures [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Management fees | 213 | 432 |
Management remuneration | 34 | 447 |
Director fees | 0 | 0 |
Share-based compensation | 101 | 583 |
Share-based compensation - restricted share units | 1 | |
Key management compensation | $ 349 | $ 1,462 |
RELATED PARTY TRANSACTIONS - _3
RELATED PARTY TRANSACTIONS - Disclosure of detailed information of employee providing technical services (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Remuneration | $ 2,366 | $ 1,963 |
Share-based compensation | 1,721 | 1,461 |
Remuneration and short-term benefits paid | 1,407 | 1,052 |
Immediate family member of CEO [Member] | Employee providing technical services [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration | 161 | 145 |
Share-based compensation | 77 | 86 |
Remuneration and short-term benefits paid | 238 | 231 |
Mineral Property, Plant, And Equipment [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration and short-term benefits paid | 744 | 0 |
Mineral Property, Plant, And Equipment [Member] | Immediate family member of CEO [Member] | Employee providing technical services [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration | 87 | 0 |
Share-based compensation | 41 | 0 |
Remuneration and short-term benefits paid | 128 | 0 |
Expensed [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration and short-term benefits paid | 629 | 605 |
Expensed [Member] | Immediate family member of CEO [Member] | Employee providing technical services [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration | 16 | 29 |
Share-based compensation | 8 | 17 |
Remuneration and short-term benefits paid | 24 | 46 |
Recorded as exploration and evaluation expenditures [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration and short-term benefits paid | 34 | 447 |
Recorded as exploration and evaluation expenditures [Member] | Immediate family member of CEO [Member] | Employee providing technical services [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Remuneration | 58 | 116 |
Share-based compensation | 28 | 69 |
Remuneration and short-term benefits paid | $ 86 | $ 185 |
RELATED PARTY TRANSACTIONS RELA
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS - Disclosure of detailed information of loan receivable due from officer (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | $ 67 | $ 123 |
Officers [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 44 | 97 |
Goldsource Mines Inc. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Services received, related party transactions | 94 | 99 |
Amounts receivable, related party transactions | $ 23 | $ 26 |
CAPITAL STOCK (Narrative) (Deta
CAPITAL STOCK (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2021$ / sharesshares | Dec. 31, 2021USD ($)share$ / sharesshares | Dec. 31, 2021USD ($)shareshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shareshares | Dec. 31, 2019shares | |
Capital Stock [Line Items] | ||||||
Proceeds from issuing shares | $ 140,823 | $ 108,959 | ||||
Share issue related cost | $ 6,645 | $ 1,497 | ||||
Number of share options exercised in share-based payment arrangement | share | 1,311,633 | 2,927,250 | ||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 2.63 | $ 1.63 | ||||
Stock options exercised | $ 2,754 | $ 3,546 | ||||
Number of warrants exercised in share-based payment arrangement | share | 50,000 | |||||
Weighted average exercise price of warrants exercised in share-based payment arrangement | $ / shares | 4.03 | |||||
Proceeds from warrants exercised | $ 150 | |||||
Proceeds from exercise of options | $ 2,754 | $ 3,546 | ||||
Maximum percentage of issued and outstanding common shares acquirable through stock option plan | 5.50% | 10.00% | ||||
Weighted average market value of shares exercised | $ / shares | 11.04 | 11.25 | ||||
Number of share options granted in share-based payment arrangement | share | 1,562,500 | 225,000 | ||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 10.36 | 12.25 | ||||
Description of vesting requirements for share-based payment arrangement | These options vest over a 3-year period with 1/3 vesting after each of one year, two years, and three years after the grant date, respectively. | These options vest over a 3-year period with 1/3 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 1 day | |||||
Share-based compensation, stock options | $ 2,531 | $ 2,545 | ||||
Share-based compensation expense | 1,721 | 1,461 | ||||
Recovery of DSUs previously granted | $ 112 | |||||
Options exerciseable | share | 4,261,949 | 4,261,949 | ||||
Number Of DSU's issued | share | 66,000 | |||||
Number of restricted shares units issued | shares | 83,500 | |||||
Exploration and evaluation expenditures | $ 10,476 | $ 48,170 | ||||
Old DSU plan [Member] | ||||||
Capital Stock [Line Items] | ||||||
Number Of DSU's issued | share | 57,000 | 6,000 | ||||
Deferred Share Units [Member] | ||||||
Capital Stock [Line Items] | ||||||
Share-based compensation expense | $ 869 | $ 176 | ||||
Market value of common shares | $ / shares | $ 10 | $ 14.19 | ||||
Accrued liability | $ 1,234 | 1,234 | $ 373 | 373 | ||
DSUs granted during 2021 [Member] | ||||||
Capital Stock [Line Items] | ||||||
Share-based compensation expense | 981 | |||||
Restricted Share Units [Member] | ||||||
Capital Stock [Line Items] | ||||||
Share-based compensation expense | 3 | $ 0 | ||||
Market value of common shares | $ / shares | $ 10 | |||||
Accrued liability | $ 11 | 11 | ||||
Exploration and evaluation expenditures | 2 | |||||
Mineral property, plant, and equipment | 6 | |||||
Total, share-based compensation expense | $ 11 | |||||
Vesting Period | 3 years | |||||
Prospectus Offering [Member] | ||||||
Capital Stock [Line Items] | ||||||
Number of shares issued in prospectus offering | shares | 15,007,500 | |||||
Share price of shares issued in public offering | $ / shares | $ 9.20 | |||||
Proceeds from issuing shares | $ 138,069 | |||||
Share issue related cost | $ 6,645 | |||||
Private placement [Member] | ||||||
Capital Stock [Line Items] | ||||||
Number of shares issued under private placement | shares | 18,881,366 | |||||
Proceeds from issuing shares | $ 105,264 | |||||
Share issue related cost | $ 1,497 | |||||
Capital stock [Member] | ||||||
Capital Stock [Line Items] | ||||||
Number of shares outstanding | shares | 145,648,764 | 145,648,764 | 129,329,000 | 129,329,000 | 107,471,000 | |
Capital stock issued (Shares) | shares | 15,008,000 | 18,881,000 | ||||
Share issue related cost | $ 6,645 | $ 1,497 | ||||
Stock options exercised | 4,373 | 5,745 | ||||
Share-based payment reserve [Member] | ||||||
Capital Stock [Line Items] | ||||||
Stock options exercised | (1,619) | (2,199) | ||||
Share-based compensation, stock options | $ 2,531 | $ 2,545 | ||||
Bottom of range [member] | ||||||
Capital Stock [Line Items] | ||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 1.88 | $ 0.16 | ||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | 9.79 | 11.22 | ||||
Bottom of range [member] | Private placement [Member] | ||||||
Capital Stock [Line Items] | ||||||
Price per share issued under private placement | $ / shares | 7.28 | |||||
Top of range [member] | ||||||
Capital Stock [Line Items] | ||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | 8.24 | 8.24 | ||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 10.87 | 12.63 | ||||
Top of range [member] | Private placement [Member] | ||||||
Capital Stock [Line Items] | ||||||
Price per share issued under private placement | $ / shares | $ 7.50 |
CAPITAL STOCK - Disclosure of d
CAPITAL STOCK - Disclosure of detailed information about number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2021share$ / shares | Dec. 31, 2020share$ / shares | |
Capital Stock [Abstract] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | share | 6,031,500 | 8,758,750 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 4.55 | $ 3.38 |
Number of share options granted in share-based payment arrangement | share | 1,562,500 | 225,000 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 10.36 | $ 12.25 |
Number of share options exercised in share-based payment arrangement | share | (1,311,633) | (2,927,250) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 2.63 | $ 1.63 |
Number of share options forfeited in share-based payment arrangement | share | (65,667) | (25,000) |
Weighted average exercise price of share options forfeited in share-based payment arrangement | $ / shares | $ 8.80 | $ 8.21 |
Number of share options outstanding in share-based payment arrangement at end of period | share | 6,216,700 | 6,031,500 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares | $ 6.37 | $ 4.55 |
CAPITAL STOCK - Disclosure of_2
CAPITAL STOCK - Disclosure of detailed information about number and weighted average remaining contractual life of outstanding share options (Details) | 12 Months Ended | ||
Dec. 31, 2021share$ / shares | Dec. 31, 2020share | Dec. 31, 2019share | |
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Options outstanding | 6,216,700 | 6,031,500 | 8,758,750 |
Remaining life (years) | 2 years 8 months 1 day | ||
Options exerciseable | 4,261,949 | ||
Expire August 4, 2022 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 1.88 | ||
Options outstanding | 397,500 | ||
Remaining life (years) | 7 months 2 days | ||
Options exerciseable | 397,500 | ||
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) | 1 year 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 | 570,000 | ||
Remaining life (years) | 1 year 3 days | ||
Options exerciseable | 570,000 | ||
Expire November 13, 2023 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 3.30 | ||
Options outstanding | 172,500 | ||
Remaining life (years) | 1 year 10 months 13 days | ||
Options exerciseable | 172,500 | ||
Expire December 14, 2023 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 3.24 | ||
Options outstanding | 1,235,000 | ||
Remaining life (years) | 1 year 11 months 12 days | ||
Options exerciseable | 1,235,000 | ||
Expire May 30, 2024 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 4.54 | ||
Options outstanding | 110,250 | ||
Remaining life (years) | 2 years 4 months 28 days | ||
Options exerciseable | 110,250 | ||
Expire September 4, 2024 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 8.21 | ||
Options outstanding | 850,000 | ||
Remaining life (years) | 2 years 8 months 4 days | ||
Options exerciseable | 850,000 | ||
Expire December 19, 2024 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 8.24 | ||
Options outstanding | 757,950 | ||
Remaining life (years) | 2 years 11 months 19 days | ||
Options exerciseable | 501,699 | ||
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) | 3 years 8 months 15 days | ||
Options exerciseable | 50,000 | ||
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) | 3 years 10 months 13 days | ||
Options exerciseable | 8,333 | ||
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) | 3 years 11 months 8 days | ||
Options exerciseable | 16,667 | ||
Expire February 25, 2026 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 10.87 | ||
Options outstanding | 742,000 | ||
Remaining life (years) | 4 years 1 month 28 days | ||
Options exerciseable | 0 | ||
Expire July 26, 2026 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 9.97 | ||
Options outstanding | 100,000 | ||
Remaining life (years) | 4 years 6 months 25 days | ||
Expire August 3, 2026 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 10.80 | ||
Options outstanding | 52,500 | ||
Remaining life (years) | 4 years 7 months 2 days | ||
Options exerciseable | 0 | ||
Expire December 21, 2026 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 9.79 | ||
Options outstanding | 654,000 | ||
Remaining life (years) | 4 years 11 months 23 days | ||
Options exerciseable | 0 |
CAPITAL STOCK - Disclosure of_3
CAPITAL STOCK - Disclosure of detailed information about options, valuation assumptions (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021USD ($)year | Dec. 31, 2020USD ($)year | Dec. 31, 2021CAD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) | |
Capital Stock [Abstract] | ||||||
Expected option life (years) | year | 3.56 | 3.56 | ||||
Expected volatility | 54.90% | 54.09% | ||||
Expected dividend yield | $ 0 | $ 0 | ||||
Risk-free interestrate | 0.72% | 0.34% | ||||
Expected forfeiture rate | 1.00% | 1.00% | ||||
Fair value per share | $ 4.12 | $ 4.76 | ||||
Total fair value | $ 5,137 | $ 798 |
CAPITAL STOCK - Disclosure of_4
CAPITAL STOCK - Disclosure of detailed information about share based compensation for options vested (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | $ 1,721 | $ 1,461 |
Exploration and evaluation expenditures | 10,476 | 48,170 |
Portion Of Options Granted In 2019 Vested [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | 209 | 1,207 |
Exploration and evaluation expenditures | 81 | 1,224 |
Mineral property, plant, and equipment | 316 | 0 |
Total, share-based compensation expense | 606 | 2,431 |
Vested Portion Of Options Granted During 2020 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | 226 | 78 |
Exploration and evaluation expenditures | 55 | 36 |
Mineral property, plant, and equipment | 174 | 0 |
Total, share-based compensation expense | 455 | 114 |
Vested Portion Of Options Granted During 2021 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | 414 | 0 |
Exploration and evaluation expenditures | 154 | 0 |
Mineral property, plant, and equipment | 902 | 0 |
Total, share-based compensation expense | 1,470 | 0 |
Vested Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | 849 | 1,285 |
Exploration and evaluation expenditures | 290 | 1,260 |
Mineral property, plant, and equipment | 1,392 | 0 |
Total, share-based compensation expense | 2,531 | 2,545 |
Stock Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | 849 | 1,285 |
Deferred Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | 869 | 176 |
Restricted Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation expense | 3 | $ 0 |
Exploration and evaluation expenditures | 2 | |
Mineral property, plant, and equipment | 6 | |
Total, share-based compensation expense | $ 11 |
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, 2021 | Dec. 31, 2020 | |
Disclosure Of Capital Stock [Line Items] | ||
Balance, beginning of year | $ 149,000 | $ 94,341 |
Share-based compensation, stock options | 2,531 | 2,545 |
Stock options exercised, reallocated to capital stock | 2,754 | 3,546 |
Balance, end of year | 268,270 | 149,000 |
Share-based payment reserve [Member] | ||
Disclosure Of Capital Stock [Line Items] | ||
Balance, beginning of year | 8,978 | 8,668 |
Share-based compensation, stock options | 2,531 | 2,545 |
Stock options exercised, reallocated to capital stock | (1,619) | (2,199) |
Stock options forfeited, reallocated to deficit | (108) | (36) |
Balance, end of year | $ 9,782 | $ 8,978 |
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, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Foreign exchange loss | $ (5,171) | $ (7,226) |
Deferred Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, beginning of year | 373 | 186 |
Change in accrued liability | 869 | 176 |
Foreign exchange loss | (8) | 11 |
Outstanding, end of year | $ 1,234 | $ 373 |
CAPITAL STOCK - Disclosure of_7
CAPITAL STOCK - Disclosure of detailed information about summarizes change in accrued RSU liability (Details) - Restricted Share Units [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, beginning of year | $ 0 | $ 0 |
Change in accrued liability | 11 | 0 |
Outstanding, end of year | $ 11 | $ 0 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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 | $ 618 | $ 3,920 |
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 | $ 62,173 | $ 37,165 |
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, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | ||
Current tax (recovery) expense | $ 384 | $ 0 |
Loss for the year, before income taxes | $ (22,380) | $ (59,932) |
Statutory tax rate | 27.00% | 27.00% |
Recovery of income taxes computed at statutory rates | $ (6,043) | $ (16,182) |
Share based payments | 921 | 734 |
Mexican Inflationary Adjustments | 1,642 | 47 |
Differing effective tax rate on loss in foreign jurisdiction | (955) | (1,594) |
Impact of share issuance costs | (1,794) | (404) |
Unrecognized deferred tax assets | 1,600 | 17,010 |
Impact of foreign exchange and other | 5,013 | 389 |
Total income tax expense (recovery) | $ 384 | $ 0 |
INCOME TAXES - Disclosure of _2
INCOME TAXES - Disclosure of detailed information about deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | $ 932 | $ 229 |
Deferred income tax liabilities | (932) | (229) |
Net deferred tax asset (liabilities) | 0 | 0 |
Exploration and evaluation assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 34 | 0 |
Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 40 | 0 |
Financing fees [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 858 | 229 |
Mineral property, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax liabilities | (496) | (90) |
Debt [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax liabilities | $ (436) | $ (139) |
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, 2021 | Dec. 31, 2020 |
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 | 18,786 | 12,207 |
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 | 15,638 | 22,085 |
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 | 2,585 | 1,377 |
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 | 1,384 | 1,124 |
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 | $ (38,393) | $ (36,793) |
SEGMENTED INFORMATION - Disclos
SEGMENTED INFORMATION - Disclosure of detailed information of operating segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | ||
Loss for the year | $ 22,764 | $ 59,932 |
Total assets | 368,977 | 191,689 |
Total liabilities | 100,707 | $ 42,689 |
Operating segments [Member] | ||
Disclosure of geographical areas [line items] | ||
Loss for the year | (22,764) | |
Additions to Development | 57,973 | |
Additions to PPE | 70,151 | |
Total capital additions | 128,124 | |
Total assets | 368,977 | |
Total liabilities | 100,707 | |
Operating segments [Member] | Las Chispas [Member] | ||
Disclosure of geographical areas [line items] | ||
Loss for the year | 0 | |
Additions to Development | 57,973 | |
Additions to PPE | 70,151 | |
Total capital additions | 128,124 | |
Total assets | 181,318 | |
Total liabilities | 95,716 | |
Operating segments [Member] | Picacho [Member] | ||
Disclosure of geographical areas [line items] | ||
Loss for the year | (10,411) | |
Additions to Development | 0 | |
Additions to PPE | 0 | |
Total capital additions | 0 | |
Total assets | 2,489 | |
Total liabilities | 1,248 | |
Operating segments [Member] | Corporate [Member] | ||
Disclosure of geographical areas [line items] | ||
Loss for the year | (12,353) | |
Additions to Development | 0 | |
Additions to PPE | 0 | |
Total capital additions | 0 | |
Total assets | 185,170 | |
Total liabilities | $ 3,743 |
SEGMENTED INFORMATION - Discl_2
SEGMENTED INFORMATION - Disclosure of detailed information of geographical areas (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | ||
Loss and comprehensive loss for the year | $ 22,764 | $ 59,932 |
Taxes receivable | 13,082 | 12,198 |
Deposits | 92 | 73 |
Mineral property, plant, and equipment | 165,686 | 39,009 |
Canada [Member] | ||
Disclosure of geographical areas [line items] | ||
Loss and comprehensive loss for the year | 12,107 | 5,315 |
Taxes receivable | 0 | 0 |
Deposits | 92 | 73 |
Mineral property, plant, and equipment | 181 | 292 |
Mexico [Member] | ||
Disclosure of geographical areas [line items] | ||
Loss and comprehensive loss for the year | 10,657 | 54,617 |
Taxes receivable | 13,082 | 12,198 |
Deposits | 0 | 0 |
Mineral property, plant, and equipment | $ 165,505 | $ 38,717 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Cash and cash equivalents | $ 176,515 | $ 135,136 | $ 84,989 |
Gross proceeds from prospectus offering | 140,823 | 108,959 | |
Amounts receivable | 88 | 342 | |
Amounts receivable, related party transactions | 67 | 123 | |
Interest receivable | $ 20 | $ 218 | |
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 | 0.51% | ||
Effect of variance decrease on after-tax profit | $ 1,647 | ||
Effect of variance increase on after-tax profit | $ 677 | ||
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 | 0.21% |
FINANCIAL INSTRUMENTS AND FAI_4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Disclosure of financial liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | $ 10,385 | $ 13,412 |
Reclamation and closure provision | 4,357 | |
Liquidity risk [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | 10,385 | |
Lease liabilities | 557 | |
Credit facility | 112,629 | |
Reclamation and closure provision | 4,357 | |
Total contractual obligations | 127,928 | |
Liquidity risk [Member] | Less than 1 year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | 10,385 | |
Lease liabilities | 186 | |
Credit facility | 7,711 | |
Reclamation and closure provision | 0 | |
Total contractual obligations | 18,282 | |
Liquidity risk [Member] | 1 - 3 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | 0 | |
Lease liabilities | 142 | |
Credit facility | 104,918 | |
Reclamation and closure provision | 0 | |
Total contractual obligations | 105,060 | |
Liquidity risk [Member] | 4 - 5 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | 0 | |
Lease liabilities | 81 | |
Credit facility | 0 | |
Reclamation and closure provision | 0 | |
Total contractual obligations | 81 | |
Liquidity risk [Member] | After 5 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | 0 | |
Lease liabilities | 148 | |
Credit facility | 0 | |
Reclamation and closure provision | 4,357 | |
Total contractual obligations | $ 4,505 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | $ 176,515 | $ 135,136 | $ 84,989 |
Amounts receivable | 88 | 342 | |
Less: accounts payable and accrued liabilities | (10,385) | $ (13,412) | |
Foreign currency risk [Member] | |||
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | 128,362 | ||
Amounts receivable | 20 | ||
Value added taxes receivable | 23,270 | ||
Total financial assets | 151,652 | ||
Less: accounts payable and accrued liabilities | 5,486 | ||
Net financial assets | 157,138 | ||
Foreign currency risk [Member] | US Dollar [Member] | |||
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | 128,144 | ||
Amounts receivable | 20 | ||
Value added taxes receivable | 0 | ||
Total financial assets | 128,164 | ||
Less: accounts payable and accrued liabilities | 7,382 | ||
Net financial assets | 135,546 | ||
Foreign currency risk [Member] | Mexican Peso [Member] | |||
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | 218 | ||
Amounts receivable | 0 | ||
Value added taxes receivable | 23,270 | ||
Total financial assets | 23,488 | ||
Less: accounts payable and accrued liabilities | (1,896) | ||
Net financial assets | $ 21,592 |
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, 2021USD ($) | |
C$/US$ exchange rate [Member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Sensitivity analysis, variance, percentage | 1.00% |
Effect of variance increase on after-tax profit | $ 1,355 |
US$/MX$ exchange rate [Member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Sensitivity analysis, variance, percentage | 1.00% |
Effect of variance increase on after-tax profit | $ 216 |
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, 2021 | Dec. 31, 2020 |
Financial assets | ||
Amounts receivable | $ 88 | $ 342 |
Financial liabilities | ||
Accounts payable and accrued liabilities | (10,385) | (13,412) |
Debt | (87,168) | (28,967) |
Net financial instruments | (1,245) | (373) |
Net financial instruments at amortised cost | (96,661) | (41,974) |
FVTPL (financial assets) [Member] | ||
Financial assets | ||
Amounts receivable | 0 | 0 |
FVTPL (financial liabilities) [Member] | ||
Financial liabilities | ||
Accounts payable and accrued liabilities | (1,245) | (373) |
Lease liabilities | 0 | 0 |
Debt | 0 | 0 |
Amortized cost (financial assets) [Member] | ||
Financial assets | ||
Amounts receivable | 88 | 342 |
Amortized cost (financial liabilities) [Member] | ||
Financial liabilities | ||
Accounts payable and accrued liabilities | (9,140) | (13,039) |
Lease liabilities | (441) | (310) |
Debt | (87,168) | (28,967) |
Level 1 [Member] | Fair value [Member] | ||
Financial assets | ||
Amounts receivable | 0 | 0 |
Financial liabilities | ||
Accounts payable and accrued liabilities | 0 | (373) |
Lease liabilities | 0 | 0 |
Debt | 0 | 0 |
Net financial instruments | 0 | (373) |
Level 2 [Member] | Fair value [Member] | ||
Financial assets | ||
Amounts receivable | 0 | 0 |
Financial liabilities | ||
Accounts payable and accrued liabilities | (1,245) | 0 |
Lease liabilities | 0 | 0 |
Debt | 0 | 0 |
Net financial instruments | (1,245) | 0 |
Level 3 [Member] | Fair value [Member] | ||
Financial assets | ||
Amounts receivable | 0 | 0 |
Financial liabilities | ||
Accounts payable and accrued liabilities | 0 | 0 |
Lease liabilities | (441) | (310) |
Debt | (87,168) | (28,967) |
Net financial instruments | $ (87,609) | $ (29,277) |
MANAGEMENT OF CAPITAL (Narrativ
MANAGEMENT OF CAPITAL (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Management Of Capital [Abstract] | ||
Maximum debt proceeds to spend on property acquisitions or exploration | $ 60,000 | $ 30,000 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021$ / shares | Dec. 31, 2021USD ($)shareshares | Dec. 31, 2020$ / shares | Dec. 31, 2020USD ($)share | |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Proceeds from exercise of options | $ | $ 2,754 | $ 3,546 | ||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 2.63 | $ 1.63 | ||
Exercise price per share of forfeited stock options | 8.80 | 8.21 | ||
Number of stock options forfeited | share | 65,667 | 25,000 | ||
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 | 1.88 | 0.16 | ||
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 | $ 8.24 | ||
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 | 220,000 | |||
Proceeds from exercise of options | $ | $ 492 | |||
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 | 1.84 | |||
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 | |||
Cancellation of stock options forfeited in subsequent period [Member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Exercise price per share of forfeited stock options | $ 10.80 | |||
Number of stock options forfeited | share | 15,000 |