Sierra Metals (SMTSF) 40-F/A 21 Mar 22 2021 FY Annual report (Canada) (amended) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Registration Statement	false
Entity Registrant Name	Sierra Metals Inc.
Entity Primary SIC Number	1021
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	M5J 2S1
Entity Address, Address Line One	161 Bay Street
Entity Address, Address Line Two	Suite 4260
City Area Code	416
Local Phone Number	366-7777
Title of 12(b) Security	Common Shares
Security Exchange Name	NYSE
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Central Index Key	0001705259
Document Type	40-F/A
Document Period End Date	Dec. 31, 2021
Amendment Flag	true
Amendment Description	(Amendment No. 1)
Entity Incorporation State Code	Z4
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding	163,428,150
Entity Interactive Data Current	Yes
Entity File Number	001-38141
Document Annual Report	true
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	271
Auditor Location	Toronto, Canada
No Trading Symbol Flag	true
Business Contact [Member]
Document Information [Line Items]
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
Entity Address, Address Line One	10 East 40th Street
Entity Address, Address Line Two	10th Floor
City Area Code	800
Local Phone Number	221-0102
Contact Personnel Name	Cogency Global Inc.

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 34,929	$ 71,473
Trade and other receivables	37,122	38,694
Income tax receivable	4,857	438
Prepaid expenses	2,538	1,968
Inventories	26,677	23,476
Total Current assets	106,123	136,049
Non-current assets:
Property, plant and equipment	289,615	301,786
Deferred income tax	1,086	1,757
Total assets	396,824	439,592
Current liabilities:
Accounts payable and accrued liabilities	44,308	30,317
Income tax payable	7,444	7,545
Loans payable	24,855	18,480
Decommissioning liability	1,012	1,260
Other liabilities	11,183	7,562
Total Current liabilities	88,802	65,164
Non-current liabilities:
Loans payable	55,949	80,903
Deferred income tax	26,824	29,903
Decommissioning liability	17,140	21,207
Other liabilities	3,477	2,207
Total liabilities	192,192	199,384
EQUITY
Share capital	232,915	230,980
Accumulated deficit	(74,086)	(41,820)
Other reserves	10,420	11,840
Equity attributable to owners of the Company	169,249	201,000
Non-controlling interest	35,383	39,208
Total equity	204,632	240,208
Total liabilities and equity	$ 396,824	$ 439,592

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Income (Loss)
Revenue	$ 272,014	$ 246,888
Cost of sales
Mining costs	(146,095)	(123,649)
Depletion, depreciation and amortization	(44,700)	(41,654)
Cost of sales	(190,795)	(165,303)
Gross profit from mining operations	81,219	81,585
General and administrative expenses	(23,837)	(20,270)
Selling expenses	(9,882)	(10,195)
Asset impairment	(35,000)
Income from operations	12,500	51,120
Other expenses	(6,894)	(665)
Foreign currency exchange gain	583	2,911
Interest expense and other finance costs	(3,645)	(4,293)
Derivative instruments gains	451	904
Income before income tax	2,995	49,977
Income taxes recovery (expense):
Current tax expense	(27,543)	(20,535)
Deferred tax recovery (expense)	2,440	(2,051)
Income tax (expense) recovery	(25,103)	(22,586)
Net income (loss)	(22,108)	27,391
Net income (loss) attributable to:
Shareholders of the Company	(27,363)	23,419
Non-controlling interests	5,255	3,972
Total income (loss)	$ (22,108)	$ 27,391
Weighted average shares outstanding (000s)
Basic	163,276	162,638
Diluted	163,276	164,047
Basic income (loss) per share	$ (0.17)	$ 0.14
Diluted income (loss) per share	$ (0.17)	$ 0.14

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ (22,108)	$ 27,391
Items that may be subsequently classified to net loss:
Currency translation adjustments on foreign operations	(544)	130
Total comprehensive income (loss)	(22,652)	27,521
Total comprehensive income (loss) attributable to shareholders	(27,907)	23,549
Non-controlling interests	5,255	3,972
Total comprehensive income (loss) attributable to shareholders	$ (22,652)	$ 27,521

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Shares	Other reserves	Retained earnings (accumulated deficit)	Total attributable to shareholders	Non-controlling Interest	Total
Balance at Dec. 31, 2019	$ 230,456	$ 11,566	$ (65,239)	$ 176,783	$ 35,236	$ 212,019
Balance (in shares) at Dec. 31, 2019	162,115,379
Exercise of RSUs	$ 524	(524)	0	0	0	0
Exercise of RSUs (in shares)	695,174
Share-based compensation expense	$ 0	668	0	668	0	668
Total comprehensive income (loss)	0	130	23,419	23,549	3,972	27,521
Balance at Dec. 31, 2020	$ 230,980	11,840	(41,820)	201,000	39,208	240,208
Balance (in shares) at Dec. 31, 2020	162,810,553
Exercise of RSUs	$ 1,935	(1,935)	0	0	0	0
Exercise of RSUs (in shares)	617,597
Share-based compensation expense	$ 0	1,059	0	1,059	0	1,059
Dividends paid to shareholders (note 13 (c))			(4,903)	(4,903)		(4,903)
Dividends paid to non-controlling interest (note 14)					(9,080)	(9,080)
Total comprehensive income (loss)	0	(544)	(27,363)	(27,907)	5,255	(22,652)
Balance at Dec. 31, 2021	$ 232,915	$ 10,420	$ (74,086)	$ 169,249	$ 35,383	$ 204,632
Balance (in shares) at Dec. 31, 2021	163,428,150

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income (loss) from operations	$ (22,108)	$ 27,391
Items not affecting cash:
Depletion, depreciation and amortization	46,074	41,916
Share-based compensation	1,059	668
Impairment charge	35,000
Loss on disposals and write-offs	2,388	1,571
Change in supplies inventory reserve	2,291	176
Interest expense and other finance costs	3,652	4,592
Current income tax expense	27,543	20,535
Deferred income taxes expense (recovery)	(2,440)	2,051
Unrealized foreign currency exchange gain	(507)	(1,143)
Other non-cash items	453
Operating cash flows before movements in working capital	93,405	97,757
Net changes in non-cash working capital items	11,671	(16,991)
Decomissioning liabilities settled	(799)	(405)
Income tax paid	(32,032)	(13,380)
Cash generated from operating activities	72,245	66,981
Cash flows used in investing activities
Capital expenditures	(71,772)	(35,972)
Proceeds from sale of property, plant and equipment	0	901
Proceeds from insurance claim	0	822
Cash used in investing activities	(71,772)	(34,249)
Cash flows used in financing activities
Repayment of BCP loan	(18,750)	0
Loan interest paid	(3,209)	(4,066)
Repayment of lease liabilities	(946)
Dividends paid to non-controlling interest	(9,080)
Dividends paid to shareholders	(4,903)
Cash used in financing activities	(36,888)	(4,066)
Effect of foreign exchange rate changes on cash and cash equivalents	(129)	(173)
Increase (decrease) in cash and cash equivalents	(36,544)	28,493
Cash and cash equivalents, beginning of period	71,473	42,980
Cash and cash equivalents, end of period	$ 34,929	$ 71,473

Description of business and nat

Description of business and nature of operations	12 Months Ended
	Dec. 31, 2021
Description of business and nature of operations
Description of business and nature of operations	1 Description of business and nature of operations Sierra Metals Inc. (“Sierra Metals” or the “Company”) was incorporated under the Canada Business Corporations Act on April 11, 1996 and is a diversified Canadian mining company focused on the production, exploration and development of precious and base metals in Peru and Mexico. The Company’s key priorities are to generate strong cash flows and to maximize shareholder value. The Company’s shares are listed on the TSX, NYSE American Exchange, and the Bolsa de Valores de Lima (“BVL”) and its registered office is 161 Bay Street, Suite 4260, Toronto, Ontario, M5J 2S1, Canada. The Company owns an 81.84% interest in the polymetallic Yauricocha Mine in Peru and a 100% interest in the Bolivar and Cusi Mines in Mexico. In addition to its producing mines, the Company also owns various exploration projects in Mexico and Peru.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2021
Significant accounting policies
Significant accounting policies	2 Significant accounting policies The significant accounting policies used in the preparation of these consolidated financial statements are as follows: (a) Basis of preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). The financial statements were approved by the Board of Directors on March 14, 2022. (b) Basis of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries, which are entities controlled by the Company. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control commences until the date that control ceases. Non-controlling interests represent equity interests in subsidiaries owned by outside parties. Changes in the parent company’s ownership interest in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The principal subsidiaries of the Company and their geographical locations as at December 31, 2021 are as follows: ​ ​ ​ ​ ​ Name of the subsidiary Ownership interest Location Dia Bras EXMIN Resources Inc. 100% ​ Canada Sociedad Minera Corona, S. A. (“Corona”) 1 81.84% ​ Perú Dia Bras Peru, S. A. C. (“Dia Bras Peru”) 1 100% ​ Perú Dia Bras Mexicana, S. A. de C. V. (“Dia Bras Mexicana”) 100% ​ México EXMIN, S. A. de C. V. 100% ​ México Servicios de Produccion Y Extraccion de Chihuahua, S.A. de C.V 100% ​ México 1 The Company, through its wholly owned subsidiary Dia Bras Peru, holds an 81.84% interest in Corona, which represents 92.33% of the voting shares. The Company consolidates Corona’s financial results and records a non-controlling interest for the 18.16% that it does not own. 2 Significant accounting policies (continued) (c) Foreign currency translation (i) Functional currency Items included in the financial statements of each of the Company’s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Sierra Metals Inc., the parent entity, is the Canadian dollar (“C$”). The functional currency of the Mexican and Peruvian subsidiaries is the United States dollar. (ii) Presentation currency The presentation currency of the financial statements is United States dollar (“$”). The financial statements of entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities – at the closing rate at the date of the statement of financial position, income and expenses – at the average rate of the period (as this is considered a reasonable approximation of the actual rates prevailing at the transaction dates). All resulting differences are recognized in other comprehensive income as cumulative translation adjustments. (iii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in currencies other than an entity’s functional currency are recognized in the consolidated statement of loss. (d) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. (e) Financial Instruments The Company’s financial assets and liabilities (financial instruments) include cash and cash equivalents, trade receivables, accounts payable and accrued liabilities and long-term debt. The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments. A financial asset is derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial asset or when cash flows expire. A financial liability is derecognized when the obligation specified in the contract is discharged, canceled or expired. Financial Assets Cash and cash equivalents are recorded at amortized cost using the effective interest method. Trade receivables are classified as financial assets at fair value through profit or loss and measured at fair value. 2 Significant accounting policies (continued) Financial Liabilities Financial liabilities, including accounts payable and accrued liabilities, as well as debt and financing obligations are accounted for at amortized cost. Non-hedge derivatives The Company may hold derivative financial instruments to hedge its risk explosure to fluctuations in commodity prices. These derivative financial instruments are classified as financial instruments through profit or loss and recorded in the balance sheet at fair value. Changes in the estimated fair value of non-hedge derivatives at each reporting date are included in the Consolidated Statement of Income (Loss) as derivative gain or loss. (f) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments and has been identified as the Chief Executive Officer of the Company. (g) Inventories Inventories consist of concentrates, ore stockpiles, supplies and spare parts. Concentrates include stockpiled concentrates at milling operations or at warehouses. Stockpiled ore is comprised of in-process mineralized material awaiting processing at milling facilities and materials for use in milling operations. Concentrates and stockpiled ore are valued at the lower of average production cost and net realizable value (“NRV”). Concentrates and stockpiled ore inventory costs include all direct costs incurred in production including direct labor and materials, freight and amortization, and directly attributable overhead costs. NRV is calculated as the estimated price at the time of sale based on prevailing metal market prices less estimated future costs to convert the inventories into saleable form and estimated costs to sell. The supplies and spare parts inventories will be used for exploration and production and are valued at the lower of average cost and net realizable value. Cost includes acquisition, freight and other directly attributable costs. If the carrying value of inventory exceeds NRV, a write-down is recognized as production costs of sales in the consolidated statement of income (loss). If there is a subsequent increase in the value of the inventory, the previous write-downs to NRV are reversed up to cost to the extent that the related inventory has not been sold. (h) Exploration and evaluation expenditure Exploration and evaluation expenditures are comprised of costs that are directly attributable to: ● Researching and analysing existing exploration data; ● Conducting geological studies, exploratory drilling and sampling; ● Examining and testing extraction and treatment methods; and /or ● Compiling pre-feasibility and feasibility studies 2 Significant accounting policies (continued) Exploration expenditures are costs incurred in the search for resources suitable for commercial exploitation. Evaluation expenditures are costs incurred in determining the technical feasibility and commercial viability of a mineral resource. Exploration and evaluation expenditures are capitalized when there is a high degree of confidence in the project’s viability and thus it is probable that future economic benefits will flow to the Company. Any items of property, plant and equipment used for exploration and evaluation are capitalised within property, plant and equipment. Capitalized exploration and evaluation expenditures are considered to be tangible assets as they form part of the underlying mineral property and are recorded within property, plant and equipment - exploration and evaluation expenditures. (i) Property, plant and equipment Property, plant and equipment is stated at cost, less accumulated depreciation and impairment losses. The cost of an item of property, plant and equipment comprises its purchase price, any costs directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated close down and restoration costs associated with the asset, and for qualifying assets, the associated borrowing costs. Once a mining project has been established as commercially viable, expenditure other than on land, buildings, plant and equipment is capitalized under ‘Mining properties’ together with any amount capitalized relating to that mining project from ‘Exploration and evaluation’. Where an item of property, plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment and depreciated over their estimated useful lives. Costs associated with commissioning new assets, in the period before they are capable of operating in the manner intended by management, are capitalized. Revenue generated during the development stage from the sale of concentrate and related costs can be deducted from capitalized costs only if the production of the saleable material is directly attributable to bringing the asset to the condition necessary for it to be capable of operating in the manner intended by management. Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to future economic benefits and these costs can be measured reliably. Repairs and maintenance costs are charged to the consolidated statement of income (loss) during the period in which they are incurred. Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine if shorter. Depreciation commences when the asset is available for use. Land is not depreciated. The major categories of property, plant and equipment are depreciated on a straight-line basis using the following average estimated useful lives below: ​ ​ ​ ​ Asset class Useful lives (years) Vehicle, furniture and other assets 3 to 10 Machinery and equipment 5 to 20 Buildings and other constructions 5 to 50 ​ Mining properties are depleted over the life of the mine using the units of production method. In applying the units of production method, depletion is normally calculated using the quantity of material to be extracted in current and future periods based on proven and probable reserves or measured and indicated resources. Such non-reserve material may be included in depletion calculations in limited circumstances and where there is a high degree of confidence in its economic extraction. 2 Significant accounting policies (continued) The Company conducts an annual review of residual values, useful lives, depletion and depreciation methods used for property, plant and equipment. Changes to estimated residual values or useful lives are accounted for prospectively. (j) Impairment of non-financial assets Property, plant and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment is assessed at the level of cash generating units (‘CGUs’). The recoverable amount is the higher of an asset’s fair value less costs to sell or value in use. Fair value less costs to sell is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction. The best evidence of fair value is the value obtained from an active market or binding sales agreement. Where this information is not available, fair value can be estimated as the present value of future cash flows expected to be realized from the continued use of the asset including expansion projects. Value in use is determined as the present value of expected future cash flows to be realized from the continued use of the asset in its present condition and from its ultimate disposal. Capitalized exploration expenditures are reviewed for indicators of impairment, which included a decision to discontinue activities in a specific area and the existence of sufficient data indicating that the carrying amount of an exploration and evaluation asset is unlikely to be recovered from the development or sale of the asset. Non-financial assets that have suffered impairment are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed. (k) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized and included in the carrying amounts of those assets until they are ready for their intended use. All other borrowing costs are recognized as an expense in the period incurred. (l) Revenue recognition Revenues include sales of metal concentrates net of treatment and refining charges. The Company sells concentrate from certain of its mines to third-party smelter customers. These concentrates predominantly contain zinc, lead, and copper, along with quantities of gold and silver. The Company recognizes revenue from these concentrate sales when control of the concentrate has transferred to the customer, which is the point in time that the concentrate is delivered to the customer. Upon delivery, the customer has legal right to, physical possession of, and the risks and rewards of ownership of the concentrate. The customer is also committed to accept and pay for the concentrates once delivered; therefore, the customer is able to direct the use of and obtain substantially all of the remaining benefits from the concentrate. 2 Significant accounting policies (continued) The final prices for metals contained in the concentrate are generally determined based on the prevailing spot market metal prices on a specific future date, which is established on a date prior to the concentrate being delivered to the customer. Upon transfer of control at delivery, the Company measures revenue under these contracts based on forward prices agreed upon with the customer at the time of delivery and the most recent determination of the quantity of contained metals less smelting and refining charges charged by the customer. This reflects the best estimate of the transaction price expected to be received at final settlement. The variability associated with the embedded derivative for changes in the metal prices is recognized at fair value. These changes in the fair value of the receivable are adjusted through revenue from other sources at each subsequent financial statement date. (m) Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease by determining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A right-of-use ("ROU") asset and lease liability is recognized at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, the incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: ● fixed payments, including in-substance fixed payments, less any lease incentives receivable; ● variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; ● amounts expected to be payable under a residual value guarantee; ● exercise prices of purchase options if we are reasonably certain to exercise that option; and ● payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in our estimate or assessment of the expected amount payable under a residual value guarantee, purchase, extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to profit. 2 Significant accounting policies (continued) (n) Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of the shares are recognized as a deduction from equity. (o) Share-based payments The fair value of the estimated number of stock options and restricted share units (“RSUs”) awarded to employees, officers and directors that will eventually vest, determined as of the date of grant, is recognized as share-based compensation expense over the vesting period of the stock options and RSUs, with a corresponding increase to equity. The fair value of each tranche is determined using the Black-Scholes option pricing model with market related inputs as of the date of grant. The fair value of RSUs is the market value of the underlying shares as of the date of grant. The number of awards expected to vest is reviewed at least annually, with any change in the estimate recognized immediately in share-based payments expense with a corresponding adjustment to equity. (p) Share repurchases The Company deducts from contributed surplus any excess of consideration paid over book value where the Company has repurchased any of its own common shares. Book value is calculated as the weighted average price of the shares issued and outstanding prior to the cancellation date. (q) Earnings per share Basic earnings per share (“EPS”) is calculated by dividing the net income (loss) for the period attributable to the shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. The Company’s potentially dilutive common shares comprise stock options and RSUs granted to employees. In periods of loss, basic and diluted EPS are the same, as the effect of dilutive instruments is anti-dilutive. (r) Income taxes Tax expense comprises current and deferred income and resource taxes. Current income, deferred income and resources taxes are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. 2 Significant accounting policies (continued) 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 the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that the parent is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, 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 utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. (s) Decommissioning and restoration liabilities Decommissioning and restoration costs include the dismantling and demolition of infrastructure, the removal of residual materials and the remediation of disturbed areas. These costs are a normal consequence of mining activity and the majority of these expenditures are expected to be incurred at the end of the life of mine. Estimated decommissioning and restoration costs are provided in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of the estimated future costs discounted using the credit adjusted risk free rate. This provision is adjusted in each reporting period to reflect known developments, e.g. revisions to costs estimates and the timing of cash outflows. The initial decommissioning and restoration provision together with other movements resulting from changes in estimated cash flows or the credit adjusted risk free rates is capitalized within property, plant and equipment and amortized over the life of the asset to which it relates except where it relates to a closed mine where the expenses are recognized in the statement of loss. Provision is made for the estimated present value of costs of environmental clean-up obligations outstanding as at the date of the statement of financial position, and these costs are charged to the income statement as an operating cost. The amortization or unwinding of the discount applied in establishing the net present value of provision is accreted to the income statement in each accounting period with each interest charge included as a financing cost rather than as an operating cost.

Significant accounting estimate

Significant accounting estimates and judgments	12 Months Ended
	Dec. 31, 2021
Significant accounting estimates and judgments
Significant accounting estimates and judgments	3 Significant accounting estimates and judgments In the application of the Company’s accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the effects of uncertain future events on the carrying amounts of assets and liabilities. The estimates and associated assumptions are based on management’s best knowledge of the relevant facts and circumstances and historical experience. Actual results may differ from these estimates, potentially having a material future effect on the Company’s consolidated financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the significant judgements that management has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements: (a) Impairment review of asset carrying values In accordance with the Company’s accounting policy (note 2(j)), at every reporting period, the Company assesses whether there are any indicators that the carrying value of its assets or CGUs may be impaired, which is a significant management judgment. Where there is an indication that the carrying amount of an asset may not be recoverable, the Company prepares a formal estimate of the recoverable amount by analyzing discounted cash flows. The resulting valuations are particularly sensitive to changes in estimates such as long-term commodity prices, exchange rates, sales volume, operating costs, and discount rates. In the event of impairment, if there is a subsequent adverse change in any of the assumptions or estimates used in the discounted cash flow model, this could result in a further impairment of the asset. Also, in accordance with the Company’s accounting policy (note 2(h)), the Company capitalizes evaluation expenditures when there is a high degree of confidence that these costs are recoverable and have a probable future benefit. As at December 31, 2021, the Company’s assessment of its long-lived assets and exploration and evaluation expenditures resulted in an impairment of $35.0 million on its Cusi mine (December 31, 2020 - $nil ) (note 7). (b) Mineral reserves and resources The Company estimates mineral reserves and resources based on information prepared by qualified persons as defined in accordance with the Canadian Securities Administrators’ National Instrument (“NI”) 43-101. These estimates form the basis of the Company’s life of mine (“LOM”) plans, which are used for a number of important and significant accounting purposes, including: the calculation of depletion expense and impairment charges, forecasting the timing of the payment of decommissioning costs and future taxes. There are significant uncertainties inherent in the estimation of mineral reserves and the assumptions used, including commodity prices, production costs, recovery rates and exchange rates. These assumptions may change significantly when new information becomes available and could result in mineral reserves being revised, which in turn would impact depletion expense, asset carrying values and the provision for decommissioning costs. 3 Significant accounting estimates and judgments (continued) (c) Deferred tax assets and liabilities The Company’s management makes significant estimates and judgments in determining the Company’s tax expense for the period and the deferred tax assets and liabilities. Management interprets tax legislation in a variety of jurisdictions and makes estimates of the expected timing of the reversal of deferred tax assets and liabilities. In addition, management makes estimates related to expectations of future taxable income based on cash flows from operations and the application of existing tax laws in each jurisdiction. Assumptions used in the cash flow forecast are based on management’s estimates of future production and sales volume, commodity prices, operating costs, capital expenditures, dividends, and decommissioning and reclamation expenditures. These estimates are subject to risk and uncertainty and could result in an adjustment to the deferred tax provision and a corresponding credit or charge to the statement of loss. The Company is subject to assessments by various tax authorities who may interpret the tax laws differently. These differences may impact the final amount or the timing of the payment of taxes. The Company provides for such differences where known based on management’s best estimates of the probable outcome of these matters. (d) Decommissioning and restoration liabilities costs The Company’s provision for decommissioning and restoration costs is based on management’s best estimate of the present value of the future cash outflows required to settle the liability. In determining the liability, management makes estimates about the future costs, inflation, foreign exchange rates, risks associated with the cash flows, and the applicable risk-free interest rates for discounting future cash flows. Changes in any of these estimates could result in a change in the provision recognized by the Company. Also, the ultimate costs of environmental disturbance are uncertain and cost estimates can vary in response to many factors including changes to the relevant legal requirements, the emergence of new restoration techniques or experience at other mine sites. Changes in decommissioning and restoration liabilities are recorded with a corresponding change to the carrying amounts of the assets to which they relate. Adjustments made to the carrying amounts of the asset can result in a change to the depreciation charged in the consolidated statement of loss. (e) COVID-19 uncertainty In preparing the Company’s consolidated financial statements, the management makes judgments in applying its accounting policies. The areas of policy judgment are consistent with those reported in the Company’s 2020 annual consolidated financial statements. In addition, the Company makes assumptions about the future in deriving estimates used in preparing our consolidated financial statements. Sources of estimation uncertainty include estimates used to determine the recoverable amounts of long-lived assets, recoverable reserves and resources, the provision for income taxes and the related deferred tax assets and liabilities and the valuation of other assets and liabilities including decommissioning and restoration provisions. 3 Significant accounting estimates and judgments (continued) The Company has assessed the economic impacts of the COVID-19 pandemic on its consolidated financial statements. Mining operations at the Company's Bolivar mine were impacted during the year ended December 31, 2021, resulting in a high cost of stockpile and concentrate inventory and consequent reduction of these inventories to their net realizable value (“NRV”). Further, the availability of personnel remained an issue throughout 2021, considering the absenteeism caused by quarantines and due to the recovery phase of the workers who tested COVID-positive. Low availability of manpower led to delays in mine development and consequent impact on metal production, which was particularly noticed at the Bolivar mine. The measures taken by the Company to detect and restrict the spread of COVID resulted in additional costs of $9.6 million (2020 - $5.9 million). Despite these impacts, the management has determined that the Company's ability to execute its medium- and longer-term plans and the economic viability of its assets including the carrying value of its long-lived assets are not materially impacted. In making this judgment, management has assessed various criteria including, but not limited to, existing laws, regulations, orders, disruptions and potential disruptions in our supply chain, disruptions in the markets for our products, commodity prices and foreign exchange prices and the actions that the Company has taken at its operations to protect the health and safety of its workforce and local community.

Adoption of new accounting stan

Adoption of new accounting standards and future accounting changes	12 Months Ended
	Dec. 31, 2021
Adoption of new accounting standards and future accounting changes
Adoption of new accounting standards and future accounting changes	4 Adoption of new accounting standards and future accounting changes The following new accounting standard was not yet effective for the year ended December 31, 2021 and have not been applied in preparing these consolidated financial statements. Amendment to IAS 1, Classification of liabilities On January 23, 2020, the IASB issued amendments to IAS 1 Presentation of Financial Statements, to clarify the classification of liabilities as current or non-current. On July 15, 2020 the IASB issued an amendment to defer the effective date by one year. For the purposes of non-current classification, the amendments removed the requirement for a right to defer settlement or roll over of a liability for at least twelve months to be unconditional. Instead, such a right must have substance and exist at the end of the reporting period. The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The amendments are effective for annual periods beginning on or after January 1, 2023. Early adoption is permitted. The Company is evaluating the impact of this amendment on its Financial Statements. IAS 16, Property, Plant and Equipment The IASB issued an amendment to IAS 16, Property, Plant and Equipment to prohibit deducting from property, plant and equipment amounts received from selling items produced while preparing an asset for its intended use. Instead, sales proceeds and related costs must be recognized in profit or loss. The amendment will require companies to distinguish between costs associated with producing and selling items before the item of property, plant and equipment is available for use and costs associated with making the item of property, plant and equipment available for its intended use. The amendment is effective for annual periods beginning on or after January 1, 2022, with earlier application permitted. The Company is currently evaluating the impacts that this modification will have on the iron ore plant project at its Bolivar mine. 4 Adoption of new accounting standards and future accounting changes (continued) Interest Rate Reforms On August 27, 2020, the IASB finalized its response to the ongoing reform of inter-bank offered rates and other interest rate benchmarks by issuing a package of amendments to IFRS Standards (Phase 2). The standards impacted include: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16. The amendments complement those issued in 2019 as part of Phase 1 amendments and mainly relate to: ● changes to contractual cash flows—a company will not have to derecognize the carrying amount of financial instruments for changes required by the reform, but will instead update the effective interest rate to reflect the change to the alternative benchmark rate; ● hedge accounting—a company will not have to discontinue its hedge accounting solely because it makes changes required by the reform, if the hedge meets other hedge accounting criteria; and ● disclosures—a company will be required to disclose information about new risks arising from the reform and how it manages the transition to alternative benchmark rates. The Company’s credit facility with BCP (note 10) is exposed to 3-month LIBOR. As at December 31, 2021, the Company has not yet transitioned this credit agreement to an alternative benchmark interest rate. While there remains some uncertainty around the timing of adoption and the precise nature of an alternative benchmark rate, the replacement of the rate is not expected to result in a significant change in the Company’s interest rate risk management strategy or interest rate risk.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Dec. 31, 2021
Trade and other receivables
Trade and other receivables	5 Trade and other receivables ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ $ $ Trade receivables 27,001 28,750 Sales tax receivables 10,121 9,944 ​ 37,122 38,694 ​

Inventories

Inventories	12 Months Ended
	Dec. 31, 2021
Inventories
Inventories	6 Inventories ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ $ $ Stockpiles 4,092 1,047 Concentrates 3,630 4,185 Supplies and spare parts 18,955 18,244 ​ 26,677 23,476 ​ Cost of sales are comprised of production costs and depletion, depreciation and amortization, and represent the cost of inventories recognized as an expense for the years ended December 31, 2021 and 2020 of $190,795 and $165,303 , respectively. Supplies and spare parts inventory as at December 31, 2021 is stated net of a provision of $6,396 (2020 - $3,808 ) to write inventories down due to obsolescence or infrequent use. During the year ended December 31, 2021, the Company wrote down stockpiles and concentrates inventory to its NRV, recording a charge of $5,752 (2020 - $1,248 ). Stockpiles and concentrates inventory held at NRV as at December 31, 2021 was $ 2,710 (2020 - $nil ).

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2021
Property, plant and equipment
Property, plant and equipment	7 Property, plant and equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ Plant and ​ Mining ​ Assets under ​ and evaluation ​ ​ ​ ​ equipment ​ properties ​ construction ​ assets ​ Total Cost $ $ $ $ $ Balance as of January 1, 2020 269,669 447,075 50,152 69,259 836,155 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions 5,180 6,348 13,218 11,184 35,930 Change in estimate of decomissioning liability 5,427 — — — 5,427 Disposals (4,514) — — (2,032) (6,546) Transfers 24,783 25,979 (10,909) (39,853) — Balance as of December 31, 2020 300,545 479,402 52,461 38,558 870,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions 4,137 16,830 36,825 17,410 75,202 Change in estimate of decomissioning liability (3,870) — — — (3,870) Disposals (8,033) — (3) (1,312) (9,348) Transfers 20,414 2,345 (17,508) (5,251) — Balance as of December 31, 2021 313,193 498,577 71,775 49,405 932,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ Plant and ​ Mining ​ Assets under ​ and evaluation ​ ​ ​ ​ equipment ​ properties ​ construction ​ assets ​ Total Accumulated depreciation $ $ $ $ $ Balance as of January 1, 2020 166,946 351,053 — 13,041 531,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depletion, depreciation and amortization 27,475 13,958 — — 41,433 Disposals (3,293) — — — (3,293) Transfers ​ 12,310 ​ 731 ​ — ​ (13,041) ​ — Balance as of December 31, 2020 203,438 365,742 — — 569,180 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depletion, depreciation and amortization 29,327 16,747 — — 46,074 Disposals (6,919) — — — (6,919) Impairment 9,588 20,828 — 4,584 35,000 Balance as of December 31, 2021 235,434 403,317 — 4,584 643,335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Book Value - December 31, 2021 77,759 95,260 71,775 44,821 289,615 Net Book Value - December 31, 2020 97,107 113,660 52,461 38,558 301,786 ​ a) During Q4 2021, the Company announced its increased focus on copper and other steel-making products and possible divestment of the silver-producing Cusi CGU. As a result of this announcement, the uncertainties about the potential for the CGU to increase production (including a lower probability for the company to expand the current capacity of the CUSI CGU) and higher production costs, management concluded that impairment indicators existed as of December 31, 2021 and therefore estimated the recoverable amount of the CGU. This change in Company’s strategy resulted in a lower probability of an expansion of the Cusi facilities. As a result, the Company developed three life of mine (“LOM”) scenarios at different throughput levels, incorporating alternative design approaches and processing methods. Cash flows were forecasted for each of these LOMs considering the most recent information regarding future production levels (based on estimated quantities of mineral resources and the Company’s ability to convert resources to reserves), future production costs, capital expenditures and future metal prices. The company assigned weighted probabilities to each of these scenarios to estimate the Fair Value Less Costs of Disposal (“FVLCD”) as on December 31, 2021. Estimated quantities of mineral resources were based on information compiled by management’s experts. An impairment of $35,000 was recognized during the year ended December 31, 2021. In accordance with IAS 36, the impairment loss was allocated to mineral properties and exploration & evaluation assets based on their pro rata carrying values. 7 Property, plant and equipment (continued) The key assumptions used in making this assessment as of December 31, 2021 included future metal prices, discount rate, quantities of mineral resources and the Company's ability to convert those resources to reserves, silver grades, future production costs, and the weighted probabilities of different scenarios. Estimated quantities of mineral resources are based on information compiled by management’s internal and external experts. Future forecasted metal prices for silver were obtained from independent sources and range between $21.04 /oz and $24.07 /oz during the life of the mine. If the prices used by management were to decrease by 10%, the company would have had to recognize an additional impairment charge of $18,870 . A discount rate of 10.5% was estimated based on the Cusi’s weighted average cost of capital, considering the nature of the assets being valued and their specific risk profile. If the discount rate applied to the cash flow projections had been 100 basis points higher, the company would have to recognize an additional impairment charge of $1,727 . The quantities of mineral resources used in the determination of the FVLCD, was determined based on recent exploration results, and was estimated based on information provided by internal and external experts. If the estimated quantities of mineral resources were 10% lower than the one estimated by management, the Company would have recognized an additional impairment charge of $6,554 . If the silver grades were 10% lower than those estimated in the different scenarios, the Company would have recognized an additional impairment charge of $18,314 . If the estimated future production costs were 10% higher than the one estimated by management, the Company would have recognized an additional impairment charge of $11,811 . If the probabilities of the different scenarios had been 10% more negative than management’s estimates, the Company would have recognized an additional impairment charge of $3,024 . b) The Company wrote off $1,312 of exploration and evaluation assets and recognized a loss of $1,076 on disposal of equipment at the Yauricocha mine during the year ended December 31, 2021.

Accounts payable and accrued li

Accounts payable and accrued liabilities	12 Months Ended
	Dec. 31, 2021
Accounts payable and accrued liabilities
Accounts payable and accrued liabilities	8 Accounts payable and accrued liabilities ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ $ $ ​ ​ ​ ​ ​ Trade payables 28,436 16,949 Other payables and accrued liabilities 15,872 13,368 ​ 44,308 30,317 ​ All accounts payable and accrued liabilities are expected to be settled within 12 months.

Current and deferred income tax

Current and deferred income tax liability	12 Months Ended
	Dec. 31, 2021
Current and deferred income tax liability
Current and deferred income tax liability	9 Current and deferred income tax liability (a) Income and resource taxes ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Current Tax Expense ​ ​ ​ ​ ​ ​ ​ Current income tax ​ 27,543 20,535 ​ ​ 27,543 20,535 ​ ​ ​ ​ ​ Deferred Tax Recovery ​ ​ ​ ​ ​ ​ Deferred tax expense (recovery) ​ (2,440) 2,051 ​ ​ (2,440) 2,051 ​ ​ ​ ​ ​ Total tax expense ​ 25,103 22,586 ​ (b) Tax rate reconciliation A reconciliation between income tax expense and the product of loss before income taxes multiplied by the combined Canadian federal and provincial income tax rate for the years ended December 31, 2021 and 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Income before income taxes ​ 2,995 49,977 ​ ​ ​ ​ ​ Expected tax rate 26.50% (2020 - 26.50% ) ​ 794 13,244 Effect of tax rate differences ​ (814) 1,838 Stock based compensation costs ​ 177 177 Other non-deductible expenses ​ 7,044 909 Unrealized foreign exchange income ​ (69) (175) Inflation adjustment for Mexico tax purposes ​ 638 150 Utilization of prior year losses ​ 14,241 ​ 3,896 Foreign exchange and other ​ 2,256 (3,326) Mining royalties and other ​ 836 5,873 ​ ​ 25,103 22,586 ​ 9 Current and deferred income tax liability (continued) (c) Deferred tax asset and liability The significant components and movements of the Company’s net deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Balance ​ Balance ​ January 1, Change in December 31, Change in December 31, ​ ​ 2020 ​ 2020 ​ 2020 ​ 2021 ​ 2021 ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant, and equipment ​ (816) ​ 341 ​ (475) ​ 3,956 ​ 3,481 Inventory ​ (1,178) ​ (2,892) ​ (4,070) ​ (2,078) ​ (6,148) Provisions ​ 3,726 ​ (194) ​ 3,532 ​ 2,525 ​ 6,057 Decommissioning liabilities ​ 5,002 ​ 1,632 ​ 6,634 ​ 946 ​ 7,580 Mining royalties ​ 1,615 ​ 103 ​ 1,718 ​ (1,195) ​ 523 Mining assets ​ (42,554) ​ 157 ​ (42,397) ​ 1,896 ​ (40,501) Other items ​ 2,298 ​ (1,000) ​ 1,298 ​ 1,562 ​ 2,860 Non-capital losses ​ 6,286 ​ (672) ​ 5,614 ​ (5,204) ​ 410 Net deferred tax (liabilities) assets ​ (25,621) ​ (2,525) ​ (28,146) ​ 2,408 ​ (25,738) ​ Deferred tax assets have not been recognized in respect of the following temporary differences: ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Non-capital and capital losses ​ 56,612 ​ 62,250 Property, plant and equipment ​ 96 ​ 83 Mineral properties ​ 37,290 ​ 2,280 Other ​ (37) ​ (37) ​ ​ 93,961 ​ 64,576 ​ (d) Tax losses In Canada, the Company has aggregate tax losses not recognized of $46,399 (December 31, 2020 – $37,771 ) expiring in periods from 2027 to 2041. Deferred tax assets have not been recognized in respect of these losses because it is not probable that future taxable profit will be available against which the Company can utilise the benefits there from. Also, the Company has $1,403 of capital losses in Canada that are without expiry as at December 31, 2021 (December 31, 2020 - $1,403 ). (e) Unrecognized deferred tax liabilities As at December 31, 2021, the Company has taxable temporary difference of $83,052 (2020 - $77,582 ) relating to investments in subsidiaries that has not been recognized because the Company controls whether the liability will be incurred and it is satisfied that it will not be incurred in the foreseeable future.

Loans payable and notes payable

Loans payable and notes payable	12 Months Ended
	Dec. 31, 2021
Loans payable and notes payable
Loans payable and notes payable	10 Loans payable and notes payable ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Senior Secured Corporate Credit Facility with Banco de Credito del Peru ("BCP") ​ Current Portion ​ 24,855 18,480 Long term Portion ​ 55,949 80,903 Total loans payable ​ 80,804 99,383 ​ Senior Secured Corporate Credit Facility with BCP On March 11, 2019, the Company entered into a six-year senior secured corporate credit facility (“Corporate Facility”) with BCP that provides funding of up to $100 million effective March 8, 2019. The Corporate Facility provides the Company with additional liquidity and will provide the financial flexibility to fund future capital projects in Mexico as well as corporate working capital requirements. The Company also used the proceeds of the new facility to repay existing debt balances. The most significant terms of the agreement were: ● Term: 6 - year term maturing March 2025 ● Principal Repayment Grace Period: 2 years ● Principal Repayment Period: 4 years ● Interest Rate: 3.15% + LIBOR 3M The Corporate Facility is subject to customary covenants, including consolidated net leverage and interest coverage ratios and customary events of default. The Company is in compliance with all covenants as at December 31, 2021. The Company drew down $21.4 million on March 11, 2019, $48.6 million on May 8, 2019 and the balance of $30.0 million on June 29, 2019. The Company repaid the amount owed on the Corona Acquisition Loan on May 11, 2019 using funds drawn from the new facility. Interest is payable quarterly and interest payments began on the drawn and undrawn portions of the facility starting in June 2019. During the year ended December 31, 2021, The Company made interest payments of $3,209 (2020 - $4,066 ). On February 17, 2020, BCP entered into a syndication agreement with Banco Santander S.A for $30.0 million of this credit facility. BCP continues to remain as the principal lender and there were no changes to the terms and conditions of the original agreement. Principal payments on the amount drawn from the facility began in June 2021. The loan is recorded at amortized cost and is being accreted to face value over 4 years using an effective interest rate of 3.26% .

Decommissioning liability

Decommissioning liability	12 Months Ended
	Dec. 31, 2021
Decommissioning liability
Decommissioning liability	11 Decommissioning liability ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Balance, beginning of year ​ 22,467 16,894 ​ ​ ​ ​ ​ Liabilities settled during the year ​ (799) (405) Interest cost ​ 478 551 Revisions and new estimated cash flows ​ (3,994) 5,427 Balance, end of year ​ 18,152 22,467 ​ ​ ​ ​ ​ Less: current portion ​ 1,012 1,260 Long-term decommissioning liability ​ 17,140 21,207 ​ The Company’s decommissioning liability represents the present value of estimated costs for required future decommissioning and other site restoration activities. The majority of the decommissioning and site restoration expenditures occur at the end of each operation’s life. During 2021 and 2020, the decommissioning liability was calculated based on the following key assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ Mexico ​ Peru Mexico Peru Estimated undiscounted cash flows ($) ​ 1,261 ​ 19,984 ​ 1,182 ​ 24,297 Discount rate (%) ​ 7.8 ​ 7.0 ​ 5.6 ​ 4.1 Settlement period (years) ​ 3 ​ 5 - 11 ​ 4 ​ 3 - 14 Inflation (%) ​ 4.0 ​ 2.5 ​ 4.0 ​ 2.0 ​

Other liabilities

Other liabilities	12 Months Ended
	Dec. 31, 2021
Other liabilities
Other liabilities	12 Other liabilities ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Current ​ Profit-sharing and other employee related obligations ​ 10,195 7,267 Current portion of lease liabilities ​ 988 295 ​ ​ ​ ​ ​ ​ ​ 11,183 7,562 ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ Other employee related obligations ​ 1,831 1,426 Lease liabilities ​ 1,646 781 ​ ​ 3,477 2,207 ​ As at December 31, 2021, there is a provision amounting to $6,404 for employee profit sharing in Peru and $3,791 for wages, salaries and other employee benefits outstanding (December 31, 2020 - $2,244 and $5,023 , respectively).

Share capital and share-based p

Share capital and share-based payments	12 Months Ended
	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Share capital and share-based payments	13 Share capital and share-based payments (a) Authorized capital The Company has an unlimited amount of authorized common shares with no par value. (b) Restricted share units (“RSUs”) The changes in RSU’s issued during the years ended December 31, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Outstanding, beginning of period 1,409,058 1,630,423 Granted 617,187 898,857 Exercised (617,597) (695,174) Forfeited (362,817) (425,048) Outstanding, end of period 1,045,831 1,409,058 ​ On June 30, 2020, the Company’s shareholders approved the RSU plan, whereby RSUs may be granted to directors, officers, consultants or employees at the discretion of the Board of Directors. The RSU plan provides for the issuance of common shares from treasury upon the exercise of vested RSUs at no additional consideration. There is no cash settlement related to the vesting of RSU’s as they are all settled with equity. The current maximum number of common shares authorized for issue under the RSU plan is 5% of the number of issued and outstanding common shares of the Company at the time of grant. The RSUs have vesting conditions determined by the Board of Directors, and the vesting conditions are non-market conditions and are not performance based. During the year ended December 31, 2021, the Company granted RSU’s totalling 617,187 which had a fair value of C $3.95 based on the closing share price at grant date. RSUs exercised during the year ended December 31, 2021 had a weighted average fair value of C $1.81 (2020 – C $2.60 ) and the RSUs forfeited had a weighted average fair value of C $2.17 (2020 – C $1.88 ). As at December 31, 2021, the weighted average fair value of the RSUs outstanding is C $2.63 (2020 – C $1.57 ). The total RSU expense recognized during the year ended December 31, 2021 was $1,059 with a corresponding credit to other reserves (2020 - $668 ). (c) Cash Dividend On November 5, 2021, the Company declared an annual cash dividend of $0.03 per common share to the holders of issued and outstanding shares as of the close of business on November 22, 2021. Accordingly, this dividend of $4,903 was paid on December 7, 2021 (2020 - $nil ).

Non-controlling interest

Non-controlling interest	12 Months Ended
	Dec. 31, 2021
Non-controlling interest
Non-controlling interest	14 Non-controlling interest Set out below is the summarized financial information of our subsidiary Corona which has a material non-controlling interest (note 2(b)). The information below is before intercompany eliminations and after fair value adjustments on acquisition of the entity. Summarized statements of financial position ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Current ​ Assets ​ 97,988 118,045 Liabilities ​ (38,845) (26,890) Total current net assets ​ 59,143 91,155 ​ ​ Non-current ​ Assets ​ 178,610 170,277 Liabilities ​ (42,558) (45,145) Total non-current net assets ​ 136,052 125,132 Net assets ​ 195,195 216,287 ​ Summarized income statement ​ ​ ​ ​ ​ ​ ​ ​ For the twelve months ended December 31, ​ ​ 2021 ​ 2020 ​ $ ​ $ Revenue ​ 180,598 146,941 Income before income tax ​ 54,957 39,809 Income tax expense ​ (26,048) (17,934) Total income ​ 28,909 21,875 Total income attributable to non-controlling interests ​ 5,255 3,972 ​ Summarized cash flows ​ ​ ​ ​ ​ ​ ​ For the twelve months ended December 31, ​ ​ 2021 ​ 2020 ​ $ ​ $ Cash flows from operating activities ​ ​ ​ ​ Cash generated from operating activities ​ 83,471 64,797 Net changes in non cash working capital items ​ 1,752 (2,992) Decomissioning liabilities settled ​ (730) (405) Income taxes paid ​ (23,760) (12,824) Net cash generated from operating activities ​ 60,733 48,576 Net cash used in investing activities ​ (37,903) (19,205) Net cash used in financing activities (1) ​ (54,956) 705 Effect of foreign exchange rate changes on cash and cash equivalents ​ (31) (53) (Decrease) increase in cash and cash equivalents ​ (32,157) 30,023 Cash and cash equivalents, beginning of period ​ 65,027 35,004 Cash and cash equivalents, end of period ​ 32,870 65,027 ​ (1) includes dividends of $9,080 paid to non-controlling interests

Expenses by nature

Expenses by nature	12 Months Ended
	Dec. 31, 2021
Expenses by nature
Expenses by nature	15 Expenses by nature Mining costs include mine production costs, milling and transport costs, royalty expenses, site administration costs but not the primary mine development costs which are capitalized and depreciated over the specific useful life or reserves related to that development and ore included in depreciation and amortization. The mining costs for the years ended December 31, 2021 and 2020 relate to the Yauricocha, Bolivar and Cusi Mines. (a) Mining costs ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ $ ​ $ Employee compensation and benefits ​ 29,756 26,472 Third party and contractors costs ​ 68,962 52,616 Depreciation ​ 44,700 41,654 Consumables ​ 33,910 30,850 Changes in inventory and other ​ 13,467 13,711 ​ ​ 190,795 165,303 ​ (b) General and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 ​ 2020 ​ ​ $ ​ $ Salaries and benefits ​ 9,929 9,097 Consulting and professional fees ​ 6,016 2,922 Office expenses ​ 2,211 2,182 Marketing and communication expenses ​ 804 815 Share-based compensation expense ​ 1,059 668 Listing and filing fees ​ 299 257 Director expenses ​ 941 1,307 Travelling expense ​ 368 237 Other ​ 2,210 2,785 ​ ​ 23,837 20,270 ​

Other expenses (income)

Other expenses (income)	12 Months Ended
	Dec. 31, 2021
Other expenses (income)
Other expenses (income)	16 Other expenses (income) ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Loss on sale of supplies and fixed assets ​ 1,441 124 Exploration expenditure written off ​ 1,312 1,829 Allowance for inventory obsolescence ​ 2,291 176 Miscellaneous expenses (income) ​ 1,850 (1,464) ​ ​ 6,894 665 ​

Interest expense and other fina

Interest expense and other finance costs	12 Months Ended
	Dec. 31, 2021
Interest expense and other finance costs
Interest expense and other finance costs	17 Interest expense and other finance costs ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Interest expense on loans ​ 3,181 4,046 Interest cost on decommissioning liability ​ 471 547 Other interest ​ 294 ​ — Interest income ​ (301) (300) ​ ​ 3,645 4,293 ​

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2021
Segment reporting
Segment reporting	18 Segment reporting The Company primarily manages its business on the basis of the geographical location of its operating mines. The Company’s operating segments are based on the reports reviewed by the senior management group that are used to make strategic decisions. The Chief Executive Officer considers the business from a geographic perspective considering the performance of the Company’s business units. The corporate division only earns income that is considered to be incidental to the activities of the Company and thus it does not meet the definition of an operating segment; as such it has been included within “other reconciling items.” The reporting segments identified are the following: ● Peru – Yauricocha Mine ● Mexico – Bolivar and Cusi Mines 18 Segment reporting (continued) The following is a summary of the reported amounts of net income (loss) and the carrying amounts of assets and liabilities by operating segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peru Mexico Mexico Canada ​ ​ ​ Yauricocha Mine ​ Bolivar Mine ​ Cusi Mine ​ Corporate ​ Total Year ended December 31, 2021 ​ $ ​ $ ​ $ ​ $ ​ $ Revenue (1) 180,598 65,275 26,141 — 272,014 ​ ​ ​ ​ ​ Production cost of sales (80,765) (43,186) (22,144) — (146,095) Depletion of mineral property (9,329) (5,424) (1,908) — (16,661) Depreciation and amortization of property, plant and equipment (15,571) (8,805) (3,663) — (28,039) Cost of sales (105,665) (57,415) (27,715) — (190,795) ​ Gross profit (loss) from mining operations 74,933 7,860 (1,574) — 81,219 ​ Income (loss) from operations (2) 60,919 (2,201) (40,283) (5,935) 12,500 Derivative instrument gains — — 451 — 451 Interest expense and other finance costs (2,347) (139) (57) (1,102) (3,645) Other income (expense) (6,327) (279) (278) (10) (6,894) Foreign currency exchange gain (loss) (265) 420 171 257 583 Income (loss) before income tax 51,980 (2,198) (39,997) (6,790) 2,995 ​ Income tax (expense) recovery (26,273) 831 339 — (25,103) ​ Net income (loss) from operations 25,707 (1,368) (39,657) (6,790) (22,108) ​ December 31, 2021 Peru Mexico Canada Total ​ ​ $ $ ​ ​ ​ $ ​ $ Total assets ​ 252,638 142,745 ​ ​ 1,441 ​ 396,824 Non-current assets ​ 178,892 111,744 ​ ​ 65 ​ 290,701 Total liabilities ​ 138,332 28,729 ​ ​ 25,131 ​ 192,192 ​ (1) Includes provisional pricing adjustments of: $(493) for Yauricocha, $(221) for Bolivar, and $(549) for Cusi. (2) Includes impairment charge of $35,000 on Cusi 18 Segment reporting (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peru ​ Mexico ​ Mexico ​ Canada ​ ​ ​ Yauricocha Mine ​ Bolivar Mine ​ Cusi Mine ​ Corporate ​ Total Year ended December 31, 2020 ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue (1) ​ 146,941 81,762 18,185 — 246,888 ​ ​ ​ ​ ​ ​ Production cost of sales ​ (70,660) (37,319) (15,670) — (123,649) Depletion of mineral property ​ (8,503) (3,873) (2,063) — (14,439) Depreciation and amortization of property, plant and equipment ​ (13,455) (10,320) (3,440) — (27,215) Cost of sales ​ (92,618) (51,512) (21,173) — (165,303) ​ ​ Gross profit from mining operations ​ 54,323 30,250 (2,988) — 81,585 ​ ​ Income (loss) from operations ​ 40,179 19,953 (4,725) (4,287) 51,120 Derivative instrument gains ​ — ​ — ​ 904 ​ — ​ 904 Interest expense and other finance costs ​ (2,965) 18 (105) (1,241) (4,293) Other income (expense) ​ (2,476) 1,573 238 — (665) Foreign currency exchange gain ​ 329 1,575 345 662 2,911 Income (loss) before income tax ​ 35,067 23,119 (3,343) (4,866) 49,977 ​ ​ Income tax expense ​ (17,934) (3,797) (855) ​ — (22,586) ​ ​ Net income (loss) from operations ​ 17,133 19,322 (4,198) (4,866) 27,391 ​ ​ December 31, 2020 ​ Peru Mexico Canada Total ​ ​ $ $ ​ $ $ Total assets ​ 269,179 167,866 ​ 2,547 439,592 Non-current assets ​ 170,681 132,822 ​ 40 303,543 Total liabilities ​ 141,548 26,952 ​ 30,884 199,384 (1) Includes provisional pricing adjustments of: $2,899 for Yauricocha, ( $889 ) for Bolivar, $1,180 for Cusi For the year ended December 31, 2021, 66% of the revenues ( $180,598 ) were from seven customers based in Peru and the remaining 34% of the revenues ( $91,416 ) were from two customers based in Mexico. In Peru, two major customers accounted for 53% and 25% of the revenues. In Mexico, the two customers accounted for 69% and 31% of the revenues. As at December 31, 2021, the trade receivable balance of $27,001 ( $28,750 as at December 31, 2020) includes amounts outstanding of $5,943 ( $10,957 as at December 31, 2020) and $21,058 ( $17,793 as at December 31, 2020) from the customers in Mexico and Peru, respectively. For the year ended December 31, 2020, 60% of the revenues ( $146,941 ) were from six customers based in Peru and the remaining 40% of the revenues ( $99,947 ) were from two customers based in Mexico. In Peru, two major customers accounted for 37% and 33% of the revenues. In Mexico, the two customers accounted for 77% and 23% of the revenues.

Financial instruments and finan

Financial instruments and financial risk management	12 Months Ended
	Dec. 31, 2021
Financial instruments and financial risk management
Financial instruments and financial risk management	19 Financial instruments and financial risk management The Company’s financial instruments include cash and cash equivalents, trade receivables, financial assets, accounts payable and loans payable. (a) Financial assets and liabilities by category ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ Cost ​ FVTPL ​ Total At December 31, 2021 ​ $ ​ $ ​ $ Financial assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents 34,929 — 34,929 Trade receivables (1) — 27,001 27,001 Total Financial assets 34,929 27,001 61,930 ​ ​ ​ ​ ​ ​ ​ Financial liabilities Accounts payable and accued liabilities 44,308 — 44,308 Loans payable 80,804 — 80,804 Total Financial liabilities 125,112 — 125,112 ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and ​ ​ ​ ​ receivables ​ FVTPL ​ Total At December 31, 2020 ​ $ ​ $ ​ $ Financial assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents 71,473 — 71,473 Trade receivables (1) — 28,750 28,750 Total Financial assets 71,473 28,750 100,223 ​ ​ ​ ​ ​ ​ ​ Financial liabilities Accounts payable and accued liabilities 30,317 — 30,317 Loans payable 99,383 — 99,383 Total Financial liabilities 129,700 — 129,700 (1) Trade receivables exclude sales and income tax receivables. (b) Fair value of financial instruments As at December 31, 2021 and 2020, the fair value of the financial instruments approximates their carrying value. (c) Fair value hierarchy Financial instruments carried at fair value are categorized based on a three-level valuation hierarchy that reflects the significance of inputs used in making the fair value measurements as follows: Level 1 – quoted prices (unadjusted) in active markets for identical assets and liabilities Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) The Company’s metal concentrate sales are subject to provisional pricing with the selling prices adjusted at the end of the quotational period. The Company’s trade receivables are marked-to-market at each reporting period based on quoted forward prices for which there exists an active commodity market. 19 Financial instruments and financial risk management (continued) Level 3 – inputs for the asset or liability that are not based on observable market data. At December 31, 2021 and 2020, the levels in the fair value hierarchy into which the Company’s financial assets and liabilities are measured and recognized on the Consolidated Statement of Financial Position are categorized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 Recurring measurements Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ Trade receivables (1) — 27,001 — 27,001 — 28,750 — 28,750 ​ — 27,001 — 27,001 — 28,750 — 28,750 (1) Trade receivables exclude sales and income tax receivables. There were no transfers between Level 1 and Level 2 during the years ended December 31, 2021 and 2020. (d) Financial risk management The Company is exposed to financial risks, including credit risk, liquidity risk, currency risk, interest rate risk and price risk. The aim of the Company’s overall risk management strategy is to reduce the potential adverse effect that these risks may have on the Company’s financial position and results. The Company’s Board of Directors has overall responsibility and oversight of management’s risk management practices. Risk management is carried out under policies approved by the Board of Directors. The Company may from time to time, use foreign exchange contracts and commodity price future and forward contracts to manage its exposure to fluctuations in foreign currency and metals prices. The Company does not ordinarily enter into hedging arrangements to cover long term commodity price risk unless it has the obligation to so under a credit facility, which would be approved of the Board of Directors. i) Market Risk (1) Currency risk Currency risk is the risk that the fair values or future cash flows of the Company’s financial instruments will fluctuate because of changes in foreign exchange rates. The Company and its subsidiaries’ financial instruments are exposed to currency risk where those instruments are denominated in currencies that are not the same as their functional currency; exchange gains and losses in these situations impact net income or loss. The Company’s sales of silver, copper, lead and zinc are denominated in United States dollars and the Company’s costs are incurred in Canadian dollars, United States dollars, Mexican pesos and Peruvian Nuevo Soles. The United States dollar is the functional currency of the Peruvian and Mexican entities. The Canadian dollar is the functional currency of all other entities. The Company also holds cash and cash equivalents, trade and other receivables and accounts payable and other liabilities that are subject to currency risk. 19 Financial instruments and financial risk management (continued) The following are the most significant areas of exposure to currency risk: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ Peruvian ​ ​ ​ ​ ​ ​ Mexican ​ Nuevo ​ ​ ​ ​ CAN dollar Peso Soles Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents 301 55 678 1,034 Income tax and other receivables 69 19,478 1,665 21,212 ​ 370 19,533 2,343 22,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and other liabilities (705) (38,271) (22,997) (61,973) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (335) (18,738) (20,654) (39,727) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ Peruvian ​ ​ ​ ​ ​ ​ Mexican ​ Nuevo ​ ​ ​ ​ CAN dollar Peso Soles Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents 179 1,706 1,625 3,510 Income tax and other receivables 39 13,371 723 14,133 ​ 218 15,077 2,348 17,643 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and other liabilities (885) (27,009) (16,438) (44,332) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (667) (11,932) (14,090) (26,689) ​ The Company manages and monitors this risk with the objective of mitigating the potential adverse effect that fluctuations in currencies against the Canadian dollar and US dollar could have on the Company’s Consolidated Statement of Financial Position and Consolidated Statement of Income (Loss). As at December 31, 2021, the Company has not entered into any derivative contracts to mitigate this risk. A 10% appreciation in the US dollar exchange rate against the Peruvian Nuevo Soles and the Mexican Peso based on the financial assets and liabilities held at December 31, 2021, with all the other variables held constant, would have resulted in an increase to the Company’s net income of $2,455 (2020 - $1,965 ). A 10% appreciation in the Canadian dollar exchange rate against the US dollar based on the financial assets and liabilities held at December 31, 2021 and 2020, with all the other variables held constant, would have resulted in a negligible impact to the Company’s net income (loss). (2) Interest rate risk Interest rate risk is the risk that the fair values or future cash flows of the Company will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk on its loans payable (note 10). The Company monitors its exposure to interest rates closely and has not entered into any derivative contracts to manage its risk. The weighted average interest rate paid by the Company during the year ended December 31, 2021 on its loans and notes payable was 3.31% (2020 – 4.07% ). With all other variables unchanged a 1% increase in the interest rate would have increased the Company’s net loss by $678 (2020 - $708 ). 19 Financial instruments and financial risk management (continued) (3) Commodity price risk Commodity price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments in the market. As at December 31, 2021 and 2020, the Company had certain amounts related to the sales of concentrates that have only been provisionally priced. The Company’s exposure to commodity price risk is as follows: ​ ​ ​ ​ ​ ​ ​ 2021 2020 Commodity ​ $ ​ $ ​ ​ ​ ​ ​ 10% decrease in silver prices (1,458) (471) 10% decrease in copper prices (3,213) (743) 10% decrease in zinc prices (605) (354) 10% decrease in lead prices (1,002) (105) 10% decrease in gold prices (297) (928) ​ The increase in commodity price risk in 2021 compared to 2020 resulted from higher metal prices and the increase in unhedged positions. As at December 31, 2021 and 2020, the Company did not have any forward contracts outstanding. ii) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligation as they fall due. The Company has in place planning, budgeting and forecasting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansion and development plans. The Company tries to ensure that it has sufficient committed credit facilities to meet its short-term operating needs, note 10. In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following table summarizes the remaining contractual maturities and undiscounted cash flows as at December 31, 2021 of the Company’s financial liabilities and operating and capital commitments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Within 1 year ​ 1-2 years ​ 3-5 years ​ After 5 years ​ Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ 44,308 — — — 44,308 Loans payable ​ 25,000 25,000 31,250 — 81,250 Interest on loans payable ​ 2,433 1,586 797 — 4,816 Decommissioning liability ​ 1,034 3,824 3,090 13,297 21,245 Other liabilities ​ 11,183 3,477 — — 14,660 Total Commitments ​ 83,958 33,887 35,137 13,297 166,279 19 Financial instruments and financial risk management (continued) In the opinion of management, the working capital at December 31, 2021, together with future cash flows from operations and available loan facilities, is sufficient to support the Company’s commitments through 2022. iii) Credit risk Credit risk is the risk that the counterparty to a financial instrument might fail to discharge its obligations under the terms of a financial contract. Credit risk is primarily associated with trade receivables; however, it also arises on cash and cash equivalents. The Company sells its concentrate to large international organizations. The Company is exposed to significant concentration of credit risk given that 78% of its revenue in Peru is from two customers and 100% of its revenue in Mexico is from two customers. There are no significant provisions recorded for expected credit losses as at December 31, 2021 and 2020. The Company’s policy is to keep its cash and cash equivalents only with highly rated financial institutions and to only invest in government securities. The Company considers the risk of loss associated with cash and cash equivalents to be low. The counterparty to the financial asset is a large international financial institution with strong credit ratings and thus the credit risk is considered to be low. The Company’s maximum exposure to credit risk is as follows: ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Cash and cash equivalents ​ 34,929 71,473 Trade receivables ​ 27,001 28,750 ​ ​ 61,930 100,223 ​

Capital management

Capital management	12 Months Ended
	Dec. 31, 2021
Capital management
Capital management	20 Capital management The Company’s objectives of capital management are to safeguard its ability to support the Company’s normal operating requirements on an ongoing basis; continue the development and exploration of its mining properties and pursue strategic growth initiatives, while minimizing the cost of such capital; and to provide an adequate return to its shareholders. The capital of the Company consists of items included in equity attributable to owners of the Company and debt, net of cash and cash equivalents as follows: ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Equity attributable to owners of the Company ​ 169,249 201,000 Loans payable ​ 80,804 99,383 ​ ​ 250,053 300,383 Less: Cash and cash equivalents ​ (34,929) (71,473) ​ ​ 215,124 228,910 ​ 20 Capital management (continued) In order to facilitate the management of capital requirements, annual budgets are prepared and updated as necessary based on various factors, many of which are beyond the Company’s control. In assessing liquidity, the Company takes into account its expected cash flows from operations, including capital asset expenditures, and its cash and cash equivalents. The Board of Directors reviews the annual and updated budgets. The Company ensures that there are sufficient committed credit facilities to meet its short-term requirements. At December 31, 2021, the Company expects its current capital resources to be sufficient to support its normal operating requirements on an ongoing basis and planned development and explorations programs. At December 31, 2021, the Company was in compliance with the external capital requirements.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2021
Related party transactions
Related party transactions	21 Related party transactions (a) Related party transactions During the year ended December 31, 2021, the Company recorded consulting fees of $200 (2020 - $200 ) to companies related by common directors or officers. Related party transactions occurred in the normal course of business. (b) Compensation of directors and key management personnel The remuneration of the Company’s directors, officers and other key management personnel during the years ended December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ Salaries, Cash Bonuses, Severance and Directors Fees 2,626 2,289 Share-based payments 1 1,373 496 ​ 3,999 2,785 1 calculated at fair value on day of the grant

Changes in working capital

Changes in working capital	12 Months Ended
	Dec. 31, 2021
Changes in working capital
Changes in working capital	22 Changes in working capital ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Trade and other receivables ​ 1,572 (6,802) Financial and other assets ​ (1,470) (63) Inventories ​ (5,492) 1,918 Accounts payable and accrued liabilities ​ 13,991 (12,600) Other liabilities ​ 3,070 556 ​ ​ 11,671 (16,991) ​

Revenues from mining operations

Revenues from mining operations	12 Months Ended
	Dec. 31, 2021
Revenues from mining operations
Revenues from mining operations	23 Revenues from mining operations The Company has recognized the following amounts related to revenue in the consolidated statements of income: ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Revenues from contracts with customers 273,277 243,698 Provisional pricing adjustments on concentrate sales (1,263) 3,190 Total revenues 272,014 246,888 ​ The following table sets out the disaggregation of revenue by metals and form of sale: ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Revenues from contracts with customers: ​ Silver ​ 65,884 54,641 Copper ​ 96,493 96,159 Lead ​ 26,086 22,068 Zinc ​ 71,077 49,102 Gold ​ 13,737 21,728 Total revenues from contracts with customers ​ 273,277 243,698 ​

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2021
Contingencies
Contingencies	24 Contingencies The Company and its subsidiaries have been named as defendants in certain actions incurred in the normal course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. In the opinion of Management, these matters will not have a material effect on the consolidated financial statements of the Company. These matters include an ongoing personal action filed in Mexico against Dia Bras Mexicana S.A de C.V (“DBM”) by an individual, Carlos Emilio Seijas Bencomo, claiming the annulment and revocation of the purchase agreement of two mining concessions, Bolívar III and IV between Minera Senda de Plata S.A. de C.V. and Ambrosio Bencomo Casavantes, and with this, the nullity of purchase agreement between DBM and Minera Senda de Plata S.A. de C.V. Carlos. Emilio Seijas Bencomo passed away in 2020 and his heirs appointed Mr. Emilio Ambrosio Bencomo Portillo as legal representative to pursue this case. As per the latest development, on March 21, 2021, the first Civil Court of Chihuahua absolved DBM of all claims raised by the plaintiff. Although the plaintiff filed an appeal against this ruling on April 7, 2021, the Company believes that there is no merit in this appeal and the possibility of reversal of the March 12, 2021 ruling is very unlikely.

Subsequent event

Subsequent event	12 Months Ended
	Dec. 31, 2021
Subsequent event
Subsequent event	25 Subsequent event In January 2022, the Company launched the process of divestiture of the Cusi assets.

Significant accounting polici_2

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2021
Significant accounting policies
Basis of preparation	These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). The financial statements were approved by the Board of Directors on March 14, 2022.
Basis of consolidation	These consolidated financial statements include the accounts of the Company and its subsidiaries, which are entities controlled by the Company. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control commences until the date that control ceases. Non-controlling interests represent equity interests in subsidiaries owned by outside parties. Changes in the parent company’s ownership interest in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The principal subsidiaries of the Company and their geographical locations as at December 31, 2021 are as follows: ​ ​ ​ ​ ​ Name of the subsidiary Ownership interest Location Dia Bras EXMIN Resources Inc. 100% ​ Canada Sociedad Minera Corona, S. A. (“Corona”) 1 81.84% ​ Perú Dia Bras Peru, S. A. C. (“Dia Bras Peru”) 1 100% ​ Perú Dia Bras Mexicana, S. A. de C. V. (“Dia Bras Mexicana”) 100% ​ México EXMIN, S. A. de C. V. 100% ​ México Servicios de Produccion Y Extraccion de Chihuahua, S.A. de C.V 100% ​ México 1 The Company, through its wholly owned subsidiary Dia Bras Peru, holds an 81.84% interest in Corona, which represents 92.33% of the voting shares. The Company consolidates Corona’s financial results and records a non-controlling interest for the 18.16% that it does not own.
Foreign currency translation	(i) Functional currency Items included in the financial statements of each of the Company’s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Sierra Metals Inc., the parent entity, is the Canadian dollar (“C$”). The functional currency of the Mexican and Peruvian subsidiaries is the United States dollar. (ii) Presentation currency The presentation currency of the financial statements is United States dollar (“$”). The financial statements of entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities – at the closing rate at the date of the statement of financial position, income and expenses – at the average rate of the period (as this is considered a reasonable approximation of the actual rates prevailing at the transaction dates). All resulting differences are recognized in other comprehensive income as cumulative translation adjustments. (iii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in currencies other than an entity’s functional currency are recognized in the consolidated statement of loss.
Cash and cash equivalents	Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.
Financial Instruments	The Company’s financial assets and liabilities (financial instruments) include cash and cash equivalents, trade receivables, accounts payable and accrued liabilities and long-term debt. The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments. A financial asset is derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial asset or when cash flows expire. A financial liability is derecognized when the obligation specified in the contract is discharged, canceled or expired. Financial Assets Cash and cash equivalents are recorded at amortized cost using the effective interest method. Trade receivables are classified as financial assets at fair value through profit or loss and measured at fair value. 2 Significant accounting policies (continued) Financial Liabilities Financial liabilities, including accounts payable and accrued liabilities, as well as debt and financing obligations are accounted for at amortized cost. Non-hedge derivatives The Company may hold derivative financial instruments to hedge its risk explosure to fluctuations in commodity prices. These derivative financial instruments are classified as financial instruments through profit or loss and recorded in the balance sheet at fair value. Changes in the estimated fair value of non-hedge derivatives at each reporting date are included in the Consolidated Statement of Income (Loss) as derivative gain or loss.
Segment reporting	Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments and has been identified as the Chief Executive Officer of the Company.
Inventories	Inventories consist of concentrates, ore stockpiles, supplies and spare parts. Concentrates include stockpiled concentrates at milling operations or at warehouses. Stockpiled ore is comprised of in-process mineralized material awaiting processing at milling facilities and materials for use in milling operations. Concentrates and stockpiled ore are valued at the lower of average production cost and net realizable value (“NRV”). Concentrates and stockpiled ore inventory costs include all direct costs incurred in production including direct labor and materials, freight and amortization, and directly attributable overhead costs. NRV is calculated as the estimated price at the time of sale based on prevailing metal market prices less estimated future costs to convert the inventories into saleable form and estimated costs to sell. The supplies and spare parts inventories will be used for exploration and production and are valued at the lower of average cost and net realizable value. Cost includes acquisition, freight and other directly attributable costs. If the carrying value of inventory exceeds NRV, a write-down is recognized as production costs of sales in the consolidated statement of income (loss). If there is a subsequent increase in the value of the inventory, the previous write-downs to NRV are reversed up to cost to the extent that the related inventory has not been sold.
Exploration and evaluation expenditure	Exploration and evaluation expenditures are comprised of costs that are directly attributable to: ● Researching and analysing existing exploration data; ● Conducting geological studies, exploratory drilling and sampling; ● Examining and testing extraction and treatment methods; and /or ● Compiling pre-feasibility and feasibility studies 2 Significant accounting policies (continued) Exploration expenditures are costs incurred in the search for resources suitable for commercial exploitation. Evaluation expenditures are costs incurred in determining the technical feasibility and commercial viability of a mineral resource. Exploration and evaluation expenditures are capitalized when there is a high degree of confidence in the project’s viability and thus it is probable that future economic benefits will flow to the Company. Any items of property, plant and equipment used for exploration and evaluation are capitalised within property, plant and equipment. Capitalized exploration and evaluation expenditures are considered to be tangible assets as they form part of the underlying mineral property and are recorded within property, plant and equipment - exploration and evaluation expenditures.
Property, plant and equipment	Property, plant and equipment is stated at cost, less accumulated depreciation and impairment losses. The cost of an item of property, plant and equipment comprises its purchase price, any costs directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated close down and restoration costs associated with the asset, and for qualifying assets, the associated borrowing costs. Once a mining project has been established as commercially viable, expenditure other than on land, buildings, plant and equipment is capitalized under ‘Mining properties’ together with any amount capitalized relating to that mining project from ‘Exploration and evaluation’. Where an item of property, plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment and depreciated over their estimated useful lives. Costs associated with commissioning new assets, in the period before they are capable of operating in the manner intended by management, are capitalized. Revenue generated during the development stage from the sale of concentrate and related costs can be deducted from capitalized costs only if the production of the saleable material is directly attributable to bringing the asset to the condition necessary for it to be capable of operating in the manner intended by management. Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to future economic benefits and these costs can be measured reliably. Repairs and maintenance costs are charged to the consolidated statement of income (loss) during the period in which they are incurred. Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine if shorter. Depreciation commences when the asset is available for use. Land is not depreciated. The major categories of property, plant and equipment are depreciated on a straight-line basis using the following average estimated useful lives below: ​ ​ ​ ​ Asset class Useful lives (years) Vehicle, furniture and other assets 3 to 10 Machinery and equipment 5 to 20 Buildings and other constructions 5 to 50 ​ Mining properties are depleted over the life of the mine using the units of production method. In applying the units of production method, depletion is normally calculated using the quantity of material to be extracted in current and future periods based on proven and probable reserves or measured and indicated resources. Such non-reserve material may be included in depletion calculations in limited circumstances and where there is a high degree of confidence in its economic extraction. 2 Significant accounting policies (continued) The Company conducts an annual review of residual values, useful lives, depletion and depreciation methods used for property, plant and equipment. Changes to estimated residual values or useful lives are accounted for prospectively.
Impairment of non-financial assets	Property, plant and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment is assessed at the level of cash generating units (‘CGUs’). The recoverable amount is the higher of an asset’s fair value less costs to sell or value in use. Fair value less costs to sell is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction. The best evidence of fair value is the value obtained from an active market or binding sales agreement. Where this information is not available, fair value can be estimated as the present value of future cash flows expected to be realized from the continued use of the asset including expansion projects. Value in use is determined as the present value of expected future cash flows to be realized from the continued use of the asset in its present condition and from its ultimate disposal. Capitalized exploration expenditures are reviewed for indicators of impairment, which included a decision to discontinue activities in a specific area and the existence of sufficient data indicating that the carrying amount of an exploration and evaluation asset is unlikely to be recovered from the development or sale of the asset. Non-financial assets that have suffered impairment are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed.
Borrowing costs	Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized and included in the carrying amounts of those assets until they are ready for their intended use. All other borrowing costs are recognized as an expense in the period incurred.
Revenue recognition	Revenues include sales of metal concentrates net of treatment and refining charges. The Company sells concentrate from certain of its mines to third-party smelter customers. These concentrates predominantly contain zinc, lead, and copper, along with quantities of gold and silver. The Company recognizes revenue from these concentrate sales when control of the concentrate has transferred to the customer, which is the point in time that the concentrate is delivered to the customer. Upon delivery, the customer has legal right to, physical possession of, and the risks and rewards of ownership of the concentrate. The customer is also committed to accept and pay for the concentrates once delivered; therefore, the customer is able to direct the use of and obtain substantially all of the remaining benefits from the concentrate. 2 Significant accounting policies (continued) The final prices for metals contained in the concentrate are generally determined based on the prevailing spot market metal prices on a specific future date, which is established on a date prior to the concentrate being delivered to the customer. Upon transfer of control at delivery, the Company measures revenue under these contracts based on forward prices agreed upon with the customer at the time of delivery and the most recent determination of the quantity of contained metals less smelting and refining charges charged by the customer. This reflects the best estimate of the transaction price expected to be received at final settlement. The variability associated with the embedded derivative for changes in the metal prices is recognized at fair value. These changes in the fair value of the receivable are adjusted through revenue from other sources at each subsequent financial statement date.
Leases	(m) Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease by determining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A right-of-use ("ROU") asset and lease liability is recognized at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, the incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: ● fixed payments, including in-substance fixed payments, less any lease incentives receivable; ● variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; ● amounts expected to be payable under a residual value guarantee; ● exercise prices of purchase options if we are reasonably certain to exercise that option; and ● payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in our estimate or assessment of the expected amount payable under a residual value guarantee, purchase, extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to profit.
Share capital	Common shares are classified as equity. Incremental costs directly attributable to the issuance of the shares are recognized as a deduction from equity.
Share-based payments	The fair value of the estimated number of stock options and restricted share units (“RSUs”) awarded to employees, officers and directors that will eventually vest, determined as of the date of grant, is recognized as share-based compensation expense over the vesting period of the stock options and RSUs, with a corresponding increase to equity. The fair value of each tranche is determined using the Black-Scholes option pricing model with market related inputs as of the date of grant. The fair value of RSUs is the market value of the underlying shares as of the date of grant. The number of awards expected to vest is reviewed at least annually, with any change in the estimate recognized immediately in share-based payments expense with a corresponding adjustment to equity.
Share repurchases	The Company deducts from contributed surplus any excess of consideration paid over book value where the Company has repurchased any of its own common shares. Book value is calculated as the weighted average price of the shares issued and outstanding prior to the cancellation date.
Earnings per share	Basic earnings per share (“EPS”) is calculated by dividing the net income (loss) for the period attributable to the shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. The Company’s potentially dilutive common shares comprise stock options and RSUs granted to employees. In periods of loss, basic and diluted EPS are the same, as the effect of dilutive instruments is anti-dilutive.
Income taxes	Tax expense comprises current and deferred income and resource taxes. Current income, deferred income and resources taxes are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. 2 Significant accounting policies (continued) 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 the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that the parent is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, 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 utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Decommissioning and restoration liabilities	(s) Decommissioning and restoration liabilities Decommissioning and restoration costs include the dismantling and demolition of infrastructure, the removal of residual materials and the remediation of disturbed areas. These costs are a normal consequence of mining activity and the majority of these expenditures are expected to be incurred at the end of the life of mine. Estimated decommissioning and restoration costs are provided in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of the estimated future costs discounted using the credit adjusted risk free rate. This provision is adjusted in each reporting period to reflect known developments, e.g. revisions to costs estimates and the timing of cash outflows. The initial decommissioning and restoration provision together with other movements resulting from changes in estimated cash flows or the credit adjusted risk free rates is capitalized within property, plant and equipment and amortized over the life of the asset to which it relates except where it relates to a closed mine where the expenses are recognized in the statement of loss. Provision is made for the estimated present value of costs of environmental clean-up obligations outstanding as at the date of the statement of financial position, and these costs are charged to the income statement as an operating cost. The amortization or unwinding of the discount applied in establishing the net present value of provision is accreted to the income statement in each accounting period with each interest charge included as a financing cost rather than as an operating cost.

Significant accounting polici_3

Significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2021
Significant accounting policies
Schedule of subsidiaries of the company and their geographical locations	The principal subsidiaries of the Company and their geographical locations as at December 31, 2021 are as follows: ​ ​ ​ ​ ​ Name of the subsidiary Ownership interest Location Dia Bras EXMIN Resources Inc. 100% ​ Canada Sociedad Minera Corona, S. A. (“Corona”) 1 81.84% ​ Perú Dia Bras Peru, S. A. C. (“Dia Bras Peru”) 1 100% ​ Perú Dia Bras Mexicana, S. A. de C. V. (“Dia Bras Mexicana”) 100% ​ México EXMIN, S. A. de C. V. 100% ​ México Servicios de Produccion Y Extraccion de Chihuahua, S.A. de C.V 100% ​ México
Schedule of average estimated useful lives of property, plant and equipment	​ ​ ​ ​ Asset class Useful lives (years) Vehicle, furniture and other assets 3 to 10 Machinery and equipment 5 to 20 Buildings and other constructions 5 to 50

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Dec. 31, 2021
Trade and other receivables
Schedule of trade and other receivables	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ $ $ Trade receivables 27,001 28,750 Sales tax receivables 10,121 9,944 ​ 37,122 38,694

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2021
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ $ $ Stockpiles 4,092 1,047 Concentrates 3,630 4,185 Supplies and spare parts 18,955 18,244 ​ 26,677 23,476

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, plant and equipment
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ Plant and ​ Mining ​ Assets under ​ and evaluation ​ ​ ​ ​ equipment ​ properties ​ construction ​ assets ​ Total Cost $ $ $ $ $ Balance as of January 1, 2020 269,669 447,075 50,152 69,259 836,155 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions 5,180 6,348 13,218 11,184 35,930 Change in estimate of decomissioning liability 5,427 — — — 5,427 Disposals (4,514) — — (2,032) (6,546) Transfers 24,783 25,979 (10,909) (39,853) — Balance as of December 31, 2020 300,545 479,402 52,461 38,558 870,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions 4,137 16,830 36,825 17,410 75,202 Change in estimate of decomissioning liability (3,870) — — — (3,870) Disposals (8,033) — (3) (1,312) (9,348) Transfers 20,414 2,345 (17,508) (5,251) — Balance as of December 31, 2021 313,193 498,577 71,775 49,405 932,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ Plant and ​ Mining ​ Assets under ​ and evaluation ​ ​ ​ ​ equipment ​ properties ​ construction ​ assets ​ Total Accumulated depreciation $ $ $ $ $ Balance as of January 1, 2020 166,946 351,053 — 13,041 531,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depletion, depreciation and amortization 27,475 13,958 — — 41,433 Disposals (3,293) — — — (3,293) Transfers ​ 12,310 ​ 731 ​ — ​ (13,041) ​ — Balance as of December 31, 2020 203,438 365,742 — — 569,180 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depletion, depreciation and amortization 29,327 16,747 — — 46,074 Disposals (6,919) — — — (6,919) Impairment 9,588 20,828 — 4,584 35,000 Balance as of December 31, 2021 235,434 403,317 — 4,584 643,335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Book Value - December 31, 2021 77,759 95,260 71,775 44,821 289,615 Net Book Value - December 31, 2020 97,107 113,660 52,461 38,558 301,786

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Accounts payable and accrued liabilities
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ $ $ ​ ​ ​ ​ ​ Trade payables 28,436 16,949 Other payables and accrued liabilities 15,872 13,368 ​ 44,308 30,317

Current and deferred income t_2

Current and deferred income tax liability (Tables)	12 Months Ended
	Dec. 31, 2021
Current and deferred income tax liability
Schedule of income and resource taxes	​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Current Tax Expense ​ ​ ​ ​ ​ ​ ​ Current income tax ​ 27,543 20,535 ​ ​ 27,543 20,535 ​ ​ ​ ​ ​ Deferred Tax Recovery ​ ​ ​ ​ ​ ​ Deferred tax expense (recovery) ​ (2,440) 2,051 ​ ​ (2,440) 2,051 ​ ​ ​ ​ ​ Total tax expense ​ 25,103 22,586
Schedule of reconciliation between income tax expense and the product of loss	​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Income before income taxes ​ 2,995 49,977 ​ ​ ​ ​ ​ Expected tax rate 26.50% (2020 - 26.50% ) ​ 794 13,244 Effect of tax rate differences ​ (814) 1,838 Stock based compensation costs ​ 177 177 Other non-deductible expenses ​ 7,044 909 Unrealized foreign exchange income ​ (69) (175) Inflation adjustment for Mexico tax purposes ​ 638 150 Utilization of prior year losses ​ 14,241 ​ 3,896 Foreign exchange and other ​ 2,256 (3,326) Mining royalties and other ​ 836 5,873 ​ ​ 25,103 22,586
Schedule of temporary differences and components and movements of net deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Balance ​ Balance ​ January 1, Change in December 31, Change in December 31, ​ ​ 2020 ​ 2020 ​ 2020 ​ 2021 ​ 2021 ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant, and equipment ​ (816) ​ 341 ​ (475) ​ 3,956 ​ 3,481 Inventory ​ (1,178) ​ (2,892) ​ (4,070) ​ (2,078) ​ (6,148) Provisions ​ 3,726 ​ (194) ​ 3,532 ​ 2,525 ​ 6,057 Decommissioning liabilities ​ 5,002 ​ 1,632 ​ 6,634 ​ 946 ​ 7,580 Mining royalties ​ 1,615 ​ 103 ​ 1,718 ​ (1,195) ​ 523 Mining assets ​ (42,554) ​ 157 ​ (42,397) ​ 1,896 ​ (40,501) Other items ​ 2,298 ​ (1,000) ​ 1,298 ​ 1,562 ​ 2,860 Non-capital losses ​ 6,286 ​ (672) ​ 5,614 ​ (5,204) ​ 410 Net deferred tax (liabilities) assets ​ (25,621) ​ (2,525) ​ (28,146) ​ 2,408 ​ (25,738) ​ Deferred tax assets have not been recognized in respect of the following temporary differences: ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Non-capital and capital losses ​ 56,612 ​ 62,250 Property, plant and equipment ​ 96 ​ 83 Mineral properties ​ 37,290 ​ 2,280 Other ​ (37) ​ (37) ​ ​ 93,961 ​ 64,576

Loans payable and notes payab_2

Loans payable and notes payable (Tables)	12 Months Ended
	Dec. 31, 2021
Loans payable and notes payable
Schedule of loans payable	​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Senior Secured Corporate Credit Facility with Banco de Credito del Peru ("BCP") ​ Current Portion ​ 24,855 18,480 Long term Portion ​ 55,949 80,903 Total loans payable ​ 80,804 99,383

Decommissioning liability (Tabl

Decommissioning liability (Tables)	12 Months Ended
	Dec. 31, 2021
Decommissioning liability
Schedule of decommissioning liability	​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ ​ ​ ​ ​ ​ Balance, beginning of year ​ 22,467 16,894 ​ ​ ​ ​ ​ Liabilities settled during the year ​ (799) (405) Interest cost ​ 478 551 Revisions and new estimated cash flows ​ (3,994) 5,427 Balance, end of year ​ 18,152 22,467 ​ ​ ​ ​ ​ Less: current portion ​ 1,012 1,260 Long-term decommissioning liability ​ 17,140 21,207
Schedule of key assumptions of calculation of decommissioning liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ Mexico ​ Peru Mexico Peru Estimated undiscounted cash flows ($) ​ 1,261 ​ 19,984 ​ 1,182 ​ 24,297 Discount rate (%) ​ 7.8 ​ 7.0 ​ 5.6 ​ 4.1 Settlement period (years) ​ 3 ​ 5 - 11 ​ 4 ​ 3 - 14 Inflation (%) ​ 4.0 ​ 2.5 ​ 4.0 ​ 2.0

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Other liabilities
Schedule of other liabilities	​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Current ​ Profit-sharing and other employee related obligations ​ 10,195 7,267 Current portion of lease liabilities ​ 988 295 ​ ​ ​ ​ ​ ​ ​ 11,183 7,562 ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ Other employee related obligations ​ 1,831 1,426 Lease liabilities ​ 1,646 781 ​ ​ 3,477 2,207

Share capital and share-based_2

Share capital and share-based payments (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Schedule of changes in RSU's issued	The changes in RSU’s issued during the years ended December 31, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Outstanding, beginning of period 1,409,058 1,630,423 Granted 617,187 898,857 Exercised (617,597) (695,174) Forfeited (362,817) (425,048) Outstanding, end of period 1,045,831 1,409,058

Non-controlling interest (Table

Non-controlling interest (Tables)	12 Months Ended
	Dec. 31, 2021
Non-controlling interest
Schedule of non-controlling interest	Summarized statements of financial position ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Current ​ Assets ​ 97,988 118,045 Liabilities ​ (38,845) (26,890) Total current net assets ​ 59,143 91,155 ​ ​ Non-current ​ Assets ​ 178,610 170,277 Liabilities ​ (42,558) (45,145) Total non-current net assets ​ 136,052 125,132 Net assets ​ 195,195 216,287 ​ Summarized income statement ​ ​ ​ ​ ​ ​ ​ ​ For the twelve months ended December 31, ​ ​ 2021 ​ 2020 ​ $ ​ $ Revenue ​ 180,598 146,941 Income before income tax ​ 54,957 39,809 Income tax expense ​ (26,048) (17,934) Total income ​ 28,909 21,875 Total income attributable to non-controlling interests ​ 5,255 3,972 ​ Summarized cash flows ​ ​ ​ ​ ​ ​ ​ For the twelve months ended December 31, ​ ​ 2021 ​ 2020 ​ $ ​ $ Cash flows from operating activities ​ ​ ​ ​ Cash generated from operating activities ​ 83,471 64,797 Net changes in non cash working capital items ​ 1,752 (2,992) Decomissioning liabilities settled ​ (730) (405) Income taxes paid ​ (23,760) (12,824) Net cash generated from operating activities ​ 60,733 48,576 Net cash used in investing activities ​ (37,903) (19,205) Net cash used in financing activities (1) ​ (54,956) 705 Effect of foreign exchange rate changes on cash and cash equivalents ​ (31) (53) (Decrease) increase in cash and cash equivalents ​ (32,157) 30,023 Cash and cash equivalents, beginning of period ​ 65,027 35,004 Cash and cash equivalents, end of period ​ 32,870 65,027 (1) includes dividends of $9,080 paid to non-controlling interests

Expenses by nature (Tables)

Expenses by nature (Tables)	12 Months Ended
	Dec. 31, 2021
Expenses by nature
Schedule of mining cost	​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 ​ 2020 ​ $ ​ $ Employee compensation and benefits ​ 29,756 26,472 Third party and contractors costs ​ 68,962 52,616 Depreciation ​ 44,700 41,654 Consumables ​ 33,910 30,850 Changes in inventory and other ​ 13,467 13,711 ​ ​ 190,795 165,303
Schedule of general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 ​ 2020 ​ ​ $ ​ $ Salaries and benefits ​ 9,929 9,097 Consulting and professional fees ​ 6,016 2,922 Office expenses ​ 2,211 2,182 Marketing and communication expenses ​ 804 815 Share-based compensation expense ​ 1,059 668 Listing and filing fees ​ 299 257 Director expenses ​ 941 1,307 Travelling expense ​ 368 237 Other ​ 2,210 2,785 ​ ​ 23,837 20,270

Other expenses (income) (Tables

Other expenses (income) (Tables)	12 Months Ended
	Dec. 31, 2021
Other expenses (income)
Schedule of Other expenses (income)	​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Loss on sale of supplies and fixed assets ​ 1,441 124 Exploration expenditure written off ​ 1,312 1,829 Allowance for inventory obsolescence ​ 2,291 176 Miscellaneous expenses (income) ​ 1,850 (1,464) ​ ​ 6,894 665

Interest expense and other fi_2

Interest expense and other finance costs (Tables)	12 Months Ended
	Dec. 31, 2021
Interest expense and other finance costs
Schedule of interest expense and other finance costs	​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Interest expense on loans ​ 3,181 4,046 Interest cost on decommissioning liability ​ 471 547 Other interest ​ 294 ​ — Interest income ​ (301) (300) ​ ​ 3,645 4,293

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment reporting
Schedule of summary of the reported amounts of net income (loss) and the carrying amounts of assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peru Mexico Mexico Canada ​ ​ ​ Yauricocha Mine ​ Bolivar Mine ​ Cusi Mine ​ Corporate ​ Total Year ended December 31, 2021 ​ $ ​ $ ​ $ ​ $ ​ $ Revenue (1) 180,598 65,275 26,141 — 272,014 ​ ​ ​ ​ ​ Production cost of sales (80,765) (43,186) (22,144) — (146,095) Depletion of mineral property (9,329) (5,424) (1,908) — (16,661) Depreciation and amortization of property, plant and equipment (15,571) (8,805) (3,663) — (28,039) Cost of sales (105,665) (57,415) (27,715) — (190,795) ​ Gross profit (loss) from mining operations 74,933 7,860 (1,574) — 81,219 ​ Income (loss) from operations (2) 60,919 (2,201) (40,283) (5,935) 12,500 Derivative instrument gains — — 451 — 451 Interest expense and other finance costs (2,347) (139) (57) (1,102) (3,645) Other income (expense) (6,327) (279) (278) (10) (6,894) Foreign currency exchange gain (loss) (265) 420 171 257 583 Income (loss) before income tax 51,980 (2,198) (39,997) (6,790) 2,995 ​ Income tax (expense) recovery (26,273) 831 339 — (25,103) ​ Net income (loss) from operations 25,707 (1,368) (39,657) (6,790) (22,108) ​ December 31, 2021 Peru Mexico Canada Total ​ ​ $ $ ​ ​ ​ $ ​ $ Total assets ​ 252,638 142,745 ​ ​ 1,441 ​ 396,824 Non-current assets ​ 178,892 111,744 ​ ​ 65 ​ 290,701 Total liabilities ​ 138,332 28,729 ​ ​ 25,131 ​ 192,192 ​ (1) Includes provisional pricing adjustments of: $(493) for Yauricocha, $(221) for Bolivar, and $(549) for Cusi. (2) Includes impairment charge of $35,000 on Cusi 18 Segment reporting (continued) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Peru ​ Mexico ​ Mexico ​ Canada ​ ​ ​ Yauricocha Mine ​ Bolivar Mine ​ Cusi Mine ​ Corporate ​ Total Year ended December 31, 2020 ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue (1) ​ 146,941 81,762 18,185 — 246,888 ​ ​ ​ ​ ​ ​ Production cost of sales ​ (70,660) (37,319) (15,670) — (123,649) Depletion of mineral property ​ (8,503) (3,873) (2,063) — (14,439) Depreciation and amortization of property, plant and equipment ​ (13,455) (10,320) (3,440) — (27,215) Cost of sales ​ (92,618) (51,512) (21,173) — (165,303) ​ ​ Gross profit from mining operations ​ 54,323 30,250 (2,988) — 81,585 ​ ​ Income (loss) from operations ​ 40,179 19,953 (4,725) (4,287) 51,120 Derivative instrument gains ​ — ​ — ​ 904 ​ — ​ 904 Interest expense and other finance costs ​ (2,965) 18 (105) (1,241) (4,293) Other income (expense) ​ (2,476) 1,573 238 — (665) Foreign currency exchange gain ​ 329 1,575 345 662 2,911 Income (loss) before income tax ​ 35,067 23,119 (3,343) (4,866) 49,977 ​ ​ Income tax expense ​ (17,934) (3,797) (855) ​ — (22,586) ​ ​ Net income (loss) from operations ​ 17,133 19,322 (4,198) (4,866) 27,391 ​ ​ December 31, 2020 ​ Peru Mexico Canada Total ​ ​ $ $ ​ $ $ Total assets ​ 269,179 167,866 ​ 2,547 439,592 Non-current assets ​ 170,681 132,822 ​ 40 303,543 Total liabilities ​ 141,548 26,952 ​ 30,884 199,384

Financial instruments and fin_2

Financial instruments and financial risk management (Tables)	12 Months Ended
	Dec. 31, 2021
Financial instruments and financial risk management [line items]
Schedule of financial assets and liabilities by category	​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ ​ ​ ​ Cost ​ FVTPL ​ Total At December 31, 2021 ​ $ ​ $ ​ $ Financial assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents 34,929 — 34,929 Trade receivables (1) — 27,001 27,001 Total Financial assets 34,929 27,001 61,930 ​ ​ ​ ​ ​ ​ ​ Financial liabilities Accounts payable and accued liabilities 44,308 — 44,308 Loans payable 80,804 — 80,804 Total Financial liabilities 125,112 — 125,112 ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and ​ ​ ​ ​ receivables ​ FVTPL ​ Total At December 31, 2020 ​ $ ​ $ ​ $ Financial assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents 71,473 — 71,473 Trade receivables (1) — 28,750 28,750 Total Financial assets 71,473 28,750 100,223 ​ ​ ​ ​ ​ ​ ​ Financial liabilities Accounts payable and accued liabilities 30,317 — 30,317 Loans payable 99,383 — 99,383 Total Financial liabilities 129,700 — 129,700 (1) Trade receivables exclude sales and income tax receivables.
Schedule of fair value measurements of assets	At December 31, 2021 and 2020, the levels in the fair value hierarchy into which the Company’s financial assets and liabilities are measured and recognized on the Consolidated Statement of Financial Position are categorized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 Recurring measurements Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ Trade receivables (1) — 27,001 — 27,001 — 28,750 — 28,750 ​ — 27,001 — 27,001 — 28,750 — 28,750 (1) Trade receivables exclude sales and income tax receivables.
Currency risk
Financial instruments and financial risk management [line items]
Schedule of exposure to risks	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ Peruvian ​ ​ ​ ​ ​ ​ Mexican ​ Nuevo ​ ​ ​ ​ CAN dollar Peso Soles Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents 301 55 678 1,034 Income tax and other receivables 69 19,478 1,665 21,212 ​ 370 19,533 2,343 22,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and other liabilities (705) (38,271) (22,997) (61,973) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (335) (18,738) (20,654) (39,727) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ Peruvian ​ ​ ​ ​ ​ ​ Mexican ​ Nuevo ​ ​ ​ ​ CAN dollar Peso Soles Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents 179 1,706 1,625 3,510 Income tax and other receivables 39 13,371 723 14,133 ​ 218 15,077 2,348 17,643 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and other liabilities (885) (27,009) (16,438) (44,332) ​ ​ ​ ​ ​ ​ ​ ​ ​ Total (667) (11,932) (14,090) (26,689)
Credit risk
Financial instruments and financial risk management [line items]
Schedule of exposure to risks	​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Cash and cash equivalents ​ 34,929 71,473 Trade receivables ​ 27,001 28,750 ​ ​ 61,930 100,223
Commodity price risk
Financial instruments and financial risk management [line items]
Schedule of exposure to risks	​ ​ ​ ​ ​ ​ ​ 2021 2020 Commodity ​ $ ​ $ ​ ​ ​ ​ ​ 10% decrease in silver prices (1,458) (471) 10% decrease in copper prices (3,213) (743) 10% decrease in zinc prices (605) (354) 10% decrease in lead prices (1,002) (105) 10% decrease in gold prices (297) (928)
Liquidity risk
Financial instruments and financial risk management [line items]
Schedule of remaining contractual maturities and undiscounted cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Within 1 year ​ 1-2 years ​ 3-5 years ​ After 5 years ​ Total ​ ​ $ ​ $ ​ $ ​ $ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ 44,308 — — — 44,308 Loans payable ​ 25,000 25,000 31,250 — 81,250 Interest on loans payable ​ 2,433 1,586 797 — 4,816 Decommissioning liability ​ 1,034 3,824 3,090 13,297 21,245 Other liabilities ​ 11,183 3,477 — — 14,660 Total Commitments ​ 83,958 33,887 35,137 13,297 166,279

Capital management (Tables)

Capital management (Tables)	12 Months Ended
	Dec. 31, 2021
Capital management
Schedule of capital of the Company	The capital of the Company consists of items included in equity attributable to owners of the Company and debt, net of cash and cash equivalents as follows: ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Equity attributable to owners of the Company ​ 169,249 201,000 Loans payable ​ 80,804 99,383 ​ ​ 250,053 300,383 Less: Cash and cash equivalents ​ (34,929) (71,473) ​ ​ 215,124 228,910

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related party transactions
Schedule of remuneration to directors and key management personnel	The remuneration of the Company’s directors, officers and other key management personnel during the years ended December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ 2021 2020 ​ ​ $ ​ $ Salaries, Cash Bonuses, Severance and Directors Fees 2,626 2,289 Share-based payments 1 1,373 496 ​ 3,999 2,785

Changes in working capital (Tab

Changes in working capital (Tables)	12 Months Ended
	Dec. 31, 2021
Changes in working capital
Schedule of changes in working capital	​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Trade and other receivables ​ 1,572 (6,802) Financial and other assets ​ (1,470) (63) Inventories ​ (5,492) 1,918 Accounts payable and accrued liabilities ​ 13,991 (12,600) Other liabilities ​ 3,070 556 ​ ​ 11,671 (16,991)

Revenues from mining operatio_2

Revenues from mining operations (Tables)	12 Months Ended
	Dec. 31, 2021
Revenues from mining operations
Schedule of revenue in consolidated statements of income	The Company has recognized the following amounts related to revenue in the consolidated statements of income: ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Revenues from contracts with customers 273,277 243,698 Provisional pricing adjustments on concentrate sales (1,263) 3,190 Total revenues 272,014 246,888
Schedule of disaggregation of revenue	The following table sets out the disaggregation of revenue by metals and form of sale: ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ $ ​ $ Revenues from contracts with customers: ​ Silver ​ 65,884 54,641 Copper ​ 96,493 96,159 Lead ​ 26,086 22,068 Zinc ​ 71,077 49,102 Gold ​ 13,737 21,728 Total revenues from contracts with customers ​ 273,277 243,698

Description of business and n_2

Description of business and nature of operations (Details)	12 Months Ended
	Dec. 31, 2021
Yauricocha Mine
Description Of Business And Nature Of Operations Disclosure [Line Items]
Ownership interest	81.84%
Bolivar
Description Of Business And Nature Of Operations Disclosure [Line Items]
Ownership interest	100.00%
Cusi Mines
Description Of Business And Nature Of Operations Disclosure [Line Items]
Ownership interest	100.00%

Significant accounting polici_4

Significant accounting policies (Details)	12 Months Ended
	Dec. 31, 2021
Dia Bras EXMIN Resources Inc.
Disclosure of subsidiaries [line items]
Ownership interest	100.00%
Location	Canada
Sociedad Minera Corona, S. A. ("Corona")
Disclosure of subsidiaries [line items]
Ownership interest	81.84%
Location	Perú
Dia Bras Peru S. A. C. ("Dia Bras Peru")
Disclosure of subsidiaries [line items]
Ownership interest	100.00%
Location	Perú
Dia Bras Mexicana S. A. de C. V. ("Dia Bras Mexicana")
Disclosure of subsidiaries [line items]
Ownership interest	100.00%
Location	México
EXMIN, S. A. de C. V.
Disclosure of subsidiaries [line items]
Ownership interest	100.00%
Location	México
Servicios de Produccion Y Extraccion de Chihuahua, S.A. de C.V
Disclosure of subsidiaries [line items]
Ownership interest	100.00%
Location	México

Significant accounting polici_5

Significant accounting policies - Estimated useful lives (Details)	12 Months Ended
	Dec. 31, 2021
Vehicles, furniture and other assets | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	3
Vehicles, furniture and other assets | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	10
Machinery and equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	5
Machinery and equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	20
Buildings and other constructions | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	5
Buildings and other constructions | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	50

Significant accounting polici_6

Significant accounting policies - Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2021
Disclosure of subsidiaries [line items]
Depreciation method	straight-line basis
Corona
Disclosure of subsidiaries [line items]
Ownership interest through Dia Bras Peru	81.84%
Percentage of voting shares in subsidiary	92.33%
Unowned non controlling interest	18.16%

Significant accounting estima_2

Significant accounting estimates and judgments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of changes in accounting estimates [line items]
Asset impairment	$ 35,000
Expenses related to detect and restrict the spread of COVID-19	9,600	$ 5,900
Cusi Mine
Disclosure of changes in accounting estimates [line items]
Asset impairment	$ 35,000

Trade and other receivables (De

Trade and other receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Trade and other receivables
Trade receivables	$ 27,001	$ 28,750
Sales tax receivables	10,121	9,944
Total	$ 37,122	$ 38,694

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventories
Stockpiles	$ 4,092	$ 1,047
Concentrates	3,630	4,185
Supplies and spare parts	18,955	18,244
Total	$ 26,677	$ 23,476

Inventories - Additional inform

Inventories - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Inventories Line Items [Line Items]
Cost of inventories recognised as expense	$ 190,795	$ 165,303
Net of provision write-off	6,396	3,808
Inventory write-down	5,752	$ 1,248
Stockpile and concentrate
Inventories Line Items [Line Items]
Inventories, at net realisable value	$ 2,710

Property, plant and equipment_2

Property, plant and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Balance	$ (301,786)
Impairment	35,000
Balance	(289,615)	$ (301,786)
Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance	(870,966)	(836,155)
Additions	75,202	35,930
Change in estimate of decomissioning liability	(3,870)	5,427
Disposals	(9,348)	(6,546)
Transfers	0	0
Balance	(932,950)	(870,966)
Accumulated depreciation, amortization
Disclosure of detailed information about property, plant and equipment [line items]
Balance	569,180	531,040
Depletion, depreciation and amortization	46,074	41,433
Disposals	6,919	3,293
Impairment	35,000
Balance	643,335	569,180
Plant and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Balance	(97,107)
Balance	(77,759)	(97,107)
Plant and equipment | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance	(300,545)	(269,669)
Additions	4,137	5,180
Change in estimate of decomissioning liability	(3,870)	5,427
Disposals	(8,033)	(4,514)
Transfers	20,414	24,783
Balance	(313,193)	(300,545)
Plant and equipment | Accumulated depreciation, amortization
Disclosure of detailed information about property, plant and equipment [line items]
Balance	203,438	166,946
Depletion, depreciation and amortization	29,327	27,475
Disposals	6,919	3,293
Transfers		12,310
Impairment	9,588
Balance	235,434	203,438
Mining properties
Disclosure of detailed information about property, plant and equipment [line items]
Balance	(113,660)
Balance	(95,260)	(113,660)
Mining properties | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance	(479,402)	(447,075)
Additions	16,830	6,348
Change in estimate of decomissioning liability	0	0
Disposals	0	0
Transfers	2,345	25,979
Balance	(498,577)	(479,402)
Mining properties | Accumulated depreciation, amortization
Disclosure of detailed information about property, plant and equipment [line items]
Balance	365,742	351,053
Depletion, depreciation and amortization	16,747	13,958
Disposals	0	0
Transfers		731
Impairment	20,828
Balance	403,317	365,742
Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Balance	(52,461)
Balance	(71,775)	(52,461)
Assets under construction | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance	(52,461)	(50,152)
Additions	36,825	13,218
Change in estimate of decomissioning liability	0	0
Disposals	(3)
Transfers	(17,508)	(10,909)
Balance	(71,775)	(52,461)
Assets under construction | Accumulated depreciation, amortization
Disclosure of detailed information about property, plant and equipment [line items]
Balance	0
Depletion, depreciation and amortization	0	0
Disposals	0	0
Impairment	0
Balance	0	0
Exploration and evaluation assets
Disclosure of detailed information about property, plant and equipment [line items]
Balance	(38,558)
Impairment	35,000
Balance	(44,821)	(38,558)
Exploration and evaluation assets | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance	(38,558)	(69,259)
Additions	17,410	11,184
Change in estimate of decomissioning liability	0	0
Disposals	(1,312)	(2,032)
Transfers	(5,251)	(39,853)
Balance	(49,405)	(38,558)
Exploration and evaluation assets | Accumulated depreciation, amortization
Disclosure of detailed information about property, plant and equipment [line items]
Balance	0	13,041
Depletion, depreciation and amortization	0	0
Disposals	0	0
Transfers		(13,041)
Impairment	4,584
Balance	$ 4,584	$ 0

Property, plant and equipment -

Property, plant and equipment - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Asset impairment	$ 35,000,000
Exploration and evaluation assets
Disclosure of detailed information about property, plant and equipment [line items]
Asset impairment	35,000,000
Prices used by Management were to decrease by 10 %
Disclosure of detailed information about property, plant and equipment [line items]
Additional impairment charge	18,870,000
Discount rate applied to cash flow projections had been 100 basis points higher
Disclosure of detailed information about property, plant and equipment [line items]
Additional impairment charge	1,727,000
Estimated quantities of mineral resources were 10% lower than the one estimated by management
Disclosure of detailed information about property, plant and equipment [line items]
Additional impairment charge	6,554,000
Silver grades were 10% lower than those estimated in different scenarios
Disclosure of detailed information about property, plant and equipment [line items]
Additional impairment charge	18,314,000
Estimated future production costs were 10% higher than the one estimated by management
Disclosure of detailed information about property, plant and equipment [line items]
Additional impairment charge	11,811,000
Probabilities of different scenarios had been 10% more negative than management's estimates
Disclosure of detailed information about property, plant and equipment [line items]
Additional impairment charge	3,024,000
Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Forecasted metal price for silver, per ounce	21.04
Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Forecasted metal price for silver, per ounce	24.07
Cusi Mine
Disclosure of detailed information about property, plant and equipment [line items]
Asset impairment	$ 35,000,000
Discount rate	10.50%
Yauricocha Mine
Disclosure of detailed information about property, plant and equipment [line items]
Loss on disposal of equipment	$ 1,076,000
Yauricocha Mine | Exploration and evaluation assets
Disclosure of detailed information about property, plant and equipment [line items]
Write off of exploration and evaluation assets	$ 1,312,000

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts payable and accrued liabilities
Trade payables	$ 28,436	$ 16,949
Other payables and accrued liabilities	15,872	13,368
Accounts payable and accrued liabilities	$ 44,308	$ 30,317

Current and deferred income t_3

Current and deferred income tax liability - Income and resource taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current Tax Expense
Current income tax	$ 27,543	$ 20,535
Total Current Tax Expense	27,543	20,535
Deferred Tax Recovery
Deferred tax expense (recovery)	(2,440)	2,051
Total Deferred Tax Expense (recovery)	(2,440)	2,051
Total tax expense	$ 25,103	$ 22,586

Current and deferred income t_4

Current and deferred income tax liability - Tax rate reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current and deferred income tax liability
Income before income taxes	$ 2,995	$ 49,977
Expected tax rate @ 26.50% (2020 - 26.50%)	794	13,244
Effect of tax rate differences	(814)	1,838
Stock based compensation costs	177	177
Other non-deductible expenses	7,044	909
Unrealized foreign exchange income	(69)	(175)
Inflation adjustment for Mexico tax purposes	638	150
Utilization of prior year losses	14,241	3,896
Foreign exchange and other	2,256	(3,326)
Mining royalties and other	836	5,873
Income tax expense	$ 25,103	$ 22,586

Current and deferred income t_5

Current and deferred income tax liability - Deferred tax asset and liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Deferred Income Taxes [Roll Forward]
Beginning Balance	$ (28,146)	$ (25,621)
Change in deferred tax liability	2,408	(2,525)
Ending Balance	(25,738)	(28,146)
Property, plant, and equipment
Disclosure Of Deferred Income Taxes [Roll Forward]
Beginning Balance	(475)	(816)
Change in deferred tax liability	3,956	341
Ending Balance	3,481	(475)
Inventory
Disclosure Of Deferred Income Taxes [Roll Forward]
Beginning Balance	(4,070)	(1,178)
Change in deferred tax liability	(2,078)	(2,892)
Ending Balance	(6,148)	(4,070)
Provisions
Disclosure Of Deferred Income Taxes [Roll Forward]
Beginning Balance	3,532	3,726
Change in deferred tax liability	2,525	(194)
Ending Balance	6,057	3,532
Decommissioning liabilities
Disclosure Of Deferred Income Taxes [Roll Forward]
Beginning Balance	6,634	5,002
Change in deferred tax liability	946	1,632
Ending Balance	7,580	6,634
Mining royalties
Disclosure Of Deferred Income Taxes [Roll Forward]
Beginning Balance	1,718	1,615
Change in deferred tax liability	(1,195)	103
Ending Balance	523	1,718
Mining assets
Disclosure Of Deferred Income Taxes [Roll Forward]
Beginning Balance	(42,397)	(42,554)
Change in deferred tax liability	1,896	157
Ending Balance	(40,501)	(42,397)
Other Items
Disclosure Of Deferred Income Taxes [Roll Forward]
Beginning Balance	1,298	2,298
Change in deferred tax liability	1,562	(1,000)
Ending Balance	2,860	1,298
Non-capital losses
Disclosure Of Deferred Income Taxes [Roll Forward]
Beginning Balance	5,614	6,286
Change in deferred tax liability	(5,204)	(672)
Ending Balance	$ 410	$ 5,614

Current and deferred income t_6

Current and deferred income tax liability - Deferred tax assets (Details) - Temporary differences - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Non-capital and capital losses	$ 56,612	$ 62,250
Property, plant and equipment	96	83
Mineral properties	37,290	2,280
Other	(37)	(37)
TOTAL	$ 93,961	$ 64,576

Current and deferred income t_7

Current and deferred income tax liability - Tax losses and Unrecognized deferred tax liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current and deferred income tax liability
Unrealized aggregate tax losses	$ 46,399	$ 37,771
Capital losses without expiry	1,403	1,403
Taxable temporary difference of investments in subsidiaries that has not been recognized	$ 83,052	$ 77,582
Applicable tax rate	26.50%	26.50%

Loans payable and notes payab_3

Loans payable and notes payable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Long term Portion	$ 55,949	$ 80,903
Total loans payable	80,804	99,383
Senior Secured Corporate Credit Facility with Banco de Credito del Peru ("BCP")
Disclosure of detailed information about borrowings [line items]
Current Portion	24,855	18,480
Long term Portion	55,949	80,903
Total loans payable	$ 80,804	$ 99,383

Loans payable and notes payab_4

Loans payable and notes payable - Senior Secured Corporate Credit Facility with BCP (Details) - USD ($) $ in Thousands	Mar. 11, 2019	Dec. 31, 2021	Dec. 31, 2020	Feb. 17, 2020	Jun. 29, 2019	May 08, 2019
Disclosure of detailed information about borrowings [line items]
Current borrowings		$ 24,855	$ 18,480
Senior Secured Corporate with BCP | Credit Facility
Disclosure of detailed information about borrowings [line items]
Current borrowings	$ 100,000			$ 30,000
Borrowing maturity	March 2025
Borrowing term	6 years
Interest rate	3.15%
Description of interest rate basis	LIBOR 3M
Borrowing repayment term	4 years
Senior Secured Corporate with BCP | Credit Facility | Principal Repayment Grace
Disclosure of detailed information about borrowings [line items]
Borrowing repayment term	2 years
Senior Secured Corporate with BCP | Credit Facility | Corona Acquisition Loan
Disclosure of detailed information about borrowings [line items]
Borrowing maturity	P4Y
Interest rate	3.26%
Senior Secured Corporate with DBP | Credit Facility
Disclosure of detailed information about borrowings [line items]
Current borrowings	$ 21,400	$ 3,209	$ 4,066		$ 30,000	$ 48,600

Decommissioning liability (Deta

Decommissioning liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Decommissioning liability
Balance, beginning of year	$ 22,467	$ 16,894
Liabilities settled during the year	(799)	(405)
Interest cost	478	551
Revisions and new estimated cash flows	(3,994)	5,427
Balance, end of year	18,152	22,467
Less: current portion	1,012	1,260
Long-term decommissioning liability	$ 17,140	$ 21,207

Decommissioning liability - Est

Decommissioning liability - Estimated costs for required future decommissioning (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Mexico
Disclosure of other provisions [line items]
Estimated undiscounted cash flows ($)	$ 1,261	$ 1,182
Discount rate (%)	7.80%	5.60%
Settlement period (years)	3 years	4 years
Inflation (%)	4.00%	4.00%
Peru
Disclosure of other provisions [line items]
Estimated undiscounted cash flows ($)	$ 19,984	$ 24,297
Discount rate (%)	7.00%	4.10%
Inflation (%)	2.50%	2.00%
Minimum | Peru
Disclosure of other provisions [line items]
Settlement period (years)	5 years	3 years
Maximum | Peru
Disclosure of other provisions [line items]
Settlement period (years)	11 years	14 years

Other liabilities (Details)

Other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current
Profit-sharing and other employee related obligations	$ 10,195	$ 7,267
Current portion of lease liabilities	988	295
Total liabilities current	11,183	7,562
Non-current
Other employee related obligations	1,831	1,426
Lease liabilities	1,646	781
Total liabilities non-current	$ 3,477	$ 2,207

Other liabilities - Additional

Other liabilities - Additional Information (Details) - Peru - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Other Liabilities [Line Items]
Employee profit sharing	$ 6,404	$ 2,244
Provision for wages, salaries and other employee benefits	$ 3,791	$ 5,023

Share capital and share-based_3

Share capital and share-based payments - (Details) - RSU - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding, beginning of period	1,409,058	1,630,423
Granted	617,187	898,857
Exercised	(617,597)	(695,174)
Forfeited	(362,817)	(425,048)
Outstanding, ending of period	1,045,831	1,409,058

Share capital and share-based_4

Share capital and share-based payments - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 07, 2021	Nov. 05, 2021	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSU's granted under tranche two			617,187
Share-based compensation			$ 1,059	$ 668
Cash dividend declared per common share		$ 0.03
Dividend paid, common shares	$ 4,903			$ 0
RSU
Disclosure of terms and conditions of share-based payment arrangement [line items]
Percentage of maximum number of common shares authorized for issue			5.00%
Fair value of RSU's granted under tranche two			$ 3.95
Weighted average fair value of RSUs exercised under tranche two			1.81	$ 2.60
Weighted average fair value of RSUs forfeited under tranche two			2.17	1.88
Weighted average fair value of RSUs outstanding under tranche two			$ 2.63	$ 1.57

Non-controlling interest - Summ

Non-controlling interest - Summarized statements of financial position (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current
Assets	$ 106,123	$ 136,049
Liabilities	(88,802)	(65,164)
Non-current
Assets	290,701
Subsidiary Corona
Current
Assets	97,988	118,045
Liabilities	(38,845)	(26,890)
Total current net assets	59,143	91,155
Non-current
Assets	178,610	170,277
Liabilities	(42,558)	(45,145)
Total non-current net assets	136,052	125,132
Net assets	$ 195,195	$ 216,287

Non-controlling interest - Su_2

Non-controlling interest - Summarized income statement (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of subsidiaries [line items]
Revenue	$ 272,014	$ 246,888
Income before income tax	2,995	49,977
Income tax (expense) recovery	(25,103)	(22,586)
Total income (loss)	(22,108)	27,391
Total income attributable to non-controlling interests	5,255	3,972
Subsidiary Corona
Disclosure of subsidiaries [line items]
Revenue	180,598	146,941
Income before income tax	54,957	39,809
Income tax (expense) recovery	(26,048)	(17,934)
Total income (loss)	28,909	21,875
Total income attributable to non-controlling interests	$ 5,255	$ 3,972

Non-controlling interest - Su_3

Non-controlling interest - Summarized cash flows (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net changes in non cash working capital items	$ (11,671)	$ 16,991
Net cash generated from operating activities	72,245	66,981
Net cash used in investing activities	(71,772)	(34,249)
Net cash used in financing activities	(36,888)	(4,066)
Effect of foreign exchange rate changes on cash and cash equivalents	(129)	(173)
(Decrease) increase in cash and cash equivalents	(36,544)	28,493
Cash and cash equivalents, beginning of period	71,473	42,980
Cash and cash equivalents, end of period	34,929	71,473
Dividends paid to non-controlling interest	9,080
Subsidiary Corona
Cash flows from operating activities
Cash generated from operating activities	83,471	64,797
Net changes in non cash working capital items	1,752	(2,992)
Decomissioning liabilities settled	(730)	(405)
Income taxes paid	(23,760)	(12,824)
Net cash generated from operating activities	60,733	48,576
Net cash used in investing activities	(37,903)	(19,205)
Net cash used in financing activities	(54,956)	705
Effect of foreign exchange rate changes on cash and cash equivalents	(31)	(53)
(Decrease) increase in cash and cash equivalents	(32,157)	30,023
Cash and cash equivalents, beginning of period	65,027	35,004
Cash and cash equivalents, end of period	$ 32,870	$ 65,027

Expenses by nature - Mining Cos

Expenses by nature - Mining Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Expenses by nature
Employee compensation and benefits	$ 29,756	$ 26,472
Third party and contractors costs	68,962	52,616
Depreciation	44,700	41,654
Consumables	33,910	30,850
Changes in inventory and other	13,467	13,711
Total Mining costs	$ 190,795	$ 165,303

Expenses by nature - General an

Expenses by nature - General and administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Expenses by nature
Salaries and benefits	$ 9,929	$ 9,097
Consulting and professional fees	6,016	2,922
Office expenses	2,211	2,182
Marketing and communication expenses	804	815
Share-based compensation expense	1,059	668
Listing and filing fees	299	257
Director expenses	941	1,307
Travelling expense	368	237
Other	2,210	2,785
Total General and administrative expenses	$ 23,837	$ 20,270

Other expenses (income) (Detail

Other expenses (income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other expenses (income)
Loss on sale of supplies and fixed assets	$ 1,441	$ 124
Exploration expenditure written off	1,312	1,829
Allowance for inventory obsolescence	2,291	176
Miscellaneous expenses (income)	1,850	(1,464)
Total other expenses (income)	$ (6,894)	$ (665)

Interest expense and other fi_3

Interest expense and other finance costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest expense and other finance costs
Interest expense on loans	$ 3,181	$ 4,046
Interest cost on decommissioning liability	471	547
Other interest	294
Interest income	(301)	(300)
Interest expense and other finance costs	$ 3,645	$ 4,293

Segment reporting (Details)

Segment reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [line items]
Revenue	$ 272,014	$ 246,888
Production cost of sales	(146,095)	(123,649)
Depletion of mineral property	(16,661)	(14,439)
Depreciation and amortization of property, plant and equipment	(28,039)	(27,215)
Cost of sales	(190,795)	(165,303)
Gross profit (loss) from mining operations	81,219	81,585
Income (loss) from operations	12,500	51,120
Derivative instrument gains	451	904
Interest expense and other finance costs	(3,645)	(4,293)
Other income (expense)	(6,894)	(665)
Foreign currency exchange gain (loss)	583	2,911
Income before income taxes	2,995	49,977
Income tax (expense) recovery	(25,103)	(22,586)
Net income (loss) from operations	(22,108)	27,391
Total assets	396,824	439,592
Non-current assets	290,701
Total liabilities	192,192	199,384
Peru
Disclosure of operating segments [line items]
Total assets	252,638
Non-current assets	178,892
Total liabilities	138,332
Mexico
Disclosure of operating segments [line items]
Total assets	142,745
Non-current assets	111,744
Total liabilities	28,729
CANADA
Disclosure of operating segments [line items]
Total assets	1,441
Non-current assets	65
Total liabilities	25,131
Yauricocha Mine | Peru
Disclosure of operating segments [line items]
Revenue	180,598	146,941
Production cost of sales	(80,765)	(70,660)
Depletion of mineral property	(9,329)	(8,503)
Depreciation and amortization of property, plant and equipment	(15,571)	(13,455)
Cost of sales	(105,665)	(92,618)
Gross profit (loss) from mining operations	74,933	54,323
Income (loss) from operations	60,919	40,179
Interest expense and other finance costs	(2,347)	(2,965)
Other income (expense)	(6,327)	(2,476)
Foreign currency exchange gain (loss)	(265)	329
Income before income taxes	51,980	35,067
Income tax (expense) recovery	(26,273)	(17,934)
Net income (loss) from operations	25,707	17,133
Bolivar Mine | Mexico
Disclosure of operating segments [line items]
Revenue	65,275	81,762
Production cost of sales	(43,186)	(37,319)
Depletion of mineral property	(5,424)	(3,873)
Depreciation and amortization of property, plant and equipment	(8,805)	(10,320)
Cost of sales	(57,415)	(51,512)
Gross profit (loss) from mining operations	7,860	30,250
Income (loss) from operations	(2,201)	19,953
Interest expense and other finance costs	(139)	18
Other income (expense)	(279)	1,573
Foreign currency exchange gain (loss)	420	1,575
Income before income taxes	(2,198)	23,119
Income tax (expense) recovery	831	(3,797)
Net income (loss) from operations	(1,368)	19,322
Cusi Mine | Mexico
Disclosure of operating segments [line items]
Revenue	26,141	18,185
Production cost of sales	(22,144)	(15,670)
Depletion of mineral property	(1,908)	(2,063)
Depreciation and amortization of property, plant and equipment	(3,663)	(3,440)
Cost of sales	(27,715)	(21,173)
Gross profit (loss) from mining operations	(1,574)	(2,988)
Income (loss) from operations	(40,283)	(4,725)
Derivative instrument gains	451	904
Interest expense and other finance costs	(57)	(105)
Other income (expense)	(278)	238
Foreign currency exchange gain (loss)	171	345
Income before income taxes	(39,997)	(3,343)
Income tax (expense) recovery	339	(855)
Net income (loss) from operations	(39,657)	(4,198)
Operating segment
Disclosure of operating segments [line items]
Total assets		439,592
Non-current assets		303,543
Total liabilities		199,384
Operating segment | Peru
Disclosure of operating segments [line items]
Total assets		269,179
Non-current assets		170,681
Total liabilities		141,548
Operating segment | Mexico
Disclosure of operating segments [line items]
Total assets		167,866
Non-current assets		132,822
Total liabilities		26,952
Operating segment | CANADA
Disclosure of operating segments [line items]
Total assets		2,547
Non-current assets		40
Total liabilities		30,884
Corporate | CANADA
Disclosure of operating segments [line items]
Income (loss) from operations	(5,935)	(4,287)
Interest expense and other finance costs	(1,102)	(1,241)
Other income (expense)	(10)
Foreign currency exchange gain (loss)	257	662
Income before income taxes	(6,790)	(4,866)
Net income (loss) from operations	$ (6,790)	$ (4,866)

Segment reporting - Additional

Segment reporting - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [line items]
Asset impairment	$ 35,000
Revenue	272,014	$ 246,888
Trade receivables	$ 27,001	$ 28,750
Peru
Disclosure of operating segments [line items]
Information about major customers	two	two
Trade receivables	$ 21,058	$ 17,793
Mexico
Disclosure of operating segments [line items]
Information about major customers	two	two
Trade receivables	$ 5,943	$ 10,957
Two Customers | Mexico
Disclosure of operating segments [line items]
Revenue	$ 91,416	$ 99,947
Percentage of revenue	34.00%	40.00%
Six Customers | Peru
Disclosure of operating segments [line items]
Revenue		$ 146,941
Percentage of revenue		60.00%
First Customer
Disclosure of operating segments [line items]
Percentage of revenue		37.00%
First Customer | Peru
Disclosure of operating segments [line items]
Percentage of revenue	53.00%
First Customer | Mexico
Disclosure of operating segments [line items]
Percentage of revenue	69.00%	77.00%
Second Customer
Disclosure of operating segments [line items]
Percentage of revenue		33.00%
Second Customer | Peru
Disclosure of operating segments [line items]
Percentage of revenue	25.00%
Second Customer | Mexico
Disclosure of operating segments [line items]
Percentage of revenue	31.00%	23.00%
Seven Customers | Peru
Disclosure of operating segments [line items]
Revenue	$ 180,598
Percentage of revenue	66.00%
Yauricocha Mine
Disclosure of operating segments [line items]
Provisional pricing adjustments	$ (493)	$ 2,899
Yauricocha Mine | Peru
Disclosure of operating segments [line items]
Revenue	180,598	146,941
Bolivar Mine
Disclosure of operating segments [line items]
Provisional pricing adjustments	(221)	889
Bolivar Mine | Mexico
Disclosure of operating segments [line items]
Revenue	65,275	81,762
Cusi Mine
Disclosure of operating segments [line items]
Provisional pricing adjustments	(549)	1,180
Asset impairment	35,000
Cusi Mine | Mexico
Disclosure of operating segments [line items]
Revenue	$ 26,141	$ 18,185

Financial instruments and fin_3

Financial instruments and financial risk management (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 34,929	$ 71,473	$ 42,980
Trade receivables	27,001	28,750
Total Financial assets	61,930	100,223
LIABILITIES
Accounts payable and accrued liabilities	44,308	30,317
Loans payable	80,804	99,383
Total Financial liabilities	125,112	129,700
Amortized Cost
ASSETS
Cash and cash equivalents	34,929
Total Financial assets	34,929
LIABILITIES
Accounts payable and accrued liabilities	44,308
Loans payable	80,804
Total Financial liabilities	125,112
FVTPL
ASSETS
Trade receivables	27,001	28,750
Total Financial assets	$ 27,001	28,750
Loans and receivables
ASSETS
Cash and cash equivalents		71,473
Total Financial assets		71,473
LIABILITIES
Accounts payable and accrued liabilities		30,317
Loans payable		99,383
Total Financial liabilities		$ 129,700

Financial instruments and fin_4

Financial instruments and financial risk management - Trade receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value measurement of assets [line items]
Trade receivables	$ 27,001	$ 28,750
Level 2
Disclosure of fair value measurement of assets [line items]
Trade receivables	27,001	28,750
Trade receivables
Disclosure of fair value measurement of assets [line items]
Trade receivables	27,001	28,750
Trade receivables | Level 2
Disclosure of fair value measurement of assets [line items]
Trade receivables	$ 27,001	$ 28,750

Financial instruments and fin_5

Financial instruments and financial risk management - Currency risk (Details) S/ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2021MXN ($)	Dec. 31, 2021PEN (S/)	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020MXN ($)	Dec. 31, 2020PEN (S/)	Dec. 31, 2019USD ($)
Financial instruments and financial risk management [line items]
Cash and cash equivalents	$ 34,929				$ 71,473				$ 42,980
USD
Financial instruments and financial risk management [line items]
Cash and cash equivalents	1,034				3,510
Income tax and other receivables	21,212				14,133
Assets subject to currency risk	22,246				17,643
Accounts payable and other liabilities	(61,973)				(44,332)
Total	$ (39,727)				$ (26,689)
Currency risk | CAD
Financial instruments and financial risk management [line items]
Cash and cash equivalents		$ 301				$ 179
Income tax and other receivables		69				39
Assets subject to currency risk		370				218
Accounts payable and other liabilities		(705)				(885)
Total		$ (335)				$ (667)
Currency risk | MXN
Financial instruments and financial risk management [line items]
Cash and cash equivalents			$ 55				$ 1,706
Income tax and other receivables			19,478				13,371
Assets subject to currency risk			19,533				15,077
Accounts payable and other liabilities			(38,271)				(27,009)
Total			$ (18,738)				$ (11,932)
Currency risk | PEN
Financial instruments and financial risk management [line items]
Cash and cash equivalents | S/				S/ 678				S/ 1,625
Income tax and other receivables | S/				1,665				723
Assets subject to currency risk | S/				2,343				2,348
Accounts payable and other liabilities | S/				(22,997)				(16,438)
Total | S/				S/ (20,654)				S/ (14,090)

Financial instruments and fin_6

Financial instruments and financial risk management - Commodity price risk (Details) - Commodity price risk - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Sales revenue from silver
Financial instruments and financial risk management [line items]
10% decrease in commodity prices	$ (1,458)	$ (471)
Sales revenue from copper
Financial instruments and financial risk management [line items]
10% decrease in commodity prices	(3,213)	(743)
Sales revenue from zinc
Financial instruments and financial risk management [line items]
10% decrease in commodity prices	(605)	(354)
Sales revenue from lead
Financial instruments and financial risk management [line items]
10% decrease in commodity prices	(1,002)	(105)
Sales revenue from gold
Financial instruments and financial risk management [line items]
10% decrease in commodity prices	$ (297)	$ (928)

Financial instruments and fin_7

Financial instruments and financial risk management - Liquidity risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial instruments and financial risk management [line items]
Accounts payable and accrued liabilities	$ 44,308	$ 30,317
Loans payable	80,804	99,383
Decommissioning liability	18,152	$ 22,467	$ 16,894
Liquidity risk
Financial instruments and financial risk management [line items]
Accounts payable and accrued liabilities	44,308
Loans payable	81,250
Interest on loans payable	4,816
Decommissioning liability	21,245
Other liabilities	14,660
Total Commitments	166,279
Within 1 year | Liquidity risk
Financial instruments and financial risk management [line items]
Accounts payable and accrued liabilities	44,308
Loans payable	25,000
Interest on loans payable	2,433
Decommissioning liability	1,034
Other liabilities	11,183
Total Commitments	83,958
1-2 Years | Liquidity risk
Financial instruments and financial risk management [line items]
Loans payable	25,000
Interest on loans payable	1,586
Decommissioning liability	3,824
Other liabilities	3,477
Total Commitments	33,887
3-5 years | Liquidity risk
Financial instruments and financial risk management [line items]
Loans payable	31,250
Interest on loans payable	797
Decommissioning liability	3,090
Total Commitments	35,137
After 5 years | Liquidity risk
Financial instruments and financial risk management [line items]
Decommissioning liability	13,297
Total Commitments	$ 13,297

Financial instruments and fin_8

Financial instruments and financial risk management - Credit risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial instruments and financial risk management [line items]
Cash and cash equivalents	$ 34,929	$ 71,473	$ 42,980
Trade receivables	27,001	28,750
Total Financial assets	61,930	100,223
Credit risk
Financial instruments and financial risk management [line items]
Cash and cash equivalents	34,929	71,473
Trade receivables	27,001	28,750
Total Financial assets	$ 61,930	$ 100,223

Financial instruments and fin_9

Financial instruments and financial risk management - Additional information (Detaila) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financial instruments and financial risk management [line items]
Percentage of appreciation in Canadian dollar exchange rate against US dollar	10.00%	10.00%
Percentage of appreciation in US dollar exchange rate against Peruvian Nuevo Soles and Mexican Peso	10.00%	10.00%
Net foreign exchange gain	$ 2,455	$ 1,965
Customer concentration risk | Revenue | Peru
Financial instruments and financial risk management [line items]
Concentration of credit risk, percentage	78.00%
Customer concentration risk | Revenue | Mexico
Financial instruments and financial risk management [line items]
Concentration of credit risk, percentage	100.00%

Financial instruments and fi_10

Financial instruments and financial risk management - Interest rate risk (Details) - Interest rate risk - Peru - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financial instruments and financial risk management [line items]
Weighted average interest rate for loans and notes payable	3.31%	4.07%
Variable in Interest rate	1.00%	1.00%
Increase (Decrease) in Net Loss	$ 678	$ 708

Capital management (Details)

Capital management (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Capital management
Equity attributable to owners of the Company	$ 169,249	$ 201,000
Loans payable	80,804	99,383
Capital including cash and cash equivalents	250,053	300,383
Less: Cash and cash equivalents	(34,929)	(71,473)	$ (42,980)
Capital	$ 215,124	$ 228,910

Related party transactions - Co

Related party transactions - Compensation of directors and key management personnel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related party transactions
Salaries, Cash Bonuses, Severance and Directors Fees	$ 2,626	$ 2,289
Share-based payments	1,373	496
Total compensation	$ 3,999	$ 2,785

Related party transactions (Det

Related party transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Key management personnel of entity or parent
Disclosure of transactions between related parties [line items]
Consulting fees	$ 200	$ 200

Changes in working capital (Det

Changes in working capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in working capital
Trade and other receivables	$ 1,572	$ (6,802)
Financial and other assets	(1,470)	(63)
Inventories	(5,492)	1,918
Accounts payable and accrued liabilities	13,991	(12,600)
Other liabilities	3,070	556
Total	$ 11,671	$ (16,991)

Revenues from mining operatio_3

Revenues from mining operations - Consolidated statements of income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues from mining operations
Revenues from contracts with customers	$ 273,277	$ 243,698
Provisional pricing adjustments on concentrate sales	(1,263)	3,190
Total revenues	$ 272,014	$ 246,888

Revenues from mining operatio_4

Revenues from mining operations - Revenues from contracts with customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers	$ 273,277	$ 243,698
Sales revenue from silver
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers	65,884	54,641
Sales revenue from copper
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers	96,493	96,159
Sales revenue from lead
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers	26,086	22,068
Sales revenue from zinc
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers	71,077	49,102
Sales revenue from gold
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues from contracts with customers	$ 13,737	$ 21,728

Contingencies (Details)

Contingencies (Details)	12 Months Ended
	Dec. 31, 2021item
Polo y Ron Minerals, S.A. de C.V. | Legal proceedings contingent liability
Disclosure of contingent liabilities [line items]
Number of mining concessions	2