Orla Mining (ORLA) 40-F 18 Mar 22 2021 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	40-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Entity File Number	001-39766
Entity Registrant Name	ORLA MINING LTD.
Entity Incorporation, State or Country Code	Z4
Entity Primary SIC Number	1040
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	Suite 202, 595 Howe Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6C 2T5
Entity Address, Country	CA
City Area Code	604
Local Phone Number	564-1852
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	ORLA
Security Exchange Name	NYSE
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Common Stock, Shares Outstanding	247,599,954
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity EX Transition Period	false
Icfr Auditor Attestation Flag	false
Entity Central Index Key	0001680056
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Auditor Name	Ernst & Young LLP
Auditor Location	Vancouver, Canada
Auditor Firm ID	1263
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	28 Liberty Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10005
City Area Code	212
Local Phone Number	894-8940
Contact Personnel Name	C T Corporation System

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 20,516	$ 72,180
Trade and other receivables	306	41
Value added taxes recoverable (note7)	16,776	163
Inventory (note 5)	9,657
Prepaid expenses	1,090	716
Total current assets	48,345	73,100
Non-current financial assets (note 22(a))
Restricted cash (note 6)	3,680	2,783
Value added taxes recoverable (note 7)	7,444	8,587
Equipment (note 8)	7,635	710
Long-term inventory (note 5)	1,299
Mineral properties and related construction (notes 9 and 12)	213,749	71,272
Exploration and evaluation properties (note 10)	82,743	82,743
TOTAL ASSETS	364,895	239,195
Current liabilities
Trade and other payables (note 11(a))	6,816	3,383
Accrued liabilities (note 11(b))	5,659	4,343
Newmont loan (note 13)	10,293
Fresnillo obligation (note 14)	15,000
Total current liabilities	37,768	7,726
Non-Current
Lease obligations (note 15)	1,029	142
Camino Rojo project loan (note 12)	113,260	60,696
Long term borrowings newmont loan		9,440
Fresnillo obligation (note 14)	22,800
Accrued liabilities	161	92
Site closure provisions (note 16)	5,460	518
TOTAL LIABILITIES	180,478	78,614
SHAREHOLDERS' EQUITY
Share capital (note 22)	269,198	217,948
Reserves	29,306	29,881
Accumulated other comprehensive income	2,441	3,002
Accumulated deficit	(116,528)	(90,250)
TOTAL SHAREHOLDERS' EQUITY	184,417	160,581
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 364,895	$ 239,195

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Loss and Comprehensive Loss.
REVENUE (note 17)	$ 4,091
COST OF SALES
Operating costs (note 3(t)(i))	1,247
Royalties	111
Cost of sales	1,358
OPERATING MARGIN	2,733
GENERAL AND ADMINISTRATIVE EXPENSES (note 18)	7,207	$ 4,330
EXPLORATION AND EVALUATION EXPENSES (note 19)	15,108	16,302
OTHER EXPENSES (INCOME)
Depreciation (note 8)	154	106
Share based payments (note 23)	2,329	2,523
Interest income and finance costs (note 20)	1,296	3,895
Foreign exchange loss	3,726	1,595
Other (gains) and losses (note 21)	(809)	(1,057)
Other expenses (income)	6,696	7,062
LOSS FOR THE YEAR	26,278	27,694
Items that may in future periods be reclassified to profit or loss:
Foreign currency differences arising on translation of foreign operations	547	(4,577)
Other	14
Items that will not be reclassified to profit or loss:
TOTAL COMPREHENSIVE LOSS	$ 26,839	$ 23,117
Weighted average number of common shares outstanding (millions) - basic	241.4	217.1
Weighted average number of common shares outstanding (millions) - diluted	241.4	217.1
Loss per share - basic	$ 0.11	$ 0.13
Loss per share - diluted	$ 0.11	$ 0.13

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
OPERATING ACTIVITIES
Loss for the year	$ (26,278)	$ (27,694)
Adjustments for items not affecting cash:
Depreciation	154	106
Share based payments (note 23)	2,329	2,523
Changes in site closure provisions charged to exploration expense	84	(202)
Interest and finance costs (note 20)	1,296	3,895
Other gains and losses (note 21)	(211)	(1,057)
Exploration expense paid via the issuance of common shares (note 22)	150
Unrealized foreign exchange loss	3,921
Accounts receivable and prepaid expenses	(604)	(702)
Inventory	(10,846)
Trade and other payables	3,335	2,301
Accrued liabilities	1,470	2,411
Interest income received	458	293
Cash used in operating activities	(24,742)	(18,126)
FINANCING ACTIVITIES
Proceeds from issuance of common shares (note 22)	34,442	53,368
Proceeds from exercise of warrants	14,279	2,858
Proceeds from exercise of stock options	475	1,823
Share issuance costs (note 22)	(1,000)	(2,034)
Advances received on the Camino Rojo project loan (note 12)	50,000	50,000
Transaction costs related to the Camino Rojo project loan and Fresnillo obligation	(289)	(2,475)
Interest paid	(11,307)	(2,914)
Lease payments	(649)	(40)
Cash provided by financing activities	85,951	100,586
INVESTING ACTIVITIES
Purchase of equipment	(3,302)	(287)
Mineral properties and related construction	(92,939)	(31,014)
Environmental bonding	(888)	(2,090)
Restricted cash	(91)	(30)
Value added taxes paid	(16,046)	(3,474)
Cash used in investing activities	(113,266)	(36,895)
Effects of exchange rate changes on cash	393	3,509
Net increase (decrease) in cash	(51,664)	49,074
Cash, beginning of year	72,180	23,106
CASH, END OF YEAR	$ 20,516	$ 72,180

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity shares in Thousands, Unit_Standard_pure_HOXPDmIwEkuMLu3I0GlB9w in Thousands, $ in Thousands	Common sharesUSD ($)shares	ReservesUSD ($)	Share based payments reserveUSD ($)	Warrants reserveUSD ($)	Accumulated Other Comprehensive IncomeUSD ($)	Retained earnings (deficit)USD ($)	USD ($)Option
Equity at beginning of period at Dec. 31, 2019	$ 159,230	$ 30,061	$ 8,160	$ 21,901	$ (1,575)	$ (62,556)	$ 125,160
Shares at beginning of period at Dec. 31, 2019 | shares	187,102
Shares issued pursuant to a financing	$ 53,368						53,368
Shares issued pursuant to a financing (in shares) | shares	36,600
Share issuance costs (note 22)	$ (2,034)						(2,034)
Warrants exercised (note 22)	$ 3,364	(506)		(506)			2,858
Warrants exercised (note 22) (in shares) | shares	2,058
Options exercised (note 23)	$ 3,302	(1,479)	(1,479)				1,823
Options exercised (note 23) (in shares)	2,112
RSUs redeemed (note 23)	$ 333	(333)	(333)
RSUs redeemed (note 23) (in shares) | shares	414
Bonus shares issued (note 23(d))	$ 385	(385)	(385)
Bonus shares issued (note 23(d)) (in shares) | shares	1,000
Share based payments (note 23)		2,523	2,523				2,523
Loss for the year						(27,694)	(27,694)
Other comprehensive income					4,577		4,577
Equity at end of period at Dec. 31, 2020	$ 217,948	29,881	8,486	21,395	3,002	(90,250)	160,581
Shares at end of period at Dec. 31, 2020 | shares	229,286
Shares issued pursuant to a financing	$ 34,442						34,442
Shares issued pursuant to a financing (in shares) | shares	9,085
Share issued for property payments (note 22)	$ 150						150
Share issued for property payments (note 22) (in shares) | shares	33
Share issuance costs (note 22)	$ (1,000)						(1,000)
Warrants exercised (note 22)	$ 16,419	(2,140)		(2,140)			14,279
Warrants exercised (note 22) (in shares) | shares	8,060
Options exercised (note 23)	$ 752	(277)	(277)				$ 475
Options exercised (note 23) (in shares)	687						122,500
RSUs redeemed (note 23)	$ 487	(487)	(487)
RSUs redeemed (note 23) (in shares) | shares	449
Share based payments (note 23)		2,329	2,329				$ 2,329
Loss for the year						(26,278)	(26,278)
Other comprehensive income					(561)		(561)
Equity at end of period at Dec. 31, 2021	$ 269,198	$ 29,306	$ 10,051	$ 19,255	$ 2,441	$ (116,528)	$ 184,417
Shares at end of period at Dec. 31, 2021 | shares	247,600

CORPORATE INFORMATION AND NATUR

CORPORATE INFORMATION AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2021
CORPORATE INFORMATION AND NATURE OF OPERATIONS
CORPORATE INFORMATION AND NATURE OF OPERATIONS	1. Orla Mining Ltd. was incorporated in Alberta in 2007 and was continued into British Columbia in 2010 and subsequently into Ontario under the Business Corporations Act (Ontario) in 2014. In 2016, the Company was continued as a federal company under the Canada Business Corporations Act. The “Company”, “Orla”, “we”, and “our” refer to Orla Mining Ltd. and its subsidiaries. The registered office of the Company is located at Suite 202, 595 Howe Street, Vancouver, Canada. The Company is engaged in the acquisition, exploration, development, and exploitation of mineral properties, and holds the Camino Rojo gold and silver project in Zacatecas State, Mexico, and the Cerro Quema gold project in Panama. These consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Different bases of measurement may be appropriate if the Company is not expected to continue operations for the foreseeable future. As at December 31, 2021, the Company was constructing the Camino Rojo Oxide Project and had not advanced any of its properties to commercial production. Historically the Company’s primary source of funding has been the issuance of equity securities for cash through prospectus offerings and private placements to sophisticated investors and institutions. We have successfully raised equity and debt financing in many of the past few years, in the form of private placement financings, the exercise of warrants and options, and debt. While we believe that this success will continue our access to exploration and construction financing is always uncertain, and there can be no assurance of continued access to sources of significant equity or debt funding until we can generate cash from operations. We expect to fund operating costs of the Company over the next twelve months with (1) cash on hand and (2) cash generated from operations. After considering its plans to mitigate the going concern risk, management has concluded that there are no material uncertainties related to events or conditions that may cast significant doubt upon the Company’s ability to continue as a going concern for a period of twelve months from the balance sheet date Since the beginning of 2020, there has been a global outbreak of the novel coronavirus (“COVID-19”), which has had an impact on businesses through the restrictions put in place by the governments in the various jurisdictions where the Company conducts its activities. In common with all businesses in the jurisdictions in which we operate, our activities are restricted by government orders related to, among others, travel, business operations, and stay-at-home orders. As at December 31, 2021 and as of the date of these financial statements, mining and construction are permitted economic activities in the respective jurisdictions and the sites are operating in compliance with the country specific and Company requirements. We are monitoring the potential impacts from the pandemic on areas including equipment delivery and logistics, materials for construction and operation, other necessities, as well as construction costs and schedule, and community and government relations. Delays to construction, permit amendments and exploration programs may occur due to COVID-19 and its variants, notwithstanding the Company having taken steps to minimize potential impacts to the projects including additional costs related to COVID-19 safety measures.

BASIS OF PREPARATION

BASIS OF PREPARATION	12 Months Ended
	Dec. 31, 2021
BASIS OF PREPARATION
BASIS OF PREPARATION	2. (a) Statement of compliance and basis of presentation We have prepared these consolidated financial statements of the Company in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies below. The consolidated financial statements are presented in United States dollars. On March 17, 2022, the Board of Directors approved these consolidated financial statements for issuance. (b) Basis of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. Where necessary, we have made adjustments to the financial statements of subsidiaries to bring their accounting policies in line with the accounting policies of the consolidated group. We have eliminated all material intercompany transactions, balances, revenues, and expenses upon consolidation. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition or control and up to the effective date of disposition or loss of control. Control is achieved when the Company has power over the investee, is exposed to or has rights to variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee. Orla Mining Ltd. is the ultimate parent entity of the group. At December 31, 2021 and 2020, the principal subsidiaries of the Company, their geographic locations, and the ownership interests held by the Company, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Name ​ Principal activity ​ Dec 31, 2021 ​ Dec 31, 2020 ​ Location Minerometalúrgica San Miguel S de RL de CV Exploration 100 % 100 % Mexico Minera Camino Rojo SA de CV Development 100 % 100 % Mexico Minera Cerro Quema SA Exploration 100 % 100 % Panama Monitor Gold Corporation Exploration 100 % 100 % USA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	3. We have applied the accounting policies set out below consistently to all periods presented in these financial statements. The significant judgements we made in applying the Company’s accounting policies and the key sources of estimation uncertainty arising in the preparation of these consolidated financial statements are discussed in note 4. (a) (i) Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of each entity at the exchange rates in effect on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are translated at the exchange rate in effect at the date of the transaction. Foreign currency differences are generally recognized in profit or loss. (ii) Translation to presentation currency Since January 1, 2020, the Company’s presentation currency has been the United States dollar (“US dollar”, or “USD”). The presentation currency differs from the functional currency of the parent company and some of its subsidiaries (note 3(a)(iii)). We translate the assets and liabilities of entities with functional currencies other than the US dollar into US dollars at the official central bank exchange rates in effect on the reporting date. The results of operations of those entities are translated into US dollars at the average exchange rates in effect during the reporting period. We recognize the foreign currency differences which arise from translation in other comprehensive loss (income). When we dispose of an entity in its entirety, or partially such that we have lost control, we reclassify the cumulative amount in the translation reserve related to that operation to profit or loss as part of the gain or loss on disposal. ​ (iii) ​ The functional currencies of the Company and its subsidiaries, all of which are wholly owned, are as follows: ​ ​ ​ ​ Orla Mining Ltd. Canadian dollars Minerometalúrgica San Miguel S de RL de CV Mexican pesos Minera Camino Rojo SA de CV Mexican pesos Minera Cerro Quema SA United States dollars Monitor Gold Corporation United States dollars ​ (b) Cash and cash equivalents Cash and cash equivalents include cash on hand, demand deposits, and money market instruments, with maturities from the date of acquisition of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant changes in value. (c) Restricted cash Restricted cash consist of amounts lodged with government bodies or their designated banking institutions in support of mandated environmental, permitting, or employee retirement obligations. (d) Inventories include production inventory, and materials and supplies inventory. All inventories are valued at the lower of average cost or net realizable market value (“NRV”). NRV is calculated using the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and associated selling costs. Any write-downs of inventory to its NRV are included in cost of sales in the period. If there is a subsequent increase in the value of inventory, the previous write-downs to NRV are reversed to the extent that the related inventory has not yet been sold. We classify inventory we do not expect to use within one year as non-current. (i) Production inventory consists of stockpiled ore, in-process inventory, and finished goods. These are valued at the lower of weighted average cost and estimated net realizable value. The value of all production inventories includes direct production costs and attributable overhead and depreciation incurred to bring the materials to their current point in the processing cycle. Stockpiled ore represents unprocessed ore that has been extracted from the mine but not yet processed. The value of stockpiled ore is based on the costs incurred, including depreciation, in bringing the ore to the stockpiles. Costs are added to the stockpiled ore based on current mining costs per recoverable ounce and are removed at the average cost per recoverable ounce in the stockpile. We classify stockpiled ore that we do not expect to process within the next twelve months as non-current. In-process inventory represents ore that is being treated on the leach pads and in the processing plant to extract the contained metals and to convert them to a saleable form. Estimates of recoverable metal in the leach pads are calculated based on the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grades of ore placed on the leach pads (based on assays), and estimated recovery percentages (based on estimated recovery assumptions). The nature of the leaching process inherently limits the ability to precisely monitor leach pad inventory levels. Accordingly, we refine estimates based on engineering studies or actual results achieved over time. The ultimate recovery of metals from the leach pads will not be known until the leaching process is concluded at the end of the mine life. The cost of in-process inventory is derived from current mining, crushing, stacking, leaching and plant costs, less the cost of metals transferred to finished goods inventory during the period at the weighted average cost per recoverable ounce. Finished goods inventory is metal in the form of doré bars that have been poured and are ready to be shipped to a refiner. Costs are transferred from finished goods inventory and recorded as cost of sales when the refined metal is sold. (ii) Materials and supplies inventories consist primarily of parts and consumables required in the mining and ore processing activities. Materials and supplies inventories are measured at the lower of weighted average cost and NRV. Cost includes purchase price, freight, and other directly attributable costs. We record provisions to reduce the carrying value of materials and supplies inventories when we determine such materials and supplies are obsolete or unusable. (e) We capitalize costs directly related to development or construction projects until the asset is available for use in the manner intended by us (“commercial production”), after which we move these costs to “producing mineral properties”. We assess the stage of a mine under development and construction to determine when the mine is substantially complete and ready for its intended use. The criteria we use to assess when the mine is ready for its intended use are determined based on the unique nature of each mine construction project, such as the complexity of the project and its location. We consider various technical and physical performance criteria to assess when the production phase is considered to have commenced. Refer to note 4(a)(i) for the factors we consider. When we conclude that a mine under development and construction has commenced commercial production, we reclassify all balance sheet amounts from “Mineral properties and related construction” to balance sheet captions “Producing mineral properties” and “Plant and equipment”. We do not record depreciation until the mine is substantially complete and available for its intended use. When a mine development project moves into the production phase, we: ● stop capitalizing certain mine development costs, and we treat such costs as either (i) part of the cost of inventory or (ii) we expense them, ● stop capitalizing borrowing costs, ● commence depreciation of the producing mineral property, ● continue to capitalize costs relating to mining asset additions or improvements, and costs related to the development of mineable reserves. (i) During the year ended December 31, 2021, we early adopted the “Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use” (note 3(t)(i)). Under the amendments, proceeds from selling items before the mine under construction reaches commercial production should be recognized in profit or loss, together with the costs of producing those items. Consequently, revenue and cost of sales for “mineral properties and related construction” is presented. (f) Producing mineral properties consist of costs transferred from “Mineral properties and related construction” when a mining property reaches commercial production, the costs of subsequent mine and exploration development, and acquired mining properties in the production stage. (i) In open pit mining operations, it is necessary to incur costs to remove waste material in order to access the ore body, which is known as stripping. Stripping costs incurred prior to the production stage of a mineral property (pre-stripping costs) are capitalized as part of the carrying amount of the related mineral property. During the production phase of an open pit mine, stripping costs incurred that provide improved access to ore that will be produced in future periods and that would not have otherwise been accessible are capitalized (“deferred stripping asset”). The costs qualifying for capitalization are those costs directly incurred to perform the stripping activity that provides or improves access to the identified component of ore, plus an allocation of directly attributable overhead costs, which are determined using a strip ratio methodology. The strip ratio represents the ratio of the estimated total volume of waste material to the estimated total quantity of economically recoverable ore of the mineral reserves for which access has been provided or improved. The deferred stripping asset is capitalized as part of the carrying amount of the mineral property. Capitalized stripping costs are amortized based on the estimated recoverable ounces contained in mineral reserves that directly benefit from the stripping activities. Costs for waste removal that do not give rise to future economic benefits are included in cost of sales. (ii) Depletion commences once the mineral property is capable of operating in the manner intended by management. Producing mineral properties are depleted on a units-of-production basis over the estimated useful life of the mine. This depletion is calculated using the ratio of (i) gold ounces extracted from the mine in the period, over (ii) the total gold ounces expected to be extracted in current and future periods. Major capital works projects conducted after the mine commences commercial production are not depreciated until such works are completed and put into use in a manner intended by management. We review depreciation methods, remaining useful lives and residual values at least annually and we account for changes in estimates prospectively. (iii) At the end of each reporting period, we review our mineral properties, and related plant and equipment to determine whether there is any indication that these assets are impaired. If any such indication exists, we estimate the recoverable amount. If the asset’s carrying amount exceeds its recoverable amount, we recognize an impairment loss in profit or loss. We assess impairment at the cash-generating unit (“CGU”) level, which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets. Each individual mining interest that is an operating mine is typically a CGU. The recoverable amount of a mine site is the greater of an asset’s fair value less costs to dispose (“FVLCD”) and value in use (“VIU”). FVLCD is defined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants at the measurement date. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. Mineral properties, and plant and equipment that have been impaired are tested for possible reversal of the impairment when events or changes in circumstances indicate that the recoverable amount of the associated CGU has increased. When an impairment loss reverses in a subsequent period, the revised carrying amount shall not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset previously, less subsequent depletion and depreciation. Reversals of impairment losses are recognized in profit or loss in the period in which the reversal occurs. (g) Exploration and evaluation (“E&E”) expenditures Exploration and evaluation expenditures include the search for mineral resources, and the determination of technical feasibility, and assessment of the commercial viability of, an identified mineral resource. Activities include acquisition of rights to explore; topographical, geological, geochemical and geophysical studies; exploratory drilling; trenching; sampling; and evaluation of the technical feasibility and commercial viability of extracting a mineral resource. We capitalize as “exploration and evaluation properties” those E&E assets that we have acquired in a business combination, and also the initial acquisition costs of an E&E asset that does not represent a business. We expense all other E&E expenditures, including non-refundable advance royalty payments. Exploration and evaluation properties are subsequently measured at cost less accumulated impairment. When the technical feasibility and economic viability of a project are demonstrable, funding is in place, and a positive development decision is made, we test the mineral property for impairment and transfer the costs to “Mineral properties and related construction”. We capitalize subsequent expenditures on the project. We assess exploration and evaluation properties for impairment when indicators and circumstances suggest that the carrying amount may exceed its recoverable amount. Typical indicators of impairment include: ● the period for which we have the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; ● substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; ● exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and we have decided to discontinue such activities in the specific area; ● sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full via successful development or by sale. If any such indication exists, we estimate the recoverable amount of the asset to determine the extent of the impairment. Where it is not possible to estimate the recoverable amount of an individual asset, we estimate the recoverable amount of the cash generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, we discount the estimated future cash flows to their present value using a pre‐tax discount rate that reflects current market assessments of the time value of money and the risks specific to the E&E asset. If we estimate the recoverable amount of an asset to be less than its carrying amount, we recognize an impairment loss in profit or loss for the period. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash generating unit) in prior years. We recognize reversals of impairment immediately in profit or loss. (h) Equipment Equipment is initially recognized at cost. Cost includes purchase price, directly attributable costs, and the estimated present value of any future costs of decommissioning and removal. Equipment is carried at cost, net of accumulated depreciation and impairments. We depreciate equipment to their residual values over their estimated useful lives, as follows: ​ ​ ​ ​ Mine equipment ​ Units-of-production over mineral reserves Plant equipment ​ Units-of-production over mineral reserves Other equipment and office equipment Straight line over useful life Vehicles Straight line over useful life, typically 4 years Computer hardware and software Straight line over useful life, typically 3 years ​ (i) Borrowing costs We capitalize interest and other costs that we incur in connection with the borrowing of funds (“borrowing costs”) that are directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale (“a qualifying asset”) as part of the cost of that asset. We expense other borrowing costs in the period in which they occur. When we borrow funds specifically for the purpose of constructing or obtaining a qualifying asset, we capitalize the actual borrowing costs specifically incurred including the amortization of loan initiation costs, less any investment income earned on the temporary investment of those funds. To the extent we borrow funds generally and use them for the purpose of constructing or obtaining a qualifying asset, we use a weighted average interest rate of the borrowing costs applicable to all our general borrowings that are outstanding during the period. We stop capitalizing borrowing costs when substantially all the activities necessary to prepare the qualifying asset for its intended use are complete. We expense borrowing costs related to exploration and evaluation. (j) Leases At the inception of a contract, we assess whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we consider whether: ● the contract involves the use of an identified asset, either explicitly or implicitly, including consideration of supplier substitution rights; ● we have the right to obtain substantially all the economic benefits from the use of the asset throughout the period of use; and ● we have the right to direct the use of the asset. We recognize a right-of-use (“ROU”) asset, which is initially measured based on the initial amount of the lease liability plus any initial direct costs incurred less any lease incentives received. We depreciate the ROU asset to the earlier of the end of the useful life or the lease term using either the straight-line or units-of-production method, depending on which method more accurately reflects the expected pattern of consumption of the future economic benefits. The lease term includes periods covered by an option to extend if we determine the Company is reasonably likely to exercise the option. We initially measure the lease liability at the present value of the lease payments that are not yet paid as of the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. We then measure the lease liability at amortized cost using the effective interest method and remeasure it when there is a change in future lease payments. We apply the short-term lease (defined as leases with an initial lease term of 12 months or less) and low-value asset recognition exemptions. For these leases, we recognize the lease payments an expense over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. (k) Asset retirement and site closure obligations We record an asset retirement and site closure obligation when a legal or constructive obligation exists as a result of past events and we can make a reliable estimate of the undiscounted future cash flows required to satisfy the asset retirement and site closure obligation. Such costs include decommissioning or dismantling plant and equipment, and reclamation, closure, and post-closure monitoring of the property. The estimated future cash flows are discounted to a net present value using an applicable risk-free interest rate. We accrete the provision for asset retirement and site closure obligations over time to reflect the unwinding of the discount and charge the accretion expense to profit or loss for the period. We remeasure the asset retirement and site closure obligation at the end of each reporting period for changes in estimates or circumstances, such as changes in legal or regulatory requirements, increased obligations arising from additional disturbance due to mining and exploration activities, changes to cost estimates, and changes to risk-free interest rates. Asset retirement and site closure obligations related to exploration and evaluation activities are expensed. Asset retirement and site closure obligations relating to “mineral properties and related construction”, and to exploration and evaluation properties, are initially capitalized with a charge to the related mineral property. Changes to the obligation which arise as a result of changes in estimates and assumptions are also accounted for as changes in the carrying amounts of related mining property. (l) Provisions We recognize provisions when (i) the Company has a present legal or constructive obligation as a result of a past event, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) we can make a reliable estimate of the amount of the obligation. Where we expect some or all of a provision to be reimbursed (for example, under an insurance contract), we recognize the reimbursement as a separate asset, but only when the reimbursement is virtually certain. We present the expense relating to each provision in profit or loss net of any reimbursements. If the effect of the time value of money is material, we discount the provision using a pre-tax discount rate that reflects the risks specific to the liability. The increase in the provision due to the passage of time is recognized as accretion expense in profit or loss. (m) The Company’s primary source of revenue is the sale of refined gold and silver. The Company’s performance obligations relate primarily to the delivery of refined gold and silver to its customers. Revenue related to the sale of metal is recognized when the customer obtains control of the metal. In determining whether the Company has satisfied a performance obligation, we consider whether (i) the Company has a present right to payment, (ii) the Company has transferred physical possession of the metal to the customer; (iii) the customer has the significant risks and rewards of ownership of the metal; and (iv) the customer has legal title to the metal. We sell refined gold and silver primarily to refiners, bullion banks or members of the London Bullion Market Association (“LBMA”). The sales price is fixed on the date of sale based on spot price or by mutual agreement. We recognize revenue from sales of gold and silver at the time when risk and rewards of ownership and title transfers to the customer, which typically coincides with the date that the customer remits payment. Under certain contracts with customers the transfer of control may occur when the gold or silver is in transit from the mine to the refinery. At this point in time, the customer has legal title to and the risk and rewards of ownership of the gold or silver; therefore, the customer is able to direct the use of and obtain substantially all of the remaining benefits from the gold or silver. Revenue from refined sales is recognized net of treatment and refining charges. (n) The Company provides a defined benefit retirement plan for certain eligible employees that provides a lump-sum payment upon retirement. Benefits under the plan are influenced by length of service and estimates of future salary increases. The defined benefit plan is not funded. The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurements comprising actuarial gains and losses, the effect of the asset ceiling (if applicable) and the return on plan assets (excluding interest) are recognized immediately in the statement of financial position with a charge or credit to other comprehensive income in the period in which they occur. Remeasurements recognized in other comprehensive income are not reclassified. Service costs, which include current service cost, past service cost and gains and losses on curtailments and settlements, are recognized within profit or loss. Net interest expense or income is recognized within interest and finance costs. (o) Share based payments (i) Stock options, restricted share units ( “ ” “ ” The Company grants stock options, and awards RSUs and DSUs to employees, officers and directors from time to time. At the date of grant or award, we estimate the fair values of the stock options, RSUs and DSUs which will eventually vest. These estimated fair values are recognized as share-based compensation expense over the specific vesting periods, with a corresponding increase to reserves, a component of equity. We determine the fair value of stock options using a Black-Scholes option pricing model with market-related inputs as of the date of grant. The fair value of RSUs and DSUs is the market value of the underlying shares as of the date of award. Stock option grants and RSU awards with several tranches of vesting are accounted for as separate awards with different vesting periods and fair values. We account for changes to the estimated number of awards that will eventually vest prospectively. (ii) Bonus shares The Company has issued bonus shares, which have vested upon the completion of a specified period of service. The fair value of the bonus shares is determined on the date of award; this fair value has been recognized in share-based compensation expense over the service period. (p) Income taxes Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination or items recognized directly in equity or OCI. (i) Current tax Current tax expense comprises the expected tax payable on taxable income for the year and any adjustment to income tax payable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any withholding tax arising from interest and dividends. (ii) Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: ● temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination, and at the time of the transaction, affects neither the accounting profit nor taxable profit (tax loss); ● temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that we are able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and ● taxable temporary differences arising on the initial recognition of goodwill. We recognize deferred tax assets for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits are considered based on the business plans for the individual taxable entity. We review deferred tax assets at each reporting date and reduce them when we consider it no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to apply to the temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset only when there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity which are expected to reverse in the same period or in the carried back/forward period as the expected reversal of the deductible temporary difference. (q) Loss per share Basic earnings (loss) per share is based on profit (loss) attributable to common shareholders, divided by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share is based on profit (loss) attributable to common shareholders, divided by the weighted average number of common shares outstanding during the reporting period after adjusting for the effects of all dilutive potential ordinary shares. (r) We account for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and when control is transferred to the Company. In determining whether a particular set of activities and assets is a business, we assess whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognized in profit or loss immediately. We expense transaction costs as incurred, except if they are related to the issuance of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss. Any contingent consideration is measured at estimated fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree’s employees (acquiree’s awards), then all or a portion of the acquirer’s replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree’s awards and the portion to which the replacement awards relate to pre-combination service. The results of businesses acquired during a reporting period are included in the consolidated financial statements starting from the date of acquisition. (s) (i) Financial assets We initially recognize financial assets when the Company becomes party to the contractual provisions of the instrument. Subsequent to initial recognition, we classify financial assets as measured at amortized cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”) after considering both our business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. A financial asset is measured at amortized cost if both of the following conditions are met: a. the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and b. the contractual terms of the f

SIGNIFICANT ACCOUNTING JUDGEMEN

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES	4 . (a) In preparing the consolidated financial statements, we make judgments when applying our accounting policies. The judgments that have the most significant effect on the amounts recognized in the consolidated financial statements are outlined below. (i) Determination of when a mine under construction is substantially complete and ready for its intended use The determination of when a mine under construction is substantially complete and ready for its intended use requires significant judgement. Some of the criteria we use to identify when the assets are available for their intended use include, but are not limited to: ● the completion of all major capital expenditures to bring the mine to the condition necessary for it to be capable of operating in the manner intended by management, ● the completion of a reasonable period of testing of the mine plant and equipment, ● the ability to produce saleable product (ie, the ability to produce metal within specifications), ● the mine has been transferred to operating personnel from the construction group, ● the mine and plant have reached a pre-determined percentage of design capacity, ● the metal content (the grade) of ore being mined is sufficiently consistent with the mine plan, ● mineral recoveries are at or near the expected production level, ● the ability to sustain ongoing production of metal. No one factor is more important than any other factor; consequently, we consider these collectively to determine the date of commencement of commercial production. (ii) Determination of when the development phase of an exploration project commences We must use significant judgment to assess when an exploration and evaluation project is technically feasible and commercially viable. Timing of the work required to conclude the assessment work might change depending on various factors. We use multiple sources of information, including: ● a positive development decision to proceed with the project, ● geologic and metallurgic information, ● existence of mineral reserves, ● current and forecasted commodity prices, ● estimated future cash flows, ● our ability to finance the development phase, general market conditions, and ● other factors which may limit our access to the mineral deposit, such as the ability to obtain necessary permits. All of these factors have an impact on the timing of commencement of the development phase. Upon commencement of the development phase for a project, we estimate the recoverable amount of the cash-generating unit, which is the higher of its fair value less cost of disposal and its value in use. The recoverable amount is based primarily on estimates of mineral reserves (described in note 4(b)(i) below), future commodity prices, capital costs, operating costs, and income and other taxes, discounted by an estimated discount rate incorporating the time value of money and the risks specific to the cash generating unit. All impairment assessments require significant estimation. Changes to these estimates could have an impact on the recognition and measurement of impairments. (iii) We apply judgement in assessing whether indicators of impairment exist for our exploration and evaluation (“E&E”) properties and for our mineral properties which could result in a test for impairment. For our E&E properties, we consider internal and external factors, such as our rights to explore, planned expenditures on E&E activities, the changes in mineral resources and mineral reserves, the potential for viable operations, significant decline in the market value of the Company, changes in metal prices and costs and changes in interest rates to determine whether there are any indicators of impairment or reversal of a previous impairment. For our mineral properties, we consider external factors such as changes in technology, the market, the economy, or the legal environment, interest rates, and the market capitalization of the Company compared to the book value of the asset. We also consider internal factors such as economic performance of the asset, idle properties and plans to discontinue operations, useful life of the property, our ability to repatriate or use profits from the property, restrictions on access, environmental restrictions, and political instability. Although the Company has taken steps to verify title to exploration and evaluation properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects. Further, we make judgements for properties where concessions terms have expired, and a renewal application has been made and is awaiting approval. We use judgement as to whether the concession renewal application is probable to be received, but ultimately this is beyond our control. If a renewal application is not approved, we could lose rights to those concessions. We consider other factors such as typical practice in foreign jurisdictions related permit renewals, our continued ability to operate as usual while awaiting renewals, our continued performance under regulatory requirements, and the ongoing acceptance by authorities of our annual fees. (iv) VAT receivables are generated on the purchase of supplies and services by our companies. The timing and collection of VAT receivables is uncertain as VAT refund procedures in certain jurisdictions require a significant amount of documentation and follow-up. We are exposed to liquidity risk, credit risk and currency risk with respect to our VAT recoverable balances if tax authorities are unwilling to make payments in a timely manner pursuant to our refund filings. The timing of receipt of Mexican VAT is uncertain. We have used judgement in classifying the current and non-current portions of our Mexican VAT receivables based on history of refunds and thoughtful consideration of the contents of each VAT claim. (v) At each reporting period, we assess whether it is probable that the Company is able to benefit from tax loss carryforwards and other temporary differences. We consider the recoverability of deferred tax assets based on future taxable income to determine the deferred tax asset to be recognized. Significant assumptions used to determine future taxable income include estimates for commodity prices, reserves and resources, operating costs, financing costs, development capital, and scheduling and mine design. Revisions to these estimates could result in material adjustments to the financial statements. The determination of the ability of the Company to utilize tax losses carried forward to offset income taxes payable in the future and to utilize temporary differences which will reverse in the future requires management to exercise judgement and make assumptions about the Company’s future performance. (vi) To determine the functional currency of an entity we consider various factors, which IAS 21 splits into 2 categories, namely, primary and the secondary factors. The primary factors that we consider are the following: 1. 2. 3. If our analysis of the primary factors is not definitive in determining the functional currency for the entity, we carry out an assessment which considers the following secondary factors: 1. 2. (b) The preparation of financial statements in conformity with IFRS requires the use of estimates that affect the amounts reported and disclosed. These estimates are based on our knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the consolidated financial statements. Information about assumptions and other sources of estimation uncertainty as at December 31, 2021 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next 12 months are outlined below. (i) Mineral resource and mineral resource estimates are estimates of the amount of ore that can be economically extracted from the Company’s mining properties. Such estimates impact the financial statements in the following ways: ● Mineral resource and mineral reserve estimates are key factors considered in determining whether technical feasibility and commercial viability of extracting a mineral resource are demonstrable which influences the classification of expenditure, ● The carrying value of assets may be affected due to changes in estimated mineral reserves and resources if the change is considered an indicator of impairment, ● Depreciation of producing mineral properties is affected by changes in reserve estimates, ● Site closure provisions may change where reserve estimate changes affect expectations about when such activities will occur and the associated cost of these activities. The mineral resource and mineral reserve estimates are based on information compiled by qualified persons within the meaning of Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). Such information includes geological and technical data on the size, depth, shape and grade of the ore body and suitable production techniques and recovery rates. Such an analysis requires complex geological judgements to interpret the data. The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements and production costs, along with geological assumptions and judgements made in estimating the size and grade of the ore body As the economic assumptions used may change and as additional geological information is produced during the operation of a mine, estimates of mineral resources and mineral reserves may change. (ii) The measurement of inventory, including the determination of its NRV, especially as it relates to metal production inventory involves the use of estimates. NRV is calculated as the estimated price at the time of sale based on prevailing metal prices, less estimated future production costs to convert the inventory into saleable form and associated selling costs, discounted where applicable. In determining the value of metal on the leach pads, we make estimates of tonnages, grades, and the recoverability of ore stacked on leach pads to estimate its value. Changes in these estimates can result in a change in carrying amounts of inventory, which could result in charges to cost of sales. The determination of forecast sales prices, recovery rates, grade, assumed contained metal in stockpiles, work-in-process and leach pad inventory and production and selling costs all requires significant assumptions that impact the carrying value of production inventories. (iii) We make estimates and assumptions in determining the provisions for asset retirement and site closure. The estimates and assumptions include determining the amount and timing of future cash flows, inflation rates, and discount rates. The ultimate rehabilitation costs are uncertain, and cost estimates can vary in response to many factors, including judgements of the extent of rehabilitation activities, technological changes, and regulatory changes. Consequently, there could be significant adjustments to the provisions established, which would affect future financial position, results of operations, and changes in financial position. The provision is management’s best estimate of the present value of the future asset retirement and site closure obligation. Actual future expenditures may differ from the amounts currently provided. (iv) Management uses valuation techniques in measuring the fair value of share options granted and restricted share units, deferred share units, and bonus shares awarded. Such valuation techniques are also used for estimating the fair value upon initial recognition of the Newmont loan, which is interest free. We determine the fair value of share-based payments awarded using the Black Scholes option pricing model which requires us to make certain estimates, judgements, and assumptions in relation to the expected life of the share options, expected volatility, expected risk‐free rate, and expected forfeiture rate. Changes to these assumptions could have a material impact on the Company’s financial statements.

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2021
INVENTORY
INVENTORY	5. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Stockpiled ore ​ $ 2,458 ​ $ — In-process inventory ​ 6,513 ​ — Materials and supplies ​ 686 ​ — Inventory – current ​ $ 9,657 ​ $ — ​ ​ ​ ​ ​ ​ ​ Long term ​ ​ ​ ​ ​ ​ Stockpiled ore ​ ​ 1,299 ​ ​ — Inventory – long term ​ $ 1,299 ​ $ — ​ Non-current inventory consists of stockpiled ore that is not expected to be processed within 12 months. There were no write downs to reduce the carrying value of inventories to net realizable value during the year ended December 31, 2021.

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2021
RESTRICTED CASH
RESTRICTED CASH	6. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Environmental bonds ​ $ 3,243 ​ $ 2,392 Severance funds ​ 297 ​ 323 Other ​ 140 ​ 68 ​ ​ $ 3,680 ​ $ 2,783 ​

VALUE ADDED TAXES RECOVERABLE

VALUE ADDED TAXES RECOVERABLE	12 Months Ended
	Dec. 31, 2021
VALUE ADDED TAXES RECOVERABLE
VALUE ADDED TAXES RECOVERABLE	7. VALUE ADDED TAXES RECOVERABLE Our Mexican entities pay value added taxes (called “IVA” in Mexico) on certain goods and services we purchase. Value added taxes paid in Mexico are fully recoverable. However, IVA recovery returns in Mexico are subject to complex filing requirements and detailed audit or review by the fiscal authorities. Consequently, the timing of receipt of refunds is uncertain. The Mexican tax authorities began issuing payments on these IVA claims to the Company in November 2021. To December 31, 2021, a total of 48.9 million pesos ($2.4 million) in IVA refunds had been received. We have used judgement in classifying the current and non-current portions of our Mexican VAT receivables. Factors considered include the regularity of payments received since receiving the first payment, communication from the Mexican tax authorities with respect to specific claims and the expected length of time for refunds in accordance with Mexico’s regulations. Of the long term portion, $3.4 million (December 31, 2020 - $nil) was under dispute with the taxation authorities. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Current portion ​ $ 16,776 ​ $ 163 Long term portion ​ 7,444 ​ 8,587 ​ ​ $ 24,220 ​ $ 8,750 ​

EQUIPMENT

EQUIPMENT	12 Months Ended
	Dec. 31, 2021
EQUIPMENT
EQUIPMENT	8. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Machinery Computers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ and ​ Other ​ Right of use ​ ​ ​ ​ Buildings equipment software assets ​ assets Total Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At January 1, 2020 ​ $ — ​ $ 324 ​ $ 150 ​ $ 57 ​ $ 89 ​ $ 620 Additions ​ — ​ 72 ​ 160 ​ 55 ​ 233 ​ 520 Due to changes in exchange rates ​ — ​ (4) ​ 10 ​ 3 ​ 16 ​ 25 At December 31, 2020 ​ $ — ​ $ 392 ​ $ 320 ​ $ 115 ​ $ 338 ​ $ 1,165 Additions ​ 67 ​ 2,437 ​ 527 ​ 318 ​ 1,769 ​ 5,118 Transfers from construction (note 9) ​ — ​ 2,484 ​ — ​ — ​ — ​ 2,484 Due to changes in exchange rates ​ (1) ​ (75) ​ (13) ​ (6) ​ 12 ​ (83) At December 31, 2021 ​ $ 66 ​ $ 5,238 ​ $ 834 ​ $ 427 ​ $ 2,119 ​ $ 8,684 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation ​ ​ ​ ​ ​ ​ At January 1, 2020 ​ $ — ​ $ 205 ​ $ 96 ​ $ 17 ​ $ 18 ​ $ 336 Depreciation ​ — ​ 26 ​ 30 ​ 11 ​ 39 ​ 106 Due to changes in exchange rates ​ — ​ 4 ​ 7 ​ 1 ​ 1 ​ 13 At December 31, 2020 ​ $ — ​ $ 235 ​ $ 133 ​ $ 29 ​ $ 58 ​ $ 455 Depreciation ​ 6 ​ 115 ​ 86 ​ 41 ​ 352 ​ 600 Due to changes in exchange rates ​ — ​ — ​ (1) ​ — ​ (5) ​ (6) At December 31, 2021 ​ $ 6 ​ $ 350 ​ $ 218 ​ $ 70 ​ $ 405 ​ $ 1,049 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book value ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ $ — ​ $ 157 ​ $ 187 ​ $ 86 ​ $ 280 ​ $ 710 At December 31, 2021 ​ $ 60 ​ $ 4,888 ​ $ 616 ​ $ 357 ​ $ 1,714 ​ $ 7,635 ​ Other assets include office equipment and vehicles. Right of use assets include leases of mining equipment, vehicles and buildings. The total depreciation for the year ended December 31, 2021, amounted to $0.6 million, of which $0.2 million was included in in inventories, $0.2 million in other expenses and $0.2 million was capitalized as part of the carrying amount of construction in progress.

MINERAL PROPERTIES AND RELATED

MINERAL PROPERTIES AND RELATED CONSTRUCTION	12 Months Ended
	Dec. 31, 2021
MINERAL PROPERTIES AND RELATED CONSTRUCTION
MINERAL PROPERTIES AND RELATED CONSTRUCTION	9. MINERAL PROPERTIES AND RELATED CONSTRUCTION (a) Camino Rojo Project The Camino Rojo Project lies 190 km NE of the city of Zacatecas, 48 km S-SW of the town of Concepcion del Oro, and 54 km S-SE of Newmont Corporation’s (“Newmont”) Peñasquito Mine. (i) In November 2017, we acquired the Camino Rojo Project, a gold and silver oxide heap leach project located in Zacatecas State, Mexico, from Goldcorp Inc. (now called Newmont Corporation). A 2% net smelter return royalty (the “Royalty”) on the sale of all metal production from the oxide material at Camino Rojo is payable. The Company and Newmont also entered into an option agreement regarding the potential development of sulphide operations at Camino Rojo. Pursuant to the option agreement, Newmont will, subject to the applicable sulphide project meeting certain thresholds, have an option to acquire a 60% or 70% interest in the applicable sulphide project (“Sulphide Option”). The Royalty excludes revenue on the sale of metals produced from a sulphide project. However, should Newmont decide not to elect to acquire an interest in an applicable sulphide project, Newmont would be entitled to a 2% net smelter return royalty on metals produced from the sulphide material. The Company has received all permits and satisfied all conditions for the construction of a mine at Camino Rojo. Effective November 30, 2020, we reclassified this project to “mineral properties and related construction”. Upon reclassification, we tested the project for impairment, and concluded no impairment was necessary. Subsequent to November 30, 2020, we undertook construction of the oxide gold and silver mine at Camino Rojo. In common with all mining companies in Mexico, the Camino Rojo Project is subject to a Special Mining Duty of 7.5% of taxable mining profits and an Extraordinary Mining Duty of 0.5% of revenues from precious metals. (ii) In February 2021, the Company completed a Layback Agreement with Fresnillo plc (“Fresnillo”) and certain of its subsidiaries, pursuant to which (a) the Company agreed to pay Fresnillo total cash consideration of US$62.8 million in staged payments until December 2023 (note 14) and (b) allows Orla to expand the Camino Rojo Project oxide pit onto part of Fresnillo’s mineral concession located immediately north of Orla’s property. The following table summarizes the initial cost capitalized at closing: ​ ​ ​ ​ ​ Consideration comprised: ​ Cash paid $ 25,000 Fair value of future cash consideration (note 14) ​ 37,800 ​ ​ $ 62,800 ​ (b) Development and Construction Orla commenced construction activities at the Camino Rojo Project in December 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At historical cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ Deposits to ​ ​ ​ ​ ​ ​ ​ foreign ​ ​ ​ ​ ​ Mineral ​ construction ​ Construction in ​ Other costs ​ exchange on ​ Carrying ​ properties vendors progress capitalized translation value At January 1, 2020 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Transferred from exploration and evaluation properties ​ 39,272 ​ — ​ — ​ — ​ (2,129) ​ 37,143 Additions ​ — ​ 28,079 ​ 4,845 ​ — ​ — ​ 32,924 Borrowing costs capitalized (note 9(c)) ​ — ​ — ​ — ​ 672 ​ — ​ 672 Change in site closure provision (note 16) ​ — ​ — ​ — ​ 164 ​ — ​ 164 Due to changes in exchange rates ​ — ​ — ​ — ​ — ​ 369 ​ 369 At December 31, 2020 ​ $ 39,272 ​ $ 28,079 ​ $ 4,845 ​ $ 836 ​ $ (1,760) ​ $ 71,272 Additions ​ 62,800 ​ 11,411 ​ 56,528 ​ — ​ — ​ 130,739 Transfers within categories ​ — ​ (37,832) ​ 37,832 ​ — ​ — ​ — Transfers to Equipment (note 8) ​ — ​ — ​ (2,484) ​ — ​ — ​ (2,484) Borrowing costs capitalized (note 9(c)) ​ — ​ — ​ — ​ 13,967 ​ — ​ 13,967 Change in site closure provision (note 16) ​ — ​ — ​ — ​ 4,653 ​ — ​ 4,653 Due to changes in exchange rates ​ — ​ — ​ — ​ — ​ (4,398) ​ (4,398) At December 31, 2021 ​ $ 102,072 ​ $ 1,658 ​ $ 96,721 ​ $ 19,456 ​ $ (6,158) ​ $ 213,749 ​ (c) Borrowing costs capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ December 31, ​ December 31, ​ 2021 2020 Capitalized borrowing costs, beginning of the year ​ $ 672 ​ $ $ — Capitalized during the year: ​ ​ ​ ​ ​ ​ Borrowing costs – Camino Rojo project loan (note 12) ​ ​ 12,430 ​ $ 700 Borrowing costs – Fresnillo obligation (note 14) ​ ​ 1,654 ​ ​ — Interest earned on borrowed funds ​ (117) ​ (28) Capitalized borrowing costs, end of the year ​ $ 14,639 ​ $ 672 ​

EXPLORATION AND EVALUATION PROP

EXPLORATION AND EVALUATION PROPERTIES	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
EXPLORATION AND EVALUATION PROPERITES	10. EXPLORATION AND EVALUATION PROPERTIES The Company’s exploration and evaluation properties consist of the Cerro Quema Project and the Monitor Gold Project. The Camino Rojo Project is classified under “Mineral properties and related construction” (see note 9). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Camino Cerro Monitor ​ ​ ​ ​ Rojo ​ Quema ​ Gold ​ Total Acquisition costs ​ ​ ​ ​ At January 1, 2020 ​ $ 42,615 ​ $ 82,429 ​ $ 314 ​ $ 125,358 Additions ​ — ​ ​ — ​ — ​ — Transferred to “mineral properties and related construction” ​ ​ (39,272) ​ ​ — ​ ​ — ​ ​ (39,272) Transferred to value added taxes recoverable ​ (3,343) ​ ​ — ​ — ​ (3,343) At December 31, 2020 ​ $ — ​ $ 82,429 ​ $ 314 ​ $ 82,743 Additions ​ — ​ ​ — ​ — ​ — At December 31, 2021 ​ $ — ​ $ 82,429 ​ $ 314 ​ $ 82,743 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated foreign exchange on translation ​ ​ ​ ​ ​ ​ ​ At January 1, 2020 ​ $ 285 ​ $ — ​ $ — ​ $ 285 Due to changes in exchange rates ​ (2,414) ​ ​ — ​ — ​ (2,414) Transferred to “mineral properties and related construction” ​ ​ 2,129 ​ ​ — ​ ​ — ​ ​ 2,129 At December 31, 2020 ​ $ — ​ $ — ​ $ — ​ $ — Due to changes in exchange rates ​ — ​ ​ — ​ — ​ — At December 31, 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition costs ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ $ — ​ $ 82,429 ​ $ 314 ​ $ 82,743 At December 31, 2021 ​ $ — ​ $ 82,429 ​ $ 314 ​ $ 82,743 ​ (a) The Cerro Quema Project is located on the Azuero Peninsula in Los Santos Province, Panama. The project is at the exploration and development stage for a proposed open pit mine with process by heap leaching. We own the mineral rights as well as the surface rights over the current mineral resource areas, proposed mine development areas, and priority drill target areas. The original 20-year terms for the exploitation concessions expired in February and March of 2017. The Company has applied for the prescribed ten-year extension to these concessions as it is entitled to under Panamanian mineral law. In March 2017, the Ministry of Commerce and Industry provided written confirmation to the Company that the extension applications had been received and that exploration work could continue while the Company awaits renewal of the concessions. As of the date of these financial statements, final concession renewals have not been received and are still under review. However, we continue to receive ongoing drilling, water use, environmental and other permits, and have paid concession taxes, and issued the annual reports in the normal course. The Company published the results of a Pre-Feasibility Study on the Cerro Quema Project entitled “Project Pre-Feasibility Updated NI 43-101 Technical Report on the Cerro Quema Project Province of Los Santos, Panama” dated January 18, 2022. (b) The Monitor Gold Project consists of three separate option agreements consisting of 422 claims covering 3,416 hectares in Nye County, Nevada, USA. In 2020, the payments required under the option agreements consisted of $40,000 in advance royalty payments, and $75,000 in work commitments, all of which requirements were met by the Company. In 2021, the payments required under the option agreements consist of $150,000 in share issuance (issued), $60,000 in advance royalty payments (paid), and $125,000 in work commitment (completed). To maintain the option agreements in good standing, minimum payments and work commitments are required each year until 2038.

TRADE AND OTHER PAYABLES AND AC

TRADE AND OTHER PAYABLES AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2021
TRADE AND OTHER PAYABLES AND ACCRUED LIABILITIES
TRADE AND OTHER PAYABLES AND ACCRUED LIABILITIES	11. (a) Trade and other payables ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Trade payables ​ $ 5,966 ​ $ 2,583 Payroll related liabilities ​ 339 ​ 658 Royalties payable ​ 113 ​ — Lease obligations (note 15) ​ 372 ​ 131 Other ​ 26 ​ 11 ​ ​ $ 6,816 ​ $ 3,383 ​ (b) Accrued liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Construction-related ​ $ 2,045 ​ $ 1,082 Land and water fees ​ 1,795 ​ 1,852 Payroll related ​ 1,244 ​ 725 Other ​ 575 ​ 684 ​ ​ $ 5,659 ​ $ 4,343 ​

CAMINO ROJO PROJECT LOAN

CAMINO ROJO PROJECT LOAN	12 Months Ended
	Dec. 31, 2021
CAMINO ROJO PROJECT LOAN
CAMINO ROJO PROJECT LOAN	12. In December 2019, the Company entered into a loan agreement with Trinity Capital Partners Corporation (“Trinity Capital”) and certain other lenders with respect to a credit debt facility of $125 million for the development of the Camino Rojo Oxide Gold Project (the “Project Loan”). The Project Loan provides a total of $125 million to the Company, available in three tranches, to be used for the development of the Camino Rojo Project, funding a portion of the Layback Agreement (note 9(a)), and normal course corporate purposes. The Company drew down the first tranche of $25 million in December 2019, the second tranche of $50 million in October 2020, and the third tranche of $50 million in April 2021. The Project Loan is denominated in US dollars, and bears interest at 8.80% per annum, payable quarterly, and is secured by all the assets of the Camino Rojo Project and the fixed assets of the Cerro Quema Project. The principal amount is due upon maturity at December 18, 2024, with no scheduled principal repayments prior to maturity. The Company may prepay the loan, in full or in part, at any time during the term without penalty, by using cash flow from operations. Upon draw down of the first tranche, in December 2019, the Company issued 32.5 million common share purchase warrants (with an exercise price of C$3.00 per warrant and expiry date of December 18, 2026) to the lenders in connection with the closing. Including these warrants, a total of $12,039,000 was considered transaction costs and was charged against the carrying value of the Project Loan. On December 1, 2020, we commenced capitalizing the interest on this loan to “mineral properties and related construction”. During the year ended December 31, 2021, we capitalized $12.4 million (2020 – $0.7 million) (note 9(c)). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction ​ ​ ​ ​ Loan advances costs Net At January 1, 2020 ​ $ 25,000 ​ $ (12,039) ​ $ 12,961 Advances during the year ​ ​ 50,000 ​ ​ — ​ ​ 50,000 Cash transaction costs ​ ​ — ​ ​ (2,475) ​ ​ (2,475) Amortization of the transaction costs ​ ​ — ​ ​ 632 ​ ​ 632 Foreign exchange ​ ​ — ​ ​ (422) ​ ​ (422) At December 31, 2020 ​ $ 75,000 ​ $ (14,304) ​ $ 60,696 Advances during the year ​ ​ 50,000 ​ ​ — ​ ​ 50,000 Cash transaction costs ​ ​ — ​ ​ (165) ​ ​ (165) Accretion during the period, capitalized (note 9(c)) ​ ​ 9,613 ​ ​ 2,817 ​ ​ 12,430 Cash interest paid ​ ​ (9,613) ​ ​ — ​ ​ (9,613) Foreign exchange ​ ​ — ​ ​ (88) ​ ​ (88) At December 31, 2021 ​ $ 125,000 ​ $ (11,740) ​ $ 113,260 ​

NEWMONT LOAN

NEWMONT LOAN	12 Months Ended
	Dec. 31, 2021
NEWMONT LOAN
NEWMONT LOAN	13. As part of the Company’s acquisition of the Camino Rojo project from Newmont, Newmont agreed to provide interest-free loans to the Company for all the annual landholding costs on the Camino Rojo project from November 7, 2017, until December 31, 2019. The loans are to be repaid upon declaration of commencement of commercial production of a heap leach operation at the Camino Rojo Project. To the date of these financial statements, approximately 219 million Mexican pesos (approximately $10.6 million) had been advanced by Newmont under this agreement. No further advances in respect of this loan are expected. During the year ended December 31, 2020, the Company agreed with Newmont that the repayment would be made in cash. We expect this payment to occur during the first half of 2022. Because the loan is non-interest bearing, for accounting purposes at the date of each advance, we discount the expected payments using a risk-adjusted discount rate and an estimated repayment date. A rate of 14.6% was used for the advance received during 2019 (2018 – 15.4%). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexican pesos Mexican pesos US dollars ​ ​ (thousands) ​ (thousands) ​ (thousands) ​ ​ Undiscounted ​ Discounted ​ ​ ​ At January 1, 2020 219,466 182,700 ​ $ 9,647 Accretion during the year — 27,713 ​ 1,295 Modification gains arising from changes in estimates — (22,093) ​ (1,032) Foreign exchange — — ​ (470) At December 31, 2020 219,466 188,320 ​ $ 9,440 Accretion during the year — 28,031 ​ 1,382 Modification gains arising from changes in estimates — (4,470) ​ (220) Foreign exchange — — ​ (309) At December 31, 2021 219,466 211,881 ​ $ 10,293 ​

FRESNILLO OBLIGATION

FRESNILLO OBLIGATION	12 Months Ended
	Dec. 31, 2021
FRESNILLO OBLIGATION
FRESNILLO OBLIGATION	14. FRESNILLO OBLIGATION Pursuant to the terms of the Layback Agreement (note 9(a)), we agreed to pay Fresnillo total cash consideration of US$62.8 million through a staged payment schedule: i. US$ 25 million upon closing of the transaction (paid February 22, 2021); ii. US$ 15 million upon the earlier of December 1, 2022, and 12 months following the commencement of commercial production at the Camino Rojo Project; and iii. US$ 22.8 million upon the earlier of December 1, 2023, and 24 months following the commencement of commercial production at the Camino Rojo Project. The amounts payable after February 22, 2021, bear interest at 5% per annum, payable quarterly. We capitalize the interest on this loan to “Mineral properties and related construction”. During the year ended December 31, 2021, we capitalized $1.7 million (year ended December 31, 2020 – nil) (note 9(c)). ​ ​ ​ ​ ​ ​ Total At January 1, 2021 ​ $ — Initial recognition ​ 37,800 Accretion during the period, capitalized (note 9(c)) ​ 1,654 Cash interest paid ​ (1,654) At December 31, 2021 ​ $ 37,800 ​ ​ ​ ​ Current ​ 15,000 Non-current ​ 22,800 ​ ​ $ 37,800 ​

LEASE OBLIGATIONS

LEASE OBLIGATIONS	12 Months Ended
	Dec. 31, 2021
LEASE OBLIGATIONS
LEASE OBLIGATIONS	15. LEASE OBLIGATIONS The Company has lease contracts for mining equipment, vehicles and buildings. Leases of mining equipment have lease terms of five years, while vehicles and buildings generally have lease terms three In July 2021, we entered into a new lease agreement for the use of mining equipment in relation to contract mining at Camino Rojo for a period of five years. The Company makes fixed payments and additional variable lease payments depending on the usage of the assets during the contract period. On commencement of the lease, the Company recognized a $0.9 million right-of-use asset and lease liability. During 2021, we made variable lease payments totalling $4.6 million based on the usage of the mining equipment. We have elected not to separate the lease component from the non-lease component. (a) Lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Beginning of year ​ $ 273 ​ $ 67 Additions ​ 1,769 ​ 233 Interest expense ​ 32 ​ 7 Lease payments ​ (681) ​ (47) Due to changes in exchange rates ​ 8 ​ 13 End of year ​ $ 1,401 ​ $ 273 ​ ​ ​ ​ ​ ​ ​ Current ​ $ 372 ​ $ 131 Non-current ​ 1,029 ​ 142 ​ ​ $ 1,401 ​ $ 273 ​ (b) Lease expenses recognized ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Interest on lease liabilities ​ $ 32 ​ $ 7 Variable lease payments not included in the measurement of lease liabilities ​ 4,579 ​ 141 Expenses relating to short-term leases ​ 131 ​ 48 Expenses relating to leases of low-value assets, excluding short-term leases ​ 155 ​ 121 ​ ​ $ 4,897 ​ $ 317 ​ The maturity analysis of lease liabilities is disclosed in note 28(b)(ii).

SITE CLOSURE PROVISIONS

SITE CLOSURE PROVISIONS	12 Months Ended
	Dec. 31, 2021
SITE CLOSURE PROVISIONS
SITE CLOSURE PROVISIONS	16. SITE CLOSURE PROVISIONS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Camino Rojo Cerro Quema ​ ​ ​ Project Project Total At December 1, 2020 ​ $ 232 ​ $ 343 ​ $ 575 Decrease in estimated cash flows ​ ​ (57) ​ ​ — ​ ​ (57) At December 31, 2020 ​ $ 175 ​ $ 343 ​ $ 518 Increase in estimated cash flows resulting from current activities ​ 4,738 ​ — ​ 4,738 Accretion during the period ​ 223 ​ — ​ 223 Foreign exchange ​ (19) ​ — ​ (19) At December 31, 2021 ​ $ 5,117 ​ $ 343 ​ $ 5,460 ​ ​ ​ ​ ​ ​ ​ ​ ​ Camino Rojo Cerro Quema Year ended December 31, 2021 Project Project Estimated settlement dates ​ ​ 2029 to 2041 ​ ​ 2022 Undiscounted risk-adjusted cash flows ​ $ 6,091 ​ $ — Inflation rate ​ 5.55 % — Discount rate ​ 7.43 % — ​

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2021
REVENUE
REVENUE	17. REVENUE As at December 31, 2021, the mine at the Camino Rojo Project was under construction. We have chosen to early adopt the amendments in IFRS 16 “Property, Plant, and Equipment”, pursuant to which proceeds from metal sales occurring before the mine comes in commercial production and is available for use should be recognized in profit or loss, together with the costs of producing those items. We measured the costs of producing this metal, while the mine was under construction, in accordance with IAS 2 “Inventories”. Revenue by significant product type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Gold ​ $ 4,094 ​ $ — Silver ​ 30 ​ — Subtotal ​ 4,124 ​ — Refining and transportation ​ (33) ​ — ​ ​ $ 4,091 ​ $ — ​ Revenue recognized during the year ended December 31, 2021 is from one external customer.

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2021
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	18. GENERAL AND ADMINISTRATIVE EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Office and administrative ​ $ 1,911 ​ $ 643 Professional fees ​ 1,702 ​ 1,389 Regulatory and transfer agent ​ 662 ​ 142 Salaries and benefits ​ 2,932 ​ 2,156 ​ ​ $ 7,207 ​ $ 4,330 ​

EXPLORATION AND EVALUATION EXPE

EXPLORATION AND EVALUATION EXPENSES	12 Months Ended
	Dec. 31, 2021
EXPLORATION AND EVALUATION EXPENSES
EXPLORATION AND EVALUATION EXPENSES	19. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Camino Rojo Project ​ $ 9,908 ​ $ 12,658 Cerro Quema Project ​ 4,771 ​ 3,465 Monitor Gold Project ​ 366 ​ 136 Other ​ 63 ​ 43 ​ ​ $ 15,108 ​ $ 16,302 ​

INTEREST AND FINANCE COSTS

INTEREST AND FINANCE COSTS	12 Months Ended
	Dec. 31, 2021
INTEREST AND FINANCE COSTS
INTEREST AND FINANCE COSTS	20. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Accretion on Camino Rojo project loan (note 12) ​ $ — ​ $ 2,860 Accretion on Newmont loan (note 13) ​ 1,382 ​ 1,295 Accretion on site closure provisions (note 16) ​ 223 ​ — Interest expense on leases (note 15) ​ 32 ​ 7 Interest income ​ (140) ​ (267) Interest on IVA refunds ​ (203) ​ — Other ​ 2 ​ — ​ ​ $ 1,296 ​ $ 3,895 ​ On December 1, 2020, we ceased expensing and commenced capitalizing the accretion on the Camino Rojo project loan.

OTHER (GAINS) AND LOSSES

OTHER (GAINS) AND LOSSES	12 Months Ended
	Dec. 31, 2021
OTHER (GAINS) AND LOSSES
OTHER (GAINS) AND LOSSES	21. OTHER (GAINS) AND LOSSES ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Realized gains on foreign currency transactions ​ $ (598) ​ $ — Modification gains arising from changes in estimates (note 13) ​ (220) ​ (1,032) Other ​ 9 ​ (25) ​ ​ $ (809) ​ $ (1,057) ​

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2021
SHARE CAPITAL
SHARE CAPITAL	22. (a) Authorized share capital The Company’s authorized share capital consists of an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. (b) Issued share capital On July 14, 2021, the Company issued 9,085,263 common shares at a price of C$4.75 per common share for gross proceeds of C$43.2 million ($34.4 million). The Company incurred transaction costs of C$1.3 million ($1.0 million) On February 5, 2021, the Company issued 33,000 common shares at a total fair value of $150,000 in respect of the annual share consideration in connection with the Company ’ Refer to the Consolidated Statements of Changes in Equity for details of other share issuances during the years ended December 31, 2021, and 2020. (c) Warrants The following summarizes information about warrants outstanding during 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise ​ December 31 ​ ​ ​ ​ ​ ​ ​ December 31 Expiry date price 2020 Exercised Expired 2021 February 15, 2021 C$ 2.35 ​ 7,782,994 ​ (7,439,744) ​ (343,250) ​ — July 8, 2021 C$ 0.62 ​ 370,000 ​ (370,000) ​ — ​ — June 12,2022 C$ 1.65 ​ 4,992,500 ​ (250,000) ​ — ​ 4,742,500 November 7, 2022 C$ 1.40 ​ 3,000,000 ​ — ​ — ​ 3,000,000 December 18, 2026 C$ 3.00 ​ 32,500,000 ​ — ​ — ​ 32,500,000 Total number of warrants ​ ​ ​ 48,645,494 ​ (8,059,744) ​ (343,250) ​ 40,242,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average exercise price ​ ​ C$ 2.64 C$ 2.25 C$ 2.35 C$ 2.72 ​ The following summarizes information about warrants outstanding during 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise December 31 ​ ​ ​ ​ December 31 Expiry date ​ price ​ 2019 ​ Exercised ​ Expired ​ 2020 February 15, 2021 C$ 2.35 ​ 8,790,600 ​ (1,007,606) ​ — ​ 7,782,994 July 8, 2021 C$ 0.62 ​ 570,000 ​ (200,000) ​ — ​ 370,000 June 12, 2022 C$ 1.65 ​ 5,842,500 ​ (850,000) ​ — ​ 4,992,500 November 7, 2022 C$ 1.40 ​ 3,000,000 ​ — ​ — ​ 3,000,000 December 18, 2026 C$ 3.00 ​ 32,500,000 ​ — ​ — ​ 32,500,000 Total number of warrants ​ ​ 50,703,100 ​ (2,057,606) ​ — ​ 48,645,494 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average exercise price ​ C$ 2.61 C$ 1.89 C$ — C$ 2.64 ​ Subsequent to the reporting period, the Company issued 100,000 common shares for proceeds of C$300,000 ($234,000) pursuant to the exercise of warrants (note 31(a)).

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	12 Months Ended
	Dec. 31, 2021
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS	23. The Company has four different forms of share-based payments for eligible recipients – stock options, restricted share units (“RSUs”), deferred share units (“DSUs”), and bonus shares. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31 Share based payments expense ​ 2021 ​ 2020 Stock options (note 23(a)) $ 1,350 $ 1,635 Restricted share units (note 23(b)) ​ 738 ​ 545 Deferred share units (note 23(c)) ​ 241 ​ 213 Bonus shares (note 23(d)) ​ — ​ 130 Share based payments expense ​ $ 2,329 ​ $ 2,523 ​ (a) Stock options Stock options granted by the Company typically have a five-year life, with one third each vesting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ average Stock options outstanding Number exercise price Number exercise price Beginning of year 9,959,927 C$ 1.60 9,917,336 C$ 1.20 Granted 678,347 ​ 4.74 2,233,438 ​ 2.91 Exercised (687,400) ​ 0.87 (2,112,103) ​ 1.15 Expired, forfeited or cancelled (50,000) ​ 1.39 (78,744) ​ 1.17 End of year 9,900,874 C$ 1.86 9,959,927 C$ 1.60 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested, end of year 8,704,157 C$ 1.63 7,774,007 C$ 1.39 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Number granted ​ 678,347 ​ 2,233,438 ​ Grant date fair value C$ 1,294 C$ 2,729 ​ Weighted average of assumptions used: ​ ​ ​ Share price at grant date ​ C$ 4.74 ​ C$ 2.91 ​ Expected volatility ​ 45 % ​ 48 % Expected life ​ 5 years ​ 5 years ​ Canadian dollar risk free interest rate ​ 1.0 % ​ 0.5 % Dividends ​ nil ​ nil ​ ​ The stock options outstanding at December 31, 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise Remaining life ​ Number Expiry date ​ price (C$) ​ (years) ​ Number ​ vested June 23, 2022 1.39 0.5 2,200,000 2,200,000 May 31, 2023 1.25 1.4 700,000 700,000 June 27, 2023 1.25 1.5 944,514 944,514 September 10, 2023 1.25 1.7 100,000 100,000 November 13, 2023 1.30 1.9 1,000,000 1,000,000 March 29, 2024 1.06 2.2 1,835,227 1,835,227 May 15, 2024 1.00 2.4 117,450 117,450 August 13, 2024 1.65 2.6 103,212 103,212 March 25, 2025 2.21 3.2 1,022,124 677,646 April 16, 2025 2.39 3.3 600,000 400,000 April 20, 2025 2.58 3.3 50,000 33,334 July 1, 2025 3.82 3.5 300,000 200,000 August 24, 2025 6.03 3.6 200,000 133,334 September 1, 2025 5.80 3.7 50,000 33,334 March 24,2026 ​ 4.80 ​ 4.2 ​ 578,347 ​ 192,774 April 19,2026 4.76 4.3 50,000 16,666 October 4,2026 4.04 4.8 50,000 16,666 Total number of stock options ​ ​ ​ ​ 9,900,874 8,704,157 ​ The stock options outstanding at December 31, 2020, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise Remaining life ​ Number Expiry date ​ price (C$) ​ (years) ​ Number ​ vested January 27, 2021 0.15 0.1 225,000 225,000 January 27, 2021 0.81 0.1 39,900 39,900 June 23, 2022 1.39 1.5 2,310,000 2,310,000 May 31, 2023 1.25 2.4 980,000 980,000 June 27, 2023 1.25 2.5 1,012,014 1,012,014 September 10, 2023 1.25 2.7 100,000 100,000 November 13, 2023 1.30 2.9 1,000,000 1,000,000 March 29, 2024 1.06 3.2 1,850,227 1,226,818 May 15, 2024 1.00 3.4 117,450 78,300 August 13, 2024 1.65 3.6 103,212 68,808 March 25, 2025 ​ 2.21 ​ 4.2 ​ 1,022,124 ​ 333,166 April 16, 2025 ​ 2.39 ​ 4.3 ​ 600,000 ​ 200,000 April 20, 2025 ​ 2.58 ​ 4.3 ​ 50,000 ​ 16,667 July 1, 2025 ​ 3.82 ​ 4.5 ​ 300,000 ​ 100,000 August 24, 2025 ​ 6.03 ​ 4.6 ​ 200,000 ​ 66,667 September 1, 2025 ​ 5.80 ​ 4.7 ​ 50,000 ​ 16,667 Total number of stock options ​ ​ 9,959,927 7,774,007 ​ Subsequent to the reporting period, the Company granted 250,000 stock options with an exercise price of C$5.37, and a term of five years. One one third Subsequent to the reporting period, 122,500 stock options were exercised, for gross proceeds to the Company of C$158,700 ($125,000) (note 31(a)). (b) Restricted Share Units Restricted Share Units (“RSU’s) awarded by the Company typically vest one-third two three ​ ​ ​ ​ ​ ​ Number of RSUs outstanding: ​ ​ ​ ​ ​ 2021 2020 Outstanding, January 1 921,356 1,014,972 Awarded 235,091 320,447 Vested and settled (448,607) (414,063) Outstanding, December 31 707,840 921,356 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of RSUs outstanding: ​ ​ ​ Number vesting in the year ​ Total 2021 2022 2023 2024 Outstanding, December 31, 2020 921,356 448,607 365,935 106,814 — Outstanding, December 31, 2021 707,840 — 444,301 185,179 78,360 ​ Restricted Share Units (“RSUs”) are valued based on the closing price of the Company’s common shares on the trading day immediately prior to award. Certain RSUs may be settled in cash at the option of the Company. (c) Deferred Share Units The Deferred Share Units ( “ ” ’ ​ ​ ​ ​ ​ ​ Number of DSUs outstanding: ​ ​ ​ ​ ​ 2021 2020 Outstanding, January 1 644,525 508,780 Awarded and vested immediately 62,503 135,745 Outstanding, December 31 707,028 644,525 ​ ​ ​ ​ ​ Of which, number of DSUs vested at December 31 707,028 644,525 ​ DSUs are valued based on the closing price of the Company’s common shares immediately prior to award. (d) Bonus shares During 2017, the Board of Directors awarded 500,000 common shares to the non‐executive Chairman of the Company as bonus shares. The bonus shares are subject to a vesting period from June 19, 2017, to June 18, 2020 (the “Eligibility Period”). The bonus shares will become issuable (1) after the Eligibility Period on the date that the non‐executive Chairman ceases to act as a director of the Company, or (2) upon a change of control of the Company. We estimated the fair value of the bonus shares ($1.31 each) based on the market price of the common shares at the date of the grant. The amount of $655,000 was recognized on a straight-line basis over the Eligibility Period. On November 13, 2018, the Board of Directors awarded 1,000,000 bonus shares to an officer of the Company. The bonus shares were structured in four tranches of 250,000 bonus shares each, vesting and issuable upon the achievement of certain share price thresholds particular to each tranche. Upon initial recognition we estimated the dates that each of these market condition tranches would vest, such dates ranging from December 2019 to March 2022. The award date fair value ($537,000, or $0.537 per bonus share) was recognized on a straight-line basis over the estimated vesting periods. All four tranches vested during the year ended December 31, 2020. Consequently, the total fair value has been recognized as at December 31, 2020. ​ ​ ​ ​ ​ ​ Number of bonus shares outstanding: ​ ​ ​ ​ ​ 2021 2020 Outstanding, January 1 500,000 1,500,000 Vested and issued during the year — (1,000,000) Outstanding, December 31 500,000 500,000 ​ ​ ​ ​ ​ Vested, end of year 500,000 500,000 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	24. The Company’s related parties include: ​ ​ ​ ​ Related party Nature of the relationship Key management personnel ​ Key management personnel are the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, the Senior Vice President Exploration, and members of the Board of Directors of the Company. ​ (a) Key Management Personnel Compensation to key management personnel was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31 ​ 2021 2020 Short term incentive plans ​ ​ Salaries ​ $ 1,580 ​ $ 1,361 Directors’ fees ​ 183 ​ 171 ​ ​ 1,763 ​ 1,532 Share based payments ​ 1,750 ​ 1,859 Total ​ $ 3,513 ​ $ 3,391 ​ (b) Transactions The Company had no other material transactions with related parties other than key management personnel during the years ended December 31, 2021, and 2020. (c) Outstanding balances at the Reporting Date At December 31, 2021, estimated accrued short term incentive compensation totaled $783,000 and was included in accrued liabilities (December 31, 2020 – $773,000).

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	25. (a) Cash and cash equivalents Cash consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Bank current accounts and cash on hand ​ $ 20,516 ​ $ 72,180 ​ (b) Non-cash investing and financing activities The non-cash investing and financing activities of the Company, excluded from the consolidated statements of cash flows, include the following: ​ ​ ​ ​ ​ ​ ​ 2021 2020 Financing activities Stock options exercised, credited to share capital with an offset to reserves 277 1,479 Common shares issued upon maturity of RSUs, credited to share capital with an offset to reserves 487 333 Warrants exercised, credited to share capital with an offset to reserves 2,140 506 Fresnillo obligation credited, with an offset to “mineral properties and related construction” 37,800 — ​ ​ ​ ​ ​ Investing activities Initial recognition of right of use asset with an offset to lease obligation 1,769 233 Marketable securities adjustment included in account receivable with an offset to other gains — 25 ​

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2021
SEGMENT INFORMATION
SEGMENT INFORMATION	26. (a) Reportable segments The operating and reportable segments of the Company are based on the reports which are reviewed by the chief operating decision maker (“CODM”) in making strategic resource allocation decisions. These operating segments are the Mexican project, the Panamanian project, and the corporate office. The projects are each managed by a dedicated General Manager and management team. Additionally, the corporate office oversees the plans and activities of early stage exploration projects, such as the Monitor Gold Project. The Camino Rojo Project in Mexico is currently in construction and generated pre-commercial production revenue in December 2021, while the Cerro Quema Project in Panama is focused on the exploration and evaluation of its mineral properties. (b) Geographic segments We conduct our activities in four geographic areas: Mexico, Panama, the United States, and Canada. ​ (i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama USA Canada Total Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue (note 17) ​ $ (4,091) ​ $ — ​ $ — ​ $ — ​ $ (4,091) Cost of sales ​ ​ 1,358 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,358 Gross profit ​ ​ (2,733) ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,733) Exploration and evaluation expenses (note 19) ​ ​ 9,908 ​ ​ 4,771 ​ ​ 366 ​ ​ 63 ​ ​ 15,108 General and administrative expenses (note 18) ​ — ​ — ​ — ​ 7,207 ​ 7,207 Depreciation ​ — ​ 36 ​ — ​ 118 ​ 154 Share based payments (note 23) ​ 89 ​ 51 ​ — ​ 2,189 ​ 2,329 Interest and finance costs (note 20) ​ 1,406 ​ — ​ — ​ (110) ​ 1,296 Foreign exchange loss ​ 3,956 ​ — ​ — ​ (230) ​ 3,726 Other (gains) and losses (note 21) ​ (220) ​ — ​ — ​ (589) ​ (809) Loss for the year ​ $ 12,406 ​ $ 4,858 ​ $ 366 ​ $ 8,648 ​ $ 26,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama USA Canada Total Year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration and evaluation expenses (note 19) ​ $ 12,658 ​ $ 3,465 ​ $ 136 ​ $ 43 ​ $ 16,302 General and administrative expenses (note 18) ​ — ​ — ​ — ​ 4,330 ​ 4,330 Depreciation ​ 34 ​ 22 ​ — ​ 50 ​ 106 Share based payments (note 23) ​ — ​ — ​ — ​ 2,523 ​ 2,523 Interest and finance costs (note 20) ​ 1,294 ​ — ​ — ​ 2,601 ​ 3,895 Foreign exchange loss ​ 481 ​ — ​ — ​ 1,114 ​ 1,595 Other (gains) and losses (note 21) ​ ​ (1,032) ​ ​ — ​ ​ — ​ ​ (25) ​ ​ (1,057) Loss for the year ​ $ 13,435 ​ $ 3,487 ​ $ 136 ​ $ 10,636 ​ $ 27,694 ​ (ii) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama USA Canada Total At December 31, 2021 ​ ​ ​ ​ ​ Equipment ​ $ 7,466 ​ $ 37 ​ $ — ​ $ 132 ​ $ 7,635 Mineral properties and related construction ​ ​ 213,749 ​ ​ — ​ ​ — ​ ​ — ​ ​ 213,749 Exploration and evaluation properties ​ — ​ 82,429 ​ 314 ​ — ​ 82,743 Total assets ​ ​ 267,403 ​ ​ 83,162 ​ ​ 314 ​ ​ 14,016 ​ ​ 364,895 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama USA Canada Total At December 31, 2020 ​ ​ ​ ​ ​ Equipment ​ $ 463 ​ $ 73 ​ $ — ​ $ 174 ​ $ 710 Mineral properties and related construction ​ ​ 71,272 ​ ​ — ​ ​ — ​ ​ — ​ ​ 71,272 Exploration and evaluation properties ​ — ​ 82,429 ​ 314 ​ — ​ 82,743 Total assets ​ ​ 82,781 ​ ​ 83,260 ​ ​ 314 ​ ​ 72,840 ​ ​ 239,195 ​

CAPITAL MANAGEMENT

CAPITAL MANAGEMENT	12 Months Ended
	Dec. 31, 2021
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT	27. (a) Objectives Our objectives when managing capital are to safeguard the Company’s ability to continue as a going concern to pursue the exploration, evaluation, development, and exploitation of our mineral properties and to maintain a flexible capital structure. We manage our capital structure and adjust it considering changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the Company’s capital structure, we may issue new shares, take on additional debt or repay outstanding debt, or acquire or dispose of assets. To preserve cash, we currently do not pay regular dividends. Our ability to carry out our long-range strategic objectives in future periods depends on our ability to generate positive cash flows from our mining operations and to raise financing from lenders, shareholders, and new investors. We regularly review and consider financing alternatives to fund the Company’s ongoing exploration and development activities until these activities can be funded from ongoing cash flow from our mining operations. (b) Investment policy Our investment policy is to invest the Company’s excess cash in low-risk financial instruments such as demand deposits and savings accounts with major Canadian banks. By using this strategy, the Company preserves its cash resources and can marginally increase these resources with low risk through the yields on these investments. Our financial instruments are exposed to certain financial risks, which include currency risk, credit risk, and liquidity risk. (c) Project loan At the end of 2019, we entered into a $125 million project loan (note 12) in respect of the Camino Rojo Project pursuant to which we had drawn $125 million as of December 31, 2021 (December 31, 2020- $75 million). The project loan requires us to maintain a minimum working capital (adjusted for certain items) of $5 million. The Company is in compliance with the minimum working capital requirement. (d) Decrease exposure to adverse movements in the Mexican peso During the year ended December 31, 2021, we entered into participating forward contracts for the purchase of Mexican pesos for the construction of the Camino Rojo Mine in order to decrease our exposure to adverse movements in the peso during construction. All contracts had been closed out by December 31, 2021. Other than entering into these peso forward contracts, there were no changes to our policy for capital management during the period ended December 31, 2021.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	28. (a) Fair value hierarchy To provide an indication of the reliability of the inputs used in determining fair value, we classify our financial instruments into the three levels prescribed by the accounting standards. Level 1 The fair value of financial instruments traded in active markets (such as publicly traded equity securities) is based on quoted (unadjusted) market prices as at the reporting date. The quoted market price used for financial assets held by the Company is the closing trading price on the reporting date. Such instruments are included in Level 1. Level 2 The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, we include that instrument in Level 2. Level 3 If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. We have no financial assets or liabilities included in Level 3 of the hierarchy. The carrying value of cash and cash equivalents, accounts receivable, restricted cash, trade payables and accrued liabilities approximates the fair value due to the short-term nature of the instruments. The fair value of the Camino Rojo project loan, Newmont loan and Fresnillo obligation is determined using discounted cash flows based on the expected amounts and timing of the cash flows discounted using a market rate of interest adjusted for appropriate credit risk. The fair value of the Camino project loan at December 31, 2021 was estimated at $137.7 million (December 31, 2020 – $66.4 million) using a discount rate of 5.0% (December 31, 2020 – 10.8%). The fair value of the Newmont loan at December 31, 2021 was estimated at $10.5 million (December 31, 2020 – $9.9 million) using an exchange rate of 20.58 MXN/USD (December 31, 2020 – 19.95 MXN/USD) and a discount rate of 5.0% (December 31, 2020 – 10.5%). The carrying value of the Fresnillo obligation approximates the fair value as the discount rates on this instrument approximate the Company’s credit risk. At December 31, 2021, the carrying values and fair values of our financial instruments by category were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ prices ​ ​ ​ ​ ​ ​ ​ Approximate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ active ​ Significant ​ ​ ​ ​ fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ market ​ other ​ Significant ​ due ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ identical ​ observable ​ unobservable ​ term ​ ​ ​ ​ ​ ​ ​ Carrying ​ assets ​ inputs ​ inputs ​ of ​ ​ Total ​ Classification value (Level (Level (Level instrument Fair V Financial assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents FVTPL ​ $ 20,516 ​ $ 20,516 ​ $ — ​ $ — ​ $ — ​ $ 20,516 Accounts receivable Amortized cost ​ 299 ​ 16 ​ — ​ — ​ 283 ​ 299 Restricted cash Amortized cost ​ 3,680 ​ — ​ 3,680 ​ — ​ — ​ 3,680 ​ ​ $ 24,495 ​ 20,532 ​ $ 3,680 ​ $ — ​ $ 283 ​ $ 24,495 ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Trade payables Amortized cost ​ $ 5,966 ​ $ — ​ $ — ​ $ — ​ $ 5,966 ​ $ 5,966 Accrued liabilities ​ Amortized cost ​ ​ 5,659 ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,659 ​ ​ 5,659 Lease obligation Amortized cost ​ 1,401 ​ — ​ 1,401 ​ — ​ — ​ 1,401 Camino Rojo project loan Amortized cost ​ 113,260 ​ — ​ 137,746 ​ — ​ — ​ 137,746 Newmont loan Amortized cost ​ 10,293 ​ — ​ 10,533 ​ — ​ — ​ 10,533 Fresnillo obligation ​ Amortized cost ​ ​ 37,800 ​ ​ — ​ ​ 37,800 ​ ​ — ​ ​ — ​ ​ 37,800 ​ ​ $ 174,379 ​ $ — ​ $ 187,480 ​ $ — ​ $ 11,625 ​ $ 199,105 ​ At December 31, 2020, the carrying values and fair values of our financial instruments by category were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ prices in ​ ​ ​ ​ ​ ​ ​ Approximate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ active ​ Significant ​ ​ ​ ​ fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ market for ​ other ​ Significant ​ due to short ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ identical ​ observable ​ unobservable ​ term nature ​ ​ ​ ​ ​ ​ ​ Carrying ​ assets ​ inputs ​ inputs ​ of the ​ Total ​ ​ Classification ​ value ​ (Level ​ (Level ​ (Level ​ ​ Fair Value Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ FVTPL ​ $ 72,180 ​ $ 72,180 ​ $ — ​ $ — ​ $ — ​ $ 72,180 Accounts receivable ​ Amortized cost ​ ​ 39 ​ ​ 25 ​ ​ — ​ ​ — ​ ​ 14 ​ ​ 39 Restricted cash ​ Amortized cost ​ ​ 2,783 ​ ​ — ​ ​ 2,783 ​ ​ — ​ ​ — ​ ​ 2,783 ​ ​ $ 75,002 ​ 72,205 ​ $ 2,783 ​ $ — ​ $ 14 ​ $ 75,002 ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Trade payables Amortized cost ​ $ 2,583 ​ $ — ​ $ — ​ $ — ​ $ 2,583 ​ $ 2,583 Lease obligation Amortized cost ​ 274 ​ — ​ 274 ​ — ​ — ​ 274 Camino Rojo project loan Amortized cost ​ 60,696 ​ — ​ 66,443 ​ — ​ — ​ 66,443 Newmont loan Amortized cost ​ 9,440 ​ — ​ 9,875 ​ — ​ — ​ 9,875 ​ ​ $ 72,993 ​ $ — ​ $ 76,592 ​ $ — ​ $ 2,583 ​ $ 79,175 ​ Our policy is to determine whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of the reporting period. (b) Financial Risk Management (i) Credit risk Credit risk is the risk of an unexpected loss if a customer or third party to financial instruments fails to meet its contractual obligations. The Company’s exposure to credit risk is limited to cash and environmental bonding. Our cash is held at large Canadian financial institutions in interest bearing accounts. Our reclamation deposits are held with large banks in the countries where they have been lodged. We believe that the credit risk related to our cash and reclamation deposits is low. The Company’s maximum exposure to credit risk is the carrying value of cash and restricted funds. (ii) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities. At December 31, 2021, our financial liabilities had expected maturity dates as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Between ​ Between ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ 3 months and ​ 1 year and ​ More than ​ ​ ​ 3 months 1 year 3 years 3 years Total Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade payables ​ $ 5,966 ​ $ — ​ $ — ​ $ — ​ $ 5,966 Accrued liabilities ​ ​ 5,659 ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,659 Lease obligation ​ 114 ​ 289 ​ 494 ​ 520 ​ 1,417 Camino Rojo project loan ​ 2,750 ​ 8,250 ​ 146,083 ​ — ​ 157,083 Newmont loan ​ — ​ 10,662 ​ — ​ — ​ 10,662 Fresnillo obligation ​ ​ 473 ​ ​ 16,357 ​ ​ 23,848 ​ ​ — ​ ​ 40,678 ​ ​ $ 14,962 ​ $ 35,558 ​ $ 170,425 ​ $ 520 ​ $ 221,465 ​ At December 31, 2020, our financial liabilities had expected maturity dates as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Between Between ​ ​ ​ ​ ​ ​ Less ​ 3 ​ 1 ​ More ​ ​ ​ ​ ​ 3 1 ​ 3 ​ 3 ​ Total Financial liabilities ​ ​ ​ ​ ​ Trade payables ​ $ 2,583 ​ $ — ​ $ — ​ $ — ​ $ 2,583 Lease obligation ​ 32 ​ 117 ​ 145 ​ — ​ 294 Camino Rojo project loan ​ 1,650 ​ 4,950 ​ 13,200 ​ 81,050 ​ 100,850 Newmont loan ​ — ​ — ​ 11,002 ​ — ​ 11,002 ​ ​ $ 4,265 ​ $ 5,067 ​ $ 24,347 ​ $ 81,050 ​ $ 114,729 ​ We manage liquidity by anticipating and maintaining adequate cash balances to meet liabilities as they become due. We review cash forecasts on a regular basis to determine whether the Company will have sufficient cash to meet future working capital needs. (iii) Market risk Market risk is the risk that the fair value of the Company’s financial instruments will fluctuate due to changes in market prices. The market risks to which the Company’s financial instruments are exposed are currency risk and interest rate risk. (A) Currency risk The Company is exposed to currency risk to the extent that monetary assets and liabilities held by the Company are not denominated in United States dollars. During this year, we entered into participating forward contracts for the purchase of Mexican pesos to mitigate this risk (note 27(d)) with respect to the construction of the mine at Camino Rojo. Our financial instruments are held in Canadian dollars, US dollars, and Mexican pesos. As such, our Canadian- and Mexican-currency denominated accounts and balances are subject to fluctuations against the US dollar. Our financial instruments were denominated in the following currencies as at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ ​ ​ ​ ​ ​ dollars ​ US ​ Mexican ​ ​ (thousands) ​ (thousands) ​ (thousands) Cash ​ $ 7,583 ​ $ 12,061 ​ $ 50,923 Accounts receivable ​ 20 ​ 4 ​ 5,733 Restricted funds ​ 155 ​ 509 ​ 62,745 Trade payables ​ ​ (128) ​ ​ (2,642) ​ ​ (66,350) Accrued liabilities ​ (1,637) ​ (2,226) ​ (44,070) Lease obligations ​ (74) ​ (520) ​ (16,935) Camino Rojo project loan ​ — ​ (113,260) ​ — Newmont loan ​ — ​ — ​ (211,881) Fresnillo obligation ​ ​ — ​ ​ (37,800) ​ ​ — Total foreign currency ​ 5,919 ​ (143,874) ​ (219,835) Exchange rate ​ 1.2678 ​ 1.0000 ​ 20.5835 Equivalent US dollars ​ $ 4,669 ​ $ (143,874) ​ $ (10,680) ​ Our financial instruments were denominated in the following currencies as at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ ​ ​ ​ ​ ​ dollars ​ US ​ Mexican ​ ​ (thousands) ​ (thousands) ​ (thousands) Cash ​ $ 11,752 ​ $ 62,809 ​ $ 2,804 Accounts receivable ​ 32 ​ 4 ​ 245 Restricted funds ​ 86 ​ 473 ​ 44,726 Trade payables ​ (73) ​ (2,074) ​ (9,022) Lease obligations ​ (194) ​ — ​ (2,471) Camino Rojo project loan ​ — ​ (60,696) ​ — Newmont loan ​ — ​ — ​ (188,319) Total foreign currency ​ 11,603 ​ 516 ​ (152,037) Exchange rate ​ 1.2732 ​ 1.0000 ​ 19.9487 Equivalent US dollars ​ $ 9,113 ​ $ 516 ​ $ (7,621) ​ Based on the above net exposures as at December 31, 2021, and assuming that all other variables remain constant: ● a 10% appreciation of the US dollar against the Canadian dollar would increase loss by $12.2 million (December 31, 2020 – $0.8 million) and ● a 10% appreciation of the US dollar against the Mexican peso would increase loss by $4.2 million (December 31, 2020 – $0.7 million) (B) Interest rate risk Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Our cash and our reclamation deposits are held mainly in saving accounts and term deposits and therefore there is currently minimal interest rate risk. Because of the short-term nature of these financial instruments, fluctuations in market rates do not have a significant impact on estimated fair values compared to carrying value. The Company’s interest rate risk arises principally from the changes in interest rates related to term deposits where our cash and reclamation deposits are held, as the Camino Rojo project loan and Fresnillo obligation have fixed interest rates of 8.80% and 5.00%, respectively, and the Newmont loan bears no interest. A one percent increase in interest rates would result in a decrease of approximately $520,000 (December 31, 2020 - $427,000) to the Company’s loss for the year ended December 31, 2021.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	29. (a) Tax amounts recognized in profit or loss ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Current tax expense ​ $ — ​ $ — Deferred tax expense ​ — ​ — Tax expense ​ $ — ​ $ — ​ (b) Reconciliation of effective tax rate Income tax expense differs from the amount that would be computed by applying the applicable Canadian statutory income tax rate to income before income taxes. The significant reasons for the differences are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Income (loss) before tax ​ $ (26,278) ​ $ (27,694) ​ Statutory income tax rate ​ 26.8 % 26.6 % ​ ​ ​ ​ ​ ​ ​ ​ Expected income tax ​ $ (7,042) ​ $ (7,367) ​ Differences between Canadian and foreign tax rates ​ (744) ​ (488) ​ Items not deductible for tax purposes ​ 2,850 ​ 736 ​ Share based compensation ​ 587 ​ 671 ​ Change in unrecognized deductible temporary differences ​ 6,208 ​ 6,190 ​ True ups ​ ​ (1,913) ​ ​ 64 ​ Effect of changes in tax rates from prior years ​ (71) ​ — ​ Effect of changes in foreign exchange rates ​ 393 ​ 202 ​ Other ​ (268) ​ (8) ​ Total income taxes ​ — ​ — ​ ​ ​ ​ ​ ​ Effective tax rate ​ n/a ​ n/a ​ ​ In 2021, the statutory income tax rate applicable to the Canadian parent entity was 26.8% (2020 – 26.6%). (c) Unrecognized deductible temporary differences We recognize tax benefits on losses or other deductible amounts generated in countries where the probable criteria for the recognition of deferred tax assets has been met. The Company’s unrecognized deductible temporary differences for which no deferred tax asset is recognized consist of the following amounts. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ ​ 2021 ​ 2020 Mineral properties and exploration expenditures ​ $ 55,548 ​ $ 43,807 Equipment ​ 1,814 ​ 1,700 Site closure provisions ​ 5,460 ​ 518 Long term debt ​ ​ — ​ ​ 282 Share issue costs ​ 5,724 ​ 2,428 Non capital losses ​ 41,343 ​ 46,073 Intercompany debt ​ ​ 413 ​ ​ — Other ​ ​ 5,202 ​ ​ — Unrecognized deductible temporary differences ​ $ 115,504 ​ $ 94,808 ​ (d) Recognized deferred tax assets and liabilities Recognized deferred tax assets and liabilities are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ 2021 2020 Mineral properties and exploration expenditures ​ ​ (8,173) ​ ​ — Long term debt ​ (1,786) ​ (322) Non-capital losses ​ 10,447 ​ 867 Other ​ (488) ​ (545) Recognized deferred tax assets (liabilities) ​ $ — ​ $ — ​ (e) Temporary difference on investment in subsidiaries The temporary differences associated with investments in subsidiaries for which a deferred income tax liability has not been recognized, aggregate to $4,653,000 (December 31, 2020 - $3,328,000). The Company has determined that the taxable temporary difference will not reverse in the foreseeable future. (f) Tax loss carryforwards Our tax losses have the following expiry dates. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ December 31 ​ expire 2021 2020 Canada 2026 to 2041 ​ $ 46,354 ​ $ 39,108 Mexico 2027 to 2031 ​ 29,851 ​ 5,317 Panama 2022 to 2026 ​ 655 ​ 4,678 United States indefinite ​ 16 ​ — ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	30. (a) Commitments The Company has issued purchase orders for construction, equipment purchases, materials and supplies, and other services at the Camino Rojo mine. At December 31, 2021, these outstanding purchase orders and contracts totaled approximately $8,560,000 (December 31, 2020 – $49,050,000), which we expect will be filled within the next 12 months. The Company is committed to making severance payments amounting to approximately $3,220,000 (December 31, 2020 – $3,000,000) to certain officers and management in the event of a change in control. As the likelihood of these events occurring is not determinable, such amounts are not reflected in these consolidated financial statements. (b) Litigation We may, from time to time, be a party to legal proceedings, which arise in the ordinary course of our business. We are not aware of any pending or threatened litigation that, if resolved against us, would have a material adverse effect on our consolidated financial position, results of operations or cash flows.

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	12 Months Ended
	Dec. 31, 2021
EVENTS AFTER THE REPORTING PERIOD
EVENTS AFTER THE REPORTING PERIOD	31. (a) Share issuances Subsequent to the reporting period, the Company granted stock options and issued common shares pursuant to the exercise of stock options (note 23(a)) and exercise of warrants (note 22(c)).

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Foreign currencies	(a) (i) Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of each entity at the exchange rates in effect on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are translated at the exchange rate in effect at the date of the transaction. Foreign currency differences are generally recognized in profit or loss. (ii) Translation to presentation currency Since January 1, 2020, the Company’s presentation currency has been the United States dollar (“US dollar”, or “USD”). The presentation currency differs from the functional currency of the parent company and some of its subsidiaries (note 3(a)(iii)). We translate the assets and liabilities of entities with functional currencies other than the US dollar into US dollars at the official central bank exchange rates in effect on the reporting date. The results of operations of those entities are translated into US dollars at the average exchange rates in effect during the reporting period. We recognize the foreign currency differences which arise from translation in other comprehensive loss (income). When we dispose of an entity in its entirety, or partially such that we have lost control, we reclassify the cumulative amount in the translation reserve related to that operation to profit or loss as part of the gain or loss on disposal. ​ (iii) ​ The functional currencies of the Company and its subsidiaries, all of which are wholly owned, are as follows: ​ ​ ​ ​ Orla Mining Ltd. Canadian dollars Minerometalúrgica San Miguel S de RL de CV Mexican pesos Minera Camino Rojo SA de CV Mexican pesos Minera Cerro Quema SA United States dollars Monitor Gold Corporation United States dollars
Cash and cash equivalents	(b) Cash and cash equivalents Cash and cash equivalents include cash on hand, demand deposits, and money market instruments, with maturities from the date of acquisition of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant changes in value.
Restricted cash	(c) Restricted cash Restricted cash consist of amounts lodged with government bodies or their designated banking institutions in support of mandated environmental, permitting, or employee retirement obligations.
Inventories	(d) Inventories include production inventory, and materials and supplies inventory. All inventories are valued at the lower of average cost or net realizable market value (“NRV”). NRV is calculated using the estimated price at the time of sale based on prevailing and forecast metal prices less estimated future production costs to convert the inventory into saleable form and associated selling costs. Any write-downs of inventory to its NRV are included in cost of sales in the period. If there is a subsequent increase in the value of inventory, the previous write-downs to NRV are reversed to the extent that the related inventory has not yet been sold. We classify inventory we do not expect to use within one year as non-current. (i) Production inventory consists of stockpiled ore, in-process inventory, and finished goods. These are valued at the lower of weighted average cost and estimated net realizable value. The value of all production inventories includes direct production costs and attributable overhead and depreciation incurred to bring the materials to their current point in the processing cycle. Stockpiled ore represents unprocessed ore that has been extracted from the mine but not yet processed. The value of stockpiled ore is based on the costs incurred, including depreciation, in bringing the ore to the stockpiles. Costs are added to the stockpiled ore based on current mining costs per recoverable ounce and are removed at the average cost per recoverable ounce in the stockpile. We classify stockpiled ore that we do not expect to process within the next twelve months as non-current. In-process inventory represents ore that is being treated on the leach pads and in the processing plant to extract the contained metals and to convert them to a saleable form. Estimates of recoverable metal in the leach pads are calculated based on the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grades of ore placed on the leach pads (based on assays), and estimated recovery percentages (based on estimated recovery assumptions). The nature of the leaching process inherently limits the ability to precisely monitor leach pad inventory levels. Accordingly, we refine estimates based on engineering studies or actual results achieved over time. The ultimate recovery of metals from the leach pads will not be known until the leaching process is concluded at the end of the mine life. The cost of in-process inventory is derived from current mining, crushing, stacking, leaching and plant costs, less the cost of metals transferred to finished goods inventory during the period at the weighted average cost per recoverable ounce. Finished goods inventory is metal in the form of doré bars that have been poured and are ready to be shipped to a refiner. Costs are transferred from finished goods inventory and recorded as cost of sales when the refined metal is sold. (ii) Materials and supplies inventories consist primarily of parts and consumables required in the mining and ore processing activities. Materials and supplies inventories are measured at the lower of weighted average cost and NRV. Cost includes purchase price, freight, and other directly attributable costs. We record provisions to reduce the carrying value of materials and supplies inventories when we determine such materials and supplies are obsolete or unusable.
Mineral properties and related construction	(e) We capitalize costs directly related to development or construction projects until the asset is available for use in the manner intended by us (“commercial production”), after which we move these costs to “producing mineral properties”. We assess the stage of a mine under development and construction to determine when the mine is substantially complete and ready for its intended use. The criteria we use to assess when the mine is ready for its intended use are determined based on the unique nature of each mine construction project, such as the complexity of the project and its location. We consider various technical and physical performance criteria to assess when the production phase is considered to have commenced. Refer to note 4(a)(i) for the factors we consider. When we conclude that a mine under development and construction has commenced commercial production, we reclassify all balance sheet amounts from “Mineral properties and related construction” to balance sheet captions “Producing mineral properties” and “Plant and equipment”. We do not record depreciation until the mine is substantially complete and available for its intended use. When a mine development project moves into the production phase, we: ● stop capitalizing certain mine development costs, and we treat such costs as either (i) part of the cost of inventory or (ii) we expense them, ● stop capitalizing borrowing costs, ● commence depreciation of the producing mineral property, ● continue to capitalize costs relating to mining asset additions or improvements, and costs related to the development of mineable reserves. (i) During the year ended December 31, 2021, we early adopted the “Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use” (note 3(t)(i)). Under the amendments, proceeds from selling items before the mine under construction reaches commercial production should be recognized in profit or loss, together with the costs of producing those items. Consequently, revenue and cost of sales for “mineral properties and related construction” is presented.
Producing mineral properties	(f) Producing mineral properties consist of costs transferred from “Mineral properties and related construction” when a mining property reaches commercial production, the costs of subsequent mine and exploration development, and acquired mining properties in the production stage. (i) In open pit mining operations, it is necessary to incur costs to remove waste material in order to access the ore body, which is known as stripping. Stripping costs incurred prior to the production stage of a mineral property (pre-stripping costs) are capitalized as part of the carrying amount of the related mineral property. During the production phase of an open pit mine, stripping costs incurred that provide improved access to ore that will be produced in future periods and that would not have otherwise been accessible are capitalized (“deferred stripping asset”). The costs qualifying for capitalization are those costs directly incurred to perform the stripping activity that provides or improves access to the identified component of ore, plus an allocation of directly attributable overhead costs, which are determined using a strip ratio methodology. The strip ratio represents the ratio of the estimated total volume of waste material to the estimated total quantity of economically recoverable ore of the mineral reserves for which access has been provided or improved. The deferred stripping asset is capitalized as part of the carrying amount of the mineral property. Capitalized stripping costs are amortized based on the estimated recoverable ounces contained in mineral reserves that directly benefit from the stripping activities. Costs for waste removal that do not give rise to future economic benefits are included in cost of sales. (ii) Depletion commences once the mineral property is capable of operating in the manner intended by management. Producing mineral properties are depleted on a units-of-production basis over the estimated useful life of the mine. This depletion is calculated using the ratio of (i) gold ounces extracted from the mine in the period, over (ii) the total gold ounces expected to be extracted in current and future periods. Major capital works projects conducted after the mine commences commercial production are not depreciated until such works are completed and put into use in a manner intended by management. We review depreciation methods, remaining useful lives and residual values at least annually and we account for changes in estimates prospectively. (iii) At the end of each reporting period, we review our mineral properties, and related plant and equipment to determine whether there is any indication that these assets are impaired. If any such indication exists, we estimate the recoverable amount. If the asset’s carrying amount exceeds its recoverable amount, we recognize an impairment loss in profit or loss. We assess impairment at the cash-generating unit (“CGU”) level, which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets. Each individual mining interest that is an operating mine is typically a CGU. The recoverable amount of a mine site is the greater of an asset’s fair value less costs to dispose (“FVLCD”) and value in use (“VIU”). FVLCD is defined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants at the measurement date. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. Mineral properties, and plant and equipment that have been impaired are tested for possible reversal of the impairment when events or changes in circumstances indicate that the recoverable amount of the associated CGU has increased. When an impairment loss reverses in a subsequent period, the revised carrying amount shall not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset previously, less subsequent depletion and depreciation. Reversals of impairment losses are recognized in profit or loss in the period in which the reversal occurs.
Exploration and evaluation ("E&E") expenditures	(g) Exploration and evaluation (“E&E”) expenditures Exploration and evaluation expenditures include the search for mineral resources, and the determination of technical feasibility, and assessment of the commercial viability of, an identified mineral resource. Activities include acquisition of rights to explore; topographical, geological, geochemical and geophysical studies; exploratory drilling; trenching; sampling; and evaluation of the technical feasibility and commercial viability of extracting a mineral resource. We capitalize as “exploration and evaluation properties” those E&E assets that we have acquired in a business combination, and also the initial acquisition costs of an E&E asset that does not represent a business. We expense all other E&E expenditures, including non-refundable advance royalty payments. Exploration and evaluation properties are subsequently measured at cost less accumulated impairment. When the technical feasibility and economic viability of a project are demonstrable, funding is in place, and a positive development decision is made, we test the mineral property for impairment and transfer the costs to “Mineral properties and related construction”. We capitalize subsequent expenditures on the project. We assess exploration and evaluation properties for impairment when indicators and circumstances suggest that the carrying amount may exceed its recoverable amount. Typical indicators of impairment include: ● the period for which we have the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; ● substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; ● exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and we have decided to discontinue such activities in the specific area; ● sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full via successful development or by sale. If any such indication exists, we estimate the recoverable amount of the asset to determine the extent of the impairment. Where it is not possible to estimate the recoverable amount of an individual asset, we estimate the recoverable amount of the cash generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, we discount the estimated future cash flows to their present value using a pre‐tax discount rate that reflects current market assessments of the time value of money and the risks specific to the E&E asset. If we estimate the recoverable amount of an asset to be less than its carrying amount, we recognize an impairment loss in profit or loss for the period. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash generating unit) in prior years. We recognize reversals of impairment immediately in profit or loss.
Equipment	(h) Equipment Equipment is initially recognized at cost. Cost includes purchase price, directly attributable costs, and the estimated present value of any future costs of decommissioning and removal. Equipment is carried at cost, net of accumulated depreciation and impairments. We depreciate equipment to their residual values over their estimated useful lives, as follows: ​ ​ ​ ​ Mine equipment ​ Units-of-production over mineral reserves Plant equipment ​ Units-of-production over mineral reserves Other equipment and office equipment Straight line over useful life Vehicles Straight line over useful life, typically 4 years Computer hardware and software Straight line over useful life, typically 3 years ​
Borrowing costs	(i) Borrowing costs We capitalize interest and other costs that we incur in connection with the borrowing of funds (“borrowing costs”) that are directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale (“a qualifying asset”) as part of the cost of that asset. We expense other borrowing costs in the period in which they occur. When we borrow funds specifically for the purpose of constructing or obtaining a qualifying asset, we capitalize the actual borrowing costs specifically incurred including the amortization of loan initiation costs, less any investment income earned on the temporary investment of those funds. To the extent we borrow funds generally and use them for the purpose of constructing or obtaining a qualifying asset, we use a weighted average interest rate of the borrowing costs applicable to all our general borrowings that are outstanding during the period. We stop capitalizing borrowing costs when substantially all the activities necessary to prepare the qualifying asset for its intended use are complete. We expense borrowing costs related to exploration and evaluation.
Leases	(j) Leases At the inception of a contract, we assess whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we consider whether: ● the contract involves the use of an identified asset, either explicitly or implicitly, including consideration of supplier substitution rights; ● we have the right to obtain substantially all the economic benefits from the use of the asset throughout the period of use; and ● we have the right to direct the use of the asset. We recognize a right-of-use (“ROU”) asset, which is initially measured based on the initial amount of the lease liability plus any initial direct costs incurred less any lease incentives received. We depreciate the ROU asset to the earlier of the end of the useful life or the lease term using either the straight-line or units-of-production method, depending on which method more accurately reflects the expected pattern of consumption of the future economic benefits. The lease term includes periods covered by an option to extend if we determine the Company is reasonably likely to exercise the option. We initially measure the lease liability at the present value of the lease payments that are not yet paid as of the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. We then measure the lease liability at amortized cost using the effective interest method and remeasure it when there is a change in future lease payments. We apply the short-term lease (defined as leases with an initial lease term of 12 months or less) and low-value asset recognition exemptions. For these leases, we recognize the lease payments an expense over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
Asset retirement and site closure obligations	(k) Asset retirement and site closure obligations We record an asset retirement and site closure obligation when a legal or constructive obligation exists as a result of past events and we can make a reliable estimate of the undiscounted future cash flows required to satisfy the asset retirement and site closure obligation. Such costs include decommissioning or dismantling plant and equipment, and reclamation, closure, and post-closure monitoring of the property. The estimated future cash flows are discounted to a net present value using an applicable risk-free interest rate. We accrete the provision for asset retirement and site closure obligations over time to reflect the unwinding of the discount and charge the accretion expense to profit or loss for the period. We remeasure the asset retirement and site closure obligation at the end of each reporting period for changes in estimates or circumstances, such as changes in legal or regulatory requirements, increased obligations arising from additional disturbance due to mining and exploration activities, changes to cost estimates, and changes to risk-free interest rates. Asset retirement and site closure obligations related to exploration and evaluation activities are expensed. Asset retirement and site closure obligations relating to “mineral properties and related construction”, and to exploration and evaluation properties, are initially capitalized with a charge to the related mineral property. Changes to the obligation which arise as a result of changes in estimates and assumptions are also accounted for as changes in the carrying amounts of related mining property.
Provisions	(l) Provisions We recognize provisions when (i) the Company has a present legal or constructive obligation as a result of a past event, (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) we can make a reliable estimate of the amount of the obligation. Where we expect some or all of a provision to be reimbursed (for example, under an insurance contract), we recognize the reimbursement as a separate asset, but only when the reimbursement is virtually certain. We present the expense relating to each provision in profit or loss net of any reimbursements. If the effect of the time value of money is material, we discount the provision using a pre-tax discount rate that reflects the risks specific to the liability. The increase in the provision due to the passage of time is recognized as accretion expense in profit or loss.
Revenue	(m) The Company’s primary source of revenue is the sale of refined gold and silver. The Company’s performance obligations relate primarily to the delivery of refined gold and silver to its customers. Revenue related to the sale of metal is recognized when the customer obtains control of the metal. In determining whether the Company has satisfied a performance obligation, we consider whether (i) the Company has a present right to payment, (ii) the Company has transferred physical possession of the metal to the customer; (iii) the customer has the significant risks and rewards of ownership of the metal; and (iv) the customer has legal title to the metal. We sell refined gold and silver primarily to refiners, bullion banks or members of the London Bullion Market Association (“LBMA”). The sales price is fixed on the date of sale based on spot price or by mutual agreement. We recognize revenue from sales of gold and silver at the time when risk and rewards of ownership and title transfers to the customer, which typically coincides with the date that the customer remits payment. Under certain contracts with customers the transfer of control may occur when the gold or silver is in transit from the mine to the refinery. At this point in time, the customer has legal title to and the risk and rewards of ownership of the gold or silver; therefore, the customer is able to direct the use of and obtain substantially all of the remaining benefits from the gold or silver. Revenue from refined sales is recognized net of treatment and refining charges.
Defined benefit plan	(n) The Company provides a defined benefit retirement plan for certain eligible employees that provides a lump-sum payment upon retirement. Benefits under the plan are influenced by length of service and estimates of future salary increases. The defined benefit plan is not funded. The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurements comprising actuarial gains and losses, the effect of the asset ceiling (if applicable) and the return on plan assets (excluding interest) are recognized immediately in the statement of financial position with a charge or credit to other comprehensive income in the period in which they occur. Remeasurements recognized in other comprehensive income are not reclassified. Service costs, which include current service cost, past service cost and gains and losses on curtailments and settlements, are recognized within profit or loss. Net interest expense or income is recognized within interest and finance costs.
Share based payments	(o) Share based payments (i) Stock options, restricted share units ( “ ” “ ” The Company grants stock options, and awards RSUs and DSUs to employees, officers and directors from time to time. At the date of grant or award, we estimate the fair values of the stock options, RSUs and DSUs which will eventually vest. These estimated fair values are recognized as share-based compensation expense over the specific vesting periods, with a corresponding increase to reserves, a component of equity. We determine the fair value of stock options using a Black-Scholes option pricing model with market-related inputs as of the date of grant. The fair value of RSUs and DSUs is the market value of the underlying shares as of the date of award. Stock option grants and RSU awards with several tranches of vesting are accounted for as separate awards with different vesting periods and fair values. We account for changes to the estimated number of awards that will eventually vest prospectively. (ii) Bonus shares The Company has issued bonus shares, which have vested upon the completion of a specified period of service. The fair value of the bonus shares is determined on the date of award; this fair value has been recognized in share-based compensation expense over the service period.
Income taxes	(p) Income taxes Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination or items recognized directly in equity or OCI. (i) Current tax Current tax expense comprises the expected tax payable on taxable income for the year and any adjustment to income tax payable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any withholding tax arising from interest and dividends. (ii) Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: ● temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination, and at the time of the transaction, affects neither the accounting profit nor taxable profit (tax loss); ● temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that we are able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and ● taxable temporary differences arising on the initial recognition of goodwill. We recognize deferred tax assets for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits are considered based on the business plans for the individual taxable entity. We review deferred tax assets at each reporting date and reduce them when we consider it no longer probable that the related tax benefit will be realized. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to apply to the temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset only when there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity which are expected to reverse in the same period or in the carried back/forward period as the expected reversal of the deductible temporary difference.
Loss per share	(q) Loss per share Basic earnings (loss) per share is based on profit (loss) attributable to common shareholders, divided by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share is based on profit (loss) attributable to common shareholders, divided by the weighted average number of common shares outstanding during the reporting period after adjusting for the effects of all dilutive potential ordinary shares.
Business combinations	(r) We account for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and when control is transferred to the Company. In determining whether a particular set of activities and assets is a business, we assess whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognized in profit or loss immediately. We expense transaction costs as incurred, except if they are related to the issuance of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss. Any contingent consideration is measured at estimated fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree’s employees (acquiree’s awards), then all or a portion of the acquirer’s replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree’s awards and the portion to which the replacement awards relate to pre-combination service. The results of businesses acquired during a reporting period are included in the consolidated financial statements starting from the date of acquisition.
Financial instruments	(s) (i) Financial assets We initially recognize financial assets when the Company becomes party to the contractual provisions of the instrument. Subsequent to initial recognition, we classify financial assets as measured at amortized cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”) after considering both our business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. A financial asset is measured at amortized cost if both of the following conditions are met: a. the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and b. the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at FVOCI if both of the following conditions are met: a. the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and b. the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. We may make an irrevocable election at initial recognition to carry at FVOCI particular investments in equity instruments that would otherwise be measured at FVTPL. A financial asset is required to be measured at FVTPL unless it is measured at amortized cost or at FVOCI. If we change our business model for managing financial assets, we reclassify all affected financial assets on a prospective basis, without restating any previously recognized gains, losses or interest. If the asset is reclassified to fair value, we determine the fair value at the reclassification date, and recognize in profit or loss any gain or loss arising from a difference between the previous carrying amount and fair value. An embedded derivative is a component of a hybrid contract that also includes a non-derivative host, with the effect that some of the cash flows of the combined instrument vary in a way similar to a stand-alone derivative. A derivative that is attached to a financial instrument but is contractually transferable independently of that instrument, or has a different counterparty, is not an embedded derivative, and is treated as a separate financial instrument. Upon initial recognition, we measure a financial asset at its fair value. However, we measure trade receivables that do not have a significant financing component at their transaction price. After initial recognition, we measure financial assets at amortized cost, FVOCI, or FVTPL. Changes in fair value of a financial asset that is carried at FVTPL are recognized in profit or loss, and changes in fair value of a financial asset that is carried at FVOCI are recognized in other comprehensive income, unless it is part of a hedging relationship. Gains or losses on a financial asset that is carried at FVTPL are recognized in profit or loss, and gains or losses on a financial asset that is carried at FVOCI are recognized in other comprehensive income, unless it is part of a hedging relationship. A gain or loss on a financial asset that is measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized, impaired, amortized, or reclassified. (ii) We initially recognize financial liabilities when the Company becomes party to the contractual provisions of the instrument. At initial recognition, we measure each financial liability at its fair value. In the case of a financial liability not at FVTPL, we deduct transaction costs that are directly attributable to the issuance of the financial liability. Subsequent to initial recognition, we classify and measure all financial liabilities at amortized cost using the effective interest method, except for financial liabilities at FVTPL. We may, at initial recognition, irrevocably designate a financial liability as measured at FVTPL. (iii) We recognize a loss allowance for expected credit losses on financial assets, based on lifetime expected credit losses. For the Company’s trade receivables, we determine the lifetime expected losses for all of our trade receivables. The expected lifetime credit loss provision for the Company’s trade receivables is based on historical counterparty default rates and we adjust for relevant forward-looking information if necessary.
New and amended IFRS Standards that are effective for the current year	(t) New and amended IFRS Standards that are effective for the current The Company applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2021. We have not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Other than the changes described below, the accounting policies adopted are consistent with those of the previous financial year. We do not discuss here certain other amendments and interpretations which applied for the first time in 2021 but had no impact on our consolidated financial statements. (i) Property, Plant and Equipment: Proceeds before Intended Use – In the process of making an item of property, plant and equipment (“PP&E”) available for its intended use, a company may produce and sell products generated by this PP&E. Current standards require that sales proceeds from these products be deducted from the capital cost of this item of PP&E. The amendments to IAS 16 discontinue this practice.Under the amendments, proceeds from selling products before the related item of PPE is available for use should be recognized in profit or loss, together with the costs of producing those items. The entity measures the cost of those products in accordance with IAS 2 Inventories. The amendments are applied retrospectively, but only to items of property, plant and equipment that are made available for on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. The amendments are effective for annual periods beginning on or after January 1, 2022, with early application permitted. We have early adopted this amendment, effective January 1, 2021. The adoption of this amendment had no effect on comparative figures, as no such proceeds occurred in prior years. Had these amendments not been early adopted: ● the current year figures for revenue and cost of sales would have been nil, ● “mineral properties and related construction” would have been $2,733,000 greater, ● the loss for the year and cash used in operating activities would have been 2,733,000 lower, and ● cash used in investing activities would have been 2,733,000 greater. (ii) In August 2020, the International Accounting Standards Board (Board) issued “Interest Rate Benchmark Reform –Phase 2”. The Phase 2 amendments address issues that might affect financial reporting during the reform of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate benchmark with an alternative benchmark rate. In Phase 2 of its project, the Board amended requirements in IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4 Insurance Contracts, and IFRS 16 Leases relating to: ● changes in the basis for determining contractual cash flows of financial assets, financial liabilities and lease liabilities; ● hedge accounting; and ● disclosures. The Phase 2 amendments apply only to changes required by the interest rate benchmark reform to financial instruments and hedging relationships. The amendments are effective for annual periods beginning on or after January 1, 2021. These amendments have no effect on amounts disclosed.
Standards issued but not yet effective	(u) Standards issued but not yet effective The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s financial statements that we reasonably expect will have an impact on the Company’s disclosures, financial position or performance when applied at a future date, are disclosed below. (i) In May 2021, the IASB issued targeted amendments to IAS 12 Income Taxes to specify how companies should account for deferred tax on transactions such as leases and decommissioning obligations. In specified circumstances, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the first time. Previously, there had been some uncertainty about whether the exemption applied to transactions such as leases and decommissioning obligations—transactions for which companies recognize both an asset and a liability. The amendments clarify that the exemption does not apply and that companies are required to recognize deferred tax on such transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. The amendments are effective for annual reporting periods beginning on or after 1 January 2023, with early application permitted. We have not determined the impact of this new standard. (ii) Classification of Liabilities as Current or Non-current – The amendments to IAS 1 affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments are applied retrospectively for annual periods beginning on or after January 1, 2023, with early application permitted. We do not expect to early adopt these amendments. We have not determined the impact of this new standard. (iii) Reference to the Conceptual Framework – The amendments update IFRS 3 “Business Combinations” so that it refers to the 2018 Conceptual Framework instead of the 1989 Framework. They also add to IFRS 3 a requirement that, for obligations within the scope of IAS 37, an acquirer applies IAS 37 to determine whether at the acquisition date a present obligation exists as a result of past events. For a levy that would be within the scope of IFRIC 21 Levies, the acquirer applies IFRIC 21 to determine whether the obligating event that gives rise to a liability to pay the levy has occurred by the acquisition date. Finally, the amendments add an explicit statement that an acquirer does not recognize contingent assets acquired in a business combination. The Company intends to adopt these amendments, if applicable, when they become effective. The amendments are effective for business combinations for which the date of acquisition is on or after the beginning of the first annual period beginning on or after January 1, 2022. Early application is permitted if an entity also applies all other updated references (published together with the updated Conceptual Framework) at the same time or earlier. We will not early adopt these amendments. We have not determined the impact of these amendments. (iv) Onerous Contracts – – The amendments update IAS 37 “Provisions” to specify which costs an entity needs to include when assessing whether a contract is onerous or loss-making. The amendments apply a “directly related cost approach”. The costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The amendments are effective for annual reporting periods beginning on or after January 1, 2022, with early application permitted. We will not early adopt these amendments. We have not determined the impact of these amendments.

BASIS OF PREPARATION (Tables)

BASIS OF PREPARATION (Tables)	12 Months Ended
	Dec. 31, 2021
BASIS OF PREPARATION
Schedule of basis of consolidation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Name ​ Principal activity ​ Dec 31, 2021 ​ Dec 31, 2020 ​ Location Minerometalúrgica San Miguel S de RL de CV Exploration 100 % 100 % Mexico Minera Camino Rojo SA de CV Development 100 % 100 % Mexico Minera Cerro Quema SA Exploration 100 % 100 % Panama Monitor Gold Corporation Exploration 100 % 100 % USA ​ ​ ​ ​ ​ ​ ​ ​ ​

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives	​ ​ ​ ​ Mine equipment ​ Units-of-production over mineral reserves Plant equipment ​ Units-of-production over mineral reserves Other equipment and office equipment Straight line over useful life Vehicles Straight line over useful life, typically 4 years Computer hardware and software Straight line over useful life, typically 3 years
Schedule of functional currencies of the Company's subsidiaries	​ ​ ​ ​ Orla Mining Ltd. Canadian dollars Minerometalúrgica San Miguel S de RL de CV Mexican pesos Minera Camino Rojo SA de CV Mexican pesos Minera Cerro Quema SA United States dollars Monitor Gold Corporation United States dollars

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Dec. 31, 2021
INVENTORY
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Stockpiled ore ​ $ 2,458 ​ $ — In-process inventory ​ 6,513 ​ — Materials and supplies ​ 686 ​ — Inventory – current ​ $ 9,657 ​ $ — ​ ​ ​ ​ ​ ​ ​ Long term ​ ​ ​ ​ ​ ​ Stockpiled ore ​ ​ 1,299 ​ ​ — Inventory – long term ​ $ 1,299 ​ $ —

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2021
RESTRICTED CASH
Schedule of restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Environmental bonds ​ $ 3,243 ​ $ 2,392 Severance funds ​ 297 ​ 323 Other ​ 140 ​ 68 ​ ​ $ 3,680 ​ $ 2,783

VALUE ADDED TAXES RECOVERABLE (

VALUE ADDED TAXES RECOVERABLE (Tables)	12 Months Ended
	Dec. 31, 2021
VALUE ADDED TAXES RECOVERABLE
Schedule of value added taxes recoverable	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Current portion ​ $ 16,776 ​ $ 163 Long term portion ​ 7,444 ​ 8,587 ​ ​ $ 24,220 ​ $ 8,750

EQUIPMENT (Tables)

EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
EQUIPMENT
Schedule of mineral properties, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Machinery Computers ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ and ​ Other ​ Right of use ​ ​ ​ ​ Buildings equipment software assets ​ assets Total Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At January 1, 2020 ​ $ — ​ $ 324 ​ $ 150 ​ $ 57 ​ $ 89 ​ $ 620 Additions ​ — ​ 72 ​ 160 ​ 55 ​ 233 ​ 520 Due to changes in exchange rates ​ — ​ (4) ​ 10 ​ 3 ​ 16 ​ 25 At December 31, 2020 ​ $ — ​ $ 392 ​ $ 320 ​ $ 115 ​ $ 338 ​ $ 1,165 Additions ​ 67 ​ 2,437 ​ 527 ​ 318 ​ 1,769 ​ 5,118 Transfers from construction (note 9) ​ — ​ 2,484 ​ — ​ — ​ — ​ 2,484 Due to changes in exchange rates ​ (1) ​ (75) ​ (13) ​ (6) ​ 12 ​ (83) At December 31, 2021 ​ $ 66 ​ $ 5,238 ​ $ 834 ​ $ 427 ​ $ 2,119 ​ $ 8,684 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation ​ ​ ​ ​ ​ ​ At January 1, 2020 ​ $ — ​ $ 205 ​ $ 96 ​ $ 17 ​ $ 18 ​ $ 336 Depreciation ​ — ​ 26 ​ 30 ​ 11 ​ 39 ​ 106 Due to changes in exchange rates ​ — ​ 4 ​ 7 ​ 1 ​ 1 ​ 13 At December 31, 2020 ​ $ — ​ $ 235 ​ $ 133 ​ $ 29 ​ $ 58 ​ $ 455 Depreciation ​ 6 ​ 115 ​ 86 ​ 41 ​ 352 ​ 600 Due to changes in exchange rates ​ — ​ — ​ (1) ​ — ​ (5) ​ (6) At December 31, 2021 ​ $ 6 ​ $ 350 ​ $ 218 ​ $ 70 ​ $ 405 ​ $ 1,049 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book value ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ $ — ​ $ 157 ​ $ 187 ​ $ 86 ​ $ 280 ​ $ 710 At December 31, 2021 ​ $ 60 ​ $ 4,888 ​ $ 616 ​ $ 357 ​ $ 1,714 ​ $ 7,635

MINERAL PROPERTIES AND RELATE_2

MINERAL PROPERTIES AND RELATED CONSTRUCTION (Tables)	12 Months Ended
	Dec. 31, 2021
MINERAL PROPERTIES AND RELATED CONSTRUCTION
Schedule of initial cost capitalized	​ ​ ​ ​ ​ Consideration comprised: ​ Cash paid $ 25,000 Fair value of future cash consideration (note 14) ​ 37,800 ​ ​ $ 62,800
Schedule of borrowing costs capitalized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At historical cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ Deposits to ​ ​ ​ ​ ​ ​ ​ foreign ​ ​ ​ ​ ​ Mineral ​ construction ​ Construction in ​ Other costs ​ exchange on ​ Carrying ​ properties vendors progress capitalized translation value At January 1, 2020 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Transferred from exploration and evaluation properties ​ 39,272 ​ — ​ — ​ — ​ (2,129) ​ 37,143 Additions ​ — ​ 28,079 ​ 4,845 ​ — ​ — ​ 32,924 Borrowing costs capitalized (note 9(c)) ​ — ​ — ​ — ​ 672 ​ — ​ 672 Change in site closure provision (note 16) ​ — ​ — ​ — ​ 164 ​ — ​ 164 Due to changes in exchange rates ​ — ​ — ​ — ​ — ​ 369 ​ 369 At December 31, 2020 ​ $ 39,272 ​ $ 28,079 ​ $ 4,845 ​ $ 836 ​ $ (1,760) ​ $ 71,272 Additions ​ 62,800 ​ 11,411 ​ 56,528 ​ — ​ — ​ 130,739 Transfers within categories ​ — ​ (37,832) ​ 37,832 ​ — ​ — ​ — Transfers to Equipment (note 8) ​ — ​ — ​ (2,484) ​ — ​ — ​ (2,484) Borrowing costs capitalized (note 9(c)) ​ — ​ — ​ — ​ 13,967 ​ — ​ 13,967 Change in site closure provision (note 16) ​ — ​ — ​ — ​ 4,653 ​ — ​ 4,653 Due to changes in exchange rates ​ — ​ — ​ — ​ — ​ (4,398) ​ (4,398) At December 31, 2021 ​ $ 102,072 ​ $ 1,658 ​ $ 96,721 ​ $ 19,456 ​ $ (6,158) ​ $ 213,749
Schedule of mineral properties under development and construction	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ December 31, ​ December 31, ​ 2021 2020 Capitalized borrowing costs, beginning of the year ​ $ 672 ​ $ $ — Capitalized during the year: ​ ​ ​ ​ ​ ​ Borrowing costs – Camino Rojo project loan (note 12) ​ ​ 12,430 ​ $ 700 Borrowing costs – Fresnillo obligation (note 14) ​ ​ 1,654 ​ ​ — Interest earned on borrowed funds ​ (117) ​ (28) Capitalized borrowing costs, end of the year ​ $ 14,639 ​ $ 672

EXPLORATION AND EVALUATION PR_2

EXPLORATION AND EVALUATION PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2021
Mineral Properties
Disclosure of detailed information about property, plant and equipment [line items]
Schedule of exploration and evaluation properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Camino Cerro Monitor ​ ​ ​ ​ Rojo ​ Quema ​ Gold ​ Total Acquisition costs ​ ​ ​ ​ At January 1, 2020 ​ $ 42,615 ​ $ 82,429 ​ $ 314 ​ $ 125,358 Additions ​ — ​ ​ — ​ — ​ — Transferred to “mineral properties and related construction” ​ ​ (39,272) ​ ​ — ​ ​ — ​ ​ (39,272) Transferred to value added taxes recoverable ​ (3,343) ​ ​ — ​ — ​ (3,343) At December 31, 2020 ​ $ — ​ $ 82,429 ​ $ 314 ​ $ 82,743 Additions ​ — ​ ​ — ​ — ​ — At December 31, 2021 ​ $ — ​ $ 82,429 ​ $ 314 ​ $ 82,743 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated foreign exchange on translation ​ ​ ​ ​ ​ ​ ​ At January 1, 2020 ​ $ 285 ​ $ — ​ $ — ​ $ 285 Due to changes in exchange rates ​ (2,414) ​ ​ — ​ — ​ (2,414) Transferred to “mineral properties and related construction” ​ ​ 2,129 ​ ​ — ​ ​ — ​ ​ 2,129 At December 31, 2020 ​ $ — ​ $ — ​ $ — ​ $ — Due to changes in exchange rates ​ — ​ ​ — ​ — ​ — At December 31, 2021 ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition costs ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ $ — ​ $ 82,429 ​ $ 314 ​ $ 82,743 At December 31, 2021 ​ $ — ​ $ 82,429 ​ $ 314 ​ $ 82,743

TRADE AND OTHER PAYABLES AND _2

TRADE AND OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
TRADE AND OTHER PAYABLES AND ACCRUED LIABILITIES
Summary of trade and other payables	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Trade payables ​ $ 5,966 ​ $ 2,583 Payroll related liabilities ​ 339 ​ 658 Royalties payable ​ 113 ​ — Lease obligations (note 15) ​ 372 ​ 131 Other ​ 26 ​ 11 ​ ​ $ 6,816 ​ $ 3,383
Summary of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Construction-related ​ $ 2,045 ​ $ 1,082 Land and water fees ​ 1,795 ​ 1,852 Payroll related ​ 1,244 ​ 725 Other ​ 575 ​ 684 ​ ​ $ 5,659 ​ $ 4,343

CAMINO ROJO PROJECT LOAN (Table

CAMINO ROJO PROJECT LOAN (Tables)	12 Months Ended
	Dec. 31, 2021
Camino Rojo Project Loan
Borrowings
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction ​ ​ ​ ​ Loan advances costs Net At January 1, 2020 ​ $ 25,000 ​ $ (12,039) ​ $ 12,961 Advances during the year ​ ​ 50,000 ​ ​ — ​ ​ 50,000 Cash transaction costs ​ ​ — ​ ​ (2,475) ​ ​ (2,475) Amortization of the transaction costs ​ ​ — ​ ​ 632 ​ ​ 632 Foreign exchange ​ ​ — ​ ​ (422) ​ ​ (422) At December 31, 2020 ​ $ 75,000 ​ $ (14,304) ​ $ 60,696 Advances during the year ​ ​ 50,000 ​ ​ — ​ ​ 50,000 Cash transaction costs ​ ​ — ​ ​ (165) ​ ​ (165) Accretion during the period, capitalized (note 9(c)) ​ ​ 9,613 ​ ​ 2,817 ​ ​ 12,430 Cash interest paid ​ ​ (9,613) ​ ​ — ​ ​ (9,613) Foreign exchange ​ ​ — ​ ​ (88) ​ ​ (88) At December 31, 2021 ​ $ 125,000 ​ $ (11,740) ​ $ 113,260

NEWMONT LOAN (Tables)

NEWMONT LOAN (Tables)	12 Months Ended
	Dec. 31, 2021
Newmont Loan
Borrowings
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexican pesos Mexican pesos US dollars ​ ​ (thousands) ​ (thousands) ​ (thousands) ​ ​ Undiscounted ​ Discounted ​ ​ ​ At January 1, 2020 219,466 182,700 ​ $ 9,647 Accretion during the year — 27,713 ​ 1,295 Modification gains arising from changes in estimates — (22,093) ​ (1,032) Foreign exchange — — ​ (470) At December 31, 2020 219,466 188,320 ​ $ 9,440 Accretion during the year — 28,031 ​ 1,382 Modification gains arising from changes in estimates — (4,470) ​ (220) Foreign exchange — — ​ (309) At December 31, 2021 219,466 211,881 ​ $ 10,293

FRESNILLO OBLIGATION (Tables)

FRESNILLO OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2021
Fresnillo obligation
Borrowings
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ Total At January 1, 2021 ​ $ — Initial recognition ​ 37,800 Accretion during the period, capitalized (note 9(c)) ​ 1,654 Cash interest paid ​ (1,654) At December 31, 2021 ​ $ 37,800 ​ ​ ​ ​ Current ​ 15,000 Non-current ​ 22,800 ​ ​ $ 37,800

LEASE OBLIGATIONS (Tables)

LEASE OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
LEASE OBLIGATIONS
Schedule of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Beginning of year ​ $ 273 ​ $ 67 Additions ​ 1,769 ​ 233 Interest expense ​ 32 ​ 7 Lease payments ​ (681) ​ (47) Due to changes in exchange rates ​ 8 ​ 13 End of year ​ $ 1,401 ​ $ 273 ​ ​ ​ ​ ​ ​ ​ Current ​ $ 372 ​ $ 131 Non-current ​ 1,029 ​ 142 ​ ​ $ 1,401 ​ $ 273
Schedule of lease expenses recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 Interest on lease liabilities ​ $ 32 ​ $ 7 Variable lease payments not included in the measurement of lease liabilities ​ 4,579 ​ 141 Expenses relating to short-term leases ​ 131 ​ 48 Expenses relating to leases of low-value assets, excluding short-term leases ​ 155 ​ 121 ​ ​ $ 4,897 ​ $ 317

SITE CLOSURE PROVISIONS (Tables

SITE CLOSURE PROVISIONS (Tables)	12 Months Ended
	Dec. 31, 2021
SITE CLOSURE PROVISIONS
Schedule of reconciliation of changes in site closure provisions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Camino Rojo Cerro Quema ​ ​ ​ Project Project Total At December 1, 2020 ​ $ 232 ​ $ 343 ​ $ 575 Decrease in estimated cash flows ​ ​ (57) ​ ​ — ​ ​ (57) At December 31, 2020 ​ $ 175 ​ $ 343 ​ $ 518 Increase in estimated cash flows resulting from current activities ​ 4,738 ​ — ​ 4,738 Accretion during the period ​ 223 ​ — ​ 223 Foreign exchange ​ (19) ​ — ​ (19) At December 31, 2021 ​ $ 5,117 ​ $ 343 ​ $ 5,460
Schedule of inputs used for site closure provisions	​ ​ ​ ​ ​ ​ ​ ​ ​ Camino Rojo Cerro Quema Year ended December 31, 2021 Project Project Estimated settlement dates ​ ​ 2029 to 2041 ​ ​ 2022 Undiscounted risk-adjusted cash flows ​ $ 6,091 ​ $ — Inflation rate ​ 5.55 % — Discount rate ​ 7.43 % —

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2021
REVENUE
Schedule of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Gold ​ $ 4,094 ​ $ — Silver ​ 30 ​ — Subtotal ​ 4,124 ​ — Refining and transportation ​ (33) ​ — ​ ​ $ 4,091 ​ $ —

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Office and administrative ​ $ 1,911 ​ $ 643 Professional fees ​ 1,702 ​ 1,389 Regulatory and transfer agent ​ 662 ​ 142 Salaries and benefits ​ 2,932 ​ 2,156 ​ ​ $ 7,207 ​ $ 4,330

EXPLORATION AND EVALUATION EX_2

EXPLORATION AND EVALUATION EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
EXPLORATION AND EVALUATION EXPENSES
Exploration and Evaluation Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Camino Rojo Project ​ $ 9,908 ​ $ 12,658 Cerro Quema Project ​ 4,771 ​ 3,465 Monitor Gold Project ​ 366 ​ 136 Other ​ 63 ​ 43 ​ ​ $ 15,108 ​ $ 16,302

INTEREST AND FINANCE COSTS (Tab

INTEREST AND FINANCE COSTS (Tables)	12 Months Ended
	Dec. 31, 2021
Camino Rojo Project Loan
Borrowings
Schedule of interest and finance expense	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Accretion on Camino Rojo project loan (note 12) ​ $ — ​ $ 2,860 Accretion on Newmont loan (note 13) ​ 1,382 ​ 1,295 Accretion on site closure provisions (note 16) ​ 223 ​ — Interest expense on leases (note 15) ​ 32 ​ 7 Interest income ​ (140) ​ (267) Interest on IVA refunds ​ (203) ​ — Other ​ 2 ​ — ​ ​ $ 1,296 ​ $ 3,895

OTHER (GAINS) AND LOSSES (Table

OTHER (GAINS) AND LOSSES (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER (GAINS) AND LOSSES
Schedule of other (gains) losses	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Realized gains on foreign currency transactions ​ $ (598) ​ $ — Modification gains arising from changes in estimates (note 13) ​ (220) ​ (1,032) Other ​ 9 ​ (25) ​ ​ $ (809) ​ $ (1,057)

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2021
Share capital
Disclosure of schedule of warrants outstanding.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise ​ December 31 ​ ​ ​ ​ ​ ​ ​ December 31 Expiry date price 2020 Exercised Expired 2021 February 15, 2021 C$ 2.35 ​ 7,782,994 ​ (7,439,744) ​ (343,250) ​ — July 8, 2021 C$ 0.62 ​ 370,000 ​ (370,000) ​ — ​ — June 12,2022 C$ 1.65 ​ 4,992,500 ​ (250,000) ​ — ​ 4,742,500 November 7, 2022 C$ 1.40 ​ 3,000,000 ​ — ​ — ​ 3,000,000 December 18, 2026 C$ 3.00 ​ 32,500,000 ​ — ​ — ​ 32,500,000 Total number of warrants ​ ​ ​ 48,645,494 ​ (8,059,744) ​ (343,250) ​ 40,242,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average exercise price ​ ​ C$ 2.64 C$ 2.25 C$ 2.35 C$ 2.72 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise December 31 ​ ​ ​ ​ December 31 Expiry date ​ price ​ 2019 ​ Exercised ​ Expired ​ 2020 February 15, 2021 C$ 2.35 ​ 8,790,600 ​ (1,007,606) ​ — ​ 7,782,994 July 8, 2021 C$ 0.62 ​ 570,000 ​ (200,000) ​ — ​ 370,000 June 12, 2022 C$ 1.65 ​ 5,842,500 ​ (850,000) ​ — ​ 4,992,500 November 7, 2022 C$ 1.40 ​ 3,000,000 ​ — ​ — ​ 3,000,000 December 18, 2026 C$ 3.00 ​ 32,500,000 ​ — ​ — ​ 32,500,000 Total number of warrants ​ ​ 50,703,100 ​ (2,057,606) ​ — ​ 48,645,494 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average exercise price ​ C$ 2.61 C$ 1.89 C$ — C$ 2.64

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Summary of share-based compensation recorded during the year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31 Share based payments expense ​ 2021 ​ 2020 Stock options (note 23(a)) $ 1,350 $ 1,635 Restricted share units (note 23(b)) ​ 738 ​ 545 Deferred share units (note 23(c)) ​ 241 ​ 213 Bonus shares (note 23(d)) ​ — ​ 130 Share based payments expense ​ $ 2,329 ​ $ 2,523
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Summary of status of share option plan and changes during the year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ average Stock options outstanding Number exercise price Number exercise price Beginning of year 9,959,927 C$ 1.60 9,917,336 C$ 1.20 Granted 678,347 ​ 4.74 2,233,438 ​ 2.91 Exercised (687,400) ​ 0.87 (2,112,103) ​ 1.15 Expired, forfeited or cancelled (50,000) ​ 1.39 (78,744) ​ 1.17 End of year 9,900,874 C$ 1.86 9,959,927 C$ 1.60 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested, end of year 8,704,157 C$ 1.63 7,774,007 C$ 1.39
Summary of weighted average assumptions used in computing the fair value of stock options using the Black-Scholes option pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Number granted ​ 678,347 ​ 2,233,438 ​ Grant date fair value C$ 1,294 C$ 2,729 ​ Weighted average of assumptions used: ​ ​ ​ Share price at grant date ​ C$ 4.74 ​ C$ 2.91 ​ Expected volatility ​ 45 % ​ 48 % Expected life ​ 5 years ​ 5 years ​ Canadian dollar risk free interest rate ​ 1.0 % ​ 0.5 % Dividends ​ nil ​ nil ​
Summary of information about share options outstanding and exercisable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise Remaining life ​ Number Expiry date ​ price (C$) ​ (years) ​ Number ​ vested June 23, 2022 1.39 0.5 2,200,000 2,200,000 May 31, 2023 1.25 1.4 700,000 700,000 June 27, 2023 1.25 1.5 944,514 944,514 September 10, 2023 1.25 1.7 100,000 100,000 November 13, 2023 1.30 1.9 1,000,000 1,000,000 March 29, 2024 1.06 2.2 1,835,227 1,835,227 May 15, 2024 1.00 2.4 117,450 117,450 August 13, 2024 1.65 2.6 103,212 103,212 March 25, 2025 2.21 3.2 1,022,124 677,646 April 16, 2025 2.39 3.3 600,000 400,000 April 20, 2025 2.58 3.3 50,000 33,334 July 1, 2025 3.82 3.5 300,000 200,000 August 24, 2025 6.03 3.6 200,000 133,334 September 1, 2025 5.80 3.7 50,000 33,334 March 24,2026 ​ 4.80 ​ 4.2 ​ 578,347 ​ 192,774 April 19,2026 4.76 4.3 50,000 16,666 October 4,2026 4.04 4.8 50,000 16,666 Total number of stock options ​ ​ ​ ​ 9,900,874 8,704,157 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise Remaining life ​ Number Expiry date ​ price (C$) ​ (years) ​ Number ​ vested January 27, 2021 0.15 0.1 225,000 225,000 January 27, 2021 0.81 0.1 39,900 39,900 June 23, 2022 1.39 1.5 2,310,000 2,310,000 May 31, 2023 1.25 2.4 980,000 980,000 June 27, 2023 1.25 2.5 1,012,014 1,012,014 September 10, 2023 1.25 2.7 100,000 100,000 November 13, 2023 1.30 2.9 1,000,000 1,000,000 March 29, 2024 1.06 3.2 1,850,227 1,226,818 May 15, 2024 1.00 3.4 117,450 78,300 August 13, 2024 1.65 3.6 103,212 68,808 March 25, 2025 ​ 2.21 ​ 4.2 ​ 1,022,124 ​ 333,166 April 16, 2025 ​ 2.39 ​ 4.3 ​ 600,000 ​ 200,000 April 20, 2025 ​ 2.58 ​ 4.3 ​ 50,000 ​ 16,667 July 1, 2025 ​ 3.82 ​ 4.5 ​ 300,000 ​ 100,000 August 24, 2025 ​ 6.03 ​ 4.6 ​ 200,000 ​ 66,667 September 1, 2025 ​ 5.80 ​ 4.7 ​ 50,000 ​ 16,667 Total number of stock options ​ ​ 9,959,927 7,774,007
Restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Summary of information about number of units of other equity instruments and their weighted average fair value	​ ​ ​ ​ ​ ​ Number of RSUs outstanding: ​ ​ ​ ​ ​ 2021 2020 Outstanding, January 1 921,356 1,014,972 Awarded 235,091 320,447 Vested and settled (448,607) (414,063) Outstanding, December 31 707,840 921,356 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of RSUs outstanding: ​ ​ ​ Number vesting in the year ​ Total 2021 2022 2023 2024 Outstanding, December 31, 2020 921,356 448,607 365,935 106,814 — Outstanding, December 31, 2021 707,840 — 444,301 185,179 78,360
Deferred share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Summary of information about number of units of other equity instruments and their weighted average fair value	​ ​ ​ ​ ​ ​ Number of DSUs outstanding: ​ ​ ​ ​ ​ 2021 2020 Outstanding, January 1 644,525 508,780 Awarded and vested immediately 62,503 135,745 Outstanding, December 31 707,028 644,525 ​ ​ ​ ​ ​ Of which, number of DSUs vested at December 31 707,028 644,525
Bonus shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Summary of information about number of units of other equity instruments and their weighted average fair value	​ ​ ​ ​ ​ ​ Number of bonus shares outstanding: ​ ​ ​ ​ ​ 2021 2020 Outstanding, January 1 500,000 1,500,000 Vested and issued during the year — (1,000,000) Outstanding, December 31 500,000 500,000 ​ ​ ​ ​ ​ Vested, end of year 500,000 500,000

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Schedule of compensation of key management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31 ​ 2021 2020 Short term incentive plans ​ ​ Salaries ​ $ 1,580 ​ $ 1,361 Directors’ fees ​ 183 ​ 171 ​ ​ 1,763 ​ 1,532 Share based payments ​ 1,750 ​ 1,859 Total ​ $ 3,513 ​ $ 3,391

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Bank current accounts and cash on hand ​ $ 20,516 ​ $ 72,180 ​ ​ ​ ​ ​ ​ ​ 2021 2020 Financing activities Stock options exercised, credited to share capital with an offset to reserves 277 1,479 Common shares issued upon maturity of RSUs, credited to share capital with an offset to reserves 487 333 Warrants exercised, credited to share capital with an offset to reserves 2,140 506 Fresnillo obligation credited, with an offset to “mineral properties and related construction” 37,800 — ​ ​ ​ ​ ​ Investing activities Initial recognition of right of use asset with an offset to lease obligation 1,769 233 Marketable securities adjustment included in account receivable with an offset to other gains — 25

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
SEGMENT INFORMATION
Schedule of mineral assets and equipment by geographic region	(i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama USA Canada Total Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue (note 17) ​ $ (4,091) ​ $ — ​ $ — ​ $ — ​ $ (4,091) Cost of sales ​ ​ 1,358 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,358 Gross profit ​ ​ (2,733) ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,733) Exploration and evaluation expenses (note 19) ​ ​ 9,908 ​ ​ 4,771 ​ ​ 366 ​ ​ 63 ​ ​ 15,108 General and administrative expenses (note 18) ​ — ​ — ​ — ​ 7,207 ​ 7,207 Depreciation ​ — ​ 36 ​ — ​ 118 ​ 154 Share based payments (note 23) ​ 89 ​ 51 ​ — ​ 2,189 ​ 2,329 Interest and finance costs (note 20) ​ 1,406 ​ — ​ — ​ (110) ​ 1,296 Foreign exchange loss ​ 3,956 ​ — ​ — ​ (230) ​ 3,726 Other (gains) and losses (note 21) ​ (220) ​ — ​ — ​ (589) ​ (809) Loss for the year ​ $ 12,406 ​ $ 4,858 ​ $ 366 ​ $ 8,648 ​ $ 26,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama USA Canada Total Year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration and evaluation expenses (note 19) ​ $ 12,658 ​ $ 3,465 ​ $ 136 ​ $ 43 ​ $ 16,302 General and administrative expenses (note 18) ​ — ​ — ​ — ​ 4,330 ​ 4,330 Depreciation ​ 34 ​ 22 ​ — ​ 50 ​ 106 Share based payments (note 23) ​ — ​ — ​ — ​ 2,523 ​ 2,523 Interest and finance costs (note 20) ​ 1,294 ​ — ​ — ​ 2,601 ​ 3,895 Foreign exchange loss ​ 481 ​ — ​ — ​ 1,114 ​ 1,595 Other (gains) and losses (note 21) ​ ​ (1,032) ​ ​ — ​ ​ — ​ ​ (25) ​ ​ (1,057) Loss for the year ​ $ 13,435 ​ $ 3,487 ​ $ 136 ​ $ 10,636 ​ $ 27,694 ​ (ii) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama USA Canada Total At December 31, 2021 ​ ​ ​ ​ ​ Equipment ​ $ 7,466 ​ $ 37 ​ $ — ​ $ 132 ​ $ 7,635 Mineral properties and related construction ​ ​ 213,749 ​ ​ — ​ ​ — ​ ​ — ​ ​ 213,749 Exploration and evaluation properties ​ — ​ 82,429 ​ 314 ​ — ​ 82,743 Total assets ​ ​ 267,403 ​ ​ 83,162 ​ ​ 314 ​ ​ 14,016 ​ ​ 364,895 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama USA Canada Total At December 31, 2020 ​ ​ ​ ​ ​ Equipment ​ $ 463 ​ $ 73 ​ $ — ​ $ 174 ​ $ 710 Mineral properties and related construction ​ ​ 71,272 ​ ​ — ​ ​ — ​ ​ — ​ ​ 71,272 Exploration and evaluation properties ​ — ​ 82,429 ​ 314 ​ — ​ 82,743 Total assets ​ ​ 82,781 ​ ​ 83,260 ​ ​ 314 ​ ​ 72,840 ​ ​ 239,195

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Financial Instruments
Schedule of financial assets and liabilities by level within the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair ​ ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ prices ​ ​ ​ ​ ​ ​ ​ Approximate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ active ​ Significant ​ ​ ​ ​ fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ market ​ other ​ Significant ​ due ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ identical ​ observable ​ unobservable ​ term ​ ​ ​ ​ ​ ​ ​ Carrying ​ assets ​ inputs ​ inputs ​ of ​ ​ Total ​ Classification value (Level (Level (Level instrument Fair V Financial assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents FVTPL ​ $ 20,516 ​ $ 20,516 ​ $ — ​ $ — ​ $ — ​ $ 20,516 Accounts receivable Amortized cost ​ 299 ​ 16 ​ — ​ — ​ 283 ​ 299 Restricted cash Amortized cost ​ 3,680 ​ — ​ 3,680 ​ — ​ — ​ 3,680 ​ ​ $ 24,495 ​ 20,532 ​ $ 3,680 ​ $ — ​ $ 283 ​ $ 24,495 ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Trade payables Amortized cost ​ $ 5,966 ​ $ — ​ $ — ​ $ — ​ $ 5,966 ​ $ 5,966 Accrued liabilities ​ Amortized cost ​ ​ 5,659 ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,659 ​ ​ 5,659 Lease obligation Amortized cost ​ 1,401 ​ — ​ 1,401 ​ — ​ — ​ 1,401 Camino Rojo project loan Amortized cost ​ 113,260 ​ — ​ 137,746 ​ — ​ — ​ 137,746 Newmont loan Amortized cost ​ 10,293 ​ — ​ 10,533 ​ — ​ — ​ 10,533 Fresnillo obligation ​ Amortized cost ​ ​ 37,800 ​ ​ — ​ ​ 37,800 ​ ​ — ​ ​ — ​ ​ 37,800 ​ ​ $ 174,379 ​ $ — ​ $ 187,480 ​ $ — ​ $ 11,625 ​ $ 199,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ prices in ​ ​ ​ ​ ​ ​ ​ Approximate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ active ​ Significant ​ ​ ​ ​ fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ market for ​ other ​ Significant ​ due to short ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ identical ​ observable ​ unobservable ​ term nature ​ ​ ​ ​ ​ ​ ​ Carrying ​ assets ​ inputs ​ inputs ​ of the ​ Total ​ ​ Classification ​ value ​ (Level ​ (Level ​ (Level ​ ​ Fair Value Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ FVTPL ​ $ 72,180 ​ $ 72,180 ​ $ — ​ $ — ​ $ — ​ $ 72,180 Accounts receivable ​ Amortized cost ​ ​ 39 ​ ​ 25 ​ ​ — ​ ​ — ​ ​ 14 ​ ​ 39 Restricted cash ​ Amortized cost ​ ​ 2,783 ​ ​ — ​ ​ 2,783 ​ ​ — ​ ​ — ​ ​ 2,783 ​ ​ $ 75,002 ​ 72,205 ​ $ 2,783 ​ $ — ​ $ 14 ​ $ 75,002 ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Trade payables Amortized cost ​ $ 2,583 ​ $ — ​ $ — ​ $ — ​ $ 2,583 ​ $ 2,583 Lease obligation Amortized cost ​ 274 ​ — ​ 274 ​ — ​ — ​ 274 Camino Rojo project loan Amortized cost ​ 60,696 ​ — ​ 66,443 ​ — ​ — ​ 66,443 Newmont loan Amortized cost ​ 9,440 ​ — ​ 9,875 ​ — ​ — ​ 9,875 ​ ​ $ 72,993 ​ $ — ​ $ 76,592 ​ $ — ​ $ 2,583 ​ $ 79,175
Liquidity risk
Financial Instruments
Schedule of risk management	At December 31, 2021, our financial liabilities had expected maturity dates as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Between ​ Between ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ 3 months and ​ 1 year and ​ More than ​ ​ ​ 3 months 1 year 3 years 3 years Total Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade payables ​ $ 5,966 ​ $ — ​ $ — ​ $ — ​ $ 5,966 Accrued liabilities ​ ​ 5,659 ​ ​ — ​ ​ — ​ ​ — ​ ​ 5,659 Lease obligation ​ 114 ​ 289 ​ 494 ​ 520 ​ 1,417 Camino Rojo project loan ​ 2,750 ​ 8,250 ​ 146,083 ​ — ​ 157,083 Newmont loan ​ — ​ 10,662 ​ — ​ — ​ 10,662 Fresnillo obligation ​ ​ 473 ​ ​ 16,357 ​ ​ 23,848 ​ ​ — ​ ​ 40,678 ​ ​ $ 14,962 ​ $ 35,558 ​ $ 170,425 ​ $ 520 ​ $ 221,465 ​ At December 31, 2020, our financial liabilities had expected maturity dates as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Between Between ​ ​ ​ ​ ​ ​ Less ​ 3 ​ 1 ​ More ​ ​ ​ ​ ​ 3 1 ​ 3 ​ 3 ​ Total Financial liabilities ​ ​ ​ ​ ​ Trade payables ​ $ 2,583 ​ $ — ​ $ — ​ $ — ​ $ 2,583 Lease obligation ​ 32 ​ 117 ​ 145 ​ — ​ 294 Camino Rojo project loan ​ 1,650 ​ 4,950 ​ 13,200 ​ 81,050 ​ 100,850 Newmont loan ​ — ​ — ​ 11,002 ​ — ​ 11,002 ​ ​ $ 4,265 ​ $ 5,067 ​ $ 24,347 ​ $ 81,050 ​ $ 114,729 ​
Currency risk
Financial Instruments
Schedule of risk management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ ​ ​ ​ ​ ​ dollars ​ US ​ Mexican ​ ​ (thousands) ​ (thousands) ​ (thousands) Cash ​ $ 7,583 ​ $ 12,061 ​ $ 50,923 Accounts receivable ​ 20 ​ 4 ​ 5,733 Restricted funds ​ 155 ​ 509 ​ 62,745 Trade payables ​ ​ (128) ​ ​ (2,642) ​ ​ (66,350) Accrued liabilities ​ (1,637) ​ (2,226) ​ (44,070) Lease obligations ​ (74) ​ (520) ​ (16,935) Camino Rojo project loan ​ — ​ (113,260) ​ — Newmont loan ​ — ​ — ​ (211,881) Fresnillo obligation ​ ​ — ​ ​ (37,800) ​ ​ — Total foreign currency ​ 5,919 ​ (143,874) ​ (219,835) Exchange rate ​ 1.2678 ​ 1.0000 ​ 20.5835 Equivalent US dollars ​ $ 4,669 ​ $ (143,874) ​ $ (10,680) ​ Our financial instruments were denominated in the following currencies as at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ ​ ​ ​ ​ ​ dollars ​ US ​ Mexican ​ ​ (thousands) ​ (thousands) ​ (thousands) Cash ​ $ 11,752 ​ $ 62,809 ​ $ 2,804 Accounts receivable ​ 32 ​ 4 ​ 245 Restricted funds ​ 86 ​ 473 ​ 44,726 Trade payables ​ (73) ​ (2,074) ​ (9,022) Lease obligations ​ (194) ​ — ​ (2,471) Camino Rojo project loan ​ — ​ (60,696) ​ — Newmont loan ​ — ​ — ​ (188,319) Total foreign currency ​ 11,603 ​ 516 ​ (152,037) Exchange rate ​ 1.2732 ​ 1.0000 ​ 19.9487 Equivalent US dollars ​ $ 9,113 ​ $ 516 ​ $ (7,621) ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Current tax expense ​ $ — ​ $ — Deferred tax expense ​ — ​ — Tax expense ​ $ — ​ $ —
Schedule of reconciliation of the combined Canadian federal and provincial statutory income tax rate to the effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Income (loss) before tax ​ $ (26,278) ​ $ (27,694) ​ Statutory income tax rate ​ 26.8 % 26.6 % ​ ​ ​ ​ ​ ​ ​ ​ Expected income tax ​ $ (7,042) ​ $ (7,367) ​ Differences between Canadian and foreign tax rates ​ (744) ​ (488) ​ Items not deductible for tax purposes ​ 2,850 ​ 736 ​ Share based compensation ​ 587 ​ 671 ​ Change in unrecognized deductible temporary differences ​ 6,208 ​ 6,190 ​ True ups ​ ​ (1,913) ​ ​ 64 ​ Effect of changes in tax rates from prior years ​ (71) ​ — ​ Effect of changes in foreign exchange rates ​ 393 ​ 202 ​ Other ​ (268) ​ (8) ​ Total income taxes ​ — ​ — ​ ​ ​ ​ ​ ​ Effective tax rate ​ n/a ​ n/a ​
Schedule of deductible temporary differences	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ ​ 2021 ​ 2020 Mineral properties and exploration expenditures ​ $ 55,548 ​ $ 43,807 Equipment ​ 1,814 ​ 1,700 Site closure provisions ​ 5,460 ​ 518 Long term debt ​ ​ — ​ ​ 282 Share issue costs ​ 5,724 ​ 2,428 Non capital losses ​ 41,343 ​ 46,073 Intercompany debt ​ ​ 413 ​ ​ — Other ​ ​ 5,202 ​ ​ — Unrecognized deductible temporary differences ​ $ 115,504 ​ $ 94,808
Schedule of recognized deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ 2021 2020 Mineral properties and exploration expenditures ​ ​ (8,173) ​ ​ — Long term debt ​ (1,786) ​ (322) Non-capital losses ​ 10,447 ​ 867 Other ​ (488) ​ (545) Recognized deferred tax assets (liabilities) ​ $ — ​ $ —
Schedule of deductible temporary differences expiry dates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax ​ December 31 ​ expire 2021 2020 Canada 2026 to 2041 ​ $ 46,354 ​ $ 39,108 Mexico 2027 to 2031 ​ 29,851 ​ 5,317 Panama 2022 to 2026 ​ 655 ​ 4,678 United States indefinite ​ 16 ​ —

BASIS OF PREPARATION (Details)

BASIS OF PREPARATION (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Minerometalrgica San Miguel S de RL de CV
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%	100.00%
Principal place of business of subsidiary	Mexico
Camino Rojo
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%	100.00%
Principal place of business of subsidiary	Mexico
Cerro Quema
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%	100.00%
Principal place of business of subsidiary	Panama
Monitor Gold Corporation
Subsidiaries
Proportion of ownership interest in subsidiary	100.00%	100.00%
Principal place of business of subsidiary	USA

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Functional currency (Details)	12 Months Ended
	Dec. 31, 2021
Orla Mining Ltd
Disclosure of subsidiaries [line items]
Functional currency	Canadian dollars
Minerometalrgica San Miguel S de RL de CV
Disclosure of subsidiaries [line items]
Functional currency	Mexican pesos
Camino Rojo
Disclosure of subsidiaries [line items]
Functional currency	Mexican pesos
Cerro Quema
Disclosure of subsidiaries [line items]
Functional currency	United States dollars
Monitor Gold Corporation
Disclosure of subsidiaries [line items]
Functional currency	United States dollars

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Mineral properties under development and construction, at historical rates
Impairment loss	$ 0
Vehicles
Mineral properties under development and construction, at historical rates
Useful life	4 years
Computer and software
Mineral properties under development and construction, at historical rates
Useful life	3 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue	$ 4,091,000
Cost of sales	1,358,000
Mineral properties and related construction	213,749,000	$ 71,272,000
Loss for the year	(26,278,000)	(27,694,000)
Cash used in operating activities	(24,742,000)	(18,126,000)
Cash used in investing activities	(113,266,000)	$ (36,895,000)
Increase decrease due to early adoption of amendment
Revenue	0
Cost of sales	0
Mineral properties and related construction	2,733,000
Loss for the year	2,773,000
Cash used in operating activities	2,733,000
Cash used in investing activities	$ 2,733,000

INVENTORY (Details)

INVENTORY (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Current inventory
Stockpiled ore	$ 2,458
In-process inventory	6,513
Materials and supplies	686
Inventory - current	9,657
Long term
Stockpiled ore	1,299
Inventory - long term	1,299
Inventory write-down	$ 0

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash [Line Items]
Restricted cash	$ 3,680	$ 2,783
Environmental bonds
Restricted Cash [Line Items]
Restricted cash	3,243	2,392
Severance funds
Restricted Cash [Line Items]
Restricted cash	297	323
Other
Restricted Cash [Line Items]
Restricted cash	$ 140	$ 68

VALUE ADDED TAXES RECOVERABLE_2

VALUE ADDED TAXES RECOVERABLE (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021MXN ($)	Dec. 31, 2020USD ($)
VALUE ADDED TAXES RECOVERABLE
Current portion	$ 16,776		$ 163
Long term portion	7,444		8,587
Total	24,220		$ 8,750
IVA Refunds received	$ 2,400	$ 48.9

EQUIPMENT (Details)

EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Mineral properties under development and construction, at historical rates
At beginning of period	$ (710)
Depreciation	154	$ 106
At end of period	(7,635)	(710)
Other expenses
Mineral properties under development and construction, at historical rates
Depreciation	200
Cost
Mineral properties under development and construction, at historical rates
At beginning of period	(1,165)	(620)
Additions	5,118	520
Transfers from construction (note 9)	2,484
Due to changes in exchange rates	(83)	25
At end of period	(8,684)	(1,165)
Accumulated depreciation
Mineral properties under development and construction, at historical rates
At beginning of period	455	336
Depreciation	600	106
Due to changes in exchange rates	(6)	13
At end of period	1,049	455
Machinery and equipment
Mineral properties under development and construction, at historical rates
At beginning of period	(157)
At end of period	(4,888)	(157)
Machinery and equipment | Cost
Mineral properties under development and construction, at historical rates
At beginning of period	(392)	(324)
Additions	2,437	72
Transfers from construction (note 9)	2,484
Due to changes in exchange rates	(75)	(4)
At end of period	(5,238)	(392)
Machinery and equipment | Accumulated depreciation
Mineral properties under development and construction, at historical rates
At beginning of period	235	205
Depreciation	115	26
Due to changes in exchange rates		4
At end of period	350	235
Computer and software
Mineral properties under development and construction, at historical rates
At beginning of period	(187)
At end of period	(616)	(187)
Computer and software | Cost
Mineral properties under development and construction, at historical rates
At beginning of period	(320)	(150)
Additions	527	160
Due to changes in exchange rates	(13)	10
At end of period	(834)	(320)
Computer and software | Accumulated depreciation
Mineral properties under development and construction, at historical rates
At beginning of period	133	96
Depreciation	86	30
Due to changes in exchange rates	(1)	7
At end of period	218	133
Other assets
Mineral properties under development and construction, at historical rates
At beginning of period	(86)
At end of period	(357)	(86)
Other assets | Cost
Mineral properties under development and construction, at historical rates
At beginning of period	(115)	(57)
Additions	318	55
Due to changes in exchange rates	(6)	3
At end of period	(427)	(115)
Other assets | Accumulated depreciation
Mineral properties under development and construction, at historical rates
At beginning of period	29	17
Depreciation	41	11
Due to changes in exchange rates		1
At end of period	70	29
Buildings
Mineral properties under development and construction, at historical rates
At end of period	(60)
Buildings | Cost
Mineral properties under development and construction, at historical rates
Additions	67
Due to changes in exchange rates	(1)
At end of period	(66)
Buildings | Accumulated depreciation
Mineral properties under development and construction, at historical rates
Depreciation	6
At end of period	6
Right of use assets
Mineral properties under development and construction, at historical rates
At beginning of period	(280)
At end of period	(1,714)	(280)
Right of use assets | Cost
Mineral properties under development and construction, at historical rates
At beginning of period	(338)	(89)
Additions	1,769	233
Due to changes in exchange rates	12	16
At end of period	(2,119)	(338)
Right of use assets | Accumulated depreciation
Mineral properties under development and construction, at historical rates
At beginning of period	58	18
Depreciation	352	39
Due to changes in exchange rates	(5)	1
At end of period	405	$ 58
Equipment
Mineral properties under development and construction, at historical rates
Depreciation	600
Inventories
Mineral properties under development and construction, at historical rates
Depreciation	200
Construction in progress
Mineral properties under development and construction, at historical rates
Depreciation	$ 200

MINERAL PROPERTIES AND RELATE_3

MINERAL PROPERTIES AND RELATED CONSTRUCTION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Mineral properties under development and construction, at historical rates
At beginning of period	$ (710)
At end of period	(7,635)	$ (710)
Mineral properties under development and construction
Mineral properties under development and construction, at historical rates
At beginning of period	(71,272)
Transferred from exploration and evaluation properties		37,143
Additions	130,739	32,924
Borrowing costs capitalized (note 9(c))	13,967	672
Change in site closure provision (note 16)	4,653	164
Due to changes in exchange rates	(4,398)	369
Transfers to Equipment (note 8)	(2,484)
At end of period	(213,749)	(71,272)
Other assets
Mineral properties under development and construction, at historical rates
At beginning of period	(86)
At end of period	(357)	(86)
Cost
Mineral properties under development and construction, at historical rates
At beginning of period	(1,165)	(620)
Transferred from exploration and evaluation properties	2,484
Due to changes in exchange rates	(83)	25
At end of period	(8,684)	(1,165)
Cost | Construction in progress | Mineral properties under development and construction
Mineral properties under development and construction, at historical rates
At beginning of period	(4,845)
Additions	56,528	4,845
Transfers within categories	37,832
Transfers to Equipment (note 8)	(2,484)
At end of period	(96,721)	(4,845)
Cost | Other assets
Mineral properties under development and construction, at historical rates
At beginning of period	(115)	(57)
Due to changes in exchange rates	(6)	3
At end of period	(427)	(115)
Cost | Other assets | Mineral properties under development and construction
Mineral properties under development and construction, at historical rates
At beginning of period	(836)
Borrowing costs capitalized (note 9(c))	13,967	672
Change in site closure provision (note 16)	4,653	164
At end of period	(19,456)	(836)
Cost | Mineral Properties
Mineral properties under development and construction, at historical rates
At beginning of period	(82,743)	(125,358)
Transferred from exploration and evaluation properties		(3,343)
At end of period	(82,743)	(82,743)
Cost | Mineral Properties | Camino Rojo
Mineral properties under development and construction, at historical rates
At beginning of period		(42,615)
Transferred from exploration and evaluation properties		(3,343)
Cost | Mineral Properties | Mineral properties under development and construction
Mineral properties under development and construction, at historical rates
At beginning of period	(39,272)
Transferred from exploration and evaluation properties		39,272
Additions	62,800
At end of period	(102,072)	(39,272)
Cost | Deposits to vendors on construction assets [Member] | Mineral properties under development and construction
Mineral properties under development and construction, at historical rates
At beginning of period	(28,079)
Additions	11,411	28,079
Transfers within categories	(37,832)
At end of period	(1,658)	(28,079)
Accumulated depreciation
Mineral properties under development and construction, at historical rates
At beginning of period	455	336
Due to changes in exchange rates	(6)	13
At end of period	1,049	455
Accumulated depreciation | Mineral properties under development and construction
Mineral properties under development and construction, at historical rates
At beginning of period	1,760
Transferred from exploration and evaluation properties		(2,129)
Due to changes in exchange rates	(4,398)	369
At end of period	6,158	1,760
Accumulated depreciation | Other assets
Mineral properties under development and construction, at historical rates
At beginning of period	29	17
Due to changes in exchange rates		1
At end of period	$ 70	29
Accumulated depreciation | Mineral Properties
Mineral properties under development and construction, at historical rates
At beginning of period		285
Due to changes in exchange rates		(2,414)
Accumulated depreciation | Mineral Properties | Camino Rojo
Mineral properties under development and construction, at historical rates
At beginning of period		285
Due to changes in exchange rates		$ (2,414)

MINERAL PROPERTIES AND RELATE_4

MINERAL PROPERTIES AND RELATED CONSTRUCTION - Layback Area (Details) - Layback Agreement with Fresnillo - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2021	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Consideration for right to mine	$ 62,800	$ 62,800
Cash Paid
Disclosure of detailed information about property, plant and equipment [line items]
Consideration for right to mine		25,000
Future cash consideration
Disclosure of detailed information about property, plant and equipment [line items]
Consideration for right to mine		$ 37,800

MINERAL PROPERTIES AND RELATE_5

MINERAL PROPERTIES AND RELATED CONSTRUCTION - Borrowing costs capitalized (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Capitalized borrowing costs, beginning of the year	$ 672,000
Interest earned on borrowed funds	(117,000)	$ (28,000)
Capitalized borrowing costs, end of the year	14,639,000	672,000
Camino Rojo Project Loan.
Disclosure of detailed information about borrowings [line items]
Borrowing costs capitalised	12,430,000	700,000
Fresnillo obligation
Disclosure of detailed information about borrowings [line items]
Borrowing costs capitalised	$ 1,654,000	$ 0

MINERAL PROPERTIES AND RELATE_6

MINERAL PROPERTIES AND RELATED CONSTRUCTION - Initial acquisition (Details) - Camino Rojo	1 Months Ended	12 Months Ended
	Nov. 30, 2017	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Smelter Royalty Return	2.00%
Special mining duty of taxable mining profits		7.50%
Extraordinary mining duty of revenues from precious metals		0.50%
Sulphide operations | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Potential ownership interest in joint project		70.00%
Sulphide operations | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Potential ownership interest in joint project		60.00%

EXPLORATION AND EVALUATION PR_3

EXPLORATION AND EVALUATION PROPERTIES (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2017	Feb. 28, 2017	Dec. 31, 2021USD ($)haclaimOption	Dec. 31, 2020USD ($)
Mineral Properties
Royalty payments			$ 111
Monitor Gold Corporation
Mineral Properties
Number Of Separate Option Agreements | Option			3
Number of mining claims | claim			422
Area | ha			3,416
Share issuances			$ 150,000
Royalty payments			60,000	$ 40,000
Work commitments			$ 125,000	$ 75,000
Cerro Quema
Mineral Properties
Term of agreement	20 years	20 years
Term of extension			10 years

EXPLORATION AND EVALUATION PR_4

EXPLORATION AND EVALUATION PROPERTIES - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property interests
At beginning of period	$ (710)
At end of period	7,635	$ 710
Exploration and evaluation properties (note 10)	82,743	82,743
Cost
Property interests
At beginning of period	(1,165)	(620)
Due to changes in exchange rates	(83)	25
Transferred to value taxes recoverable	2,484
At end of period	8,684	1,165
Accumulated depreciation
Property interests
At beginning of period	455	336
Due to changes in exchange rates	(6)	13
At end of period	(1,049)	(455)
Mineral Properties | Cost
Property interests
At beginning of period	(82,743)	(125,358)
Transferred to mineral properties under development and construction		(39,272)
Transferred to value taxes recoverable		(3,343)
At end of period	82,743	82,743
Exploration and evaluation properties (note 10)	82,743	82,743
Mineral Properties | Accumulated depreciation
Property interests
At beginning of period		285
Due to changes in exchange rates		(2,414)
Transferred to mineral properties under development and construction		2,129
Camino Rojo | Mineral Properties | Cost
Property interests
At beginning of period		(42,615)
Transferred to mineral properties under development and construction		(39,272)
Transferred to value taxes recoverable		(3,343)
Camino Rojo | Mineral Properties | Accumulated depreciation
Property interests
At beginning of period		285
Due to changes in exchange rates		(2,414)
Transferred to mineral properties under development and construction		2,129
Cerro Quema | Mineral Properties | Cost
Property interests
At beginning of period	(82,429)	(82,429)
At end of period	82,429	82,429
Exploration and evaluation properties (note 10)	82,429	82,429
Monitor Gold Corporation | Mineral Properties | Cost
Property interests
At beginning of period	(314)	(314)
At end of period	314	314
Exploration and evaluation properties (note 10)	$ 314	$ 314

TRADE AND OTHER PAYABLES AND _3

TRADE AND OTHER PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Trade and other payables
Trade payables	$ 5,966	$ 2,583
Payroll related liabilities	339	658
Royalties payable	113
Lease obligations (note 15)	372	131
Other	26	11
Total trade and other current payables	6,816	3,383
Accrued liabilities
Construction-related	2,045	1,082
Land and water fees	1,795	1,852
Payroll related	1,244	725
Other	575	684
Accrued liabilities	$ 5,659	$ 4,343

CAMINO ROJO PROJECT LOAN (Detai

CAMINO ROJO PROJECT LOAN (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)trancheshares	Jul. 14, 2021shares	Apr. 30, 2021USD ($)	Dec. 28, 2019$ / shares
Borrowings
Total amounts drawn	$ 113,260,000	$ 60,696,000
Number of shares issued | shares				9,085,263
Interest costs capitalised	12,400,000	700,000
Camino Rojo Project Loan
Borrowings
Notional amount			$ 125,000,000
Number of tranches | tranche			3
Total amounts drawn	113,260,000	60,696,000	$ 12,961,000
Undrawn borrowing facilities					$ 50,000,000
Interest rate			8.80%
Number of shares issued | shares			32,500,000
Exercise price of warrants | $ / shares						$ 3
Capitalized interest on loan to mineral properties under development			$ 12,039,000
Camino Rojo Project Loan | Loan advances
Borrowings
Total amounts drawn	$ 125,000,000	$ 75,000,000	$ 25,000,000

CAMINO ROJO PROJECT LOAN - Long

CAMINO ROJO PROJECT LOAN - Long term debt (Details) - USD ($) $ in Thousands	Oct. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Borrowings
Beginning		$ 60,696
Advances during the year		50,000	$ 50,000
Warrants issued to the lenders		(14,279)	(2,858)
Cash interest paid		(11,307)	(2,914)
Foreign exchange		(3,726)	(1,595)
Ending		113,260	60,696
Camino Rojo Project Loan
Borrowings
Beginning		60,696	12,961
Advances during the year	$ 50,000	50,000	50,000	$ 25,000
Cash transaction costs		165	2,475
Amortization of the transaction costs			632
Accretion during the period, capitalized (note 9(c))		12,430
Cash interest paid		(9,613)
Foreign exchange		(88)	(422)
Ending		113,260	60,696	12,961
Camino Rojo Project Loan | Loan advances
Borrowings
Beginning		75,000	25,000
Advances during the year		50,000	50,000
Accretion during the period, capitalized (note 9(c))		9,613
Cash interest paid		(9,613)
Ending		125,000	75,000	25,000
Camino Rojo Project Loan | Transaction cost
Borrowings
Transaction costs, bgn		(14,304)	(12,039)
Cash transaction costs		165	2,475
Amortization of the transaction costs			632
Accretion during the period, capitalized (note 9(c))		2,817
Foreign exchange		(88)	(422)
Transaction costs, end		$ (11,740)	$ (14,304)	$ (12,039)

NEWMONT LOAN (Details)

NEWMONT LOAN (Details) $ in Thousands, $ in Millions	Dec. 31, 2021MXN ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018
Newmont Loan
Borrowings
Newmont loan (note 13)		$ 10,293	$ 9,440	$ 9,647
Borrowings, interest rate				14.60%	15.40%
Newmont Loan Camino Rojo Project [Member]
Borrowings
Newmont loan (note 13)	$ 219	$ 10,600

NEWMONT LOAN - Long term debt (

NEWMONT LOAN - Long term debt (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021MXN ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020MXN ($)
Borrowings
Foreign exchange	$ (3,726)		$ (1,595)
Newmont Loan
Borrowings
BGN	9,440		9,647
Accretion during the year	1,382		1,295
Modification gains arising from changes in estimates	(220)		(1,032)
Foreign exchange	(309)		(470)
End	$ 10,293		$ 9,440
Undiscounted cash flow | Newmont Loan
Borrowings
BGN		$ 219,466		$ 219,466
End		219,466		219,466
Discounted cash flow | Newmont Loan
Borrowings
BGN		188,320		182,700
Accretion during the year		28,031		27,713
Modification gains arising from changes in estimates		(4,470)		(22,093)
End		$ 211,881		$ 188,320

FRESNILLO OBLIGATION (Details)

FRESNILLO OBLIGATION (Details) - Fresnillo obligation - USD ($)	Feb. 22, 2021	Dec. 31, 2021	Dec. 31, 2020
Borrowings
Consideration for right to mine		$ 62,800,000
Percentage of interest payable	5.00%
Borrowinng costs capitaliised		1,654,000	$ 0
Upon receipt of COFECE approval
Borrowings
Consideration for right to mine		25,000,000
Earlier of December 1, 2022, and 12 months following the commencement of commercial production
Borrowings
Consideration for right to mine		15,000,000
At the Camino Rojo Project
Borrowings
Consideration for right to mine		$ 22,800,000

FRESNILLO OBLIGATION - Long ter

FRESNILLO OBLIGATION - Long term debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Cash interest paid	$ (11,307,000)	$ (2,914,000)
Current	15,000,000
Non-current	22,800,000
Fresnillo obligation
Disclosure of detailed information about borrowings [line items]
Initial recognition	37,800,000
Accretion during the period, capitalized (note 9(c))	1,654,000	$ 0
Cash interest paid	(1,654,000)
At December 31, 2021	37,800,000
Current	15,000,000
Non-current	22,800,000
Total	$ 37,800,000

LEASE OBLIGATIONS (Details)

LEASE OBLIGATIONS (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Mineral Properties
Lease obligations		$ 1,029	$ 142
Variable lease payments		$ 4,579	$ 141
Mining equipment
Mineral Properties
Lease term		5 years
Vehicles | Minimum
Mineral Properties
Lease term		3 years
Vehicles | Maximum
Mineral Properties
Lease term		5 years
Buildings | Minimum
Mineral Properties
Lease term		3 years
Buildings | Maximum
Mineral Properties
Lease term		5 years
Camino Rojo
Mineral Properties
Right-of-use asset	$ 900
Variable lease payments		$ 4,600
Camino Rojo | Mining equipment
Mineral Properties
Lease term	5 years

LEASE OBLIGATIONS - Lease liabi

LEASE OBLIGATIONS - Lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
LEASE OBLIGATIONS
Beginning of year	$ 273	$ 67
Additions	1,769	233
Interest expense	32	7
Lease payments	(681)	(47)
Due to changes in exchange rates	8	13
End of year	1,401	273
Current	372	131
Non-current lease liabilities	1,029	142
Lease liabilities	$ 1,401	$ 273

LEASE OBLIGATIONS - Lease expen

LEASE OBLIGATIONS - Lease expenses recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
LEASE OBLIGATIONS
Interest expense on lease	$ 32	$ 7
Variable lease payments not included in the measurement of lease liabilities	4,579	141
Expenses relating to short-term leases	131	48
Expenses relating to leases of low-value assets, excluding short-term leases	155	121
Lease Expenses	$ 4,897	$ 317

SITE CLOSURE PROVISIONS - Chang

SITE CLOSURE PROVISIONS - Changes in site closure provisions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in site closure provisions
Beginning balance	$ 518	$ 575
Increase (decrease) in estimated cash flows	4,738	(57)
Accretion during the period	223
Foreign exchange	(19)
Ending balance	5,460	518
Camino Rojo
Changes in site closure provisions
Beginning balance	175	232
Increase (decrease) in estimated cash flows	4,738	(57)
Accretion during the period	223
Foreign exchange	(19)
Ending balance	5,117	175
Minera Cerro Quema SA
Changes in site closure provisions
Beginning balance	343	343
Ending balance	$ 343	$ 343

SITE CLOSURE PROVISIONS (Detail

SITE CLOSURE PROVISIONS (Details) - Camino Rojo $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Disclosure of other provisions [line items]
Undiscounted risk-adjusted cash flows	$ 6,091
Inflation rate	5.55%
Discount rate	7.43%

REVENUE (Details)

REVENUE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
REVENUE
Gold	$ 4,094
Silver	30
Subtotal	4,124
Refining and transportation	(33)
Total revenue	$ 4,091

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
GENERAL AND ADMINISTRATIVE EXPENSES
Office and administrative	$ 1,911	$ 643
Professional fees	1,702	1,389
Regulatory and transfer agent	662	142
Salaries and benefits	2,932	2,156
Total general and administrative expense	$ 7,207	$ 4,330

EXPLORATION AND EVALUATION EX_3

EXPLORATION AND EVALUATION EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Subsidiaries
EXPLORATION AND EVALUATION EXPENSES (note)	$ 15,108	$ 16,302
Camino Rojo
Subsidiaries
EXPLORATION AND EVALUATION EXPENSES (note)	9,908	12,658
Cerro Quema
Subsidiaries
EXPLORATION AND EVALUATION EXPENSES (note)	4,771	3,465
Monitor Gold Corporation
Subsidiaries
EXPLORATION AND EVALUATION EXPENSES (note)	366	136
Other.
Subsidiaries
EXPLORATION AND EVALUATION EXPENSES (note)	$ 63	$ 43

INTEREST AND FINANCE COSTS (Det

INTEREST AND FINANCE COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Borrowings
Accretion on site closure provisions (note 16)	$ 223
Interest expense on leases (note 15)	32	$ 7
Interest income	(140)	(267)
Interest on IVA refunds	(203)
Other	2
Total interest costs incurred	1,296	3,895
Camino Rojo Project Loan
Borrowings
Accretion		2,860
Newmont Loan
Borrowings
Accretion	$ 1,382	$ 1,295

OTHER (GAINS) AND LOSSES (Detai

OTHER (GAINS) AND LOSSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OTHER (GAINS) AND LOSSES
Realized gains on foreign currency transactions	$ (598)
Modification gains arising from changes in estimates (note 13)	(220)	$ (1,032)
Other	9	(25)
Total other (gains) and losses	$ (809)	$ (1,057)

SHARE CAPITAL (Details)

SHARE CAPITAL (Details)	Jul. 14, 2021USD ($)shares	Jul. 14, 2021CAD ($)$ / sharesshares	Feb. 05, 2021USD ($)shares	Dec. 31, 2021USD ($)shares	Dec. 31, 2021CAD ($)shares	Dec. 31, 2020USD ($)
Disclosure of classes of share capital [line items]
Number of shares issued | shares	9,085,263	9,085,263
Price per share | $ / shares		$ 4.75
Proceeds from issuing shares	$ 34,400,000	$ 43,200,000		$ 34,442,000		$ 53,368,000
Fair value of shares issued | $			$ 150,000	150,000
Number of shares issued | shares			33,000
Warrants exercised | $				14,279,000		2,858,000
Proceeds from exercise of warrants | $				14,279,000		2,858,000
Transaction costs	$ 1,000,000	$ 1,300,000		$ 1,000,000		$ 2,034,000
Stock options.
Disclosure of classes of share capital [line items]
Warrants exercised (in shares) | shares				100,000	100,000
Proceeds from exercise of warrants				$ 234,000	$ 300,000

SHARE CAPITAL - Outstanding (De

SHARE CAPITAL - Outstanding (Details)	12 Months Ended
	Dec. 31, 2021USD ($)$ / shares$ / shares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019$ / shares
Disclosure of classes of share capital [line items]
Weighted average | $ / shares	$ 2.72	$ 2.72	$ 2.64	$ 2.64	$ 2.61
Weighted average exercise price - Expired | $ / shares		2.35
Exercised (per share) I $ / shares | $ / shares		$ 2.25		$ 1.89
Warrants
Disclosure of classes of share capital [line items]
Bgn	48,645,494	48,645,494	50,703,100	50,703,100
Exercised	(8,059,744)	(8,059,744)	(2,057,606)	(2,057,606)
Expired	(343,250)	(343,250)
End	40,242,500	40,242,500	48,645,494	48,645,494
Price range one [member] | Warrants
Disclosure of classes of share capital [line items]
Bgn	7,782,994	7,782,994	8,790,600	8,790,600
Exercised	(7,439,744)	(7,439,744)	(1,007,606)	(1,007,606)
Expired	(343,250)	(343,250)
End			7,782,994	7,782,994
Exercised (per share) I $ / shares | $ / shares	$ 2.35		$ 2.35
Price range two [member] | Warrants
Disclosure of classes of share capital [line items]
Bgn	370,000	370,000	570,000	570,000
Exercised	(370,000)	(370,000)	(200,000)	(200,000)
End			370,000	370,000
Exercised (per share) I $ / shares | $ / shares	$ 0.62		$ 0.62
Price range three [member] | Warrants
Disclosure of classes of share capital [line items]
Bgn	4,992,500	4,992,500	5,842,500	5,842,500
Exercised	(250,000)	(250,000)	(850,000)	(850,000)
End	4,742,500	4,742,500	4,992,500	4,992,500
Exercised (per share) I $ / shares | $ / shares	$ 1.65		$ 1.65
Price range four [member] | Warrants
Disclosure of classes of share capital [line items]
Bgn	3,000,000	3,000,000	3,000,000	3,000,000
End	3,000,000	3,000,000	3,000,000	3,000,000
Exercised (per share) I $ / shares | $ / shares	$ 1.40		$ 1.40
Price range five [member] | Warrants
Disclosure of classes of share capital [line items]
Bgn	32,500,000	32,500,000	32,500,000	32,500,000
End	32,500,000	32,500,000	32,500,000	32,500,000
Exercised (per share) I $ / shares | $ / shares	$ 3		$ 3

SHARE-BASED PAYMENTS - Share-ba

SHARE-BASED PAYMENTS - Share-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payments expense	$ 2,329	$ 2,523
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payments expense	1,350	1,635
Restricted share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payments expense	738	545
Deferred share units
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payments expense	$ 241	213
Bonus shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based payments expense		$ 130

SHARE-BASED PAYMENTS - Share op

SHARE-BASED PAYMENTS - Share option plan changes (Details)	12 Months Ended
	Dec. 31, 2021USD ($)Option$ / shares	Dec. 31, 2020USD ($)$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted	250,000
Exercised | Option	(122,500)
On grant date
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting of stock options ( as a percentage)	0.33%
After grant date year one
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting of stock options ( as a percentage)	0.33%
After grant date year two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting of stock options ( as a percentage)	0.33%
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance	9,959,927	9,917,336
Granted	678,347	2,233,438
Exercised	(687,400)	(2,112,103)
Expired, forfeited or cancelled	50,000	78,744
Balance	9,900,874	9,959,927
Vested (in shares)	8,704,157	7,774,007
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares	$ 1.60	$ 1.20
Granted | $ / shares	4.74	2.91
Exercised | $ / shares	0.87	1.15
Expired, forfeited or cancelled | $ / shares	1.39	1.17
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares	1.86	1.60
Vested, end of year | $ / shares	$ 1.63	$ 1.39
Stock options life	5	5

SHARE-BASED PAYMENTS - Black-sc

SHARE-BASED PAYMENTS - Black-scholes (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted	250,000
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted	678,347		2,233,438
Grant date fair value		$ 1,294		$ 2,729
Share price at grant date | $ / shares		$ 4.74		$ 2.91
Expected volatility, share options granted	45.00%		48.00%
Option life, share options granted	5		5
Risk free interest rate, share options granted	1.00%		0.50%
Dividends	$ 0		$ 0

SHARE-BASED PAYMENTS - Outstand

SHARE-BASED PAYMENTS - Outstanding (Details)	12 Months Ended
	Dec. 31, 2021USD ($)Option	Dec. 31, 2021CAD ($)USD ($)Option$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 5.37
Remaining life	5 years	5 years
Stock options exercised | Option	122,500	122,500
Proceeds from exercise of options	$ 475,000	$ 158,700	$ 1,823,000
Shares issued after reporting period
Disclosure of range of exercise prices of outstanding share options [line items]
Proceeds from exercise of options	$ 125,000
Stock options
Disclosure of range of exercise prices of outstanding share options [line items]
Outstanding (in shares)		9,900,874		9,959,927	9,917,336
Vested (in shares)		8,704,157		7,774,007
Stock options exercised	687,400		2,112,103
Stock options | Price range five [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 1.30		$ 1.25
Remaining life	1 year 10 months 24 days	1 year 10 months 24 days	2 years 6 months
Outstanding (in shares)		1,000,000		1,012,014
Vested (in shares)		1,000,000		1,012,014
Stock options | Price range four [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 1.25		$ 1.25
Remaining life	1 year 8 months 12 days	1 year 8 months 12 days	2 years 4 months 24 days
Outstanding (in shares)		100,000		980,000
Vested (in shares)		100,000		980,000
Stock options | Price range one [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 1.39		$ 0.15
Remaining life	6 months	6 months	1 month 6 days
Outstanding (in shares)		2,200,000		225,000
Vested (in shares)		2,200,000		225,000
Stock options | Price range three [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 1.25		$ 1.39
Remaining life	1 year 6 months	1 year 6 months	1 year 6 months
Outstanding (in shares)		944,514		2,310,000
Vested (in shares)		944,514		2,310,000
Stock options | Price range two [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 1.25		$ 0.81
Remaining life	1 year 4 months 24 days	1 year 4 months 24 days	1 month 6 days
Outstanding (in shares)		700,000		39,900
Vested (in shares)		700,000		39,900
Stock options | Price range six [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 1.06		$ 1.25
Remaining life	2 years 2 months 12 days	2 years 2 months 12 days	2 years 8 months 12 days
Outstanding (in shares)		1,835,227		100,000
Vested (in shares)		1,835,227		100,000
Stock options | Price range seven [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 1		$ 1.30
Remaining life	2 years 4 months 24 days	2 years 4 months 24 days	2 years 10 months 24 days
Outstanding (in shares)		117,450		1,000,000
Vested (in shares)		117,450		1,000,000
Stock options | Price range eight [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 1.65		$ 1.06
Remaining life	2 years 7 months 6 days	2 years 7 months 6 days	3 years 2 months 12 days
Outstanding (in shares)		103,212		1,850,227
Vested (in shares)		103,212		1,226,818
Stock options | Price range nine [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 2.21		$ 1
Remaining life	3 years 2 months 12 days	3 years 2 months 12 days	3 years 4 months 24 days
Outstanding (in shares)		1,022,124		117,450
Vested (in shares)		677,646		78,300
Stock options | Price range ten [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 2.39		$ 1.65
Remaining life	3 years 3 months 18 days	3 years 3 months 18 days	3 years 7 months 6 days
Outstanding (in shares)		600,000		103,212
Vested (in shares)		400,000		68,808
Stock options | Price range eleven [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 2.58		$ 2.21
Remaining life	3 years 3 months 18 days	3 years 3 months 18 days	4 years 2 months 12 days
Outstanding (in shares)		50,000		1,022,124
Vested (in shares)		33,334		333,166
Stock options | Price Range twelve [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 3.82		$ 2.39
Remaining life	3 years 6 months	3 years 6 months	4 years 3 months 18 days
Outstanding (in shares)		300,000		600,000
Vested (in shares)		200,000		200,000
Stock options | Price range thirteen [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 6.03		$ 2.58
Remaining life	3 years 7 months 6 days	3 years 7 months 6 days	4 years 3 months 18 days
Outstanding (in shares)		200,000		50,000
Vested (in shares)		133,334		16,667
Stock options | Price range fourteen [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 5.80		$ 3.82
Remaining life	3 years 8 months 12 days	3 years 8 months 12 days	4 years 6 months
Outstanding (in shares)		50,000		300,000
Vested (in shares)		33,334		100,000
Stock options | Price range fifteen[member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 4.80		$ 6.03
Remaining life	4 years 2 months 12 days	4 years 2 months 12 days	4 years 7 months 6 days
Outstanding (in shares)		578,347		200,000
Vested (in shares)		192,774		66,667
Stock options | Price range sixteen [member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 4.76		$ 5.80
Remaining life	4 years 3 months 18 days	4 years 3 months 18 days	4 years 8 months 12 days
Outstanding (in shares)		50,000		50,000
Vested (in shares)		16,666		16,667
Stock options | Price Range Seventeen [Member]
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price (per share) | $ / shares		$ 4.04
Remaining life	4 years 9 months 18 days	4 years 9 months 18 days
Outstanding (in shares)		50,000
Vested (in shares)		16,666

SHARE BASED PAYMENTS - RSU's (D

SHARE BASED PAYMENTS - RSU's (Details) - Restricted share units - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share capital
Bgn	921,356	1,014,972
Awarded	235,091	320,447
Exercised or vested(in shares)	(448,607)	(414,063)
End	707,840	921,356
Later than one year and not later than two years [member]
Share capital
Bgn	448,607
End		448,607
Later than two years and not later than three years [member]
Share capital
Bgn	365,935
End	444,301	365,935
Later than three years and not later than four years [member]
Share capital
Bgn	106,814
End	185,179	106,814
Later than four years and not later than five years [member]
Share capital
End	78,360
After award date year one
Share capital
Vesting of stock options ( as a percentage)	0.33%
After award date year two
Share capital
Vesting of stock options ( as a percentage)	0.33%
After award date year three
Share capital
Vesting of stock options ( as a percentage)	0.33%

SHARE BASED PAYMENTS - Deferred

SHARE BASED PAYMENTS - Deferred Share Units (Details) - Deferred share units - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Bgn	644,525	508,780
Awarded and vested immediately	62,503	135,745
End	707,028	644,525
Vested (in shares)	707,028	644,525

SHARE BASED PAYMENTS - Bonus Un

SHARE BASED PAYMENTS - Bonus Units (Details) - Bonus shares	Nov. 13, 2018USD ($)tranche$ / sharesshares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2017USD ($)$ / shares
Disclosure of classes of share capital [line items]
Bgn		500,000	1,500,000
Exercised			(1,000,000)
End		500,000	500,000
Vested (in shares)		500,000	500,000
Directors
Disclosure of classes of share capital [line items]
Fair value (per share) | $ / shares	$ 0.537			$ 1.31
Awarded	1,000,000			500,000
Grant date fair value	$ 537,000			$ 655,000,000
Number of tranches | tranche	4
Number of equity instruments granted per tranch | shares	250,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Short term incentives	$ 1,763,000	$ 1,532,000
Share based payments	1,750,000	1,859,000
Total Key Management compensation	3,513,000	3,391,000
Accrued short term	783,000	773,000
Directors
Disclosure of transactions between related parties [line items]
Short term incentives	183,000	171,000
Consulting fees
Disclosure of transactions between related parties [line items]
Short term incentives	$ 1,580,000	$ 1,361,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Bank current accounts and cash on hand	$ 20,516	$ 72,180	$ 23,106
Initial recognition of right of use assets	1,769	233
Marketable securities adjustment included in account receivable with an offset to other gains		25
Interest expense on lease	32	7
Stock options
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Liabilities arising from financing activities	277	1,479
Restricted share units
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Shares issued	487	333
Warrants
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Liabilities arising from financing activities	2,140	$ 506
Fresnillo obligation
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Liabilities arising from financing activities	$ 37,800

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of geographical areas [line items]
Revenue (note 17)	$ (4,091)
Cost of sales	1,358
Gross profit	(2,733)
Exploration and evaluation expenses (note 19)	15,108	$ 16,302
General and administrative expenses (note 18)	7,207	4,330
Depreciation (note 8)	154	106
Share based payments (note 23)	2,329	2,523
Interest and finance costs (note 20)	1,296	3,895
Foreign exchange loss	3,726	1,595
Other (gains) and losses (note 21)	(809)	(1,057)
LOSS FOR THE YEAR	26,278	27,694
Equipment (note 8)	7,635	710
Mineral properties and related construction	213,749	71,272
Exploration and evaluation properties	82,743	82,743
Total assets	364,895	239,195
Total liabilities	(180,478)	(78,614)
Mexico
Disclosure of geographical areas [line items]
Revenue (note 17)	(4,091)
Cost of sales	1,358
Gross profit	(2,733)
Exploration and evaluation expenses (note 19)	9,908	12,658
Depreciation (note 8)		34
Share based payments (note 23)	89
Interest and finance costs (note 20)	1,406	1,294
Foreign exchange loss	3,956	481
Other (gains) and losses (note 21)	(220)	(1,032)
LOSS FOR THE YEAR	12,406	13,435
Equipment (note 8)	7,466	463
Mineral properties and related construction	213,749	71,272
Total assets	267,403	82,781
Panama
Disclosure of geographical areas [line items]
Exploration and evaluation expenses (note 19)	4,771	3,465
Depreciation (note 8)	36	22
Share based payments (note 23)	51
LOSS FOR THE YEAR	4,858	3,487
Equipment (note 8)	37	73
Exploration and evaluation properties	82,429	82,429
Total assets	83,162	83,260
USA
Disclosure of geographical areas [line items]
Exploration and evaluation expenses (note 19)	366	136
LOSS FOR THE YEAR	366	136
Exploration and evaluation properties	314	314
Total assets	314	314
Canada
Disclosure of geographical areas [line items]
Exploration and evaluation expenses (note 19)	63	43
General and administrative expenses (note 18)	7,207	4,330
Depreciation (note 8)	118	50
Share based payments (note 23)	2,189	2,523
Interest and finance costs (note 20)	110	2,601
Foreign exchange loss	(230)	1,114
Other (gains) and losses (note 21)	(589)	(25)
LOSS FOR THE YEAR	8,648	10,636
Equipment (note 8)	132	174
Total assets	$ 14,016	$ 72,840

CAPITAL MANAGEMENT (Details)

CAPITAL MANAGEMENT (Details) - USD ($) $ in Thousands	Oct. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of risk management strategy related to hedge accounting [line items]
Amount drawn		$ 50,000	$ 50,000
Camino Rojo Project Loan
Disclosure of risk management strategy related to hedge accounting [line items]
Notional amount				$ 125,000
Amount drawn	$ 50,000	50,000	50,000	$ 25,000
Newmont Loan Camino Rojo Project [Member]
Disclosure of risk management strategy related to hedge accounting [line items]
Amount drawn		125,000	$ 75,000
Minimum | Camino Rojo Project Loan
Disclosure of risk management strategy related to hedge accounting [line items]
Working capital		$ 5,000

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)$ / $	Dec. 31, 2021USD ($)CAD ($)	Dec. 31, 2021USD ($)MXN ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)$ / $	Dec. 31, 2020USD ($)CAD ($)	Dec. 31, 2020USD ($)MXN ($)
Financial Instruments
Average foreign exchange rate	1		1.2678	20.5835	1		1.2732	19.9487
Camino Rojo Project Loan
Financial Instruments
Estimated fair value	$ 137,700,000	$ 137,700,000	$ 137,700,000	$ 137,700,000	$ 66,400,000	$ 66,400,000	$ 66,400,000	$ 66,400,000
Discount rate	5.00%	5.00%	5.00%	5.00%	10.80%	10.80%	10.80%	10.80%
Newmont Loan
Financial Instruments
Average foreign exchange rate | $ / $		20.58				19.95
Estimated fair value	$ 10,500,000	$ 10,500,000	$ 10,500,000	$ 10,500,000	$ 9,900,000	$ 9,900,000	$ 9,900,000	$ 9,900,000
Discount rate	5.00%	5.00%	5.00%	5.00%	10.50%	10.50%	10.50%	10.50%
Carrying value
Financial Instruments
Financial assets	$ 24,495,000	$ 24,495,000	$ 24,495,000	$ 24,495,000	$ 75,002,000	$ 75,002,000	$ 75,002,000	$ 75,002,000
Financial liabilities	174,379,000	174,379,000	174,379,000	174,379,000	72,993,000	72,993,000	72,993,000	72,993,000
Carrying value | Amortized cost, liabilities | Trade payables
Financial Instruments
Financial liabilities	5,966,000	5,966,000	5,966,000	5,966,000	2,583,000	2,583,000	2,583,000	2,583,000
Carrying value | Amortized cost, liabilities | Accrued liabilities
Financial Instruments
Financial liabilities	5,659,000	5,659,000	5,659,000	5,659,000
Carrying value | Amortized cost, liabilities | Fresnillo obligation
Financial Instruments
Financial liabilities	37,800,000	37,800,000	37,800,000	37,800,000
Carrying value | Amortized cost, liabilities | Lease obligation
Financial Instruments
Financial liabilities	1,401,000	1,401,000	1,401,000	1,401,000	274,000	274,000	274,000	274,000
Carrying value | Amortized cost, liabilities | Camino Rojo Project Loan
Financial Instruments
Financial liabilities	113,260,000	113,260,000	113,260,000	113,260,000	60,696,000	60,696,000	60,696,000	60,696,000
Carrying value | Amortized cost, liabilities | Newmont Loan
Financial Instruments
Financial liabilities	10,293,000	10,293,000	10,293,000	10,293,000	9,440,000	9,440,000	9,440,000	9,440,000
Carrying value | FVTPL, financial asset | Cash and cash equivalents.
Financial Instruments
Financial assets	20,516,000	20,516,000	20,516,000	20,516,000	72,180,000	72,180,000	72,180,000	72,180,000
Carrying value | Amortized costs, financial asset | Accounts receivable
Financial Instruments
Financial assets	299,000	299,000	299,000	299,000	39,000	39,000	39,000	39,000
Carrying value | Amortized costs, financial asset | Restricted funds
Financial Instruments
Financial assets	3,680,000	3,680,000	3,680,000	3,680,000	2,783,000	2,783,000	2,783,000	2,783,000
Fair value
Financial Instruments
Financial assets	24,495,000	24,495,000	24,495,000	24,495,000	75,002,000	75,002,000	75,002,000	75,002,000
Financial liabilities	199,105,000	199,105,000	199,105,000	199,105,000	79,175,000	79,175,000	79,175,000	79,175,000
Fair value | Amortized cost, liabilities | Trade payables
Financial Instruments
Financial liabilities	5,966,000	5,966,000	5,966,000	5,966,000	2,583,000	2,583,000	2,583,000	2,583,000
Fair value | Amortized cost, liabilities | Accrued liabilities
Financial Instruments
Financial liabilities	5,659,000	5,659,000	5,659,000	5,659,000
Fair value | Amortized cost, liabilities | Fresnillo obligation
Financial Instruments
Financial liabilities	37,800,000	37,800,000	37,800,000	37,800,000
Fair value | Amortized cost, liabilities | Lease obligation
Financial Instruments
Financial liabilities	1,401,000	1,401,000	1,401,000	1,401,000	274,000	274,000	274,000	274,000
Fair value | Amortized cost, liabilities | Camino Rojo Project Loan
Financial Instruments
Financial liabilities	137,746,000	137,746,000	137,746,000	137,746,000	66,443,000	66,443,000	66,443,000	66,443,000
Fair value | Amortized cost, liabilities | Newmont Loan
Financial Instruments
Financial liabilities	10,533,000	10,533,000	10,533,000	10,533,000	9,875,000	9,875,000	9,875,000	9,875,000
Fair value | FVTPL, financial asset | Cash and cash equivalents.
Financial Instruments
Financial assets	20,516,000	20,516,000	20,516,000	20,516,000	72,180,000	72,180,000	72,180,000	72,180,000
Fair value | Amortized costs, financial asset | Accounts receivable
Financial Instruments
Financial assets	299,000	299,000	299,000	299,000	39,000	39,000	39,000	39,000
Fair value | Amortized costs, financial asset | Restricted funds
Financial Instruments
Financial assets	3,680,000	3,680,000	3,680,000	3,680,000	2,783,000	2,783,000	2,783,000	2,783,000
Approximate fair value due to short term nature of the instrument
Financial Instruments
Financial assets	283,000	283,000	283,000	283,000	14,000	14,000	14,000	14,000
Financial liabilities	11,625,000	11,625,000	11,625,000	11,625,000	2,583,000	2,583,000	2,583,000	2,583,000
Approximate fair value due to short term nature of the instrument | Amortized cost, liabilities | Trade payables
Financial Instruments
Financial liabilities	5,966,000	5,966,000	5,966,000	5,966,000	2,583,000	2,583,000	2,583,000	2,583,000
Approximate fair value due to short term nature of the instrument | Amortized cost, liabilities | Accrued liabilities
Financial Instruments
Financial liabilities	5,659,000	5,659,000	5,659,000	5,659,000
Approximate fair value due to short term nature of the instrument | Amortized costs, financial asset | Accounts receivable
Financial Instruments
Financial assets	283,000	283,000	283,000	283,000	14,000	14,000	14,000	14,000
Level 1 of fair value hierarchy [member] | Fair value
Financial Instruments
Financial assets	20,532,000	20,532,000	20,532,000	20,532,000	72,205,000	72,205,000	72,205,000	72,205,000
Level 1 of fair value hierarchy [member] | Fair value | FVTPL, financial asset | Cash and cash equivalents.
Financial Instruments
Financial assets	20,516,000	20,516,000	20,516,000	20,516,000	72,180,000	72,180,000	72,180,000	72,180,000
Level 1 of fair value hierarchy [member] | Fair value | Amortized costs, financial asset | Accounts receivable
Financial Instruments
Financial assets	16,000	16,000	16,000	16,000	25,000	25,000	25,000	25,000
Level 2 of fair value hierarchy [member] | Fair value
Financial Instruments
Financial assets	3,680,000	3,680,000	3,680,000	3,680,000	2,783,000	2,783,000	2,783,000	2,783,000
Financial liabilities	187,480,000	187,480,000	187,480,000	187,480,000	76,592,000	76,592,000	76,592,000	76,592,000
Level 2 of fair value hierarchy [member] | Fair value | Amortized cost, liabilities | Fresnillo obligation
Financial Instruments
Financial liabilities	37,800,000	37,800,000	37,800,000	37,800,000
Level 2 of fair value hierarchy [member] | Fair value | Amortized cost, liabilities | Lease obligation
Financial Instruments
Financial liabilities	1,401,000	1,401,000	1,401,000	1,401,000	274,000	274,000	274,000	274,000
Level 2 of fair value hierarchy [member] | Fair value | Amortized cost, liabilities | Camino Rojo Project Loan
Financial Instruments
Financial liabilities	137,746,000	137,746,000	137,746,000	137,746,000	66,443,000	66,443,000	66,443,000	66,443,000
Level 2 of fair value hierarchy [member] | Fair value | Amortized cost, liabilities | Newmont Loan
Financial Instruments
Financial liabilities	10,533,000	10,533,000	10,533,000	10,533,000	9,875,000	9,875,000	9,875,000	9,875,000
Level 2 of fair value hierarchy [member] | Fair value | Amortized costs, financial asset | Restricted funds
Financial Instruments
Financial assets	$ 3,680,000	$ 3,680,000	$ 3,680,000	$ 3,680,000	$ 2,783,000	$ 2,783,000	$ 2,783,000	$ 2,783,000

FINANCIAL INSTRUMENTS - Liquidi

FINANCIAL INSTRUMENTS - Liquidity risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments
Trade and other non-current payables	$ 161	$ 92
Liquidity risk
Financial Instruments
Financial liabilities	221,465	114,729
Trade payables	5,966	2,583
Trade and other non-current payables	5,659
Gross lease liabilities	1,417	294
Liquidity risk | Camino Rojo Project Loan
Financial Instruments
Borrowings	157,083	100,850
Liquidity risk | Newmont Loan
Financial Instruments
Borrowings	10,662	11,002
Liquidity risk | Fresnillo obligation
Financial Instruments
Trade payables	40,678
Less than 3 months | Liquidity risk
Financial Instruments
Financial liabilities	14,962	4,265
Trade payables	5,966	2,583
Trade and other non-current payables	5,659
Gross lease liabilities	114	32
Less than 3 months | Liquidity risk | Camino Rojo Project Loan
Financial Instruments
Borrowings	2,750	1,650
Less than 3 months | Liquidity risk | Fresnillo obligation
Financial Instruments
Trade payables	473
Between 3 months and 1 year | Liquidity risk
Financial Instruments
Financial liabilities	35,558	5,067
Gross lease liabilities	289	117
Between 3 months and 1 year | Liquidity risk | Camino Rojo Project Loan
Financial Instruments
Borrowings	8,250	4,950
Between 3 months and 1 year | Liquidity risk | Newmont Loan
Financial Instruments
Borrowings	10,662
Between 3 months and 1 year | Liquidity risk | Fresnillo obligation
Financial Instruments
Trade payables	16,357
Between 1 year and 3 years | Liquidity risk
Financial Instruments
Financial liabilities	170,425	24,347
Gross lease liabilities	494	145
Between 1 year and 3 years | Liquidity risk | Camino Rojo Project Loan
Financial Instruments
Borrowings	146,083	13,200
Between 1 year and 3 years | Liquidity risk | Newmont Loan
Financial Instruments
Borrowings		11,002
Between 1 year and 3 years | Liquidity risk | Fresnillo obligation
Financial Instruments
Trade payables	23,848
Later than 3 years | Liquidity risk
Financial Instruments
Financial liabilities	520	81,050
Gross lease liabilities	$ 520
Later than 3 years | Liquidity risk | Camino Rojo Project Loan
Financial Instruments
Borrowings		$ 81,050

FINANCIAL INSTRUMENTS - Currenc

FINANCIAL INSTRUMENTS - Currency risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments
Interest expense for financial liabilities not at fair value through profit or loss	$ 520,000	$ 427,000
Currency risk
Financial Instruments
Percentage of reasonably possible increase in unobservable input, assets	10.00%
Percentage of reasonably possible decrease in unobservable input, liabilities	10.00%
Increase (decrease) in fair value measurement due to reasonably possible increase	$ 12,200	800
Increase (decrease) in fair value measurement due to reasonably possible decrease	$ 4,200	$ 700
Camino Rojo Project Loan
Financial Instruments
Borrowings, adjustment to interest rate basis	8.80%
Fresnillo obligation
Financial Instruments
Borrowings, adjustment to interest rate basis	5.00%

FINANCIAL INSTRUMENTS - Financi

FINANCIAL INSTRUMENTS - Financial instruments (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)$ / $	Dec. 31, 2021USD ($)$ / $	Dec. 31, 2021MXN ($)$ / $	Dec. 31, 2020CAD ($)$ / $	Dec. 31, 2020USD ($)$ / $	Dec. 31, 2020MXN ($)$ / $	Dec. 31, 2021USD ($)	Dec. 31, 2021MXN ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020MXN ($)
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	$ 5,919,000	$ (143,874,000)	$ (219,835,000)	$ 11,603,000	$ 516,000	$ (152,037,000)
Exchange rate	1.2678	1	20.5835	1.2732	1	19.9487
Equivalent US dollars	$ 4,669,000			$ 9,113,000			$ (143,874,000)	$ (10,680,000)	$ 516,000	$ (7,621,000)
Trade payables
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	(128,000)	$ (2,642,000)	$ (66,350,000)	(73,000)	$ (2,074,000)	$ (9,022,000)
Lease obligation
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	$ (74,000)	(520,000)	(16,935,000)	$ (194,000)		(2,471,000)
Camino Rojo Project Loan
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency		$ (113,260,000)			$ (60,696,000)
Newmont Loan
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency			$ (211,881,000)			$ (188,319,000)
Exchange rate | $ / $	20.58	20.58	20.58	19.95	19.95	19.95
Fresnillo obligation
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency		$ (37,800,000)
Accrued liabilities
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	$ (1,637,000)	(2,226,000)	$ (44,070,000)
Cash
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	7,583,000	12,061,000	50,923,000	$ 11,752,000	$ 62,809,000	$ 2,804,000
Accounts receivable
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	20,000	4,000	5,733,000	32,000	4,000	245,000
Restricted funds
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	$ 155,000	$ 509,000	$ 62,745,000	$ 86,000	$ 473,000	$ 44,726,000

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of average effective tax rate and applicable tax rate
Income (loss) before tax	$ (26,278)	$ (27,694)
Statutory income tax rate	26.80%	26.60%
Expected income tax	$ (7,042)	$ (7,367)
Differences between Canadian and foreign tax rates	(744)	(488)
Items not deductible for tax purposes		736
Items not deductible for tax purposes (credit)	2,850
Share based compensation	587	671
Change in unrecognized deductible temporary differences	6,208	6,190
True ups	(1,913)	64
Effect of changes in tax rates from prior years	(71)
Effect of changes in foreign exchange rates	393	202
Other	$ (268)	$ (8)
Statutory income tax rate	26.80%	26.60%

INCOME TAXES - Unrecognized ded

INCOME TAXES - Unrecognized deductible temporary differences (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	$ 115,504	$ 94,808
Mineral properties and exploration expenditures
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	55,548	43,807
Equipment.
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	1,814	1,700
Site closure provisions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	5,460	518
Share issue costs
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	5,724	2,428
Long term debt
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences		282
Non-capital losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	41,343	$ 46,073
Deductible temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	0
Intercompany debt
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	413
Others
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deductible temporary differences	$ 5,202

INCOME TAXES - Recognized defer

INCOME TAXES - Recognized deferred tax assets and liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Recognized deferred tax assets (liabilities)		$ 0
Temporary differences associated with investments in subsidiaries for which a deferred income tax liability has not been recognized	$ 4,653,000	3,328,000
Mineral properties and exploration expenditures
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Recognized deferred tax assets (liabilities)	(8,173,000)	0
Long term debt
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Recognized deferred tax assets (liabilities)	(1,786,000)	(322,000)
Non-capital losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Recognized deferred tax assets (liabilities)	10,447,000	867,000
Others
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Recognized deferred tax assets (liabilities)	$ (488,000)	$ (545,000)

INCOME TAXES - Tax loss carryfo

INCOME TAXES - Tax loss carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Mexico
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax loss carryforwards	$ 29,851	$ 5,317
Canada
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax loss carryforwards	46,354	39,108
Panama
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax loss carryforwards	655	$ 4,678
USA
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax loss carryforwards	$ 16

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Purchase orders and contracts
Commitments and Contingencies
Capital commitments	$ 8,560,000	$ 49,050,000
Severance payments
Commitments and Contingencies
Financial effect	$ 3,220,000	$ 3,000,000