Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Entity Registrant Name | Metalla Royalty & Streaming Ltd. |
Entity Central Index Key | 0001722606 |
Current Fiscal Year End Date | --12-31 |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Entity Common Stock, Shares Outstanding | 49,467,877 |
Entity Current Reporting Status | Yes |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-39166 |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | 543 Granville Street |
Entity Address, Address Line Two | Suite 501 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6C 1X8 |
City Area Code | 604 |
Local Phone Number | 696-0741 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Document Annual Report | true |
Document Registration Statement | false |
Trading Symbol | MTA |
Title of 12(b) Security | Common shares, no par value |
Security Exchange Name | NYSE |
Auditor Name | KPMG LLP |
Auditor Location | Canada |
Auditor Firm ID | 85 |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Columbia Center |
Entity Address, Address Line Two | 701 Fifth Avenue, Suite 6100 |
Entity Address, City or Town | Seattle |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98104-7043 |
City Area Code | 206 |
Local Phone Number | 903-8800 |
Contact Personnel Name | DL Services Inc. |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 4,555,332 | $ 2,344,246 |
Accounts receivable | 1,505,897 | 1,301,173 |
Current portion of derivative royalty asset | 2,182,406 | 2,144,547 |
Prepaid expenses and other | 1,322,736 | 739,708 |
Total current assets | 9,566,371 | 6,529,674 |
Non-current assets | ||
Royalty, stream, and other interests | 120,727,882 | 102,863,762 |
Derivative royalty asset | 0 | 1,889,460 |
Investment in Silverback | 594,985 | 1,340,458 |
Total non-current assets | 121,322,867 | 106,093,680 |
TOTAL ASSETS | 130,889,238 | 112,623,354 |
Current liabilities | ||
Trade and other payables | 1,286,117 | 1,089,219 |
Current portion of loans payable | 5,249,863 | 0 |
Total current liabilities | 6,535,980 | 1,089,219 |
Non-current liabilities | ||
Loans payable | 5,335,176 | 10,514,644 |
Deferred income tax liabilities | 456,923 | 468,068 |
Total non-current liabilities | 5,792,099 | 10,982,712 |
Total liabilities | 12,328,079 | 12,071,931 |
EQUITY | ||
Share capital | 161,696,107 | 133,905,784 |
Reserves | 13,198,679 | 12,050,932 |
Deficit | (56,333,627) | (45,405,293) |
Total equity | 118,561,159 | 100,551,423 |
TOTAL LIABILITIES AND EQUITY | $ 130,889,238 | $ 112,623,354 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [Abstract] | ||
Revenue from royalty interests | $ 2,413,428 | $ 2,969,757 |
Depletion on royalty interests | (1,807,592) | (2,347,535) |
Gross profit | 605,836 | 622,222 |
General and administrative expenses | (3,885,660) | (4,243,275) |
Share-based payments | (2,880,570) | (5,324,268) |
Royalty interest impairment | (3,660,365) | 0 |
Loss from operations | (9,820,759) | (8,945,321) |
Share of net income (loss) of Silverback | (588,830) | 155,453 |
Mark-to-market gain (loss) on derivative royalty asset | 532,373 | (235,223) |
Interest expense | (1,287,499) | (818,371) |
Finance charges | (137,943) | (181,970) |
Gain on extension of loan payable | 346,251 | 0 |
Fair value adjustment on marketable securities | (17,083) | (9,305) |
Foreign exchange gain (loss) | 34,781 | (442,203) |
Other income (expenses) | 52,229 | (14,528) |
Loss before income taxes | (10,886,480) | (10,491,468) |
Current income tax expense | (52,999) | (46,706) |
Deferred income tax recovery | 11,145 | 111,817 |
Net loss and comprehensive loss | $ (10,928,334) | $ (10,426,357) |
Earnings (loss) per share - basic | $ (0.24) | $ (0.24) |
Earnings (loss) per share - diluted | $ (0.24) | $ (0.24) |
Weighted average number of shares outstanding - basic | 44,798,615 | 42,570,625 |
Weighted average number of shares outstanding - diluted | 44,798,615 | 42,570,625 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (10,928,334) | $ (10,426,357) |
Items not affecting cash: | ||
Share of net loss (income) of Silverback | 588,830 | (155,453) |
Mark-to-market loss (gain) on derivative royalty asset | (532,373) | 235,223 |
Depletion | 1,807,592 | 2,347,535 |
Interest and accretion expense | 1,287,499 | 818,371 |
Finance charges | 137,943 | 181,970 |
Gain on extension of loan payable | (346,251) | 0 |
Royalty interest impairment | 3,660,365 | 0 |
Share-based payments | 2,880,570 | 5,324,268 |
Deferred income tax recovery | (11,145) | (111,817) |
Fair value adjustment on marketable securities | 17,083 | 9,305 |
Unrealized foreign exchange effect | (136,840) | 49,150 |
Total items not affecting cash before changes in non-cash working capital items | (1,575,061) | (1,727,805) |
Payments received from derivative royalty asset | 2,365,391 | 2,640,805 |
Changes in non-cash working capital items: | ||
Accounts receivable | (186,141) | 34,977 |
Prepaid expenses and other | (587,510) | 34,183 |
Trade and other payables | (51,717) | (683,193) |
Net cash provided by (used in) operating activities | (35,038) | 298,967 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisitions of royalty and stream interests | (1,466,208) | (36,506,829) |
Dividends received from Silverback | 156,643 | 483,846 |
Net cash used in investing activities | (1,309,565) | (36,022,983) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from exercise of stock options | 349,769 | 281,712 |
Proceeds from ATM, net of share issue costs | 4,075,520 | 26,660,317 |
Proceeds from convertible loan facility | 0 | 6,383,148 |
Interest paid | (494,197) | (376,428) |
Finance charges paid | (137,943) | (181,970) |
Net cash provided by financing activities | 3,793,149 | 32,766,779 |
Effect of exchange rate changes on cash and cash equivalents | (237,460) | 1,579 |
Changes in cash and cash equivalents during period | 2,211,086 | (2,955,658) |
Cash and cash equivalents, beginning of period | 2,344,246 | 5,299,904 |
Cash and cash equivalents, end of period | $ 4,555,332 | $ 2,344,246 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) | Share capital [Member] | Reserves [Member] | Deficit [Member] | Total |
Balance opening at Dec. 31, 2020 | $ 98,130,183 | $ 11,233,630 | $ (34,978,936) | $ 74,384,877 |
Balance opening (shares) at Dec. 31, 2020 | 39,739,047 | |||
Shares issued in ATM, net of issue costs | $ 26,660,317 | $ 26,660,317 | ||
Shares issued in ATM, net of issue costs (in shares) | 3,148,765 | 3,148,765 | ||
Issuance of committed shares | $ 4,111,181 | (4,111,181) | ||
Issuance of committed shares (shares) | 401,875 | 401,875 | ||
Conversion on loan payable | $ 4,141,329 | (697,663) | $ 3,443,666 | |
Conversion on loan payable (shares) | 505,050 | |||
Allocation of conversion feature net of taxes | 882,940 | 882,940 | ||
Exercise of stock options | $ 497,798 | (216,086) | 281,712 | |
Exercise of stock options (shares) | 200,832 | |||
Shares issued on vesting of restricted share units | $ 364,976 | (364,976) | ||
Shares issued on vesting of restricted share unit (shares) | 40,000 | |||
Share-based payments - stock options | 2,952,843 | 2,952,843 | ||
Share-based payments - restricted share units | 2,371,425 | 2,371,425 | ||
Loss for the period | (10,426,357) | (10,426,357) | ||
Balance ending at Dec. 31, 2021 | $ 133,905,784 | 12,050,932 | (45,405,293) | $ 100,551,423 |
Balance ending (shares) at Dec. 31, 2021 | 44,035,569 | 44,035,569 | ||
Shares issued in ATM, net of issue costs | $ 4,075,520 | $ 4,075,520 | ||
Shares issued in ATM, net of issue costs (in shares) | 752,296 | 752,296 | ||
Acquisition of royalty and other interests | $ 21,632,211 | $ 21,632,211 | ||
Acquisition of royalty and other interests (shares) | 4,168,056 | 4,168,056 | ||
Exercise of stock options | $ 856,594 | (506,825) | $ 349,769 | |
Exercise of stock options (shares) | 380,456 | |||
Shares issued on vesting of restricted share units | $ 1,225,998 | (1,225,998) | ||
Shares issued on vesting of restricted share unit (shares) | 131,500 | |||
Share-based payments - stock options | 1,524,260 | 1,524,260 | ||
Share-based payments - restricted share units | 1,356,310 | 1,356,310 | ||
Loss for the period | (10,928,334) | (10,928,334) | ||
Balance ending at Dec. 31, 2022 | $ 161,696,107 | $ 13,198,679 | $ (56,333,627) | $ 118,561,159 |
Balance ending (shares) at Dec. 31, 2022 | 49,467,877 | 49,467,877 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Nature Of Operations [Abstract] | |
NATURE OF OPERATIONS [Text Block] | 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 $56,333,627 as at December 31, 2022, 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Statement of Compliance The consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards (" IFRS IASB IFRIC (b) 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 United States dollars except as otherwise indicated. (c) Foreign Currency Translation The functional currency of the Company and its subsidiaries is the principal currency of the economic environment in which they operate. For the Company and its subsidiaries, the functional currency is the U.S. dollar. The presentation currency for the Company is the U.S. dollar. 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. (d) Principles of Consolidation These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, including its principal subsidiaries Royalty & Streaming Mexico S.A. de C.V. (Mexico), Metalla America Ltd. (USA), MTA Royalty & Streaming Pty Ltd. (Australia), ValGold Resources Ltd. (Canada), Metalla S.A. (Argentina), Geological Services Inc. (USA), Idaho Resources Corporation (USA), Genesis Gold Corporation (USA), and Metalla SEZC (Cayman Islands). All intercompany balances and transactions have been eliminated on consolidation. 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. (e) 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. Borrowing costs attributed to the acquisition of qualifying assets are capitalized to royalty, stream, and other interests, and are included in the carrying amounts of related assets until the asset is available for use in the manner intended by management. 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 IAS 16 (f) 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. (g) 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. (h) 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 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 losses are allocated to reduce the carrying amounts of the assets of the CGU on a pro-rata basis. The future cash flows 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. (i) 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. (j) 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. The Company has 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 Derivative royalty assets are designated as FVTPL. Fair values are determine using a valuation model and inputs that are not based on observable market data. 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 (k) 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. (l) 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. (m) 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. (n) 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. (o) 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. (p) 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. (q) 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 application of accounting policies and 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. Actual results may differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. 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: 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 that 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. 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. Derivative royalty The Company holds a derivative royalty asset which is carried at fair value at each period end. In order to calculate the fair value at period end the Company uses a valuation model and is required to make estimates and assumptions on the timing of delivery of gold ounces, future gold price, as well as future currency exchange rates. Changes to these assumptions may impact the fair value of the asset at period end, as well as the classification of the amount that is disclosed as current versus non-current. Income taxes The interpretation of existing tax laws or regulations in Canada, Australia, Argentina, Mexico, 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. Functional currency The functional currency for each of the Company's subsidiaries and associates is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
ACCOUNTS RECEIVABLE [Text Block] | 3. ACCOUNTS RECEIVABLE As at December 31, December 31, 2022 2021 Royalty, derivative royalty, and stream receivables $ 1,190,092 $ 1,175,602 GST and other recoverable taxes 302,316 125,571 Other receivables 13,489 - Total accounts receivable $ 1,505,897 $ 1,301,173 As at December 31, 2022, and December 31, 2021, the Company did not have any royalty, derivative royalty and stream receivables that were past due. The Company's allowance for doubtful accounts as at December 31, 2022, and December 31, 2021, was $ Nil |
ROYALTY, STREAM, AND OTHER INTE
ROYALTY, STREAM, AND OTHER INTERESTS | 12 Months Ended |
Dec. 31, 2022 | |
Royalty Interests And Deferred Acquisition Costs [Abstract] | |
ROYALTY, STREAM, AND OTHER INTERESTS [Text Block] | 4. ROYALTY, STREAM, AND OTHER INTERESTS Producing Development Exploration assets assets assets Total As at December 31, 2020 $ 13,251,612 $ 45,218,412 $ 5,262,433 $ 63,732,457 Amalgamated Kirkland acquisition - 562,656 - 562,656 Tocantinzinho acquisition - 9,023,354 - 9,023,354 CentroGold acquisition - 7,039,552 - 7,039,552 Del Carmen acquisition - 1,301,982 - 1,301,982 Côté-Gosselin acquisition - 6,185,363 - 6,185,363 La Fortuna acquisition - 2,268,776 - 2,268,776 Castle Mountain acquisition - 15,125,253 - 15,125,253 Depletion (1) (2,302,919 ) (30,000 ) (14,616 ) (2,347,535 ) Other - (64,654 ) 36,558 (28,096 ) As at December 31, 2021 $ 10,948,693 $ 86,630,694 $ 5,284,375 $ 102,863,762 First Majestic portfolio acquisition 3,393,656 11,147,515 7,420,937 21,962,108 Lac Pelletier acquisition - 252,989 - 252,989 Beaufor amendment - 1,000,000 - 1,000,000 Endeavor Silver Stream reclassification (2) (1,748,097 ) 1,748,097 - - El Realito reclassification (3) 2,297,065 (2,297,065 ) - - Joaquin and COSE impairments (3,660,365 ) - - (3,660,365 ) Depletion (1) (1,764,226 ) (30,000 ) (13,366 ) (1,807,592 ) Other - - 116,980 116,980 As at December 31, 2022 $ 9,466,726 $ 98,452,230 $ 12,808,926 $ 120,727,882 Historical cost $ 11,595,733 $ 110,350,467 $ 12,847,005 $ 134,793,205 Accumulated depletion $ (2,129,007 ) $ (11,898,237 ) $ (38,079 ) $ (14,065,323 ) (1) Fixed royalty payments were received in relation to certain exploration and development assets. The depletion related to these payments was recorded based on the total fixed royalty payments expected to be received under each contract. (2) The Endeavor mine was previously classified as production, however it was placed on care and maintenance in December 2019 and has not since restarted, as such the Company has reclassified it to development stage properties. (3) The Company received its first royalty payments on El Realito and has reclassified it from a development asset to a producing asset. (a) During the year ended December 31, 2022, the Company had the following transactions: Beaufor Amendment In February 2022, the Company amended an existing 1.0% Net Smelter Return (“ NSR Monarch Beaufor Lac Pelletier Acquisition In October 2022, the Company acquired a 1.0% NSR royalty on the Lac Pelletier project owned by Maritime Resources Corp. from an arm's length seller for total consideration of C$0.3 million in cash. The Lac Pelletier project is located in Rouyn Noranda, Quebec and is within ten kilometers of the Yamana Gold Inc. (" Yamana First Majestic Portfolio Acquisition In December 2022, the Company acquired a portfolio of eight royalties from First Majestic Silver Corp. (" First Majestic a 100% Gross Value Return (“ GVR a 2.0% NSR royalty on the past producing Del Toro mine located in Zacatecas, Mexico owned by First Majestic; a 2.0% NSR royalty on the La Guitarra mine located in Temascaltepec, Mexico owned by Sierra Madre Gold and Silver Ltd.; a 2.0% NSR royalty on the Plomosas project located in Sinaloa, Mexico owned by GR Silver Mining Ltd.; a 2.0% NSR royalty on the past-producing San Martin mine located in Jalisco, Mexico owned by First Majestic; a 2.0% NSR royalty on the past producing La Parrilla mine located in Durango, Mexico owned by First Majestic and subject to a binding purchase agreement with Golden Tag Resources Ltd.; a 2.0% NSR royalty on the La Joya project located in Durango, Mexico owned by Silver Dollar Resources; and a 2.0% NSR royalty on the La Luz project located in San Luis Potosi, Mexico owned by First Majestic. (b) During the year ended December 31, 2021, the Company had the following acquisitions: Amalgamated Kirkland Acquisition In February 2021, the Company closed an agreement to acquire an existing 0.45% NSR royalty on Agnico Eagle Mines Ltd.'s Amalgamated Kirkland property (" AK Property North AK Property Del Carmen Acquisition In February 2021, the Company closed an agreement to acquire an existing 0.5% NSR royalty on Barrick Gold Corp.'s Del Carmen project (" Del Carmen Tocantinzinho Acquisition In March 2021, the Company closed an agreement to acquire an existing 0.75% GVR royalty on Eldorado Gold Corp.'s Tocantinzinho project (" Tocantinzinho CentroGold Acquisition In March 2021, the Company closed an agreement to acquire an existing 1.0% to 2.0% NSR royalty on OZ Minerals' CentroGold project (" CentroGold Jaguar The royalty is a 1.0% NSR on the first 500Koz of gold production, increasing to a 2.0% NSR on the next 1.0Moz of gold production, and then reverts to a 1.0% NSR royalty on gold production thereafter in perpetuity. The $11.0 million in milestone payments are triggered as follows: the Company will issue to Jaguar common shares with a value of $7.0 million, priced at a 15-day Volume Weighted Average Price (" VWAP the Company will pay Jaguar $4.0 million in cash upon the achievement of commercial production. As at December 31, 2022, none of the milestone payment triggers had been met, as such no amounts were accrued or payable to Jaguar for any related milestone payments. La Fortuna Acquisition In April 2021, the Company acquired an existing 2.5% NSR royalty on Minera Alamos Ltd.'s La Fortuna project (" La Fortuna Côté-Gosselin Acquisition In June 2021, the Company acquired an existing 1.35% NSR royalty on a portion of the Côté Gold Project and all of the Gosselin Zone (located ~1.5km to the northeast of the Côté deposit) (together referred to as " Côté-Gosselin Castle Mountain Acquisition In October 2021, the Company acquired an existing 5.0% NSR royalty on the South Domes portion of the Castle Mountain Gold Mine owned by Equinox Gold Corp. (" Castle Mountain Castle Mountain Loan (c) Impairment The Company owns a royalty on the Joaquin project and on the COSE project, both of which are currently owned and operated by Pan American Silver (“Pan American”). The ore from both Joaquin and COSE was trucked to the Manantial Espejo mine where the mill had excess capacity. On February 22, 2023, Pan American released its annual statements and as per those statements it disclosed that mining and processing activities at Manantial Espejo concluded in January 2023 and the assets were placed on care and maintenance at the end of 2022. The Company considered this announcement as an indicator of impairment on both Joaquin and COSE and as at December 31, 2022, fully impaired both royalties to $Nil, and for the twelve months ended December 31, 2022, recorded an impairment charge of $3,660,365 related to Joaquin and COSE, concurrently the Company has reclassified the royalties as development stage until operations at each project are restarted. The Company believes there is significant value that remains at these projects based on historical NI 43-101 compliant Resources that were excluded from the Pan American mine plan. If the projects are restarted, or are sold to an entity with a plan to restart mining and processing activities, the Company will do a further analysis to see if any part of the impairment can be reversed in the future. |
DERIVATIVE ROYALTY ASSET
DERIVATIVE ROYALTY ASSET | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Royalty Asset [Abstract] | |
DERIVATIVE ROYALTY ASSET [Text Block] | 5. DERIVATIVE ROYALTY ASSET In October 2020, the Company closed an agreement to acquire an existing 27.5% price participation royalty (" PPR Higginsville The royalty is a 27.5% PPR royalty on the difference between the average London PM fix gold price for the quarter and A$1,340/oz on the first 2,500 ounces per quarter for a cumulative total of 34,000 ounces of gold. As the amount received by the Company will vary depending on changes in the London PM fix gold price and the changes in the exchange rate between the A$ and the US$, the Company has recognized the Higginsville PPR as a derivative asset carried at fair value through profit and loss. As per IFRS 9, the Higginsville PPR was recognized as a derivative asset upon inception at $7.2 million, any cash received from the Higginsville PPR will be used to reduce the derivative asset, and at each period-end the Company will estimate the fair value of the Higginsville PPR using a valuation model with any changes between the estimated fair value and the carrying value flowing through profit or loss in the period. At December 31, 2022, the key inputs used in the Company's valuation model for the Higginsville PPR derivative asset were: 9,918 ounces of gold remaining to be delivered (2021 - 19,890); Gold price estimate of $1,748/oz (2021 - prices ranging from $1,738/oz to $1,797/oz); and U.S. dollar to Australian dollar exchange rate of A$1.49 per $1.00 (2021 - rates ranging from A$1.35 to A$1.37 per $1.00). Based on the valuation model the Company estimated the fair value at December 31, 2022, was $2,182,406 (2021 - $4,034,007). The Company recorded a mark-to-market gain on the Higginsville derivative asset of $532,373 for the year ended December 31, 2022 (2021 - $235,223 loss). The changes in the derivative royalty asset for the year ended December 31, 2022, were as follows: Derivative royalty asset As at December 31, 2020 $ 6,432,610 Payments received or due under derivative royalty asset (2,163,380 ) Mark-to-market loss on derivative royalty asset (235,223 ) As at December 31, 2021 $ 4,034,007 Payments received or due under derivative royalty asset (2,383,974 ) Mark-to-market gain on derivative royalty asset 532,373 As at December 31, 2022 $ 2,182,406 Current portion $ 2,182,406 Long-term portion $ - |
INVESTMENT IN SILVERBACK
INVESTMENT IN SILVERBACK | 12 Months Ended |
Dec. 31, 2022 | |
Investment property [Abstract] | |
INVESTMENT IN SILVERBACK [Text Block] | 6. INVESTMENT IN SILVERBACK Year ended December 31, 2022 2021 Opening balance $ 1,340,458 $ 1,668,851 Income (loss) in Silverback for the period (588,830 ) 155,453 Distribution (156,643 ) (483,846 ) Ending balance $ 594,985 $ 1,340,458 The Company, through its wholly-owned subsidiary, holds a 15% interest in Silverback Ltd. (" Silverback NLGM The acquisition of Silverback resulted in a fair value adjustment of $1.2 million, representing Metalla’s proportionate share of the fair value of the underling silver stream asset held by Silverback at the time of acquisition. During the fourth quarter of 2022, the Company determined that the $1.2 million had not been appropriately depleted on a units of production basis based on payable ounces produced in each period subsequent to acquisition. Since Silverback is accounted for using the equity method, the depletion of the fair value adjustment in each period would have decreased the share of net income of Silverback recorded on the Company’s consolidated statement of income, with a corresponding decrease in the investment in Silverback on the Company’s consolidated statement of financial position. There would have been no impact on the Company’s consolidated cash flows. Management evaluated the materiality of the error, both quantitatively and qualitatively, and concluded that the changes were not material to the consolidated financial statements taken as a whole for any prior period. To correct for this immaterial prior period error the Company recorded a catch-up depletion charge of $0.6 million during the year ended December 31, 2022, and reduced the carrying value of the investment in Silverback by a corresponding amount. No further changes were required to correct the immaterial error and the remaining undepleted portion of the fair value increase will be depleted over the remaining life of the contract on a units of production basis. Summarized financial information for Silverback for the year ended December 31, 2022, was as follows: Year ended December 31, 2022 2021 Current assets $ 221,654 $ 239,682 Non-current assets - 260,962 Total assets 221,654 500,644 Total liabilities (60,148 ) (57,500 ) Revenue from stream interest 1,214,220 1,163,324 Depletion (195,008 ) (197,856 ) Net income and comprehensive income for the period $ 946,090 $ 905,468 Included in the Company’s investment in Silverback at December 31, 2022, is $492,370 of unamortized fair value adjustment of the underling silver stream asset (2021 - $624,481). |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2022 | |
Schedule Of Detailed Information About Trade And Others Payable [Abstract] | |
TRADE AND OTHER PAYABLES [Text Block] | 7. TRADE AND OTHER PAYABLES As at December 31, December 31, 2022 2021 Trade payables and accrued liabilities $ 1,222,656 $ 1,031,688 Taxes payable 63,461 57,531 Total trade and other payables $ 1,286,117 $ 1,089,219 |
LOANS PAYABLE
LOANS PAYABLE | 12 Months Ended |
Dec. 31, 2022 | |
Loan Payable [Abstract] | |
LOANS PAYABLE [Text Block] | 8. LOANS PAYABLE Convertible Other loan facility loans Total As at December 31, 2020 $ 3,062,706 $ - $ 3,062,706 Additions 6,383,148 5,000,000 11,383,148 Allocation of conversion feature (1,209,507 ) - (1,209,507 ) Conversion (3,185,626 ) - (3,185,626 ) Interest expense 768,508 49,863 818,371 Interest payments (376,428 ) - (376,428 ) Foreign exchange adjustments 21,980 - 21,980 As at December 31, 2021 $ 5,464,781 $ 5,049,863 $ 10,514,644 Interest expense 1,087,499 200,000 1,287,499 Interest payments (494,197 ) - (494,197 ) Foreign exchange adjustments (376,656 ) - (376,656 ) Gain on extension of loan payable (346,251 ) - (346,251 ) As at December 31, 2022 $ 5,335,176 $ 5,249,863 $ 10,585,039 Convertible Loan Facility In March 2019, the Company entered into a convertible loan facility (the " Loan Facility Beedie First Drawdown On August 6, 2020, the Company completed an amendment with Beedie on its Loan Facility (the " Loan Amendment i. ii. Second Drawdown iii. iv. v. In October 2020, Beedie converted the remaining C$1.0 million of the First Drawdown at a conversion price of C$5.56 per share for a total of 179,856 common shares of the Company and in March 2021, Beedie converted the entire C$5.0 million from the Second Drawdown at a conversion price of C$9.90 per share for a total of 505,050 common shares of the Company. Following the conversion of the First Drawdown and the Second Drawdown, under the Loan Facility and the Loan Amendment (together the " Amended Loan Facility In March 2021, the Company drew down $4.0 million (C$5.0 million) (the " Third Drawdown In October 2021, the Company drew down $2.4 million (C$3.0 million) (the " Fourth Drawdown In August 2022, the Company and Beedie entered into an agreement to extend the maturity date of the Amended Loan Facility from April 22, 2023, to January 22, 2024 (the " Loan Extension As at December 31, 2022, the Company had C$5.0 million outstanding with a conversion price of C$14.30 per share from the Third Drawdown, C$3.0 million outstanding with a conversion price of C$11.16 per share from the Fourth Drawdown, C$0.2 million outstanding with a conversion price of C$7.34 per share from the Loan Extension, and had C$12.0 million available under the Amended Loan Facility with the conversion price to be determined on the date of any future advances. For the year ended December 31, 2022, the Company recognized finance charges of $137,943 (2021 - $181,970), related to costs associated with the Amended Loan Facility, including standby fees on the undrawn portion of the Amended Loan Facility, as well as set up and other associated costs. Subsequent to period end the Company signed a binding term sheet to amend the Amended Loan Facility, see Note 17 for additional details. Other Loans In connection with the Castle Mountain acquisition in October 2021 (Note 4), the Company entered into a $5.0 million loan agreement with the arm's length seller bearing interest at a rate of 4.0% per annum until fully repaid. As per the terms of the agreement the principal amount and any accrued interest will be repaid no later than twenty months from the closing date of the acquisition. The loan is fully payable on June 1, 2023, as such it has been disclosed as a current liability on the Company's statement of financial position. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
REVENUE [Text Block] | 9. REVENUE Year ended December 31, 2022 2021 Royalty revenue Wharf $ 1,049,784 $ 1,449,735 El Realito 403,823 - COSE 228,133 748,680 Joaquin 483,045 440,785 Total royalty revenue 2,164,785 2,639,200 Other fixed royalty payments 248,643 330,557 Total revenue $ 2,413,428 $ 2,969,757 The Company operates in one industry and has one reportable segment, which is reviewed by the chief operating decision maker. |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
General And Administrative Expense [Abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES [Text Block] | 10. GENERAL AND ADMINISTRATIVE EXPENSES Year ended December 31, 2022 2021 Compensation and benefits $ 2,007,346 $ 1,918,482 Corporate administration 1,097,024 1,123,782 Professional fees 585,895 877,760 Listing and filing fees 195,395 323,251 Total general and administrative expenses $ 3,885,660 $ 4,243,275 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES [abstract] | |
INCOME TAXES [Text Block] | 11. 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: Year ended December 31, 2022 2021 Loss before income taxes $ (10,886,480 ) $ (10,491,468 ) Canadian federal and provincial income tax rates 27.00 % 27.00 % Expected income tax recovery at statutory income tax rate (2,939,350 ) (2,832,696 ) Difference between Canadian and foreign tax rate 244,401 (100,183 ) Permanent differences 122,587 1,462,400 Changes in unrecognized deferred tax assets 2,769,206 1,210,869 Other adjustments (154,990 ) 194,499 Total income tax expense (recovery) $ 41,854 $ (65,111 ) Current income tax expense $ 52,999 $ 46,706 Deferred income tax recovery $ (11,145 ) $ (111,817 ) The composition of the Company's net deferred income tax asset (liability) that has been recognized is as follows: As at December 31, December 31, 2022 2021 Deferred tax assets: Mineral expenditures and capital assets $ 1,043,664 $ 1,046,832 Share issue costs 403,497 425,231 Non-capital losses and others 5,615,513 4,800,253 7,062,674 6,272,316 Unrecognized deferred tax assets (6,687,911 ) (5,948,679 ) Deferred tax liabilities (831,686 ) (791,705 ) Net deferred income tax liabilities $ (456,923 ) $ (468,068 ) The Company's significant temporary differences, unused tax credits, and unused tax losses that have not been recognized as deferred income tax assets as at December 31, 2022, are as follows: Mineral expenditures Non- capital and other Share issue losses and capital assets costs others Total Expiry 2026 to 2040 $ - $ 1,494,433 $ 23,380,566 $ 24,874,999 No expiry date 7,369,803 - 5,561,369 12,931,442 Tax attributes are subject to review, and potential adjustments, by tax authorities. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
SHARE CAPITAL [Text Block] | 12. SHARE CAPITAL Authorized share capital consists of an unlimited number of common shares without par value. (a) Issued Share Capital As at December 31, 2022, the Company had 49,467,877 common shares issued and outstanding (2021 - 44,035,569). During the year ended December 31, 2022, the Company: Issued 752,296 common shares in at-the-market offerings at an average price of $6.07 per share for gross proceeds of $4.6 million, with aggregate commissions paid or payable to the agents of $0.1 million and other share issue costs of $0.4 million, resulting in aggregate net proceeds of $4.1 million; issued 4,168,056 common shares for the acquisition of royalty and other interests (Note 4); and issued 511,956 common shares related to the vesting of RSUs and the exercise of stock options. During the year ended December 31, 2021, the Company: Issued 3,148,765 common shares in the at-the-market offerings at an average price of $8.95 per share for gross proceeds of $28.2 million, with aggregate commissions paid or payable to the agents and other share issue costs of $1.5 million, resulting in aggregate net proceeds of $26.7 million; issued 401,875 common shares related to previously committed shares for the acquisition of royalty and other interests; issued 505,050 common shares related to the conversion of the Second Drawdown from the Amended Loan Facility; and issued 240,832 common shares related to the vesting of RSUs, and the exercise of stock options. (b) Stock Options The Company has adopted a stock option plan approved by the Company's shareholders. The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time, less the amount reserved for RSUs. The plan allows for a cash-less broker exercise, or a net exercise on some of the Company's stock options upon vesting, both of which are subject to approval from the Company's Board of Directors. The vesting terms, if any, are determined by the Company's Board of Directors at the time of the grant. The continuity of stock options for the year ended December 31, 2022, was as follows: Weighted average exercise price Number (C$) outstanding As at December 31, 2020 $ 5.44 2,534,270 Granted 11.73 500,000 Exercised 1.76 (200,832 ) As at December 31, 2021 $ 6.81 2,833,438 Granted 5.98 605,000 Exercised (1) 2.20 (479,536 ) Forfeited 9.94 (140,000 ) As at December 31, 2022 $ 7.26 2,818,902 (1) 282,250 stock options were exercised on a net exercise basis with a total of 183,170 common shares issued for the exercise. During the year ended December 31, 2022, the Company granted 605,000 stock options (2021 - 500,000) with a weighted-average exercise price of C$5.98 (2021 - C$11.73) and a fair value of $1,215,454 or $2.01 per option (2021 - $2,342,178 or $4.68 per option). The fair value of the stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows: Year ended December 31, 2022 2021 Risk free interest rate 3.22% 0.96% Expected dividend yield 0% 0% Expected stock price volatility 59% 58% Expected life in years 3.25 5.00 Forfeiture rate 0% 0% For the year ended December 31, 2022, in accordance with the vesting terms of the stock options granted, the Company recorded a charge to share-based payments expense of $1,524,260 (2021 - $2,952,843), with an offsetting credit to reserves. As at December 31, 2022, the weighted average remaining life of the stock options outstanding was 2.50 years (2021 - 2.55 years). The Company's outstanding and exercisable stock options as at December 31, 2022, and their expiry dates are as follows: Exercise price Number Number Expiry date (C$) outstanding exercisable March 1, 2023 $2.56 231,500 231,500 September 17, 2023 $2.92 320,313 320,313 January 4, 2024 $3.24 293,339 293,339 January 15, 2025 $7.66 518,750 518,750 November 6, 2025 $12.85 390,000 390,000 April 27, 2026 $11.73 460,000 230,000 August 16, 2027 $5.98 605,000 - 2,818,902 1,983,902 (c) 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 10% of the issued common shares of the Company at any time, less the amount reserved for stock options. The vesting terms are determined by the Company's Board of Directors at the time of issuance, the standard vesting terms have one-half vest in one year and one-half vest in two years. The continuity of RSUs for the year ended December 31, 2022, was as follows: Number outstanding As at December 31, 2020 211,000 Granted 267,000 Settled (40,000 ) As at December 31, 2021 438,000 Granted 437,554 Settled (131,500 ) Forfeited (22,500 ) As at December 31, 2022 721,554 For the year ended December 31, 2022, in accordance with the vesting terms of the RSUs granted, the Company recorded a charge to share-based payments expense of $1,356,310 (2021 - $2,371,425), with an offsetting credit to reserves. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES [Text Block] | 13. RELATED PARTY TRANSACTIONS AND BALANCES The aggregate value of transactions and outstanding balances relating to key management personnel were as follows: Year ended December 31, 2022 2021 Salaries and fees $ 1,303,879 $ 1,331,996 Share-based payments 2,096,610 3,945,428 $ 3,400,489 $ 5,277,424 As at December 31, 2022, the Company had $304,370 (2021 - $414,571) due to directors and management related to remuneration and expense reimbursements, which have been included in accounts payable and accrued liabilities. As at December 31, 2022, the Company had $ Nil Nil |
SUPPLEMENTAL DISCLOSURE WITH RE
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Disclosure Of Cash Flow [Abstract] | |
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS [Text Block] | 14. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS Significant Non-Cash Investing and Financing Activities During the year ended December 31, 2022, the Company: a) issued 4,168,056 common shares, valued at $21,632,211, for the acquisition of the First Majestic royalty portfolio (Note 4); b) reallocated $1,225,998 from reserves for 131,500 RSUs that settled; and c) reallocated $506,825 from reserves for 479,536 stock options exercised. During the year ended December 31, 2021, the Company: a) issued 505,050 common shares, valued at $4,141,329, for the conversion of the Second Drawdown (Note 8); b) issued 401,875 common shares, valued at $4,111,181 related to previously committed shares for the acquisition of Genesis and GSI; c) reallocated $364,976 from reserves for 40,000 RSUs that settled; and d) reallocated $216,086 from reserves for 200,832 stock options exercised. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [Abstract] | |
FINANCIAL INSTRUMENTS [Text Block] | 15. FINANCIAL INSTRUMENTS The Company classified its financial instruments as follows: As at December 31, December 31, 2022 2021 Financial assets Amortized cost: Cash $ 4,555,332 $ 2,344,246 Royalty, derivative royalty, and stream receivables 1,190,092 1,175,602 Other receivables 315,805 125,571 Fair value through profit or loss: Derivative royalty asset 2,182,406 4,034,007 Marketable securities 29,545 34,027 Total financial assets $ 8,273,180 $ 7,713,453 Financial liabilities Amortized cost: Trade and other payables $ 1,286,117 $ 1,089,219 Loans payable 10,585,039 10,514,644 Total financial liabilities $ 11,871,156 $ 11,603,863 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) Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; b) Level 2 - Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and c) Level 3 - Inputs for assets and liabilities that are not based on observable market data. 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. 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, derivative royalty, and stream receivables that reflect amounts that are receivable to the Company without further adjustments are classified as amortized cost. The derivative royalty asset was valued using certain inputs that are not based on observable market data, inputs used include a gold forward price curve, US$/A$ foreign exchange rates based on forward curves, and an estimated discount rate (Note 5). Therefore, the derivative royalty asset is classified within Level 3 of the fair value hierarchy. Due to the change in comparable market interest rates the Company has estimated that the fair value of the Company’s loans payable as at December 31, 2022, was $5.2 million for the Amended Loan Facility, and $5.1 million for the Castle Mountain Loan. 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 December 31, 2022, 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. 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, Mexico, and the United States and incurs expenditures in currencies other than United States 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 December 31, 2022, and assuming that all other variables remain constant, a 1% depreciation or appreciation of the United States dollar against the Canadian dollar, Australian dollar, Argentinian peso, and Mexican peso would result in an increase/decrease in the Company's pre-tax income or loss of approximately $77,473. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Commitment [Abstract] | |
COMMITMENTS [Text Block] | 16. COMMITMENTS As at December 31, 2022, the Company had the following contractual obligations: Less than 1 to Over 1 year 3 years 3 years Total Trade and other payables $ 1,286,117 $ - $ - $ 1,286,117 Loans payable principal and interest payments 614,433 6,057,397 - 6,671,830 Payments related to acquisition of royalties and streams 5,333,151 - - 5,333,151 Total commitments $ 7,233,701 $ 6,057,397 $ - $ 13,291,098 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 December 31, 2022. |
EVENTS AFTER REPORTING DATE
EVENTS AFTER REPORTING DATE | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [Abstract] | |
EVENTS AFTER THE REPORTING DATE [Text Block] | 17. EVENTS AFTER REPORTING DATE Subsequent to December 31, 2022, the Company had the following transactions: a) Lama Acquisition - on March 9, 2023, the Company closed a transaction with an arm's length seller to acquire an existing 2.5%-3.75% sliding scale Gross Proceeds royalty over gold, and a 0.25%-3.0% NSR royalty on all metals (other than gold and silver) on the majority of Barrick Gold Corporation's Lama project located in Argentina, for aggregate consideration of $7.5 million. Upon closing the Company paid $2.5 million in cash and issued 466,827 common shares of Metalla to the arm's length seller, valued at $5.3553 per share, representing the 15-day volume-weighted average price (" VWAP b) Alamos Acquisition - on February 23, 2023, the Company closed a transaction with Alamos Gold Corp. (" Alamos c) Loan Facility Extension – on March 30, 2023, the Company signed a binding term sheet with Beedie to amend its Amended Loan Facility by: (i) extending the maturity date to 48 months from the close of the amendment; (ii) increasing the Amended Loan Facility by C$5.0 million from C$20.0 million to C$25.0 million; increasing the interest rate from 8.0% to 10.0% per annum; amending the conversion price of the Fourth Drawdown from C$11.16 per share to a 30% premium to the 30-day VWAP of the Company shares measured at market close on the day prior to amendment; amending the conversion price of C$4.0 million of the Third Drawdown from C$14.30 per share to the 5-day VWAP of the Company shares measured at market close on the day prior to amendment, and converting the C$4.0 million into shares at the new conversion price; and amending the conversion price of the remaining C$1.0 million of the Third Drawdown to the 30-day VWAP of the Company shares measured at market close on the day prior to amendment. All other terms of the Amended Loan Facility remain unchanged, and the amendment is subject to regulatory approvals; and. d) Castle Mountain Loan Extension – On March 30, 2023, the Company signed an amendment with the arm’s length seller of the Castle Mountain royalty to extend the maturity date of the $5.0 million Castle Mountain Loan from June 1, 2023, to April 1, 2024. As part of the amendment, on March 31, 2023, the Company will pay any accrued interest on the loan, effective April 1, 2023, the interest rate will increase to 12.0% per annum, and the principal and accrued interest will be repaid no later than April 1, 2024. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Statement of Compliance [Policy Text Block] | (a) Statement of Compliance The consolidated financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards (" IFRS IASB IFRIC |
Basis of preparation and measurement [Policy Text Block] | (b) 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 United States dollars except as otherwise indicated. |
Foreign currency translation [Policy Text Block] | (c) Foreign Currency Translation The functional currency of the Company and its subsidiaries is the principal currency of the economic environment in which they operate. For the Company and its subsidiaries, the functional currency is the U.S. dollar. The presentation currency for the Company is the U.S. dollar. 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. |
Principles of consolidation [Policy Text Block] | (d) Principles of Consolidation These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, including its principal subsidiaries Royalty & Streaming Mexico S.A. de C.V. (Mexico), Metalla America Ltd. (USA), MTA Royalty & Streaming Pty Ltd. (Australia), ValGold Resources Ltd. (Canada), Metalla S.A. (Argentina), Geological Services Inc. (USA), Idaho Resources Corporation (USA), Genesis Gold Corporation (USA), and Metalla SEZC (Cayman Islands). All intercompany balances and transactions have been eliminated on consolidation. 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. |
Royalty, stream, and other interests [Policy Text Block] | (e) 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. Borrowing costs attributed to the acquisition of qualifying assets are capitalized to royalty, stream, and other interests, and are included in the carrying amounts of related assets until the asset is available for use in the manner intended by management. 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 IAS 16 |
Joint Operations [Policy Text Block] | (f) 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 [Policy Text Block] | (g) 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 royal, stream, and other interests [Policy Text Block] | (h) 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 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 losses are allocated to reduce the carrying amounts of the assets of the CGU on a pro-rata basis. The future cash flows 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 [Policy Text Block] | (i) 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 [Policy Text Block] | (j) 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. The Company has 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 Derivative royalty assets are designated as FVTPL. Fair values are determine using a valuation model and inputs that are not based on observable market data. 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 [Policy Text Block] | (k) 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 [Policy Text Block] | (l) 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 [Policy Text Block] | (m) 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 [Policy Text Block] | (n) 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 [Policy Text Block] | (o) 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 [Policy Text Block] | (p) 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 [Policy Text Block] | (q) 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 application of accounting policies and 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. Actual results may differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. 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: 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 that 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. 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. Derivative royalty The Company holds a derivative royalty asset which is carried at fair value at each period end. In order to calculate the fair value at period end the Company uses a valuation model and is required to make estimates and assumptions on the timing of delivery of gold ounces, future gold price, as well as future currency exchange rates. Changes to these assumptions may impact the fair value of the asset at period end, as well as the classification of the amount that is disclosed as current versus non-current. Income taxes The interpretation of existing tax laws or regulations in Canada, Australia, Argentina, Mexico, 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. Functional currency The functional currency for each of the Company's subsidiaries and associates is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determine the primary economic environment. |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Disclosure of detailed information about accounts receivables [Table Text Block] | As at December 31, December 31, 2022 2021 Royalty, derivative royalty, and stream receivables $ 1,190,092 $ 1,175,602 GST and other recoverable taxes 302,316 125,571 Other receivables 13,489 - Total accounts receivable $ 1,505,897 $ 1,301,173 |
ROYALTY, STREAM, AND OTHER IN_2
ROYALTY, STREAM, AND OTHER INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | |
Disclosure of detailed information about royalty interests and deferred acquisition costs [Table Text Block] | Producing Development Exploration assets assets assets Total As at December 31, 2020 $ 13,251,612 $ 45,218,412 $ 5,262,433 $ 63,732,457 Amalgamated Kirkland acquisition - 562,656 - 562,656 Tocantinzinho acquisition - 9,023,354 - 9,023,354 CentroGold acquisition - 7,039,552 - 7,039,552 Del Carmen acquisition - 1,301,982 - 1,301,982 Côté-Gosselin acquisition - 6,185,363 - 6,185,363 La Fortuna acquisition - 2,268,776 - 2,268,776 Castle Mountain acquisition - 15,125,253 - 15,125,253 Depletion (1) (2,302,919 ) (30,000 ) (14,616 ) (2,347,535 ) Other - (64,654 ) 36,558 (28,096 ) As at December 31, 2021 $ 10,948,693 $ 86,630,694 $ 5,284,375 $ 102,863,762 First Majestic portfolio acquisition 3,393,656 11,147,515 7,420,937 21,962,108 Lac Pelletier acquisition - 252,989 - 252,989 Beaufor amendment - 1,000,000 - 1,000,000 Endeavor Silver Stream reclassification (2) (1,748,097 ) 1,748,097 - - El Realito reclassification (3) 2,297,065 (2,297,065 ) - - Joaquin and COSE impairments (3,660,365 ) - - (3,660,365 ) Depletion (1) (1,764,226 ) (30,000 ) (13,366 ) (1,807,592 ) Other - - 116,980 116,980 As at December 31, 2022 $ 9,466,726 $ 98,452,230 $ 12,808,926 $ 120,727,882 Historical cost $ 11,595,733 $ 110,350,467 $ 12,847,005 $ 134,793,205 Accumulated depletion $ (2,129,007 ) $ (11,898,237 ) $ (38,079 ) $ (14,065,323 ) (1) Fixed royalty payments were received in relation to certain exploration and development assets. The depletion related to these payments was recorded based on the total fixed royalty payments expected to be received under each contract. (2) The Endeavor mine was previously classified as production, however it was placed on care and maintenance in December 2019 and has not since restarted, as such the Company has reclassified it to development stage properties. (3) The Company received its first royalty payments on El Realito and has reclassified it from a development asset to a producing asset. |
DERIVATIVE ROYALTY ASSET (Table
DERIVATIVE ROYALTY ASSET (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Royalty Asset [Abstract] | |
Disclosure of detailed information about changes in derivative royalty asset [Table Text Block] | Derivative royalty asset As at December 31, 2020 $ 6,432,610 Payments received or due under derivative royalty asset (2,163,380 ) Mark-to-market loss on derivative royalty asset (235,223 ) As at December 31, 2021 $ 4,034,007 Payments received or due under derivative royalty asset (2,383,974 ) Mark-to-market gain on derivative royalty asset 532,373 As at December 31, 2022 $ 2,182,406 Current portion $ 2,182,406 Long-term portion $ - |
INVESTMENT IN SILVERBACK (Table
INVESTMENT IN SILVERBACK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment property [Abstract] | |
Disclosure of detailed information about transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [Table Text Block] | Year ended December 31, 2022 2021 Opening balance $ 1,340,458 $ 1,668,851 Income (loss) in Silverback for the period (588,830 ) 155,453 Distribution (156,643 ) (483,846 ) Ending balance $ 594,985 $ 1,340,458 |
Disclosure of detailed information about associates [Table Text Block] | Year ended December 31, 2022 2021 Current assets $ 221,654 $ 239,682 Non-current assets - 260,962 Total assets 221,654 500,644 Total liabilities (60,148 ) (57,500 ) Revenue from stream interest 1,214,220 1,163,324 Depletion (195,008 ) (197,856 ) Net income and comprehensive income for the period $ 946,090 $ 905,468 |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Detailed Information About Trade And Others Payable [Abstract] | |
Disclosure of detailed information about trade and other payables [Table Text Block] | As at December 31, December 31, 2022 2021 Trade payables and accrued liabilities $ 1,222,656 $ 1,031,688 Taxes payable 63,461 57,531 Total trade and other payables $ 1,286,117 $ 1,089,219 |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loan Payable [Abstract] | |
Disclosure of detailed information about loans payable [Table Text Block] | Convertible Other loan facility loans Total As at December 31, 2020 $ 3,062,706 $ - $ 3,062,706 Additions 6,383,148 5,000,000 11,383,148 Allocation of conversion feature (1,209,507 ) - (1,209,507 ) Conversion (3,185,626 ) - (3,185,626 ) Interest expense 768,508 49,863 818,371 Interest payments (376,428 ) - (376,428 ) Foreign exchange adjustments 21,980 - 21,980 As at December 31, 2021 $ 5,464,781 $ 5,049,863 $ 10,514,644 Interest expense 1,087,499 200,000 1,287,499 Interest payments (494,197 ) - (494,197 ) Foreign exchange adjustments (376,656 ) - (376,656 ) Gain on extension of loan payable (346,251 ) - (346,251 ) As at December 31, 2022 $ 5,335,176 $ 5,249,863 $ 10,585,039 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Disclosure of detailed information about revenue [Table Text Block] | Year ended December 31, 2022 2021 Royalty revenue Wharf $ 1,049,784 $ 1,449,735 El Realito 403,823 - COSE 228,133 748,680 Joaquin 483,045 440,785 Total royalty revenue 2,164,785 2,639,200 Other fixed royalty payments 248,643 330,557 Total revenue $ 2,413,428 $ 2,969,757 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
General And Administrative Expense [Abstract] | |
Disclosure of detailed information about general and administrative expense [Table Text Block] | Year ended December 31, 2022 2021 Compensation and benefits $ 2,007,346 $ 1,918,482 Corporate administration 1,097,024 1,123,782 Professional fees 585,895 877,760 Listing and filing fees 195,395 323,251 Total general and administrative expenses $ 3,885,660 $ 4,243,275 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAXES [abstract] | |
Disclosure of detailed information about income tax expense [Table Text Block] | Year ended December 31, 2022 2021 Loss before income taxes $ (10,886,480 ) $ (10,491,468 ) Canadian federal and provincial income tax rates 27.00 % 27.00 % Expected income tax recovery at statutory income tax rate (2,939,350 ) (2,832,696 ) Difference between Canadian and foreign tax rate 244,401 (100,183 ) Permanent differences 122,587 1,462,400 Changes in unrecognized deferred tax assets 2,769,206 1,210,869 Other adjustments (154,990 ) 194,499 Total income tax expense (recovery) $ 41,854 $ (65,111 ) Current income tax expense $ 52,999 $ 46,706 Deferred income tax recovery $ (11,145 ) $ (111,817 ) |
Disclosure of detailed information about deferred income tax asset (liability) [Table Text Block] | As at December 31, December 31, 2022 2021 Deferred tax assets: Mineral expenditures and capital assets $ 1,043,664 $ 1,046,832 Share issue costs 403,497 425,231 Non-capital losses and others 5,615,513 4,800,253 7,062,674 6,272,316 Unrecognized deferred tax assets (6,687,911 ) (5,948,679 ) Deferred tax liabilities (831,686 ) (791,705 ) Net deferred income tax liabilities $ (456,923 ) $ (468,068 ) |
Disclosure of detailed information about significant temporary differences, unused tax credits, and unused tax losses [Table Text Block] | Mineral expenditures Non- capital and other Share issue losses and capital assets costs others Total Expiry 2026 to 2040 $ - $ 1,494,433 $ 23,380,566 $ 24,874,999 No expiry date 7,369,803 - 5,561,369 12,931,442 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of detailed information about number and weighted average exercise prices of stock options [Table Text Block] | Weighted average exercise price Number (C$) outstanding As at December 31, 2020 $ 5.44 2,534,270 Granted 11.73 500,000 Exercised 1.76 (200,832 ) As at December 31, 2021 $ 6.81 2,833,438 Granted 5.98 605,000 Exercised (1) 2.20 (479,536 ) Forfeited 9.94 (140,000 ) As at December 31, 2022 $ 7.26 2,818,902 (1) 282,250 stock options were exercised on a net exercise basis with a total of 183,170 common shares issued for the exercise. |
Disclosure of detailed information about pricing model with weighted average assumptions for share option granted [Table Text Block] | Year ended December 31, 2022 2021 Risk free interest rate 3.22% 0.96% Expected dividend yield 0% 0% Expected stock price volatility 59% 58% Expected life in years 3.25 5.00 Forfeiture rate 0% 0% |
Disclosure of detailed information about range of exercise prices of outstanding share options [Table Text Block] | Exercise price Number Number Expiry date (C$) outstanding exercisable March 1, 2023 $2.56 231,500 231,500 September 17, 2023 $2.92 320,313 320,313 January 4, 2024 $3.24 293,339 293,339 January 15, 2025 $7.66 518,750 518,750 November 6, 2025 $12.85 390,000 390,000 April 27, 2026 $11.73 460,000 230,000 August 16, 2027 $5.98 605,000 - 2,818,902 1,983,902 |
Disclosure of detailed information about number and weighted average exercise prices of Restricted share units [Table Text Block] | Number outstanding As at December 31, 2020 211,000 Granted 267,000 Settled (40,000 ) As at December 31, 2021 438,000 Granted 437,554 Settled (131,500 ) Forfeited (22,500 ) As at December 31, 2022 721,554 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [Abstract] | |
Disclosure of detailed information about transactions between related parties [Table Text Block] | Year ended December 31, 2022 2021 Salaries and fees $ 1,303,879 $ 1,331,996 Share-based payments 2,096,610 3,945,428 $ 3,400,489 $ 5,277,424 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [Abstract] | |
Disclosure of detailed information about classification of financial instruments [Table Text Block] | As at December 31, December 31, 2022 2021 Financial assets Amortized cost: Cash $ 4,555,332 $ 2,344,246 Royalty, derivative royalty, and stream receivables 1,190,092 1,175,602 Other receivables 315,805 125,571 Fair value through profit or loss: Derivative royalty asset 2,182,406 4,034,007 Marketable securities 29,545 34,027 Total financial assets $ 8,273,180 $ 7,713,453 Financial liabilities Amortized cost: Trade and other payables $ 1,286,117 $ 1,089,219 Loans payable 10,585,039 10,514,644 Total financial liabilities $ 11,871,156 $ 11,603,863 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Commitment [Abstract] | |
Disclosure of detailed information about contractual obligations [Table Text Block] | Less than 1 to Over 1 year 3 years 3 years Total Trade and other payables $ 1,286,117 $ - $ - $ 1,286,117 Loans payable principal and interest payments 614,433 6,057,397 - 6,671,830 Payments related to acquisition of royalties and streams 5,333,151 - - 5,333,151 Total commitments $ 7,233,701 $ 6,057,397 $ - $ 13,291,098 |
NATURE OF OPERATIONS (Narrative
NATURE OF OPERATIONS (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Nature Of Operations [Abstract] | ||
Cumulative deficit | $ 56,333,627 | $ 45,405,293 |
ACCOUNTS RECEIVABLE (Narrative)
ACCOUNTS RECEIVABLE (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | May 31, 2020 |
Trade and other receivables [abstract] | |||
Allowance for doubtful accounts |
ROYALTY, STREAM, AND OTHER IN_3
ROYALTY, STREAM, AND OTHER INTERESTS (Narrative) (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2022 USD ($) $ / shares shares | Oct. 31, 2022 CAD ($) | Oct. 31, 2022 USD ($) | Feb. 28, 2022 CAD ($) | Oct. 31, 2021 USD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 USD ($) | May 31, 2021 USD ($) | Apr. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Feb. 28, 2021 CAD ($) | Feb. 28, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Purchase price of acquisition | $ 1,466,208 | $ 36,506,829 | ||||||||||||
Monarch Mining Corporation's [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 1% | |||||||||||||
Purchase price of acquisition paid in cash | $ 1 | |||||||||||||
Lac Pelletier Acquisition [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 1% | 1% | ||||||||||||
Purchase price of acquisition paid in cash | $ 0.3 | |||||||||||||
Transaction costs on acquisition | $ 32,709 | |||||||||||||
First Majestic Silver Corp [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Number of common shares issued for acquisitions of royalty interests | shares | 4,168,056 | |||||||||||||
Share price per share | $ / shares | $ 5.19 | |||||||||||||
Transaction costs on acquisition | $ 329,897 | |||||||||||||
First Majestic Silver Corp [Member] | La Encantada Mine [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of GVR royalty interest | 100% | |||||||||||||
First Majestic Silver Corp [Member] | Del Toro Mine [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 2% | |||||||||||||
First Majestic Silver Corp [Member] | San Martin Mine [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 2% | |||||||||||||
First Majestic Silver Corp [Member] | La Luz Project [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 2% | |||||||||||||
Sierra Madre Gold and Silver Ltd [Member] | La Guitarra Mine [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 2% | |||||||||||||
GR Silver Mining Ltd [Member] | Plomosas Project [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 2% | |||||||||||||
Golden Tag Resources Ltd [Member] | La Parrilla Mine [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 2% | |||||||||||||
Silver Dollar Resources [Member] | La Joya Project [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 2% | |||||||||||||
Amalgamated Kirkland acquisition [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 0.45% | 0.45% | ||||||||||||
Purchase price of acquisition paid in cash | $ 0.7 | |||||||||||||
Transaction costs on acquisition | $ 23,936 | |||||||||||||
North Amalgamated Kirkland property [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 0.45% | 0.45% | ||||||||||||
Del Carmen acquisition [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 0.50% | 0.50% | ||||||||||||
Purchase price of acquisition paid in cash | $ 1.6 | |||||||||||||
Transaction costs on acquisition | $ 60,067 | |||||||||||||
Tocantinzinho acquisition [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of GVR royalty interest | 0.75% | |||||||||||||
Purchase price of agreement | $ 9,000,000 | |||||||||||||
Purchase price of acquisition paid in cash | $ 3,000,000 | 6,000,000 | ||||||||||||
Transaction costs on acquisition | 123,354 | |||||||||||||
CentroGold acquisition [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Purchase price of acquisition paid in cash | 7,000,000 | |||||||||||||
Transaction costs on acquisition | 83,552 | |||||||||||||
Purchase price of agreement payable in shares | 7,000,000 | |||||||||||||
Payments of milestone | $ 11,000,000 | |||||||||||||
CentroGold acquisition [Member] | Thereafter [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 1% | |||||||||||||
CentroGold acquisition [Member] | Minimum [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 1% | |||||||||||||
CentroGold acquisition [Member] | Maximum [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 2% | |||||||||||||
CentroGold acquisition [Member] | Payable upon the achievement of commercial production/certain milestones [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Payments of milestone | $ 4,000,000 | |||||||||||||
La Fortuna acquisition [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 2.50% | |||||||||||||
Purchase price of agreement | $ 2,250,000 | |||||||||||||
Purchase price of acquisition paid in cash | 1,250,000 | |||||||||||||
Remaining amount of purchase price of acquisition | 1,000,000 | |||||||||||||
Transaction costs on acquisition | $ 43,776 | |||||||||||||
Net smelter return acquired capped percentage | 2.50% | |||||||||||||
Net smelter return acquired uncapped addition percentage | 1% | |||||||||||||
Net smelter return acquired uncapped increase in percentage | 3.50% | |||||||||||||
Net smelter return acquired capped amount | $ 4,500,000 | |||||||||||||
Côté-Gosselin acquisition [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 1.35% | 1.35% | ||||||||||||
Purchase price of acquisition paid in cash | $ 7.5 | |||||||||||||
Transaction costs on acquisition | $ 49,208 | |||||||||||||
Castle Mountain acquisition [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Percentage of NSR royalty interest | 5% | |||||||||||||
Purchase price of agreement | $ 15,000,000 | |||||||||||||
Purchase price of acquisition paid in cash | 10,000,000 | |||||||||||||
Remaining amount of purchase price of acquisition | 5,000,000 | |||||||||||||
Transaction costs on acquisition | $ 130,253 | |||||||||||||
Percentage of remaining payment interest until fully repaid | 4% | |||||||||||||
Joaquin and COSE impairments [Member] | ||||||||||||||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||||||||||||||
Impairment charge | $ 3,660,365 |
DERIVATIVE ROYALTY ASSET (Narra
DERIVATIVE ROYALTY ASSET (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Oct. 13, 2020 $ / shares | Oct. 31, 2020 USD ($) oz $ / Ounce shares | Dec. 31, 2022 USD ($) oz $ / Ounce | Dec. 31, 2021 USD ($) oz $ / Ounce | Dec. 31, 2020 USD ($) | |
Disclosure Of Derivative Royalty Asset [Line Items] | |||||
Derivative financial assets | $ 2,182,406 | $ 4,034,007 | $ 6,432,610 | ||
Mark-to-market gain (loss) on derivative royalty asset | $ 532,373 | $ (235,223) | |||
Higginsville Gold Operations [Member] | Karora Resources Inc [Member] | |||||
Disclosure Of Derivative Royalty Asset [Line Items] | |||||
Percentage of price participation royalty interest | 27.50% | ||||
Purchase price of agreement payable in shares | $ 6,900,000 | ||||
Number of common shares issued for acquisitions of royalty interests | shares | 828,331 | ||||
Share price per share | $ / shares | $ 8.38 | ||||
Acquisition costs | $ 265,500 | ||||
Gold price per ounce | $ / Ounce | 1,340 | ||||
Number of gold ounces | oz | 2,500 | ||||
Cumulative gold ounces | oz | 34,000 | ||||
Derivative financial assets | $ 7,200,000 | ||||
Number of gold ounces remaining to be delivered | oz | 9,918 | 19,890 | |||
Estimated gold price per ounce | $ / Ounce | 1,748 | ||||
Estimated U.S. dollar to Australian dollar exchange rate | 1.49 | ||||
Higginsville Gold Operations [Member] | Karora Resources Inc [Member] | Minimum [Member] | |||||
Disclosure Of Derivative Royalty Asset [Line Items] | |||||
Estimated gold price per ounce | $ / Ounce | 1,738 | ||||
Estimated U.S. dollar to Australian dollar exchange rate | 1.35 | ||||
Higginsville Gold Operations [Member] | Karora Resources Inc [Member] | Maximum [Member] | |||||
Disclosure Of Derivative Royalty Asset [Line Items] | |||||
Estimated gold price per ounce | $ / Ounce | 1,797 | ||||
Estimated U.S. dollar to Australian dollar exchange rate | 1.37 |
INVESTMENT IN SILVERBACK (Narra
INVESTMENT IN SILVERBACK (Narrative) (Details) - Silverback Ltd. ("Silverback") [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | ||
Percentage of ownership interest in subsidiary | 15% | |
Fair value adjustment | $ 1,200,000 | |
Catch-up depletion charge | 600,000 | |
Unamortized fair value adjustment of underlying silver stream asset | $ 492,370 | $ 624,481 |
LOANS PAYABLE (Narrative) (Deta
LOANS PAYABLE (Narrative) (Details) | 1 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||
Aug. 06, 2020 CAD ($) $ / shares shares | Aug. 31, 2022 CAD ($) $ / shares | Aug. 31, 2022 USD ($) | Oct. 31, 2021 CAD ($) $ / shares | Oct. 31, 2021 USD ($) | Mar. 31, 2021 CAD ($) $ / shares shares | Mar. 31, 2021 USD ($) shares | Oct. 31, 2020 CAD ($) $ / shares shares | Mar. 31, 2019 CAD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 CAD ($) $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) shares | Dec. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Disclosure Of Loans Payable [Line Items] | |||||||||||||||
Additions to loan payable | $ 11,383,148 | ||||||||||||||
Deferred tax liabilities | $ 791,705 | $ 831,686 | |||||||||||||
Conversion on loan payable (shares) | shares | 505,050 | ||||||||||||||
Gain on extension of loan payable | $ 346,251 | ||||||||||||||
Finance charges | 137,943 | $ 181,970 | |||||||||||||
Convertible loan facility [Member] | Beedie Capital ("Beedie") [Member] | |||||||||||||||
Disclosure Of Loans Payable [Line Items] | |||||||||||||||
Convertible loan facility | $ 12,000,000 | ||||||||||||||
Initial advance of convertible loan facility | 7,000,000 | ||||||||||||||
Undrawn convertible loan facilities | $ 5,000,000 | ||||||||||||||
Loan Amendment [Member] | Beedie Capital ("Beedie") [Member] | |||||||||||||||
Disclosure Of Loans Payable [Line Items] | |||||||||||||||
Remaining undrawn available from original loan facility | $ 20,000,000 | $ 12,000,000 | |||||||||||||
Finance charges | $ 181,970 | $ 137,943 | |||||||||||||
Loan Amendment [Member] | Beedie Capital ("Beedie") [Member] | First Drawdown [Member] | |||||||||||||||
Disclosure Of Loans Payable [Line Items] | |||||||||||||||
Interest rate on standby funds available | 1.50% | ||||||||||||||
Conversion price per share | $ / shares | $ 5.56 | $ 5.56 | |||||||||||||
Conversion of loan facility, converted amount | $ 6,000,000 | $ 1,000,000 | |||||||||||||
Conversion on loan payable (shares) | shares | 1,079,136 | 179,856 | |||||||||||||
Addition to loan facility | $ 20,000,000 | ||||||||||||||
Minimum advance drawn from additional loan facility | $ 2,500,000 | ||||||||||||||
Premium percentage to 30-day Volume Weighted Average Price ("VWAP") | 20% | ||||||||||||||
Loan Amendment [Member] | Beedie Capital ("Beedie") [Member] | Second Drawdown [Member] | |||||||||||||||
Disclosure Of Loans Payable [Line Items] | |||||||||||||||
Conversion price per share | $ / shares | $ 9.9 | $ 9.9 | |||||||||||||
Additions to loan payable | $ 5,000,000 | ||||||||||||||
Conversion of loan facility, converted amount | $ 5,000,000 | ||||||||||||||
Conversion on loan payable (shares) | shares | 505,050 | 505,050 | |||||||||||||
Loan Amendment [Member] | Beedie Capital ("Beedie") [Member] | Third Drawdown [Member] | |||||||||||||||
Disclosure Of Loans Payable [Line Items] | |||||||||||||||
Conversion price per share | $ / shares | $ 14.3 | $ 14.3 | |||||||||||||
Additions to loan payable | $ 5,000,000 | $ 4,000,000 | |||||||||||||
Allocation to liability portion | 3,200,000 | ||||||||||||||
Allocation of conversion feature | $ 800,000 | ||||||||||||||
Deferred tax liabilities | $ 200,000 | ||||||||||||||
Effective interest rate on liability | 20% | 20% | |||||||||||||
Expected life of liability | 2 years | 2 years | |||||||||||||
Remaining drew down from original loan facility | $ 5,000,000 | ||||||||||||||
Loan Amendment [Member] | Beedie Capital ("Beedie") [Member] | Fourth Drawdown [Member] | |||||||||||||||
Disclosure Of Loans Payable [Line Items] | |||||||||||||||
Conversion price per share | $ / shares | $ 11.16 | $ 11.16 | |||||||||||||
Additions to loan payable | $ 3,000,000 | $ 2,400,000 | |||||||||||||
Allocation to liability portion | 2,000,000 | ||||||||||||||
Allocation of conversion feature | 400,000 | ||||||||||||||
Deferred tax liabilities | $ 100,000 | ||||||||||||||
Effective interest rate on liability | 20% | 20% | |||||||||||||
Description of expected life of liability | one and a half years | one and a half years | |||||||||||||
Remaining drew down from original loan facility | $ 3,000,000 | ||||||||||||||
Loan Amendment [Member] | Beedie Capital ("Beedie") [Member] | Loan Extension [Member] | |||||||||||||||
Disclosure Of Loans Payable [Line Items] | |||||||||||||||
Conversion price per share | $ / shares | $ 7.34 | $ 7.34 | |||||||||||||
Additions to loan payable | $ 8,000,000 | ||||||||||||||
Loan Extension Fee | $ 160,000 | ||||||||||||||
Remaining drew down from original loan facility | $ 200,000 | ||||||||||||||
Loan extension fee percentage | 2% | 2% | |||||||||||||
Gain on extension of loan payable | $ 346,251 | ||||||||||||||
Castle Mountain Acquisition [Member] | |||||||||||||||
Disclosure Of Loans Payable [Line Items] | |||||||||||||||
Stated rate percentage | 4% | ||||||||||||||
Additions to loan payable | $ 5,000,000 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) Share $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) Share $ / shares shares | |
Disclosure of classes of share capital [abstract] | ||||
Number of shares issued | 49,467,877 | 49,467,877 | 44,035,569 | 44,035,569 |
Number of shares outstanding | 49,467,877 | 49,467,877 | 44,035,569 | 44,035,569 |
Number of shares issued in ATM | 752,296 | 3,148,765 | ||
ATM average share price | $ / shares | $ 6.07 | $ 8.95 | ||
ATM gross proceeds | $ | $ 4,600,000 | $ 28,200,000 | ||
Aggregate commissions paid or payable to agents and other share issue costs | $ | 100,000 | |||
ATM aggregate commissions paid or payable to agents and other share issue costs | $ | 400,000 | 1,500,000 | ||
Proceeds from ATM, net of share issue costs | $ | $ 4,075,520 | $ 26,660,317 | ||
Issuance of committed shares (shares) | 401,875 | |||
Acquisition of royalty and other interests (shares) | 4,168,056 | |||
Conversion on loan payable (shares) | 505,050 | |||
Number of shares issued during period for vesting of RSU and exercise of stock options | 511,956 | 240,832 | ||
Percentage of maximum number of shares reserved for issuance under stock option plan | 10% | |||
Stock options exercised on a net exercise basis | 282,250 | |||
Number of common shares issued for exercise | 183,170 | |||
Stock options granted | Share | 605,000 | 500,000 | ||
Weighted average exercise price, Granted | $ / shares | $ 5.98 | $ 11.73 | ||
Fair value at measurement date, share options granted | $ | $ 1,215,454 | $ 1,215,454 | $ 2,342,178 | $ 2,342,178 |
Weighted average fair value per option granted | $ | $ 2.01 | 2.01 | $ 4.68 | 4.68 |
Share-based payments expense | $ | $ 1,524,260 | $ 2,952,843 | ||
Percentage of maximum number of shares reserved for issuance under RSU plan | 10% | |||
Weighted average remaining life of stock options outstanding | 2 years 6 months | 2 years 6 months 18 days | ||
Share-based payments expense vesting terms of RSUs granted | $ | $ 1,356,310 | $ 2,371,425 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of transactions between related parties [line items] | ||
Due to directors and management for remuneration and expense reimbursements | $ 304,370 | $ 414,571 |
Amounts due from directors and management related to the payment of withholding amounts |
SUPPLEMENTAL DISCLOSURE WITH _2
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Share shares | Dec. 31, 2021 USD ($) Share shares | |
Supplemental Disclosure Of Cash Flow [Line Items] | ||
Conversion on loan payable (shares) | shares | 505,050 | |
Conversion on loan payable | $ | $ 4,141,329 | |
Issuance of committed shares (shares) | shares | 401,875 | |
Increase Decrease Through Acquisition Of Royalty And Stream Interests In Shares | shares | 4,168,056 | |
Increase Decrease Through Acquisition Of Royalty And Stream Interest | $ | $ 21,632,211 | |
Value of common shares issued for vesting of RSU | $ | $ 1,225,998 | $ 364,976 |
Number of common shares issued for vesting of RSU | shares | 131,500 | 40,000 |
Reallocation from reserves for stock options exercised | $ | $ 506,825 | $ 216,086 |
Number of stock options exercised | Share | 479,536 | 200,832 |
Genesis and GSI acquisitions [Member] | ||
Supplemental Disclosure Of Cash Flow [Line Items] | ||
Issuance of committed shares (shares) | shares | 401,875 | |
Issuance of committed shares | $ | $ 4,111,181 |
FINANCIAL INSTRUMENTS (Narrativ
FINANCIAL INSTRUMENTS (Narrative) (Details) | Dec. 31, 2022 USD ($) |
Disclosure of detailed information about financial instruments [line items] | |
Estimated fair value of Amended Loan Facility | $ 5,200,000 |
Estimated fair value of Castle Mountain Loan | $ 5,100,000 |
Currency risk [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity analysis, variance, percentage | 1% |
Value at risk | $ 77,473 |
EVENTS AFTER REPORTING DATE (Na
EVENTS AFTER REPORTING DATE (Narrative) (Details) $ / shares in Units, $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Mar. 09, 2023 USD ($) $ / shares shares | Jan. 02, 2023 USD ($) $ / shares shares | Mar. 30, 2023 CAD ($) $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Purchase price of acquisition | $ 1,466,208 | $ 36,506,829 | |||||
Loans payable | $ 10,585,039 | $ 10,514,644 | $ 3,062,706 | ||||
Events after the reporting date [Member] | Lama Acquisitions [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Purchase price of acquisition | $ 7,500,000 | ||||||
Purchase price of acquisition paid in cash | $ 2,500,000 | ||||||
Share price per share | $ / shares | $ 5.3553 | ||||||
Remaining amount of purchase price of acquisition | $ 2,500,000 | ||||||
Number of common shares issued for acquisitions of royalty interests | shares | 466,827 | ||||||
Events after the reporting date [Member] | Lama Acquisitions [Member] | Minimum [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Percentage of GVR royalty interest | 2.50% | ||||||
Percentage of NSR royalty interest | 0.25% | ||||||
Events after the reporting date [Member] | Lama Acquisitions [Member] | Maximum [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Percentage of GVR royalty interest | 3.75% | ||||||
Percentage of NSR royalty interest | 3% | ||||||
Events after the reporting date [Member] | Alamos royalty portfolio acquisition [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Purchase price of acquisition | $ 5,000,000 | ||||||
Share price per share | $ / shares | $ 5.3228 | ||||||
Number of common shares issued for acquisitions of royalty interests | shares | 939,355 | ||||||
Events after the reporting date [Member] | Loan Facility Extension [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Loan maturity term | 48 months | ||||||
Loans payable | $ 5 | ||||||
Events after the reporting date [Member] | Loan Facility Extension [Member] | Minimum [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Loans payable | $ 20 | ||||||
Loan interest rate | 8% | ||||||
Events after the reporting date [Member] | Loan Facility Extension [Member] | Maximum [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Loans payable | $ 25 | ||||||
Loan interest rate | 10% | ||||||
Events after the reporting date [Member] | Castle Mountain Loan [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Loans payable | $ 5,000,000 | ||||||
Loan interest rate | 12% | ||||||
30-day VWAP [Member] | Events after the reporting date [Member] | Loan Facility Extension [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Loan facility, conversion price | $ 4 | ||||||
Loan facility, conversion price, per share | $ / shares | $ 11.16 | ||||||
Per share to premium conversion percentage | 30% | ||||||
Description of conversion of debt to equity | remaining C$1.0 million of the Third Drawdown to the 30-day VWAP of the Company shares measured at market close on the day prior to amendment | ||||||
5-day VWAP [Member] | Events after the reporting date [Member] | Loan Facility Extension [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Loan facility, conversion price | $ 4 | ||||||
Loan facility, conversion price, per share | $ / shares | $ 14.3 |
ACCOUNTS RECEIVABLE - Disclosur
ACCOUNTS RECEIVABLE - Disclosure of detailed information about accounts receivables (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables [abstract] | ||
Royalty, derivative royalty, and stream receivables | $ 1,190,092 | $ 1,175,602 |
GST and other recoverable taxes | 302,316 | 125,571 |
Other receivables | 13,489 | 0 |
Total accounts receivable | $ 1,505,897 | $ 1,301,173 |
ROYALTY, STREAM, AND OTHER IN_4
ROYALTY, STREAM, AND OTHER INTERESTS - Disclosure of detailed information about royalty interests and deferred acquisition costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beginning balance | $ 102,863,762 | $ 63,732,457 |
Depletion | (1,807,592) | (2,347,535) |
Other | 116,980 | (28,096) |
Ending Balance | 120,727,882 | 102,863,762 |
Historical cost | 134,793,205 | |
Accumulated depletion | (14,065,323) | |
First Majestic Portfolio Acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 21,962,108 | |
Lac Pelletier Acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 252,989 | |
Beaufor amendment [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beaufor Amendment | 1,000,000 | |
Endeavor Silver Stream reclassification [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Reclassification | 0 | |
El Realito reclassification [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Reclassification | 0 | |
Joaquin and COSE impairments [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interest impairment | (3,660,365) | |
Amalgamated Kirkland acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 562,656 | |
Tocantinzinho acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 9,023,354 | |
CentroGold acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 7,039,552 | |
Del Carmen acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 1,301,982 | |
Côté-Gosselin acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 6,185,363 | |
La Fortuna acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 2,268,776 | |
Castle Mountain acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 15,125,253 | |
Producing assets [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beginning balance | 10,948,693 | 13,251,612 |
Depletion | (1,764,226) | (2,302,919) |
Other | 0 | 0 |
Ending Balance | 9,466,726 | 10,948,693 |
Historical cost | 11,595,733 | |
Accumulated depletion | (2,129,007) | |
Producing assets [Member] | First Majestic Portfolio Acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 3,393,656 | |
Producing assets [Member] | Lac Pelletier Acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Producing assets [Member] | Beaufor amendment [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beaufor Amendment | 0 | |
Producing assets [Member] | Endeavor Silver Stream reclassification [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Reclassification | (1,748,097) | |
Producing assets [Member] | El Realito reclassification [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Reclassification | 2,297,065 | |
Producing assets [Member] | Joaquin and COSE impairments [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interest impairment | (3,660,365) | |
Producing assets [Member] | Amalgamated Kirkland acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Producing assets [Member] | Tocantinzinho acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Producing assets [Member] | CentroGold acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Producing assets [Member] | Del Carmen acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Producing assets [Member] | Côté-Gosselin acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Producing assets [Member] | La Fortuna acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Producing assets [Member] | Castle Mountain acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Development assets [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beginning balance | 86,630,694 | 45,218,412 |
Depletion | (30,000) | (30,000) |
Other | 0 | (64,654) |
Ending Balance | 98,452,230 | 86,630,694 |
Historical cost | 110,350,467 | |
Accumulated depletion | (11,898,237) | |
Development assets [Member] | First Majestic Portfolio Acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 11,147,515 | |
Development assets [Member] | Lac Pelletier Acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 252,989 | |
Development assets [Member] | Beaufor amendment [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beaufor Amendment | 1,000,000 | |
Development assets [Member] | Endeavor Silver Stream reclassification [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Reclassification | 1,748,097 | |
Development assets [Member] | El Realito reclassification [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Reclassification | (2,297,065) | |
Development assets [Member] | Joaquin and COSE impairments [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interest impairment | 0 | |
Development assets [Member] | Amalgamated Kirkland acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 562,656 | |
Development assets [Member] | Tocantinzinho acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 9,023,354 | |
Development assets [Member] | CentroGold acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 7,039,552 | |
Development assets [Member] | Del Carmen acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 1,301,982 | |
Development assets [Member] | Côté-Gosselin acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 6,185,363 | |
Development assets [Member] | La Fortuna acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 2,268,776 | |
Development assets [Member] | Castle Mountain acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 15,125,253 | |
Exploration assets [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beginning balance | 5,284,375 | 5,262,433 |
Depletion | (13,366) | (14,616) |
Other | 116,980 | 36,558 |
Ending Balance | 12,808,926 | 5,284,375 |
Historical cost | 12,847,005 | |
Accumulated depletion | (38,079) | |
Exploration assets [Member] | First Majestic Portfolio Acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 7,420,937 | |
Exploration assets [Member] | Lac Pelletier Acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Exploration assets [Member] | Beaufor amendment [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Beaufor Amendment | 0 | |
Exploration assets [Member] | Endeavor Silver Stream reclassification [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Reclassification | 0 | |
Exploration assets [Member] | El Realito reclassification [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Reclassification | 0 | |
Exploration assets [Member] | Joaquin and COSE impairments [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interest impairment | $ 0 | |
Exploration assets [Member] | Amalgamated Kirkland acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Exploration assets [Member] | Tocantinzinho acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Exploration assets [Member] | CentroGold acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Exploration assets [Member] | Del Carmen acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Exploration assets [Member] | Côté-Gosselin acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Exploration assets [Member] | La Fortuna acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | 0 | |
Exploration assets [Member] | Castle Mountain acquisition [Member] | ||
Disclosure Of Royalty Interests And Deferred Acquisition Costs [Line Items] | ||
Royalty interests and deferred acquisition costs | $ 0 |
DERIVATIVE ROYALTY ASSET - Disc
DERIVATIVE ROYALTY ASSET - Disclosure of detailed information about changes in the derivative royalty asset (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Royalty Asset [Abstract] | ||
Derivative royalty asset, beginning balance | $ 4,034,007 | $ 6,432,610 |
Payments received or due under derivative royalty asset | (2,383,974) | (2,163,380) |
Mark-to-market gain (loss) on derivative royalty asset | 532,373 | (235,223) |
Derivative royalty asset, ending balance | 2,182,406 | 4,034,007 |
Current portion | 2,182,406 | 2,144,547 |
Long-term portion | $ 0 | $ 1,889,460 |
INVESTMENT IN SILVERBACK - Disc
INVESTMENT IN SILVERBACK - Disclosure of detailed information about transactions recognised separately from acquisition of assets and assumption of liabilities in business combination (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | ||
Opening balance | $ 1,340,458 | |
Income (loss) in Silverback for the period | (588,830) | $ 155,453 |
Ending balance | 594,985 | 1,340,458 |
Silverback Ltd. ("Silverback") [Member] | ||
Disclosure of associates [line items] | ||
Opening balance | 1,340,458 | 1,668,851 |
Income (loss) in Silverback for the period | (588,830) | 155,453 |
Distribution | (156,643) | (483,846) |
Ending balance | $ 594,985 | $ 1,340,458 |
INVESTMENT IN SILVERBACK - Di_2
INVESTMENT IN SILVERBACK - Disclosure of detailed information about subsidiary (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of associates [line items] | ||
Current assets | $ 9,566,371 | $ 6,529,674 |
Non-current assets | 121,322,867 | 106,093,680 |
Total assets | 130,889,238 | 112,623,354 |
Total liabilities | (12,328,079) | (12,071,931) |
Silverback Ltd. ("Silverback") [Member] | ||
Disclosure of associates [line items] | ||
Current assets | 221,654 | 239,682 |
Non-current assets | 0 | 260,962 |
Total assets | 221,654 | 500,644 |
Total liabilities | (60,148) | (57,500) |
Revenue from stream interest | 1,214,220 | 1,163,324 |
Depletion | (195,008) | (197,856) |
Net income and comprehensive income for the period | $ 946,090 | $ 905,468 |
TRADE AND OTHER PAYABLES - Disc
TRADE AND OTHER PAYABLES - Disclosure of detailed information about trade and other payable (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other payables [abstract] | ||
Trade payables and accrued liabilities | $ 1,222,656 | $ 1,031,688 |
Taxes payable | 63,461 | 57,531 |
Total trade and other current payables | $ 1,286,117 | $ 1,089,219 |
LOANS PAYABLE - Disclosure of d
LOANS PAYABLE - Disclosure of detailed information about loans payable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loan Payable [Line Items] | ||
Opening balance | $ 10,514,644 | $ 3,062,706 |
Additions | 11,383,148 | |
Allocation of conversion feature | (1,209,507) | |
Conversion | (3,185,626) | |
Interest expense | 1,287,499 | 818,371 |
Interest payments | (494,197) | (376,428) |
Foreign exchange adjustments | (376,656) | 21,980 |
Gain on extension of loan payable | (346,251) | |
Ending balance | 10,585,039 | 10,514,644 |
Convertible loan facility [Member] | ||
Loan Payable [Line Items] | ||
Opening balance | 5,464,781 | 3,062,706 |
Additions | 6,383,148 | |
Allocation of conversion feature | (1,209,507) | |
Conversion | (3,185,626) | |
Interest expense | 1,087,499 | 768,508 |
Interest payments | (494,197) | (376,428) |
Foreign exchange adjustments | (376,656) | 21,980 |
Gain on extension of loan payable | (346,251) | |
Ending balance | 5,335,176 | 5,464,781 |
Other loans [Member] | ||
Loan Payable [Line Items] | ||
Opening balance | 5,049,863 | 0 |
Additions | 5,000,000 | |
Allocation of conversion feature | 0 | |
Conversion | 0 | |
Interest expense | 200,000 | 49,863 |
Interest payments | 0 | 0 |
Foreign exchange adjustments | 0 | 0 |
Gain on extension of loan payable | 0 | |
Ending balance | $ 5,249,863 | $ 5,049,863 |
REVENUE - Disclosure of detaile
REVENUE - Disclosure of detailed information about revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue [Line Items] | ||
Royalty revenue | $ 2,164,785 | $ 2,639,200 |
Other fixed royalty payments | 248,643 | 330,557 |
Total revenue | 2,413,428 | 2,969,757 |
Wharf [Member] | ||
Revenue [Line Items] | ||
Royalty revenue | 1,049,784 | 1,449,735 |
El Realito [Member] | ||
Revenue [Line Items] | ||
Royalty revenue | 403,823 | 0 |
COSE [Member] | ||
Revenue [Line Items] | ||
Royalty revenue | 228,133 | 748,680 |
Joaquin [Member] | ||
Revenue [Line Items] | ||
Royalty revenue | $ 483,045 | $ 440,785 |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSES - Disclosure of detailed information about general and administrative expenses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
General And Administrative Expense [Abstract] | ||
Compensation and benefits | $ 2,007,346 | $ 1,918,482 |
Corporate administration | 1,097,024 | 1,123,782 |
Professional fees | 585,895 | 877,760 |
Listing and filing fees | 195,395 | 323,251 |
Total general and administrative expenses | $ 3,885,660 | $ 4,243,275 |
INCOME TAXES - Disclosure of de
INCOME TAXES - Disclosure of detailed information about income tax expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAXES [abstract] | ||
Loss before income taxes | $ (10,886,480) | $ (10,491,468) |
Canadian federal and provincial income tax rates | 27% | 27% |
Expected income tax recovery at statutory income tax rate | $ (2,939,350) | $ (2,832,696) |
Difference between Canadian and foreign tax rate | 244,401 | (100,183) |
Permanent differences | 122,587 | 1,462,400 |
Changes in unrecognized deferred tax assets | 2,769,206 | 1,210,869 |
Other adjustments | (154,990) | 194,499 |
Total income tax expense (recovery) | 41,854 | (65,111) |
Current income tax expense | 52,999 | 46,706 |
Deferred income tax recovery | $ (11,145) | $ (111,817) |
INCOME TAXES - Disclosure of _2
INCOME TAXES - Disclosure of detailed information about deferred income tax asset (liability) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Deferred tax assets | $ 7,062,674 | $ 6,272,316 |
Unrecognized deferred tax assets | (6,687,911) | (5,948,679) |
Deferred tax liabilities | (831,686) | (791,705) |
Net deferred income tax liabilities | (456,923) | (468,068) |
Mineral expenditures and other capital assets [Member] | ||
Deferred tax assets: | ||
Deferred tax assets | 1,043,664 | 1,046,832 |
Share issue costs [Member] | ||
Deferred tax assets: | ||
Deferred tax assets | 403,497 | 425,231 |
Non-capital losses and others [Member] | ||
Deferred tax assets: | ||
Deferred tax assets | $ 5,615,513 | $ 4,800,253 |
INCOME TAXES - Disclosure of _3
INCOME TAXES - Disclosure of detailed information about significant temporary differences, unused tax credits, and unused tax losses (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Unrecognized deferred tax assets | $ 6,687,911 | $ 5,948,679 |
Expiry 2026 To 2040 [Member] | ||
Deferred tax assets: | ||
Unrecognized deferred tax assets | 24,874,999 | |
No expiry date [Member] | ||
Deferred tax assets: | ||
Unrecognized deferred tax assets | 12,931,442 | |
Mineral expenditures and other capital assets [Member] | Expiry 2026 To 2040 [Member] | ||
Deferred tax assets: | ||
Unrecognized deferred tax assets | 0 | |
Mineral expenditures and other capital assets [Member] | No expiry date [Member] | ||
Deferred tax assets: | ||
Unrecognized deferred tax assets | 7,369,803 | |
Share issue costs [Member] | Expiry 2026 To 2040 [Member] | ||
Deferred tax assets: | ||
Unrecognized deferred tax assets | 1,494,433 | |
Share issue costs [Member] | No expiry date [Member] | ||
Deferred tax assets: | ||
Unrecognized deferred tax assets | 0 | |
Non-capital losses and others [Member] | Expiry 2026 To 2040 [Member] | ||
Deferred tax assets: | ||
Unrecognized deferred tax assets | 23,380,566 | |
Non-capital losses and others [Member] | No expiry date [Member] | ||
Deferred tax assets: | ||
Unrecognized deferred tax assets | $ 5,561,369 |
SHARE CAPITAL - Disclosure of d
SHARE CAPITAL - Disclosure of detailed information about number and weighted average exercise prices of stock options (Details) | 12 Months Ended | |
Dec. 31, 2022 Share $ / shares | Dec. 31, 2021 Share $ / shares | |
Disclosure of classes of share capital [abstract] | ||
Balance | Share | 2,833,438 | 2,534,270 |
Granted | Share | 605,000 | 500,000 |
Exercised | Share | (479,536) | (200,832) |
Cancelled/Expired | Share | (140,000) | |
Balance | Share | 2,818,902 | 2,833,438 |
Weighted average exercise price, Balance | $ / shares | $ 6.81 | $ 5.44 |
Weighted average exercise price, Granted | $ / shares | 5.98 | 11.73 |
Weighted average exercise price, Exercised | $ / shares | 2.2 | 1.76 |
Weighted average exercise price, Cancelled/Expired | $ / shares | 9.94 | |
Weighted average exercise price, Balance | $ / shares | $ 7.26 | $ 6.81 |
SHARE CAPITAL - Disclosure of_2
SHARE CAPITAL - Disclosure of detailed information about pricing model with weighted average assumptions for share option granted (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | ||
Risk free interest rate | 3.22% | 0.96% |
Expected dividend yield | 0% | 0% |
Expected stock price volatility | 59% | 58% |
Expected life in years | 3.25 | 5 |
Forfeiture rate | 0% | 0% |
SHARE CAPITAL - Disclosure of_3
SHARE CAPITAL - Disclosure of detailed information about range of exercise prices of outstanding share options (Details) | Dec. 31, 2022 Share $ / shares | Dec. 31, 2021 Share | Dec. 31, 2020 Share |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Outstanding | 2,818,902 | 2,833,438 | 2,534,270 |
Exercisable | 1,983,902 | ||
March 1, 2023 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 2.56 | ||
Outstanding | 231,500 | ||
Exercisable | 231,500 | ||
September 17, 2023 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 2.92 | ||
Outstanding | 320,313 | ||
Exercisable | 320,313 | ||
January 4, 2024 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 3.24 | ||
Outstanding | 293,339 | ||
Exercisable | 293,339 | ||
January 15, 2025 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 7.66 | ||
Outstanding | 518,750 | ||
Exercisable | 518,750 | ||
November 6, 2025 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 12.85 | ||
Outstanding | 390,000 | ||
Exercisable | 390,000 | ||
April 27, 2026 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 11.73 | ||
Outstanding | 460,000 | ||
Exercisable | 230,000 | ||
August 16, 2027 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 5.98 | ||
Outstanding | 605,000 | ||
Exercisable | 0 |
SHARE CAPITAL - Disclosure of_4
SHARE CAPITAL - Disclosure of detailed information about number and weighted average exercise prices of Restricted share units (Details) - Share | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | ||
Balance | 438,000 | 211,000 |
Granted | 437,554 | 267,000 |
Settled | (131,500) | (40,000) |
Forfeited | (22,500) | |
Balance | 721,554 | 438,000 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES - Disclosure of detailed information about transactions between related parties (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [Abstract] | ||
Salaries and fees | $ 1,303,879 | $ 1,331,996 |
Share-based payments | 2,096,610 | 3,945,428 |
Total | $ 3,400,489 | $ 5,277,424 |
FINANCIAL INSTRUMENTS - Disclos
FINANCIAL INSTRUMENTS - Disclosure of detailed information about classification of financial instruments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized cost: | |||
Cash | $ 4,555,332 | $ 2,344,246 | |
Royalty, derivative royalty, and stream receivables | 1,190,092 | 1,175,602 | |
Other receivables | 315,805 | 125,571 | |
Fair value through profit or loss: | |||
Derivative royalty asset | 2,182,406 | 4,034,007 | $ 6,432,610 |
Marketable securities | 29,545 | 34,027 | |
Total financial assets | 8,273,180 | 7,713,453 | |
Amortized cost: | |||
Trade and other payables | 1,286,117 | 1,089,219 | |
Loans payable | 10,585,039 | 10,514,644 | $ 3,062,706 |
Total financial liabilities | $ 11,871,156 | $ 11,603,863 |
COMMITMENTS - Disclosure of det
COMMITMENTS - Disclosure of detailed information about contractual obligations (Detail) | Dec. 31, 2022 USD ($) |
Commitments [Line Items] | |
Total contractual commitments | $ 13,291,098 |
Less than 1 year [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 7,233,701 |
1 to 3 years [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 6,057,397 |
Over 4 years [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Trade and other payables [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 1,286,117 |
Trade and other payables [Member] | Less than 1 year [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 1,286,117 |
Trade and other payables [Member] | 1 to 3 years [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Trade and other payables [Member] | Over 4 years [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Loans payable principal and interest payments [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 6,671,830 |
Loans payable principal and interest payments [Member] | Less than 1 year [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 614,433 |
Loans payable principal and interest payments [Member] | 1 to 3 years [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 6,057,397 |
Loans payable principal and interest payments [Member] | Over 4 years [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Payments related to acquisition of royalties and streams [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 5,333,151 |
Payments related to acquisition of royalties and streams [Member] | Less than 1 year [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 5,333,151 |
Payments related to acquisition of royalties and streams [Member] | 1 to 3 years [Member] | |
Commitments [Line Items] | |
Total contractual commitments | 0 |
Payments related to acquisition of royalties and streams [Member] | Over 4 years [Member] | |
Commitments [Line Items] | |
Total contractual commitments | $ 0 |