Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 |
Entity Current Reporting Status | Yes |
Document Fiscal Year Focus | 2022 |
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, British Columbia, 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, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 50,761 | $ 176,515 |
Accounts receivable | 179 | 88 |
Value-added taxes receivable | 15,985 | 10,211 |
Inventories | 40,203 | 0 |
Prepaid expenses and other | 4,663 | 3,303 |
Total current assets | 111,791 | 190,117 |
Non-current assets | ||
Value-added taxes receivable | 15,433 | 13,082 |
Deposits | 27 | 92 |
Mineral property, plant, and equipment | 228,098 | 165,686 |
Total non-current assets | 243,558 | 178,860 |
TOTAL ASSETS | 355,349 | 368,977 |
Current liabilities | ||
Accounts payable and accrued liabilities | 23,416 | 10,385 |
Lease liabilities | 116 | 178 |
Debt | 13,393 | 0 |
Total current liabilities | 36,925 | 10,563 |
Non-current liabilities | ||
Lease liabilities | 260 | 263 |
Deferred income tax liability | 382 | 0 |
Debt | 36,198 | 87,168 |
Reclamation and closure provision | 4,590 | 2,713 |
Total non-current liabilities | 41,430 | 90,144 |
Total liabilities | 78,355 | 100,707 |
Shareholders' equity | ||
Capital stock | 405,811 | 401,736 |
Share-based payment reserve | 10,945 | 9,782 |
Foreign currency translation reserve | (13,793) | 14,194 |
Deficit | (125,969) | (157,442) |
Total shareholders' equity | 276,994 | 268,270 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 355,349 | $ 368,977 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement | ||
Revenue | $ 43,510 | $ 0 |
Cost of sales | (15,090) | 0 |
Mine operating income | 28,420 | 0 |
Operating expenses | ||
General and administrative expenses | (7,824) | (6,011) |
Exploration and evaluation expenditures | (5,444) | (10,476) |
Depreciation | (56) | (59) |
Share-based compensation | (1,866) | (1,721) |
Total operating expense | (15,190) | (18,267) |
Other income (expense) | ||
Foreign exchange gain (loss) | 27,913 | (5,171) |
Interest and finance expense | (6,589) | (27) |
Interest income | 2,811 | 1,085 |
Income (loss) before income taxes | 37,365 | (22,380) |
Income tax expense | (5,682) | (384) |
Deferred income tax expense | (382) | 0 |
Income (loss) for the year | 31,301 | (22,764) |
Other comprehensive loss | ||
Foreign currency translation adjustment | (27,987) | 5,325 |
Comprehensive income (loss) for the year | $ 3,314 | $ (17,439) |
Basic income (loss) per common share | $ 0.21 | $ (0.16) |
Diluted income (loss) per common share | $ 0.21 | $ (0.16) |
Weighted average number of common shares outstanding | ||
Basic | 146,164 | 142,611 |
Diluted | 152,190 | 142,611 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Income (loss) for the year | $ 31,301 | $ (22,764) |
Adjustments for: | ||
Depreciation and depletion | 1,937 | 59 |
Foreign exchange (gain) loss, unrealized | (21,868) | 2,660 |
Income tax expense | 6,064 | 384 |
Income taxes paid | 0 | (285) |
Interest and finance expense | 6,566 | 27 |
Interest income | (2,811) | (1,085) |
Share-based compensation | 2,398 | 2,013 |
Changes in non-cash working capital items: | ||
Accounts receivable | (5) | 58 |
Value-added taxes receivable | (8,127) | (10,745) |
Inventories | (21,945) | 0 |
Prepaids and deposits | (2,180) | (713) |
Accounts payable and accrued liabilities | 3,613 | (2,462) |
Net cash used in operating activities | (5,057) | (32,853) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Interest received | 2,715 | 1,286 |
Expenditures on mineral properties, plant and equipment | (68,489) | (120,381) |
Net cash used in investing activities | (65,774) | (119,095) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Capital stock issued | 2,467 | 140,823 |
Capital stock issuance costs | 0 | (6,645) |
Loan drawdown, net of transaction cost | 49,583 | 60,000 |
Loan repayment | (90,000) | 0 |
Early prepayment fees and closing costs | (2,860) | 0 |
Loan interest payment | (7,568) | (3,436) |
Payment of lease liabilities | (159) | (153) |
Net cash (used in) provided by financing activities | (48,537) | 190,589 |
Effect of foreign exchange on cash and cash equivalents | (6,386) | 2,738 |
Change in cash and cash equivalents, during the year | (125,754) | 41,379 |
Cash and cash equivalents, beginning of the year | 176,515 | 135,136 |
Cash and cash equivalents, end of the year | $ 50,761 | $ 176,515 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Supplemental) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash and cash equivalents is represented by: | ||
Cash | $ 50,761 | $ 125,587 |
Cash equivalents | 0 | 50,928 |
Total cash and cash equivalents | 50,761 | 176,515 |
Capitalized to mineral property, plant, and equipment | ||
Transfer to inventories | (8,277) | 0 |
Accounts payable and accrued liabilities | 3,350 | 6,611 |
Depreciation and depletion | 1,042 | 1,388 |
Loan interest and accretion | 1,618 | 267 |
Share-based compensation | 1,305 | 1,398 |
Right-of-use asset recognized | 99 | 256 |
Interest on lease liabilities | 19 | 9 |
Change in reclamation and closure provision | $ 1,576 | $ 2,713 |
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, 2020 | $ 265,939 | $ 8,978 | $ 8,869 | $ (134,786) | $ 149,000 |
Beginning 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 currency translation adjustment | 5,325 | 5,325 | |||
Income/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 | 145,649,000 | ||||
Stock options exercised | $ 4,075 | (1,608) | 2,467 | ||
Stock options exercised (Shares) | 1,507,000 | ||||
Stock options forfeited | (172) | 172 | |||
Share-based compensation, stock options | 2,943 | 2,943 | |||
Foreign currency translation adjustment | (27,987) | (27,987) | |||
Income/Loss for the year | 31,301 | 31,301 | |||
Balance, end of year at Dec. 31, 2022 | $ 405,811 | $ 10,945 | $ (13,793) | $ (125,969) | $ 276,994 |
Ending Balance (Shares) at Dec. 31, 2022 | 147,156,264 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2022 | |
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 producer 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 principal focus is operating the Las Chispas Mine, located in Sonora, Mexico, which was ready for its intended use and therefore reached commercial production effective November 1, 2022. Please refer to note 3 "Critical Judgements and Estimates - Critical Judgements in Applying Accounting Policies |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
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 10, 2023. 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 subsidiary at December 31, 2022 was the wholly-owned Compañía Minera La Llamarada, S.A. de C.V. located in Mexico whose principal project and purpose is ownership and operation of the Las Chispas Mine. 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. Inventories Inventories include stockpiled ore, work-in-process, materials and supplies, and finished goods, and are measured at the lower of weighted average cost or net realizable value ("NRV"). For work-in-process and finished goods inventories, cost includes all direct costs incurred in production, including direct labour and materials, depreciation and depletion, and directly attributable overhead costs. NRV is calculated as the estimated price at the time of sale based on prevailing and long-term metal prices less estimated future costs to convert the inventories into saleable form, transportation costs, and estimated costs to sell. Stockpiled ore represents ore that has been extracted from the mine and is available for further processing. Costs added to stockpiled ore inventory is based on current mining cost per ounce incurred up to the point of stockpiling the ore and are removed at the weighted average cost per ounce. Costs are included in work-in-process inventory based on current costs incurred up to the point prior to the refining process, including applicable depletion of mining interests, and removed at the weighted average cost per recoverable ounce of silver equivalent. The average costs of finished goods represent the average costs of work-in-process inventory incurred prior to the refining process, plus applicable refining and transportation costs. Work-in-process inventory includes inventory in the milling process, in tanks, and precipitates. Finished goods inventory includes metals in their final stage of production prior to sale, primarily doré at the mine site or in transit, and refined metal held at a refinery. Any write-downs of inventories to NRV are recorded as cost of sales. If there is a subsequent increase in the value of inventories, the previous write-downs to NRV are reversed to the extent that the related inventories have not been sold. Materials and supplies are measured at weighted average cost. Cost includes acquisition, freight, and other directly attributable costs. In the event that the NRV of the finished goods, the production of which the materials and supplies are held for use in, is lower than the expected cost of the finished product, the material and supplies are written down to their NRV. 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 income (loss) and comprehensive income (loss) at the time the determination is made. For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units 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 ("CGU") 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 income (loss) and comprehensive income (loss). Exploration and evaluation expenditures Exploration and evaluation costs, net of incidental revenues, are charged to the consolidated statement of income (loss) and comprehensive income (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 income (loss) and comprehensive income (loss). Mineral property - production phase When management determines that a property is capable of commercial production, depletion 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 depleted over the remaining useful life of the related assets. Mineral properties include reclamation and closure provision 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 income (loss) and comprehensive income (loss). Mineral properties are depleted on the unit-of-production basis using the mineable tonnes extracted from the mine in the period as a percentage of the total mineable tonnes to be extracted in current and future periods based on mineral reserves. Mineral properties are recorded at cost, net of accumulated 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 either the straight-line or the units-of-production method over the estimated useful lives of the individual assets. The major categories of plant and equipment and their useful lives and depreciation method are as follows: Category Estimated life Depreciation method Computer equipment 3-4 years Straight-line Mining equipment 5-15 years Straight-line Vehicles 4 years Straight-line Buildings Life-of-mine Straight-line Mine plant and related equipment Life-of-mine Units-of-production Underground infrastructure Life-of-mine Straight-line 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 income (loss) and comprehensive income (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 income (loss) and comprehensive income (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 either the consolidated statement of financial position or the consolidated statement of income (loss) and comprehensive income (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 expenditure in the period in which the triggering event occurs and are included in either the consolidated statement of financial position or the consolidated statement of income (loss) and comprehensive income (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 is either capitalized to the consolidated statement of financial position or charged to the consolidated statement of income (loss) and comprehensive income (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 either capitalization to the consolidated statement of financial position or a charge to the consolidated statement of income (loss) and comprehensive income (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. Share unit plan On June 15, 2021, the shareholders of the Company approved the adoption of a 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 ("PSUs") and deferred share units ("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 was phased out and no new awards of DSUs will be granted under that plan. 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 2022 and 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 as an accrued liability. DSUs DSUs vest immediately and become payable upon the retirement of the holder. The share-based compensation expense related to these 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. RSUs 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, inventories, 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. PSUs Share-based compensation of PSUs 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. Share-based compensation is recognized on a straight-line method basis, over the PSU's vesting period as either an expense, inventories, or capitalized as mineral property, plant, and equipment, with a corresponding change in accrued liabilities. The value of vested PSUs is remeasured at each reporting date to the current market price of the Company's shares. 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. Income (loss) per share Basic income (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted income (loss) per share is computed similarly to basic income (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 units were exercised and that the proceeds from such exercises were used to acquire common stock at the average market price during the reporting periods. Revenue recognition The Company early adopted the Amendments to IAS 16 "Property, Plant, and Equipment" IAS 2 "Inventories" The Company's primary source of revenue is the sale of refined gold and silver and its performance obligations are the delivery of refined gold and silver to its customers. Revenue from the sale of metal is recognized when the buyer obtains control of the metal. When considering whether the Company has satisfied its performance obligations, it considers the indicators of the transfer of control, which include, but are not limited to, whether: the Company has a present right to payment; the customer has legal title to the metal; the Company has transferred physical possession of the metal to the customer; and, the customer has the significant risks and rewards of ownership of the metal. Revenue is recognized at the time when the risks and rewards of ownership and title transfers to the customer, which is when the Company irrevocably instructs the refinery to deliver the metals to the customer. The Company sells gold and silver to bullion banks who are members of the London Bullion Market Association. The sales price is fixed on the date of sale based on spot price or by mutual agreement. 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 income (loss) and comprehensive income (loss). New accounting standards issued but not yet effective Amendments to IAS 1, Presentation of Financial Statements In January 2020, the International Accounting Standards Board ("IASB") issued " Classification of Liabilities as Current or Non-current (Amendments to IAS 1)" Non-current Liabilities with Covenants (Amendments to IAS 1)" |
CRITICAL JUDGMENTS AND ESTIMATE
CRITICAL JUDGMENTS AND ESTIMATES | 12 Months Ended |
Dec. 31, 2022 | |
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 operating cost and future capital costs estimates, decreases in estimated mineral reserves, decreases in estimated production and increases in the discount rate. No impairment indicators were identified by management as of December 31, 2022. Functional currency The functional currency of an entity is the currency of the primary economic environment in which the entity operates. The Company has 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. Mineral property, plant, and equipment and determination whether assets are ready for their intended use Determining when the Las Chispas Mine, processing plant, and other assets are in the condition necessary to be capable of operating in the manner intended by management is a matter of judgment. The Company has established a framework in the context of IAS 16 - Property, Plant and Equipment "Significant Accounting Policies - Mineral property, plant, and equipment - Mineral property - development phase" 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: Mineral reserves and the life of mine plan The Company estimates its mineral reserves in accordance with the requirements of National Instrument 43-101. Estimates of the quantities of the mineral reserves form the basis for the Company's life of mine plans, which are used for the calculation of depletion expense under the units of production method, impairment tests, and forecasting the timing of the payments related to the environmental reclamation provision. Significant estimation is involved in determining the reserves and resources included within the Company's life of mine plans. Changes in forecast prices of commodities, exchange rates, production costs, or recovery rates may result in the Company's life of mine plan being revised and such changes could impact depletion rates, asset carrying values, and our environmental reclamation provision. 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. 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 gold and silver prices; future capital cost estimates; operating cost estimates; reductions in the estimated mineral reserves; decreases in estimated production; 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. Inventories Stockpiled ore, work-in-process, and finished goods are measured at the lower of weighted average cost or NRV. The assumptions used in the valuation of work-in process inventory include estimates of the amount of gold and silver in the mill circuits and assumptions of the gold and silver prices expected to be realized when the metals are recovered. If these estimates or assumptions prove to be inaccurate, the Company could be required to write-down the recorded value of its work-in-process inventory, which would reduce the Company's earnings. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
INVENTORIES [Text Block] | 4. INVENTORIES The Company did not have any inventories recorded in 2021. As at the end of 2022, the Company's inventories comprised of the following: December 31, 2022 Stockpiled ore $ 25,669 Work-in-process 4,353 Finished goods 4,897 Materials and supplies 5,284 Total inventories $ 40,203 During the second quarter of 2022, the Company started commissioning activities of the processing plant which included the processing of stockpiled ore and the production of doré for sale. Accordingly, the Company concluded that the stockpiled ore should be presented as inventory, with an appropriate allocation of costs. Consequently, $13,655 of costs incurred from January 1, 2021 to June 30, 2022, and previously presented within mineral property costs, were reclassified to inventories during the second quarter of 2022. As at December 31, 2022, $3,747 of depreciation and depletion and $870 of share-based compensation was included in inventories. At December 31, 2022, the Company did not hold any non-current inventories. During 2022, the Company expensed $13,394 of inventories to cost of sales. |
MINERAL PROPERTY, PLANT, AND EQ
MINERAL PROPERTY, PLANT, AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
MINERAL PROPERTY, PLANT, AND EQUIPMENT [Text Block] | 5. MINERAL PROPERTY, PLANT, AND EQUIPMENT Property, plant and equipment Construction in progress Mineral property (1) Exploration and evaluation assets Total Cost 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 Additions 22,458 2,257 58,006 - 82,721 Transfers 83,179 (83,179 ) - - - Transfers to inventories (note 4) - - (13,655 ) - (13,655 ) At December 31, 2022 $ 124,454 $ 3,361 $ 106,636 $ 2,488 $ 236,939 Accumulated depreciation and depletion At December 31, 2020 $ (740 ) $ - $ - $ - $ (740 ) Depreciation and depletion for the year (2) (1,447 ) - - - (1,447 ) At December 31, 2021 (2,187 ) - - - (2,187 ) Depreciation and depletion for the year (2) (5,118 ) - (1,536 ) - (6,654 ) At December 31, 2022 $ (7,305 ) $ - $ (1,536 ) $ - $ (8,841 ) Carrying amounts At December 31, 2021 $ 16,630 $ 84,283 $ 62,285 $ 2,488 $ 165,686 At December 31, 2022 $ 117,149 $ 3,361 $ 105,100 $ 2,488 $ 228,098 (1) (2) At the end of May 2022, construction of the Las Chispas processing plant was completed which allowed the Company to start commissioning activities of the processing plant. Commissioning included the processing of stockpiled ore and the production of dor é for sale |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current payables [abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES [Text Block] | 6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 2022 2021 Trade payables $ 5,612 $ 2,990 Accrued liabilities 8,954 5,918 Tax liabilities (1) 5,740 98 Payroll related liabilities 728 134 Share unit accrued liabilities 2,382 1,245 Accounts payable and accrued liabilities $ 23,416 $ 10,385 (1) |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
DEBT [Text Block] | 7. DEBT A summary of debt transactions is as follows: 2022 2021 Project Financing Facility Balance, beginning of year $ 87,168 $ 28,967 Drawdown - 60,000 Transaction costs amortized - (2,066 ) Accretion 3,864 266 Interest expense 6,523 3,437 Interest payments (7,555 ) (3,436 ) Debt repayment (90,000 ) - Balance, end of year $ - $ 87,168 Term Facility Drawdown $ 50,000 $ - Transaction costs (417 ) - Accretion 8 - Interest expense 354 - Interest payments (354 ) - Balance, end of year $ 49,591 $ - Total debt $ 49,591 $ 87,168 Less: current portion (13,393 ) - Long-term debt $ 36,198 $ 87,168 Project Financing Facility On December 31, 2020, the Company's subsidiary entered into a secured project financing facility (the "Project Financing Facility") of up to $120,000. All amounts borrowed were due on December 31, 2024. 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 Company did not draw down the last $30 million and as such reclassified $1,032 of related transaction costs from prepaid expenses and other to mineral property, plant, and equipment as capitalized borrowing costs. Amounts borrowed under the Project Financing Facility incurred interest at a rate of 6.95% per annum plus the greater of either 3-month LIBOR or 1.5%. During 2022, $7,391 (2021 - $3,703) of borrowing costs incurred prior to the declaration of commercial production was capitalized as mineral property, plant, and equipment and $2,996 (2021 - $Nil) of borrowing costs incurred post declaration of commercial production was expensed in the consolidated statement of income (loss) and comprehensive income (loss). The Company held a balance of $90,000 under the Project Financing Facility throughout the majority of the year until November 29, 2022, when the Company repaid the total principal of $90,000 and all outstanding accrued interest. As result of the prepayment, the Company incurred and expensed a prepayment fee of 3% on the outstanding balance, totalling $2,748. Credit Facility On November 29, 2022, the Company refinanced its Project Financing Facility, of which only $90,000 was drawn, with a new $120,000 senior secured credit facility (the "Credit Facility") through a syndicate of two banks. The Credit Facility includes a $50,000 term facility ("Term Facility") and a $70,000 revolving facility ("Revolving Facility"). On closing of the Credit Facility, the Company fully drew the $50,000 Term Facility and used $40,000 of available cash to repay the outstanding $90,000 Project Financing Facility. The Revolving Facility of $70,000 will be available to the Company until November 27, 2026, for general corporate purposes and working capital (funds available to meet current, short-term obligations), subject to customary terms and conditions. As at December 31, 2022, there had been no draws on the Revolving Facility. The Term Facility has a 3-year term and repayment is in consecutive equal quarterly instalments of $4,500 commencing June 30, 2023, until the maturity date of November 28, 2025. The Revolving Facility has a 4-year term with a maturity date of November 27, 2026. Both the Term Facility and Revolving Facility bear interest at a rate based initially on an adjusted Term secured overnight financing rate as administered by the Federal Reserve Bank of New York ("SOFR"), plus an applicable margin ranging from 2.50% to 3.75% which Term SOFR margin has been set at 3.00% until June 30, 2023. The undrawn portion of the Revolving Facility is subject to a standby fee ranging from 0.5625% to 0.8428% per annum. All debts under the Credit Facility are guaranteed by the Company and its subsidiaries and secured by the assets of the Company and NorCrest Metals Inc. (a subsidiary of the Company) and pledges of the securities of the Company's subsidiaries. The Credit Facility includes certain covenants that are calculated and reported each fiscal quarter. As at December 31, 2022, the Company was in compliance with all covenants. |
RECLAMATION AND CLOSURE PROVISI
RECLAMATION AND CLOSURE PROVISION | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring provision [abstract] | |
RECLAMATION AND CLOSURE PROVISION [Text Block] | 8. RECLAMATION AND CLOSURE PROVISION Changes to the reclamation and closure provision related to the Las Chispas Mine were as follows: 2022 2021 Balance, beginning of year $ 2,713 $ - Increase in estimated cash flows resulting from current activities 2,566 2,713 Changes in estimate (988 ) - Accretion 243 - Effect of changes in foreign exchange rates 56 - Balance, end of year $ 4,590 $ 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 $11,158 (2021 - $4,357) which is calculated using a long-term inflation rate assumption of 4.6% (2021 - 3.0% to 4.5%). |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Disclosure [Abstract] | |
REVENUE [Text Block] | 9. REVENUE The Company did not have any revenue prior to the third quarter of 2022. During 2022, the Company had revenue of $43,510 from the sale of 11,400 gold ounces and 1.1 million silver ounces from two customers. 2022 Gold $ 19,726 Silver 23,784 Revenue $ 43,510 Customer A 35,117 Customer B 8,393 Revenue $ 43,510 |
COST OF SALES
COST OF SALES | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Sales Disclosure [Abstract] | |
COST OF SALES [Text Block] | 10. COST OF SALES The Company did not have any cost of sales prior to the third quarter of 2022. Cost of sales were: 2022 Production costs $ 12,119 Refining and transportation costs 712 Depletion and depreciation 1,856 Royalties 208 Site share-based compensation 195 Cost of sales $ 15,090 Production costs by nature of expense were: 2022 Salaries and benefits $ 1,639 Consultants and contractors 5,006 Utilities and other services 952 Supplies and consumables 3,482 Maintenance and mechanical 805 Office and other supplies 235 Production costs $ 12,119 |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
Selling, general and administrative expense [abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES [Text Block] | 11. GENERAL AND ADMINISTRATIVE EXPENSES 2022 2021 General and administrative $ 3,396 $ 2,039 Marketing 528 507 Professional fees 907 1,099 Remuneration 2,993 2,366 General and administrative expenses $ 7,824 $ 6,011 |
EXPLORATION AND EVALUATION EXPE
EXPLORATION AND EVALUATION EXPENDITURES | 12 Months Ended |
Dec. 31, 2022 | |
Exploration And Evaluation Expenditures [Abstract] | |
EXPLORATION AND EVALUATION EXPENDITURES [Text Block] | 12. EXPLORATION AND EVALUATION EXPENDITURES 2022 2021 Assays $ 396 $ 499 Depreciation 27 10 Drilling 2,459 7,473 Field and administrative costs 1,119 976 Salaries and remuneration 1,045 1,174 Share-based compensation 338 292 Technical consulting services and studies 60 52 Exploration and evaluation expenditures $ 5,444 $ 10,476 |
INTEREST AND FINANCE EXPENSE
INTEREST AND FINANCE EXPENSE | 12 Months Ended |
Dec. 31, 2022 | |
Interest And Finance Expense [Abstract] | |
INTEREST AND FINANCE EXPENSE [Text Block] | 13. INTEREST AND FINANCE EXPENSE 2022 2021 Interest expense - debt (note 7) $ 3,358 $ - Early repayment fees and closing costs - Project Financing Facility (note 7) 2,860 - Accretion of reclamation and closure provision (note 8) 243 - Other financing costs 128 27 Interest and finance expense $ 6,589 $ 27 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS [Text Block] | 14. RELATED PARTY TRANSACTIONS Professional fees During 2022 and 2021, the Company had the following transactions with a law firm of which the Company's Corporate Secretary is a partner. 2022 2021 Professional fees - expense $ 111 $ 105 Professional fees - capital stock issuance costs $ - $ 250 December 31, 2022 December 31, 2021 Payable to Koffman Kalef LLP $ 12 $ 6 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: 2022 2021 Salaries, short-term incentives, management fees, and directors' fees (1) $ 2,891 $ 2,457 Share-based compensation (2) $ 2,285 $ 1,882 $ 5,176 $ 4,339 (1) (2) Other transactions ● December 31, 2022 December 31, 2021 Loan receivable (1) $ 42 $ 44 (1) ● 2022 2021 Costs allocated to Goldsource $ 66 $ 94 December 31, 2022 December 31, 2021 Receivable from Goldsource $ 19 $ 23 |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2022 | |
Capital Stock [Abstract] | |
CAPITAL STOCK [Text Block] | 15. 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, 2022, the Company had 147,156,264 common shares and no preferred shares outstanding. In 2022, the Company issued 1,507,500 common shares at prices ranging from C$1.84 per share to C$8.24 per share for gross proceeds of $2,467 upon the exercise of stock options. In 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 $2,754 upon the exercise of stock options. Stock options During 2022, the Company's Board of Directors, shareholders, and the TSX approved a new stock option plan (the "New SOP") and as such it was adopted by the Company replacing the old Stock Option Plan. Like the old Stock Option Plan, the New SOP is a "rolling 5.5%" plan which authorizes the grant of stock options to directors, officers, employees, and consultants, enabling them to acquire common shares of the Company to a maximum of 5.5% of the then issued and outstanding common shares. A summary of the Company's stock option transactions during the year is as follows: 2022 2021 Number of Weighted average Number of Weighted average options exercised price (C$) options exercised price (C$) Outstanding, beginning of year 6,216,700 $ 6.37 6,031,500 $ 4.55 Granted 944,500 8.86 1,562,500 10.36 Exercised* (1,507,500 ) 2.13 (1,311,633 ) 2.63 Forfeited (93,250 ) 10.66 (65,667 ) 8.80 Outstanding, end of year 5,560,450 $ 7.87 6,216,700 $ 6.37 *During 2022, the weighted average market value of the Company's shares at the dates of exercise was C$9.14 (2021 - C$11.04). During 2022, the Company granted 944,500 (2021 - 1,562,500) stock options to certain employees, a consultant, and directors with exercise prices ranging from C$7.31 to C$11.14 (2021 - C$9.79 to C$10.87) and expiring five years from the grant date. 157,000 options granted in 2022 to a consultant vest over a 32-month period with 50% of the options vesting after each of 20 months and 32 months after the grant date, respectively. The remaining options vest over a 3-year period with 1/3 of the options vesting after each of one year, two years, and three years after the grant date, respectively. Stock options outstanding and exercisable as of December 31, 2022 are as follows: Options outstanding Options exercisable Exercise Number of shares Remaining life Number of shares Expiry date price (C$) issuable on exercise (years) issuable on exercise December 14, 2023 $ 3.24 1,235,000 0.95 1,235,000 May 30, 2024 $ 4.54 110,250 1.41 110,250 September 4, 2024 $ 8.21 836,250 1.68 836,250 December 19, 2024 $ 8.24 740,450 1.97 740,450 September 14, 2025 $ 12.53 125,000 2.71 83,333 November 11, 2025 $ 12.63 25,000 2.87 16,667 December 7, 2025 $ 11.22 50,000 2.94 33,333 February 25, 2026 $ 10.87 726,000 3.16 242,000 July 26, 2026 $ 9.97 91,000 3.57 30,333 August 3, 2026 $ 10.80 37,500 3.59 12,500 December 21, 2026 $ 9.79 639,500 3.98 213,167 April 1, 2027 $ 11.14 70,000 4.25 - May 2, 2027 $ 9.69 157,000 4.34 - July 11, 2027 $ 7.31 25,000 4.53 - December 16, 2027 $ 8.50 692,500 4.96 - 5,560,450 3,553,283 The weighted average remaining life of options outstanding is 2.62 years. Share-based compensation The fair value of options granted during 2022 and 2021 was estimated using the Black-Scholes Option Pricing Model using the following weighted average assumptions: 2022 2021 Expected option life (years) 3.48 3.56 Expected volatility 55.35% 54.90% Expected dividend yield - - Risk-free interest rate 3.10% 0.72% Expected forfeiture rate 1.00% 1.00% Fair value per option (C$) $ 3.72 $ 4.12 Total fair value $ 2,701 $ 5,137 A summary of the Company's share-based compensation for options vested during the year, related to options granted between 2019 and 2022, is as follows: 2022 2021 Share-based compensation expense $ 1,029 $ 849 Share-based compensation recorded to inventories 589 - Exploration and evaluation expenditures 277 290 Mineral property, plant, and equipment additions 1,048 1,392 Total share-based compensation on vested options $ 2,943 $ 2,531 Share-based compensation expense Share-based compensation expense - stock options $ 1,029 $ 849 Share-based compensation expense - deferred share units 430 869 Share-based compensation expense - restricted share units 146 3 Share-based compensation expense - performance share units 261 - Total, share-based compensation expense $ 1,866 $ 1,721 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: 2022 2021 Balance, beginning of year $ 9,782 $ 8,978 Share-based compensation, stock options 2,943 2,531 Stock options exercised, reallocated to capital stock (1,608 ) (1,619 ) Stock options forfeited, reallocated to deficit (172 ) (108 ) Balance, end of year $ 10,945 $ 9,782 DSUs A summary of the Company's DSU transactions, shown in number of DSUs, during the year is as follows: 2022 2021 Outstanding, beginning of year 156,500 33,500 Granted (1) 96,000 123,000 Vested and settled in cash ( 2 ) (24,500 ) - Outstanding, end of year 228,000 156,500 (1) (2) Share-based compensation expense and accrued DSU liability The following table summarizes the change in the accrued DSU liability: 2022 2021 Outstanding, beginning of year $ 1,234 $ 373 Settlement of DSUs during the year (218 ) - Change in accrued DSU liability (1) 430 869 Effect of foreign currency translation (82 ) (8 ) Outstanding, end of year (2) $ 1,364 $ 1,234 (1) (2) RSUs A summary of the Company's RSU transactions, shown in number of RSUs, during the year is as follows: 2022 2021 Outstanding, beginning of year 83,500 - Granted (1) ( 2 ) 195,500 83,500 Vested and settled in cash (27,002 ) - Forfeited (2,500 ) - Outstanding, end of year 249,498 83,500 (1) RSUs were granted to certain employees, consultants, and officers of the Company. (2) The following table summarizes the change in the accrued RSU liability: 2022 2021 Outstanding, beginning of year $ 11 $ - Settlement of RSUs during the year (175 ) - Liability of forfeited RSUs (1) (6 ) - Change in accrued RSU liability (1) 435 11 Effect of foreign currency translation (11 ) - Outstanding, end of year (2) $ 254 $ 11 (1) (2) PSUs During 2022, the Company issued 173,750 (2021 - Nil) PSUs to executive officers of the Company, with 82,500 PSUs being in relation to the completion of construction of the Las Chispas Mine, to vest on June 1, 2023. The remaining 91,250 PSUs were granted as part of executive officers long-term incentive plans and the performance and vesting conditions of these PSUs is to be determined by the Board of Directors. The following table summarizes the change in the accrued PSU liability: 2022 Outstanding, beginning of year $ - Share-based compensation for PSUs (1) 795 Effect of foreign currency translation (31 ) Outstanding, end of year (2) $ 764 (1) (2) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
INCOME TAXES [Text Block] | 16. INCOME TAXES The income taxes recognized in income (loss) and comprehensive income (loss) are as follows: 2022 2021 Current tax expense $ 5,682 $ 384 Deferred tax expense 382 - Total income tax expense $ 6,064 $ 384 The provision for income taxes reported differs from the amounts computed by applying statutory tax rates to the income (loss) before income taxes due to the following: 2022 2021 Income (loss) for the year before income taxes $ 37,365 $ (22,380 ) Statutory tax rate 27% 27% Recovery of income taxes computed at statutory rates 10,089 (6,043 ) Share based payments 940 921 Mexican inflationary adjustments (5,116 ) 1,642 Differing effective tax rate on loss in foreign jurisdiction (567 ) (955 ) Impact of share issuance costs - (1,794 ) Unrecognized deferred tax assets (3,624 ) 1,600 Impact of foreign exchange and other 4,342 5,013 Total income tax expense $ 6,064 $ 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, 2022 and 2021 is as follows: 2022 2021 Deferred income tax assets Exploration and evaluation assets $ 46,129 $ 34 Non-capital losses 7,412 40 Financing fees 1,937 858 Withholding tax 2,535 - 58,013 932 Deferred income tax liabilities Mineral property, plant, and equipment (54,057 ) (496 ) Debt (4,217 ) (436 ) Other (121 ) - (58,395 ) (932 ) Net deferred income tax liability $ (382 ) $ - The Company's movement of net deferred tax liabilities is described below: December 31, 2022 Deferred income tax expense and liability (382 ) The approximate tax effect of each item that gives rise to the Company's unrecognized deferred tax assets and liabilities are as follows: 2022 2021 Non-capital losses $ 15,084 $ 18,786 Mineral property, plant and equipment 50 15,638 Financing fees - 2,585 Reclamation and closure provision 1,377 - Withholding tax 437 - Other 1,502 1,384 Unrecognized deferred tax assets (18,450 ) (38,393 ) Total $ - $ - The Company has the following deductible temporary differences for which no deferred tax assets have been recognized: Expiry Dates December 31, 2022 December 31, 2021 Non-capital losses 2027-2042 $ 50,280 $ 62,681 Mineral property, plant and equipment No Expiry 168 52,126 Financing fees 2043-2047 - 9,574 Reclamation and closure provision No Expiry 4,590 - Withholding tax No Expiry 437 - Other No Expiry 5,007 9,756 Total $ 60,482 $ 134,137 At December 31, 2022, the Company had non-capital loss carry forwards of approximately $4,188 (2021 - $ ), which expire between 2040 and 2042, available to offset future taxable income in Canada. The Company also had non-capital loss carry forwards of approximately $71,045 (2021 - $ ), which expire between 2027 and 2032, available to offset future taxable income in Mexico. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of geographical areas [abstract] | |
SEGMENTED INFORMATION [Text Block] | 17. SEGMENTED INFORMATION During 2022 and 2021, the Company had two operating segments: the Las Chispas Mine and 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 2022 and 2021 is summarized below: Las Chispas Picacho Corporate Total Revenue for 2022 $ 43,510 $ - $ - $ 43,510 Income (loss) for 2022 $ 27,411 $ (5,322 ) $ 9,212 $ 31,301 Capital additions during 2022 Mineral property $ 44,351 $ - $ - $ 44,351 Plant and equipment 24,715 - - 24,715 Total capital additions $ 69,066 $ - $ - $ 69,066 Loss for 2021 $ - $ (10,411 ) $ (12,353 ) $ (22,764 ) Capital additions during 2021 Mineral property $ 57,973 $ - $ - $ 57,973 Plant and equipment 70,151 - - 70,151 Total capital additions $ 128,124 $ - $ - $ 128,124 Las Chispas Picacho Corporate Total As at December 31, 2022 Total assets $ 283,358 $ 2,489 $ 69,502 $ 355,349 Total liabilities $ 64,952 $ 269 $ 13,134 $ 78,355 As at December 31, 2021 Total assets $ 181,318 $ 2,489 $ 185,170 $ 368,977 Total liabilities $ 95,716 $ 1,248 $ 3,743 $ 100,707 |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Text Block] | 18. 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, credit, commodity price, 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 cash flows of the Company's financial liabilities and operating and capital commitments, shown in contractual undiscounted cash flows, at December 31, 2022: Less than 1 year Between 1 - 3 years Between 4 - 5 years After 5 years Total Accounts payable and accrued liabilities $ 23,416 $ - $ - $ - $ 23,416 Lease liabilities 120 137 110 115 482 Credit facility (1) 16,881 39,683 - - 56,564 Reclamation and closure provision (2) - - - 11,158 11,158 TOTAL $ 40,417 $ 39,820 $ 110 $ 11,273 $ 91,620 (1) (2) The Company believes its cash and cash equivalents at December 31, 2022 of $50,761 and continuing revenue and profitable operations are sufficient to settle its commitments through the next 12 months. Foreign currency risk The Company operates in Canada and Mexico and is exposed to foreign exchange risk arising from transactions denominated in foreign currencies. The operating results and the financial position of the Company are reported in US$. 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, 2022 Cash and cash equivalents $ 29,502 $ 318 $ 29,820 Accounts receivable 111 8 119 Value-added taxes receivable - 31,378 31,378 Total financial assets 29,613 31,704 61,317 Less: accounts payable and accrued liabilities (428 ) (3,010 ) (3,438 ) Less: debt (49,591 ) - (49,591 ) Net financial assets (liabilities) $ (20,406 ) $ 28,694 $ 8,288 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 income for the year: December 31, 2022 C$/US$exchange rate - increase/decrease 1% $ 204 US$/MX$exchange rate - increase/decrease 1% $ 287 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 accounts 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, 2022, the accounts receivable balance of $179 (2021 - $88) consisted of $60 (2021 - $67) due from related parties (note 14) and interest receivable of $111 (2021 - $20) 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, 2022, the weighted average interest rate earned on the Company's cash and cash equivalents was 4.60%. With all other variables unchanged, a one percentage point change in interest rates would result in approximately a $383 increase/decrease in the Company's income and comprehensive income for the year. The Company's debt has an interest rate of the adjusted SOFR plus an additional term interest rate margin ranging from 2.50% to 3.75%. The term interest rate margin is set at 3.00% until June 30, 2023 after which point it may vary. At December 31, 2022, adjusted SOFR was 4.40% and the term interest rate margin was 3.00% for a total interest rate of 7.40% and a one percentage point increase in interest rates would result in a $44 increase in interest for the year. Financial instruments carrying value and fair value The Company's financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued 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 accounts 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 15), 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 value of debt approximates its fair value as a result the debts variable interest rates that float in line with market interest rates. 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, 2022 Financial assets Accounts receivable $ - $ 179 $ - $ - $ - Financial liabilities Accounts payable and accrued liabilities (2,382 ) (21,034 ) - (2,382 ) - Debt - (49,591 ) - - (49,591 ) Net financial instruments $ (2,382 ) $ (70,446 ) $ - $ (2,382 ) $ (49,591 ) December 31, 2021 Financial assets Accounts receivable $ - $ 88 $ - $ - $ - Financial liabilities Accounts payable and accrued liabilities (1,245 ) (9,140 ) - (1,245 ) - Debt - (87,168 ) - - (87,168 ) Net financial instruments $ (1,245 ) $ (96,220 ) $ - $ (1,245 ) $ (87,168 ) |
MANAGEMENT OF CAPITAL
MANAGEMENT OF CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Management Of Capital [Abstract] | |
MANAGEMENT OF CAPITAL [Text Block] | 19. 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 operation 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 revenue and expenditure budgets which are revised periodically based on the results of the progress and results of its mine operation, its exploration programs, the availability of financing, and industry conditions. There are no external restrictions on the Company's expenditures other than the Company may not spend proceeds from draws on its Revolving Facility (no draws made as of December 31, 2022) on expenditures other than general corporate purposes or working capital. The Company's liquidity management policy is to invest any excess cash in liquid short-term interest-bearing instruments, refined precious metal bullion and certain other instruments with low-risk. When utilized, these instruments are selected with regard to the expected timing of expenditures from continuing operations. With its cash and cash equivalents balance and continuing revenue, the Company expects to have sufficient funds to meet its planned administrative overhead expenses and exploration and production plans for 2023. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS [Text Block] | 20. SUBSEQUENT EVENTS Subsequent to December 31, 2022, t he Company made a prepayment of $15,000 towards the Term Facility, reducing debt outstanding to $35,000. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 10, 2023. |
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 subsidiary at December 31, 2022 was the wholly-owned Compañía Minera La Llamarada, S.A. de C.V. located in Mexico whose principal project and purpose is ownership and operation of the Las Chispas Mine. 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. |
Inventories [Policy Text Block] | Inventories Inventories include stockpiled ore, work-in-process, materials and supplies, and finished goods, and are measured at the lower of weighted average cost or net realizable value ("NRV"). For work-in-process and finished goods inventories, cost includes all direct costs incurred in production, including direct labour and materials, depreciation and depletion, and directly attributable overhead costs. NRV is calculated as the estimated price at the time of sale based on prevailing and long-term metal prices less estimated future costs to convert the inventories into saleable form, transportation costs, and estimated costs to sell. Stockpiled ore represents ore that has been extracted from the mine and is available for further processing. Costs added to stockpiled ore inventory is based on current mining cost per ounce incurred up to the point of stockpiling the ore and are removed at the weighted average cost per ounce. Costs are included in work-in-process inventory based on current costs incurred up to the point prior to the refining process, including applicable depletion of mining interests, and removed at the weighted average cost per recoverable ounce of silver equivalent. The average costs of finished goods represent the average costs of work-in-process inventory incurred prior to the refining process, plus applicable refining and transportation costs. Work-in-process inventory includes inventory in the milling process, in tanks, and precipitates. Finished goods inventory includes metals in their final stage of production prior to sale, primarily doré at the mine site or in transit, and refined metal held at a refinery. Any write-downs of inventories to NRV are recorded as cost of sales. If there is a subsequent increase in the value of inventories, the previous write-downs to NRV are reversed to the extent that the related inventories have not been sold. Materials and supplies are measured at weighted average cost. Cost includes acquisition, freight, and other directly attributable costs. In the event that the NRV of the finished goods, the production of which the materials and supplies are held for use in, is lower than the expected cost of the finished product, the material and supplies are written down to their NRV. |
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 income (loss) and comprehensive income (loss) at the time the determination is made. For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units 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 ("CGU") 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 income (loss) and comprehensive income (loss). Exploration and evaluation expenditures Exploration and evaluation costs, net of incidental revenues, are charged to the consolidated statement of income (loss) and comprehensive income (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 income (loss) and comprehensive income (loss). Mineral property - production phase When management determines that a property is capable of commercial production, depletion 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 depleted over the remaining useful life of the related assets. Mineral properties include reclamation and closure provision 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 income (loss) and comprehensive income (loss). Mineral properties are depleted on the unit-of-production basis using the mineable tonnes extracted from the mine in the period as a percentage of the total mineable tonnes to be extracted in current and future periods based on mineral reserves. Mineral properties are recorded at cost, net of accumulated 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 either the straight-line or the units-of-production method over the estimated useful lives of the individual assets. The major categories of plant and equipment and their useful lives and depreciation method are as follows: Category Estimated life Depreciation method Computer equipment 3-4 years Straight-line Mining equipment 5-15 years Straight-line Vehicles 4 years Straight-line Buildings Life-of-mine Straight-line Mine plant and related equipment Life-of-mine Units-of-production Underground infrastructure Life-of-mine Straight-line 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 income (loss) and comprehensive income (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 income (loss) and comprehensive income (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 either the consolidated statement of financial position or the consolidated statement of income (loss) and comprehensive income (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 expenditure in the period in which the triggering event occurs and are included in either the consolidated statement of financial position or the consolidated statement of income (loss) and comprehensive income (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 is either capitalized to the consolidated statement of financial position or charged to the consolidated statement of income (loss) and comprehensive income (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 either capitalization to the consolidated statement of financial position or a charge to the consolidated statement of income (loss) and comprehensive income (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. Share unit plan On June 15, 2021, the shareholders of the Company approved the adoption of a 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 ("PSUs") and deferred share units ("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 was phased out and no new awards of DSUs will be granted under that plan. 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 2022 and 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 as an accrued liability. DSUs DSUs vest immediately and become payable upon the retirement of the holder. The share-based compensation expense related to these 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. RSUs 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, inventories, 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. PSUs Share-based compensation of PSUs 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. Share-based compensation is recognized on a straight-line method basis, over the PSU's vesting period as either an expense, inventories, or capitalized as mineral property, plant, and equipment, with a corresponding change in accrued liabilities. The value of vested PSUs is remeasured at each reporting date to the current market price of the Company's shares. |
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. |
Income (loss) per share [Policy Text Block] | Income (loss) per share Basic income (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted income (loss) per share is computed similarly to basic income (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 units were exercised and that the proceeds from such exercises were used to acquire common stock at the average market price during the reporting periods. |
Revenue recognition [Policy Text Block] | Revenue recognition The Company early adopted the Amendments to IAS 16 "Property, Plant, and Equipment" IAS 2 "Inventories" The Company's primary source of revenue is the sale of refined gold and silver and its performance obligations are the delivery of refined gold and silver to its customers. Revenue from the sale of metal is recognized when the buyer obtains control of the metal. When considering whether the Company has satisfied its performance obligations, it considers the indicators of the transfer of control, which include, but are not limited to, whether: the Company has a present right to payment; the customer has legal title to the metal; the Company has transferred physical possession of the metal to the customer; and, the customer has the significant risks and rewards of ownership of the metal. Revenue is recognized at the time when the risks and rewards of ownership and title transfers to the customer, which is when the Company irrevocably instructs the refinery to deliver the metals to the customer. The Company sells gold and silver to bullion banks who are members of the London Bullion Market Association. The sales price is fixed on the date of sale based on spot price or by mutual agreement. |
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 income (loss) and comprehensive income (loss). |
New accounting standards issued but not yet effective [Policy Text Block] | New accounting standards issued but not yet effective Amendments to IAS 1, Presentation of Financial Statements In January 2020, the International Accounting Standards Board ("IASB") issued " Classification of Liabilities as Current or Non-current (Amendments to IAS 1)" Non-current Liabilities with Covenants (Amendments to IAS 1)" |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Disclosure of detailed information about estimated useful life or depreciation rate [Table Text Block] | Category Estimated life Depreciation method Computer equipment 3-4 years Straight-line Mining equipment 5-15 years Straight-line Vehicles 4 years Straight-line Buildings Life-of-mine Straight-line Mine plant and related equipment Life-of-mine Units-of-production Underground infrastructure Life-of-mine Straight-line |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
Disclosure of detailed information about inventories [Table Text Block] | December 31, 2022 Stockpiled ore $ 25,669 Work-in-process 4,353 Finished goods 4,897 Materials and supplies 5,284 Total inventories $ 40,203 |
MINERAL PROPERTY, PLANT, AND _2
MINERAL PROPERTY, PLANT, AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment [Table Text Block] | Property, plant and equipment Construction in progress Mineral property (1) Exploration and evaluation assets Total Cost 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 Additions 22,458 2,257 58,006 - 82,721 Transfers 83,179 (83,179 ) - - - Transfers to inventories (note 4) - - (13,655 ) - (13,655 ) At December 31, 2022 $ 124,454 $ 3,361 $ 106,636 $ 2,488 $ 236,939 Accumulated depreciation and depletion At December 31, 2020 $ (740 ) $ - $ - $ - $ (740 ) Depreciation and depletion for the year (2) (1,447 ) - - - (1,447 ) At December 31, 2021 (2,187 ) - - - (2,187 ) Depreciation and depletion for the year (2) (5,118 ) - (1,536 ) - (6,654 ) At December 31, 2022 $ (7,305 ) $ - $ (1,536 ) $ - $ (8,841 ) Carrying amounts At December 31, 2021 $ 16,630 $ 84,283 $ 62,285 $ 2,488 $ 165,686 At December 31, 2022 $ 117,149 $ 3,361 $ 105,100 $ 2,488 $ 228,098 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current payables [abstract] | |
Disclosure of detailed information about accounts payable and accrued liabilities [Table Text Block] | 2022 2021 Trade payables $ 5,612 $ 2,990 Accrued liabilities 8,954 5,918 Tax liabilities (1) 5,740 98 Payroll related liabilities 728 134 Share unit accrued liabilities 2,382 1,245 Accounts payable and accrued liabilities $ 23,416 $ 10,385 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Disclosure of detailed information about debt [Table Text Block] | 2022 2021 Project Financing Facility Balance, beginning of year $ 87,168 $ 28,967 Drawdown - 60,000 Transaction costs amortized - (2,066 ) Accretion 3,864 266 Interest expense 6,523 3,437 Interest payments (7,555 ) (3,436 ) Debt repayment (90,000 ) - Balance, end of year $ - $ 87,168 Term Facility Drawdown $ 50,000 $ - Transaction costs (417 ) - Accretion 8 - Interest expense 354 - Interest payments (354 ) - Balance, end of year $ 49,591 $ - Total debt $ 49,591 $ 87,168 Less: current portion (13,393 ) - Long-term debt $ 36,198 $ 87,168 |
RECLAMATION AND CLOSURE PROVI_2
RECLAMATION AND CLOSURE PROVISION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring provision [abstract] | |
Disclosure of changes to reclamation and closure provision during the year [Table Text Block] | 2022 2021 Balance, beginning of year $ 2,713 $ - Increase in estimated cash flows resulting from current activities 2,566 2,713 Changes in estimate (988 ) - Accretion 243 - Effect of changes in foreign exchange rates 56 - Balance, end of year $ 4,590 $ 2,713 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Disclosure [Abstract] | |
Disclosure of detailed information about revenue [Table Text Block] | 2022 Gold $ 19,726 Silver 23,784 Revenue $ 43,510 Customer A 35,117 Customer B 8,393 Revenue $ 43,510 |
COST OF SALES (Tables)
COST OF SALES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Sales Disclosure [Abstract] | |
Disclosure of detailed information about cost of sale [Table Text Block] | 2022 Production costs $ 12,119 Refining and transportation costs 712 Depletion and depreciation 1,856 Royalties 208 Site share-based compensation 195 Cost of sales $ 15,090 |
Disclosure of production costs by nature of expense [Table Text Block] | 2022 Salaries and benefits $ 1,639 Consultants and contractors 5,006 Utilities and other services 952 Supplies and consumables 3,482 Maintenance and mechanical 805 Office and other supplies 235 Production costs $ 12,119 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Selling, general and administrative expense [abstract] | |
Disclosure of general and administrative expenses [Table Text Block] | 2022 2021 General and administrative $ 3,396 $ 2,039 Marketing 528 507 Professional fees 907 1,099 Remuneration 2,993 2,366 General and administrative expenses $ 7,824 $ 6,011 |
EXPLORATION AND EVALUATION EX_2
EXPLORATION AND EVALUATION EXPENDITURES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Exploration And Evaluation Expenditures [Abstract] | |
Disclosure of detailed information about exploration and evaluation expenditures [Table Text Block] | 2022 2021 Assays $ 396 $ 499 Depreciation 27 10 Drilling 2,459 7,473 Field and administrative costs 1,119 976 Salaries and remuneration 1,045 1,174 Share-based compensation 338 292 Technical consulting services and studies 60 52 Exploration and evaluation expenditures $ 5,444 $ 10,476 |
INTEREST AND FINANCE EXPENSE (T
INTEREST AND FINANCE EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest And Finance Expense [Abstract] | |
Disclosure of detailed information about interest and finance expense [Table Text Block] | 2022 2021 Interest expense - debt (note 7) $ 3,358 $ - Early repayment fees and closing costs - Project Financing Facility (note 7) 2,860 - Accretion of reclamation and closure provision (note 8) 243 - Other financing costs 128 27 Interest and finance expense $ 6,589 $ 27 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | |
Disclosure of detailed information about key management personnel [Table Text Block] | 2022 2021 Salaries, short-term incentives, management fees, and directors' fees (1) $ 2,891 $ 2,457 Share-based compensation (2) $ 2,285 $ 1,882 $ 5,176 $ 4,339 (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, 2022 December 31, 2021 Loan receivable (1) $ 42 $ 44 (1) |
Koffman Kalef, LLP [Member] | |
Disclosure of transactions between related parties [line items] | |
Disclosure of detailed information about key management personnel [Table Text Block] | 2022 2021 Professional fees - expense $ 111 $ 105 Professional fees - capital stock issuance costs $ - $ 250 December 31, 2022 December 31, 2021 Payable to Koffman Kalef LLP $ 12 $ 6 |
Goldsource Mines Inc. [Member] | |
Disclosure of transactions between related parties [line items] | |
Disclosure of detailed information about key management personnel [Table Text Block] | 2022 2021 Costs allocated to Goldsource $ 66 $ 94 December 31, 2022 December 31, 2021 Receivable from Goldsource $ 19 $ 23 |
CAPITAL STOCK (Tables)
CAPITAL STOCK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Capital Stock [Abstract] | |
Disclosure of detailed information about number and weighted average exercise prices of share options [Table Text Block] | 2022 2021 Number of Weighted average Number of Weighted average options exercised price (C$) options exercised price (C$) Outstanding, beginning of year 6,216,700 $ 6.37 6,031,500 $ 4.55 Granted 944,500 8.86 1,562,500 10.36 Exercised* (1,507,500 ) 2.13 (1,311,633 ) 2.63 Forfeited (93,250 ) 10.66 (65,667 ) 8.80 Outstanding, end of year 5,560,450 $ 7.87 6,216,700 $ 6.37 *During 2022, the weighted average market value of the Company's shares at the dates of exercise was C$9.14 (2021 - C$11.04). |
Disclosure of detailed information about number and weighted average remaining contractual life of outstanding share options [Table Text Block] | Options outstanding Options exercisable Exercise Number of shares Remaining life Number of shares Expiry date price (C$) issuable on exercise (years) issuable on exercise December 14, 2023 $ 3.24 1,235,000 0.95 1,235,000 May 30, 2024 $ 4.54 110,250 1.41 110,250 September 4, 2024 $ 8.21 836,250 1.68 836,250 December 19, 2024 $ 8.24 740,450 1.97 740,450 September 14, 2025 $ 12.53 125,000 2.71 83,333 November 11, 2025 $ 12.63 25,000 2.87 16,667 December 7, 2025 $ 11.22 50,000 2.94 33,333 February 25, 2026 $ 10.87 726,000 3.16 242,000 July 26, 2026 $ 9.97 91,000 3.57 30,333 August 3, 2026 $ 10.80 37,500 3.59 12,500 December 21, 2026 $ 9.79 639,500 3.98 213,167 April 1, 2027 $ 11.14 70,000 4.25 - May 2, 2027 $ 9.69 157,000 4.34 - July 11, 2027 $ 7.31 25,000 4.53 - December 16, 2027 $ 8.50 692,500 4.96 - 5,560,450 3,553,283 |
Disclosure of detailed information about indirect measurement of fair value of goods or services received, share options granted during period [Table Text Block] | 2022 2021 Expected option life (years) 3.48 3.56 Expected volatility 55.35% 54.90% Expected dividend yield - - Risk-free interest rate 3.10% 0.72% Expected forfeiture rate 1.00% 1.00% Fair value per option (C$) $ 3.72 $ 4.12 Total fair value $ 2,701 $ 5,137 |
Disclosure of share based compensation for options vested [Table Text Block] | 2022 2021 Share-based compensation expense $ 1,029 $ 849 Share-based compensation recorded to inventories 589 - Exploration and evaluation expenditures 277 290 Mineral property, plant, and equipment additions 1,048 1,392 Total share-based compensation on vested options $ 2,943 $ 2,531 Share-based compensation expense Share-based compensation expense - stock options $ 1,029 $ 849 Share-based compensation expense - deferred share units 430 869 Share-based compensation expense - restricted share units 146 3 Share-based compensation expense - performance share units 261 - Total, share-based compensation expense $ 1,866 $ 1,721 |
Disclosure of detailed information about share capital, reserves and other equity interest [Table Text Block] | 2022 2021 Balance, beginning of year $ 9,782 $ 8,978 Share-based compensation, stock options 2,943 2,531 Stock options exercised, reallocated to capital stock (1,608 ) (1,619 ) Stock options forfeited, reallocated to deficit (172 ) (108 ) Balance, end of year $ 10,945 $ 9,782 |
Disclosure of DSU transactions, shown in number of DSUs, during the year [Table Text Block] | 2022 2021 Outstanding, beginning of year 156,500 33,500 Granted (1) 96,000 123,000 Vested and settled in cash ( 2 ) (24,500 ) - Outstanding, end of year 228,000 156,500 (1) (2) |
Disclosure of detailed information about summarizes change in accrued DSU liability [Table Text Block] | 2022 2021 Outstanding, beginning of year $ 1,234 $ 373 Settlement of DSUs during the year (218 ) - Change in accrued DSU liability (1) 430 869 Effect of foreign currency translation (82 ) (8 ) Outstanding, end of year (2) $ 1,364 $ 1,234 (1) (2) |
Disclosure of RSU transactions, shown in number of RSUs, during the year [Table Text Block] | 2022 2021 Outstanding, beginning of year 83,500 - Granted (1) ( 2 ) 195,500 83,500 Vested and settled in cash (27,002 ) - Forfeited (2,500 ) - Outstanding, end of year 249,498 83,500 (1) RSUs were granted to certain employees, consultants, and officers of the Company. (2) |
Disclosure of detailed information about summarizes change in accrued RSU liability [Table Text Block] | 2022 2021 Outstanding, beginning of year $ 11 $ - Settlement of RSUs during the year (175 ) - Liability of forfeited RSUs (1) (6 ) - Change in accrued RSU liability (1) 435 11 Effect of foreign currency translation (11 ) - Outstanding, end of year (2) $ 254 $ 11 (1) (2) |
Disclosure of change in the accrued PSU liability [Table Text Block] | 2022 Outstanding, beginning of year $ - Share-based compensation for PSUs (1) 795 Effect of foreign currency translation (31 ) Outstanding, end of year (2) $ 764 (1) (2) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Disclosure of detailed information about effective income tax expense (recovery) [Table Text Block] | 2022 2021 Current tax expense $ 5,682 $ 384 Deferred tax expense 382 - Total income tax expense $ 6,064 $ 384 2022 2021 Income (loss) for the year before income taxes $ 37,365 $ (22,380 ) Statutory tax rate 27% 27% Recovery of income taxes computed at statutory rates 10,089 (6,043 ) Share based payments 940 921 Mexican inflationary adjustments (5,116 ) 1,642 Differing effective tax rate on loss in foreign jurisdiction (567 ) (955 ) Impact of share issuance costs - (1,794 ) Unrecognized deferred tax assets (3,624 ) 1,600 Impact of foreign exchange and other 4,342 5,013 Total income tax expense $ 6,064 $ 384 |
Disclosure of detailed information about recognized deferred taxes [Table Text Block] | 2022 2021 Deferred income tax assets Exploration and evaluation assets $ 46,129 $ 34 Non-capital losses 7,412 40 Financing fees 1,937 858 Withholding tax 2,535 - 58,013 932 Deferred income tax liabilities Mineral property, plant, and equipment (54,057 ) (496 ) Debt (4,217 ) (436 ) Other (121 ) - (58,395 ) (932 ) Net deferred income tax liability $ (382 ) $ - |
Disclosure of detailed information about movement of net deferred tax liabilities [Table Text Block] | December 31, 2022 Deferred income tax expense and liability (382 ) |
Disclosure of detailed information about unrecognized deferred tax assets and liabilities [Table Text Block] | 2022 2021 Non-capital losses $ 15,084 $ 18,786 Mineral property, plant and equipment 50 15,638 Financing fees - 2,585 Reclamation and closure provision 1,377 - Withholding tax 437 - Other 1,502 1,384 Unrecognized deferred tax assets (18,450 ) (38,393 ) Total $ - $ - |
Disclosure of detailed information about deductible temporary differences for which no deferred tax assets have been recognized [Table Text Block] | Expiry Dates December 31, 2022 December 31, 2021 Non-capital losses 2027-2042 $ 50,280 $ 62,681 Mineral property, plant and equipment No Expiry 168 52,126 Financing fees 2043-2047 - 9,574 Reclamation and closure provision No Expiry 4,590 - Withholding tax No Expiry 437 - Other No Expiry 5,007 9,756 Total $ 60,482 $ 134,137 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of geographical areas [abstract] | |
Disclosure of operating segments [Table Text Block] | Las Chispas Picacho Corporate Total Revenue for 2022 $ 43,510 $ - $ - $ 43,510 Income (loss) for 2022 $ 27,411 $ (5,322 ) $ 9,212 $ 31,301 Capital additions during 2022 Mineral property $ 44,351 $ - $ - $ 44,351 Plant and equipment 24,715 - - 24,715 Total capital additions $ 69,066 $ - $ - $ 69,066 Loss for 2021 $ - $ (10,411 ) $ (12,353 ) $ (22,764 ) Capital additions during 2021 Mineral property $ 57,973 $ - $ - $ 57,973 Plant and equipment 70,151 - - 70,151 Total capital additions $ 128,124 $ - $ - $ 128,124 Las Chispas Picacho Corporate Total As at December 31, 2022 Total assets $ 283,358 $ 2,489 $ 69,502 $ 355,349 Total liabilities $ 64,952 $ 269 $ 13,134 $ 78,355 As at December 31, 2021 Total assets $ 181,318 $ 2,489 $ 185,170 $ 368,977 Total liabilities $ 95,716 $ 1,248 $ 3,743 $ 100,707 |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments And Fair Value Measurements [Abstract] | |
Disclosure of financial liabilities [Table Text Block] | Less than 1 year Between 1 - 3 years Between 4 - 5 years After 5 years Total Accounts payable and accrued liabilities $ 23,416 $ - $ - $ - $ 23,416 Lease liabilities 120 137 110 115 482 Credit facility (1) 16,881 39,683 - - 56,564 Reclamation and closure provision (2) - - - 11,158 11,158 TOTAL $ 40,417 $ 39,820 $ 110 $ 11,273 $ 91,620 (1) (2) |
Disclosure of detailed information about effect of changes in foreign exchange rates [Table Text Block] | US Dollar Mexican Peso Total December 31, 2022 Cash and cash equivalents $ 29,502 $ 318 $ 29,820 Accounts receivable 111 8 119 Value-added taxes receivable - 31,378 31,378 Total financial assets 29,613 31,704 61,317 Less: accounts payable and accrued liabilities (428 ) (3,010 ) (3,438 ) Less: debt (49,591 ) - (49,591 ) Net financial assets (liabilities) $ (20,406 ) $ 28,694 $ 8,288 |
Disclosure of detailed information about sensitivity analysis for foreign currency risk [Table Text Block] | December 31, 2022 C$/US$exchange rate - increase/decrease 1% $ 204 US$/MX$exchange rate - increase/decrease 1% $ 287 |
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, 2022 Financial assets Accounts receivable $ - $ 179 $ - $ - $ - Financial liabilities Accounts payable and accrued liabilities (2,382 ) (21,034 ) - (2,382 ) - Debt - (49,591 ) - - (49,591 ) Net financial instruments $ (2,382 ) $ (70,446 ) $ - $ (2,382 ) $ (49,591 ) December 31, 2021 Financial assets Accounts receivable $ - $ 88 $ - $ - $ - Financial liabilities Accounts payable and accrued liabilities (1,245 ) (9,140 ) - (1,245 ) - Debt - (87,168 ) - - (87,168 ) Net financial instruments $ (1,245 ) $ (96,220 ) $ - $ (1,245 ) $ (87,168 ) |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about estimated useful life or depreciation rate (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Computer equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3-4 years |
Depreciation method | Straight-line |
Mining equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 5-15 years |
Depreciation method | Straight-line |
Vehicles [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 4 years |
Depreciation method | Straight-line |
Buildings [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | Life-of-mine |
Depreciation method | Straight-line |
Mine plant and related equipment [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | Life-of-mine |
Depreciation method | Units-of-production |
Underground infrastructure [Member] | |
Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | Life-of-mine |
Depreciation method | Straight-line |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Inventories [Line Items] | |||
Depreciation and depletion included in inventories | $ 3,747 | ||
Share-based compensation included in inventories | 870 | ||
Transfers to inventories | (21,945) | $ 0 | |
Inventories expensed to cost of sales | $ 13,394 | ||
Las Chispas Property [Member] | |||
Inventories [Line Items] | |||
Transfers to inventories | $ 13,655 |
INVENTORIES - Disclosure of det
INVENTORIES - Disclosure of detailed information about inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Classes of current inventories [abstract] | ||
Stockpiled ore | $ 25,669 | |
Work-in-process | 4,353 | |
Finished goods | 4,897 | |
Materials and supplies | 5,284 | |
Total inventories | $ 40,203 | $ 0 |
MINERAL PROPERTY, PLANT, AND _3
MINERAL PROPERTY, PLANT, AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost of sales | $ 15,090 | $ 0 | |
Transfers to inventories | (21,945) | 0 | |
Depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cost of sales | $ 1,856 | $ 0 | |
Las Chispas Property [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Transfers to inventories | $ 13,655 |
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, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | $ 165,686 | |
Property and equipment at end of period | 228,098 | $ 165,686 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 167,873 | 39,749 |
Additions | 82,721 | 128,124 |
Transfers | 0 | 0 |
Transfers to inventories | (13,655) | |
Property and equipment at end of period | 236,939 | 167,873 |
Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | (2,187) | (740) |
Depreciation for the year | (6,654) | (1,447) |
Property and equipment at end of period | (8,841) | (2,187) |
Property and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 16,630 | |
Property and equipment at end of period | 117,149 | 16,630 |
Property and equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 18,817 | 4,181 |
Additions | 22,458 | 9,553 |
Transfers | 83,179 | 5,083 |
Transfers to inventories | 0 | |
Property and equipment at end of period | 124,454 | 18,817 |
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 | (2,187) | (740) |
Depreciation for the year | (5,118) | (1,447) |
Property and equipment at end of period | (7,305) | (2,187) |
Construction in progress [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 84,283 | |
Property and equipment at end of period | 3,361 | 84,283 |
Construction in progress [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 84,283 | 28,768 |
Additions | 2,257 | 60,598 |
Transfers | (83,179) | (5,083) |
Transfers to inventories | 0 | |
Property and equipment at end of period | 3,361 | 84,283 |
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 |
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 | 62,285 | |
Property and equipment at end of period | 105,100 | 62,285 |
Mineral property [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property and equipment at beginning of period | 62,285 | 4,312 |
Additions | 58,006 | 57,973 |
Transfers | 0 | 0 |
Transfers to inventories | (13,655) | |
Property and equipment at end of period | 106,636 | 62,285 |
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 | (1,536) | 0 |
Property and equipment at end of period | (1,536) | 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 | 2,488 |
Additions | 0 | 0 |
Transfers | 0 | 0 |
Transfers to inventories | 0 | |
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 |
Property and equipment at end of period | $ 0 | $ 0 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Disclosure of detailed information about accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other current payables [abstract] | ||
Trade payables | $ 5,612 | $ 2,990 |
Accrued liabilities | 8,954 | 5,918 |
Tax liabilities | 5,740 | 98 |
Payroll related liabilities | 728 | 134 |
Share unit accrued liabilities | 2,382 | 1,245 |
Accounts payable and accrued liabilities | $ 23,416 | $ 10,385 |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 29, 2022 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||||
Debt repayment | $ 90,000 | $ 0 | ||
Prepaid expense | 4,663 | 3,303 | ||
Term SOFR margin | Term SOFR margin has been set at 3.00% until June 30, 2023. | |||
Project Financing Facility [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Maximum amount borrowed for project financing | $ 120,000 | |||
Additional amount of borrowing drawn during period | 30,000 | |||
Amount of borrowing drawn | 0 | 60,000 | ||
Borrowing costs reclassified as expense | $ 1,032 | |||
Borrowings, interest rate basis | Amounts borrowed under the Project Financing Facility incurred interest at a rate of 6.95% per annum plus the greater of either 3-month LIBOR or 1.5%. | |||
Transaction cost | 0 | 2,066 | ||
Borrowings held | 90,000 | |||
Debt repayment | $ 90,000 | 0 | ||
Prepayment fee percentage | 3% | |||
Prepaid expense | $ 2,748 | |||
Interest expense (capitalized to mineral property, plant and equipment) | 6,523 | 3,437 | ||
Project Financing Facility [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 | |||
Project Financing Facility [Member] | Debt drawn by December 31, 2020 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Amount of borrowing drawn | $ 30,000 | |||
Project Financing Facility [Member] | Debt drawn by 31 December 2021 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Additional amount of borrowing drawn during period | 30,000 | |||
Project Financing Facility [Member] | Prior to the Declaration of Commercial Production [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowing costs incurred | 7,391 | 3,703 | ||
Project Financing Facility [Member] | Post Declaration of Commercial Production [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowing costs incurred | 2,996 | $ 0 | ||
Senior Secured Credit Facility [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Amount of borrowing drawn | $ 120,000 | |||
Debt repayment | $ 90,000 | |||
Credit facility available to repayment | 40,000 | |||
Outstanding amount of credit facility | 90,000 | |||
Term Facility [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Amount of borrowing drawn | $ 50,000 | |||
Term facility repayment terms | The Term Facility has a 3-year term and repayment is in consecutive equal quarterly instalments of $4,500 commencing June 30, 2023, until the maturity date of November 28, 2025 | |||
Repayments of current borrowings | $ 4,500 | |||
Revolving Facility [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Amount of borrowing drawn | $ 70,000 | |||
Revolving credit facility repayment terms | The Revolving Facility has a 4-year term with a maturity date of November 27, 2026. | |||
Revolving Facility [Member] | Minimum [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Credit facility undrawn standby portion | 0.5625% | |||
Revolving Facility [Member] | Maximum [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Credit facility undrawn standby portion | 0.8428% | |||
Federal Reserve Bank of New York ("SOFR") [Member] | Minimum [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
SOFR applicable margin rate | 2.50% | |||
Federal Reserve Bank of New York ("SOFR") [Member] | Maximum [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
SOFR applicable margin rate | 3.75% |
DEBT - Disclosure of detailed i
DEBT - Disclosure of detailed information about debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||
Balance, beginning of year | $ 87,168 | |
Interest payments | (7,568) | $ (3,436) |
Debt repayment | (90,000) | 0 |
Balance, end of year | 49,591 | 87,168 |
Less: current portion | (13,393) | 0 |
Long-term debt | 36,198 | 87,168 |
Project Financing Facility [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Balance, beginning of year | 87,168 | 28,967 |
Drawdown | 0 | 60,000 |
Transaction costs amortized | 0 | (2,066) |
Accretion | 3,864 | 266 |
Interest expense | 6,523 | 3,437 |
Interest payments | (7,555) | (3,436) |
Debt repayment | (90,000) | 0 |
Balance, end of year | 0 | 87,168 |
Term Facility [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Balance, beginning of year | 0 | |
Drawdown | 50,000 | 0 |
Transaction costs amortized | (417) | 0 |
Accretion | 8 | 0 |
Interest expense | 354 | 0 |
Interest payments | (354) | 0 |
Balance, end of year | $ 49,591 | $ 0 |
RECLAMATION AND CLOSURE PROVI_3
RECLAMATION AND CLOSURE PROVISION (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other provisions [line items] | ||
Discount rate used in estimated reclamation and closure cost provision | 8.90% | 5.50% |
Percentage change in discount rate | 1% | |
Increase or decrease in the provision due to change in discount rate | $ 400 | |
Estimated undiscounted value of the reclamation and closure provision | $ 11,158 | $ 4,357 |
Long-term inflation rate | 4.60% | |
Bottom of range [Member] | ||
Disclosure of other provisions [line items] | ||
Long-term inflation rate | 3% | |
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) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | $ 2,713 | |
Accretion | 243 | $ 0 |
Balance, end of year | 4,590 | 2,713 |
Las Chispas Mine [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of year | 2,713 | 0 |
Increase in estimated cash flows resulting from current activities | 2,566 | 2,713 |
Changes in estimate | (988) | 0 |
Accretion | 243 | 0 |
Effect of changes in foreign exchange rates | 56 | 0 |
Balance, end of year | $ 4,590 | $ 2,713 |
REVENUE (Narrative) (Details)
REVENUE (Narrative) (Details) oz in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) oz | Dec. 31, 2021 USD ($) | |
Revenue Disclosure [Abstract] | ||
Revenue | $ | $ 43,510 | $ 0 |
Gold ounces sold | 11,400 | |
Silver ounces sold | 1,100 |
REVENUE - Disclosure of detaile
REVENUE - Disclosure of detailed information about revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 43,510 | $ 0 |
Gold [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 19,726 | |
Silver [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 23,784 | |
Customer A [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 35,117 | |
Customer B [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 8,393 |
COST OF SALES - Disclosure of d
COST OF SALES - Disclosure of detailed information about cost of sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cost Of Sales [Line Items] | ||
Production costs | $ 12,119 | |
Refining and transportation costs | 712 | |
Depletion and depreciation | 1,856 | |
Royalties | 208 | |
Site share-based compensation | 195 | |
Cost of sales | $ 15,090 | $ 0 |
COST OF SALES - Disclosure of p
COST OF SALES - Disclosure of production costs by nature of expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Expenses By Nature [Line Items] | |
Salaries and benefits | $ 1,639 |
Consultants and contractors | 5,006 |
Utilities and other services | 952 |
Supplies and consumables | 3,482 |
Maintenance and mechanical | 805 |
Office and other supplies | 235 |
Production costs | $ 12,119 |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSES - Disclosure of detailed information about general and administrative expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expense | $ 7,824 | $ 6,011 |
General and administrative [Member] | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expense | 3,396 | 2,039 |
Marketing [Member] | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expense | 528 | 507 |
Professional fees [Member] | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expense | 907 | 1,099 |
Remuneration [Member] | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expense | $ 2,993 | $ 2,366 |
EXPLORATION AND EVALUATION EX_3
EXPLORATION AND EVALUATION EXPENDITURES - Disclosure of detailed information about exploration and evaluation expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Exploration And Evaluation Expenditures [Line Items] | ||
Exploration and evaluation expenditures | $ 5,444 | $ 10,476 |
Assays [Member] | ||
Exploration And Evaluation Expenditures [Line Items] | ||
Exploration and evaluation expenditures | 396 | 499 |
Depreciation [Member] | ||
Exploration And Evaluation Expenditures [Line Items] | ||
Exploration and evaluation expenditures | 27 | 10 |
Drilling [Member] | ||
Exploration And Evaluation Expenditures [Line Items] | ||
Exploration and evaluation expenditures | 2,459 | 7,473 |
Field and administrative costs [Member] | ||
Exploration And Evaluation Expenditures [Line Items] | ||
Exploration and evaluation expenditures | 1,119 | 976 |
Salaries and remuneration [Member] | ||
Exploration And Evaluation Expenditures [Line Items] | ||
Exploration and evaluation expenditures | 1,045 | 1,174 |
Share-based compensation [Member] | ||
Exploration And Evaluation Expenditures [Line Items] | ||
Exploration and evaluation expenditures | 338 | 292 |
Technical consulting services and studies [Member] | ||
Exploration And Evaluation Expenditures [Line Items] | ||
Exploration and evaluation expenditures | $ 60 | $ 52 |
INTEREST AND FINANCE EXPENSE -
INTEREST AND FINANCE EXPENSE - Disclosure of detailed information about interest and finance expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest And Finance Expense [Abstract] | ||
Interest expense - debt | $ 3,358 | $ 0 |
Early repayment fees and closing costs - project financing facility | 2,860 | 0 |
Accretion of reclamation and closure provision | 243 | 0 |
Other financing costs | 128 | 27 |
Interest and finance expense | $ 6,589 | $ 27 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) | Dec. 31, 2022 |
Officers [Member] | |
Disclosure of transactions between related parties [line items] | |
Interest rate | 2% |
Goldsource Mines Inc. [Member] | |
Disclosure of transactions between related parties [line items] | |
Interest rate | 1% |
RELATED PARTY TRANSACTIONS - Di
RELATED PARTY TRANSACTIONS - Disclosure of professional fees (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | ||
Capital stock issuance costs | $ 0 | $ 6,645 |
Koffman Kalef, LLP [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Professional fees expense | 111 | 105 |
Capital stock issuance costs | 0 | 250 |
Amounts payable, related party transactions | $ 12 | $ 6 |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Disclosure of detailed information about key management personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related party transactions [abstract] | ||
Salaries, short-term incentives, management fees, and directors' fees | $ 2,891 | $ 2,457 |
Share-based compensation | 2,285 | 1,882 |
Key management compensation | $ 5,176 | $ 4,339 |
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, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | $ 60 | $ 67 |
Officers [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts receivable, related party transactions | 42 | 44 |
Goldsource Mines Inc. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Services received, related party transactions | 66 | 94 |
Amounts receivable, related party transactions | $ 19 | $ 23 |
CAPITAL STOCK (Narrative) (Deta
CAPITAL STOCK (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 $ / shares shares | Dec. 31, 2022 USD ($) share shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2021 USD ($) share $ / shares shares | Dec. 31, 2020 shares | |
Capital Stock [Line Items] | |||||
Shares issued from exercise of options | share | 1,507,500 | 1,311,633 | |||
Exercise price of stock options exercised | $ / shares | $ 2.13 | $ 2.63 | |||
Proceeds from exercise of options | $ 2,467 | ||||
Proceeds from issuing shares | $ 2,467 | $ 140,823 | |||
Share issue related cost | $ 6,645 | ||||
Maximum percentage of issued and outstanding common shares acquirable through stock option plan | 5.50% | ||||
Number of share options granted in share-based payment arrangement | share | 944,500 | 1,562,500 | |||
Exercise price of stock options granted | $ / shares | 8.86 | 10.36 | |||
Description of vesting requirements for share-based payment arrangement | The remaining options 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. | ||||
Weighted average remaining life of options outstanding | 2 years 7 months 13 days | ||||
Share-based compensation | $ 2,943 | $ 2,531 | |||
Share-based compensation expense | $ 1,866 | $ 1,721 | |||
Market value of shares | $ / shares | $ 9.14 | $ 11.04 | |||
Capital stock [Member] | |||||
Capital Stock [Line Items] | |||||
Number of shares outstanding | shares | 147,156,264 | 147,156,264 | 145,649,000 | 145,649,000 | 129,329,000 |
Share issue related cost | $ 6,645 | ||||
Bottom of range [Member] | |||||
Capital Stock [Line Items] | |||||
Exercise price of stock options exercised | $ / shares | $ 1.84 | ||||
Exercise price of stock options granted | $ / shares | 7.31 | $ 9.79 | |||
Top of range [Member] | |||||
Capital Stock [Line Items] | |||||
Exercise price of stock options exercised | $ / shares | 8.24 | ||||
Exercise price of stock options granted | $ / shares | 11.14 | 10.87 | |||
Prospectus Offering [Member] | |||||
Capital Stock [Line Items] | |||||
Shares issued from exercise of options | share | 1,311,633 | ||||
Proceeds from exercise of options | $ 2,754 | ||||
Number of shares issued in prospectus offering | shares | 15,007,500 | ||||
Share price of shares issued in public offering | $ / shares | $ 9.2 | ||||
Proceeds from issuing shares | $ 138,069 | ||||
Share issue related cost | $ 6,645 | ||||
Prospectus Offering [Member] | Bottom of range [Member] | |||||
Capital Stock [Line Items] | |||||
Exercise price of stock options exercised | $ / shares | 1.88 | ||||
Prospectus Offering [Member] | Top of range [Member] | |||||
Capital Stock [Line Items] | |||||
Exercise price of stock options exercised | $ / shares | 8.24 | ||||
Consultant [Member] | |||||
Capital Stock [Line Items] | |||||
Number of share options granted in share-based payment arrangement | share | 157,000 | ||||
Description of vesting requirements for share-based payment arrangement | vest over a 32-month period with 50% of the options vesting after each of 20 months and 32 months after the grant date, respectively. | ||||
Deferred Share Units [Member] | |||||
Capital Stock [Line Items] | |||||
Number of units settled in cash | share | 24,500 | 0 | |||
Payment to settle deferred share units in cash | $ 218 | ||||
Units granted | share | 96,000 | 123,000 | |||
Share-based compensation expense | $ 430 | $ 869 | |||
Market value of shares | $ / shares | 8.1 | 10 | |||
Restricted Share Units [Member] | |||||
Capital Stock [Line Items] | |||||
Description of vesting requirements for share-based payment arrangement | The remaining RSUs granted during 2022 vest over a 3-year period with 1/3 of the RSUs vesting after each of one year, two years, and three years after the grant date, respectively. | ||||
Number of units settled in cash | share | 27,002 | 0 | |||
Units granted | share | 195,500 | 83,500 | |||
Share-based compensation | $ 429 | $ 11 | |||
Share-based compensation expense | 146 | 3 | |||
Share-based compensation expense recorded to inventories | 115 | 0 | |||
Share-based compensation expense recorded to exploration and evaluation expeditures | 38 | 2 | |||
Share-based compensation expense recorded to mineral property, plant, and equipment | $ 130 | 6 | |||
Market value of shares | $ / shares | 8.1 | $ 10 | |||
Restricted Share Units [Member] | Consultant [Member] | |||||
Capital Stock [Line Items] | |||||
Description of vesting requirements for share-based payment arrangement | vest over a 32-month period with 50% of the RSUs vesting after each of 20 months and 32 months after the grant date respectively. | ||||
Units granted | share | 13,000 | ||||
Performance Share Units [Member] | |||||
Capital Stock [Line Items] | |||||
Share-based compensation | $ 795 | ||||
Share-based compensation expense | 261 | $ 0 | |||
Share-based compensation expense recorded to inventories | 383 | ||||
Share-based compensation expense recorded to exploration and evaluation expeditures | 22 | ||||
Share-based compensation expense recorded to mineral property, plant, and equipment | $ 129 | ||||
Market value of shares | $ / shares | $ 8.1 | ||||
Performance Share Units [Member] | Executive Officer [Member] | |||||
Capital Stock [Line Items] | |||||
Units granted | share | 173,750 | 0 | |||
Performance Share Units [Member] | Las Chispas Mine [Member] | |||||
Capital Stock [Line Items] | |||||
Units granted | share | 82,500 | ||||
Performance Share Units [Member] | Board of Directors Chairman [Member] | |||||
Capital Stock [Line Items] | |||||
Units granted | share | 91,250 |
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, 2022 share $ / shares | Dec. 31, 2021 share $ / shares | |
Capital Stock [Abstract] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | share | 6,216,700 | 6,031,500 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 6.37 | $ 4.55 |
Number of share options granted in share-based payment arrangement | share | 944,500 | 1,562,500 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 8.86 | $ 10.36 |
Number of share options exercised in share-based payment arrangement | share | (1,507,500) | (1,311,633) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 2.13 | $ 2.63 |
Number of share options forfeited in share-based payment arrangement | share | (93,250) | (65,667) |
Weighted average exercise price of share options forfeited in share-based payment arrangement | $ / shares | $ 10.66 | $ 8.8 |
Number of share options outstanding in share-based payment arrangement at end of period | share | 5,560,450 | 6,216,700 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares | $ 7.87 | $ 6.37 |
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, 2022 share $ / shares | Dec. 31, 2021 share | Dec. 31, 2020 share | |
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Options outstanding | 5,560,450 | 6,216,700 | 6,031,500 |
Remaining life (years) | 2 years 7 months 13 days | ||
Options exerciseable | 3,553,283 | ||
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) | 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) | 1 year 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 | 836,250 | ||
Remaining life (years) | 1 year 8 months 4 days | ||
Options exerciseable | 836,250 | ||
Expire December 19, 2024 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 8.24 | ||
Options outstanding | 740,450 | ||
Remaining life (years) | 1 year 11 months 19 days | ||
Options exerciseable | 740,450 | ||
Expire September 14, 2025 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 12.53 | ||
Options outstanding | 125,000 | ||
Remaining life (years) | 2 years 8 months 15 days | ||
Options exerciseable | 83,333 | ||
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) | 2 years 10 months 13 days | ||
Options exerciseable | 16,667 | ||
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) | 2 years 11 months 8 days | ||
Options exerciseable | 33,333 | ||
Expire February 25, 2026 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 10.87 | ||
Options outstanding | 726,000 | ||
Remaining life (years) | 3 years 1 month 28 days | ||
Options exerciseable | 242,000 | ||
Expire July 26, 2026 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 9.97 | ||
Options outstanding | 91,000 | ||
Remaining life (years) | 3 years 6 months 25 days | ||
Options exerciseable | 30,333 | ||
Expire August 3, 2026 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 10.8 | ||
Options outstanding | 37,500 | ||
Remaining life (years) | 3 years 7 months 2 days | ||
Options exerciseable | 12,500 | ||
Expire December 21, 2026 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 9.79 | ||
Options outstanding | 639,500 | ||
Remaining life (years) | 3 years 11 months 23 days | ||
Options exerciseable | 213,167 | ||
Expire April 1, 2027 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 11.14 | ||
Options outstanding | 70,000 | ||
Remaining life (years) | 4 years 3 months | ||
Options exerciseable | 0 | ||
Expire May 2, 2027 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 9.69 | ||
Options outstanding | 157,000 | ||
Remaining life (years) | 4 years 4 months 2 days | ||
Options exerciseable | 0 | ||
Expire July 11, 2027 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 7.31 | ||
Options outstanding | 25,000 | ||
Remaining life (years) | 4 years 6 months 10 days | ||
Options exerciseable | 0 | ||
Expire December 16, 2027 [Member] | |||
Disclosure Of Stock Options Outstanding And Exercisable [Line Items] | |||
Exercise price | $ / shares | $ 8.5 | ||
Options outstanding | 692,500 | ||
Remaining life (years) | 4 years 11 months 15 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, 2022 USD ($) year | Dec. 31, 2021 USD ($) year | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | |
Capital Stock [Abstract] | ||||||
Expected option life (years) | year | 3.48 | 3.56 | ||||
Expected volatility | 55.35% | 54.90% | ||||
Expected dividend yield | $ 0 | $ 0 | ||||
Risk-free interest rate | 3.10% | 0.72% | ||||
Expected forfeiture rate | 1% | 1% | ||||
Fair value per share | $ 3.72 | $ 4.12 | ||||
Total fair value | $ 2,701 | $ 5,137 |
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, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total share-based compensation on vested options | $ 2,943 | $ 2,531 |
Total, share-based compensation expense | 1,866 | 1,721 |
Share-based compensation expense [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total share-based compensation on vested options | 1,029 | 849 |
Share-based compensation recorded to inventories [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total share-based compensation on vested options | 589 | 0 |
Exploration and evaluation expenditures [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total share-based compensation on vested options | 277 | 290 |
Mineral property, plant, and equipment additions [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total share-based compensation on vested options | 1,048 | 1,392 |
Stock Options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total, share-based compensation expense | 1,029 | 849 |
Deferred Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total, share-based compensation expense | 430 | 869 |
Restricted Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total, share-based compensation expense | 146 | 3 |
Performance Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total, share-based compensation expense | $ 261 | $ 0 |
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, 2022 | Dec. 31, 2021 | |
Disclosure Of Capital Stock [Line Items] | ||
Balance, beginning of year | $ 268,270 | $ 149,000 |
Share-based compensation, stock options | 2,943 | 2,531 |
Stock options exercised, reallocated to capital stock | 2,467 | 2,754 |
Balance, end of year | 276,994 | 268,270 |
Share-based payment reserve [Member] | ||
Disclosure Of Capital Stock [Line Items] | ||
Balance, beginning of year | 9,782 | 8,978 |
Share-based compensation, stock options | 2,943 | 2,531 |
Stock options exercised, reallocated to capital stock | (1,608) | (1,619) |
Stock options forfeited, reallocated to deficit | (172) | (108) |
Balance, end of year | $ 10,945 | $ 9,782 |
CAPITAL STOCK - Disclosure of_6
CAPITAL STOCK - Disclosure of DSU transactions, shown in number of DSUs, during the year (Details) - Deferred Share Units [Member] - share | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, beginning of year | 156,500 | 33,500 |
Granted | 96,000 | 123,000 |
Vested and settled in cash | (24,500) | 0 |
Outstanding, end of year | 228,000 | 156,500 |
CAPITAL STOCK - Disclosure of_7
CAPITAL STOCK - Disclosure of detailed information about summarizes change in accrued DSU liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Foreign exchange gain (loss) | $ 27,913 | $ (5,171) |
Deferred Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, beginning of year | 1,234 | 373 |
Settlement of DSUs during the year | (218) | 0 |
Change in accrued liability | 430 | 869 |
Foreign exchange gain (loss) | (82) | 8 |
Outstanding, end of year | $ 1,364 | $ 1,234 |
CAPITAL STOCK - Disclosure of
CAPITAL STOCK - Disclosure of RSU transactions, shown in number of RSUs, during the year (Details) - Restricted Share Units [Member] - share | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, beginning of year | 83,500 | 0 |
Granted | 195,500 | 83,500 |
Vested and settled in cash | (27,002) | 0 |
Forfeited | (2,500) | 0 |
Outstanding, end of year | 249,498 | 83,500 |
CAPITAL STOCK - Disclosure of_8
CAPITAL STOCK - Disclosure of detailed information about summarizes change in accrued RSU liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Foreign exchange gain (loss) | $ 27,913 | $ (5,171) |
Restricted Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, beginning of year | 11 | 0 |
Settlement of RSUs during the year | (175) | 0 |
Liability of forfeited RSUs | (6) | 0 |
Change in accrued liability | 435 | 11 |
Foreign exchange gain (loss) | (11) | 0 |
Outstanding, end of year | $ 254 | $ 11 |
CAPITAL STOCK - Disclosure of
CAPITAL STOCK - Disclosure of change in the accrued PSU liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation | $ 2,943 | $ 2,531 |
Foreign exchange gain (loss) | 27,913 | (5,171) |
Performance Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, beginning of year | 0 | |
Share-based compensation | 795 | |
Foreign exchange gain (loss) | (31) | |
Outstanding, end of year | $ 764 | $ 0 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
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 | $ 4,188 | $ 618 |
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 | $ 71,045 | $ 62,173 |
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, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | ||
Current tax expense | $ 5,682 | $ 384 |
Deferred tax expense | 382 | 0 |
Income (loss) for the year before income taxes | $ 37,365 | $ (22,380) |
Statutory tax rate | 27% | 27% |
Recovery of income taxes computed at statutory rates | $ 10,089 | $ (6,043) |
Share based payments | 940 | 921 |
Mexican inflationary adjustments | (5,116) | 1,642 |
Differing effective tax rate on loss in foreign jurisdiction | (567) | (955) |
Impact of share issuance costs | 0 | (1,794) |
Unrecognized deferred tax assets | 3,624 | 1,600 |
Impact of foreign exchange and other | 4,342 | 5,013 |
Total income tax expense | $ 6,064 | $ 384 |
INCOME TAXES - Disclosure of _2
INCOME TAXES - Disclosure of detailed information about recognized deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | $ 58,013 | $ 932 |
Deferred income tax liabilities | (58,395) | (932) |
Net deferred income tax liability | (382) | 0 |
Exploration and evaluation assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 46,129 | 34 |
Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 7,412 | 40 |
Financing fees [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 1,937 | 858 |
Withholding tax [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax assets | 2,535 | 0 |
Mineral property, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax liabilities | (54,057) | (496) |
Debt [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax liabilities | (4,217) | (436) |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax liabilities | $ (121) | $ 0 |
INCOME TAXES - Disclosure of _3
INCOME TAXES - Disclosure of detailed information about movement of net deferred tax liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Major components of tax expense (income) [abstract] | ||
Deferred income tax expense and liability | $ (382) | $ 0 |
INCOME TAXES - Disclosure of _4
INCOME TAXES - Disclosure of detailed information about unrecognized deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of unrecognized deferred tax assets and liabilities | $ 0 | $ 0 |
Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of unrecognized deferred tax assets and liabilities | 15,084 | 18,786 |
Mineral property, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of unrecognized deferred tax assets and liabilities | 50 | 15,638 |
Financing fees [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of unrecognized deferred tax assets and liabilities | 0 | 2,585 |
Reclamation and closure provision [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of unrecognized deferred tax assets and liabilities | 1,377 | 0 |
Withholding tax [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of unrecognized deferred tax assets and liabilities | 437 | 0 |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of unrecognized deferred tax assets and liabilities | 1,502 | 1,384 |
Unrecognized deferred tax assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax effect of unrecognized deferred tax assets and liabilities | $ (18,450) | $ (38,393) |
INCOME TAXES - Disclosure of _5
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, 2022 | Dec. 31, 2021 |
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 | $ 60,482 | $ 134,137 |
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 | 50,280 | 62,681 |
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 | 168 | 52,126 |
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 | 0 | 9,574 |
Reclamation and closure provision [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 | 4,590 | 0 |
Withholding tax [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 | 437 | 0 |
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 | $ 5,007 | $ 9,756 |
SEGMENTED INFORMATION - Disclos
SEGMENTED INFORMATION - Disclosure of detailed information of operating segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | ||
Revenue | $ 43,510 | $ 0 |
Income (loss) | 31,301 | (22,764) |
Total assets | 355,349 | 368,977 |
Total liabilities | 78,355 | 100,707 |
Operating segments [Member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | 43,510 | |
Income (loss) | 31,301 | (22,764) |
Mineral property | 44,351 | 57,973 |
Plant and equipment | 24,715 | 70,151 |
Total capital additions | 69,066 | 128,124 |
Total assets | 355,349 | 368,977 |
Total liabilities | 78,355 | 100,707 |
Operating segments [Member] | Las Chispas [Member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | 43,510 | |
Income (loss) | 27,411 | 0 |
Mineral property | 44,351 | 57,973 |
Plant and equipment | 24,715 | 70,151 |
Total capital additions | 69,066 | 128,124 |
Total assets | 283,358 | 181,318 |
Total liabilities | 64,952 | 95,716 |
Operating segments [Member] | Picacho [Member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | 0 | |
Income (loss) | (5,322) | (10,411) |
Mineral property | 0 | 0 |
Plant and equipment | 0 | 0 |
Total capital additions | 0 | 0 |
Total assets | 2,489 | 2,489 |
Total liabilities | 269 | 1,248 |
Operating segments [Member] | Corporate [Member] | ||
Disclosure of geographical areas [line items] | ||
Revenue | 0 | |
Income (loss) | 9,212 | (12,353) |
Mineral property | 0 | 0 |
Plant and equipment | 0 | 0 |
Total capital additions | 0 | 0 |
Total assets | 69,502 | 185,170 |
Total liabilities | $ 13,134 | $ 3,743 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2021 | |
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Amounts receivable | $ 179 | $ 88 | |
Amounts receivable, related party transactions | 60 | 67 | |
Interest receivable | $ 111 | $ 20 | |
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 | 4.60% | ||
Effect of variance increase/decrease on after-tax profit | $ 383 | ||
Interest rate risk [Member] | Debt securities [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Borrowings, interest rate | 4.40% | 3% | |
Borrowings, adjustment to interest rate basis | 3% | ||
Increase in interest due to one percentage point increase in interest rates | $ 44 | ||
Interest rate risk [Member] | Debt securities [Member] | Bottom of range [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Borrowings, interest rate | 2.50% | ||
Interest rate risk [Member] | Debt securities [Member] | Top of range [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Borrowings, interest rate | 3.75% | ||
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 | 7.40% |
FINANCIAL INSTRUMENTS AND FAI_4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Disclosure of financial liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | $ 23,416 | $ 10,385 |
Reclamation and closure provision | 11,158 | $ 4,357 |
Liquidity risk [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | 23,416 | |
Lease liabilities | 482 | |
Credit facility | 56,564 | |
Reclamation and closure provision | 11,158 | |
Total contractual obligations | 91,620 | |
Liquidity risk [Member] | Less than 1 year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Accounts payable and accrued liabilities | 23,416 | |
Lease liabilities | 120 | |
Credit facility | 16,881 | |
Reclamation and closure provision | 0 | |
Total contractual obligations | 40,417 | |
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 | 137 | |
Credit facility | 39,683 | |
Reclamation and closure provision | 0 | |
Total contractual obligations | 39,820 | |
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 | 110 | |
Credit facility | 0 | |
Reclamation and closure provision | 0 | |
Total contractual obligations | 110 | |
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 | 115 | |
Credit facility | 0 | |
Reclamation and closure provision | 11,158 | |
Total contractual obligations | $ 11,273 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | $ 50,761 | $ 176,515 | $ 135,136 |
Accounts receivable | 179 | 88 | |
Less: accounts payable and accrued liabilities | (23,416) | (10,385) | |
Less: debt | (49,591) | $ (87,168) | |
Foreign currency risk [Member] | |||
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | 29,820 | ||
Accounts receivable | 119 | ||
Value-added taxes receivable | 31,378 | ||
Total financial assets | 61,317 | ||
Less: accounts payable and accrued liabilities | (3,438) | ||
Less: debt | (49,591) | ||
Net financial assets (liabilities) | 8,288 | ||
Foreign currency risk [Member] | US Dollar [Member] | |||
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | 29,502 | ||
Accounts receivable | 111 | ||
Value-added taxes receivable | 0 | ||
Total financial assets | 29,613 | ||
Less: accounts payable and accrued liabilities | (428) | ||
Less: debt | (49,591) | ||
Net financial assets (liabilities) | (20,406) | ||
Foreign currency risk [Member] | Mexican Peso [Member] | |||
Financial Instruments And Fair Value Measurements [Line Items] | |||
Cash and cash equivalents | 318 | ||
Accounts receivable | 8 | ||
Value-added taxes receivable | 31,378 | ||
Total financial assets | 31,704 | ||
Less: accounts payable and accrued liabilities | (3,010) | ||
Less: debt | 0 | ||
Net financial assets (liabilities) | $ 28,694 |
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, 2022 USD ($) | |
C$/US$ exchange rate [Member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Sensitivity analysis, variance, percentage | 1% |
Effect of variance increase/decrease on after-tax profit | $ 204 |
US$/MX$ exchange rate [Member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Sensitivity analysis, variance, percentage | 1% |
Effect of variance increase/decrease on after-tax profit | $ 287 |
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, 2022 | Dec. 31, 2021 |
Financial assets | ||
Amounts receivable | $ 179 | $ 88 |
Financial liabilities | ||
Accounts payable and accrued liabilities | (23,416) | (10,385) |
Debt | (49,591) | (87,168) |
Net financial instruments | (2,382) | (1,245) |
Net financial instruments at amortised cost | (70,446) | (96,220) |
FVTPL (financial assets) [Member] | ||
Financial assets | ||
Amounts receivable | 0 | 0 |
FVTPL (financial liabilities) [Member] | ||
Financial liabilities | ||
Accounts payable and accrued liabilities | (2,382) | (1,245) |
Debt | 0 | 0 |
Amortized cost (financial assets) [Member] | ||
Financial assets | ||
Amounts receivable | 179 | 88 |
Amortized cost (financial liabilities) [Member] | ||
Financial liabilities | ||
Accounts payable and accrued liabilities | (21,034) | (9,140) |
Debt | (49,591) | (87,168) |
Level 1 [Member] | Fair value [Member] | ||
Financial assets | ||
Amounts receivable | 0 | 0 |
Financial liabilities | ||
Accounts payable and accrued liabilities | 0 | 0 |
Debt | 0 | 0 |
Net financial instruments | 0 | 0 |
Level 2 [Member] | Fair value [Member] | ||
Financial assets | ||
Amounts receivable | 0 | 0 |
Financial liabilities | ||
Accounts payable and accrued liabilities | (2,382) | (1,245) |
Debt | 0 | 0 |
Net financial instruments | (2,382) | 1,245 |
Level 3 [Member] | Fair value [Member] | ||
Financial assets | ||
Amounts receivable | 0 | 0 |
Financial liabilities | ||
Accounts payable and accrued liabilities | 0 | 0 |
Debt | (49,591) | (87,168) |
Net financial instruments | $ (49,591) | $ (87,168) |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [line items] | ||
Debt outstanding | $ 49,591 | $ 87,168 |
Events after reporting period [Member] | Term Facility [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Prepayments toward term facility | 15,000 | |
Debt outstanding | $ 35,000 |