Orla Mining (ORLA) 40-F 20 Mar 23 2022 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2022 shares
Document Information
Document Type	40-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Entity File Number	001-39766
Entity Registrant Name	ORLA MINING LTD.
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	Suite 1010, 1075 West Georgia Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6E 3C9
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	305,809,108
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	2022
Auditor Name	Ernst & Young LLP
Auditor Location	Vancouver, Canada
Auditor Firm ID	1263
Business Contact [Member]
Document Information
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, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 96,278	$ 20,516
Trade and other receivables	365	306
Value added taxes recoverable	8,659	16,776
Inventory	22,446	9,657
Prepaid expenses	2,824	1,090
Restricted cash	2,290
Total current assets	132,862	48,345
Non-current financial assets
Restricted cash	1,142	3,680
Value added taxes recoverable	5,229	7,444
Long-term inventory	4,096	1,299
Property, plant and equipment	224,416	7,635
Mineral properties under construction		213,749
Exploration and evaluation properties	242,743	82,743
Deferred tax asset	2,405
Other non-current assets	923
TOTAL ASSETS	613,816	364,895
Current liabilities
Trade and other payables	11,708	6,816
Accrued liabilities	7,967	5,659
Current portion of long term debt	45,000	25,293
Taxes payable	33,102
Total current liabilities	97,777	37,768
Non-Current
Lease obligations	2,327	1,029
Long term debt	100,795	136,060
Deferred revenue	7,500
Site closure provisions	8,261	5,460
Other long term liabilities	172	161
TOTAL LIABILITIES	216,832	180,478
SHAREHOLDERS' EQUITY
Share capital	445,316	269,198
Reserves	24,009	29,306
Accumulated other comprehensive income	(1,583)	2,441
Accumulated deficit	(70,758)	(116,528)
TOTAL SHAREHOLDERS' EQUITY	396,984	184,417
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 613,816	$ 364,895

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Loss and Comprehensive Loss.
REVENUE	$ 193,230	$ 4,124
COST OF SALES
Operating costs	(45,597)	(1,280)
Depletion and depreciation	(14,953)
Royalties	(4,819)	(111)
Cost of sales	(65,369)	(1,391)
EARNINGS FROM MINING OPERATIONS	127,861	2,733
EXPLORATION AND EVALUATION EXPENSES	(18,939)	(15,108)
GENERAL AND ADMINISTRATIVE EXPENSES	(10,913)	(7,207)
OTHER
Interest income	2,167	341
Depreciation	(277)	(154)
Share based payments	(2,447)	(2,329)
Interest and accretion expense	(8,890)	(1,637)
Loss on early settlement of project loan	(13,219)
Foreign exchange gain (loss)	3,014	(3,726)
Other gain (loss)	41	809
Other expenses (income)	(19,611)	(6,696)
INCOME (LOSS) BEFORE TAXES	78,398	(26,278)
Income taxes	(32,628)
INCOME (LOSS) FOR THE PERIOD	45,770	(26,278)
Items that may in future periods be reclassified to profit or loss:
Foreign currency differences arising on translation	(4,024)	(561)
Items that will not be reclassified to profit or loss:
TOTAL COMPREHENSIVE INCOME (LOSS)	$ 41,746	$ (26,839)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic	272,202	241,379
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Diluted	292,816	241,379
EARNINGS (LOSS) PER SHARE - Basic	$ 0.17	$ (0.11)
EARNINGS (LOSS) PER SHARE - Diluted	$ 0.16	$ (0.11)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Income (loss) for the year	$ 45,770	$ (26,278)
Adjustments for:
Interest and accretion	6,723	1,296
Loss on early settlement of project loan	13,219
Income tax expense	32,628
Income taxes paid	(3,150)
Interest income received	2,167	458
Payment of cash settled RSUs and DSUs	(2,049)
Adjustments for items not affecting cash:
Depreciation and depletion	15,230	154
Share based payments	2,447	2,329
Unrealized foreign exchange loss (gain)	(1,862)	3,921
Other	(31)	23
Cash provided by (used in) operating activities before changes in non-cash working capital	111,092	(18,097)
Changes in non-cash working capital	(15,781)	(6,645)
Cash provided by (used in) operating activities	95,311	(24,742)
INVESTING ACTIVITIES
Purchase of plant and equipment	(5,726)	(3,302)
Deposits and other payments on long term assets	(855)
Mineral properties and related construction	(12,252)	(92,939)
Payment pursuant to the Layback Agreement	(15,000)
Acquisition of Gold Standard, net of cash received	(1,226)
Restricted cash and environmental bonding	3,176	(979)
Value added taxes received	18,527	(16,046)
Cash provided by (used in) investing activities	(13,356)	(113,266)
FINANCING ACTIVITIES
Advances received on (payments of) the Camino Rojo project loan	(127,500)	50,000
Proceeds from issuance of common shares, net of issuance costs	(261)	33,442
Payment of the Newmont loan	(10,836)
Advances received from Credit Facility	130,000
Principal repayments of the Credit Facility	(5,550)
Proceeds from exercise of stock options and warrants	20,024	14,754
Transaction costs related to financing facilities	(1,866)	(289)
Interest paid	(8,816)	(11,307)
Lease payments	(574)	(649)
Cash provided by financing activities	(5,379)	85,951
Effects of exchange rate changes on cash	(814)	393
Net increase (decrease) in cash	75,762	(51,664)
Cash, beginning of period	20,516	72,180
CASH, END OF YEAR	$ 96,278	$ 20,516

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity shares in Thousands, Unit_Standard_pure_AvEqZTfZ1k67vlYiTk3ZUw in Thousands, $ in Thousands	Common shares USD ($) shares	Reserves USD ($)	Share based payments reserve USD ($)	Warrants reserve USD ($)	Accumulated Other Comprehensive Income USD ($)	Retained earnings (deficit) USD ($)	USD ($)
Equity at beginning of period at Dec. 31, 2020	$ 217,948	$ 29,881	$ 8,486	$ 21,395	$ 3,002	$ (90,250)	$ 160,581
Shares at beginning 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	$ 150						150
Share issued for property payments (in shares) | shares	33
Share issuance costs	$ (1,000)						(1,000)
Warrants exercised	$ 16,419	(2,140)		(2,140)			14,279
Warrants exercised (in shares) | shares	8,060
Options exercised	$ 752	(277)	(277)				475
Options exercised (in shares)	687
RSUs redeemed	$ 487	(487)	(487)
RSUs redeemed (in shares) | shares	449
Share based payments		2,329	2,329				2,329
Income (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
Shares issued pursuant to a financing	$ 149,363						149,363
Shares issued pursuant to a financing (in shares) | shares	43,689
Share issuance costs	$ (261)						(261)
Replacement options issued		1,647	1,647				1,647
RSUs settled in cash	(1,320)	(403)	(403)				(1,723)
RSUs reclassified to cash settled		(310)	(310)				(310)
DSUs redeemed	$ 165	(165)	(165)
DSUs redeemed (in shares) | shares	112
DSUs settled in cash	$ (167)	(159)	(159)				(326)
Warrants exercised	$ 21,334	(5,143)		(5,143)			16,191
Warrants exercised (in shares) | shares	10,697
Options exercised	$ 6,866	(3,033)	(3,033)				3,833
Options exercised (in shares)	3,675
RSUs redeemed	$ 138	(138)	(138)
RSUs redeemed (in shares) | shares	36
Share based payments		2,407	2,407				2,407
Income (loss) for the year						45,770	45,770
Other comprehensive income					(4,024)		(4,024)
Equity at end of period at Dec. 31, 2022	$ 445,316	$ 24,009	$ 9,897	$ 14,112	$ (1,583)	$ (70,758)	$ 396,984
Shares at end of period at Dec. 31, 2022 | shares	305,809

CORPORATE INFORMATION AND NATUR

CORPORATE INFORMATION AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2022
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 1010, 1075 West Georgia 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 mine in Zacatecas State, Mexico, Cerro Quema gold project in Panama, and the South Railroad and Lewis gold projects in Nevada, USA. 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. The Company declared commercial production at Camino Rojo, effective April 1, 2022.

BASIS OF PREPARATION

BASIS OF PREPARATION	12 Months Ended
	Dec. 31, 2022
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 19, 2023, 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, 2022 and 2021, the principal operating subsidiaries of the Company, their geographic locations, and the ownership interests held by the Company, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Name ​ Principal activity ​ Dec 31, 2022 ​ Dec 31, 2021 ​ Location Minera Camino Rojo SA de CV Production 100 % 100 % Mexico Minera Cerro Quema SA Exploration 100 % 100 % Panama Gold Standard Ventures Corp. ​ Holding company ​ 100 % — ​ Canada Gold Standard Ventures (US) Inc. ​ Exploration ​ 100 % — ​ USA Madison Enterprises Inc. ​ Exploration ​ 100 % — ​ USA Monitor Gold Corporation Exploration 100 % 100 % USA ​

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
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 These consolidated financial statements are presented in United States dollars (“US dollar”, or “USD”). The presentation currency differs from the functional currency of the parent company and some of its subsidiaries (note 3(a)). 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 currency of each of the Company’s principal operating subsidiaries, all of which are wholly owned, is the United States dollar. The functional currency of the parent company, Orla Mining Ltd., is the Canadian dollar. The Company’s principal operating subsidiaries are Minera Camino Rojo SA de CV, Minera Cerro Quema SA, Gold Standard Ventures Corp., Gold Standard Ventures (US) Inc., Madison Enterprises (Nevada) Inc., and Monitor Gold Corporation. Change in functional currency As a result of the continued advancement of Camino Rojo and the resulting changes in underlying transactions, events, and circumstances, we reassessed the functional currency of Minera Camino Rojo SA de CV. We determined that the functional currency of Minera Camino Rojo SA de CV is the United States dollar. Consequently, the functional currency for this subsidiary changed from Mexican pesos to United States dollars effective (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 consists 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 NRV. 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 15 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”. 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. (f) Producing mineral properties consist of costs transferred from “Mineral properties under construction” when a mining property reaches commercial production, and acquired mining properties in the production stage. When a mine construction project moves into the production stage, we cease capitalizing mine construction costs. Upon commencement of commercial production, we charge production costs to metal-in-process inventory, although we capitalize costs related to (1) property, plant and equipment additions or improvements, (2) open pit stripping activities that provide a future benefit, or (3) expenditures that meet the criteria for capitalization in accordance with IAS 16 Property, Plant and Equipment. Drilling and related costs for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting mineralized material to proven and probable reserves are capitalized. All other drilling and related costs are expensed as incurred. (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 to 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 produced from the mine in the period, over (ii) the total gold ounces expected to be produced 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 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 assets the acquisition costs of exploration properties (whether acquired in a business combination or through an acquisition of assets). 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) Property, plant and 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 and related buildings ​ Units-of-production over mineral reserves Other equipment Straight line over useful life Office equipment ​ Straight line over useful life Vehicles Straight line over useful life, typically 4 years 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 cost”) that are directly attributable to the acquisition, or construction 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 recognizes deferred revenue in the event it receives payments from customers in consideration for future commitments to deliver metals and before such sale meets the criteria for revenue recognition. The Company will recognize amounts in revenue as the metals are delivered to the customer. Specifically, for the silver stream agreement arising from the acquisition of Gold Standard Ventures Corp., we will amortize deferred revenue to revenue using ounces of silver sold over the estimated total ounces of silver expected to be delivered over the life of mine. (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. Cash-settled RSUs are remeasured using the market value of the underlying shares at the end of each reporting period. 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) Earnings (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

SIGNIFICANT ACCOUNTING JUDGEMEN

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES	4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (a) Significant judgements 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) Assessment of impairment indicators 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. (ii) Commencement of commercial production Determining when a mine under construction is substantially complete and ready for its intended use requires significant judgement. Some of the criteria we used to make that determination for the Camino Rojo Oxide Gold Mine included: ● completion of all major capital expenditures to bring the mine to the condition necessary for steady state operation, ● completion of a reasonable period of testing of the mine plant and equipment, ● ability to produce saleable product (ie, the ability to produce metal within specifications), ● transfer of the mine from the construction group to operating personnel, ● mine and plant reaching a pre-determined percentage of design capacity, ● metal content (the grade) of ore being mined sufficiently consistent with the mine plan, ● mineral recoveries being at or near the expected production level, ● ability to sustain ongoing production of metal. No one factor was more important than any other factor; consequently, we considered these collectively to determine that the date of commencement of commercial production for the Camino Rojo Oxide Gold Mine was April 1, 2022. (iii) Recovery of deferred tax assets 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. (b) Significant estimates 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, 2022 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 reserve estimates 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) Valuation of production inventory 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 rock densities, 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) Asset retirement and site closure obligations 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) Fair value measurement 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 purchase price allocated to the assets and liabilities of South Railroad and Lewis. 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.

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2022
REVENUE
REVENUE	5. REVENUE Camino Rojo was under commissioning during the three months ended March 31, 2022. The Company declared commercial production at Camino Rojo, effective April 1, 2022. Revenue by significant product type: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ ​ 2022 2021 Gold ​ $ 192,394 ​ $ 4,094 Silver ​ 836 ​ 30 Revenue ​ $ 193,230 ​ $ 4,124 ​ ​ ​ ​ ​ ​ ​ Customer A ​ $ 129,866 ​ $ 4,124 Customer B ​ ​ 47,937 ​ ​ — Others ​ 15,427 ​ — Revenue ​ $ 193,230 ​ $ 4,124 ​

OPERATING COSTS

OPERATING COSTS	12 Months Ended
	Dec. 31, 2022
OPERATING COSTS
OPERATING COSTS	6. COST OF SALES ​ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Mining and processing costs ​ $ 44,538 ​ $ 1,247 Refining and transportation costs ​ 1,059 ​ 33 ​ ​ $ 45,597 ​ $ 1,280 ​ (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Camino Rojo Oxide 2% NSR royalty (note 14) ​ $ 3,818 ​ $ 111 Mexican 0.5% Extraordinary Mining Duty ​ ​ 1,001 ​ ​ — ​ ​ $ 4,819 ​ $ 111 ​

DEPLETION AND DEPRECIATION

DEPLETION AND DEPRECIATION	12 Months Ended
	Dec. 31, 2022
DEPLETION AND DEPRECIATION
DEPLETION AND DEPRECIATION	7. DEPLETION AND DEPRECIATION ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Depletion of producing mineral property ​ $ 5,806 ​ $ — Depreciation of plant and equipment ​ 9,147 ​ — Depletion and depreciation ​ $ 14,953 ​ $ — ​ Camino Rojo was under construction during 2021 and the three months ended March 31, 2022. The Company declared commercial production at Camino Rojo effective April 1, 2022. Consequently, no depletion was recorded prior to April 1, 2022.

EXPLORATION AND EVALUATION EXPE

EXPLORATION AND EVALUATION EXPENSES	12 Months Ended
	Dec. 31, 2022
EXPLORATION AND EVALUATION EXPENSES
EXPLORATION AND EVALUATION EXPENSES	8. EXPLORATION AND EVALUATION EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Camino Rojo Project ​ $ 3,765 ​ $ 9,908 Cerro Quema Project ​ 7,176 ​ 4,771 Nevada projects ​ 7,616 ​ 366 Other ​ 382 ​ 63 ​ ​ $ 18,939 ​ $ 15,108 ​

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	9. GENERAL AND ADMINISTRATIVE EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Office and administrative ​ $ 2,921 ​ $ 1,911 Professional fees ​ 2,237 ​ 1,702 Regulatory and transfer agent ​ 301 ​ 662 Salaries and benefits ​ 5,454 ​ 2,932 ​ ​ $ 10,913 ​ $ 7,207 ​

INTEREST AND ACCRETION EXPENSE

INTEREST AND ACCRETION EXPENSE	12 Months Ended
	Dec. 31, 2022
INTEREST AND ACCRETION EXPENSE
INTEREST AND ACCRETION EXPENSE	10. INTEREST AND ACCRETION EXPENSE ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Interest (note 10(a)) ​ $ 7,368 ​ $ 32 Accretion (note 10(b)) ​ 1,522 ​ 1,605 Interest and accretion expense ​ $ 8,890 ​ $ 1,637 ​ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Project loan (note 20) ​ $ 869 ​ $ — Credit Facility (note 22) ​ 4,903 ​ — Fresnillo obligation (note 23) ​ 1,383 ​ — Interest expense on leases (note 24) ​ 87 ​ 32 Other ​ 126 ​ — ​ ​ $ 7,368 ​ $ 32 ​ The Company declared commercial production at Camino Rojo effective April 1, 2022. Borrowing costs prior to that date were capitalized and consequently do not appear in interest expense. (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Project loan (note 20) ​ $ 261 ​ $ — Newmont loan (note 21) ​ 366 ​ 1,382 Credit Facility (note 22) ​ 387 ​ — Accretion of site closure provisions (note 25) ​ 508 ​ 223 ​ ​ $ 1,522 ​ $ 1,605 ​

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2022
INVENTORY
INVENTORY	11. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2022 2021 Current ​ ​ ​ ​ ​ ​ Stockpiled ore ​ $ 1,869 ​ $ 2,458 In-process inventory ​ 15,961 ​ 6,513 Finished goods inventory ​ 1,406 ​ — Materials and supplies ​ 3,210 ​ 686 Inventory – current ​ $ 22,446 ​ $ 9,657 ​ ​ ​ ​ ​ ​ ​ Long term ​ ​ ​ ​ ​ ​ Stockpiled ore ​ $ 4,096 ​ $ 1,299 ​ Long term inventory consists of stockpiled ore that is not expected to be processed within 12 months. Included within inventory at December 31, 2022 is $6,341,000 of depreciation of property, plant, and equipment (December 31, 2021 — $nil). There were no write downs to reduce the carrying value of inventories to net realizable value during the years ended December 31, 2022 and 2021.

VALUE ADDED TAXES RECOVERABLE

VALUE ADDED TAXES RECOVERABLE	12 Months Ended
	Dec. 31, 2022
VALUE ADDED TAXES RECOVERABLE
VALUE ADDED TAXES RECOVERABLE	12. 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. 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, approximately $4.4 million (December 31, 2021 - $3.4 million) is under dispute with the taxation authorities. ​

ACQUISITION OF GOLD STANDARD VE

ACQUISITION OF GOLD STANDARD VENTURES CORP.	12 Months Ended
	Dec. 31, 2022
ACQUISITION OF GOLD STANDARD VENTURES CORP.
ACQUISITION OF GOLD STANDARD VENTURES CORP.	13. ACQUISITION OF GOLD STANDARD VENTURES CORP. On August 12, 2022, the Company completed the acquisition of Gold Standard Ventures Corp (“Gold Standard”) through a plan of arrangement (the “Transaction”). On closing of the Transaction, shareholders of Gold Standard received 0.1193 (“Exchange Ratio”) Orla shares plus C$0.0001 cash per each Gold Standard share. This resulted in total cash consideration paid of $28,000 and the issuance of 43,688,556 Orla common shares to Gold Standard shareholders. Gold Standard stock options that were outstanding at August 12, 2022 were exchanged for stock options to acquire Orla shares (“Replacement Options”) at the Exchange Ratio, resulting in the issuance of 1,758,334 Replacement Options. We accounted for this acquisition as a purchase of assets. Accordingly, we allocated the sum of consideration paid and transaction costs incurred to the net assets acquired based on relative fair values. The purchase consideration was calculated as follows: ​ ​ ​ ​ ​ Cash consideration $ 28 Estimated fair value of 43,688,556 common shares issued by the Company ​ 149,363 Estimated fair value of 1,758,334 Replacement Options issued by the Company ​ 1,647 Transaction costs ​ 3,030 Total purchase price ​ $ 154,068 ​ Assets acquired and liabilities assumed: ​ ​ ​ ​ ​ Cash and cash equivalents $ 1,821 Restricted cash (pursuant to environmental bonding) ​ 2,704 Receivables and other assets ​ 2,170 Right of use assets ​ 117 Trade and other payables ​ (3,524) Lease liabilities ​ (117) Asset retirement obligations ​ (1,603) Deferred revenue ​ ​ (7,500) Subtotal ​ (5,932) Mineral properties – Nevada – South Railroad Project ​ 146,000 Mineral properties – Nevada – Lewis Project ​ 14,000 Total assets acquired and liabilities assumed, net ​ $ 154,068 ​ The fair value of Orla common shares issued was determined using the Company’s share price of C$4.36 on the date of closing of the Transaction and the exchange rate of 1.2741 CAD/USD. Each Replacement Option gives the holder rights to acquire common shares of the Company. The exercise price of the Replacement Options was determined by dividing the exercise price of the Gold Standard stock options by the Exchange Ratio. The full option value of the Replacement Options was accounted for as consideration, and no future compensation expense will be recorded with respect to the Replacement Options. The fair value of the Replacement Options was determined using the Black-Scholes option pricing model using the following assumptions: Exercise price – various prices ranging from C$4.78 to C$18.87; Share price at issuance date – C$4.36; Expected volatility – 45%; Expected life – 1.9 years; Risk free interest rate – 3.3% and expected dividends – nil. On issuance, the weighted average fair value of the Replacement Options was C$0.58. In 2020, prior to acquisition by Orla, Gold Standard had entered into a silver streaming arrangement (“Silver Stream”) whereby an investor had made an upfront cash payment of $2,000,000, pursuant to which Gold Standard agreed to deliver to the investor 100% of the silver production from the potential South Railroad mine over the life of that mine. The investor agreed to pay an ongoing cash purchase price equal to 15% of the prevailing silver price at the time of delivery. The upfront payment for the Silver Stream had been accounted for as deferred revenue by Gold Standard. Upon our acquisition of Gold Standard, we recognized an estimated fair value of $7,500,000 for this Silver Stream using a discount rate of 6.5%. This deferred revenue will be credited to future silver sales as that revenue is recognized.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	14 . 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. 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, 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. Newmont later sold this royalty, and the royalty holder as at December 31, 2022 was Triple Flag Precious Metals Corp. 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, or if an applicable sulphide project does not meet certain threshold, Newmont would be entitled to a 2% net smelter return royalty on metals produced from the sulphide material. In February 2021, the Company completed a Layback Agreement with Fresnillo plc (“Fresnillo”) and certain of its subsidiaries which allows Orla to expand the Camino Rojo mine oxide pit onto part of Fresnillo’s mineral concession located immediately north of Orla’s property. The Company agreed to pay Fresnillo total cash consideration of $62.8 million in staged payments (note 23). In December 31, 2020 we commenced construction of the oxide gold mine and on April 1, 2022, we declared commercial production at Camino Rojo. In common with all mining companies in Mexico, Camino Rojo is subject to an Extraordinary Mining Duty of 0.5% of revenues from precious metals. This Extraordinary Mining Duty is included within Cost of Sales – Royalties (note 6(b)). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Producing ​ ​ Machinery ​ ​ Other right ​ ​ ​ ​ mineral ​ ​ ​ ​ and ​ Other ​ of use ​ ​ ​ ​ property Buildings equipment assets assets Total Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ $ — ​ $ — ​ $ 392 ​ $ 435 ​ $ 338 ​ $ 1,165 Additions ​ — ​ 67 ​ 2,437 ​ 845 ​ 1,769 ​ 5,118 Transfers from mineral properties under construction ​ — ​ — ​ 2,484 ​ — ​ — ​ 2,484 Due to changes in exchange rates ​ — ​ (1) ​ (75) ​ (19) ​ 12 ​ (83) At December 31, 2021 ​ — ​ 66 ​ 5,238 ​ 1,261 ​ 2,119 ​ 8,684 Additions ​ 6,616 ​ 1,788 ​ 3,272 ​ 666 ​ 2,300 ​ 14,642 Transfer from mineral properties under construction ​ ​ 127,002 ​ ​ 58,869 ​ ​ 36,684 ​ ​ 608 ​ ​ — ​ ​ 223,163 Reclassification of capitalized interest ​ ​ (19,020) ​ ​ 11,585 ​ ​ 7,341 ​ ​ 94 ​ ​ — ​ ​ — Change in site closure provision (note 25) ​ ​ 1,155 ​ ​ (300) ​ ​ (190) ​ ​ — ​ ​ — ​ ​ 665 Leased assets derecognized at end of lease ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (215) ​ ​ (215) Due to changes in exchange rates ​ ​ — ​ ​ — ​ ​ — ​ ​ (9) ​ ​ (44) ​ ​ (53) At December 31, 2022 ​ $ 115,753 ​ $ 72,008 ​ $ 52,345 ​ $ 2,620 ​ $ 4,160 ​ $ 246,886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ $ — ​ $ — ​ $ 235 ​ $ 162 ​ $ 58 ​ $ 455 Depletion and depreciation ​ — ​ 6 ​ 115 ​ 127 ​ 352 ​ 600 Due to changes in exchange rates ​ — ​ — ​ — ​ (1) ​ (5) ​ (6) At December 31, 2021 ​ ​ — ​ ​ 6 ​ ​ 350 ​ ​ 288 ​ ​ 405 ​ ​ 1,049 Depletion and depreciation ​ 9,641 ​ 6,280 ​ 4,541 ​ 421 ​ 764 ​ 21,647 Leased assets derecognized at end of lease ​ — ​ — ​ — ​ — ​ (215) ​ (215) Due to changes in exchange rates ​ ​ — ​ ​ — ​ ​ — ​ ​ (4) ​ ​ (7) ​ ​ (11) At December 31, 2022 ​ $ 9,641 ​ $ 6,286 ​ $ 4,891 ​ $ 705 ​ $ 947 ​ $ 22,470 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book value ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 ​ $ — ​ $ 60 ​ $ 4,888 ​ $ 973 ​ $ 1,714 ​ $ 7,635 At December 31, 2022 ​ $ 106,112 ​ $ 65,722 ​ $ 47,454 ​ $ 1,915 ​ $ 3,213 ​ $ 224,416 ​

MINERAL PROPERTIES AND RELATED

MINERAL PROPERTIES AND RELATED CONSTRUCTION	12 Months Ended
	Dec. 31, 2022
MINERAL PROPERTIES AND RELATED CONSTRUCTION
MINERAL PROPERTIES AND RELATED CONSTRUCTION	15. MINERAL PROPERTIES UNDER CONSTRUCTION (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At historical cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ Deposits to ​ ​ ​ ​ ​ ​ ​ foreign ​ ​ ​ ​ ​ Mineral ​ construction ​ Construction in ​ Other costs ​ exchange on ​ Carrying ​ properties vendors progress capitalized translation value At December 31, 2020 ​ $ 39,272 ​ $ 28,079 ​ $ 4,845 ​ $ 836 ​ $ (1,760) ​ $ 71,272 Additions ​ 62,800 ​ 11,411 ​ 56,528 ​ — ​ — ​ 130,739 Borrowing costs capitalized ​ — ​ — ​ — ​ 13,967 ​ — ​ 13,967 Change in site closure provision ​ — ​ — ​ — ​ 4,653 ​ — ​ 4,653 Transfer within categories ​ — ​ (37,832) ​ 37,832 ​ — ​ — ​ — Transfers to equipment ​ — ​ — ​ (2,484) ​ — ​ — ​ (2,484) 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 Additions ​ — ​ — ​ 5,636 ​ — ​ — ​ 5,636 Borrowing costs capitalized ​ — ​ — ​ — ​ 4,085 ​ — ​ 4,085 Change in site closure provision ​ — ​ — ​ — ​ (238) ​ — ​ (238) Transfer within categories ​ (4,060) ​ (1,589) ​ (509) ​ — ​ 6,158 ​ — Transfer to producing mineral property ​ (98,012) ​ — ​ (101,848) ​ (23,303) ​ — ​ (223,163) Transfer to other non-current assets ​ — ​ (69) ​ — ​ — ​ — ​ (69) At December 31, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ Determining when a mine under construction is substantially complete and ready for its intended use requires significant judgement (note 4(a)). Using multiple criteria, we determined that the date of commencement of commercial production for the Camino Rojo Oxide Gold Mine was April 1, 2022. No borrowing costs were capitalized subsequent to March 31, 2022.

EXPLORATION AND EVALUATION PROP

EXPLORATION AND EVALUATION PROPERTIES	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]
EXPLORATION AND EVALUATION PROPERITES	16. EXPLORATION AND EVALUATION PROPERTIES The Company’s exploration and evaluation properties consist of the Cerro Quema Project in Panama and the Nevada projects (South Railroad, Lewis and Monitor Gold projects in Nevada, United States). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nevada projects Cerro Quema Total Acquisition costs ​ ​ ​ At December 31, 2020 and 2021 ​ $ 314 ​ $ 82,429 ​ $ 82,743 Acquisition of Gold Standard Ventures Corp. (note 13) ​ ​ 160,000 ​ ​ — ​ ​ 160,000 At December 31, 2022 ​ $ 160,314 ​ $ 82,429 ​ $ 242,743 ​ (a) (i) The South Railroad project is located in Elko County, Nevada, USA. Prior to its acquisition by Orla, the previous owners of the South Railroad Project entered into various agreements to acquire or lease certain claims, properties and surface rights subject to net smelter return royalties (“NSR”) ranging between 1% and 5%. Certain of these claims are also subject to a 1.5% mineral production royalty. The agreements are subject to specific lease terms, extension options, back-in rights, buy down or purchase provisions, and work commitments. To maintain the agreements in good standing, minimum payments and work commitments are required each year. During 2022, the payments required under the agreements consisted of $1,311,100 in lease payments and $1,000,000 in work commitments, all of which requirements were met by the Company. To maintain the agreements in good standing, the Company expects to spend the following amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total work Total lease ​ ​ ​ commitments payments Total Year 2023 ​ $ 1,300 ​ $ 1,070 ​ $ 2,370 Year 2024 ​ 1,300 ​ 682 ​ 1,982 Year 2025 ​ 300 ​ 682 ​ 982 Year 2026 ​ 300 ​ 694 ​ 994 ​ ​ $ 3,200 ​ $ 3,128 ​ $ 6,328 ​ The South Railroad project is subject to a silver stream arrangement (note 13). (ii) During the year ended December 31, 2017, Gold Standard acquired a 100% right, title and interest in mining claims located in the Battle Mountain Mining District in Lander County, Nevada, USA (the “Lewis Gold Project”). (iii) The Company holds a 100% interest in the Monitor Gold Project, which covers approximately 2,800 ha in central Nevada. To maintain the option agreements in good standing, minimum payments and work commitments are required each year until 2038, all of which are in good standing. (b) 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. In the absence of such renewals, construction or development activities of the Cerro Quema Project cannot proceed. 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.

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES	12 Months Ended
	Dec. 31, 2022
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES	17. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Trade payables ​ $ 6,707 ​ $ 5,966 Royalties payable ​ ​ 2,119 ​ ​ 113 Payroll related liabilities ​ 848 ​ 339 Current portion of lease obligations (note 24) ​ 846 ​ 372 Other ​ 1,188 ​ 26 ​ ​ $ 11,708 ​ $ 6,816 ​

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2022
ACCRUED LIABILITIES
ACCRUED LIABILITIES	18. ACCRUED LIABILITIES ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Current ​ ​ ​ ​ ​ ​ Goods or services received awaiting vendor invoices ​ $ 3,139 ​ ​ 2,045 Land and water fees ​ ​ — ​ ​ 1,795 Payroll related ​ ​ 2,532 ​ ​ 1,244 Accrued interest on Credit Facility (note 22) ​ ​ 1,660 ​ ​ — Restricted share units expected to be cash settled (note 28(b)) ​ ​ 352 ​ ​ — Other ​ ​ 284 ​ ​ 575 Accrued liabilities – current ​ $ 7,967 ​ $ 5,659 ​ ​ ​ ​ ​ ​ ​ Long term ​ ​ ​ ​ Payroll related ​ $ 172 ​ $ 161 ​

LONG TERM DEBT

LONG TERM DEBT	12 Months Ended
	Dec. 31, 2022
LONG TERM DEBT
LONG TERM DEBT	19. LONG TERM DEBT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ — ​ $ — Newmont loan (note 21) ​ — ​ — ​ — Credit facility (note 22) ​ 22,200 ​ 100,795 ​ 122,995 Fresnillo obligation (note 23) ​ 22,800 ​ — ​ 22,800 ​ ​ $ 45,000 ​ $ 100,795 ​ $ 145,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ 113,260 ​ $ 113,260 Newmont loan (note 21) ​ 10,293 ​ — ​ 10,293 Credit facility (note 22) ​ — ​ — ​ — Fresnillo obligation (note 23) ​ 15,000 ​ 22,800 ​ 37,800 ​ ​ $ 25,293 ​ $ 136,060 ​ $ 161,353 ​

CAMINO ROJO PROJECT LOAN

CAMINO ROJO PROJECT LOAN	12 Months Ended
	Dec. 31, 2022
CAMINO ROJO PROJECT LOAN
CAMINO ROJO PROJECT LOAN	20 . (a) 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 Camino Rojo (the “Project Loan”). The Project Loan provided a total of $125 million to the Company, available in three tranches. The Company drew these funds down between 2019 and 2021. The Project Loan was denominated in US dollars, and bore interest at 8.8% per annum, payable quarterly, and was secured by all the assets of Camino Rojo and the fixed assets of the Cerro Quema Project. The principal amount was due upon maturity in December 2024. On December 1, 2020, we commenced construction of the Camino Rojo Oxide Gold Mine and began capitalizing the interest on this loan to “mineral properties under construction”. On April 1, 2022, we commenced commercial production at the Camino Rojo Oxide Gold Mine and began expensing the interest on this loan. The Project Loan was fully repaid in April 2022 and replaced with the Credit Facility (see note 22). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan ​ Interest and ​ Transaction ​ ​ ​ ​ advances accretion costs Net At December 31, 2020 ​ $ 75,000 ​ $ — ​ $ (14,304) ​ $ 60,696 Advances during the year ​ ​ 50,000 ​ ​ — ​ ​ (165) ​ ​ 49,835 Accretion during the period, capitalized ​ ​ — ​ ​ 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 Accretion during the period, capitalized ​ ​ — ​ ​ 2,764 ​ ​ 848 ​ ​ 3,612 Accretion during the period, expensed ​ ​ — ​ ​ 869 ​ ​ 261 ​ ​ 1,130 Cash interest paid ​ ​ — ​ ​ (3,633) ​ ​ — ​ ​ (3,633) Foreign exchange ​ ​ — ​ ​ — ​ ​ (88) ​ ​ (88) Principal repayment including early repayment premium ​ ​ (127,500) ​ ​ — ​ ​ — ​ ​ (127,500) Loss on early settlement of project loan ​ ​ 2,500 ​ ​ — ​ ​ 10,719 ​ ​ 13,219 At December 31, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ (b) 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 to be amortized over the then-expected five year life of the project loan. On April 28, 2022, the Company entered into a Credit Facility (note 22) and used a portion of the proceeds of the Credit Facility to repay the Camino Rojo project loan in full. Consequently, the remaining unamortized transaction costs were expensed. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Unamortized transaction costs written off (non-cash) ​ $ 10,719 ​ $ — Early repayment premium paid (cash) ​ 2,500 ​ — Loss on early settlement of project loan ​ $ 13,219 ​ $ — ​

NEWMONT LOAN

NEWMONT LOAN	12 Months Ended
	Dec. 31, 2022
NEWMONT LOAN
NEWMONT LOAN	21. 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 at Camino Rojo until December 2019. The loans were to be repaid upon declaration of commencement of commercial production of a heap leach operation at Camino Rojo. On May 6, 2022, we repaid this loan in full. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ ​ December 31, ​ December 31, ​ 2022 2021 Beginning of the year ​ $ 10,293 ​ $ 9,440 Accretion during the year ​ 366 ​ 1,382 Modification gains arising from changes in estimates ​ — ​ (220) Foreign exchange ​ 177 ​ (309) Principal repayment ​ ​ (10,836) ​ ​ — End of the year ​ $ — ​ $ 10,293 ​

CREDIT FACILITY

CREDIT FACILITY	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
LONG TERM DEBT	19. LONG TERM DEBT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ — ​ $ — Newmont loan (note 21) ​ — ​ — ​ — Credit facility (note 22) ​ 22,200 ​ 100,795 ​ 122,995 Fresnillo obligation (note 23) ​ 22,800 ​ — ​ 22,800 ​ ​ $ 45,000 ​ $ 100,795 ​ $ 145,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ 113,260 ​ $ 113,260 Newmont loan (note 21) ​ 10,293 ​ — ​ 10,293 Credit facility (note 22) ​ — ​ — ​ — Fresnillo obligation (note 23) ​ 15,000 ​ 22,800 ​ 37,800 ​ ​ $ 25,293 ​ $ 136,060 ​ $ 161,353 ​
Credit Facility
Disclosure of detailed information about borrowings [line items]
LONG TERM DEBT	22. On April 28, 2022, the Company entered into a Credit Facility consisting of a $100 million term facility and a $50 million revolving facility through a syndicate of lenders composed of The Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce. The Credit Facility is secured by the Company’s present and future assets, property and all proceeds thereof other than present and future assets owned by Cerro Quema, which is excluded from the collateral. The proceeds from the Credit Facility were used to repay the existing Project Loan (note 20), with the balance of the revolving facility being available for general corporate purposes and working capital. The Credit Facility consists of two parts: 1. 2. $50 million revolving facility, with the ability to increase to $75 million, subject to certain conditions and customary consents. The revolving facility has a three-year term, with an option to extend the term of the revolving facility by up to one The applicable interest rate for each Credit Facility is based on the term Secured Overnight Financing Rate (“SOFR”), plus an applicable margin ranging from 2.75% to 3.75% based on the Company’s leverage ratio at the end of each fiscal quarter. The undrawn portion of the revolving facility is subject to a standby fee ranging from 0.6875% to 0.9375%. The Credit Facility is subject to certain covenants – refer to note 32(c) for details. The Company may prepay all or any portion of the amounts owed under the credit agreement without penalty. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ Term facility facility Total At December 31, 2021 ​ $ — ​ $ — ​ $ — Advances during the year ​ 100,000 ​ 30,000 ​ 130,000 Transaction costs paid, which are accreted over the term of each facility ​ (1,435) ​ (431) ​ (1,866) Interest expense during the year ​ ​ 3,772 ​ ​ 1,131 ​ ​ 4,903 Accretion during the year ​ 304 ​ ​ 83 ​ ​ 387 Interest paid during the year ​ (2,481) ​ (738) ​ (3,219) Principal repayments during the year ​ (5,550) ​ — ​ (5,550) Reallocated to accrued interest payable ​ (1,272) ​ (388) ​ (1,660) At December 31, 2022 ​ $ 93,338 ​ $ 29,657 ​ $ 122,995 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ 22,200 ​ — ​ 22,200 Non-current ​ 71,138 ​ 29,657 ​ 100,795 ​ ​ $ 93,338 ​ $ 29,657 ​ $ 122,995 ​ Upon closing of the Credit Facility, the Company drew down the $100 million term facility and $30 million from the revolving facility. The Company incurred $2.2 million in advisory, legal and upfront fees that were directly attributable to the Credit Facility. The following details how we accounted for these initial transaction costs: ​ ​ ​ ​ ​ ​ ​ ​ Transaction ​ costs ​ Allocated to the term facility ​ $ 1,435 ​ Accreted over the expected life (5 years) Allocated to the revolving facility, drawn amount ​ 431 Accreted over the expected life (3 years) Allocated to the revolving facility, undrawn amount ​ 287 Expensed at loan inception date Total transaction costs incurred ​ $ 2,153 ​ ​

FRESNILLO OBLIGATION

FRESNILLO OBLIGATION	12 Months Ended
	Dec. 31, 2022
FRESNILLO OBLIGATION
FRESNILLO OBLIGATION	23. FRESNILLO OBLIGATION Pursuant to the terms of the Layback Agreement, we agreed to pay Fresnillo total cash consideration of $62.8 million through the following staged payment schedule: i. $ 25 million upon closing of the transaction (paid); ii. $ 15 million on December 1, 2022 (paid); and iii. $ 22.8 million on December 1, 2023 The amounts payable bear interest at 5% per annum, payable quarterly. To March 31, 2022, we capitalized the interest on this loan to “Mineral properties and related construction”. On April 1, 2022, we commenced commercial production at the Camino Rojo Oxide Gold Mine and began to expense the interest on this obligation. ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Beginning of the year ​ $ 37,800 ​ $ — Initial recognition ​ — ​ ​ 37,800 Accretion capitalized ​ 473 ​ ​ 1,654 Accretion expensed (note 10) ​ 1,383 ​ ​ — Principal repaid ​ ​ (15,000) ​ ​ — Cash interest paid ​ ​ (1,856) ​ ​ (1,654) End of the year ​ $ 22,800 ​ $ 37,800 ​ ​ ​ ​ ​ ​ ​ Current ​ ​ 22,800 ​ 15,000 Non-current ​ ​ — ​ 22,800 ​ ​ $ 22,800 ​ $ 37,800 ​

LEASE OBLIGATIONS

LEASE OBLIGATIONS	12 Months Ended
	Dec. 31, 2022
LEASE OBLIGATIONS
LEASE OBLIGATIONS	24. 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 (a) Lease obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ 2022 2021 Beginning of year ​ $ 1,401 ​ $ 273 Additions ​ 2,300 ​ 1,769 Interest expense ​ 87 ​ 32 Lease payments ​ (661) ​ (681) Due to changes in exchange rates ​ 46 ​ 8 End of period ​ $ 3,173 ​ $ 1,401 ​ ​ ​ ​ ​ ​ ​ Current ​ $ 846 ​ $ 372 Non-current ​ 2,327 ​ 1,029 ​ ​ $ 3,173 ​ $ 1,401 ​ (b) Lease expenses recognized ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ 2022 2021 Interest on lease liabilities ​ $ 87 ​ $ 32 Variable lease payments not included in the measurement of lease liabilities ​ 15,586 ​ 4,579 Expenses relating to short-term leases ​ 168 ​ 131 Expenses relating to leases of low-value assets, excluding short-term leases ​ 108 ​ 155 ​ ​ $ 15,949 ​ $ 4,897 ​ The maturity analysis of lease liabilities is disclosed in note 33(b)(ii).

SITE CLOSURE PROVISIONS

SITE CLOSURE PROVISIONS	12 Months Ended
	Dec. 31, 2022
SITE CLOSURE PROVISIONS
SITE CLOSURE PROVISIONS	25. SITE CLOSURE PROVISIONS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cerro Quema Nevada ​ ​ ​ ​ Camino Rojo Project projects Total At December 31, 2020 ​ $ 175 ​ $ 343 ​ $ — ​ $ 518 Change 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 Acquisition of Gold Standard (note 13) ​ ​ — ​ ​ — ​ ​ 1,603 ​ ​ 1,603 Changes in cost estimates ​ ​ 351 ​ ​ — ​ ​ — ​ ​ 351 Change in estimated cash flows resulting from current activities ​ ​ 427 ​ ​ — ​ ​ — ​ ​ 427 Remediation activities conducted during the period ​ ​ (88) ​ ​ — ​ ​ — ​ ​ (88) Accretion during the period (note 10) ​ ​ 494 ​ ​ — ​ ​ 14 ​ ​ 508 At December 31, 2022 ​ $ 6,301 ​ $ 343 ​ $ 1,617 ​ $ 8,261 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ — ​ $ — ​ $ — ​ $ — Non-current ​ 6,301 ​ 343 ​ ​ 1,617 ​ 8,261 ​ ​ $ 6,301 ​ $ 343 ​ $ 1,617 ​ $ 8,261 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cerro Quema ​ Nevada ​ Camino Rojo ​ Project ​ projects Estimated settlement dates ​ ​ 2033 to 2047 ​ ​ — ​ ​ 2034 Undiscounted risk-adjusted cash flows ​ $ 8,644 ​ $ 343 ​ $ 1,724 ​ Inflation rate ​ 7.0 % ​ — ​ 2.7 % Discount rate ​ 9.6 % ​ — ​ 3.2 % ​

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2022
SHARE CAPITAL
SHARE CAPITAL	26. (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. On August 12, 2022, the Company issued 43,688,556 Orla Mining Ltd common shares to Gold Standard Ventures Corp shareholders (note 13). The Company incurred issuance costs of C$338,000 ($261,000). (b) Warrants The following summarizes information about the number of warrants outstanding during 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise ​ December 31 ​ ​ ​ ​ ​ ​ ​ December 31 Expiry date price 2021 Exercised Expired 2022 June 12, 2022 C$ 1.65 ​ 4,742,500 ​ (4,742,500) ​ — ​ — November 7, 2022 C$ 1.40 ​ 3,000,000 ​ (3,000,000) ​ — ​ — December 18, 2026 C$ 3.00 ​ 32,500,000 ​ (2,955,000) ​ — ​ 29,545,000 Total number of warrants ​ ​ ​ 40,242,500 ​ (10,697,500) ​ — ​ 29,545,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average exercise price ​ ​ C$ 2.72 C$ 1.95 C$ — C$ 3.00 ​ 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 ​ Subsequent to the reporting period, the Company issued 370,500 common shares for proceeds of C$1,111,500 ($830,000) pursuant to the exercise of warrants.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2022
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE	27. Earnings (loss) per share has been calculated using the weighted average number of common shares outstanding for the years ended December 31, 2022 and 2021 as follows: (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Income (loss) for the period ​ $ 45,770 ​ $ (26,278) Weighted average number of common shares (thousands) ​ 272,202 ​ 241,379 Basic earnings (loss) per share ​ $ 0.17 ​ $ (0.11) ​ (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Income (loss) for the period ​ $ 45,770 ​ $ (26,278) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares (thousands) ​ 272,202 ​ 241,379 Weighted average shares dilution adjustments: ​ ​ Warrants ​ 14,526 ​ — Options ​ 4,544 ​ — RSUs ​ 392 ​ — DSUs ​ 652 ​ — Bonus shares ​ 500 ​ — Weighted average number of ordinary shares ​ 292,816 ​ 241,379 ​ ​ ​ ​ ​ ​ ​ Diluted earnings (loss) per share ​ $ 0.16 ​ $ (0.11) ​ Potential ordinary shares are not included in the calculation of diluted loss per share for the year ended December 31, 2021 because their effect would be anti-dilutive.

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	12 Months Ended
	Dec. 31, 2022
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS	28. 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. The bonus shares have fully vested but have not yet been issued. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31 Share- based payments expense ​ 2022 ​ 2021 Stock options (note 28(a)) $ 1,396 $ 1,350 Restricted share units (note 28(b)) ​ 743 ​ 738 Deferred share units (note 28(c)) ​ 308 ​ 241 Share based payments expense ​ $ 2,447 ​ $ 2,329 ​ ​ (a) Stock options Stock options granted by the Company prior to 2022 typically had a five-year life, with one third each vesting one two three Gold Standard stock options that were outstanding at August 12, 2022 were exchanged for Replacement Options at the Exchange Ratio, resulting in the issuance of 1,758,334 Replacement Options (note 13). The Replacement Options held by or on behalf of an individual who continued as a director, officer, employee or consultant of the Company are exercisable until the original expiry date of such option, and the Replacement Options held by or on behalf of an individual who did not continue as a director, officer, employee or consultant of the Company following the acquisition date are exercisable until the earlier of August 12, 2024 and the original expiry date of such options. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ average Stock options outstanding Number exercise price Number exercise price Beginning of year 9,900,874 C$ 1.86 9,959,927 C$ 1.60 Replacement Options issued (note 13) ​ 1,758,334 ​ ​ 8.43 ​ — ​ ​ — Granted 1,278,264 ​ 5.56 678,347 ​ 4.74 Exercised (3,674,769) ​ 1.34 (687,400) ​ 0.87 Expired, forfeited or cancelled (83,814) ​ 16.81 (50,000) ​ 1.39 End of year 9,178,889 C$ 3.71 9,900,874 C$ 1.86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested, end of year 7,701,986 C$ 3.38 8,704,157 C$ 1.63 ​ The stock options granted during the years ended December 31, 2022 had a grant date fair value of C$4,094,000 ($3,145,000) using the following weighted average assumptions: Share price at grant date ranging from C$3.71 to C$5.98, expected volatility 46%, expected life – 3 years, risk free interest rate 2.9% and expected dividends – nil. The stock options granted during the year ended December 31, 2021 had a grant date fair value of C$1,294,000 ($1,032,000) using the following weighted average assumptions: Share price at grant date – C$4.74, expected volatility – 45%, expected life – 5 years, risk free interest rate – 1.0% and expected dividends – nil. The stock options outstanding at December 31, 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise Remaining life ​ Number Expiry date ​ price (C$) ​ (years) ​ Number ​ vested January 15, 2023 16.43 0.0 5,964 5,964 February 1, 2023 4.78 0.1 7,731 — February 26, 2023 7.43 0.2 129 43 February 28, 2023 1.06 0.2 30,000 30,000 March 5, 2023 17.69 0.2 148,446 148,446 May 31, 2023 1.25 0.4 400,000 400,000 June 23, 2023 1.06 - 5.98 0.5 295,749 246,797 June 27, 2023 1.25 0.5 746,770 746,770 July 1, 2023 1.06 - 5.98 0.5 224,773 189,351 September 10, 2023 1.25 0.7 100,000 100,000 November 13, 2023 1.30 0.9 250,000 250,000 January 31, 2024 14.59 1.1 112,611 112,611 March 29, 2024 1.06 1.2 1,453,417 1,453,417 August 12, 2024 4.78 - 8.81 1.6 1,280,635 1,280,635 August 13, 2024 ​ 1.65 ​ 1.6 ​ 103,212 ​ 103,212 January 30, 2025 8.81 2.1 17,316 17,316 March 25, 2025 ​ 2.21 ​ 2.2 ​ 871,825 ​ 871,825 April 16, 2025 ​ 2.39 ​ 2.3 ​ 600,000 ​ 600,000 April 20, 2025 ​ 2.58 ​ 2.3 ​ 50,000 ​ 50,000 July 1, 2025 ​ 3.82 ​ 2.5 ​ 300,000 ​ 300,000 August 24, 2025 ​ 6.03 ​ 2.6 ​ 200,000 ​ 200,000 September 1, 2025 ​ 5.80 ​ 2.7 ​ 50,000 ​ 50,000 September 23, 2025 ​ 8.55 ​ 2.7 ​ 4,770 ​ 4,770 December 4, 2025 ​ 7.63 ​ 2.9 ​ 5,964 ​ 5,964 January 21, 2026 ​ 7.05 - 7.43 ​ 3.1 ​ 50,388 ​ 42,922 March 24, 2026 ​ 4.80 ​ 3.2 ​ 512,924 ​ 341,944 April 19, 2026 ​ 4.76 ​ 3.3 ​ 50,000 ​ 33,333 October 4, 2026 ​ 4.04 ​ 3.8 ​ 50,000 ​ 33,333 January 10, 2027 ​ 4.78 ​ 4.0 ​ 40,566 ​ — March 1, 2027 5.37 4.2 250,000 83,333 March 24, 2027 ​ 5.98 ​ 4.2 ​ 611,515 ​ — June 23, 2027 ​ 3.88 ​ 4.5 ​ 26,580 ​ — July 4, 2027 ​ 3.71 ​ 4.5 ​ 50,000 ​ — December 5, 2027 ​ 5.06 ​ 4.9 ​ 171,960 ​ — December 30, 2027 ​ 5.48 ​ 5.0 105,644 — Total number of stock options ​ ​ ​ ​ ​ 9,178,889 ​ 7,701,986 ​ 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 ​ Subsequent to the reporting period, 419,305 stock options were exercised, for gross proceeds to the Company of C$478,000 ($351,000). (b) Restricted Share Units Restricted Share Units (“RSU’s) awarded by the Company typically vest one-third two three ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of RSUs outstanding: ​ 2022 2021 Outstanding, January 1 707,840 921,356 Awarded 172,301 235,091 Vested and settled (402,430) (448,607) Forfeitures during the period ​ (34,444) ​ — Outstanding, December 31 443,267 707,840 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number vesting in the year Number of RSUs outstanding: Total 2022 2023 2024 2025 Outstanding, December 31, 2021 707,840 444,301 185,179 78,360 — Outstanding, December 31, 2022 443,267 — 262,738 126,812 53,717 ​ 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. During the year ended December 31, 2022, the Company elected to settle 365,935 RSUs in cash for $1,732,000 (2021 — nil). At December 31, 2022, management expects that 94,063 RSU’s maturing in 2023 will likely be cash settled. Consequently, those RSU’s with a fair value of C$476,394 ($351,738) are presented as a current liability. (c) Deferred Share Units The Deferred Share Units ( “ ” ’ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of DSUs outstanding: 2022 2021 Outstanding, January 1 707,028 644,525 Awarded and vested immediately 69,290 62,503 Awarded and vested immediately ​ (216,593) ​ — Outstanding, December 31 559,725 707,028 ​ DSUs are valued based on the closing price of the Company’s common shares immediately prior to award. During the year ended December 31, 2022, the Company elected to settle 104,759 DSUs in cash for $330,000 (2021 — nil). No further cash settlements are expected. (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 were 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. ​ ​ ​ ​ ​ ​ Number of bonus shares outstanding: Year 2022 Year 2021 Outstanding, December 31 500,000 500,000 Vested, December 31 500,000 500,000 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	29. 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, Chief Sustainability 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31 ​ 2022 2021 Salaries and short term incentives paid ​ $ 3,871 ​ $ 1,580 Directors’ fees ​ 291 ​ 183 Share based payments ​ 1,987 ​ 1,750 ​ ​ $ 6,149 ​ $ 3,513 ​ ​ (b) Transactions The Company had no other material transactions with related parties other than key management personnel during the years ended December 31, 2022, and 2021. (c) Outstanding balances at the Reporting Date At December 31, 2022, estimated accrued short term incentive compensation totaled $1,147,000 and is included in accrued liabilities (December 31, 2021 – $783,000).

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2022
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	30. (a) Cash and cash equivalents Cash and cash equivalents consists of bank current accounts and cash on hand. ​ (b) Changes in non-cash working capital ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31 ​ ​ 2022 2021 Accounts receivable and prepaid expenses ​ $ (47) ​ $ (604) Inventory ​ ​ (9,177) ​ ​ (10,846) Value added taxes recoverable ​ ​ (8,044) ​ ​ — Trade and other payables ​ ​ 3,378 ​ ​ 3,335 Accrued liabilities ​ ​ (1,891) ​ ​ 1,470 Changes in non-cash working capital ​ $ (15,781) ​ $ (6,645) ​ ​ (c) Non-cash investing and financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31 ​ 2022 2021 Financing activities ​ ​ Stock options exercised, credited to share capital with an offset to reserves $ 3,033 $ 277 Warrants exercised, credited to share capital with an offset to reserves ​ 5,143 ​ 2,140 Common shares issued on maturity of RSUs, credited to share capital with an offset to reserves ​ 541 ​ 487 Common shares issued on maturity of DSUs, credited to share capital with an offset to reserves ​ 324 ​ — Fresnillo obligation, credited, with an offset to mineral properties ​ — ​ 37,800 ​ ​ ​ ​ ​ ​ ​ Investing activities ​ ​ ​ Common shares issued upon acquisition of Gold Standard, credited to share capital with an offset to the assets acquired and liabilities assumed (note 13) ​ 149,363 ​ — Replacement options issued upon acquisition of Gold Standard, credited to reserves with an offset to the assets acquired and liabilities assumed (note 13) ​ ​ 1,647 ​ ​ — Initial recognition of right of use assets with an offset to lease obligation ​ 2,300 ​ 1,769 ​

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	31. (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 (1) the Mexican project, (2) the Panamanian project, (3) the Nevada projects and (4) the corporate office. The operating segments other than corporate office are each managed by a dedicated General Manager and management team. The corporate office oversees the plans and activities of early stage exploration projects. During the year ended December 31, 2022, the prior year segment information was reclassified to conform with the current year presentation. The Company acquired Gold Standard Ventures Corp. (note 13), which holds the South Railroad and Lewis projects. For segment reporting, these two projects were combined with the existing Monitor Gold Project and form a new reportable segment called the Nevada projects. During the year ended December 31, 2022, Camino Rojo declared commercial production, while the Cerro Quema Project in Panama, and the exploration projects in Nevada were focused on the exploration and evaluation of its mineral properties. (b) Geographic segments We conduct our activities in four geographic areas: Mexico, Panama, Nevada USA, and Canada (Corporate). (i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama Nevada Corporate Total Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue (note 5) ​ $ 193,109 ​ $ — ​ $ — ​ $ 121 ​ $ 193,230 Cost of sales ​ ​ (65,320) ​ ​ — ​ ​ — ​ ​ (49) ​ ​ (65,369) Earnings from mining operations ​ ​ 127,789 ​ ​ — ​ ​ — ​ ​ 72 ​ ​ 127,861 Exploration and evaluation expenses (note 9) ​ ​ (3,765) ​ ​ (7,176) ​ ​ (7,616) ​ ​ (382) ​ ​ (18,939) General and administrative expenses (note 8) ​ — ​ — ​ — ​ (10,913) ​ (10,913) Depreciation ​ (23) ​ (15) ​ (45) ​ (194) ​ (277) Share based payments (note 28) ​ (37) ​ (70) ​ — ​ (2,340) ​ (2,447) Interest income ​ 1,844 ​ — ​ — ​ 323 ​ 2,167 Interest and accretion expense ​ (2,315) ​ — ​ (35) ​ (6,540) ​ (8,890) Loss on early settlement of project loan (note 20) ​ — ​ — ​ — ​ (13,219) ​ (13,219) Foreign exchange gain ​ ​ (778) ​ ​ — ​ ​ 37 ​ ​ 3,755 ​ ​ 3,014 Other ​ ​ — ​ ​ — ​ ​ 39 ​ ​ 2 ​ ​ 41 Income taxes ​ ​ (29,478) ​ ​ — ​ ​ — ​ ​ (3,150) ​ ​ (32,628) Income (loss) for the period ​ $ 93,237 ​ $ (7,261) ​ $ (7,620) ​ $ (32,586) ​ $ 45,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama Nevada Corporate Total Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue (note 5) ​ $ 4,124 ​ $ — ​ $ — ​ $ — ​ $ 4,124 Cost of sales ​ (1,391) ​ — ​ — ​ — ​ (1,391) Earnings from mining operations ​ 2,733 ​ — ​ — ​ — ​ 2,733 Exploration and evaluation expenses (note 9) ​ (9,908) ​ (4,771) ​ (366) ​ (63) ​ (15,108) General and administrative expenses (note 8) ​ — ​ — ​ — ​ (7,207) ​ (7,207) Depreciation ​ — ​ (36) ​ — ​ (118) ​ (154) Share based payments (note 28) ​ ​ (89) ​ ​ (51) ​ ​ — ​ ​ (2,189) ​ ​ (2,329) Interest and finance costs ​ ​ (1,406) ​ ​ — ​ ​ — ​ ​ 110 ​ ​ (1,296) Foreign exchange ​ ​ (3,956) ​ ​ — ​ ​ — ​ ​ 230 ​ ​ (3,726) Other ​ ​ 220 ​ ​ — ​ ​ — ​ ​ 589 ​ ​ 809 Income (loss) for the period ​ $ (12,406) ​ $ (4,858) ​ $ (366) ​ $ (8,648) ​ $ (26,278) ​ (ii) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama Nevada Corporate Total At December 31, 2022 ​ ​ ​ ​ ​ Property, plant and equipment ​ $ 222,767 ​ $ 39 ​ $ 577 ​ $ 1,033 ​ $ 224,416 Exploration and evaluation properties ​ — ​ 82,429 ​ 160,314 ​ — ​ 242,743 Total assets ​ ​ 348,390 ​ ​ 83,291 ​ ​ 163,857 ​ ​ 18,278 ​ ​ 613,816 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama Nevada Corporate Total At December 31, 2021 ​ ​ ​ ​ ​ Equipment ​ $ 7,466 ​ $ 37 ​ $ — ​ $ 132 ​ $ 7,635 Mineral properties under 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 ​

CAPITAL MANAGEMENT

CAPITAL MANAGEMENT	12 Months Ended
	Dec. 31, 2022
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT	32. (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. 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 operational, exploration and development activities. (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) Credit facility On April 28, 2022, the Company entered into a Credit Facility which includes a $100 million term facility and a $50 million revolving facility pursuant to which we have drawn $30 million as of December 31, 2022. The agreement includes covenants customary for a facility of this nature, including compliance with customary restrictive covenants and financial covenants related to maintaining a leverage ratio at less than or equal to 3.00, an interest service coverage ratio at greater than or equal to 4, a tangible net worth greater than or equal to $151.6 million and minimum liquidity in an amount greater than or equal to $15 million. Furthermore, the Company is prohibited from declaring, paying or setting aside for payment any dividend on the Common Shares unless certain financial covenants and ratios are met. As at December 31, 2022, the Company was in compliance with all covenants.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2022
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	33. (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. 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 RSUs expected to be cash settled is determined using the market value of the underlying shares at the end of the reporting period. The fair value of the Credit Facility 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 Credit facility at December 31, 2022 was estimated at $124.5 million using a discount rate of 7.5%. The fair value of the Fresnillo obligation at December 31, 2022 was estimated at $22.3 million (December 31, 2021 – $37.8 million) using a discount rate of 7.5% (December 31, 2021 – 5.0%). At December 31, 2022, the carrying values and fair values of our financial instruments by category were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ Short term ​ Total ​ ​ Classification value Level 1 Level 2 Level 3 nature fair value Financial assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ FVTPL ​ $ 96,278 ​ $ 96,278 ​ $ — ​ $ — ​ $ — ​ $ 96,278 Accounts receivable ​ Amortized cost ​ ​ 317 ​ ​ 21 ​ ​ — ​ ​ — ​ ​ 296 ​ ​ 317 Restricted cash ​ Amortized cost ​ ​ 3,432 ​ ​ 3,432 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,432 ​ ​ $ 100,027 $ 99,731 ​ $ — ​ $ — ​ $ 296 ​ $ 100,027 ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Trade and other payables Amortized cost ​ $ 8,851 ​ $ — ​ $ — ​ $ — ​ $ 8,851 ​ $ 8,851 Accrued liabilities ​ Amortized cost ​ ​ 7,967 ​ ​ 352 ​ ​ — ​ ​ — ​ ​ 7,615 ​ ​ 7,967 Lease obligation Amortized cost ​ 3,173 ​ — ​ 3,173 ​ — ​ — ​ 3,173 Credit facility Amortized cost ​ 122,995 ​ — ​ — ​ 124,450 ​ — ​ 124,450 Fresnillo obligation Amortized cost ​ 22,800 ​ — ​ — ​ 22,296 ​ — ​ 22,296 ​ ​ $ 165,786 ​ $ 352 ​ $ 3,173 ​ $ 146,746 ​ $ 16,466 ​ $ 166,737 ​ At December 31, 2021, the carrying values and fair values of our financial instruments by category were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ ​ ​ ​ ​ ​ ​ 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 1) (Level 2) (Level 3) instrument Fair Value 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 ​ 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 financial institutions in interest bearing accounts. Our reclamation deposits are held with government regulatory authorities 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, 2022, 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 and other payables ​ $ 8,851 ​ $ — ​ $ — ​ $ — ​ $ 8,851 Accrued liabilities ​ 7,967 ​ — ​ — ​ — ​ 7,967 Lease obligation ​ 248 ​ 743 ​ 1,310 ​ 1,226 ​ 3,527 Credit facility ​ ​ 7,810 ​ ​ 22,868 ​ ​ 85,566 ​ ​ 29,762 ​ ​ 146,006 Fresnillo obligation ​ 285 ​ 23,563 ​ — ​ — ​ 23,848 ​ ​ $ 25,161 ​ $ 47,174 ​ $ 86,876 ​ $ 30,988 ​ $ 190,199 ​ 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 ​ 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 commodity price risk, currency risk and interest rate risk. Commodity price risk Commodity price risk is the risk of fluctuations in prevailing market commodity prices. Revenues from mining operation, net income, and the fair value of derivative financial instruments and trade receivables may be affected by changes in commodity prices. As at December 31, 2022, there were no derivative financial instruments or trade receivables subject to provision pricing and consequently no exposure to changes resulting from fluctuations in commodity prices. Had gold prices been 10% greater than actual, our revenues would have increased by $19,323,000 (2021— $409,000). 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. 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, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ ​ ​ ​ ​ ​ dollars ​ US dollars ​ Mexican pesos ​ ​ (thousands) ​ (thousands) ​ (thousands) Cash ​ $ 15,498 ​ $ 84,771 ​ $ 1,250 Accounts receivable ​ 28 ​ 29 ​ 5,475 Restricted funds ​ 70 ​ 3,380 ​ — Trade payables ​ (337) ​ (6,104) ​ (87,298) Accrued liabilities ​ (2,972) ​ (4,447) ​ (25,679) Lease obligations ​ (1,323) ​ (1,103) ​ (21,158) Credit facility ​ ​ — ​ ​ (122,995) ​ ​ — Fresnillo obligation ​ — ​ (22,800) ​ — Total foreign currency ​ ​ 10,964 ​ ​ (69,269) ​ ​ (127,410) Exchange rate ​ 1.3544 ​ 1.0000 ​ 19.3615 Equivalent US dollars ​ $ 8,095 ​ $ (69,269) ​ $ (6,581) ​ Our financial instruments were denominated in the following currencies as at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ ​ ​ ​ ​ ​ dollars ​ US dollars ​ Mexican pesos ​ ​ (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) ​ Based on the above net exposures as at December 31, 2022, and assuming that all other variables remain constant: ● a 10% appreciation of the US dollar against the Canadian dollar would increase profit by $4.5 million (2021 – increase loss by $12.2 million) and ● a 10% appreciation of the US dollar against the Mexican peso would increase profit by $0.6 million (2021 – increase loss by $4.2 million) 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 interest rate exposure mainly relates to interest paid on the SOFR-based debt and interest earned on cash and term deposits as the Fresnillo obligation has a fixed interest rate of 5.00%. A one percent increase in interest rates would result in a decrease of approximately $361,000 (2021 - decrease loss by $520,000) to the Company’s income for the year ended December 31, 2022.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	34. (a) Commitments The Company has issued purchase orders for construction, equipment purchases, materials and supplies, and other services at Camino Rojo. At December 31, 2022, these outstanding purchase orders and contracts totaled approximately $2,019,000 (December 31, 2021 – $8,560,000), which we expect will be filled within the next 12 months. The Company has a minimum commitment of $800,000 related to the South Railroad exploration and evaluation asset, which we expect will be filled within the next 24 months. The Company is committed to making severance payments totalling approximately $3,700,000 (December 31, 2021 – $3,220,000) 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. 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. (b) Discretionary mineral property-related commitments As is customary in mineral exploration, some of the mineral properties held by the Company as exploration and evaluation assets have annual minimum work commitments and lease payments required to maintain these properties in good standing pursuant to their underlying agreements.

TAX EXPENSE

TAX EXPENSE	12 Months Ended
	Dec. 31, 2022
TAX EXPENSE
TAX EXPENSE	35. (a) Tax amounts recognized in profit or loss Current income tax expense consists of three components - current income tax on taxable income, 7.5% special mining duty (“SMD”) on income subject to SMD, and withholding taxes attributable to interest charged on intercompany loans to the Mexican operating company. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31 ​ 2022 2021 Current income tax expense ​ $ 22,512 ​ $ — Mexican 7.5% Special Mining Duty expense ​ ​ 9,371 ​ ​ — Deferred income tax (recovery) ​ ​ (2,698) ​ ​ — Deferred Mexican 7.5% Special Mining Duty expense ​ ​ 293 ​ ​ — Withholding taxes ​ 3,150 ​ — Tax expense ​ $ 32,628 ​ $ — ​ ​ (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Income (loss) before tax ​ $ 78,398 ​ $ (26,278) ​ Statutory income tax rate ​ 26.8 % 26.8 % ​ ​ ​ ​ ​ ​ ​ ​ Expected income tax ​ $ 21,036 ​ $ (7,042) ​ Differences between Canadian and foreign tax rates ​ 4,117 ​ (744) ​ Items not deductible for tax purposes ​ 4,508 ​ 2,850 ​ Share based compensation ​ 107 ​ 587 ​ Change in unrecognized deductible temporary differences ​ (7,778) ​ 6,208 ​ True ups ​ ​ 1,901 ​ ​ (1,913) ​ Effect of changes in tax rates from prior years ​ — ​ (71) ​ Effect of changes in foreign exchange rates ​ (2,371) ​ 393 ​ Mexican Special Mining Duty ​ ​ 9,576 ​ ​ — ​ Inflationary adjustment and other ​ 1,532 ​ (268) ​ Total income taxes ​ 32,628 ​ — ​ ​ ​ ​ ​ ​ Effective tax rate ​ 41.6 % n/a ​ ​ In 2022, the statutory income tax rate applicable to the Canadian parent entity was 26.8% (2021 – 26.8%). (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 ​ 2022 2021 Mineral properties and exploration expenditures ​ $ 30,467 ​ $ 55,548 Equipment ​ 1,251 ​ 1,814 Site closure provisions ​ 356 ​ 5,460 Long term debt ​ ​ 6,570 ​ ​ — Share issue costs ​ 3,452 ​ 5,724 Non capital losses ​ 53,436 ​ 41,343 Intercompany debt ​ ​ — ​ ​ 413 Other ​ ​ 154 ​ ​ 5,202 Unrecognized deductible temporary differences ​ $ 95,686 ​ $ 115,504 ​ ​ (d) Recognized deferred tax assets and liabilities Recognized deferred tax assets and liabilities are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ 2022 2021 Property, plant and equipment ​ $ (216) ​ $ (8,173) Site closure provisions ​ ​ 2,363 ​ ​ — Long term debt ​ — ​ (1,786) Non capital losses ​ 1,397 ​ 10,447 Intercompany debt ​ ​ (1,619) ​ ​ — Other ​ 480 ​ (488) Recognized deferred tax assets (liabilities) ​ $ 2,405 ​ $ — ​ Significant judgment is required in determining the deferred tax asset related to the Camino Rojo Oxide Mine. This includes the probability that there will be sufficient taxable income in the future against which the deferred tax asset can be utilized. Due to successful performance of the Camino Rojo Oxide Mine, the Company considers it highly probable that its Mexican operating subsidiary will have future taxable profits which will be available against which the deductible temporary differences can be used. Accordingly, during the year ended December 31, 2022, the Company recognized the previously unrecognized deferred tax asset relating to the Camino Rojo Oxide Mine. (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 $62 million(December 31, 2021 - $5 million). 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 losses ​ December 31 ​ expire in years 2022 2021 Canada 2025 to 2042 ​ $ 61,214 ​ $ 46,354 Mexico 2027 to 2031 ​ — ​ 29,851 Panama 2023 to 2027 ​ 736 ​ 655 United States indefinite ​ 27,086 ​ 16 ​

RECLASSIFICATIONS OF PRIOR PERI

RECLASSIFICATIONS OF PRIOR PERIOD FIGURES	12 Months Ended
	Dec. 31, 2022
Disclosure of reclassifications or changes in presentation [abstract]
RECLASSIFICATIONS OF PRIOR PERIOD FIGURES	36. Certain of the prior year’s figures have been reclassified to conform to the presentation in the current year. Such reclassifications were primarily the grouping and disaggregation of small balances. (a) Income statement ​ ​ ​ ​ ​ ​ 2021 As previously presented ​ Interest income and finance costs ​ $ (1,296) As currently presented ​ Interest income ​ $ 341 Interest and accretion expense ​ (1,637) ​ ​ $ (1,296) ​ ​ ​ ​ Revenue ​ As previously presented ​ $ 4,091 Refining and transportation reclassified to operating costs ​ 33 As currently presented ​ $ 4,124 ​ ​ ​ ​ Operating costs ​ As previously presented ​ $ 1,247 Refining and transportation reclassified from revenue ​ 33 As currently presented ​ $ 1,280 ​ ​ (b) Statement of cash flows ​ ​ ​ ​ ​ ​ 2021 Operating activities – As previously presented ​ Other gains and losses ​ $ (211) Exploration paid via issuance of common shares ​ 150 Changes in site closure provision charged to exploration expense ​ 84 ​ ​ $ 23 Operating activities – As currently presented ​ Other ​ $ 23 ​ ​ ​ ​ ​ ​ ​ ​ Financing activities – As previously presented ​ Proceeds from the issuance of common shares, net of issuance costs ​ $ 34,442 Proceeds from the exercise of warrants ​ 14,279 Proceeds from the exercise of stock options ​ 475 Share issuance costs ​ (1,000) ​ ​ $ 48,196 Financing activities – As currently presented ​ Proceeds from the issuance of common shares, net of issuance costs ​ $ 33,442 Proceeds from the issuance of stock options and warrants ​ 14,754 ​ ​ $ 48,196 ​

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	12 Months Ended
	Dec. 31, 2022
EVENTS AFTER THE REPORTING PERIOD
EVENTS AFTER THE REPORTING PERIOD	37. (c) Share issuances Subsequent to the reporting period, the Company issued common shares pursuant to the exercise of warrants (note 26(b)) and exercise of stock options (note 28(a)).

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
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 These consolidated financial statements are presented in United States dollars (“US dollar”, or “USD”). The presentation currency differs from the functional currency of the parent company and some of its subsidiaries (note 3(a)). 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 currency of each of the Company’s principal operating subsidiaries, all of which are wholly owned, is the United States dollar. The functional currency of the parent company, Orla Mining Ltd., is the Canadian dollar. The Company’s principal operating subsidiaries are Minera Camino Rojo SA de CV, Minera Cerro Quema SA, Gold Standard Ventures Corp., Gold Standard Ventures (US) Inc., Madison Enterprises (Nevada) Inc., and Monitor Gold Corporation. Change in functional currency As a result of the continued advancement of Camino Rojo and the resulting changes in underlying transactions, events, and circumstances, we reassessed the functional currency of Minera Camino Rojo SA de CV. We determined that the functional currency of Minera Camino Rojo SA de CV is the United States dollar. Consequently, the functional currency for this subsidiary changed from Mexican pesos to United States dollars effective
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 consists 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 NRV. 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 15 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”. 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.
Producing mineral properties	(f) Producing mineral properties consist of costs transferred from “Mineral properties under construction” when a mining property reaches commercial production, and acquired mining properties in the production stage. When a mine construction project moves into the production stage, we cease capitalizing mine construction costs. Upon commencement of commercial production, we charge production costs to metal-in-process inventory, although we capitalize costs related to (1) property, plant and equipment additions or improvements, (2) open pit stripping activities that provide a future benefit, or (3) expenditures that meet the criteria for capitalization in accordance with IAS 16 Property, Plant and Equipment. Drilling and related costs for an ore body where proven and probable reserves exist and the activities are directed at obtaining additional information on the ore body or converting mineralized material to proven and probable reserves are capitalized. All other drilling and related costs are expensed as incurred. (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 to 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 produced from the mine in the period, over (ii) the total gold ounces expected to be produced 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 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 assets the acquisition costs of exploration properties (whether acquired in a business combination or through an acquisition of assets). 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) Property, plant and 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 and related buildings ​ Units-of-production over mineral reserves Other equipment Straight line over useful life Office equipment ​ Straight line over useful life Vehicles Straight line over useful life, typically 4 years 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 cost”) that are directly attributable to the acquisition, or construction 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.
Deferred revenue	(n) The Company recognizes deferred revenue in the event it receives payments from customers in consideration for future commitments to deliver metals and before such sale meets the criteria for revenue recognition. The Company will recognize amounts in revenue as the metals are delivered to the customer. Specifically, for the silver stream agreement arising from the acquisition of Gold Standard Ventures Corp., we will amortize deferred revenue to revenue using ounces of silver sold over the estimated total ounces of silver expected to be delivered over the life of mine.
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. Cash-settled RSUs are remeasured using the market value of the underlying shares at the end of each reporting period. 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.
Earnings (loss) per share	(q) Earnings (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: ● the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, and ● 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: ● the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and ● 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.
Forthcoming requirements	(a) Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction We are reviewing the amendments listed above and have not yet concluded the potential effects of these amendments on our financial position, changes in financial position, and results of operations. We plan to adopt the amendments on 1 January 2023.

BASIS OF PREPARATION (Tables)

BASIS OF PREPARATION (Tables)	12 Months Ended
	Dec. 31, 2022
BASIS OF PREPARATION
Schedule of basis of consolidation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ownership Name ​ Principal activity ​ Dec 31, 2022 ​ Dec 31, 2021 ​ Location Minera Camino Rojo SA de CV Production 100 % 100 % Mexico Minera Cerro Quema SA Exploration 100 % 100 % Panama Gold Standard Ventures Corp. ​ Holding company ​ 100 % — ​ Canada Gold Standard Ventures (US) Inc. ​ Exploration ​ 100 % — ​ USA Madison Enterprises Inc. ​ Exploration ​ 100 % — ​ USA Monitor Gold Corporation Exploration 100 % 100 % USA

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives	​ ​ ​ ​ Mine equipment ​ Units-of-production over mineral reserves Plant equipment and related buildings ​ Units-of-production over mineral reserves Other equipment Straight line over useful life Office equipment ​ Straight line over useful life Vehicles Straight line over useful life, typically 4 years Hardware and software Straight line over useful life, typically 3 years ​

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2022
REVENUE
Schedule of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ ​ 2022 2021 Gold ​ $ 192,394 ​ $ 4,094 Silver ​ 836 ​ 30 Revenue ​ $ 193,230 ​ $ 4,124 ​ ​ ​ ​ ​ ​ ​ Customer A ​ $ 129,866 ​ $ 4,124 Customer B ​ ​ 47,937 ​ ​ — Others ​ 15,427 ​ — Revenue ​ $ 193,230 ​ $ 4,124

OPERATING COSTS (Tables)

OPERATING COSTS (Tables)	12 Months Ended
	Dec. 31, 2022
OPERATING COSTS
Schedule of components of operating costs	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Mining and processing costs ​ $ 44,538 ​ $ 1,247 Refining and transportation costs ​ 1,059 ​ 33 ​ ​ $ 45,597 ​ $ 1,280 ​
Schedule of royalties	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Camino Rojo Oxide 2% NSR royalty (note 14) ​ $ 3,818 ​ $ 111 Mexican 0.5% Extraordinary Mining Duty ​ ​ 1,001 ​ ​ — ​ ​ $ 4,819 ​ $ 111

DEPLETION AND DEPRECIATION (Tab

DEPLETION AND DEPRECIATION (Tables)	12 Months Ended
	Dec. 31, 2022
DEPLETION AND DEPRECIATION
Schedule of components of depletion, depreciation and amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Depletion of producing mineral property ​ $ 5,806 ​ $ — Depreciation of plant and equipment ​ 9,147 ​ — Depletion and depreciation ​ $ 14,953 ​ $ — ​

EXPLORATION AND EVALUATION EX_2

EXPLORATION AND EVALUATION EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2022
EXPLORATION AND EVALUATION EXPENSES
Schedule of exploration and evaluation expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Camino Rojo Project ​ $ 3,765 ​ $ 9,908 Cerro Quema Project ​ 7,176 ​ 4,771 Nevada projects ​ 7,616 ​ 366 Other ​ 382 ​ 63 ​ ​ $ 18,939 ​ $ 15,108

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Office and administrative ​ $ 2,921 ​ $ 1,911 Professional fees ​ 2,237 ​ 1,702 Regulatory and transfer agent ​ 301 ​ 662 Salaries and benefits ​ 5,454 ​ 2,932 ​ ​ $ 10,913 ​ $ 7,207

INTEREST AND ACCRETION EXPENSE

INTEREST AND ACCRETION EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2022
INTEREST AND ACCRETION EXPENSE
Schedule of components of interest and accretion expense	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Interest (note 10(a)) ​ $ 7,368 ​ $ 32 Accretion (note 10(b)) ​ 1,522 ​ 1,605 Interest and accretion expense ​ $ 8,890 ​ $ 1,637 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Project loan (note 20) ​ $ 869 ​ $ — Credit Facility (note 22) ​ 4,903 ​ — Fresnillo obligation (note 23) ​ 1,383 ​ — Interest expense on leases (note 24) ​ 87 ​ 32 Other ​ 126 ​ — ​ ​ $ 7,368 ​ $ 32 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Project loan (note 20) ​ $ 261 ​ $ — Newmont loan (note 21) ​ 366 ​ 1,382 Credit Facility (note 22) ​ 387 ​ — Accretion of site closure provisions (note 25) ​ 508 ​ 223 ​ ​ $ 1,522 ​ $ 1,605

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Dec. 31, 2022
INVENTORY
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2022 2021 Current ​ ​ ​ ​ ​ ​ Stockpiled ore ​ $ 1,869 ​ $ 2,458 In-process inventory ​ 15,961 ​ 6,513 Finished goods inventory ​ 1,406 ​ — Materials and supplies ​ 3,210 ​ 686 Inventory – current ​ $ 22,446 ​ $ 9,657 ​ ​ ​ ​ ​ ​ ​ Long term ​ ​ ​ ​ ​ ​ Stockpiled ore ​ $ 4,096 ​ $ 1,299 ​

ACQUISITION OF GOLD STANDARD _2

ACQUISITION OF GOLD STANDARD VENTURES CORP. (Tables)	12 Months Ended
	Dec. 31, 2022
ACQUISITION OF GOLD STANDARD VENTURES CORP.
Schedule of calculation of purchase consideration, assets acquired and liabilities assumed	​ ​ ​ ​ ​ Cash consideration $ 28 Estimated fair value of 43,688,556 common shares issued by the Company ​ 149,363 Estimated fair value of 1,758,334 Replacement Options issued by the Company ​ 1,647 Transaction costs ​ 3,030 Total purchase price ​ $ 154,068 ​ ​ ​ ​ ​ ​ Cash and cash equivalents $ 1,821 Restricted cash (pursuant to environmental bonding) ​ 2,704 Receivables and other assets ​ 2,170 Right of use assets ​ 117 Trade and other payables ​ (3,524) Lease liabilities ​ (117) Asset retirement obligations ​ (1,603) Deferred revenue ​ ​ (7,500) Subtotal ​ (5,932) Mineral properties – Nevada – South Railroad Project ​ 146,000 Mineral properties – Nevada – Lewis Project ​ 14,000 Total assets acquired and liabilities assumed, net ​ $ 154,068 ​

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Producing ​ ​ Machinery ​ ​ Other right ​ ​ ​ ​ mineral ​ ​ ​ ​ and ​ Other ​ of use ​ ​ ​ ​ property Buildings equipment assets assets Total Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ $ — ​ $ — ​ $ 392 ​ $ 435 ​ $ 338 ​ $ 1,165 Additions ​ — ​ 67 ​ 2,437 ​ 845 ​ 1,769 ​ 5,118 Transfers from mineral properties under construction ​ — ​ — ​ 2,484 ​ — ​ — ​ 2,484 Due to changes in exchange rates ​ — ​ (1) ​ (75) ​ (19) ​ 12 ​ (83) At December 31, 2021 ​ — ​ 66 ​ 5,238 ​ 1,261 ​ 2,119 ​ 8,684 Additions ​ 6,616 ​ 1,788 ​ 3,272 ​ 666 ​ 2,300 ​ 14,642 Transfer from mineral properties under construction ​ ​ 127,002 ​ ​ 58,869 ​ ​ 36,684 ​ ​ 608 ​ ​ — ​ ​ 223,163 Reclassification of capitalized interest ​ ​ (19,020) ​ ​ 11,585 ​ ​ 7,341 ​ ​ 94 ​ ​ — ​ ​ — Change in site closure provision (note 25) ​ ​ 1,155 ​ ​ (300) ​ ​ (190) ​ ​ — ​ ​ — ​ ​ 665 Leased assets derecognized at end of lease ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (215) ​ ​ (215) Due to changes in exchange rates ​ ​ — ​ ​ — ​ ​ — ​ ​ (9) ​ ​ (44) ​ ​ (53) At December 31, 2022 ​ $ 115,753 ​ $ 72,008 ​ $ 52,345 ​ $ 2,620 ​ $ 4,160 ​ $ 246,886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ $ — ​ $ — ​ $ 235 ​ $ 162 ​ $ 58 ​ $ 455 Depletion and depreciation ​ — ​ 6 ​ 115 ​ 127 ​ 352 ​ 600 Due to changes in exchange rates ​ — ​ — ​ — ​ (1) ​ (5) ​ (6) At December 31, 2021 ​ ​ — ​ ​ 6 ​ ​ 350 ​ ​ 288 ​ ​ 405 ​ ​ 1,049 Depletion and depreciation ​ 9,641 ​ 6,280 ​ 4,541 ​ 421 ​ 764 ​ 21,647 Leased assets derecognized at end of lease ​ — ​ — ​ — ​ — ​ (215) ​ (215) Due to changes in exchange rates ​ ​ — ​ ​ — ​ ​ — ​ ​ (4) ​ ​ (7) ​ ​ (11) At December 31, 2022 ​ $ 9,641 ​ $ 6,286 ​ $ 4,891 ​ $ 705 ​ $ 947 ​ $ 22,470 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book value ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 ​ $ — ​ $ 60 ​ $ 4,888 ​ $ 973 ​ $ 1,714 ​ $ 7,635 At December 31, 2022 ​ $ 106,112 ​ $ 65,722 ​ $ 47,454 ​ $ 1,915 ​ $ 3,213 ​ $ 224,416

MINERAL PROPERTIES AND RELATE_2

MINERAL PROPERTIES AND RELATED CONSTRUCTION (Tables)	12 Months Ended
	Dec. 31, 2022
MINERAL PROPERTIES AND RELATED CONSTRUCTION
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 December 31, 2020 ​ $ 39,272 ​ $ 28,079 ​ $ 4,845 ​ $ 836 ​ $ (1,760) ​ $ 71,272 Additions ​ 62,800 ​ 11,411 ​ 56,528 ​ — ​ — ​ 130,739 Borrowing costs capitalized ​ — ​ — ​ — ​ 13,967 ​ — ​ 13,967 Change in site closure provision ​ — ​ — ​ — ​ 4,653 ​ — ​ 4,653 Transfer within categories ​ — ​ (37,832) ​ 37,832 ​ — ​ — ​ — Transfers to equipment ​ — ​ — ​ (2,484) ​ — ​ — ​ (2,484) 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 Additions ​ — ​ — ​ 5,636 ​ — ​ — ​ 5,636 Borrowing costs capitalized ​ — ​ — ​ — ​ 4,085 ​ — ​ 4,085 Change in site closure provision ​ — ​ — ​ — ​ (238) ​ — ​ (238) Transfer within categories ​ (4,060) ​ (1,589) ​ (509) ​ — ​ 6,158 ​ — Transfer to producing mineral property ​ (98,012) ​ — ​ (101,848) ​ (23,303) ​ — ​ (223,163) Transfer to other non-current assets ​ — ​ (69) ​ — ​ — ​ — ​ (69) At December 31, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​

EXPLORATION AND EVALUATION PR_2

EXPLORATION AND EVALUATION PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2022
Mineral Properties
Disclosure of detailed information about property, plant and equipment [line items]
Schedule of exploration and evaluation properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nevada projects Cerro Quema Total Acquisition costs ​ ​ ​ At December 31, 2020 and 2021 ​ $ 314 ​ $ 82,429 ​ $ 82,743 Acquisition of Gold Standard Ventures Corp. (note 13) ​ ​ 160,000 ​ ​ — ​ ​ 160,000 At December 31, 2022 ​ $ 160,314 ​ $ 82,429 ​ $ 242,743 ​

TRADE AND OTHER PAYABLES (Table

TRADE AND OTHER PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2022
TRADE AND OTHER PAYABLES
Summary of trade and other payables	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Trade payables ​ $ 6,707 ​ $ 5,966 Royalties payable ​ ​ 2,119 ​ ​ 113 Payroll related liabilities ​ 848 ​ 339 Current portion of lease obligations (note 24) ​ 846 ​ 372 Other ​ 1,188 ​ 26 ​ ​ $ 11,708 ​ $ 6,816

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
ACCRUED LIABILITIES
Schedule of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Current ​ ​ ​ ​ ​ ​ Goods or services received awaiting vendor invoices ​ $ 3,139 ​ ​ 2,045 Land and water fees ​ ​ — ​ ​ 1,795 Payroll related ​ ​ 2,532 ​ ​ 1,244 Accrued interest on Credit Facility (note 22) ​ ​ 1,660 ​ ​ — Restricted share units expected to be cash settled (note 28(b)) ​ ​ 352 ​ ​ — Other ​ ​ 284 ​ ​ 575 Accrued liabilities – current ​ $ 7,967 ​ $ 5,659 ​ ​ ​ ​ ​ ​ ​ Long term ​ ​ ​ ​ Payroll related ​ $ 172 ​ $ 161

LONG TERM DEBT (Tables)

LONG TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ — ​ $ — Newmont loan (note 21) ​ — ​ — ​ — Credit facility (note 22) ​ 22,200 ​ 100,795 ​ 122,995 Fresnillo obligation (note 23) ​ 22,800 ​ — ​ 22,800 ​ ​ $ 45,000 ​ $ 100,795 ​ $ 145,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ 113,260 ​ $ 113,260 Newmont loan (note 21) ​ 10,293 ​ — ​ 10,293 Credit facility (note 22) ​ — ​ — ​ — Fresnillo obligation (note 23) ​ 15,000 ​ 22,800 ​ 37,800 ​ ​ $ 25,293 ​ $ 136,060 ​ $ 161,353

CAMINO ROJO PROJECT LOAN (Table

CAMINO ROJO PROJECT LOAN (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ — ​ $ — Newmont loan (note 21) ​ — ​ — ​ — Credit facility (note 22) ​ 22,200 ​ 100,795 ​ 122,995 Fresnillo obligation (note 23) ​ 22,800 ​ — ​ 22,800 ​ ​ $ 45,000 ​ $ 100,795 ​ $ 145,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ 113,260 ​ $ 113,260 Newmont loan (note 21) ​ 10,293 ​ — ​ 10,293 Credit facility (note 22) ​ — ​ — ​ — Fresnillo obligation (note 23) ​ 15,000 ​ 22,800 ​ 37,800 ​ ​ $ 25,293 ​ $ 136,060 ​ $ 161,353
Camino Rojo project loan
Disclosure of detailed information about borrowings [line items]
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan ​ Interest and ​ Transaction ​ ​ ​ ​ advances accretion costs Net At December 31, 2020 ​ $ 75,000 ​ $ — ​ $ (14,304) ​ $ 60,696 Advances during the year ​ ​ 50,000 ​ ​ — ​ ​ (165) ​ ​ 49,835 Accretion during the period, capitalized ​ ​ — ​ ​ 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 Accretion during the period, capitalized ​ ​ — ​ ​ 2,764 ​ ​ 848 ​ ​ 3,612 Accretion during the period, expensed ​ ​ — ​ ​ 869 ​ ​ 261 ​ ​ 1,130 Cash interest paid ​ ​ — ​ ​ (3,633) ​ ​ — ​ ​ (3,633) Foreign exchange ​ ​ — ​ ​ — ​ ​ (88) ​ ​ (88) Principal repayment including early repayment premium ​ ​ (127,500) ​ ​ — ​ ​ — ​ ​ (127,500) Loss on early settlement of project loan ​ ​ 2,500 ​ ​ — ​ ​ 10,719 ​ ​ 13,219 At December 31, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​
Schedule of loss on early settlement of borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Unamortized transaction costs written off (non-cash) ​ $ 10,719 ​ $ — Early repayment premium paid (cash) ​ 2,500 ​ — Loss on early settlement of project loan ​ $ 13,219 ​ $ —

NEWMONT LOAN (Tables)

NEWMONT LOAN (Tables)	12 Months Ended
	Dec. 31, 2022
INTEREST AND ACCRETION EXPENSE
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ — ​ $ — Newmont loan (note 21) ​ — ​ — ​ — Credit facility (note 22) ​ 22,200 ​ 100,795 ​ 122,995 Fresnillo obligation (note 23) ​ 22,800 ​ — ​ 22,800 ​ ​ $ 45,000 ​ $ 100,795 ​ $ 145,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ 113,260 ​ $ 113,260 Newmont loan (note 21) ​ 10,293 ​ — ​ 10,293 Credit facility (note 22) ​ — ​ — ​ — Fresnillo obligation (note 23) ​ 15,000 ​ 22,800 ​ 37,800 ​ ​ $ 25,293 ​ $ 136,060 ​ $ 161,353
Newmont loan
INTEREST AND ACCRETION EXPENSE
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ ​ December 31, ​ December 31, ​ 2022 2021 Beginning of the year ​ $ 10,293 ​ $ 9,440 Accretion during the year ​ 366 ​ 1,382 Modification gains arising from changes in estimates ​ — ​ (220) Foreign exchange ​ 177 ​ (309) Principal repayment ​ ​ (10,836) ​ ​ — End of the year ​ $ — ​ $ 10,293

CREDIT FACILITY (Tables)

CREDIT FACILITY (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ — ​ $ — Newmont loan (note 21) ​ — ​ — ​ — Credit facility (note 22) ​ 22,200 ​ 100,795 ​ 122,995 Fresnillo obligation (note 23) ​ 22,800 ​ — ​ 22,800 ​ ​ $ 45,000 ​ $ 100,795 ​ $ 145,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ 113,260 ​ $ 113,260 Newmont loan (note 21) ​ 10,293 ​ — ​ 10,293 Credit facility (note 22) ​ — ​ — ​ — Fresnillo obligation (note 23) ​ 15,000 ​ 22,800 ​ 37,800 ​ ​ $ 25,293 ​ $ 136,060 ​ $ 161,353
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 December 31, 2020 ​ $ 39,272 ​ $ 28,079 ​ $ 4,845 ​ $ 836 ​ $ (1,760) ​ $ 71,272 Additions ​ 62,800 ​ 11,411 ​ 56,528 ​ — ​ — ​ 130,739 Borrowing costs capitalized ​ — ​ — ​ — ​ 13,967 ​ — ​ 13,967 Change in site closure provision ​ — ​ — ​ — ​ 4,653 ​ — ​ 4,653 Transfer within categories ​ — ​ (37,832) ​ 37,832 ​ — ​ — ​ — Transfers to equipment ​ — ​ — ​ (2,484) ​ — ​ — ​ (2,484) 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 Additions ​ — ​ — ​ 5,636 ​ — ​ — ​ 5,636 Borrowing costs capitalized ​ — ​ — ​ — ​ 4,085 ​ — ​ 4,085 Change in site closure provision ​ — ​ — ​ — ​ (238) ​ — ​ (238) Transfer within categories ​ (4,060) ​ (1,589) ​ (509) ​ — ​ 6,158 ​ — Transfer to producing mineral property ​ (98,012) ​ — ​ (101,848) ​ (23,303) ​ — ​ (223,163) Transfer to other non-current assets ​ — ​ (69) ​ — ​ — ​ — ​ (69) At December 31, 2022 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​
Credit Facility
Disclosure of detailed information about borrowings [line items]
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ Term facility facility Total At December 31, 2021 ​ $ — ​ $ — ​ $ — Advances during the year ​ 100,000 ​ 30,000 ​ 130,000 Transaction costs paid, which are accreted over the term of each facility ​ (1,435) ​ (431) ​ (1,866) Interest expense during the year ​ ​ 3,772 ​ ​ 1,131 ​ ​ 4,903 Accretion during the year ​ 304 ​ ​ 83 ​ ​ 387 Interest paid during the year ​ (2,481) ​ (738) ​ (3,219) Principal repayments during the year ​ (5,550) ​ — ​ (5,550) Reallocated to accrued interest payable ​ (1,272) ​ (388) ​ (1,660) At December 31, 2022 ​ $ 93,338 ​ $ 29,657 ​ $ 122,995 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ 22,200 ​ — ​ 22,200 Non-current ​ 71,138 ​ 29,657 ​ 100,795 ​ ​ $ 93,338 ​ $ 29,657 ​ $ 122,995 ​
Schedule of borrowing costs capitalized	​ ​ ​ ​ ​ ​ ​ ​ Transaction ​ costs ​ Allocated to the term facility ​ $ 1,435 ​ Accreted over the expected life (5 years) Allocated to the revolving facility, drawn amount ​ 431 Accreted over the expected life (3 years) Allocated to the revolving facility, undrawn amount ​ 287 Expensed at loan inception date Total transaction costs incurred ​ $ 2,153 ​

FRESNILLO OBLIGATION (Tables)

FRESNILLO OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2022
INTEREST AND ACCRETION EXPENSE
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ — ​ $ — Newmont loan (note 21) ​ — ​ — ​ — Credit facility (note 22) ​ 22,200 ​ 100,795 ​ 122,995 Fresnillo obligation (note 23) ​ 22,800 ​ — ​ 22,800 ​ ​ $ 45,000 ​ $ 100,795 ​ $ 145,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Current Long term Total Camino Rojo Project Loan (note 20) ​ $ — ​ $ 113,260 ​ $ 113,260 Newmont loan (note 21) ​ 10,293 ​ — ​ 10,293 Credit facility (note 22) ​ — ​ — ​ — Fresnillo obligation (note 23) ​ 15,000 ​ 22,800 ​ 37,800 ​ ​ $ 25,293 ​ $ 136,060 ​ $ 161,353
Fresnillo obligation
INTEREST AND ACCRETION EXPENSE
Schedule of long-tem debt	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Year ended ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Beginning of the year ​ $ 37,800 ​ $ — Initial recognition ​ — ​ ​ 37,800 Accretion capitalized ​ 473 ​ ​ 1,654 Accretion expensed (note 10) ​ 1,383 ​ ​ — Principal repaid ​ ​ (15,000) ​ ​ — Cash interest paid ​ ​ (1,856) ​ ​ (1,654) End of the year ​ $ 22,800 ​ $ 37,800 ​ ​ ​ ​ ​ ​ ​ Current ​ ​ 22,800 ​ 15,000 Non-current ​ ​ — ​ 22,800 ​ ​ $ 22,800 ​ $ 37,800

LEASE OBLIGATIONS (Tables)

LEASE OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2022
LEASE OBLIGATIONS
Schedule of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ 2022 2021 Beginning of year ​ $ 1,401 ​ $ 273 Additions ​ 2,300 ​ 1,769 Interest expense ​ 87 ​ 32 Lease payments ​ (661) ​ (681) Due to changes in exchange rates ​ 46 ​ 8 End of period ​ $ 3,173 ​ $ 1,401 ​ ​ ​ ​ ​ ​ ​ Current ​ $ 846 ​ $ 372 Non-current ​ 2,327 ​ 1,029 ​ ​ $ 3,173 ​ $ 1,401 ​
Schedule of lease expenses recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ 2022 2021 Interest on lease liabilities ​ $ 87 ​ $ 32 Variable lease payments not included in the measurement of lease liabilities ​ 15,586 ​ 4,579 Expenses relating to short-term leases ​ 168 ​ 131 Expenses relating to leases of low-value assets, excluding short-term leases ​ 108 ​ 155 ​ ​ $ 15,949 ​ $ 4,897 ​

SITE CLOSURE PROVISIONS (Tables

SITE CLOSURE PROVISIONS (Tables)	12 Months Ended
	Dec. 31, 2022
SITE CLOSURE PROVISIONS
Schedule of reconciliation of changes in site closure provisions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cerro Quema Nevada ​ ​ ​ ​ Camino Rojo Project projects Total At December 31, 2020 ​ $ 175 ​ $ 343 ​ $ — ​ $ 518 Change 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 Acquisition of Gold Standard (note 13) ​ ​ — ​ ​ — ​ ​ 1,603 ​ ​ 1,603 Changes in cost estimates ​ ​ 351 ​ ​ — ​ ​ — ​ ​ 351 Change in estimated cash flows resulting from current activities ​ ​ 427 ​ ​ — ​ ​ — ​ ​ 427 Remediation activities conducted during the period ​ ​ (88) ​ ​ — ​ ​ — ​ ​ (88) Accretion during the period (note 10) ​ ​ 494 ​ ​ — ​ ​ 14 ​ ​ 508 At December 31, 2022 ​ $ 6,301 ​ $ 343 ​ $ 1,617 ​ $ 8,261 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ — ​ $ — ​ $ — ​ $ — Non-current ​ 6,301 ​ 343 ​ ​ 1,617 ​ 8,261 ​ ​ $ 6,301 ​ $ 343 ​ $ 1,617 ​ $ 8,261 ​
Schedule of inputs used for site closure provisions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cerro Quema ​ Nevada ​ Camino Rojo ​ Project ​ projects Estimated settlement dates ​ ​ 2033 to 2047 ​ ​ — ​ ​ 2034 Undiscounted risk-adjusted cash flows ​ $ 8,644 ​ $ 343 ​ $ 1,724 ​ Inflation rate ​ 7.0 % ​ — ​ 2.7 % Discount rate ​ 9.6 % ​ — ​ 3.2 %

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2022
Share capital
Disclosure of schedule of warrants outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise ​ December 31 ​ ​ ​ ​ ​ ​ ​ December 31 Expiry date price 2021 Exercised Expired 2022 June 12, 2022 C$ 1.65 ​ 4,742,500 ​ (4,742,500) ​ — ​ — November 7, 2022 C$ 1.40 ​ 3,000,000 ​ (3,000,000) ​ — ​ — December 18, 2026 C$ 3.00 ​ 32,500,000 ​ (2,955,000) ​ — ​ 29,545,000 Total number of warrants ​ ​ ​ 40,242,500 ​ (10,697,500) ​ — ​ 29,545,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average exercise price ​ ​ C$ 2.72 C$ 1.95 C$ — C$ 3.00 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
EARNINGS (LOSS) PER SHARE
Summary of earnings (loss) per share calculated using the weighted average number of common shares outstanding	(a) ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Income (loss) for the period ​ $ 45,770 ​ $ (26,278) Weighted average number of common shares (thousands) ​ 272,202 ​ 241,379 Basic earnings (loss) per share ​ $ 0.17 ​ $ (0.11) ​ (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31 ​ 2022 2021 Income (loss) for the period ​ $ 45,770 ​ $ (26,278) ​ ​ ​ ​ ​ ​ ​ Weighted average number of common shares (thousands) ​ 272,202 ​ 241,379 Weighted average shares dilution adjustments: ​ ​ Warrants ​ 14,526 ​ — Options ​ 4,544 ​ — RSUs ​ 392 ​ — DSUs ​ 652 ​ — Bonus shares ​ 500 ​ — Weighted average number of ordinary shares ​ 292,816 ​ 241,379 ​ ​ ​ ​ ​ ​ ​ Diluted earnings (loss) per share ​ $ 0.16 ​ $ (0.11) ​

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
SHARE-BASED PAYMENTS
Summary of share-based compensation recorded during the year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31 Share- based payments expense ​ 2022 ​ 2021 Stock options (note 28(a)) $ 1,396 $ 1,350 Restricted share units (note 28(b)) ​ 743 ​ 738 Deferred share units (note 28(c)) ​ 308 ​ 241 Share based payments expense ​ $ 2,447 ​ $ 2,329 ​
Stock options
SHARE-BASED PAYMENTS
Summary of status of share option plan and changes during the year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ ​ average Stock options outstanding Number exercise price Number exercise price Beginning of year 9,900,874 C$ 1.86 9,959,927 C$ 1.60 Replacement Options issued (note 13) ​ 1,758,334 ​ ​ 8.43 ​ — ​ ​ — Granted 1,278,264 ​ 5.56 678,347 ​ 4.74 Exercised (3,674,769) ​ 1.34 (687,400) ​ 0.87 Expired, forfeited or cancelled (83,814) ​ 16.81 (50,000) ​ 1.39 End of year 9,178,889 C$ 3.71 9,900,874 C$ 1.86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested, end of year 7,701,986 C$ 3.38 8,704,157 C$ 1.63 ​
Summary of information about share options outstanding and exercisable	The stock options outstanding at December 31, 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise Remaining life ​ Number Expiry date ​ price (C$) ​ (years) ​ Number ​ vested January 15, 2023 16.43 0.0 5,964 5,964 February 1, 2023 4.78 0.1 7,731 — February 26, 2023 7.43 0.2 129 43 February 28, 2023 1.06 0.2 30,000 30,000 March 5, 2023 17.69 0.2 148,446 148,446 May 31, 2023 1.25 0.4 400,000 400,000 June 23, 2023 1.06 - 5.98 0.5 295,749 246,797 June 27, 2023 1.25 0.5 746,770 746,770 July 1, 2023 1.06 - 5.98 0.5 224,773 189,351 September 10, 2023 1.25 0.7 100,000 100,000 November 13, 2023 1.30 0.9 250,000 250,000 January 31, 2024 14.59 1.1 112,611 112,611 March 29, 2024 1.06 1.2 1,453,417 1,453,417 August 12, 2024 4.78 - 8.81 1.6 1,280,635 1,280,635 August 13, 2024 ​ 1.65 ​ 1.6 ​ 103,212 ​ 103,212 January 30, 2025 8.81 2.1 17,316 17,316 March 25, 2025 ​ 2.21 ​ 2.2 ​ 871,825 ​ 871,825 April 16, 2025 ​ 2.39 ​ 2.3 ​ 600,000 ​ 600,000 April 20, 2025 ​ 2.58 ​ 2.3 ​ 50,000 ​ 50,000 July 1, 2025 ​ 3.82 ​ 2.5 ​ 300,000 ​ 300,000 August 24, 2025 ​ 6.03 ​ 2.6 ​ 200,000 ​ 200,000 September 1, 2025 ​ 5.80 ​ 2.7 ​ 50,000 ​ 50,000 September 23, 2025 ​ 8.55 ​ 2.7 ​ 4,770 ​ 4,770 December 4, 2025 ​ 7.63 ​ 2.9 ​ 5,964 ​ 5,964 January 21, 2026 ​ 7.05 - 7.43 ​ 3.1 ​ 50,388 ​ 42,922 March 24, 2026 ​ 4.80 ​ 3.2 ​ 512,924 ​ 341,944 April 19, 2026 ​ 4.76 ​ 3.3 ​ 50,000 ​ 33,333 October 4, 2026 ​ 4.04 ​ 3.8 ​ 50,000 ​ 33,333 January 10, 2027 ​ 4.78 ​ 4.0 ​ 40,566 ​ — March 1, 2027 5.37 4.2 250,000 83,333 March 24, 2027 ​ 5.98 ​ 4.2 ​ 611,515 ​ — June 23, 2027 ​ 3.88 ​ 4.5 ​ 26,580 ​ — July 4, 2027 ​ 3.71 ​ 4.5 ​ 50,000 ​ — December 5, 2027 ​ 5.06 ​ 4.9 ​ 171,960 ​ — December 30, 2027 ​ 5.48 ​ 5.0 105,644 — Total number of stock options ​ ​ ​ ​ ​ 9,178,889 ​ 7,701,986 ​ The stock options outstanding at December 31, 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise Remaining life ​ Number Expiry date ​ price (C$) ​ (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 ​
RSUs
SHARE-BASED PAYMENTS
Summary of information about number of units of other equity instruments and their weighted average fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of RSUs outstanding: ​ 2022 2021 Outstanding, January 1 707,840 921,356 Awarded 172,301 235,091 Vested and settled (402,430) (448,607) Forfeitures during the period ​ (34,444) ​ — Outstanding, December 31 443,267 707,840 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number vesting in the year Number of RSUs outstanding: Total 2022 2023 2024 2025 Outstanding, December 31, 2021 707,840 444,301 185,179 78,360 — Outstanding, December 31, 2022 443,267 — 262,738 126,812 53,717 ​
Deferred Share Unit Plan
SHARE-BASED PAYMENTS
Summary of information about number of units of other equity instruments and their weighted average fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of DSUs outstanding: 2022 2021 Outstanding, January 1 707,028 644,525 Awarded and vested immediately 69,290 62,503 Awarded and vested immediately ​ (216,593) ​ — Outstanding, December 31 559,725 707,028 ​
Bonus shares
SHARE-BASED PAYMENTS
Summary of information about number of units of other equity instruments and their weighted average fair value	​ ​ ​ ​ ​ ​ Number of bonus shares outstanding: Year 2022 Year 2021 Outstanding, December 31 500,000 500,000 Vested, December 31 500,000 500,000

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Schedule of compensation of key management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31 ​ 2022 2021 Salaries and short term incentives paid ​ $ 3,871 ​ $ 1,580 Directors’ fees ​ 291 ​ 183 Share based payments ​ 1,987 ​ 1,750 ​ ​ $ 6,149 ​ $ 3,513 ​

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of changes in non-cash working capital	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31 ​ ​ 2022 2021 Accounts receivable and prepaid expenses ​ $ (47) ​ $ (604) Inventory ​ ​ (9,177) ​ ​ (10,846) Value added taxes recoverable ​ ​ (8,044) ​ ​ — Trade and other payables ​ ​ 3,378 ​ ​ 3,335 Accrued liabilities ​ ​ (1,891) ​ ​ 1,470 Changes in non-cash working capital ​ $ (15,781) ​ $ (6,645) ​
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31 ​ 2022 2021 Financing activities ​ ​ Stock options exercised, credited to share capital with an offset to reserves $ 3,033 $ 277 Warrants exercised, credited to share capital with an offset to reserves ​ 5,143 ​ 2,140 Common shares issued on maturity of RSUs, credited to share capital with an offset to reserves ​ 541 ​ 487 Common shares issued on maturity of DSUs, credited to share capital with an offset to reserves ​ 324 ​ — Fresnillo obligation, credited, with an offset to mineral properties ​ — ​ 37,800 ​ ​ ​ ​ ​ ​ ​ Investing activities ​ ​ ​ Common shares issued upon acquisition of Gold Standard, credited to share capital with an offset to the assets acquired and liabilities assumed (note 13) ​ 149,363 ​ — Replacement options issued upon acquisition of Gold Standard, credited to reserves with an offset to the assets acquired and liabilities assumed (note 13) ​ ​ 1,647 ​ ​ — Initial recognition of right of use assets with an offset to lease obligation ​ 2,300 ​ 1,769

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
SEGMENT INFORMATION
Schedule of mineral assets and equipment by geographic region	(i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama Nevada Corporate Total Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue (note 5) ​ $ 193,109 ​ $ — ​ $ — ​ $ 121 ​ $ 193,230 Cost of sales ​ ​ (65,320) ​ ​ — ​ ​ — ​ ​ (49) ​ ​ (65,369) Earnings from mining operations ​ ​ 127,789 ​ ​ — ​ ​ — ​ ​ 72 ​ ​ 127,861 Exploration and evaluation expenses (note 9) ​ ​ (3,765) ​ ​ (7,176) ​ ​ (7,616) ​ ​ (382) ​ ​ (18,939) General and administrative expenses (note 8) ​ — ​ — ​ — ​ (10,913) ​ (10,913) Depreciation ​ (23) ​ (15) ​ (45) ​ (194) ​ (277) Share based payments (note 28) ​ (37) ​ (70) ​ — ​ (2,340) ​ (2,447) Interest income ​ 1,844 ​ — ​ — ​ 323 ​ 2,167 Interest and accretion expense ​ (2,315) ​ — ​ (35) ​ (6,540) ​ (8,890) Loss on early settlement of project loan (note 20) ​ — ​ — ​ — ​ (13,219) ​ (13,219) Foreign exchange gain ​ ​ (778) ​ ​ — ​ ​ 37 ​ ​ 3,755 ​ ​ 3,014 Other ​ ​ — ​ ​ — ​ ​ 39 ​ ​ 2 ​ ​ 41 Income taxes ​ ​ (29,478) ​ ​ — ​ ​ — ​ ​ (3,150) ​ ​ (32,628) Income (loss) for the period ​ $ 93,237 ​ $ (7,261) ​ $ (7,620) ​ $ (32,586) ​ $ 45,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama Nevada Corporate Total Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue (note 5) ​ $ 4,124 ​ $ — ​ $ — ​ $ — ​ $ 4,124 Cost of sales ​ (1,391) ​ — ​ — ​ — ​ (1,391) Earnings from mining operations ​ 2,733 ​ — ​ — ​ — ​ 2,733 Exploration and evaluation expenses (note 9) ​ (9,908) ​ (4,771) ​ (366) ​ (63) ​ (15,108) General and administrative expenses (note 8) ​ — ​ — ​ — ​ (7,207) ​ (7,207) Depreciation ​ — ​ (36) ​ — ​ (118) ​ (154) Share based payments (note 28) ​ ​ (89) ​ ​ (51) ​ ​ — ​ ​ (2,189) ​ ​ (2,329) Interest and finance costs ​ ​ (1,406) ​ ​ — ​ ​ — ​ ​ 110 ​ ​ (1,296) Foreign exchange ​ ​ (3,956) ​ ​ — ​ ​ — ​ ​ 230 ​ ​ (3,726) Other ​ ​ 220 ​ ​ — ​ ​ — ​ ​ 589 ​ ​ 809 Income (loss) for the period ​ $ (12,406) ​ $ (4,858) ​ $ (366) ​ $ (8,648) ​ $ (26,278) ​ (ii) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama Nevada Corporate Total At December 31, 2022 ​ ​ ​ ​ ​ Property, plant and equipment ​ $ 222,767 ​ $ 39 ​ $ 577 ​ $ 1,033 ​ $ 224,416 Exploration and evaluation properties ​ — ​ 82,429 ​ 160,314 ​ — ​ 242,743 Total assets ​ ​ 348,390 ​ ​ 83,291 ​ ​ 163,857 ​ ​ 18,278 ​ ​ 613,816 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mexico Panama Nevada Corporate Total At December 31, 2021 ​ ​ ​ ​ ​ Equipment ​ $ 7,466 ​ $ 37 ​ $ — ​ $ 132 ​ $ 7,635 Mineral properties under 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

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Financial Instruments
Schedule of financial assets and liabilities by level within the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ Short term ​ Total ​ ​ Classification value Level 1 Level 2 Level 3 nature fair value Financial assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ FVTPL ​ $ 96,278 ​ $ 96,278 ​ $ — ​ $ — ​ $ — ​ $ 96,278 Accounts receivable ​ Amortized cost ​ ​ 317 ​ ​ 21 ​ ​ — ​ ​ — ​ ​ 296 ​ ​ 317 Restricted cash ​ Amortized cost ​ ​ 3,432 ​ ​ 3,432 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,432 ​ ​ $ 100,027 $ 99,731 ​ $ — ​ $ — ​ $ 296 ​ $ 100,027 ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ Trade and other payables Amortized cost ​ $ 8,851 ​ $ — ​ $ — ​ $ — ​ $ 8,851 ​ $ 8,851 Accrued liabilities ​ Amortized cost ​ ​ 7,967 ​ ​ 352 ​ ​ — ​ ​ — ​ ​ 7,615 ​ ​ 7,967 Lease obligation Amortized cost ​ 3,173 ​ — ​ 3,173 ​ — ​ — ​ 3,173 Credit facility Amortized cost ​ 122,995 ​ — ​ — ​ 124,450 ​ — ​ 124,450 Fresnillo obligation Amortized cost ​ 22,800 ​ — ​ — ​ 22,296 ​ — ​ 22,296 ​ ​ $ 165,786 ​ $ 352 ​ $ 3,173 ​ $ 146,746 ​ $ 16,466 ​ $ 166,737 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value ​ ​ ​ ​ ​ ​ ​ 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 1) (Level 2) (Level 3) instrument Fair Value 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 ​
Liquidity risk
Financial Instruments
Schedule of risk management	At December 31, 2022, 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 and other payables ​ $ 8,851 ​ $ — ​ $ — ​ $ — ​ $ 8,851 Accrued liabilities ​ 7,967 ​ — ​ — ​ — ​ 7,967 Lease obligation ​ 248 ​ 743 ​ 1,310 ​ 1,226 ​ 3,527 Credit facility ​ ​ 7,810 ​ ​ 22,868 ​ ​ 85,566 ​ ​ 29,762 ​ ​ 146,006 Fresnillo obligation ​ 285 ​ 23,563 ​ — ​ — ​ 23,848 ​ ​ $ 25,161 ​ $ 47,174 ​ $ 86,876 ​ $ 30,988 ​ $ 190,199 ​ 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 ​
Currency risk
Financial Instruments
Schedule of risk management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ ​ ​ ​ ​ ​ dollars ​ US dollars ​ Mexican pesos ​ ​ (thousands) ​ (thousands) ​ (thousands) Cash ​ $ 15,498 ​ $ 84,771 ​ $ 1,250 Accounts receivable ​ 28 ​ 29 ​ 5,475 Restricted funds ​ 70 ​ 3,380 ​ — Trade payables ​ (337) ​ (6,104) ​ (87,298) Accrued liabilities ​ (2,972) ​ (4,447) ​ (25,679) Lease obligations ​ (1,323) ​ (1,103) ​ (21,158) Credit facility ​ ​ — ​ ​ (122,995) ​ ​ — Fresnillo obligation ​ — ​ (22,800) ​ — Total foreign currency ​ ​ 10,964 ​ ​ (69,269) ​ ​ (127,410) Exchange rate ​ 1.3544 ​ 1.0000 ​ 19.3615 Equivalent US dollars ​ $ 8,095 ​ $ (69,269) ​ $ (6,581) ​ Our financial instruments were denominated in the following currencies as at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canadian ​ ​ ​ ​ ​ ​ dollars ​ US dollars ​ Mexican pesos ​ ​ (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) ​

TAX EXPENSE (Tables)

TAX EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2022
TAX EXPENSE
Schedule of tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31 ​ 2022 2021 Current income tax expense ​ $ 22,512 ​ $ — Mexican 7.5% Special Mining Duty expense ​ ​ 9,371 ​ ​ — Deferred income tax (recovery) ​ ​ (2,698) ​ ​ — Deferred Mexican 7.5% Special Mining Duty expense ​ ​ 293 ​ ​ — Withholding taxes ​ 3,150 ​ — Tax expense ​ $ 32,628 ​ $ — ​
Schedule of reconciliation of effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Income (loss) before tax ​ $ 78,398 ​ $ (26,278) ​ Statutory income tax rate ​ 26.8 % 26.8 % ​ ​ ​ ​ ​ ​ ​ ​ Expected income tax ​ $ 21,036 ​ $ (7,042) ​ Differences between Canadian and foreign tax rates ​ 4,117 ​ (744) ​ Items not deductible for tax purposes ​ 4,508 ​ 2,850 ​ Share based compensation ​ 107 ​ 587 ​ Change in unrecognized deductible temporary differences ​ (7,778) ​ 6,208 ​ True ups ​ ​ 1,901 ​ ​ (1,913) ​ Effect of changes in tax rates from prior years ​ — ​ (71) ​ Effect of changes in foreign exchange rates ​ (2,371) ​ 393 ​ Mexican Special Mining Duty ​ ​ 9,576 ​ ​ — ​ Inflationary adjustment and other ​ 1,532 ​ (268) ​ Total income taxes ​ 32,628 ​ — ​ ​ ​ ​ ​ ​ Effective tax rate ​ 41.6 % n/a ​ ​
Schedule of unrecognized deductible temporary differences	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ 2022 2021 Mineral properties and exploration expenditures ​ $ 30,467 ​ $ 55,548 Equipment ​ 1,251 ​ 1,814 Site closure provisions ​ 356 ​ 5,460 Long term debt ​ ​ 6,570 ​ ​ — Share issue costs ​ 3,452 ​ 5,724 Non capital losses ​ 53,436 ​ 41,343 Intercompany debt ​ ​ — ​ ​ 413 Other ​ ​ 154 ​ ​ 5,202 Unrecognized deductible temporary differences ​ $ 95,686 ​ $ 115,504 ​
Schedule of recognized deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ 2022 2021 Property, plant and equipment ​ $ (216) ​ $ (8,173) Site closure provisions ​ ​ 2,363 ​ ​ — Long term debt ​ — ​ (1,786) Non capital losses ​ 1,397 ​ 10,447 Intercompany debt ​ ​ (1,619) ​ ​ — Other ​ 480 ​ (488) Recognized deferred tax assets (liabilities) ​ $ 2,405 ​ $ — ​
Schedule of deductible temporary differences expiry dates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax losses ​ December 31 ​ expire in years 2022 2021 Canada 2025 to 2042 ​ $ 61,214 ​ $ 46,354 Mexico 2027 to 2031 ​ — ​ 29,851 Panama 2023 to 2027 ​ 736 ​ 655 United States indefinite ​ 27,086 ​ 16

RECLASSIFICATION OF PRIOR PERIO

RECLASSIFICATION OF PRIOR PERIOD FIGURES (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of reclassifications or changes in presentation [abstract]
Schedule of reclassifications of prior period figures - IS	​ ​ ​ ​ ​ ​ 2021 As previously presented ​ Interest income and finance costs ​ $ (1,296) As currently presented ​ Interest income ​ $ 341 Interest and accretion expense ​ (1,637) ​ ​ $ (1,296) ​ ​ ​ ​ Revenue ​ As previously presented ​ $ 4,091 Refining and transportation reclassified to operating costs ​ 33 As currently presented ​ $ 4,124 ​ ​ ​ ​ Operating costs ​ As previously presented ​ $ 1,247 Refining and transportation reclassified from revenue ​ 33 As currently presented ​ $ 1,280 ​
Schedule of reclassifications of prior period figures - CF	​ ​ ​ ​ ​ ​ 2021 Operating activities – As previously presented ​ Other gains and losses ​ $ (211) Exploration paid via issuance of common shares ​ 150 Changes in site closure provision charged to exploration expense ​ 84 ​ ​ $ 23 Operating activities – As currently presented ​ Other ​ $ 23 ​ ​ ​ ​ ​ ​ ​ ​ Financing activities – As previously presented ​ Proceeds from the issuance of common shares, net of issuance costs ​ $ 34,442 Proceeds from the exercise of warrants ​ 14,279 Proceeds from the exercise of stock options ​ 475 Share issuance costs ​ (1,000) ​ ​ $ 48,196 Financing activities – As currently presented ​ Proceeds from the issuance of common shares, net of issuance costs ​ $ 33,442 Proceeds from the issuance of stock options and warrants ​ 14,754 ​ ​ $ 48,196

BASIS OF PREPARATION (Details)

BASIS OF PREPARATION (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Minera Camino Rojo SA de CV
Subsidiaries
Proportion of ownership interest in subsidiary	100%	100%
Principal place of business of subsidiary	Mexico
Minera Cerro Quema SA
Subsidiaries
Proportion of ownership interest in subsidiary	100%	100%
Principal place of business of subsidiary	Panama
Gold Standard Ventures Corp.
Subsidiaries
Proportion of ownership interest in subsidiary	100%
Principal place of business of subsidiary	Canada
Gold Standard Ventures (US) Inc.
Subsidiaries
Proportion of ownership interest in subsidiary	100%
Principal place of business of subsidiary	USA
Madison Enterprises Inc.
Subsidiaries
Proportion of ownership interest in subsidiary	100%
Principal place of business of subsidiary	USA
Monitor Gold Corporation
Subsidiaries
Proportion of ownership interest in subsidiary	100%	100%
Principal place of business of subsidiary	USA

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Equipment (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
PROPERTY, PLANT AND EQUIPMENT
Impairment loss	$ 0
Vehicles
PROPERTY, PLANT AND EQUIPMENT
Useful life	4 years
Computer hardware and software
PROPERTY, PLANT AND EQUIPMENT
Useful life	3 years

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of major customers [line items]
Gold	$ 192,394	$ 4,094
Silver	836	30
Revenue	193,230	4,124
Revenue	193,230	4,124
Customer A
Disclosure of major customers [line items]
Revenue	129,866	$ 4,124
Customer B
Disclosure of major customers [line items]
Revenue	47,937
Other Customers
Disclosure of major customers [line items]
Revenue	$ 15,427

OPERATING COSTS - Operating cos

OPERATING COSTS - Operating costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING COSTS
Mining and processing costs	$ 44,538	$ 1,247
Refining and transportation costs	1,059	33
Total operating costs	$ 45,597	$ 1,280

OPERATING COSTS - Royalties (De

OPERATING COSTS - Royalties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of royalties [line items]
Royalties	$ 4,819	$ 111
Camino Rojo Project
Disclosure of royalties [line items]
Royalties	3,818	$ 111
Mexican 0.5% Extraordinary Mining Duty
Disclosure of royalties [line items]
Royalties	$ 1,001

DEPLETION AND DEPRECIATION (Det

DEPLETION AND DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
DEPLETION AND DEPRECIATION
Depletion of producing mineral property	$ 5,806
Depreciation of plant and equipment	9,147
Depletion and depreciation	$ 14,953

EXPLORATION AND EVALUATION EX_3

EXPLORATION AND EVALUATION EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Subsidiaries
EXPLORATION AND EVALUATION EXPENSES	$ 18,939	$ 15,108
Camino Rojo Project
Subsidiaries
EXPLORATION AND EVALUATION EXPENSES	3,765	9,908
Cerro Quema Project
Subsidiaries
EXPLORATION AND EVALUATION EXPENSES	7,176	4,771
Nevada projects
Subsidiaries
EXPLORATION AND EVALUATION EXPENSES	7,616	366
Other
Subsidiaries
EXPLORATION AND EVALUATION EXPENSES	$ 382	$ 63

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
GENERAL AND ADMINISTRATIVE EXPENSES
Office and administrative	$ 2,921	$ 1,911
Professional fees	2,237	1,702
Regulatory and transfer agent	301	662
Salaries and benefits	5,454	2,932
Total general and administrative expense	$ 10,913	$ 7,207

INTEREST AND ACCRETION EXPENS_2

INTEREST AND ACCRETION EXPENSE - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INTEREST AND ACCRETION EXPENSE
Interest	$ 7,368	$ 32
Accretion	1,522	1,605
Interest and accretion expense	$ 8,890	$ 1,637

INTEREST AND ACCRETION EXPENS_3

INTEREST AND ACCRETION EXPENSE - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INTEREST AND ACCRETION EXPENSE
Interest on lease liabilities	$ 87	$ 32
Other	126
Total interest expense	7,368	$ 32
Project loan (note XXX)
INTEREST AND ACCRETION EXPENSE
Interest expense on borrowings	869
Credit Facility
INTEREST AND ACCRETION EXPENSE
Interest expense on borrowings	4,903
Fresnillo obligation
INTEREST AND ACCRETION EXPENSE
Interest expense on borrowings	$ 1,383

INTEREST AND ACCRETION EXPENS_4

INTEREST AND ACCRETION EXPENSE - Accretion Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
LONG TERM DEBT
Accretion of site closure provision	$ 508	$ 223
Total accretion expense	1,522	1,605
Project loan (note XXX)
LONG TERM DEBT
Accretion expense	261
Newmont loan
LONG TERM DEBT
Accretion expense	366	$ 1,382
Credit Facility
LONG TERM DEBT
Accretion expense	$ 387

INVENTORY (Details)

INVENTORY (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current inventory
Stockpiled ore	$ 1,869,000	$ 2,458,000
In-process inventory	15,961,000	6,513,000
Finished goods	1,406,000
Materials and supplies	3,210,000	686,000
Inventory - current	22,446,000	9,657,000
Long term
Stockpiled ore	4,096,000	1,299,000
Inventory depreciation	6,341,000	0
Inventory write-down	$ 0	$ 0

VALUE ADDED TAXES RECOVERABLE (

VALUE ADDED TAXES RECOVERABLE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
VALUE ADDED TAXES RECOVERABLE
Long term portion	$ 4,400	$ 3,400
Long term portion	$ 5,229	$ 7,444

ACQUISITION OF GOLD STANDARD _3

ACQUISITION OF GOLD STANDARD VENTURES CORP. (Details) - Aug. 12, 2022 - Gold Standard Ventures Corp.	$ / shares	USD ($) shares
Ifrs Asset Acquisitions [Line Items]
Exchange Ratio		0.001193
Cash consideration per each Gold Standard share | $ / shares	$ 0.0001
Total cash consideration | $		$ 28,000
Number of shares issued as consideration		43,688,556
Number of replacement options issued		1,758,334

ACQUISITION OF GOLD STANDARD _4

ACQUISITION OF GOLD STANDARD VENTURES CORP. - Purchase Consideration Calculation (Details) - Gold Standard Ventures Corp.	Aug. 12, 2022 USD ($) shares
Ifrs Asset Acquisitions [Line Items]
Cash consideration	$ 28,000
Estimated fair value of 43,688,556 common shares issued by the Company	149,363,000
Estimated fair value of 1,758,334 Replacement Options issued by the Company	1,647,000
Transaction costs	3,030,000
Total purchase price	$ 154,068,000
Number of shares issued as consideration | shares	43,688,556
Number of replacement options issued | shares	1,758,334

ACQUISITION OF GOLD STANDARD _5

ACQUISITION OF GOLD STANDARD VENTURES CORP. - Assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Aug. 12, 2022	Dec. 31, 2021	Dec. 31, 2020
Ifrs Asset Acquisitions [Line Items]
Cash and cash equivalents	$ 96,278		$ 20,516	$ 72,180
Lease liabilities	(3,173)		$ (1,401)	$ (273)
Deferred revenue	$ (7,500)
Gold Standard Ventures Corp.
Ifrs Asset Acquisitions [Line Items]
Cash and cash equivalents		$ 1,821
Restricted cash (pursuant to environmental bonding)		2,704
Receivables and other assets		2,170
Right of use assets		117
Trade and other payables		(3,524)
Lease liabilities		(117)
Asset retirement obligations		(1,603)
Deferred revenue		(7,500)
Subtotal		(5,932)
Mineral properties - Nevada - South Railroad Project		146,000
Mineral properties - Nevada - Lewis Project		(14,000)
Total assets acquired and liabilities assumed, net		$ 154,068

ACQUISITION OF GOLD STANDARD _6

ACQUISITION OF GOLD STANDARD VENTURES CORP. - Additional Information (Details)			12 Months Ended
	Aug. 12, 2022 $ / shares	Aug. 12, 2022 USD ($)	Dec. 31, 2022 Y	Dec. 31, 2021 Y	Dec. 31, 2020 USD ($)	Aug. 12, 2022 USD ($) $ / $
Ifrs Asset Acquisitions [Line Items]
Stock options life | Y			5	5
Dividends | $		$ 0
Fair value recognized on acquisition | $						$ 7,500,000
Discount rate						6.5
Gold Standard Ventures Corp.
Ifrs Asset Acquisitions [Line Items]
Share price (in dollars per share)	$ 4.36
Exchange rate (CAD/USD) | $ / $						1.2741
Replacement Options, fair value assumptions, Share price (in dollars per share)	4.36
Replacement Options, fair value assumptions, Expected volatility (in percent)		45%
Stock options life		1.9
Replacement Options, fair value assumptions, Risk free interest rate (in percent)		3.30%
Weighted average fair value for Replacement Options (in dollars per share)	0.58
Gold Standard Ventures Corp. | Minimum
Ifrs Asset Acquisitions [Line Items]
Replacement Options, fair value assumptions, Exercise price (in dollars per share)	4.78
Gold Standard Ventures Corp. | Maximum
Ifrs Asset Acquisitions [Line Items]
Replacement Options, fair value assumptions, Exercise price (in dollars per share)	$ 18.87
Silver Stream
Ifrs Asset Acquisitions [Line Items]
Upfront cash payment | $					$ 2,000,000,000
Percentage of silver production to be delivered to investor					100%
Ongoing cash purchase price as percentage of prevailing silver price at the time of delivery					15%

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) km
PROPERTY, PLANT AND EQUIPMENT
Number of km from NE of the city of Zacatecas	190
Number of km from SW of the town of Concepcion del Oro	48
Number of km from SE of Newmont Penasquito Mine	54
Percentage of royalty payable	2%
Total cash consideration agreed to pay to Fresnillo | $	$ 62.8
Newmount
PROPERTY, PLANT AND EQUIPMENT
Percentage of royalty payable	2%
Minimum
PROPERTY, PLANT AND EQUIPMENT
Option to acquire interest in applicable sulphide project, Percentage	60%
Maximum
PROPERTY, PLANT AND EQUIPMENT
Option to acquire interest in applicable sulphide project, Percentage	70%

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in property, plant and equipment
Opening net book value	$ 7,635
Depreciation	9,147
Closing net book value	224,416	$ 7,635
Cost
Changes in property, plant and equipment
Opening net book value	8,684	1,165
Additions	14,642	5,118
Transfers from mineral properties under construction	223,163	2,484
Change in site closure provision	665
Leased assets derecognized at end of lease	(215)
Due to changes in exchange rates	(53)	(83)
Closing net book value	246,886	8,684
Accumulated depreciation
Changes in property, plant and equipment
Opening net book value	(1,049)	(455)
Leased assets derecognized at end of lease	(215)
Depreciation	21,647	600
Due to changes in exchange rates	(11)	6
Closing net book value	(22,470)	(1,049)
Producing mineral property
Changes in property, plant and equipment
Closing net book value	106,112
Producing mineral property | Cost
Changes in property, plant and equipment
Additions	6,616
Transfers from mineral properties under construction	127,002
Reclassification of capitalized interest	(19,020)
Change in site closure provision	1,155
Closing net book value	115,753
Producing mineral property | Accumulated depreciation
Changes in property, plant and equipment
Depreciation	9,641
Closing net book value	(9,641)
Buildings
Changes in property, plant and equipment
Opening net book value	60
Closing net book value	65,722	60
Buildings | Cost
Changes in property, plant and equipment
Opening net book value	66
Additions	1,788	67
Transfers from mineral properties under construction	58,869
Reclassification of capitalized interest	11,585
Change in site closure provision	(300)
Due to changes in exchange rates		(1)
Closing net book value	72,008	66
Buildings | Accumulated depreciation
Changes in property, plant and equipment
Opening net book value	(6)
Depreciation	6,280	6
Closing net book value	(6,286)	(6)
Machinery and equipment
Changes in property, plant and equipment
Opening net book value	4,888
Closing net book value	47,454	4,888
Machinery and equipment | Cost
Changes in property, plant and equipment
Opening net book value	5,238	392
Additions	3,272	2,437
Transfers from mineral properties under construction	36,684	2,484
Reclassification of capitalized interest	7,341
Change in site closure provision	(190)
Due to changes in exchange rates		(75)
Closing net book value	52,345	5,238
Machinery and equipment | Accumulated depreciation
Changes in property, plant and equipment
Opening net book value	(350)	(235)
Depreciation	4,541	115
Closing net book value	(4,891)	(350)
Other assets
Changes in property, plant and equipment
Opening net book value	973
Closing net book value	1,915	973
Other assets | Cost
Changes in property, plant and equipment
Opening net book value	1,261	435
Additions	666	845
Transfers from mineral properties under construction	608
Reclassification of capitalized interest	94
Due to changes in exchange rates	(9)	(19)
Closing net book value	2,620	1,261
Other assets | Accumulated depreciation
Changes in property, plant and equipment
Opening net book value	(288)	(162)
Depreciation	421	127
Due to changes in exchange rates	(4)	1
Closing net book value	(705)	(288)
Right of use assets
Changes in property, plant and equipment
Opening net book value	1,714
Closing net book value	3,213	1,714
Right of use assets | Cost
Changes in property, plant and equipment
Opening net book value	2,119	338
Additions	2,300	1,769
Leased assets derecognized at end of lease	(215)
Due to changes in exchange rates	(44)	12
Closing net book value	4,160	2,119
Right of use assets | Accumulated depreciation
Changes in property, plant and equipment
Opening net book value	(405)	(58)
Leased assets derecognized at end of lease	(215)
Depreciation	764	352
Due to changes in exchange rates	(7)	5
Closing net book value	$ (947)	$ (405)

MINERAL PROPERTIES AND RELATE_3

MINERAL PROPERTIES AND RELATED CONSTRUCTION (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT
Opening net book value		$ 213,749
Borrowing costs capitaliised	$ 0
Closing net book value			$ 213,749
Mineral properties under development and construction
PROPERTY, PLANT AND EQUIPMENT
Opening net book value		213,749	71,272
Additions		5,636	130,739
Borrowing costs capitaliised		4,085	13,967
Change in site closure provision		(238)	4,653
Transfers to equipment		(223,163)	(2,484)
Due to changes in exchange rates			(4,398)
Transfer to other non-current assets		(69)
Closing net book value			213,749
Cost
PROPERTY, PLANT AND EQUIPMENT
Due to changes in exchange rates		53	83
Cost | Mineral Properties | Mineral properties under development and construction
PROPERTY, PLANT AND EQUIPMENT
Opening net book value		102,072	39,272
Additions			62,800
Transfer within categories		(4,060)
Transfers to equipment		(98,012)
Closing net book value			102,072
Cost | Deposits to vendors on construction assets [Member] | Mineral properties under development and construction
PROPERTY, PLANT AND EQUIPMENT
Opening net book value		1,658	28,079
Additions			11,411
Transfer within categories		(1,589)	(37,832)
Transfer to other non-current assets		(69)
Closing net book value			1,658
Cost | Construction in progress | Mineral properties under development and construction
PROPERTY, PLANT AND EQUIPMENT
Opening net book value		96,721	4,845
Additions		5,636	56,528
Transfer within categories		(509)	37,832
Transfers to equipment		(101,848)	(2,484)
Closing net book value			96,721
Cost | Other assets
PROPERTY, PLANT AND EQUIPMENT
Due to changes in exchange rates		9	19
Cost | Other assets | Mineral properties under development and construction
PROPERTY, PLANT AND EQUIPMENT
Opening net book value		19,456	836
Borrowing costs capitaliised		4,085	13,967
Change in site closure provision		(238)	4,653
Transfers to equipment		(23,303)
Closing net book value			19,456
Accumulated depreciation
PROPERTY, PLANT AND EQUIPMENT
Due to changes in exchange rates		11	(6)
Accumulated depreciation | Mineral properties under development and construction
PROPERTY, PLANT AND EQUIPMENT
Opening net book value		(6,158)	(1,760)
Transfer within categories		6,158
Due to changes in exchange rates			(4,398)
Closing net book value			(6,158)
Accumulated depreciation | Other assets
PROPERTY, PLANT AND EQUIPMENT
Due to changes in exchange rates		$ 4	$ (1)

EXPLORATION AND EVALUATION PR_3

EXPLORATION AND EVALUATION PROPERTIES (Details)	2 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2022 USD ($) ha Option	Dec. 31, 2017
Mineral Properties
Percentage of royalty payable		2%
South Railroad Project
Mineral Properties
Work commitments		$ 1,000,000
Current gross lease payment		$ 1,311,100
South Railroad Project | Minimum
Mineral Properties
Percentage of royalty payable		1%
South Railroad Project | Maximum
Mineral Properties
Percentage of royalty payable		5%
Percentage of royalty payable for ceratin claims		1.50%
Lewis Gold Project
Mineral Properties
Percentage of interest acquired			100%
Monitor Gold Corporation
Mineral Properties
Number of separate option agreements | Option		100
Area | ha		2,800
Cerro Quema
Mineral Properties
Term of agreement	20 years
Term of extension		10 years

EXPLORATION AND EVALUATION PR_4

EXPLORATION AND EVALUATION PROPERTIES - Rollforward (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Changes in property, plant and equipment
At beginning of period	$ 82,743
At end of period	242,743
Mineral Properties
Changes in property, plant and equipment
At beginning of period	82,743
Acquisition of Gold Standard Ventures Corp.	160,000
At end of period	242,743
Cerro Quema | Mineral Properties
Changes in property, plant and equipment
At beginning of period	82,429
At end of period	82,429
Nevada projects | Mineral Properties
Changes in property, plant and equipment
At beginning of period	314
Acquisition of Gold Standard Ventures Corp.	160,000
At end of period	$ 160,314

EXPLORATION AND EVALUATION PR_5

EXPLORATION AND EVALUATION PROPERTIES - Minimum payments and work commitments (Details) - South Railroad Project $ in Thousands	Dec. 31, 2022 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Total work commitments	$ 3,200
Lease payments	3,128
Total	6,328
2023
Disclosure of detailed information about property, plant and equipment [line items]
Total work commitments	1,300
Lease payments	1,070
Total	2,370
2024
Disclosure of detailed information about property, plant and equipment [line items]
Total work commitments	1,300
Lease payments	682
Total	1,982
2025
Disclosure of detailed information about property, plant and equipment [line items]
Total work commitments	300
Lease payments	682
Total	982
2026
Disclosure of detailed information about property, plant and equipment [line items]
Total work commitments	300
Lease payments	694
Total	$ 994

TRADE AND OTHER PAYABLES (Detai

TRADE AND OTHER PAYABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Trade and OtherCurrent Payables.
Trade payables	$ 6,707	$ 5,966
Royalties payable	2,119	113
Payroll related liabilities	848	339
Current portion of lease obligations (note XXX)	846	372
Other	1,188	26
Total trade and other current payables	$ 11,708	$ 6,816

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current
Goods or services received awaiting vendor invoices	$ 3,139	$ 2,045
Land and water fees		1,795
Payroll related	2,532	1,244
Accrued interest on Credit Facility	1,660
Restricted share units expected to be cash settled	352
Other	284	575
Accrued liabilities - current	7,967	5,659
Long term
Payroll related	$ 172	$ 161

LONG TERM DEBT (Details)

LONG TERM DEBT (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LONG TERM DEBT
Current	$ 45,000	$ 25,293
Long term	100,795	136,060
Total	145,795	161,353
Camino Rojo project loan
LONG TERM DEBT
Long term		113,260	$ 60,696
Total		113,260
Newmont loan
LONG TERM DEBT
Current		10,293
Total		10,293
Credit Facility
LONG TERM DEBT
Current	22,200
Long term	100,795
Total	122,995
Fresnillo obligation
LONG TERM DEBT
Current	22,800	15,000
Long term		22,800
Total	$ 22,800	$ 37,800

CAMINO ROJO PROJECT LOAN (Detai

CAMINO ROJO PROJECT LOAN (Details) - Camino Rojo project loan $ in Millions	Dec. 31, 2019 USD ($) tranche
Disclosure of detailed information about borrowings [line items]
Notional amount | $	$ 125
Number of tranches | tranche	3
Interest rate	8.80%

CAMINO ROJO PROJECT LOAN - Long

CAMINO ROJO PROJECT LOAN - Long term debt (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Beginning		$ 136,060
Accretion during the period, capitalized	$ 0
Loss on early settlement of project loan		13,219
Ending		100,795	$ 136,060
Camino Rojo project loan
Disclosure of detailed information about borrowings [line items]
Beginning		113,260	60,696
Advances during the year			49,835
Accretion during the period, capitalized		3,612	12,430
Accretion during the period, expensed		1,130
Cash interest paid		3,633	9,613
Foreign exchange		88	(88)
Principal repayment including early repayment premium		127,500
Loss on early settlement of project loan		13,219
Ending			113,260
Camino Rojo project loan | Loan advances
Disclosure of detailed information about borrowings [line items]
Beginning		125,000	75,000
Advances during the year			50,000
Principal repayment including early repayment premium		127,500
Loss on early settlement of project loan		2,500
Ending			125,000
Camino Rojo project loan | Interest and Accretion
Disclosure of detailed information about borrowings [line items]
Accretion during the period, capitalized		2,764	9,613
Accretion during the period, expensed		869
Cash interest paid		3,633	9,613
Camino Rojo project loan | Transaction cost
Disclosure of detailed information about borrowings [line items]
Transaction costs, bgn		(11,740)	(14,304)
Advances during the year			165
Accretion during the period, capitalized		848	2,817
Accretion during the period, expensed		261
Foreign exchange		88	(88)
Loss on early settlement of project loan		$ 10,719
Transaction costs, end			$ (11,740)

CAMINO ROJO PROJECT LOAN - Loss

CAMINO ROJO PROJECT LOAN - Loss on early settlement of project loan (Details) shares in Millions		1 Months Ended	12 Months Ended
	Dec. 28, 2019 $ / shares	Dec. 31, 2019	Dec. 31, 2022 USD ($)	Dec. 31, 2019 USD ($) shares
Disclosure of detailed information about borrowings [line items]
Maturity term		5 years
Unamortized transaction costs written off (non-cash)			$ 10,719,000
Early repayment premium paid (cash)			2,500,000
Loss on early settlement of project loan			13,219,000
Camino Rojo project loan
Disclosure of detailed information about borrowings [line items]
Number of common purchase warrants issued | shares				32.5
Warrants exercise price | $ / shares	$ 3
Transaction costs				$ 12,039,000
Loss on early settlement of project loan			$ 13,219,000

NEWMONT LOAN - Long term debt (

NEWMONT LOAN - Long term debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INTEREST AND ACCRETION EXPENSE
Principal repayment	$ 10,836
Newmont loan
INTEREST AND ACCRETION EXPENSE
Beginning of the year	10,293	$ 9,440
Accretion during the year	366	1,382
Modification gains arising from changes in estimates		(220)
Foreign exchange	177	(309)
Principal repayment	$ 10,836
End of the year		$ 10,293

CREDIT FACILITY (Details)

CREDIT FACILITY (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Part	Apr. 28, 2022 USD ($)
Credit Facility
Disclosure of detailed information about borrowings [line items]
Number of parts of credit facility | Part	2
Term of credit facility	5 years
Term facility
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 100	$ 100
Number of equal quarterly instalments | Part	18
Revolving facility
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 50	$ 50
Maximum borrowing capacity	$ 75
Term of credit facility	3 years
Extension term of debt	1 year

CREDIT FACILITY (Details)_2

CREDIT FACILITY (Details)	12 Months Ended
	Dec. 31, 2022
Credit facility | Secured Overnight Financing Rate | Minimum
Disclosure of detailed information about borrowings [line items]
Applicable margin (as a percent)	2.75%
Credit facility | Secured Overnight Financing Rate | Maximum
Disclosure of detailed information about borrowings [line items]
Applicable margin (as a percent)	3.75%
Revolving facility | Minimum
Disclosure of detailed information about borrowings [line items]
Standby fee (as a percent)	0.6875%
Revolving facility | Maximum
Disclosure of detailed information about borrowings [line items]
Standby fee (as a percent)	0.9375%

CREDIT FACILITY - Credit agreem

CREDIT FACILITY - Credit agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in credit facility
At the beginning	$ 161,353
Principal repayments during the year	(10,836)
At the end	145,795	$ 161,353
Long term	100,795	136,060
Total	145,795	$ 161,353
Credit facility
Changes in credit facility
Advances during the year	130,000
Interest expense during the year	4,903
Transaction costs paid, which are accreted over the term of each facility	(1,866)
Accretion during the period, expensed	387
Interest paid during the year	(3,219)
Principal repayments during the year	(5,550)
Reallocated to accrued interest payable	(1,660)
At the end	122,995
Current	22,200
Long term	100,795
Total	122,995
Term facility
Changes in credit facility
Advances during the year	100,000
Interest expense during the year	3,772
Transaction costs paid, which are accreted over the term of each facility	(1,435)
Accretion during the period, expensed	304
Interest paid during the year	(2,481)
Principal repayments during the year	(5,550)
Reallocated to accrued interest payable	(1,272)
At the end	93,338
Current	22,200
Long term	71,138
Total	93,338
Revolving facility
Changes in credit facility
Advances during the year	30,000
Interest expense during the year	1,131
Transaction costs paid, which are accreted over the term of each facility	(431)
Accretion during the period, expensed	83
Interest paid during the year	(738)
Reallocated to accrued interest payable	(388)
At the end	29,657
Long term	29,657
Total	$ 29,657

CREDIT FACILITY - Closing of Cr

CREDIT FACILITY - Closing of Credit Facility (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Disclosure of detailed information about borrowings [line items]
Amount incurred in advisory, legal and upfront fees that were directly attributable to the Credit Facility	$ 2,153
Credit facility
Disclosure of detailed information about borrowings [line items]
Amount drawn down upon closing	130,000
Amount incurred in advisory, legal and upfront fees that were directly attributable to the Credit Facility	2,200
Term facility
Disclosure of detailed information about borrowings [line items]
Amount drawn down upon closing	100,000
Amount incurred in advisory, legal and upfront fees that were directly attributable to the Credit Facility	1,435
Revolving facility
Disclosure of detailed information about borrowings [line items]
Amount drawn down upon closing	$ 30,000

CREDIT FACILITY - Initial trans

CREDIT FACILITY - Initial transaction costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Disclosure of detailed information about borrowings [line items]
Total transaction costs incurred	$ 2,153
Credit facility
Disclosure of detailed information about borrowings [line items]
Total transaction costs incurred	$ 2,200
Term of credit facility	5 years
Term facility
Disclosure of detailed information about borrowings [line items]
Total transaction costs incurred	$ 1,435
Revolving facility
Disclosure of detailed information about borrowings [line items]
Amount allocated to drawn amount	431
Amount allocated to undrawn amount	$ 287
Term of credit facility	3 years

FRESNILLO OBLIGATION (Details)

FRESNILLO OBLIGATION (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 31, 2022	Feb. 22, 2021	Dec. 31, 2022	Dec. 31, 2021
INTEREST AND ACCRETION EXPENSE
Borrowing costs capitaliised	$ 0
Fresnillo obligation
INTEREST AND ACCRETION EXPENSE
Consideration for right to mine			$ 62,800
Percentage of interest payable		5%
Borrowing costs capitaliised			473	$ 1,654
Fresnillo obligation | Upon receipt of COFECE approval
INTEREST AND ACCRETION EXPENSE
Consideration for right to mine			25,000
Fresnillo obligation | Earlier of December 1, 2022, and 12 months following the commencement of commercial production
INTEREST AND ACCRETION EXPENSE
Consideration for right to mine			15,000
Fresnillo obligation | At the Camino Rojo Project
INTEREST AND ACCRETION EXPENSE
Consideration for right to mine			$ 22,800

FRESNILLO OBLIGATION - Long ter

FRESNILLO OBLIGATION - Long term debt (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Accretion during the period, capitalized	$ 0
Fresnillo obligation
Disclosure of detailed information about borrowings [line items]
Beginning of the year		$ 37,800
Initial recognition			$ 37,800
Accretion during the period, capitalized		473	1,654
Accretion expensed		1,383
Principal repayments during the year		(15,000)
Cash interest paid		1,856	1,654
End of the year		22,800	37,800
Current		22,800	15,000
Non-current			22,800
Total		$ 22,800	$ 37,800

LEASE OBLIGATIONS (Details)

LEASE OBLIGATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Mineral Properties
Lease obligations	$ 2,327	$ 1,029
Variable lease payments	$ 15,586	$ 4,579
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

LEASE OBLIGATIONS - Lease liabi

LEASE OBLIGATIONS - Lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
LEASE OBLIGATIONS
Beginning of year	$ 1,401	$ 273
Additions	2,300	1,769
Interest expense	87	32
Lease payments	(661)	(681)
Due to changes in exchange rates	46	8
End of period	3,173	1,401
Current	846	372
Non-current lease liabilities	2,327	1,029
Lease liabilities	$ 3,173	$ 1,401

LEASE OBLIGATIONS - Lease expen

LEASE OBLIGATIONS - Lease expenses recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
LEASE OBLIGATIONS
Interest on lease liabilities	$ 87	$ 32
Variable lease payments not included in the measurement of lease liabilities	15,586	4,579
Expenses relating to short-term leases	168	131
Expenses relating to leases of low-value assets, excluding short-term leases	108	155
Lease expenses	$ 15,949	$ 4,897

SITE CLOSURE PROVISIONS - Chang

SITE CLOSURE PROVISIONS - Changes in site closure provisions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in site closure provisions
Beginning balance	$ 5,460	$ 518
Acquisition of Gold Standard	1,603
Changes in cost estimates	351
Change in estimated cash flows resulting from current activities	427
Remediation activities conducted during the period	(88)
Change in estimated cash flows resulting from current activities		4,738
Accretion during the period	508	223
Foreign exchange		(19)
Ending balance	8,261	5,460
Non-current	8,261
Total other provisions	8,261	5,460
Camino Rojo Project
Changes in site closure provisions
Beginning balance	5,117	175
Changes in cost estimates	351
Change in estimated cash flows resulting from current activities	427
Remediation activities conducted during the period	(88)
Change in estimated cash flows resulting from current activities		4,738
Accretion during the period	494	223
Foreign exchange		(19)
Ending balance	6,301	5,117
Non-current	6,301
Total other provisions	6,301	5,117
Cerro Quema Project
Changes in site closure provisions
Beginning balance	343	343
Ending balance	343	343
Non-current	343
Total other provisions	343	$ 343
Nevada projects
Changes in site closure provisions
Acquisition of Gold Standard	1,603
Accretion during the period	14
Ending balance	1,617
Non-current	1,617
Total other provisions	$ 1,617

SITE CLOSURE PROVISIONS - (Deta

SITE CLOSURE PROVISIONS - (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Camino Rojo Project
Disclosure of other provisions [line items]
Undiscounted risk-adjusted cash flows	$ 8,644
Inflation rate	7%
Discount rate	9.60%
Cerro Quema Project
Disclosure of other provisions [line items]
Undiscounted risk-adjusted cash flows	$ 343
Nevada projects
Disclosure of other provisions [line items]
Undiscounted risk-adjusted cash flows	$ 1,724
Inflation rate	2.70%
Discount rate	3.20%

SHARE CAPITAL - Outstanding (De

SHARE CAPITAL - Outstanding (Details)			12 Months Ended
	Aug. 12, 2022 USD ($) shares	Aug. 12, 2022 CAD ($) shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 CAD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
Disclosure of classes of share capital [line items]
Weighted average | $ / shares				$ 3		$ 2.72	$ 2.64
Weighted average exercise price - Expired | $ / shares						2.35
Exercised (per share) I $ / shares | $ / shares				$ 1.95		$ 2.25
Proceeds from exercise of warrants			$ 830,000	$ 1,111,500
Share issue costs			$ 261,000		$ 1,000,000
Common shares issued
Disclosure of classes of share capital [line items]
Number of shares issued | shares				370,500
Gold Standard Ventures Corp.
Disclosure of classes of share capital [line items]
Number of shares issued | shares	43,688,556	43,688,556
Share issue costs	$ 261,000	$ 338,000
Warrants
Disclosure of classes of share capital [line items]
Outstanding, beginning balance			40,242,500		48,645,494
Exercised			(10,697,500)		(8,059,744)
Expired					(343,250)
Outstanding, ending balance			29,545,000		40,242,500
Price range one | Warrants
Disclosure of classes of share capital [line items]
Outstanding, beginning balance			4,742,500		7,782,994
Exercised			(4,742,500)		(7,439,744)
Expired					(343,250)
Outstanding, ending balance					4,742,500
Exercised (per share) I $ / shares | $ / shares			$ 1.65		$ 2.35
Price range two | Warrants
Disclosure of classes of share capital [line items]
Outstanding, beginning balance					370,000
Exercised					(370,000)
Exercised (per share) I $ / shares | $ / shares					$ 0.62
Price range three | Warrants
Disclosure of classes of share capital [line items]
Outstanding, beginning balance			4,742,500		4,992,500
Exercised					(250,000)
Outstanding, ending balance					4,742,500
Exercised (per share) I $ / shares | $ / shares					$ 1.65
Price range four | Warrants
Disclosure of classes of share capital [line items]
Outstanding, beginning balance			3,000,000		3,000,000
Exercised			(3,000,000)
Outstanding, ending balance					3,000,000
Exercised (per share) I $ / shares | $ / shares			$ 1.40		$ 1.40
Price range five | Warrants
Disclosure of classes of share capital [line items]
Outstanding, beginning balance			32,500,000		32,500,000
Exercised			(2,955,000)
Outstanding, ending balance			29,545,000		32,500,000
Exercised (per share) I $ / shares | $ / shares			$ 3		$ 3

EARNINGS (LOSS) PER SHARE - Bas

EARNINGS (LOSS) PER SHARE - Basic Earnings (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EARNINGS (LOSS) PER SHARE
Income (loss) for the period	$ 45,770	$ (26,278)
Weighted average number of common shares (thousands)	272,202	241,379
Basic earnings (loss) per share	$ 0.17	$ (0.11)

EARNINGS (LOSS) PER SHARE - Dil

EARNINGS (LOSS) PER SHARE - Diluted Earnings (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [line items]
Income (loss) for the period	$ 45,770	$ (26,278)
Weighted average number of common shares (thousands)
Weighted average number of common shares (thousands)	272,202	241,379
Weighted average number of ordinary shares	292,816	241,379
Diluted earnings (loss) per share	$ 0.16	$ (0.11)
Warrants
Weighted average number of common shares (thousands)
Weighted average number of ordinary shares	14,526
Stock options.
Weighted average number of common shares (thousands)
Weighted average number of ordinary shares	4,544
RSUs
Weighted average number of common shares (thousands)
Weighted average number of ordinary shares	392
Deferred Share Unit Plan
Weighted average number of common shares (thousands)
Weighted average number of ordinary shares	652
Bonus shares
Weighted average number of common shares (thousands)
Weighted average number of ordinary shares	500

SHARE-BASED PAYMENTS - Share-ba

SHARE-BASED PAYMENTS - Share-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED PAYMENTS
Share based payments expense	$ 2,447	$ 2,329
Stock options
SHARE-BASED PAYMENTS
Share based payments expense	1,396	1,350
RSUs
SHARE-BASED PAYMENTS
Share based payments expense	743	738
Deferred Share Unit Plan
SHARE-BASED PAYMENTS
Share based payments expense	$ 308	$ 241

SHARE-BASED PAYMENTS - Share op

SHARE-BASED PAYMENTS - Share option plan changes (Details)	12 Months Ended
	Dec. 31, 2022 Options Y $ / shares	Dec. 31, 2021 Options Y $ / shares
SHARE-BASED PAYMENTS
Stock options life | Y	5	5
On grant date
SHARE-BASED PAYMENTS
Vesting of stock options ( as a percentage)		33.33%
After grant date year one
SHARE-BASED PAYMENTS
Vesting of stock options ( as a percentage)	33.33%	33.33%
After grant date year two
SHARE-BASED PAYMENTS
Vesting of stock options ( as a percentage)	33.33%	33.33%
After grant date year three
SHARE-BASED PAYMENTS
Vesting of stock options ( as a percentage)	33.33%
Stock options
SHARE-BASED PAYMENTS
Balance | Options	9,900,874	9,959,927
Replacement Options issued | Options	1,758,334
Granted | Options	1,278,264	678,347
Exercised | Options	(3,674,769)	(687,400)
Expired, forfeited or cancelled | Options	83,814	50,000
Balance | Options	9,178,889	9,900,874
Vested (in shares) | Options	7,701,986	8,704,157
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares	$ 1.86	$ 1.60
Replacement Options issued | $ / shares	8.43
Granted | $ / shares	5.56	4.74
Exercised | $ / shares	1.34	0.87
Expired, forfeited or cancelled | $ / shares	16.81	1.39
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares	3.71	1.86
Vested, end of year | $ / shares	$ 3.38	$ 1.63
Stock options life | Y	3

SHARE-BASED PAYMENTS - Black-sc

SHARE-BASED PAYMENTS - Black-scholes (Details)		12 Months Ended
	Aug. 12, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($) Y	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($) Y	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
Disclosure of terms and conditions of share-based payment arrangement
Stock options life | Y			5		5
Dividends | $	$ 0
Stock options
Disclosure of terms and conditions of share-based payment arrangement
Grant date fair value		$ 3,145,000	$ 3,145,000	$ 1,032,000	$ 1,032,000	$ 4,094,000	$ 1,294,000
Share price at grant date				$ 4.74
Expected volatility, share options granted			46%		45%
Stock options life | Y			3
Risk free interest rate of share options granted			2.90%		1%
Dividends | $			$ 0		$ 0
Stock options | Minimum
Disclosure of terms and conditions of share-based payment arrangement
Share price at grant date		$ 3.71
Stock options | Maximum
Disclosure of terms and conditions of share-based payment arrangement
Share price at grant date		$ 5.98

SHARE-BASED PAYMENTS - Outstand

SHARE-BASED PAYMENTS - Outstanding (Details) - Stock options	12 Months Ended
	Dec. 31, 2022 Options $ / shares	Dec. 31, 2021 Options $ / shares	Dec. 31, 2020 Options
Disclosure of range of exercise prices of outstanding share options
Outstanding (in shares)	9,178,889	9,900,874	9,959,927
Vested (in shares)	7,701,986	8,704,157
Price range one
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 16.43	$ 1.39
Remaining life	0 years	6 months
Outstanding (in shares)	5,964	2,200,000
Vested (in shares)	5,964	2,200,000
Price range two
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 4.78	$ 1.25
Remaining life	1 month 6 days	1 year 4 months 24 days
Outstanding (in shares)	7,731	700,000
Vested (in shares)		700,000
Price range three
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 7.43	$ 1.25
Remaining life	2 months 12 days	1 year 6 months
Outstanding (in shares)	129	944,514
Vested (in shares)	43	944,514
Price range four
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 1.06	$ 1.25
Remaining life	2 months 12 days	1 year 8 months 12 days
Outstanding (in shares)	30,000	100,000
Vested (in shares)	30,000	100,000
Price range five
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 17.69	$ 1.30
Remaining life	2 months 12 days	1 year 10 months 24 days
Outstanding (in shares)	148,446	1,000,000
Vested (in shares)	148,446	1,000,000
Price range six
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 1.25	$ 1.06
Remaining life	4 months 24 days	2 years 2 months 12 days
Outstanding (in shares)	400,000	1,835,227
Vested (in shares)	400,000	1,835,227
Price range seven
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares		$ 1
Remaining life	6 months	2 years 4 months 24 days
Outstanding (in shares)	295,749	117,450
Vested (in shares)	246,797	117,450
Price range seven | Minimum
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 1.06
Price range seven | Maximum
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	5.98
Price range eight
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 1.25	$ 1.65
Remaining life	6 months	2 years 7 months 6 days
Outstanding (in shares)	746,770	103,212
Vested (in shares)	746,770	103,212
Price range nine
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares		$ 2.21
Remaining life	6 months	3 years 2 months 12 days
Outstanding (in shares)	224,773	1,022,124
Vested (in shares)	189,351	677,646
Price range nine | Minimum
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 1.06
Price range nine | Maximum
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	5.98
Price range ten
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 1.25	$ 2.39
Remaining life	8 months 12 days	3 years 3 months 18 days
Outstanding (in shares)	100,000	600,000
Vested (in shares)	100,000	400,000
Price range eleven
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 1.30	$ 2.58
Remaining life	10 months 24 days	3 years 3 months 18 days
Outstanding (in shares)	250,000	50,000
Vested (in shares)	250,000	33,334
Price Range twelve
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 14.59	$ 3.82
Remaining life	1 year 1 month 6 days	3 years 6 months
Outstanding (in shares)	112,611	300,000
Vested (in shares)	112,611	200,000
Price range thirteen
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 1.06	$ 6.03
Remaining life	1 year 2 months 12 days	3 years 7 months 6 days
Outstanding (in shares)	1,453,417	200,000
Vested (in shares)	1,453,417	133,334
Price range fourteen
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares		$ 5.80
Remaining life	1 year 7 months 6 days	3 years 8 months 12 days
Outstanding (in shares)	1,280,635	50,000
Vested (in shares)	1,280,635	33,334
Price range fourteen | Minimum
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 4.78
Price range fourteen | Maximum
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	8.81
Price range fifteen
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 1.65	$ 4.80
Remaining life	1 year 7 months 6 days	4 years 2 months 12 days
Outstanding (in shares)	103,212	578,347
Vested (in shares)	103,212	192,774
Price range sixteen
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 8.81	$ 4.76
Remaining life	2 years 1 month 6 days	4 years 3 months 18 days
Outstanding (in shares)	17,316	50,000
Vested (in shares)	17,316	16,666
Price range Seventeen
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 2.21	$ 4.04
Remaining life	2 years 2 months 12 days	4 years 9 months 18 days
Outstanding (in shares)	871,825	50,000
Vested (in shares)	871,825	16,666
Price range eighteen
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 2.39
Remaining life	2 years 3 months 18 days
Outstanding (in shares)	600,000
Vested (in shares)	600,000
Price range nineteen
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 2.58
Remaining life	2 years 3 months 18 days
Outstanding (in shares)	50,000
Vested (in shares)	50,000
Price range twenty
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 3.82
Remaining life	2 years 6 months
Outstanding (in shares)	300,000
Vested (in shares)	300,000
Price range twenty one
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 6.03
Remaining life	2 years 7 months 6 days
Outstanding (in shares)	200,000
Vested (in shares)	200,000
Price range twenty two
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 5.80
Remaining life	2 years 8 months 12 days
Outstanding (in shares)	50,000
Vested (in shares)	50,000
Price range twenty three
Disclosure of range of exercise prices of outstanding share options
Remaining life	2 years 8 months 12 days
Outstanding (in shares)	4,770
Vested (in shares)	4,770
Price range twenty three | Minimum
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 8.55
Price range twenty four
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 7.63
Remaining life	2 years 10 months 24 days
Outstanding (in shares)	5,964
Vested (in shares)	5,964
Price range twenty five
Disclosure of range of exercise prices of outstanding share options
Remaining life	3 years 1 month 6 days
Outstanding (in shares)	50,388
Vested (in shares)	42,922
Price range twenty five | Minimum
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 7.05
Price range twenty five | Maximum
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	7.43
Price range twenty six
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 4.80
Remaining life	3 years 2 months 12 days
Outstanding (in shares)	512,924
Vested (in shares)	341,944
Price range twenty seven
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 4.76
Remaining life	3 years 3 months 18 days
Outstanding (in shares)	50,000
Vested (in shares)	33,333
Price range twenty eight
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 4.04
Remaining life	3 years 9 months 18 days
Outstanding (in shares)	50,000
Vested (in shares)	33,333
Price range twenty nine
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 4.78
Remaining life	4 years
Outstanding (in shares)	40,566
Price range thirty
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 5.37
Remaining life	4 years 2 months 12 days
Outstanding (in shares)	250,000
Vested (in shares)	83,333
Price range thirty one
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 5.98
Remaining life	4 years 2 months 12 days
Outstanding (in shares)	611,515
Price range thirty two
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 3.88
Remaining life	4 years 6 months
Outstanding (in shares)	26,580
Price range thirty three
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 3.71
Remaining life	4 years 6 months
Outstanding (in shares)	50,000
Price range thirty four
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 5.06
Remaining life	4 years 10 months 24 days
Outstanding (in shares)	171,960
Price range thirty five
Disclosure of range of exercise prices of outstanding share options
Exercise price (per share) | $ / shares	$ 5.48
Remaining life	5 years
Outstanding (in shares)	105,644

SHARE BASED PAYMENTS - Subseque

SHARE BASED PAYMENTS - Subsequent (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Options	Dec. 31, 2022 CAD ($) Options	Dec. 31, 2021 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from exercise of options | $	$ 20,024		$ 14,754
Exercise of stock options
Disclosure of non-adjusting events after reporting period [line items]
Stock options exercised | Options	419,305	419,305
Proceeds from exercise of options	$ 351,000	$ 478,000

SHARE BASED PAYMENTS - RSU's (D

SHARE BASED PAYMENTS - RSU's (Details) - RSUs	12 Months Ended
	Dec. 31, 2022 USD ($) EquityInstruments	Dec. 31, 2021 USD ($) EquityInstruments	Dec. 31, 2022 CAD ($) EquityInstruments
Disclosure of Equity Instruments other than options
Outstanding, beginning balance	707,840	921,356
Awarded	172,301	235,091
Vested and settled (in shares)	(402,430)	(448,607)
Forfeitures during the period	(34,444)
Outstanding, ending balance	443,267	707,840
Number of instruments settled in cash	365,935		365,935
Cash proceeds from settlement of instruments | $	$ 1,732,000	$ 0
Number of instruments expected to be settled in cash	94,063		94,063
Fair value of instruments	$ 351,738		$ 476,394
2022
Disclosure of Equity Instruments other than options
Outstanding, beginning balance	444,301
Outstanding, ending balance		444,301
2023
Disclosure of Equity Instruments other than options
Outstanding, beginning balance	185,179
Outstanding, ending balance	262,738	185,179
2024
Disclosure of Equity Instruments other than options
Outstanding, beginning balance	78,360
Outstanding, ending balance	126,812	78,360
2025
Disclosure of Equity Instruments other than options
Outstanding, ending balance	53,717
After award date year one
Disclosure of Equity Instruments other than options
Vesting of stock options ( as a percentage)	33.33%
After award date year two
Disclosure of Equity Instruments other than options
Vesting of stock options ( as a percentage)	33.33%
After award date year three
Disclosure of Equity Instruments other than options
Vesting of stock options ( as a percentage)	33.33%

SHARE BASED PAYMENTS - Deferred

SHARE BASED PAYMENTS - Deferred Share Units (Details) - Deferred Share Unit Plan	12 Months Ended
	Dec. 31, 2022 USD ($) EquityInstruments	Dec. 31, 2021 USD ($) EquityInstruments
Disclosure of Equity Instruments other than options
Outstanding, beginning balance	707,028	644,525
Awarded and vested immediately	69,290	62,503
Vested and settled (in shares)	(216,593)
Outstanding, ending balance	559,725	707,028
Number of instruments settled in cash	104,759
Cash proceeds from settlement of instruments | $	$ 330,000	$ 0

SHARE BASED PAYMENTS - Bonus Un

SHARE BASED PAYMENTS - Bonus Units (Details) - Bonus shares - EquityInstruments	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2022	Dec. 31, 2021
Disclosure of Equity Instruments other than options
Outstanding		500,000	500,000
Vested (in shares)		500,000	500,000
Directors
Disclosure of Equity Instruments other than options
Awarded	500,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Share based payments	$ 1,987,000	$ 1,750,000
Total Key Management compensation	6,149,000	3,513,000
Accrued short term	1,147,000	783,000
Directors
Disclosure of transactions between related parties [line items]
Salaries and short term incentives paid	291,000	183,000
Consulting fees
Disclosure of transactions between related parties [line items]
Salaries and short term incentives paid	$ 3,871,000	$ 1,580,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Changes in non-cash working capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SUPPLEMENTAL CASH FLOW INFORMATION
Accounts receivable and prepaid expenses	$ (47)	$ (604)
Inventory	(9,177)	(10,846)
Value added taxes recoverable	(8,044)
Trade and other payables	3,378	3,335
Accrued liabilities	(1,891)	1,470
Changes in non-cash working capital	$ (15,781)	$ (6,645)

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Initial recognition of right of use assets with an offset to lease obligation	$ 2,300	$ 1,769
Interest on lease liabilities	87	32
Common shares issued upon acquisition of Gold Standard, credited to share capital with an offset to the assets acquired and liabilities assumed	149,363
Replacement options issued upon acquisition of Gold Standard, credited to reserves with an offset to the assets acquired and liabilities assumed	1,647
Stock options
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Liabilities arising from financing activities	3,033	277
RSUs
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Shares issued	541	487
Deferred Stock Unit
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Liabilities arising from financing activities	324
Warrants Exercised [member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Liabilities arising from financing activities	$ 5,143	2,140
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, 2022	Dec. 31, 2021
Disclosure of geographical areas [line items]
Revenue	$ 193,230	$ 4,124
Cost of sales	(65,369)	(1,391)
EARNINGS FROM MINING OPERATIONS	127,861	2,733
Exploration and evaluation expenses	(18,939)	(15,108)
General and administrative expenses	(10,913)	(7,207)
Depreciation	(277)	(154)
Share based payments	(2,447)	(2,329)
Interest income	2,167	341
Interest and accretion expense	(8,890)	(1,637)
Loss on early settlement of project loan	(13,219)
Interest and finance costs		(1,296)
Foreign exchange	3,014	(3,726)
Other gain (loss)	41	809
Income taxes	(32,628)
INCOME (LOSS) FOR THE PERIOD	45,770	(26,278)
Property, plant and equipment	224,416	7,635
Mineral properties under development and construction		213,749
Exploration and evaluation properties	242,743	82,743
Total assets	613,816	364,895
Total liabilities	(216,832)	(180,478)
Mexico
Disclosure of geographical areas [line items]
Revenue	193,109	4,124
Cost of sales	(65,320)	(1,391)
EARNINGS FROM MINING OPERATIONS	127,789	2,733
Exploration and evaluation expenses	(3,765)	(9,908)
Depreciation	(23)
Share based payments	(37)	(89)
Interest income	1,844
Interest and accretion expense	(2,315)
Interest and finance costs		(1,406)
Foreign exchange	(778)	(3,956)
Other gain (loss)		220
Income taxes	(29,478)
INCOME (LOSS) FOR THE PERIOD	93,237	(12,406)
Property, plant and equipment	222,767	7,466
Mineral properties under development and construction		213,749
Total assets	348,390	267,403
Panama
Disclosure of geographical areas [line items]
Exploration and evaluation expenses	(7,176)	(4,771)
Depreciation	(15)	(36)
Share based payments	(70)	(51)
INCOME (LOSS) FOR THE PERIOD	(7,261)	(4,858)
Property, plant and equipment	39	37
Exploration and evaluation properties	82,429	82,429
Total assets	83,291	83,162
USA
Disclosure of geographical areas [line items]
Exploration and evaluation expenses	(7,616)	(366)
Depreciation	(45)
Interest and accretion expense	(35)
Foreign exchange	37
Other gain (loss)	39
INCOME (LOSS) FOR THE PERIOD	(7,620)	(366)
Property, plant and equipment	577
Exploration and evaluation properties	160,314	314
Total assets	163,857	314
Canada
Disclosure of geographical areas [line items]
Revenue	121
Cost of sales	(49)
EARNINGS FROM MINING OPERATIONS	72
Exploration and evaluation expenses	(382)	(63)
General and administrative expenses	(10,913)	(7,207)
Depreciation	(194)	(118)
Share based payments	(2,340)	(2,189)
Interest income	323
Interest and accretion expense	(6,540)
Loss on early settlement of project loan	(13,219)
Interest and finance costs		(110)
Foreign exchange	3,755	230
Other gain (loss)	2	589
Income taxes	(3,150)
INCOME (LOSS) FOR THE PERIOD	(32,586)	(8,648)
Property, plant and equipment	1,033	132
Total assets	$ 18,278	$ 14,016

CAPITAL MANAGEMENT (Details)

CAPITAL MANAGEMENT (Details) - USD ($) $ in Millions		12 Months Ended
	Apr. 28, 2022	Dec. 31, 2022	Dec. 31, 2019
Disclosure of risk management strategy related to hedge accounting [line items]
Debt instrument credit facility leverage ratio		3%
Credit facility
Disclosure of risk management strategy related to hedge accounting [line items]
Notional amount	$ 100
Amount drawn down upon closing	$ 50	$ 30
Camino Rojo project loan
Disclosure of risk management strategy related to hedge accounting [line items]
Notional amount			$ 125
Minimum | Credit facility
Disclosure of risk management strategy related to hedge accounting [line items]
Working capital		15
Maximum | Credit facility
Disclosure of risk management strategy related to hedge accounting [line items]
Working capital		$ 151.6

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fresnillo obligation
Financial Instruments
Discount rate	7.50%	5%
Credit facility
Financial Instruments
Discount rate	7.50%
Carrying value
Financial Instruments
Financial assets	$ 100,027	$ 24,495
Financial liabilities	165,786	174,379
Carrying value | Amortized cost, liabilities | Trade payables
Financial Instruments
Financial liabilities	8,851	5,966
Carrying value | Amortized cost, liabilities | Accrued liabilities
Financial Instruments
Financial liabilities	7,967	5,659
Carrying value | Amortized cost, liabilities | Fresnillo obligation
Financial Instruments
Financial liabilities	22,800	37,800
Carrying value | Amortized cost, liabilities | Lease obligation
Financial Instruments
Financial liabilities	3,173	1,401
Carrying value | Amortized cost, liabilities | Credit facility
Financial Instruments
Financial liabilities	122,995
Carrying value | Amortized cost, liabilities | Camino Rojo project loan
Financial Instruments
Financial liabilities		113,260
Carrying value | Amortized cost, liabilities | Newmont loan
Financial Instruments
Financial liabilities		10,293
Carrying value | FVTPL, financial asset | Cash and cash equivalents.
Financial Instruments
Financial assets	96,278	20,516
Carrying value | Amortized costs, financial asset | Accounts receivable
Financial Instruments
Financial assets	317	299
Carrying value | Amortized costs, financial asset | Restricted funds
Financial Instruments
Financial assets	3,432	3,680
Fair value
Financial Instruments
Financial assets	100,027	24,495
Financial liabilities	166,737	199,105
Fair value | Amortized cost, liabilities | Trade payables
Financial Instruments
Financial liabilities	8,851	5,966
Fair value | Amortized cost, liabilities | Accrued liabilities
Financial Instruments
Financial liabilities	7,967	5,659
Fair value | Amortized cost, liabilities | Fresnillo obligation
Financial Instruments
Financial liabilities	22,296	37,800
Fair value | Amortized cost, liabilities | Lease obligation
Financial Instruments
Financial liabilities	3,173	1,401
Fair value | Amortized cost, liabilities | Credit facility
Financial Instruments
Financial liabilities	124,450
Fair value | Amortized cost, liabilities | Camino Rojo project loan
Financial Instruments
Financial liabilities		137,746
Fair value | Amortized cost, liabilities | Newmont loan
Financial Instruments
Financial liabilities		10,533
Fair value | FVTPL, financial asset | Cash and cash equivalents.
Financial Instruments
Financial assets	96,278	20,516
Fair value | Amortized costs, financial asset | Accounts receivable
Financial Instruments
Financial assets	317	299
Fair value | Amortized costs, financial asset | Restricted funds
Financial Instruments
Financial assets	3,432	3,680
Approximate fair value due to short term nature of the instrument
Financial Instruments
Financial assets	296	283
Financial liabilities	16,466	11,625
Approximate fair value due to short term nature of the instrument | Amortized cost, liabilities | Trade payables
Financial Instruments
Financial liabilities	8,851	5,966
Approximate fair value due to short term nature of the instrument | Amortized cost, liabilities | Accrued liabilities
Financial Instruments
Financial liabilities	7,615	5,659
Approximate fair value due to short term nature of the instrument | Amortized costs, financial asset | Accounts receivable
Financial Instruments
Financial assets	296	283
Level 1 of fair value hierarchy [member] | Fair value
Financial Instruments
Financial assets	99,731	20,532
Financial liabilities	352
Level 1 of fair value hierarchy [member] | Fair value | Amortized cost, liabilities | Accrued liabilities
Financial Instruments
Financial liabilities	352
Level 1 of fair value hierarchy [member] | Fair value | FVTPL, financial asset | Cash and cash equivalents.
Financial Instruments
Financial assets	96,278	20,516
Level 1 of fair value hierarchy [member] | Fair value | Amortized costs, financial asset | Accounts receivable
Financial Instruments
Financial assets	21	16
Level 1 of fair value hierarchy [member] | Fair value | Amortized costs, financial asset | Restricted funds
Financial Instruments
Financial assets	3,432
Level 2 of fair value hierarchy [member] | Fair value
Financial Instruments
Financial assets		3,680
Financial liabilities	3,173	187,480
Level 2 of fair value hierarchy [member] | Fair value | Amortized cost, liabilities | Fresnillo obligation
Financial Instruments
Financial liabilities		37,800
Level 2 of fair value hierarchy [member] | Fair value | Amortized cost, liabilities | Lease obligation
Financial Instruments
Financial liabilities	3,173	1,401
Level 2 of fair value hierarchy [member] | Fair value | Amortized cost, liabilities | Camino Rojo project loan
Financial Instruments
Financial liabilities		137,746
Level 2 of fair value hierarchy [member] | Fair value | Amortized cost, liabilities | Newmont loan
Financial Instruments
Financial liabilities		10,533
Level 2 of fair value hierarchy [member] | Fair value | Amortized costs, financial asset | Restricted funds
Financial Instruments
Financial assets		$ 3,680
Level 3 of fair value hierarchy [member] | Fair value
Financial Instruments
Financial liabilities	146,746
Level 3 of fair value hierarchy [member] | Fair value | Amortized cost, liabilities | Fresnillo obligation
Financial Instruments
Financial liabilities	22,296
Level 3 of fair value hierarchy [member] | Fair value | Amortized cost, liabilities | Credit facility
Financial Instruments
Financial liabilities	$ 124,450

FINANCIAL INSTRUMENTS - Liquidi

FINANCIAL INSTRUMENTS - Liquidity risk (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments
Borrowings	$ 145,795	$ 161,353
Liquidity risk
Financial Instruments
Financial liabilities	190,199	221,465
Trade and other payables	8,851	5,966
Accrued liabilities	7,967	5,659
Lease obligation	3,527	1,417
Credit facility	146,006
Liquidity risk | Camino Rojo project loan
Financial Instruments
Borrowings		157,083
Liquidity risk | Newmont loan
Financial Instruments
Borrowings		10,662
Liquidity risk | Fresnillo obligation
Financial Instruments
Trade and other payables	23,848	40,678
Less than 3 months | Liquidity risk
Financial Instruments
Financial liabilities	25,161	14,962
Trade and other payables	8,851	5,966
Accrued liabilities	7,967	5,659
Lease obligation	248	114
Credit facility	7,810
Less than 3 months | Liquidity risk | Camino Rojo project loan
Financial Instruments
Borrowings		2,750
Less than 3 months | Liquidity risk | Fresnillo obligation
Financial Instruments
Trade and other payables	285	473
Between 3 months and 1 year | Liquidity risk
Financial Instruments
Financial liabilities	47,174	35,558
Lease obligation	743	289
Credit facility	22,868
Between 3 months and 1 year | Liquidity risk | Camino Rojo project loan
Financial Instruments
Borrowings		8,250
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 and other payables	23,563	16,357
Between 1 year and 3 years | Liquidity risk
Financial Instruments
Financial liabilities	86,876	170,425
Lease obligation	1,310	494
Credit facility	85,566
Between 1 year and 3 years | Liquidity risk | Camino Rojo project loan
Financial Instruments
Borrowings		146,083
Between 1 year and 3 years | Liquidity risk | Fresnillo obligation
Financial Instruments
Trade and other payables		23,848
Later than 3 years | Liquidity risk
Financial Instruments
Financial liabilities	30,988	520
Lease obligation	1,226	$ 520
Credit facility	$ 29,762

FINANCIAL INSTRUMENTS - Commodi

FINANCIAL INSTRUMENTS - Commodity price risk and Currency risk (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Currency risk
Financial Instruments
Percentage of reasonably possible increase in unobservable input, assets	10%
Percentage of reasonably possible decrease in unobservable input, liabilities	10%
Increase (decrease) in fair value measurement due to reasonably possible increase	$ 4,500,000	$ 12,200,000
Increase (decrease) in fair value measurement due to reasonably possible decrease	600,000	4,200,000
Interest rate risk
Financial Instruments
Increase (decrease) in fair value measurement due to reasonably possible increase	$ 361,000	520,000
Fresnillo obligation
Financial Instruments
Applicable margin (as a percent)	5%
Gold and silver | Commodity Price risk | Price
Financial Instruments
Percentage of reasonably possible increase in unobservable input, assets	10%
Increase in revenue due to increase in price	$ 19,323,000	$ 409,000

FINANCIAL INSTRUMENTS - Financi

FINANCIAL INSTRUMENTS - Financial instruments (Details)	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 MXN ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 MXN ($)	Dec. 31, 2021 CAD ($) $ / shares	Dec. 31, 2021 CAD ($) $ / shares	Dec. 31, 2021 CAD ($) $ / $	Dec. 31, 2022 USD ($)	Dec. 31, 2022 MXN ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 MXN ($)
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	$ 10,964,000	$ (69,269,000)	$ (127,410,000)	$ 5,919,000	$ (143,874,000)	$ (219,835,000)
Exchange rate	1.3544	1	19.3615				1.2678	1	20.5835
Equivalent US dollars	$ 8,095,000			4,669,000			$ 4,669,000	$ 4,669,000	$ 4,669,000	$ (69,269,000)	$ (6,581,000)	$ (143,874,000)	$ (10,680,000)
Trade payables
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	(337,000)	$ (6,104,000)	$ (87,298,000)	(128,000)	(2,642,000)	(66,350,000)
Lease obligations
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	(1,323,000)	(1,103,000)	(21,158,000)	(74,000)	(520,000)	(16,935,000)
Camino Rojo project loan
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency					(113,260,000)
Newmont loan
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency						(211,881,000)
Fresnillo obligation
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	0	(22,800,000)			(37,800,000)
Accrued liabilities
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	(2,972,000)	(4,447,000)	(25,679,000)	(1,637,000)	(2,226,000)	(44,070,000)
Credit Facility
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	0	(122,995,000)
Cash
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	15,498,000	84,771,000	1,250,000	7,583,000	12,061,000	50,923,000
Accounts receivable
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	28,000	29,000	$ 5,475,000	20,000	4,000	5,733,000
Restricted funds
Disclosure of maturity analysis for derivative financial liabilities [line items]
Total foreign currency	$ 70,000	$ 3,380,000		$ 155,000	$ 509,000	$ 62,745,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
South Railroad Project
Commitments and Contingencies
Capital commitments	$ 3,200,000
Period for completing capital commitments	24 months
South Railroad Project | Minimum
Commitments and Contingencies
Capital commitments	$ 800,000
Purchase orders and contracts
Commitments and Contingencies
Capital commitments	$ 2,019,000	$ 8,560,000
Period for completing capital commitments	12 months
Severance payments
Commitments and Contingencies
Financial effect	$ 3,700,000	$ 3,220,000

TAX EXPENSE - Tax amounts recog

TAX EXPENSE - Tax amounts recognized in profit or loss (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) component
TAX EXPENSE
Number of components of current income tax expense | component	3
Special Mining Duty	7.50%
Current income tax expense	$ 22,512
Mexican 7.5% Special Mining Duty	9,371
Withholding taxes	3,150
Deferred income tax (recovery)	(2,698)
Deferred Mexican 7.5% Special Mining Duty expense	293
Tax expenses (Total income taxes)	$ 32,628

TAX EXPENSE - Reconciliation of

TAX EXPENSE - Reconciliation of tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of average effective tax rate and applicable tax rate
Income (loss) before tax	$ 78,398	$ (26,278)
Statutory income tax rate	26.80%	26.80%
Expected income tax	$ 21,036	$ (7,042)
Differences between Canadian and foreign tax rates	4,117	(744)
Items not deductible for tax purposes		2,850
Items not deductible for tax purposes (credit)	4,508
Share based compensation	107	587
Change in unrecognized deductible temporary differences	(7,778)	6,208
True ups	1,901	(1,913)
Effect of changes in tax rates from prior years		(71)
Effect of changes in foreign exchange rates	(2,371)	393
Inflationary adjustment and other	(1,532)	$ (268)
Mexican special mining duty	9,576
Tax expenses (Total income taxes)	$ 32,628
Effective tax rate	41.60%

TAX EXPENSE - Unrecognized dedu

TAX EXPENSE - Unrecognized deductible temporary differences (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
TAX EXPENSE
Unrecognized deductible temporary differences	$ 95,686	$ 115,504
Mineral properties and exploration expenditures
TAX EXPENSE
Unrecognized deductible temporary differences	30,467	55,548
Equipment
TAX EXPENSE
Unrecognized deductible temporary differences	1,251	1,814
Site closure provisions
TAX EXPENSE
Unrecognized deductible temporary differences	356	5,460
Share issue costs
TAX EXPENSE
Unrecognized deductible temporary differences	3,452	5,724
Long term debt
TAX EXPENSE
Unrecognized deductible temporary differences	6,570
Non-capital losses
TAX EXPENSE
Unrecognized deductible temporary differences	53,436	41,343
Intercompany debt
TAX EXPENSE
Unrecognized deductible temporary differences		413
Other
TAX EXPENSE
Unrecognized deductible temporary differences		$ 5,202
Unrecognized deductible temporary differences (liability)	$ 154

TAX EXPENSE - Recognized deferr

TAX EXPENSE - Recognized deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
TAX EXPENSE
Recognized deferred tax assets (liabilities)	$ 2,405
Property, plant and equipment [member]
TAX EXPENSE
Recognized deferred tax assets (liabilities)	(216)	$ (8,173)
Site closure provisions [member]
TAX EXPENSE
Recognized deferred tax assets (liabilities)	2,363
Long term debt
TAX EXPENSE
Recognized deferred tax assets (liabilities)		(1,786)
Non-capital losses
TAX EXPENSE
Recognized deferred tax assets (liabilities)	1,397	10,447
Intercompany debt
TAX EXPENSE
Recognized deferred tax assets (liabilities)	(1,619)
Other
TAX EXPENSE
Recognized deferred tax assets (liabilities)	$ 480	$ (488)

TAX EXPENSE - Temporary differe

TAX EXPENSE - Temporary difference on investment in subsidiaries (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
TAX EXPENSE
Temporary differences associated with investments in subsidiaries for which a deferred income tax liability has not been recognized	$ 62	$ 5

TAX EXPENSE - Tax loss carryfor

TAX EXPENSE - Tax loss carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Canada
TAX EXPENSE
Tax loss carryforwards	$ 61,214	$ 46,354
Mexico
TAX EXPENSE
Tax loss carryforwards		29,851
Panama
TAX EXPENSE
Tax loss carryforwards	736	655
USA
TAX EXPENSE
Tax loss carryforwards	$ 27,086	$ 16

RECLASSIFICATIONS OF PRIOR PE_2

RECLASSIFICATIONS OF PRIOR PERIOD FIGURES (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 USD ($)
Disclosure of reclassifications or changes in presentation [line items]
Interest income and finance costs	$ (6,723,000)		$ (1,296,000)
Interest income	2,167,000		341,000
Interest and accretion expense	(8,890,000)		(1,637,000)
Revenue	193,230,000		4,124,000
Refining and transportation costs	1,059,000		33,000
Operating costs	45,597,000		1,280,000
Other gains and losses	(31,000)		23,000
Proceeds from exercise of warrants	830,000	$ 1,111,500
Proceeds from exercise of options	$ 20,024,000		14,754,000
Financing activities breakdown between previously and currently presented			48,196,000
As previously presented
Disclosure of reclassifications or changes in presentation [line items]
Interest income and finance costs			(1,296,000)
Revenue			4,091,000
Operating costs			1,247,000
Other gains and losses			(211,000)
Exploration expense paid via the issuance of common shares			150,000
Changes in site closure provisions charged to exploration expense			84,000
Proceeds from issuance of common shares, net of issuance costs			34,442,000
Proceeds from exercise of warrants			14,279,000
Proceeds from exercise of options			475,000
Common share issuance costs			(1,000,000)
Grouping and disaggregation
Disclosure of reclassifications or changes in presentation [line items]
Interest income			341,000
Interest and accretion expense			(1,637,000)
Refining and transportation costs			33,000
Proceeds from issuance of common shares, net of issuance costs			33,442,000
Proceeds from exercise of options			$ 14,754,000