Document and Entity Information
Document and Entity Information | 12 Months Ended |
May 31, 2020shares | |
Document And Entity Information [Abstract] | |
Document Type | 40-F/A |
Amendment Flag | true |
Amendment Description | This Amendment No. 1 (the "Amendment") to the Form 40-F filed by the Company on August 21, 2020 for the year ended May 31, 2020 (the “Original Annual Report”) is being filed to file amended audited consolidated financial statements of Metalla Royalty & Streaming Ltd. (the "Company") to correct certain errors contained therein.  Additionally, this Amendment corrects certain errors on the cover page of the Original Annual Report and in one of the officer certifications filed with the Original Annual Report.  Pursuant to the rules of the Securities and Exchange Commission, this Amendment contains (i) new certifications required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), (ii) new certifications required by Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act, and (iii) a new consent from the Company's independent registered public accounting firm. Other than as discussed above and expressly set forth herein, this Amendment does not, and does not purport to, amend or restate any other information contained in the Original Annual Report, nor does this Amendment reflect any events that have occurred after the Original Annual Report was filed. Accordingly, this Amendment should be read in conjunction with the Original Annual Report. |
Document Period End Date | May 31, 2020 |
Entity Registrant Name | Metalla Royalty & Streaming Ltd. |
Entity Central Index Key | 0001722606 |
Entity Common Stock, Shares Outstanding | 35,114,048 |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --05-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) | May 31, 2020 | May 31, 2019 |
Current assets | ||
Cash | $ 4,695,653 | $ 4,603,062 |
Accounts receivables | 232,042 | 325,310 |
Prepaid expenses and other | 300,638 | 343,864 |
Total current assets | 5,228,333 | 5,272,236 |
Non-current assets | ||
Royalty, stream, and other interests | 62,570,580 | 56,260,383 |
Investment in Silverback | 1,978,043 | 2,191,433 |
Right-of-use asset | 3,721 | |
Total non-current assets | 64,552,344 | 58,451,816 |
TOTAL ASSETS | 69,780,677 | 63,724,052 |
Current liabilities | ||
Trade and other payables | 1,849,326 | 1,610,462 |
Current portion of loans payable | 0 | 2,798,975 |
Total current liabilities | 1,849,326 | 4,409,437 |
Non-current liabilities | ||
Loans payable | 4,595,440 | 0 |
Deferred income tax liabilities | 660,305 | 145,221 |
Total non-current liabilities | 5,255,745 | 145,221 |
Total liabilities | 7,105,071 | 4,554,658 |
EQUITY | ||
Share capital | 92,198,893 | 83,058,255 |
Reserves | 9,153,352 | 7,396,376 |
Deficit | (38,676,639) | (31,285,237) |
Total equity | 62,675,606 | 59,169,394 |
TOTAL LIABILITIES AND EQUITY | $ 69,780,677 | $ 63,724,052 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Profit or loss [Abstract] | ||
Revenue from royalty interests | $ 90,273 | |
Revenue from stream interest | 3,520,828 | $ 7,852,661 |
Total revenue | 3,611,101 | 7,852,661 |
Cost of sales, excluding depletion | (1,380,820) | (2,998,947) |
Depletion on royalty and stream interests | (911,427) | (2,415,942) |
Gross profit | 1,318,854 | 2,437,772 |
General and administrative expenses | (4,271,559) | (2,802,556) |
Share-based payments | (2,040,749) | (1,084,471) |
Loss from operations | (4,993,454) | (1,449,255) |
Share of net income of Silverback | 97,905 | 92,843 |
Interest expense | (914,258) | (489,458) |
Finance charges | (436,137) | |
Accretion and other expenses | (12,145) | (46,396) |
Fair value adjustment on marketable securities | 12,488 | |
Foreign exchange gain (loss) | 112,880 | (194,792) |
Loss before income taxes | (6,132,721) | (2,087,058) |
Current income tax recovery (expense) | 128,718 | (408,524) |
Deferred income tax recovery (expense) | 236,143 | 52,093 |
Net loss | (5,767,860) | (2,443,489) |
Items that may be reclassified subsequently to profit and loss: | ||
Foreign currency translation adjustment | (372,299) | 262,819 |
Other comprehensive income (loss) | (372,299) | 262,819 |
Total comprehensive loss | $ (6,140,159) | $ (2,180,670) |
Earnings (loss) per share - basic and diluted (in dollars per share) | $ (0.17) | $ (0.10) |
Weighted average number of shares outstanding - basic and diluted (in shares) | 33,887,938 | 25,704,885 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (5,767,860) | $ (2,443,489) |
Items not affecting cash: | ||
Share of net income of Silverback | (97,905) | (92,843) |
Depletion and amortization | 933,735 | 2,415,942 |
Interest and accretion expense | 914,258 | 489,458 |
Finance charges | 436,137 | |
Share-based payments | 2,040,749 | 1,084,471 |
Deferred income tax recovery | (236,143) | (52,093) |
Fair value adjustment on marketable securities | (12,488) | |
Unrealized foreign exchange effect | 30,948 | 126,511 |
Total items before changes in non-cash working capital items | (1,758,569) | 1,527,957 |
Changes in non-cash working capital items: | ||
Accounts receivable | 93,268 | (36,031) |
Prepaid expenses and other | 79,228 | (213,049) |
Trade and other payables | 27,790 | 1,007,794 |
Net cash (used in) provided by operating activities | (1,558,283) | 2,286,671 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisitions of royalty and stream interests | (4,804,669) | (13,458,638) |
Recoveries from royalty and stream interests | 105,273 | |
Dividend received from Silverback | 311,293 | 314,285 |
Net cash used in investing activities | (4,493,376) | (13,039,080) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Private placements, net of share issue costs | 6,381,927 | |
Proceeds from exercise of stock options | 967,721 | 48,000 |
Proceeds from exercise of share purchase warrants | 3,469,396 | 5,224,900 |
Dividend paid | (1,623,542) | (1,813,738) |
Proceeds from convertible loans facility | 7,000,000 | 2,554,721 |
Repayment of loan principal | (2,666,250) | (1,566,939) |
Interest paid | (599,980) | (377,837) |
Finance charges paid | (436,137) | |
Net cash provided by financing activities | 6,111,208 | 10,451,034 |
Effect of exchange rate changes on cash | 33,042 | 87,080 |
Change in cash | 92,591 | (214,295) |
Cash, beginning of year | 4,603,062 | 4,817,357 |
Cash, end of year | $ 4,695,653 | $ 4,603,062 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) | Share capital | Reserves | Deficit | Total |
Balance opening at May. 31, 2018 | $ 35,859,181 | $ 6,424,470 | $ (27,028,010) | $ 15,255,641 |
Balance opening (shares) at May. 31, 2018 | 18,859,546 | |||
Private placements and share issuances | $ 6,423,933 | 400,137 | 6,824,070 | |
Private placements and share issuances (shares) | 2,187,202 | |||
Share issue costs | $ (442,143) | (442,143) | ||
Share issue costs, finder's warrants | (90,769) | 90,769 | ||
Acquisition of royalty and other interests | $ 27,064,436 | 801,345 | 27,865,781 | |
Acquisition of royalty and other interests (shares) | 7,655,252 | |||
Conversion on loan payable | $ 7,199,123 | $ 7,199,123 | ||
Conversion on loan payable (shares) | 2,307,411 | 2,307,411 | ||
Exercise of stock options | $ 74,892 | (26,892) | $ 48,000 | |
Exercise of stock options (shares) | 33,333 | |||
Exercise of share purchase and finder's warrants | $ 6,802,702 | (1,577,802) | 5,224,900 | |
Exercise of share purchase and finder's warrants (shares) | 2,042,003 | |||
Share-based payments - stock options | 917,571 | 917,571 | ||
Share-based payments - restricted share units | $ 166,900 | 166,900 | ||
Share-based payments - restricted share units (shares) | 53,500 | |||
Warrants issued for loans payable | 103,959 | 103,959 | ||
Foreign currency translation adjustment | 262,819 | 262,819 | ||
Dividend paid | (1,813,738) | (1,813,738) | ||
Loss for the year | (2,443,489) | (2,443,489) | ||
Balance ending at May. 31, 2019 | $ 83,058,255 | 7,396,376 | (31,285,237) | 59,169,394 |
Balance ending (shares) at May. 31, 2019 | 33,138,247 | |||
Acquisition of royalty and other interests | $ 2,760,955 | 2,760,955 | ||
Acquisition of royalty and other interests (shares) | 359,695 | |||
Exercise of stock options | $ 1,875,723 | (908,002) | 967,721 | |
Exercise of stock options (shares) | 565,603 | |||
Exercise of share purchase and finder's warrants | $ 4,125,566 | (656,170) | 3,469,396 | |
Exercise of share purchase and finder's warrants (shares) | 959,698 | |||
Share-based payments - stock options | 1,392,902 | 1,392,902 | ||
Share-based payments - restricted share units | $ 378,394 | 269,453 | 647,847 | |
Share-based payments - restricted share units (shares) | 90,805 | |||
Allocation of conversion feature net of taxes | 2,031,092 | 2,031,092 | ||
Foreign currency translation adjustment | (372,299) | (372,299) | ||
Dividend paid | (1,623,542) | (1,623,542) | ||
Loss for the year | (5,767,860) | (5,767,860) | ||
Balance ending at May. 31, 2020 | $ 92,198,893 | $ 9,153,352 | $ (38,676,639) | $ 62,675,606 |
Balance ending (shares) at May. 31, 2020 | 35,114,048 | 35,114,048 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
May 31, 2020 | |
Nature Of Operations [Abstract] | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS Metalla Royalty & Streaming Ltd. (" Metalla Company TSX-V MTA NYSE MTA The Company has incurred a cumulative deficit to date of $38,676,639 as at May 31, 2020 (2019 - $31,285,237) and has had losses from operations for multiple years. Continued operations of the Company are dependent on the Company's ability to generate profitable earnings in the future, receive continued financial support, and/or complete external financing. Management expects that its cash balance, cash flows from operating activities, and available credit facilities will be sufficient to fund the operations of the Company for the next twelve months. In December 2019, the Company completed a consolidation of its common shares on the basis of one new share for four old shares (1:4) effective December 17, 2019 and the listing of its common shares on the NYSE effective January 8, 2020. All figures have been adjusted to reflect the one for four share consolidation. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
May 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Statement of Compliance The consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). Basis of preparation and measurement These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments, which have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information. These consolidated financial statements are presented in Canadian Dollars except as otherwise indicated. Accounting standards adopted during the year Adoption of IFRS 16 Leases The Company adopted IFRS 16 Leases (" IFRS 16 At the inception of a contract, the new leasing standard requires the lessee to assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the lessee has the right to obtain substantially all of the economic benefits during the term of the arrangement and has the right to direct the use of the asset. If a lease is identified, the new standard eliminates the classification of leases as either operating or finance leases, and all leases that have a term of at least 12 months and are not of a low value will be recorded on the Company's consolidated statement of financial position. The Company has completed its assessment of the new standard. The process included a review of all lease and service contracts, to determine if we have the right to control the use of an identified asset for a period of time in exchange for consideration. Based on the Company's analysis, the only contract to which the Company will apply the new standard relates to the lease for the use of the Company's office premise. As a result of adopting the new standard, the Company recognized a right-of-use asset of $26,029. The right-of-use asset was measured at an amount equal to the lease liability on adoption. New accounting policy for leases under IFRS 16 Leases At inception of a contract, an assessment is made as to whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of a lease, a right-of-use asset and a lease liability are recognized. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, less any lease incentives received. 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. The lease obligation is measured at amortized cost using the effective interest method and remeasured if there is a change in future lease payments. 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. An assessment is made at the end of each reporting period if there is an indication the carrying value of the right-of-use asset is not recoverable. Adoption of IFRIC 23 Uncertainty over Income Tax Treatments The Company adopted IFRIC 23 Uncertainty over Income Tax Treatments (" IFRIC 23 Principles of consolidation These consolidated financial statements include the accounts of the parent company and its subsidiaries after eliminating intercompany balances and transactions. Subsidiaries Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases. Foreign currency translation These consolidated financial statements are expressed in Canadian dollars, unless otherwise noted. The functional currency of the Company is the Canadian dollar, which is the currency of the primary economic environment in which the entity operates. The Company's subsidiaries have functional currencies of either the Canadian dollar or the United States ("US") dollar depending on the currency of the primary environment where the entity operates. Determination of functional currency may involve certain judgements to determine the primary economic environment. Transactions in currencies other than the functional currency are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the reporting date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in the consolidated statement of loss and comprehensive loss. On translation of the entity whose functional currency is the US dollar, revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Assets and liabilities are translated at the rate of exchange at the reporting date. Exchange gains and losses, including results of re-translation, are recorded in the foreign currency translation adjustment. Royalty, stream, and other interests Royalty, stream, and other interests consist of acquired royalty, stream, and other interests. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific royalty or stream asset are expensed in the period incurred. Producing royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement. On acquisition of a royalty or stream interest, an allocation of its fair value may be attributed to the exploration potential of the interest and is recorded as an exploration asset on the acquisition date. The carrying value of the exploration potential is accounted for in accordance with IFRS 6 Exploration and Evaluation of Mineral Resources (“IFRS 6”) and is not depleted until such time as the technical feasibility and commercial viability have been established, at which point the value of the asset is accounted for in accordance with IAS 16 Property, Plant and Equipment (“IAS 16”). Upon demonstration of the technical and commercial feasibility of a project and a development decision, the carrying value related to that project is subject to an impairment test and is reclassified in accordance with IAS 16. Joint operations Under IFRS 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Company recognizes its direct right to the assets, liabilities, revenues, and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues, and expenses. Investments in associates Companies over which the Company has significant influence, but not control, are determined to be associates and accounted for using the equity basis of accounting, whereby the investment is initially recorded at cost, adjusted to recognize the Company's share of earnings or losses and reduced by dividends received. The Company assesses its equity investments for impairment if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the equity investment and if the event or events have an impact on the estimated future cash flow of the investment. Objective evidence of impairment of an equity investment includes: • Significant financial difficulty of the associated companies; • Becoming probable that the associated companies will enter bankruptcy or other financial reorganization; or • National or local economic conditions that correlate with defaults of the associated companies. Impairment of royalty, stream, and other interests The carrying amounts of non-financial assets, excluding deferred income tax assets, are reviewed for impairment at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. If there are indicators of impairment, a review is undertaken to determine whether the carrying amounts are in excess of their recoverable amounts. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the cash-generating unit (“CGU”) level. If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs to sell and its value-in-use, an impairment loss is recognized in net loss as the excess of the carrying amount over the recoverable amount. With respect to CGUs, impairment loses are allocated to reduce the carrying amounts of the assets of the CGU on a pro-rata basis. The future cash flow expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the Company's royalty, stream, and other production-based interests, respectively, that could affect the future recoverability of the Company's interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In certain circumstances, the Company may use a market approach in determining the recoverable amount which may include an estimate of (a) net present value of estimated future cash flows; (b) dollar value per ounce or pound of reserve/resource; (c) cash-flow multiples; and/or (d) market capitalization of comparable assets. Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized. Revenue recognition Revenue is comprised of revenue earned in the year from royalty, stream, and other interests. The Company recognizes revenue upon the transfer of control of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities. For stream interests, revenue recognition occurs when the relevant commodity received from the stream operator is delivered by the Company to its third-party customers. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the sales contract. For royalty interests, revenue recognition occurs when control of the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. Financial instruments All financial instruments are initially recorded at fair value and designated as follows: Cash includes cash on account and is subsequently measured at amortized cost. Trade receivables relate to amounts received from sales of refined gold and silver and royalty revenue. These receivables are non-interest bearing and are recognized at fair value and are subsequently measured at amortized cost. We have applied the simplified approach to determining expected credit losses, which requires expected lifetime losses to be recognized upon initial recognition of the receivables. Marketable securities are designated as fair value through profit and loss (" FVTPL FVOCI Accounts payables, accrued liabilities, and loans payable are initially recorded at fair value, less transaction costs. These financial liabilities are subsequently measured at amortized cost, calculated using the effective interest rate method Related party transactions Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties. Share capital Common shares issued for non-monetary consideration are recorded at their fair value based on closing price on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty's performance is complete. The proceeds from the issue of units are allocated between common shares and share purchase warrants on a pro-rata basis based on the relative fair values. The fair value of the common shares is based on the market closing price on the date of issuance and the fair value of the share purchase warrants is determined using the Black-Scholes option pricing model. Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects. Earnings (loss) per share The Company presents basic earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to equity holders of the Company by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated by adjusting the earnings attributable to equity holders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares. The calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In periods where a loss is reported, diluted loss per share is the same as basic loss per share as the effects of potentially dilutive common shares would be anti-dilutive. Income taxes Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the consolidated statement of loss and comprehensive loss. Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous periods. Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and losses carried forward. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Share-based payments The Company grants stock options and restricted share units (" RSUs The fair value method of accounting is used for share-based payment transactions. Under this method, the cost of stock options and other equity-settled share-based payment arrangements are recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed in the period the forfeiture occurs. 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, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Chief Executive Officer ("CEO"). The Company operates in a single segment, the acquisition and management of precious metal royalties, streams, and similar production-based interests. In addition, the Company has corporate activities, which include the evaluation and acquisition of new precious metal royalties, streams, and similar production-based interests, treasury and finance, regulatory reporting, and corporate administration. Critical accounting estimates and judgments The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. The preparation of consolidated financial statements in conformance with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Critical accounting estimates are estimates and assumptions made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to, the following: a) Royalty interests The Company holds royalty interests in production stage mineral properties. The royalty interests are recorded initially at their costs and are being depleted using the units of production basis over the expected life of the related mineral property, which is determined using available estimates of future metal prices and future production. Proven and probable reserves and future production plans associated with the royalty interests as determined by the operators impact the measurement of the respective assets. These estimates affect the depletion of the royalty interests and the assessment of the recoverability of the carrying value of the royalty interests. Management considers both external and internal sources of information in assessing whether there are any indications that the Company’s royalty interests are impaired. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its royalty interests. Internal sources of information that management considers include the indications of economic performance of the assets. In determining the recoverable amounts of the Company’s royalty interests, management makes estimates of the discounted net cash flows expected to be derived from the Company’s royalty interests, costs of disposal, and the appropriate discount rates and discount multiples that apply to the specific asset. Reductions in metal price forecasts, increases in estimated future costs of production for the mine operators, reductions in the amount of recoverable mineral reserves, mineral resources, and exploration potential, and/or adverse current economics can result in a write-down of the carrying amounts of the Company’s royalty interests. b) Estimation of depletion The Company’s royalty, stream, and other production-based interests that generate economic benefits are considered depletable and are depleted on a unit-of-production basis over the ounces of production that are expected to generate the cash flows that will be attributable to the Company. These calculations require the use of estimates and assumptions, including the amount of contained metals, the recovery rates, and payable rates for the contained metals being treated through a milling or refining process. Changes to these assumptions may impact the estimated recoverable reserves, resources or exploration potential which could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively. c) Income taxes The interpretation of existing tax laws or regulations in Canada, Australia, Argentina, the United States, or any of the countries in which our property interests are located requires the use of judgment. Differing interpretation of these laws or regulations could result in an increase in the Company's taxes, or other governmental charges, duties or impositions. In addition, the recoverability of deferred income tax assets, including expected periods of reversal of temporary differences and expectations of future taxable income, are assessed by management at the end of each reporting period and adjusted, as necessary, on a prospective basis. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
May 31, 2020 | |
Trade and other receivables [Abstract] | |
ACCOUNTS RECEIVABLE | 3. ACCOUNTS RECEIVABLE May 31 May 31 2020 2019 Royalty and stream receivables $ — $ 129,960 GST and other tax recoverable 180,943 195,350 Other receivables 51,099 — $ 232,042 $ 325,310 As at May 31, 2020 and 2019, the Company did not have any royalty and stream receivables that were past due. The Company's allowance for doubtful accounts as at May 31, 2020 and 2019 was $Nil. |
ROYALTY, STREAM, AND OTHER INTE
ROYALTY, STREAM, AND OTHER INTERESTS | 12 Months Ended |
May 31, 2020 | |
Royalty Interests And Deferred Acquisition Costs [Abstract] | |
ROYALTY, STREAM, AND OTHER INTERESTS | 4. ROYALTY, STREAM, AND OTHER INTERESTS Producing Development Exploration Royalty and stream on: assets assets assets Total As at May 31, 2018 $ 5,813,465 $ 10,156,817 $ 1,060,681 $ 17,030,963 Alamos acquisition — 9,784,221 176,000 9,960,221 ValGold acquisition — 8,067,299 150,001 8,217,300 Santa Gertrudis acquisiton — 15,108,224 — 15,108,224 Cap-Oeste Sur East (COSE) acquisition — 2,093,218 — 2,093,218 Fifteen Mile Stream (FMS) acquisition — 5,691,629 — 5,691,629 Other additions — 351,818 107,998 459,816 Depletion (2,415,942 ) — — (2,415,942 ) Recoveries — (105,273 ) (105,273 ) Currency translation adjustments 220,227 — — 220,227 As at May 31, 2019 3,617,750 51,147,953 1,494,680 56,260,383 Alamos royalty portfolio acquisition — 67,455 18,888 86,343 Fifteen Mile Stream (FMS) acquisition — 530,067 — 530,067 NuevaUnión acquisition — 1,381,733 — 1,381,733 Idaho Resources Corp. acquisition — — 5,761,852 5,761,852 Other additions — 88,702 27,972 116,674 Depletion (911,427 ) — — (911,427 ) Recoveries — — (150,000 ) (150,000 ) Reclassification (Joaquin and COSE) 8,399,942 (8,399,942 ) — — Currency translation adjustments (399,420 ) — (105,625 ) (505,045 ) As at May 31, 2020 $ 10,706,845 $ 44,815,968 $ 7,047,767 $ 62,570,580 Historical costs $ 17,724,052 $ 44,815,968 $ 7,047,767 $ 69,587,787 Accumulated depletion $ (7,017,207 ) $ — $ — $ (7,017,207 ) *Note: For transactions prior to the reporting period, please refer to the Company's past audited financial statements on SEDAR at www.sedar.com. During the year ended May 31, 2020, the Company had the following acquisitions: IRC acquisition In May 2020 the Company closed its stock purchase agreement under which it acquired all outstanding common shares of Idaho Resources Corp. (" IRC GOR Considerations paid: Cash paid $ 2,800,800 Common shares issued 2,749,831 Acquisition costs 236,025 5,786,656 Net asset acquired Cash $ 804 Marketable securities 24,000 IRC NSR interests 5,761,852 $ 5,786,656 The Company acquired the following GOR interests: Anglo/Zeke A 0.5% GOR payable by Nevada Gold Mines, a joint venture between Barrick Gold Corporation and Newmont Corporation, on claims located southeast of the Cortez Operations and Goldrush project in Nevada, USA. Red Hill A 1.5% GOR payable by NuLegacy Gold Corporation, on claims located southeast of the Cortez Operations and Goldrush project and Anglo/Zeke claim in Nevada, USA. NuevaUnión acquisition In February 2020, the Company entered into a purchase agreement, jointly with Nova Royalty Corp. (" Nova NSR NuevaUnión US$750,000 in cash on closing (paid); US$250,000 in cash in one year after closing (Note 6); and US$500,000 in cash and US$500,000 in common shares upon the achievement of commercial production at the La Fortuna deposit. During the year ended May 31, 2020, the Company paid $49,518 of acquisition costs of the NuevaUnión NSR. Alamos royalty portfolio acquisition Biricu In June 2019, the Company issued 2,574 common shares (valued at $4.32 per share on June 20, 2019) for a 2.0% NSR royalty on the Biricu project, in connection to the same purchase and sale agreement dated April 2019. Orion In August 2019, the Company and Alamos amended the purchase and sale agreement dated April 2019 to remove one NSR royalty and include the purchase of the Orion NSR royalty for common shares of the Company, which is subject to closing conditions. During the year ended May 31, 2020, the Company paid $75,220 of acquisition costs. Tower Mountain acquisition The Tower Mountain project located in Ontario, Canada was wholly-owned by ValGold Resources Ltd. (" ValGold Fifteen Mile Stream acquisition In August 2019, the Company entered into an agreement to acquire a 3.0% NSR royalty on the western half of the Plenty Zone and Seloam Brook prospect of St. Barbara Ltd.'s (" St. Barbara FMS During the year ended May 31, 2019, the Company had the following acquisitions: Alamos royalty portfolio acquisition In April 2019, the Company entered into a purchase and sale agreement to acquire a portfolio of eighteen NSR royalties and options to acquire NSR royalties from Alamos Gold Inc. and its affiliates (collectively, " Alamos Wasamac A 1.5% NSR royalty payable by Monarch Gold Corp. on the claims for the Wasamac gold project located in Quebec, Canada. The NSR royalty is subject to a buy back option where the operator may purchase 0.5% of the NSR for $7.5 million. El Realito The Company acquired a 2.0% NSR royalty payable by Agnico Eagle Mines Limited (" Agnico La Fortuna option The Company was granted a two-year Fifteen Mile Stream acquisition In February 2019, the Company entered into a purchase and sale agreement to acquire a 1.0% NSR royalty on Atlantic Gold Corporation's FMS project for US$4,000,000, which included $2,920,720 or US$2,200,000 in cash and 654,750 common shares (valued at $4.16 per share on February 12, 2019). The Company incurred $53,309 in acquisition costs. This NSR royalty is in connection with two claims which covers the Egerton-Maclean, Hudson, 149 East Zone, and the majority of the Plenty deposit, which collectively comprise the FMS project located in Nova Scotia, Canada. This NSR royalty covers all metals mined or otherwise recovered from the FMS project. Atlantic Gold Corporation was subsequently acquired by St. Barbara. Aureus East acquisition In January 2019, the Company acquired a 1.0% NSR royalty for $315,000 in cash on the Aureus East project (formerly known as the Dufferin East project) located in Nova Scotia, Canada, which is operated by Aurelius Minerals Inc.. The Company incurred $24,246 of acquisition costs. Cap-Oeste Sur East acquisition In December 2018, the Company entered into a definitive agreement to acquire a 1.5% NSR royalty for $2,014,065 or US$1,500,000 in cash from Patagonia Gold S.A. (" Patagonia Gold COSE Santa Gertrudis acquisitions In November 2018, the Company closed a purchase and sale agreement to acquire a 2.0% NSR royalty payable by Agnico on the Santa Gertrudis gold property in Sonora, Mexico from GoGold Resources Inc. (" GoGold ValGold acquisition In July 2018, the Company completed its plan of arrangement to acquire all outstanding common shares of ValGold, who held two NSR royalties and an exploration and evaluation project. On the closing date: the Company issued 2,414,981 common shares (valued at $3.16 per share on July 31, 2018) in exchange for common shares and in-the-money stock options of ValGold; and share purchase warrants of ValGold outstanding remained exercisable to acquire up to 654,207 common shares of the Company at $2.40. The purchase price allocation for the ValGold acquisitions is as follow: Considerations paid: Common shares issued $ 7,631,342 Reserve for ValGold share purchase warrants 801,345 Acquisition costs 167,157 8,599,844 Net asset acquired: Cash $ 588,533 Trade receivables and other 39,673 ValGold royalty interests 8,217,300 Trade and other payables (245,662 ) $ 8,599,844 The share purchase warrants of ValGold outstanding on the closing date remained exercisable for common shares of the Company at $2.40 per share until October 6, 2019. The fair value of these share purchase warrants was estimated at $0.31 per share or $801,345 using the Black-Scholes option pricing model with assumptions as follows: risk-free interest rate of 2.07%, expected annual dividend yield of 2.07%, expected stock price volatility of 73%, expected life of 1.1 years, and forfeiture rate of 0%. The Company acquired the following non-current assets: Garrison A 2.0% NSR royalty payable by O3 Mining Inc. on the claims for (a) the Garrcon and Jonpol zones and (b) the eastern portion of the 903 Zone, both within its wholly-owned Garrison Project, which consists of a portfolio of properties along the Destor-Porcupine Fault Zone in Ontario, Canada. Los Platos A 1.5% NSR royalty on the Los Platos exploration project located in Venezuela. |
INVESTMENT IN SILVERBACK
INVESTMENT IN SILVERBACK | 12 Months Ended |
May 31, 2020 | |
Investment property [Abstract] | |
INVESTMENT IN SILVERBACK | 5. INVESTMENT IN SILVERBACK May 31 May 31 2020 2019 Opening balance $ 2,191,431 $ 2,412,873 Income in Silverback for the period/year 97,905 92,843 Distribution (311,293 ) (314,285 ) Ending balance $ 1,978,043 $ 2,191,431 The Company, through its wholly-owned subsidiary, holds a 15% interest in Silverback Ltd. (" Silverback NLGM May 31 May 31 For the year ended 2020 2019 Current assets $ 474,105 $ 545,114 Non-current assets 3,063,988 4,374,903 Total assets 3,538,093 4,920,017 Total liabilities (203,217 ) (216,535 ) Revenue from stream interest 2,152,569 2,092,308 Depletion (1,389,644 ) (1,365,079 ) Net income and comprehensive income for the period $ 652,700 $ 618,953 |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
May 31, 2020 | |
Schedule Of Detailed Information About Trade And Others Payable [Abstract] | |
TRADE AND OTHER PAYABLES | 6. TRADE AND OTHER PAYABLES May 31 May 31 2020 2019 Trade payables and accrued liabilities $ 1,300,582 $ 1,126,982 Payable on NuevaUnión acquisition (Note 4) 335,045 — Lease liability 3,881 — Taxes payable 209,818 483,480 $ 1,849,326 $ 1,610,462 |
LOANS PAYABLE
LOANS PAYABLE | 12 Months Ended |
May 31, 2020 | |
Loan Payable [Abstract] | |
LOANS PAYABLE | 7. LOANS PAYABLE For the year ended May 31, 2020 Beedie Other Total Opening balance $ — $ 2,798,975 $ 2,798,975 Additions 7,000,000 — 7,000,000 Allocation of conversion feature (2,782,318 ) — (2,782,318 ) Interest expense 844,425 69,833 914,258 Repayments (466,667 ) (2,799,563 ) (3,266,230 ) Currency translation adjustments — (69,245 ) (69,245 ) Ending balance $ 4,595,440 $ — $ 4,595,440 Less: current portion — — — Long term portion $ 4,595,440 $ — $ 4,595,440 Coeur Other Total For the year ended May 31, 2019 debenture Opening balance $ 8,831,653 $ — $ 8,831,653 Additions — 2,633,733 2,633,733 Inducements — (182,971 ) (182,971 ) Interest expense 210,712 278,746 489,458 Repayments (1,944,775 ) — (1,944,775 ) Settlements (7,199,123 ) — (7,199,123 ) Currency translation adjustments 101,533 69,467 171,000 Ending balance — 2,798,975 2,798,975 Less: current portion — 2,798,975 2,798,975 Long term portion $ — $ — $ — In March 2019, the Company entered into a convertible loan facility of $12,000,000 with Beedie Capital (" Beedie Nil In October and December 2018, the Company entered into four loan arrangements for aggregate proceeds of $2,623,733 or US$2,000,000, where each has a stated rate of 5% per annum and a term of one year. The Company provided the lenders in aggregate an origination discount of $79,012 or US$60,000 and 150,000 share purchase warrants exercisable at $3.40 per share for two years, valued at $103,959. In August 2019, the principal and interest balance were repaid in full. In July 2017, the Company entered into a convertible debenture agreement for $8,332,041 or US$6,677,476 with Coeur Mining, Inc. ("Coeur"), in connection with the acquisition of certain royalty and stream interests from Coeur, which has a stated rate of 5% per annum payable every six months and a term of ten years. The principal balance of the convertible debenture would automatically be converted into common shares of the Company at the time of future equity financings or future asset acquisitions and enables Coeur to maintain a 19.9% interest in the Company until the outstanding principal balance is either converted in full or otherwise repaid. During the year ended May 31, 2019, the Company issued 2,307,411 common shares, valued at $3.12 or $7,199,123, on conversion of the debenture owed to Coeur. |
REVENUE
REVENUE | 12 Months Ended |
May 31, 2020 | |
Revenue Abstract | |
REVENUE | 8. REVENUE May 31 May 31 For the year ended 2020 2019 Endeavor stream $ 3,520,828 $ 7,852,661 COSE royalty 61,716 — Joaquin royalty 28,557 — Total revenue $ 3,611,101 $ 7,852,661 The Company operates in one industry and has one reportable segment, which is reviewed by the chief operating decision maker. For the year ended May 31, 2020, the Company recognized revenue from three of its NSR and stream assets as shown above. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
May 31, 2020 | |
Income Taxes [Abstract] | |
INCOME TAXES | 9. INCOME TAXES Income tax expense differs from the amount that would result from applying Canadian income tax rates to earnings before income taxes. These differences result from the following items: May 31 May 31 For the year ended 2020 2019 Loss before income taxes $ (6,132,721 ) $ (2,087,058 ) Canadian federal and provincial income tax rates 27.00 27.00% Expected income tax expense (recovery) at statutory income tax rate (1,655,835 ) (538,035 ) Difference between Canadian and foreign tax rate (18,518 ) (14,573 ) Permanent differences 655,814 246,212 Changes in unrecognized deferred tax assets 525,928 721,316 Other adjustments 127,750 (58,489 ) Total income tax expense $ (364,861 ) $ 356,431 Current income tax expense (recovery) $ (128,718 ) $ 408,524 Deferred income tax expense (recovery) $ ( 236,143 ) $ (52,093 ) The composition of the Company’s net deferred income tax asset (liability) that has been recognized is as follows: May 31 May 31 Deferred income tax assets (liabilities) 2020 2019 Deferred tax assets: Mineral expenditures and capital assets $ 1,548,158 $ 1,519,734 Share issue costs 170,052 182,079 Non-capital losses and others 5,089,446 3,437,319 Unrecognized deferred tax assets 6,807,656 5,139,132 (6,284,425 ) (5,139,132 ) Deferred tax liabilities (1,183,536 ) (145,221 ) Net deferred income tax asset (liability) $ (660,305 ) $ (145,221 ) The Company's significant temporary differences, unused tax credits, and unused tax losses that have not been recognized as deferred income tax assets are as follows: May 31 Expiry May 31 Expiry 2020 date range 2019 date range Mineral expenditures and capital assets $ 5,733,918 No expiry date $ 5,752,246 No expiry date Share issue costs 629,923 2022 to 2025 674,367 2022 to 2024 Non-capital losses and other 19,633,365 2026 to 2040 15,487,395 2026 to 2039 Tax attributes are subject to review, and potential adjustments, by tax authorities. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
May 31, 2020 | |
Disclosure of classes of share capital [Abstract] | |
SHARE CAPITAL | 10. SHARE CAPITAL Authorized share capital consists of an unlimited number of common shares without par value. Issued share capital As at May 31, 2020, the Company had 35,114,048 common shares issued and outstanding. During the year ended May 31, 2020, the Company: issued 359,695 common shares for the acquisition of royalty and stream interests; issued 959,698 common shares related to the exercise of share purchase warrants; and issued 656,408 common shares related to the vesting of RSUs, and the exercise of stock options. During the year ended May 31, 2019, the Company: completed a non-brokered private placement for $6,824,070 by issuing 2,187,202 units at $3.12 per unit. Each unit consisted of one common share and one-half share purchase warrant, where each full warrant is exercisable at $4.68 per share for two years, subject to acceleration if the share price is at or above $6.00 per share for ten consecutive trading days. Under the relative fair value method, the warrants were assigned a fair value of $400,137. The Company paid and/or accrued share issue costs of $442,143 and issued 110,310 underwriter's warrants (valued at $90,769) exercisable at $3.12 per share for two years; issued 7,655,252 common shares for the acquisition of royalty and stream interests; issued 2,307,411 common shares on conversion of a Coeur convertible debenture; issued 2,042,003 common shares related to the exercise of share purchase warrants; and issued 86,833 common shares related to the vesting of RSUs, and the exercise of stock options. Stock options The Company has adopted a stock option plan approved by the Company's shareholders. The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time, less the amount reserved for RSUs. The vesting terms, if any, are determined by the Company's Board of Directors at the time of the grant. The continuity of stock options for the years ended May 31, 2020 and 2019 are as follows: Weighted average Outstanding exercise price Balance at May 31, 2018 1,442,706 $ 1.88 Granted 762,500 3.08 Exercised (33,333 ) 1.44 Balance at May 31, 2019 2,171,873 $ 2.30 Granted 600,000 7.66 Exercised (565,603 ) 1.71 Canceled/Expired (3,125 ) 2.32 Balance at May 31, 2020 2,203,145 $ 3.91 As at May 31, 2020, the weighted average remaining life of the stock options outstanding was 3.21 (2019 - 3.50) years. The Company's outstanding and exercisable stock options as at May 31, 2020 and their expiry dates are as follows: Exercise Expiry date price Outstanding Exercisable Jul 15, 2021 $ 0.84 41,666 41,666 Nov 15, 2021 1.20 4,250 4,250 Nov 30, 2021 1.32 116,666 116,666 Mar 06, 2022 2.32 96,875 96,875 Jul 31, 2022 2.16 445,250 445,250 Mar 01, 2023 2.56 243,750 243,750 Sep 17, 2023 2.92 329,688 232,813 Jan 04, 2024 3.24 325,000 137,500 Jan 15, 2025 7.66 600,000 — Total 2,203,145 1,318,770 Share purchase warrants The continuity of share purchase warrants for the years ended May 31, 2020 and 2019 are as follows: Weighted average Outstanding exercise price Balance at May 31, 2018 1,972,321 $ 2.56 Issued 2,008,117 3.76 Exercised (2,042,003 ) 2.56 Expired/cancelled (247,542 ) 2.68 Balance at May 31, 2019 1,690,893 3.95 Exercised (959,698 ) 3.62 Balance at May 31, 2020 731,195 $ 4.39 The Company’s Exercise Expiry date price Outstanding Nov 08, 2020 $ 3.40 93,750 Dec 21, 2020 4.68 251,374 Dec 21, 2020 3.12 10,099 Jan 04, 2021 4.68 344,748 Jan 04, 2021 3.12 10,391 Aug 30, 2021 1.80 20,833 Total 731,195 Restricted share units The Company has adopted an RSU plan approved by the Company's shareholders. The maximum number of RSUs that may be reserved for issuance under the plan is limited to 2% of the issued common shares of the Company updated annually. The vesting terms, if any, are determined by the Company's Board of Directors at the time of issuance. The continuity of RSUs for the years ended May 31, 2020 and 2019 are as follows: Outstanding Balance at May 31, 2018 — Granted 53,500 Vested (53,500 ) Balance at May 31, 2019 — Granted 171,805 Vested (90,805 ) Balance at May 31, 2020 81,000 Share-based payments During the year ended May 31, 2020, the Company granted 600,000 (2019 - 762,500) stock options to employees, directors, officers, and consultants of the Company. For the fair value method for share-based payments, the Company determined the fair value of the options granted to be $2,267,491 or $3.78 per option (2019 - $1,132,624 or $1.48). The fair value of the stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows: May 31 May 31 Weighted average: 2020 2019 Risk free interest rate 1.54% 2.05% Expected dividend yield 0.63% 2.35% Expected stock price volatility 60% 67% Expected life in years 5 5 Forfeiture rate 0% 0% In accordance with the vesting terms of the stock options granted, the Company recorded a charge to share-based payments expense of $1,392,902 (2019 - $917,571) with offsetting credit to reserve for the year ended May 31, 2020. In accordance with the vesting terms of the RSUs granted, the Company recorded a charge to share-based payments expense of $647,847 (2019 - $166,900) with offsetting credit of $378,394 and $269,453 (2019 - $166,900 and $ Nil |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
May 31, 2020 | |
Disclosure of transactions between related parties [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | 11. RELATED PARTY TRANSACTIONS AND BALANCES The aggregate value of transactions and outstanding balances relating to key management personnel were as follows: Salary Share-based Year ended May 31, 2020 or fees payments Total Management $ 977,284 $ 484,557 $ 1,461,841 Directors 171,137 1,208,270 1,379,407 $ 1,148,421 $ 1,692,827 $ 2,841,248 Salary Share-based Year ended May 31, 2019 or fees payments Total Management $ 907,230 $ 386,013 $ 1,293,243 Directors 160,066 517,430 677,496 $ 1,067,296 $ 903,443 $ 1,970,739 The services of the Chief Financial Officer (" CFO As at May 31, 2020, the Company had $590,357 (2019 - $407,284) due to directors and management related to salary, fees, and/or reimbursements, which have been included in accounts payable and accrued liabilities. |
SUPPLEMENTAL DISCLOSURE WITH RE
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
May 31, 2020 | |
Supplemental Disclosure Of Cash Flow [Abstract] | |
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS Significant non-cash investing and financing activities During the year ended May 31, 2020, the Company: a) b) c) d) e) f) g) During the year ended May 31, 2019, the Company: a) b) c) d) e) f) g) h) i) |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
May 31, 2020 | |
Disclosure of detailed information about financial instruments [Abstract] | |
FINANCIAL INSTRUMENTS | 13. FINANCIAL INSTRUMENTS The Company classified its financial instruments as follows: May 31 May 31 2020 2019 Financial assets Amortized cost: Cash $ 4,695,653 $ 4,603,062 Other receivables 51,099 — Fair value through profit or loss: Royalty and stream receivables — 129,960 Marketable securities 36,000 — $ 4,782,752 $ 4,733,022 Financial liabilities Amortized cost: Accounts payable and accrued liabilities $ 1,635,627 $ 1,126,982 Loans payable 4,595,440 2,798,975 $ 6,231,067 $ 3,925,957 Fair value Financial instruments recorded at fair value on the consolidated statement of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: a) b) c) The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. As at May 31, 2020, the Company did not have any financial instruments measured at fair value. The carrying value of cash, receivables, and accounts payable and accrued liabilities approximated their fair value because of the short-term nature of these instruments. Marketable securities are classified within Level 1 of the fair value hierarchy. Royalty, stream receivable (if any) includes provisional pricing, and final price and assay adjustments and is valued using observable market commodity forward prices and thereby classified within Level 2 of the fair value hierarchy. The fair value of the Company's loans payable is approximated by its carrying value as its interest rates are comparable to market interest rates. Capital risk management The Company's objectives when managing capital are to provide shareholder returns through maximization of the profitable growth of the business and to maintain a degree of financial flexibility relevant to the underlying operating and metal price risks while safeguarding the Company's ability to continue as a going concern. The capital of the Company consists of share capital. The Board of Directors does not establish a quantitative return on capital criteria for management. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Company may issue new shares in order to meet its financial obligations. The management of the Company believes that the capital resources of the Company as at May 31, 2020 are sufficient for its present needs for at least the next twelve months. The Company is not subject to externally imposed capital requirements. Credit risk Credit risk arises from cash deposits, as well as credit exposures to counterparties of outstanding receivables and committed transactions. There is no significant concentration of credit risk other than cash deposits. The Company's cash deposits are primarily held with a Canadian chartered bank. Receivables include value added tax due from the Canadian government. The carrying amount of financial assets recorded in the financial statements represents the Company's maximum exposure to credit risk. The Company believes it is not exposed to significant credit risk and overall, the Company's credit risk has not declined from the prior year. Liquidity risk The Company strives to maintain sufficient liquidity to meet its short-term business requirements, taking into account its anticipated cash flows from royalty interests, its holdings of cash, and its committed liabilities. The maturities of the Company's non‐current liability are disclosed in Note 7. All current liabilities are settled within one year. Currency risk The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company primarily operates in Canada, Australia, Argentina, and the United States and incurs expenditures in currencies other than Canadian dollars. Thereby, the Company is exposed to foreign exchange risk arising from currency exposure. The Company has not hedged its exposure to currency fluctuations. Based on the above net exposure, as at May 31, 2020, and assuming that all other variables remain constant, a 1% depreciation or appreciation of the Canadian dollar against the US dollar would result in an increase/decrease of approximately $12,000 in the Company's pre-tax income or loss. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
May 31, 2020 | |
Disclosure Of Commitment [Abstract] | |
COMMITMENTS | 14. COMMITMENTS As at May 31, 2020, the Company had the following contractual obligations: Less than 1 to 4 to Over 1 year 3 years 5 years 5 years Total Trade and other payables $ 1,514,281 $ — $ — $ — $ 1,514,281 Loans payable principal and interest payments 685,000 8,294,932 — — 8,979,932 Payments related to acquisitions of royalties and streams 335,045 — — — 335,045 Other 2,834 — — — 2,834 $ 2,537,160 $ 8,294,932 $ — $ — $ 10,832,092 In addition to the commitments above, the Company could in the future have additional commitments payable in cash and/or shares related to the acquisition of royalty and stream interests as disclosed in Note 4. However, these payments are subject to certain triggers or milestone conditions that have not been met as of May 31, 2020. |
EVENTS AFTER THE REPORTING DATE
EVENTS AFTER THE REPORTING DATE | 12 Months Ended |
May 31, 2020 | |
Disclosure of non-adjusting events after reporting period [Abstract] | |
EVENTS AFTER THE REPORTING DATE | 15. EVENTS AFTER REPORTING DATE Subsequent to May 31, 2020, the Company entered into the following arrangements: a) b) c) d) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
May 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of preparation and measurement | Basis of preparation and measurement These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments, which have been measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information. These consolidated financial statements are presented in Canadian Dollars except as otherwise indicated. |
Accounting standards adopted during the year | Accounting standards adopted during the year Adoption of IFRS 16 Leases The Company adopted IFRS 16 Leases (" IFRS 16 At the inception of a contract, the new leasing standard requires the lessee to assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the lessee has the right to obtain substantially all of the economic benefits during the term of the arrangement and has the right to direct the use of the asset. If a lease is identified, the new standard eliminates the classification of leases as either operating or finance leases, and all leases that have a term of at least 12 months and are not of a low value will be recorded on the Company's consolidated statement of financial position. The Company has completed its assessment of the new standard. The process included a review of all lease and service contracts, to determine if we have the right to control the use of an identified asset for a period of time in exchange for consideration. Based on the Company's analysis, the only contract to which the Company will apply the new standard relates to the lease for the use of the Company's office premise. As a result of adopting the new standard, the Company recognized a right-of-use asset of $26,029. The right-of-use asset was measured at an amount equal to the lease liability on adoption. New accounting policy for leases under IFRS 16 Leases At inception of a contract, an assessment is made as to whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of a lease, a right-of-use asset and a lease liability are recognized. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, less any lease incentives received. 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. The lease obligation is measured at amortized cost using the effective interest method and remeasured if there is a change in future lease payments. 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. An assessment is made at the end of each reporting period if there is an indication the carrying value of the right-of-use asset is not recoverable. Adoption of IFRIC 23 Uncertainty over Income Tax Treatments The Company adopted IFRIC 23 Uncertainty over Income Tax Treatments (" IFRIC 23 |
Principles of consolidation | Principles of consolidation These consolidated financial statements include the accounts of the parent company and its subsidiaries after eliminating intercompany balances and transactions. Subsidiaries Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases. |
Foreign currency translation | Foreign currency translation These consolidated financial statements are expressed in Canadian dollars, unless otherwise noted. The functional currency of the Company is the Canadian dollar, which is the currency of the primary economic environment in which the entity operates. The Company's subsidiaries have functional currencies of either the Canadian dollar or the United States ("US") dollar depending on the currency of the primary environment where the entity operates. Determination of functional currency may involve certain judgements to determine the primary economic environment. Transactions in currencies other than the functional currency are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the reporting date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in the consolidated statement of loss and comprehensive loss. On translation of the entity whose functional currency is the US dollar, revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Assets and liabilities are translated at the rate of exchange at the reporting date. Exchange gains and losses, including results of re-translation, are recorded in the foreign currency translation adjustment. |
Royalty, stream, and other interests | Royalty, stream, and other interests Royalty, stream, and other interests consist of acquired royalty, stream, and other interests. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific royalty or stream asset are expensed in the period incurred. Producing royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement. On acquisition of a royalty or stream interest, an allocation of its fair value may be attributed to the exploration potential of the interest and is recorded as an exploration asset on the acquisition date. The carrying value of the exploration potential is accounted for in accordance with IFRS 6 Exploration and Evaluation of Mineral Resources (“IFRS 6”) and is not depleted until such time as the technical feasibility and commercial viability have been established, at which point the value of the asset is accounted for in accordance with IAS 16 Property, Plant and Equipment (“IAS 16”). Upon demonstration of the technical and commercial feasibility of a project and a development decision, the carrying value related to that project is subject to an impairment test and is reclassified in accordance with IAS 16. |
Joint operations | Joint operations Under IFRS 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Company recognizes its direct right to the assets, liabilities, revenues, and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenues, and expenses. |
Investments in associates | Investments in associates Companies over which the Company has significant influence, but not control, are determined to be associates and accounted for using the equity basis of accounting, whereby the investment is initially recorded at cost, adjusted to recognize the Company's share of earnings or losses and reduced by dividends received. The Company assesses its equity investments for impairment if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the equity investment and if the event or events have an impact on the estimated future cash flow of the investment. Objective evidence of impairment of an equity investment includes: • Significant financial difficulty of the associated companies; • Becoming probable that the associated companies will enter bankruptcy or other financial reorganization; or • National or local economic conditions that correlate with defaults of the associated companies. |
Impairment of non-financial assets | Impairment of royalty, stream, and other interests The carrying amounts of non-financial assets, excluding deferred income tax assets, are reviewed for impairment at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. If there are indicators of impairment, a review is undertaken to determine whether the carrying amounts are in excess of their recoverable amounts. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the cash-generating unit (“CGU”) level. If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs to sell and its value-in-use, an impairment loss is recognized in net loss as the excess of the carrying amount over the recoverable amount. With respect to CGUs, impairment loses are allocated to reduce the carrying amounts of the assets of the CGU on a pro-rata basis. The future cash flow expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the Company's royalty, stream, and other production-based interests, respectively, that could affect the future recoverability of the Company's interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In certain circumstances, the Company may use a market approach in determining the recoverable amount which may include an estimate of (a) net present value of estimated future cash flows; (b) dollar value per ounce or pound of reserve/resource; (c) cash-flow multiples; and/or (d) market capitalization of comparable assets. Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized. |
Revenue recognition | Revenue recognition Revenue is comprised of revenue earned in the year from royalty, stream, and other interests. The Company recognizes revenue upon the transfer of control of the relevant commodity to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those commodities. For stream interests, revenue recognition occurs when the relevant commodity received from the stream operator is delivered by the Company to its third-party customers. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the sales contract. For royalty interests, revenue recognition occurs when control of the relevant commodity is transferred to the end customer by the operator of the royalty property. Revenue is measured at the fair value of the consideration received or receivable when management can reliably estimate the amount, pursuant to the terms of the royalty agreement. In some instances, the Company will not have access to sufficient information to make a reasonable estimate of consideration to which it expects to be entitled and, accordingly, revenue recognition is deferred until management can make a reasonable estimate. Differences between estimates and actual amounts are adjusted and recorded in the period that the actual amounts are known. |
Financial instruments | Financial instruments All financial instruments are initially recorded at fair value and designated as follows: Cash includes cash on account and is subsequently measured at amortized cost. Trade receivables relate to amounts received from sales of refined gold and silver and royalty revenue. These receivables are non-interest bearing and are recognized at fair value and are subsequently measured at amortized cost. We have applied the simplified approach to determining expected credit losses, which requires expected lifetime losses to be recognized upon initial recognition of the receivables. Marketable securities are designated as fair value through profit and loss (" FVTPL FVOCI Accounts payables, accrued liabilities, and loans payable are initially recorded at fair value, less transaction costs. These financial liabilities are subsequently measured at amortized cost, calculated using the effective interest rate method |
Related party transactions | Related party transactions Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control or significant influence. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties. |
Share capital | Share capital Common shares issued for non-monetary consideration are recorded at their fair value based on closing price on the measurement date and classified as equity. The measurement date is defined as the earliest of the date at which the commitment for performance by the counterparty to earn the common shares is reached or the date at which the counterparty's performance is complete. The proceeds from the issue of units are allocated between common shares and share purchase warrants on a pro-rata basis based on the relative fair values. The fair value of the common shares is based on the market closing price on the date of issuance and the fair value of the share purchase warrants is determined using the Black-Scholes option pricing model. Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects. |
Earnings (loss) per share | Earnings (loss) per share The Company presents basic earnings (loss) per share data for its common shares, calculated by dividing the income (loss) attributable to equity holders of the Company by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated by adjusting the earnings attributable to equity holders and the weighted average number of common shares outstanding for the effects of all potentially dilutive common shares. The calculation of diluted earnings per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In periods where a loss is reported, diluted loss per share is the same as basic loss per share as the effects of potentially dilutive common shares would be anti-dilutive. |
Income taxes | Income taxes Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the consolidated statement of loss and comprehensive loss. Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous periods. Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and losses carried forward. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. |
Share-based payments | Share-based payments The Company grants stock options and restricted share units (" RSUs The fair value method of accounting is used for share-based payment transactions. Under this method, the cost of stock options and other equity-settled share-based payment arrangements are recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognized is proportionately reversed in the period the forfeiture occurs. |
Segment reporting | 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, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Chief Executive Officer ("CEO"). The Company operates in a single segment, the acquisition and management of precious metal royalties, streams, and similar production-based interests. In addition, the Company has corporate activities, which include the evaluation and acquisition of new precious metal royalties, streams, and similar production-based interests, treasury and finance, regulatory reporting, and corporate administration. |
Critical accounting estimates and judgments | Critical accounting estimates and judgments The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. The preparation of consolidated financial statements in conformance with IFRS requires management to make estimates, judgments and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Critical accounting estimates are estimates and assumptions made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to, the following: a) Royalty interests The Company holds royalty interests in production stage mineral properties. The royalty interests are recorded initially at their costs and are being depleted using the units of production basis over the expected life of the related mineral property, which is determined using available estimates of future metal prices and future production. Proven and probable reserves and future production plans associated with the royalty interests as determined by the operators impact the measurement of the respective assets. These estimates affect the depletion of the royalty interests and the assessment of the recoverability of the carrying value of the royalty interests. Management considers both external and internal sources of information in assessing whether there are any indications that the Company’s royalty interests are impaired. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its royalty interests. Internal sources of information that management considers include the indications of economic performance of the assets. In determining the recoverable amounts of the Company’s royalty interests, management makes estimates of the discounted net cash flows expected to be derived from the Company’s royalty interests, costs of disposal, and the appropriate discount rates and discount multiples that apply to the specific asset. Reductions in metal price forecasts, increases in estimated future costs of production for the mine operators, reductions in the amount of recoverable mineral reserves, mineral resources, and exploration potential, and/or adverse current economics can result in a write-down of the carrying amounts of the Company’s royalty interests. b) Estimation of depletion The Company’s royalty, stream, and other production-based interests that generate economic benefits are considered depletable and are depleted on a unit-of-production basis over the ounces of production that are expected to generate the cash flows that will be attributable to the Company. These calculations require the use of estimates and assumptions, including the amount of contained metals, the recovery rates, and payable rates for the contained metals being treated through a milling or refining process. Changes to these assumptions may impact the estimated recoverable reserves, resources or exploration potential which could directly impact the depletion rates used. Changes to depletion rates are accounted for prospectively. c) Income taxes The interpretation of existing tax laws or regulations in Canada, Australia, Argentina, the United States, or any of the countries in which our property interests are located requires the use of judgment. Differing interpretation of these laws or regulations could result in an increase in the Company's taxes, or other governmental charges, duties or impositions. In addition, the recoverability of deferred income tax assets, including expected periods of reversal of temporary differences and expectations of future taxable income, are assessed by management at the end of each reporting period and adjusted, as necessary, on a prospective basis. |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
May 31, 2020 | |
Trade and other receivables [Abstract] | |
Schedule of detailed information about trade and other receivables | May 31 May 31 2020 2019 Royalty and stream receivables $ — $ 129,960 GST and other tax recoverable 180,943 195,350 Other receivables 51,099 — $ 232,042 $ 325,310 |
ROYALTY, STREAM, AND OTHER IN_2
ROYALTY, STREAM, AND OTHER INTERESTS (Tables) | 12 Months Ended |
May 31, 2020 | |
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | |
Schedule of detailed information about royalty interests and deferred acquisition costs | Producing Development Exploration Royalty and stream on: assets assets assets Total As at May 31, 2018 $ 5,813,465 $ 10,156,817 $ 1,060,681 $ 17,030,963 Alamos acquisition — 9,784,221 176,000 9,960,221 ValGold acquisition — 8,067,299 150,001 8,217,300 Santa Gertrudis acquisiton — 15,108,224 — 15,108,224 Cap-Oeste Sur East (COSE) acquisition — 2,093,218 — 2,093,218 Fifteen Mile Stream (FMS) acquisition — 5,691,629 — 5,691,629 Other additions — 351,818 107,998 459,816 Depletion (2,415,942 ) — — (2,415,942 ) Recoveries — (105,273 ) (105,273 ) Currency translation adjustments 220,227 — — 220,227 As at May 31, 2019 3,617,750 51,147,953 1,494,680 56,260,383 Alamos royalty portfolio acquisition — 67,455 18,888 86,343 Fifteen Mile Stream (FMS) acquisition — 530,067 — 530,067 NuevaUnión acquisition — 1,381,733 — 1,381,733 Idaho Resources Corp. acquisition — — 5,761,852 5,761,852 Other additions — 88,702 27,972 116,674 Depletion (911,427 ) — — (911,427 ) Recoveries — — (150,000 ) (150,000 ) Reclassification (Joaquin and COSE) 8,399,942 (8,399,942 ) — — Currency translation adjustments (399,420 ) — (105,625 ) (505,045 ) As at May 31, 2020 $ 10,706,845 $ 44,815,968 $ 7,047,767 $ 62,570,580 Historical costs $ 17,724,052 $ 44,815,968 $ 7,047,767 $ 69,587,787 Accumulated depletion $ (7,017,207 ) $ — $ — $ (7,017,207 ) *Note: For transactions prior to the reporting period, please refer to the Company's past audited financial statements on SEDAR at www.sedar.com. |
IRC acquisition | |
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | |
Schedule of detailed information about purchase price allocation for acquisition | Considerations paid: Cash paid $ 2,800,800 Common shares issued 2,749,831 Acquisition costs 236,025 5,786,656 Net asset acquired Cash $ 804 Marketable securities 24,000 IRC NSR interests 5,761,852 $ 5,786,656 |
ValGold acquisitions | |
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | |
Schedule of detailed information about purchase price allocation for acquisition | Considerations paid: Common shares issued $ 7,631,342 Reserve for ValGold share purchase warrants 801,345 Acquisition costs 167,157 8,599,844 Net asset acquired: Cash $ 588,533 Trade receivables and other 39,673 ValGold royalty interests 8,217,300 Trade and other payables (245,662 ) $ 8,599,844 |
INVESTMENT IN SILVERBACK (Table
INVESTMENT IN SILVERBACK (Tables) | 12 Months Ended |
May 31, 2020 | |
Investment property [Abstract] | |
Schedule of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination | May 31 May 31 2020 2019 Opening balance $ 2,191,431 $ 2,412,873 Income in Silverback for the period/year 97,905 92,843 Distribution (311,293 ) (314,285 ) Ending balance $ 1,978,043 $ 2,191,431 |
Schedule of associates | May 31 May 31 For the year ended 2020 2019 Current assets $ 474,105 $ 545,114 Non-current assets 3,063,988 4,374,903 Total assets 3,538,093 4,920,017 Total liabilities (203,217 ) (216,535 ) Revenue from stream interest 2,152,569 2,092,308 Depletion (1,389,644 ) (1,365,079 ) Net income and comprehensive income for the period $ 652,700 $ 618,953 |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
May 31, 2020 | |
Disclosure Of Detailed Information About Trade And Others Payable [Abstract] | |
Schedule of trade and other payables | May 31 May 31 2020 2019 Trade payables and accrued liabilities $ 1,300,582 $ 1,126,982 Payable on NuevaUnión acquisition (Note 4) 335,045 — Lease liability 3,881 — Taxes payable 209,818 483,480 $ 1,849,326 $ 1,610,462 |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 12 Months Ended |
May 31, 2020 | |
Loan Payable [Abstract] | |
Schedule of detailed information about loans payable | For the year ended May 31, 2020 Beedie Other Total Opening balance $ — $ 2,798,975 $ 2,798,975 Additions 7,000,000 — 7,000,000 Allocation of conversion feature (2,782,318 ) — (2,782,318 ) Interest expense 844,425 69,833 914,258 Repayments (466,667 ) (2,799,563 ) (3,266,230 ) Currency translation adjustments — (69,245 ) (69,245 ) Ending balance $ 4,595,440 $ — $ 4,595,440 Less: current portion — — — Long term portion $ 4,595,440 $ — $ 4,595,440 Coeur Other Total For the year ended May 31, 2019 debenture Opening balance $ 8,831,653 $ — $ 8,831,653 Additions — 2,633,733 2,633,733 Inducements — (182,971 ) (182,971 ) Interest expense 210,712 278,746 489,458 Repayments (1,944,775 ) — (1,944,775 ) Settlements (7,199,123 ) — (7,199,123 ) Currency translation adjustments 101,533 69,467 171,000 Ending balance — 2,798,975 2,798,975 Less: current portion — 2,798,975 2,798,975 Long term portion $ — $ — $ — |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
May 31, 2020 | |
Revenue Abstract | |
Schedule of detailed information about revenue | May 31 May 31 For the year ended 2020 2019 Endeavor stream $ 3,520,828 $ 7,852,661 COSE royalty 61,716 — Joaquin royalty 28,557 — Total revenue $ 3,611,101 $ 7,852,661 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
May 31, 2020 | |
Income Taxes [Abstract] | |
Schedule of income tax expense | May 31 May 31 For the year ended 2020 2019 Loss before income taxes $ (6,132,721 ) $ (2,087,058 ) Canadian federal and provincial income tax rates 27.00 27.00% Expected income tax expense (recovery) at statutory income tax rate (1,655,835 ) (538,035 ) Difference between Canadian and foreign tax rate (18,518 ) (14,573 ) Permanent differences 655,814 246,212 Changes in unrecognized deferred tax assets 525,928 721,316 Other adjustments 127,750 (58,489 ) Total income tax expense $ (364,861 ) $ 356,431 Current income tax expense (recovery) $ (128,718 ) $ 408,524 Deferred income tax expense (recovery) $ ( 236,143 ) $ (52,093 ) |
Schedule of deferred income tax asset (liability) | May 31 May 31 Deferred income tax assets (liabilities) 2020 2019 Deferred tax assets: Mineral expenditures and capital assets $ 1,548,158 $ 1,519,734 Share issue costs 170,052 182,079 Non-capital losses and others 5,089,446 3,437,319 Unrecognized deferred tax assets 6,807,656 5,139,132 (6,284,425 ) (5,139,132 ) Deferred tax liabilities (1,183,536 ) (145,221 ) Net deferred income tax asset (liability) $ (660,305 ) $ (145,221 ) |
Schedule of significant temporary differences, unused tax credits, and unused tax losses | May 31 Expiry May 31 Expiry 2020 date range 2019 date range Mineral expenditures and capital assets $ 5,733,918 No expiry date $ 5,752,246 No expiry date Share issue costs 629,923 2022 to 2025 674,367 2022 to 2024 Non-capital losses and other 19,633,365 2026 to 2040 15,487,395 2026 to 2039 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
May 31, 2020 | |
Disclosure of classes of share capital [Abstract] | |
Schedule of number and weighted average exercise prices of stock options | Weighted average Outstanding exercise price Balance at May 31, 2018 1,442,706 $ 1.88 Granted 762,500 3.08 Exercised (33,333 ) 1.44 Balance at May 31, 2019 2,171,873 $ 2.30 Granted 600,000 7.66 Exercised (565,603 ) 1.71 Canceled/Expired (3,125 ) 2.32 Balance at May 31, 2020 2,203,145 $ 3.91 |
Schedule of range of exercise prices of outstanding share options | Exercise Expiry date price Outstanding Exercisable Jul 15, 2021 $ 0.84 41,666 41,666 Nov 15, 2021 1.20 4,250 4,250 Nov 30, 2021 1.32 116,666 116,666 Mar 06, 2022 2.32 96,875 96,875 Jul 31, 2022 2.16 445,250 445,250 Mar 01, 2023 2.56 243,750 243,750 Sep 17, 2023 2.92 329,688 232,813 Jan 04, 2024 3.24 325,000 137,500 Jan 15, 2025 7.66 600,000 — Total 2,203,145 1,318,770 |
Schedule of warrants activity | Weighted average Outstanding exercise price Balance at May 31, 2018 1,972,321 $ 2.56 Issued 2,008,117 3.76 Exercised (2,042,003 ) 2.56 Expired/cancelled (247,542 ) 2.68 Balance at May 31, 2019 1,690,893 3.95 Exercised (959,698 ) 3.62 Balance at May 31, 2020 731,195 $ 4.39 |
Schedule of range of exercise prices of outstanding warrants | Exercise Expiry date price Outstanding Nov 08, 2020 $ 3.40 93,750 Dec 21, 2020 4.68 251,374 Dec 21, 2020 3.12 10,099 Jan 04, 2021 4.68 344,748 Jan 04, 2021 3.12 10,391 Aug 30, 2021 1.80 20,833 Total 731,195 |
Schedule of number and weighted average exercise prices of restricted share units | Outstanding Balance at May 31, 2018 — Granted 53,500 Vested (53,500 ) Balance at May 31, 2019 — Granted 171,805 Vested (90,805 ) Balance at May 31, 2020 81,000 |
Schedule of pricing model with weighted average assumptions for share option granted | May 31 May 31 Weighted average: 2020 2019 Risk free interest rate 1.54% 2.05% Expected dividend yield 0.63% 2.35% Expected stock price volatility 60% 67% Expected life in years 5 5 Forfeiture rate 0% 0% |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
May 31, 2020 | |
Disclosure of transactions between related parties [Abstract] | |
Schedule of transactions between related parties | Salary Share-based Year ended May 31, 2020 or fees payments Total Management $ 977,284 $ 484,557 $ 1,461,841 Directors 171,137 1,208,270 1,379,407 $ 1,148,421 $ 1,692,827 $ 2,841,248 Salary Share-based Year ended May 31, 2019 or fees payments Total Management $ 907,230 $ 386,013 $ 1,293,243 Directors 160,066 517,430 677,496 $ 1,067,296 $ 903,443 $ 1,970,739 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
May 31, 2020 | |
Disclosure of detailed information about financial instruments [Abstract] | |
Schedule of classification of financial instruments | May 31 May 31 2020 2019 Financial assets Amortized cost: Cash $ 4,695,653 $ 4,603,062 Other receivables 51,099 — Fair value through profit or loss: Royalty and stream receivables — 129,960 Marketable securities 36,000 — $ 4,782,752 $ 4,733,022 Financial liabilities Amortized cost: Accounts payable and accrued liabilities $ 1,635,627 $ 1,126,982 Loans payable 4,595,440 2,798,975 $ 6,231,067 $ 3,925,957 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
May 31, 2020 | |
Disclosure Of Commitment [Abstract] | |
Schedule of information related to contractual obligations | Less than 1 to 4 to Over 1 year 3 years 5 years 5 years Total Trade and other payables $ 1,514,281 $ — $ — $ — $ 1,514,281 Loans payable principal and interest payments 685,000 8,294,932 — — 8,979,932 Payments related to acquisitions of royalties and streams 335,045 — — — 335,045 Other 2,834 — — — 2,834 $ 2,537,160 $ 8,294,932 $ — $ — $ 10,832,092 |
NATURE OF OPERATIONS (Narrative
NATURE OF OPERATIONS (Narrative) (Details) - CAD ($) | May 31, 2020 | May 31, 2019 |
Nature Of Operations [Abstract] | ||
Cumulative deficit | $ 38,676,639 | $ 31,285,237 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - CAD ($) | May 31, 2020 | Jun. 01, 2019 |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | $ 3,721 | |
Adoption of IFRS 16 Leases | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets | $ 26,029 |
ROYALTY, STREAM, AND OTHER IN_3
ROYALTY, STREAM, AND OTHER INTERESTS (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||
May 22, 2020$ / shares | Feb. 29, 2020CAD ($) | Aug. 31, 2019CAD ($) | Jun. 30, 2019$ / sharesshares | Apr. 16, 2019CAD ($)$ / sharesshares | Apr. 16, 2019USD ($)shares | Feb. 28, 2019CAD ($)$ / sharesshares | Feb. 28, 2019USD ($)shares | Jan. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018USD ($) | Nov. 30, 2018CAD ($)$ / sharesshares | Nov. 30, 2018USD ($)shares | Jul. 31, 2018CAD ($)Years$ / sharesshares | Feb. 28, 2006 | May 31, 2020CAD ($)shares | May 31, 2019CAD ($) | May 31, 2020USD ($) | |
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Purchase price of acquisition | $ 4,804,669 | $ 13,458,638 | ||||||||||||||||
IRC acquisition | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Cash transferred | 2,800,800 | $ 2,000,000 | ||||||||||||||||
Common shares issued | $ 2,749,831 | |||||||||||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 357,121 | |||||||||||||||||
Share price per share | $ / shares | $ 7.70 | |||||||||||||||||
Royalty interests and deferred acquisition costs | $ 5,761,852 | |||||||||||||||||
IRC acquisition | Anglo/Zeke | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Percentage of NSR royalty interest | 0.50% | |||||||||||||||||
IRC acquisition | Red Hill | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Percentage of NSR royalty interest | 1.50% | |||||||||||||||||
NuevaUnion acquisition | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Percentage of NSR royalty interest | 2.00% | |||||||||||||||||
Purchase price of agreement | $ 8,000,000 | |||||||||||||||||
Percentage of total consideration | 25.00% | |||||||||||||||||
Cash and common shares paid | $ 2,000,000 | |||||||||||||||||
Acquisition costs | $ 49,518 | |||||||||||||||||
Royalty interests and deferred acquisition costs | $ 1,381,733 | |||||||||||||||||
NuevaUnion acquisition | On signing/closing | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Purchase price of acquisition paid in cash | 750,000 | |||||||||||||||||
NuevaUnion acquisition | One year after closing | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Purchase price of acquisition paid in cash | 250,000 | |||||||||||||||||
NuevaUnion acquisition | Upon the achievement of commercial production | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Common shares issued | 500,000 | |||||||||||||||||
Purchase price of acquisition paid in cash | $ 500,000 | |||||||||||||||||
Alamos acquisitions | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 2,054,752 | 2,054,752 | 2,574 | |||||||||||||||
Share price per share | $ / shares | $ 4.64 | |||||||||||||||||
Purchase price of acquisition | $ 8,240,000 | |||||||||||||||||
Acquisition costs | $ 426,171 | $ 75,220 | ||||||||||||||||
Royalty interests and deferred acquisition costs | $ 86,343 | 9,960,221 | ||||||||||||||||
Alamos acquisitions | Biricu | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 2,574 | |||||||||||||||||
Share price per share | $ / shares | $ 4.32 | |||||||||||||||||
Percentage of NSR royalty interest | 2.00% | |||||||||||||||||
Alamos acquisitions | Wasamac | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Percentage of NSR royalty interest | 1.50% | 1.50% | ||||||||||||||||
Buy-back right percentage | 0.50% | 0.50% | ||||||||||||||||
Right to buy-back stream, amount | $ 7,500,000 | |||||||||||||||||
Alamos acquisitions | El Realito | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Percentage of NSR royalty interest | 2.00% | 2.00% | ||||||||||||||||
Half of the NSR royalty | 1.00% | 1.00% | ||||||||||||||||
Right to buy-back stream, amount | $ 4,000,000 | |||||||||||||||||
Alamos acquisitions | La Fortuna option | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Percentage of NSR royalty interest | 1.00% | 1.00% | ||||||||||||||||
Purchase price of agreement | $ 1,000,000 | |||||||||||||||||
Purchase price of agreement payable in shares | 400,000 | |||||||||||||||||
Upfront payment made upon exercise of option | $ 600,000 | |||||||||||||||||
Term of exercise of option | 2 years | 2 years | ||||||||||||||||
Tower Mountain acquisition | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Result of Independent Mineral Resource Estimation report | inferred resource of 151,000 ounces in a bulk tonnage model within 7,150,000 tonnes at an average grade of 0.66 grams per tonne gold | |||||||||||||||||
Proceeds from sale of project | $ 150,000 | |||||||||||||||||
Percentage of NSR royalty interest | 2.00% | |||||||||||||||||
Fifteen Mile Stream (FMS) acquisition | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 654,750 | 654,750 | ||||||||||||||||
Share price per share | $ / shares | $ 4.16 | |||||||||||||||||
Percentage of NSR royalty interest | 1.00% | 1.00% | 3.00% | |||||||||||||||
Purchase price of agreement | $ 4,000,000 | |||||||||||||||||
Purchase price of acquisition paid in cash | $ 2,920,720 | $ 2,200,000 | $ 2,000,000 | |||||||||||||||
Acquisition costs | $ 53,309 | 30,067 | ||||||||||||||||
Royalty interests and deferred acquisition costs | 530,067 | 5,691,629 | ||||||||||||||||
Fifteen Mile Stream (FMS) acquisition | On signing/closing | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Purchase price of acquisition paid in cash | 500,000 | |||||||||||||||||
Fifteen Mile Stream (FMS) acquisition | Upon the achievement of commercial production | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Purchase price of acquisition paid in cash | $ 1,500,000 | |||||||||||||||||
Aureus East acquisition | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Percentage of NSR royalty interest | 1.00% | |||||||||||||||||
Purchase price of acquisition paid in cash | $ 315,000 | |||||||||||||||||
Acquisition costs | $ 24,246 | |||||||||||||||||
Cap-Oeste Sur East acquisition | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Percentage of NSR royalty interest | 1.50% | 1.50% | ||||||||||||||||
Purchase price of acquisition paid in cash | $ 2,014,065 | $ 1,500,000 | ||||||||||||||||
Acquisition costs | $ 79,153 | |||||||||||||||||
Cap-Oeste Sur East acquisition | Minera Triton Argentina | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Percentage of ownership interest in subsidiary | 100.00% | 100.00% | ||||||||||||||||
Santa Gertrudis acquisitions | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 2,530,769 | 2,530,769 | ||||||||||||||||
Share price per share | $ / shares | $ 2.84 | |||||||||||||||||
Percentage of NSR royalty interest | 2.00% | 2.00% | ||||||||||||||||
Purchase price of acquisition | $ 15,108,224 | $ 12,000,000 | ||||||||||||||||
Purchase price of acquisition paid in cash | 7,863,540 | $ 6,000,000 | ||||||||||||||||
Acquisition costs | $ 63,240 | |||||||||||||||||
Buy-back right percentage | 1.00% | 1.00% | ||||||||||||||||
Right to buy-back stream, amount | $ 7,500,000 | |||||||||||||||||
ValGold acquisition | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Common shares issued | $ 7,631,342 | |||||||||||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 2,414,981 | |||||||||||||||||
Share price per share | $ / shares | $ 3.16 | |||||||||||||||||
Royalty interests and deferred acquisition costs | $ 8,217,300 | |||||||||||||||||
Share purchase warrant outstanding exercisable acquisition | shares | 654,207 | |||||||||||||||||
Exercise price per share purchase warrant outstanding exercisable | $ / shares | $ 2.40 | |||||||||||||||||
Fair value at measurement date, warrants issued | $ 801,345 | |||||||||||||||||
Weighted average fair value of warrants | $ / shares | $ 0.31 | |||||||||||||||||
Risk free interest rate | 2.07% | |||||||||||||||||
Expected dividend yield | 2.07% | |||||||||||||||||
Expected stock price volatility | 73.00% | |||||||||||||||||
Expected life in years | Years | 1.1 | |||||||||||||||||
Forfeiture rate | 0.00% | |||||||||||||||||
ValGold acquisition | Garrison | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Percentage of NSR royalty interest | 2.00% | |||||||||||||||||
ValGold acquisition | Los Platos | ||||||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||||||
Percentage of NSR royalty interest | 1.50% |
INVESTMENT IN SILVERBACK (Narra
INVESTMENT IN SILVERBACK (Narrative) (Details) | 12 Months Ended |
May 31, 2020 | |
Silverback Ltd. ("Silverback") | |
Disclosure of associates [line items] | |
Percentage of ownership interest in subsidiary | 15.00% |
LOANS PAYABLE (Narrative) (Deta
LOANS PAYABLE (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2019CAD ($) | Mar. 31, 2019CAD ($)$ / shares | Jul. 31, 2017CAD ($) | Dec. 31, 2018CAD ($)Share$ / shares | Dec. 31, 2018USD ($)Share | May 31, 2020CAD ($)$ / sharesshares | May 31, 2019CAD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Jul. 31, 2017USD ($) | |
Disclosure Of Loans Payable [Line Items] | |||||||||
Conversion on loan payable (shares) | shares | 2,307,411 | ||||||||
Conversion on loan payable | $ 7,199,123 | ||||||||
Number of warrants issued | 2,008,117 | ||||||||
Exercise price of warrants issued | $ / shares | $ 4.68 | ||||||||
Allocation of conversion feature | $ 2,782,318 | ||||||||
Finance charges | $ 436,137 | ||||||||
Convertible Loan Facility | |||||||||
Disclosure Of Loans Payable [Line Items] | |||||||||
Convertible loan facility | $ 12,000,000 | ||||||||
Initial advance of convertible loan facility | $ 7,000,000 | 7,000,000 | |||||||
Undrawn convertible loan facilities | 5,000,000 | ||||||||
Minimum tranches of convertible loan facility | $ 1,250,000 | ||||||||
Stated rate percentage | 8.00% | ||||||||
Interest rate on standby funds available | 2.50% | ||||||||
Principal payment due period | 48 months | ||||||||
Conversion price per share | $ / shares | $ 5.56 | ||||||||
Allocation to liability portion | 4,217,682 | ||||||||
Allocation of conversion feature | 2,782,318 | ||||||||
Deferred tax liability related to taxable temporary difference arising from equity portion | $ 751,226 | ||||||||
Effective interest rate on liability | 23.50% | ||||||||
Expected life of liability | 4 years | ||||||||
Four loan arrangements | |||||||||
Disclosure Of Loans Payable [Line Items] | |||||||||
Proceeds from loan arrangements | $ 2,623,733 | $ 2,000,000 | |||||||
Stated rate percentage | 5.00% | 5.00% | |||||||
Aggregate origination discount | $ 79,012 | $ 60,000 | |||||||
Term of convertible debenture payable | 1 year | 1 year | |||||||
Number of warrants issued | Share | 150,000 | 150,000 | |||||||
Exercise price of warrants issued | $ / shares | $ 3.40 | ||||||||
Term of warrants | 2 years | 2 years | |||||||
Value of warrants issued | $ 103,959 | ||||||||
Coeur acquisitions | |||||||||
Disclosure Of Loans Payable [Line Items] | |||||||||
Convertible debenture | $ 8,332,041 | $ 6,677,476 | |||||||
Stated rate percentage | 5.00% | 5.00% | |||||||
Percentage of equity ownership other company needs to maintain in order for automatic conversion to apply | 19.90% | ||||||||
Term of convertible debenture payable | 10 years | ||||||||
Conversion on loan payable (shares) | shares | 2,307,411 | ||||||||
Value per share | $ / shares | $ 3.12 | ||||||||
Conversion on loan payable | $ 7,199,123 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | 12 Months Ended | |
May 31, 2020CAD ($)Shareshares | May 31, 2019CAD ($)Share$ / sharesshares | |
Disclosure of classes of share capital [Abstract] | ||
Common shares issued | shares | 35,114,048 | |
Number of shares outstanding | shares | 35,114,048 | |
Value of units issued in period | $ 6,824,070 | |
Units issued in period | Share | 2,187,202 | |
Units issued in period price per unit | $ / shares | $ 3.12 | |
Exercise Price Of Warrants Issued | $ / shares | 4.68 | |
Weighted average exercise price of warrants, Issued | $ / shares | $ 3.76 | |
Acceleration quality of warrants issued | subject to acceleration if the share price is at or above $6.00 per share for ten consecutive trading days | |
Fair value of warrants issued | $ 400,137 | |
Share issue related cost | $ 442,143 | |
Number of underwriter warrants issued | shares | 110,310 | |
Value of underwriter warrants issued | $ 90,769 | |
Weighted average exercise price of underwriter warrants, Issued | $ / shares | $ 3.12 | |
Number of shares issued during period for acquisition of royalty and stream interests | shares | 359,695 | 7,655,252 |
Conversion on loan payable (shares) | shares | 2,307,411 | |
Number of shares issued during period for exercise of share purchase warrants | shares | 959,698 | 2,042,003 |
Number of shares issued during period for vesting of RSU and exercise of stock options | shares | 656,408 | 86,833 |
Percentage of maximum number of shares reserved for issuance under the stock option plan | 10.00% | |
Weighted average remaining life of stock options outstanding | 3 years 2 months 15 days | 3 years 6 months |
Percentage of maximum number of RSU shares reserved for issuance | 2.00% | |
Stock options granted | Share | 600,000 | 762,500 |
Fair value at measurement date, share options granted | $ 2,267,491 | $ 1,132,624 |
Weighted average fair value per option granted | 3.78 | 1.48 |
Share-based payments expense | 1,392,902 | 917,571 |
Share-based payments expense vesting terms of RSUs granted | 647,847 | 166,900 |
Share-based payments expense of offsetting credit share capital | 378,394 | 166,900 |
Share-based payments expense of offsetting credit reserves | $ 269,453 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES (Narrative) (Details) - CAD ($) | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Disclosure of transactions between related parties [line items] | ||
Due to directors and management for remuneration and expense reimbursements | $ 590,357 | $ 407,284 |
Management services | 1,148,421 | 1,067,296 |
CFO | ||
Disclosure of transactions between related parties [line items] | ||
Management services | $ 174,000 | $ 130,500 |
SUPPLEMENTAL DISCLOSURE WITH _2
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||
Feb. 29, 2020 | Aug. 31, 2019CAD ($) | Apr. 16, 2019CAD ($)shares | Feb. 28, 2019CAD ($)shares | Nov. 30, 2018CAD ($)shares | Jul. 31, 2018CAD ($)shares | May 31, 2020CAD ($)Shareshares | May 31, 2019CAD ($)Shareshares | |
Supplemental Disclosure Of Cash Flow [Line Items] | ||||||||
Number of common shares issued for vesting of RSU's | shares | 90,805 | |||||||
Value of common shares issued for vesting of RSU's | $ 378,394 | |||||||
Reallocation from reserves for stock options exercised | $ 908,002 | $ 26,892 | ||||||
Number of share options exercised in share-based payment arrangement | Share | 565,603 | 33,333 | ||||||
Reallocation from reserves for share purchase warrants exercised | $ 656,170 | $ 1,577,802 | ||||||
Number of share purchase warrants exercised | shares | 959,698 | 2,042,003 | ||||||
Number of share purchase warrants issued on settlement of loans payable | Share | 150,000 | |||||||
Warrants issued for loans payable | $ 103,959 | |||||||
Conversion on loan payable | $ 7,199,123 | |||||||
Conversion on loan payable (shares) | shares | 2,307,411 | |||||||
Number of underwriter's warrants issued | shares | 110,310 | |||||||
Value of underwriter's warrants issued | $ 90,769 | |||||||
Idaho Resources Corp. acquisition | ||||||||
Supplemental Disclosure Of Cash Flow [Line Items] | ||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 357,121 | |||||||
Aggregate value of acquisitions of royalty interests | $ 2,749,831 | |||||||
Alamos acquisitions | ||||||||
Supplemental Disclosure Of Cash Flow [Line Items] | ||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 2,054,752 | 2,574 | ||||||
Aggregate value of acquisitions of royalty interests | $ 9,534,050 | $ 11,123 | ||||||
NuevaUnion acquisition | ||||||||
Supplemental Disclosure Of Cash Flow [Line Items] | ||||||||
Accounts payable recognised | $ 335,045 | |||||||
Net Smelter Return Acquired Percentage | 2.00% | |||||||
Tower Mountain acquisition | ||||||||
Supplemental Disclosure Of Cash Flow [Line Items] | ||||||||
Proceeds From Sale Of Project | $ 150,000 | |||||||
Net Smelter Return Acquired Percentage | 2.00% | |||||||
Santa Gertrudis acquisitions | ||||||||
Supplemental Disclosure Of Cash Flow [Line Items] | ||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 2,530,769 | |||||||
Aggregate value of acquisitions of royalty interests | $ 7,181,444 | |||||||
ValGold acquisitions | ||||||||
Supplemental Disclosure Of Cash Flow [Line Items] | ||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 2,414,981 | |||||||
Number of share purchase warrants issued for acquisitions of royalty interests | shares | 654,207 | |||||||
Aggregate value of acquisitions of royalty interests | $ 8,432,687 | |||||||
Accounts payable recognised | $ 245,662 | |||||||
Fifteen Mile Stream (FMS) acquisition | ||||||||
Supplemental Disclosure Of Cash Flow [Line Items] | ||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 654,750 | |||||||
Aggregate value of acquisitions of royalty interests | $ 2,717,600 | |||||||
Net Smelter Return Acquired Percentage | 1.00% | 3.00% |
FINANCIAL INSTRUMENTS (Narrativ
FINANCIAL INSTRUMENTS (Narrative) (Details) - Currency risk | May 31, 2020CAD ($) |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity analysis, variance, percentage | 1.00% |
Value at risk | $ 12,000 |
EVENTS AFTER THE REPORTING DA_2
EVENTS AFTER THE REPORTING DATE (Narrative) (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Aug. 21, 2020AUD ($)shares | Aug. 21, 2020CAD ($)$ / sharesshares | Aug. 21, 2020USD ($)shares | Aug. 31, 2019CAD ($) | Mar. 31, 2019CAD ($)$ / shares | May 31, 2020CAD ($) | May 31, 2019CAD ($)shares | Aug. 21, 2020$ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Gross proceeds from secondary offering | $ 6,381,927 | |||||||
Purchase price of acquisition | $ 4,804,669 | $ 13,458,638 | ||||||
Conversion on loan payable (shares) | shares | 2,307,411 | |||||||
Convertible Loan Facility | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Initial advance of convertible loan facility | $ 7,000,000 | $ 7,000,000 | ||||||
Conversion price per share | $ / shares | $ 5.56 | |||||||
EVENTS AFTER THE REPORTING DATE | Coeur | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Percentage of NSR royalty acquired | 1.00% | 1.00% | 1.00% | |||||
EVENTS AFTER THE REPORTING DATE | Coeur | Wharf Acquisition | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Cash transferred | $ 1,000,000 | |||||||
Number of common shares issued for acquisitions of royalty interests | shares | 899,201 | 899,201 | 899,201 | |||||
EVENTS AFTER THE REPORTING DATE | Coeur | Secondary Offering | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of shares in public offering previously held | shares | 3,910,000 | |||||||
Equity issuance price per share | $ / shares | $ 5.30 | |||||||
Gross proceeds from secondary offering | $ 20.7 | |||||||
EVENTS AFTER THE REPORTING DATE | Agreement with NuEnergy Gas Limited | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Percentage of NSR royalty acquired | 2.50% | 2.50% | 2.50% | |||||
EVENTS AFTER THE REPORTING DATE | Agreement with NuEnergy Gas Limited | Kirkland Lake Gold Ltd | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 467,730 | 467,730 | 467,730 | |||||
Purchase price of acquisition | $ 2 | |||||||
EVENTS AFTER THE REPORTING DATE | Convertible Loan Facility | Beedie | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Conversion Of loan facility, converted amount | $ 6,000,000 | |||||||
Initial advance of convertible loan facility | 7,000,000 | |||||||
Remaining drew down from original loan facility | 5,000,000 | |||||||
New total convertible loan facility | $ 20,000,000 | |||||||
Conversion price per share | $ / shares | $ 5.56 | |||||||
Conversion on loan payable (shares) | shares | 1,079,136 | 1,079,136 | 1,079,136 | |||||
Revised conversion price per share | $ / shares | $ 9.90 |
ACCOUNTS RECEIVABLE - Schedule
ACCOUNTS RECEIVABLE - Schedule of detailed information about accounts receivable (Details) - CAD ($) | May 31, 2020 | May 31, 2019 |
Trade and other receivables [Abstract] | ||
Royalty and stream receivables | $ 0 | $ 129,960 |
GST and other tax recoverable | 180,943 | 195,350 |
Other receivables | 51,099 | 0 |
Total Accounts Receivable | $ 232,042 | $ 325,310 |
ROYALTY, STREAM, AND OTHER IN_4
ROYALTY, STREAM, AND OTHER INTERESTS - Schedule of detailed information about royalty interests and deferred acquisition costs (Details) - CAD ($) | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beginning balance | $ 56,260,383 | $ 17,030,963 |
Other additions | 116,674 | 459,816 |
Depletion | (911,427) | (2,415,942) |
Recoveries | (150,000) | (105,273) |
Reclassification (Joaquin and COSE) | 0 | |
Currency translation adjustments | (505,045) | 220,227 |
Ending Balance | 62,570,580 | 56,260,383 |
Historical costs | 69,587,787 | |
Accumulated depletion | (7,017,207) | |
Alamos acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 86,343 | 9,960,221 |
ValGold acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 8,217,300 | |
Santa Gertrudis acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 15,108,224 | |
Cap-Oeste Sur East (COSE) acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 2,093,218 | |
Fifteen Mile Stream (FMS) acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 530,067 | 5,691,629 |
NuevaUnion acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 1,381,733 | |
Idaho Resources Corp. acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 5,761,852 | |
Producing assets | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beginning balance | 3,617,750 | 5,813,465 |
Other additions | 0 | 0 |
Depletion | (911,427) | (2,415,942) |
Recoveries | 0 | 0 |
Reclassification (Joaquin and COSE) | 8,399,942 | |
Currency translation adjustments | (399,420) | 220,227 |
Ending Balance | 10,706,845 | 3,617,750 |
Historical costs | 17,724,052 | |
Accumulated depletion | (7,017,207) | |
Producing assets | Alamos acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | 0 |
Producing assets | ValGold acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Producing assets | Santa Gertrudis acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Producing assets | Cap-Oeste Sur East (COSE) acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Producing assets | Fifteen Mile Stream (FMS) acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | 0 |
Producing assets | NuevaUnion acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Producing assets | Idaho Resources Corp. acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Development assets | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beginning balance | 51,147,953 | 10,156,817 |
Other additions | 88,702 | 351,818 |
Depletion | 0 | 0 |
Recoveries | 0 | (105,273) |
Reclassification (Joaquin and COSE) | (8,399,942) | |
Currency translation adjustments | 0 | 0 |
Ending Balance | 44,815,968 | 51,147,953 |
Historical costs | 44,815,968 | |
Accumulated depletion | 0 | |
Development assets | Alamos acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 67,455 | 9,784,221 |
Development assets | ValGold acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 8,067,299 | |
Development assets | Santa Gertrudis acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 15,108,224 | |
Development assets | Cap-Oeste Sur East (COSE) acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 2,093,218 | |
Development assets | Fifteen Mile Stream (FMS) acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 530,067 | 5,691,629 |
Development assets | NuevaUnion acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 1,381,733 | |
Development assets | Idaho Resources Corp. acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Exploration assets | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beginning balance | 1,494,680 | 1,060,681 |
Other additions | 27,972 | 107,998 |
Depletion | 0 | 0 |
Recoveries | (150,000) | |
Reclassification (Joaquin and COSE) | 0 | |
Currency translation adjustments | (105,625) | 0 |
Ending Balance | 7,047,767 | 1,494,680 |
Historical costs | 7,047,767 | |
Accumulated depletion | 0 | |
Exploration assets | Alamos acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 18,888 | 176,000 |
Exploration assets | ValGold acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 150,001 | |
Exploration assets | Santa Gertrudis acquisitions | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Exploration assets | Cap-Oeste Sur East (COSE) acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Exploration assets | Fifteen Mile Stream (FMS) acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | $ 0 |
Exploration assets | NuevaUnion acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Exploration assets | Idaho Resources Corp. acquisition | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | $ 5,761,852 |
ROYALTY, STREAM, AND OTHER IN_5
ROYALTY, STREAM, AND OTHER INTERESTS - Schedule of detailed information about purchase price allocation for acquisition (Details) | 1 Months Ended | |||
May 31, 2020CAD ($) | Jul. 31, 2018CAD ($) | May 31, 2020USD ($) | May 31, 2019CAD ($) | |
Net asset acquired | ||||
Trade receivables | $ 0 | $ 129,960 | ||
IRC acquisition | ||||
Considerations paid: | ||||
Cash paid | 2,800,800 | $ 2,000,000 | ||
Common shares issued | 2,749,831 | |||
Acquisition costs | 236,025 | |||
Considerations paid | 5,786,656 | |||
Net asset acquired | ||||
Cash | 804 | |||
Marketable securities | 24,000 | |||
Royalty Interests | 5,761,852 | |||
Net asset acquired | $ 5,786,656 | |||
ValGold acquisitions | ||||
Considerations paid: | ||||
Common shares issued | $ 7,631,342 | |||
Reserve for ValGold share purchase warrants | 801,345 | |||
Acquisition costs | 167,157 | |||
Considerations paid | 8,599,844 | |||
Net asset acquired | ||||
Cash | 588,533 | |||
Trade receivables and other | 39,673 | |||
Royalty Interests | 8,217,300 | |||
Trade and other payables | (245,662) | |||
Net asset acquired | $ 8,599,844 |
INVESTMENT IN SILVERBACK - Sche
INVESTMENT IN SILVERBACK - Schedule of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination (Details) - CAD ($) | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Disclosure of associates [line items] | ||
Opening balance | $ 2,191,433 | |
Income in Silverback for the period/year | 97,905 | $ 92,843 |
Ending balance | 1,978,043 | 2,191,433 |
Silverback Ltd. ("Silverback") | ||
Disclosure of associates [line items] | ||
Opening balance | 2,191,431 | 2,412,873 |
Income in Silverback for the period/year | 97,905 | 92,843 |
Distribution | (311,293) | (314,285) |
Ending balance | $ 1,978,043 | $ 2,191,431 |
INVESTMENT IN SILVERBACK - Sc_2
INVESTMENT IN SILVERBACK - Schedule of subsidiary (Details) - CAD ($) | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Disclosure of associates [line items] | ||
Current assets | $ 5,228,333 | $ 5,272,236 |
Non-current assets | 64,552,344 | 58,451,816 |
Total assets | 69,780,677 | 63,724,052 |
Total liabilities | (7,105,071) | (4,554,658) |
Revenue from stream interest | 3,520,828 | 7,852,661 |
Depletion | (911,427) | (2,415,942) |
Net income and comprehensive income for the year | (6,140,159) | (2,180,670) |
Silverback Ltd. ("Silverback") | ||
Disclosure of associates [line items] | ||
Current assets | 474,105 | 545,114 |
Non-current assets | 3,063,988 | 4,374,903 |
Total assets | 3,538,093 | 4,920,017 |
Total liabilities | (203,217) | (216,535) |
Revenue from stream interest | 2,152,569 | 2,092,308 |
Depletion | (1,389,644) | (1,365,079) |
Net income and comprehensive income for the year | $ 652,700 | $ 618,953 |
TRADE AND OTHER PAYABLES - Sche
TRADE AND OTHER PAYABLES - Schedule of detailed information about trade and other payable (Details) - CAD ($) | May 31, 2020 | May 31, 2019 |
Trade and other payables [abstract] | ||
Trade payables and accrued liabilities | $ 1,300,582 | $ 1,126,982 |
Payable on NuevaUnion acquisition | 335,045 | 0 |
Lease liability | 3,881 | 0 |
Taxes payable | 209,818 | 483,480 |
Trade and other payables | $ 1,849,326 | $ 1,610,462 |
LOANS PAYABLE - Schedule of det
LOANS PAYABLE - Schedule of detailed information about loans payable (Details) - CAD ($) | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Loan Payable [Line Items] | ||
Opening balance | $ 2,798,975 | $ 8,831,653 |
Additions | 7,000,000 | 2,633,733 |
Allocation of conversion feature | (2,782,318) | |
Inducements | (182,971) | |
Interest expense | 914,258 | 489,458 |
Repayments | (3,266,230) | (1,944,775) |
Settlements | (7,199,123) | |
Currency translation adjustments | (69,245) | 171,000 |
Ending balance | 4,595,440 | 2,798,975 |
Less: current portion | 0 | 2,798,975 |
Long term portion | 4,595,440 | 0 |
Beedie | ||
Loan Payable [Line Items] | ||
Opening balance | 0 | |
Additions | 7,000,000 | |
Allocation of conversion feature | (2,782,318) | |
Interest expense | 844,425 | |
Repayments | (466,667) | |
Currency translation adjustments | 0 | |
Ending balance | 4,595,440 | 0 |
Less: current portion | 0 | |
Long term portion | 4,595,440 | |
Coeur debenture | ||
Loan Payable [Line Items] | ||
Opening balance | 0 | 8,831,653 |
Additions | 0 | |
Inducements | 0 | |
Interest expense | 210,712 | |
Repayments | (1,944,775) | |
Settlements | (7,199,123) | |
Currency translation adjustments | 101,533 | |
Ending balance | 0 | |
Less: current portion | 0 | |
Long term portion | 0 | |
Other | ||
Loan Payable [Line Items] | ||
Opening balance | 2,798,975 | 0 |
Additions | 0 | 2,633,733 |
Allocation of conversion feature | 0 | |
Inducements | (182,971) | |
Interest expense | 69,833 | 278,746 |
Repayments | (2,799,563) | 0 |
Settlements | 0 | |
Currency translation adjustments | (69,245) | 69,467 |
Ending balance | 0 | 2,798,975 |
Less: current portion | 0 | 2,798,975 |
Long term portion | $ 0 | $ 0 |
REVENUE - Schedule of detailed
REVENUE - Schedule of detailed information about revenue (Details) - CAD ($) | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Revenue [Line Items] | ||
Endeavor stream | $ 3,520,828 | $ 7,852,661 |
Total revenue | 3,611,101 | 7,852,661 |
COSE royalty | ||
Revenue [Line Items] | ||
Royalty | 61,716 | 0 |
Joaquin royalty | ||
Revenue [Line Items] | ||
Royalty | $ 28,557 | $ 0 |
INCOME TAXES - Schedule of inco
INCOME TAXES - Schedule of income tax expense (Details) - CAD ($) | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Income Taxes [Abstract] | ||
Loss before income taxes | $ (6,132,721) | $ (2,087,058) |
Canadian federal and provincial income tax rates | 27.00% | 27.00% |
Expected income tax expense (recovery) at statutory income tax rate | $ (1,655,835) | $ (538,035) |
Difference between Canadian and foreign tax rate | (18,518) | (14,573) |
Permanent differences | 655,814 | 246,212 |
Changes in unrecognized deferred tax assets | 525,928 | 721,316 |
Other adjustments | 127,750 | (58,489) |
Total income tax expense | (364,861) | 356,431 |
Current income tax expense (recovery) | (128,718) | 408,524 |
Deferred income tax expense (recovery) | $ (236,143) | $ (52,093) |
INCOME TAXES - Schedule of defe
INCOME TAXES - Schedule of deferred income tax asset (liability) (Details) - CAD ($) | May 31, 2020 | May 31, 2019 |
Deferred tax assets: | ||
Deferred tax assets | $ 6,807,656 | $ 5,139,132 |
Unrecognized deferred tax assets | (6,284,425) | (5,139,132) |
Deferred tax liabilities | (1,183,536) | (145,221) |
Net deferred income t ax liability | (660,305) | (145,221) |
Mineral expenditures and capital assets | ||
Deferred tax assets: | ||
Deferred tax assets | 1,548,158 | 1,519,734 |
Unrecognized deferred tax assets | (5,733,918) | (5,752,246) |
Share issue costs | ||
Deferred tax assets: | ||
Deferred tax assets | 170,052 | 182,079 |
Unrecognized deferred tax assets | (629,923) | (674,367) |
Non-capital losses and others | ||
Deferred tax assets: | ||
Deferred tax assets | 5,089,446 | 3,437,319 |
Unrecognized deferred tax assets | $ (19,633,365) | $ (15,487,395) |
INCOME TAXES - Schedule of sign
INCOME TAXES - Schedule of significant temporary differences, unused tax credits, and unused tax losses (Details) - CAD ($) | May 31, 2020 | May 31, 2019 |
Deferred tax assets: | ||
Unrecognized deferred tax assets | $ 6,284,425 | $ 5,139,132 |
Mineral expenditures and capital assets | ||
Deferred tax assets: | ||
Unrecognized deferred tax assets | 5,733,918 | 5,752,246 |
Share issue costs | ||
Deferred tax assets: | ||
Unrecognized deferred tax assets | 629,923 | 674,367 |
Non-capital losses and other | ||
Deferred tax assets: | ||
Unrecognized deferred tax assets | $ 19,633,365 | $ 15,487,395 |
SHARE CAPITAL - Schedule of num
SHARE CAPITAL - Schedule of number and weighted average exercise prices of stock options (Details) | 12 Months Ended | |
May 31, 2020Share$ / shares | May 31, 2019Share$ / shares | |
Disclosure of classes of share capital [Abstract] | ||
Balance | Share | 2,171,873 | 1,442,706 |
Granted | Share | 600,000 | 762,500 |
Exercised | Share | (565,603) | (33,333) |
Canceled/Expired | Share | (3,125) | |
Balance | Share | 2,203,145 | 2,171,873 |
Weighted average exercise price, Balance | $ / shares | $ 2.30 | $ 1.88 |
Weighted average exercise price, Granted | $ / shares | 7.66 | 3.08 |
Weighted average exercise price, Exercised | $ / shares | 1.71 | 1.44 |
Weighted average exercise price, Canceled/Expired | $ / shares | 2.32 | |
Weighted average exercise price, Balance | $ / shares | $ 3.91 | $ 2.30 |
SHARE CAPITAL - Schedule of ran
SHARE CAPITAL - Schedule of range of exercise prices of outstanding share options (Details) | May 31, 2020Share$ / shares | May 31, 2019Share | May 31, 2018Share |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Outstanding | 2,203,145 | 2,171,873 | 1,442,706 |
Exercisable | 1,318,770 | ||
Jul 15, 2021 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 0.84 | ||
Outstanding | 41,666 | ||
Exercisable | 41,666 | ||
Nov 15, 2021 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 1.20 | ||
Outstanding | 4,250 | ||
Exercisable | 4,250 | ||
Nov 30, 2021 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 1.32 | ||
Outstanding | 116,666 | ||
Exercisable | 116,666 | ||
Mar 06, 2022 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 2.32 | ||
Outstanding | 96,875 | ||
Exercisable | 96,875 | ||
Jul 31, 2022 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 2.16 | ||
Outstanding | 445,250 | ||
Exercisable | 445,250 | ||
Mar 01, 2023 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 2.56 | ||
Outstanding | 243,750 | ||
Exercisable | 243,750 | ||
Sep 17, 2023 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 2.92 | ||
Outstanding | 329,688 | ||
Exercisable | 232,813 | ||
Jan 04, 2024 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 3.24 | ||
Outstanding | 325,000 | ||
Exercisable | 137,500 | ||
Jan 15, 2025 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 7.66 | ||
Outstanding | 600,000 | ||
Exercisable | 0 |
SHARE CAPITAL - Schedule of war
SHARE CAPITAL - Schedule of warrants activity (Details) | 12 Months Ended | |
May 31, 2020CAD ($)Share$ / shares | May 31, 2019CAD ($)Share$ / shares | |
Disclosure of classes of share capital [Abstract] | ||
Balance | Share | 1,690,893 | 1,972,321 |
Issued | $ | 2,008,117 | |
Exercised | $ | (959,698) | (2,042,003) |
Expired/cancelled | $ | (247,542) | |
Balance | Share | 731,195 | 1,690,893 |
Weighted average exercise price of warrants outstanding | $ 3.95 | $ 2.56 |
Weighted average exercise price of warrants, Issued | 3.76 | |
Weighted average exercise price of warrants, Exercised | 3.62 | 2.56 |
Weighted average exercise price of warrants, Expired/cancelled | 2.68 | |
Weighted average exercise price of warrants outstanding | $ 4.39 | $ 3.95 |
SHARE CAPITAL - Schedule of r_2
SHARE CAPITAL - Schedule of range of exercise prices of outstanding warrants (Details) | May 31, 2020Share$ / shares | May 31, 2019Share | May 31, 2018Share |
Schedule Of Warrant [Line Items] | |||
Outstanding | 731,195 | 1,690,893 | 1,972,321 |
Nov 08, 2020 | |||
Schedule Of Warrant [Line Items] | |||
Warrants exercise price | $ / shares | $ 3.40 | ||
Outstanding | 93,750 | ||
Dec 21, 2020 | |||
Schedule Of Warrant [Line Items] | |||
Warrants exercise price | $ / shares | $ 4.68 | ||
Outstanding | 251,374 | ||
Dec 21, 2020 | |||
Schedule Of Warrant [Line Items] | |||
Warrants exercise price | $ / shares | $ 3.12 | ||
Outstanding | 10,099 | ||
Jan 04, 2021 | |||
Schedule Of Warrant [Line Items] | |||
Warrants exercise price | $ / shares | $ 4.68 | ||
Outstanding | 344,748 | ||
Jan 04, 2021 | |||
Schedule Of Warrant [Line Items] | |||
Warrants exercise price | $ / shares | $ 3.12 | ||
Outstanding | 10,391 | ||
Aug 30, 2021 | |||
Schedule Of Warrant [Line Items] | |||
Warrants exercise price | $ / shares | $ 1.80 | ||
Outstanding | 20,833 |
SHARE CAPITAL - Schedule of n_2
SHARE CAPITAL - Schedule of number and weighted average exercise prices of Restricted share units (Details) - Share | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Disclosure of classes of share capital [Abstract] | ||
Balance | 0 | 0 |
Granted | 171,805 | 53,500 |
Vested | (90,805) | (53,500) |
Balance | 81,000 | 0 |
SHARE CAPITAL - Schedule of pri
SHARE CAPITAL - Schedule of pricing model with weighted average assumptions for share option granted (Details) - Years | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Disclosure of classes of share capital [Abstract] | ||
Risk free interest rate | 1.54% | 2.05% |
Expected dividend yield | 0.63% | 2.35% |
Expected stock price volatility | 60.00% | 67.00% |
Expected life in years | 5 | 5 |
Forfeiture rate | 0.00% | 0.00% |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES - Schedule of transactions between related parties (Details) - CAD ($) | 12 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Disclosure of transactions between related parties [line items] | ||
Salary or fees | $ 1,148,421 | $ 1,067,296 |
Share-based payments | 1,692,827 | 903,443 |
Total | 2,841,248 | 1,970,739 |
Management | ||
Disclosure of transactions between related parties [line items] | ||
Salary or fees | 977,284 | 907,230 |
Share-based payments | 484,557 | 386,013 |
Total | 1,461,841 | 1,293,243 |
Directors | ||
Disclosure of transactions between related parties [line items] | ||
Salary or fees | 171,137 | 160,066 |
Share-based payments | 1,208,270 | 517,430 |
Total | $ 1,379,407 | $ 677,496 |
FINANCIAL INSTRUMENTS - Schedul
FINANCIAL INSTRUMENTS - Schedule of detailed information about classification of financial instruments (Details) - CAD ($) | May 31, 2020 | May 31, 2019 | May 31, 2018 |
Financial assets | |||
Cash | $ 4,695,653 | $ 4,603,062 | $ 4,817,357 |
Other receivables | 51,099 | 0 | |
Fair value through profit or loss: | |||
Royalty and stream receivables | 0 | 129,960 | |
Marketable securities | 36,000 | 0 | |
Financial assets | 4,782,752 | 4,733,022 | |
Financial liabilities | |||
Accounts payable and accrued liabilities | 1,635,627 | 1,126,982 | |
Loans payable | 4,595,440 | 2,798,975 | $ 8,831,653 |
Financial liabilities | $ 6,231,067 | $ 3,925,957 |
COMMITMENTS - Schedule of infor
COMMITMENTS - Schedule of information related to contractual obligations (Detail) | May 31, 2020CAD ($) |
Commitments [Line Items] | |
Total contractual commitments | $ 10,832,092 |
Less than 1 year | |
Commitments [Line Items] | |
Total contractual commitments | 2,537,160 |
1 to 3 years | |
Commitments [Line Items] | |
Total contractual commitments | 8,294,932 |
4 to 5 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Over 5 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Trade and other payables | |
Commitments [Line Items] | |
Total contractual commitments | 1,514,281 |
Trade and other payables | Less than 1 year | |
Commitments [Line Items] | |
Total contractual commitments | 1,514,281 |
Trade and other payables | 1 to 3 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Trade and other payables | 4 to 5 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Trade and other payables | Over 5 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Loans payable principal and interest payments | |
Commitments [Line Items] | |
Total contractual commitments | 8,979,932 |
Loans payable principal and interest payments | Less than 1 year | |
Commitments [Line Items] | |
Total contractual commitments | 685,000 |
Loans payable principal and interest payments | 1 to 3 years | |
Commitments [Line Items] | |
Total contractual commitments | 8,294,932 |
Loans payable principal and interest payments | 4 to 5 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Loans payable principal and interest payments | Over 5 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Payments related to acquisitions of royalties and streams | |
Commitments [Line Items] | |
Total contractual commitments | 335,045 |
Payments related to acquisitions of royalties and streams | Less than 1 year | |
Commitments [Line Items] | |
Total contractual commitments | 335,045 |
Payments related to acquisitions of royalties and streams | 1 to 3 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Payments related to acquisitions of royalties and streams | 4 to 5 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Payments related to acquisitions of royalties and streams | Over 5 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Other | |
Commitments [Line Items] | |
Total contractual commitments | 2,834 |
Other | Less than 1 year | |
Commitments [Line Items] | |
Total contractual commitments | 2,834 |
Other | 1 to 3 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Other | 4 to 5 years | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Other | Over 5 years | |
Commitments [Line Items] | |
Total contractual commitments | $ 0 |