Maverix Metals (MMX) 40-F 23 Mar 20 2019 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2019shares
Document and Entity Information
Entity Registrant Name	MAVERIX METALS INC.
Entity Central Index Key	0001773250
Document Type	40-F
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding	0

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 6,271	$ 6,844
Accounts receivable	9,154	7,811
Right of first refusal receivable (Note 5)	15,586
Prepaid expenses and other	627	365
Total current assets	31,638	15,020
Non-current assets
Royalty, stream and other interests (Note 6)	365,489	270,236
Investments (Note 7)	9,284	6,082
Deferred financing costs and other	1,819	1,118
Deferred tax asset (Note 14)	1,069	1,123
Total assets	409,299	293,579
Current liabilities
Trade and other payables	4,202	3,701
Dividend payable (Note 9e)	1,553
Total current liabilities	5,755	3,701
Non-current liabilities
Credit facility (Note 8)	89,617	16,780
Total liabilities	95,372	20,481
Capital and reserves
Share capital (Note 9a)	312,697	246,429
Reserves	18,476	17,529
Accumulated other comprehensive (loss) income	(2,554)	12,069
Deficit	(14,692)	(2,929)
Total equity	313,927	273,098
Total liabilities and equity	$ 409,299	$ 293,579

Consolidated Statements of (Los

Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income
Royalty revenue (Note 15)	$ 28,922	$ 27,361
Sales (Note 15)	15,810	6,690
Total revenue	44,732	34,051
Cost of sales, excluding depletion	(5,211)	(3,382)
Depletion (Note 6)	(17,490)	(17,460)
Total cost of sales	(22,701)	(20,842)
Gross profit	22,031	13,209
Administrative expenses, excluding share-based compensation (Note 10)	(6,686)	(4,059)
Share-based compensation expense	(2,216)	(1,663)
Royalty interest impairment (Note 6b)	(18,896)	0
(Loss) income from operations	(5,767)	7,487
Other income and expenses
Foreign exchange loss	(297)	(1,024)
Other (expense) income	(138)	333
Finance expense	(2,406)	(2,769)
(Loss) income before income taxes	(8,608)	4,027
Income tax expense (Note 14)	(1,570)	(1,316)
Net (loss) income for the year	$ (10,178)	$ 2,711
(Loss) earnings per share (Note 11)
Basic (loss) earnings per share	$ (0.09)	$ 0.03
Diluted (loss) earnings per share	$ (0.09)	$ 0.03
Weighted average number of common shares outstanding (Note 9a):
Basic	108,363,047	92,784,376
Diluted	108,363,047	97,986,616
Other Comprehensive (Loss) Income
Net (loss) income for the year	$ (10,178)	$ 2,711
Item that may subsequently be reclassified to net income:
Foreign currency translation	(13,542)	16,421
Item that will not be subsequently reclassified to net income:
Changes in fair value on investments (Note 7)	(1,081)	2,691
Comprehensive (loss) income for the year	$ (24,801)	$ 21,823

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net (loss) income for the year	$ (10,178)	$ 2,711
Depletion and amortization	17,651	17,520
Royalty interest impairment (Note 6b)	18,896	0
Income tax expense	1,570	1,316
Share-based compensation expense	2,216	1,663
Finance expense	2,406	2,769
Unrealized foreign exchange loss and other	197	461
Income taxes paid	(1,422)	(1,945)
Changes in non-cash working capital (Note 12)	(3,662)	(1,703)
Net cash provided by operating activities	27,674	22,792
Investing activities
Acquisition of royalty interests (Note 5)	(96,567)	(49,627)
Right of first refusal proceeds (Note 5)		22,367
Proceeds from disposal of investments (Note 7)		4,179
Acquisition of investments and other (Note 7)	(4,031)	(4,811)
Net cash used in investing activities	(100,598)	(27,892)
Financing activities
Proceeds from credit facility (Note 8)	82,284	36,894
Repayment of credit facility (Note 8)	(7,085)	(33,237)
Proceeds from exercise of stock options	825	207
Financing costs	(1,032)	(1,032)
Interest paid	(1,782)	(1,089)
Net cash provided by financing activities	73,210	1,743
Effect of exchange rate changes on cash and cash equivalents	(859)	50
Decrease in cash and cash equivalents	(573)	(3,307)
Cash and cash equivalents at the beginning of the year	6,844	10,151
Cash and cash equivalents at the end of the year	$ 6,271	$ 6,844

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands	Share capitalNewmont Portfolio Acquisition	Share capitalKinross Portfolio Acquisition	Share capital	Share warrant reserveNewmont Portfolio Acquisition	Share warrant reserve	Share option reserve	Accumulated other comprehensive (loss) income	(Deficit)	Newmont Portfolio Acquisition	Kinross Portfolio Acquisition	Total
Balance at the beginning at Dec. 31, 2017			$ 138,412		$ 7,827	$ 3,160	$ (7,043)	$ (5,640)			$ 136,716
Balance at the beginning (in shares) at Dec. 31, 2017			76,797,915
Total comprehensive income (loss)							19,112	2,711			21,823
Shares and warrants issued for Royalty Portfolio (Note 5)	$ 105,588			$ 6,707					$ 112,295
Shares and warrants issued for Royalty Portfolio (in shares)	30,000,000
Shares issued as repayment and interest of credit facility			$ 1,433			(1,035)					398
Shares issued as repayment and interest of credit facility (in shares)			557,396
Shares issued for options exercised (Note 9c)			$ 441			(234)					207
Shares issued for options exercised (in shares)			192,000
Share-based compensation (Note 9a)			$ 555			1,104					1,659
Share-based compensation (in shares)			168,335
Balance at the end at Dec. 31, 2018			$ 246,429		14,534	2,995	12,069	(2,929)			273,098
Balance at the end (in shares) at Dec. 31, 2018			107,715,646
Total comprehensive income (loss)							(14,623)	(10,178)			(24,801)
Dividend declared (Note 9e)								(1,585)			(1,585)
Shares and warrants issued for Royalty Portfolio (Note 5)		$ 64,174								$ 64,174
Shares and warrants issued for Royalty Portfolio (in shares)		11,228,674
Shares issued for options exercised (Note 9c)			$ 1,422			(597)					825
Shares issued for options exercised (in shares)			508,964
Share-based compensation (Note 9a)			$ 672			1,544					2,216
Share-based compensation (in shares)			125,205
Balance at the end at Dec. 31, 2019			$ 312,697		$ 14,534	$ 3,942	$ (2,554)	$ (14,692)			$ 313,927
Balance at the end (in shares) at Dec. 31, 2019			119,578,489

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2019
NATURE OF OPERATIONS
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Maverix Metals Inc. (“Maverix” or the “Company”) is incorporated and domiciled in Canada and its registered head office address is Suite 575, 510 Burrard Street, Vancouver, British Columbia, V6C 3A8, Canada. The Company’s shares trade on the New York Stock Exchange American and Toronto Stock Exchange under ticker symbol “MMX”. Maverix is a resource-based company that seeks to acquire and manage royalties and metal purchase agreements (“Streams”) on projects that are in an advanced stage of development or on operating mines producing precious or other metals. Royalty interests (“Royalty” or collectively, “Royalties”) are non-operating interests in mining projects that provide Maverix with the right to a percentage of the gross revenue from the metals produced from the project (a Gross Revenue Royalty (“GRR”) or after deducting specified costs (a Net Smelter Returns (“NSR”) royalty). Under a Stream interest, Maverix makes an upfront payment to acquire the Stream and then receives the right to purchase, at a fixed or variable price per unit based on the spot price of the precious or other metal, a percentage of a mine’s production for a specified period or for the life of the mine. These consolidated financial statements were approved and authorized for issue by the Board of Directors of the Company on March 4, 2020.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES A. Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standard Board (“IASB”). B. Basis of Preparation These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments, which are measured at fair value. The consolidated financial statements are presented in Canadian dollars, unless otherwise noted. C. Principles of Consolidation These consolidated financial statements include the accounts of the Company and its significant subsidiaries (all of which are wholly owned) Maverix Metals (Australia) Pty Ltd. (“MMA”) and Maverix Metals (Nevada) Inc. (“MMN”). Subsidiaries are fully consolidated from the date the Company obtains control, and continue to be consolidated until the date that control ceases. Control is achieved when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All intercompany balances, transactions, revenues and expenses have been eliminated on consolidation. D. Royalty, Stream and Other Interests Royalty, stream and other interests consist of acquired royalty, stream and other interests. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific royalty or stream asset are expensed in the period incurred. Producing royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement. On acquisition of a royalty or stream interest, an allocation of its fair value may be attributed to the exploration potential of the interest and is accounted for in accordance with IFRS 6, Exploration and Evaluation of Mineral Resources (“IFRS 6”). Once the technical feasibility, commercial viability and a development decision have been established, the value of the asset is reclassified and accounted for in accordance with IAS 16, Property, Plant and Equipment (“IAS 16”). The exploration and evaluation asset is subject to an impairment test prior to reclassification in accordance with IFRS 6. E. Impairment of Royalty, Stream and Other Interests Evaluation of the carrying values of each mineral interest is undertaken when events or changes in circumstances indicate that the carrying values may not be recoverable. Impairment is assessed at the level of cash-generating units, which are identified as the smallest identifiable group of assets that generates cash inflows and largely independent of the cash inflows from other assets. This is usually at the individual royalty, stream, or other interest level for each property from which cash inflows are generated. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount, which is the higher of its fair value less costs of disposal (“FVLCD”) and its value in use (“VIU”). Estimated future cash flows are calculated using estimated production, sales prices and a discount rate. Estimated future production is determined using current reserves and the portion of resources expected to be classified as mineral reserves, as well as exploration potential expected to be converted into resources or reserves. Estimated sales prices are determined by reference to an average of long-term metal price forecasts by research analysts and management’s expectations. The discount rate is estimated using an average discount rate incorporating research analyst views used to value precious metal royalty and streaming companies. All inputs used are those that an independent market participant would consider appropriate. In addition, the Company may use other market approaches for determining the recoverable amount which may include an estimate of (i) dollar value per unit of mineral reserve/resource; (ii) cash-flow multiples; (iii) comparable transactions or (iv) market capitalization of comparable assets. An assessment is made at each reporting period if there is any indication that a previous impairment loss may no longer exist or has decreased. If indications are present, the carrying value of the royalty or stream interest is increased to the revised estimate of its recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount net of depletion that would have been determined had no impairment loss been recognized for the royalty or stream interest in previous periods. Royalty and stream interests classified as exploration and evaluation assets are assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount. F. 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 Streams, 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. G. Foreign Currency Translation The consolidated financial statements are presented in Canadian dollars. Assets and liabilities of the Company and its subsidiaries that have a functional currency other than the Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the consolidated statement of financial position date and revenues and expenses are translated at the average exchange rate over the reporting period. Gains and losses from these translations are recognized as foreign currency translation adjustment in other comprehensive (loss) income. The functional currency of the Company and its subsidiaries is the principal currency of the economic environment in which they operate. The functional currency of the Company, MMA, and MMN is the U.S. dollar. Foreign currency transactions, including revenues and expenses, are translated into the functional currency at the rate of exchange prevailing on the date of each transaction or valuation when items are re-measured. Monetary assets and liabilities denominated in currencies other than the operation’s functional currencies are translated into the functional currency at exchange rates in effect at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of those transactions and from period-end translations are recognized in the consolidated statement of (loss) income . H. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, right of first refusal ("ROFR") receivable, investments, trade and other payables, and the credit facility. All financial instruments are initially recorded at fair value and designated as follows: Cash and cash equivalents include cash on account and short-term deposits with maturities from the date of acquisition of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant changes in value. Cash and cash equivalents are subsequently measured at amortized cost using the effective interest rate method. Trade receivables relate to amounts received from sales of refined gold and silver and royalty revenue. ROFR receivable relates to the underlying right of a property owner to repurchase a specific royalty (Note 5). These receivables are non-interest bearing and are recognized at fair value and are subsequently measured at amortized cost. We have applied the simplified approach to determining expected credit losses, which requires expected lifetime losses to be recognised upon initial recognition of the receivables. Investments in marketable equity securities are designated as fair value through profit and loss (“FVTPL”) unless they are irrevocably designated, on an individual basis, as fair value through other comprehensive income (“FVTOCI”). Investment transactions are recognized on the trade date with transaction costs included in the underlying balance. Fair values are determined by reference to quoted market prices at the statement of financial position date. When investments in marketable equity securities designated as FVTOCI are disposed of, the cumulative gains and losses recognized in other comprehensive income are not recycled to the statement of income and remain within equity. Dividends received are recognized in income and these investments are not assessed for impairment. The consideration for investments in units including common shares and share purchase warrants are allocated on a pro-rata basis, based on relative fair values at the date of issuance. The fair value of common shares are based on the market closing price. The fair value of share purchase warrants is determined using the quoted market price or if the warrants are not traded, using the Black-Scholes Model (“BSM”) as of the date of issuance. Investments in warrants are classified as FVTPL. These warrants are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement recognized as a component of net income (loss) under the classification of other (expense) income. Trade and other payables and the credit facility 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. I. Inventory When refined gold or silver is delivered to the Company under a Stream agreement, it is recorded as inventory. The amount recognized as inventory includes both the cash payment and the related depletion associated with the underlying Stream interest. At such time the inventory is sold, the amounts recognized in inventory are recorded as cost of sales and depletion. J. Income taxes Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used are those that are substantively enacted at the reporting date. Deferred income taxes are provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for accounting. The change in the net deferred income tax asset or liability is included in income, except for deferred income tax relating to equity items which are recognized directly in equity. The income tax effects of differences in the periods when revenue and expenses are recognized in accordance with Company accounting practices, and the periods they are recognized for income tax purposes are reflected as deferred income tax assets or liabilities. Deferred income tax assets and liabilities are measured using the substantively enacted statutory income tax rates which are expected to apply to taxable income in the years in which the assets are realized or the liabilities settled. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available for utilization. Temporary differences arising on the initial recognition of assets or liabilities that affect neither accounting nor taxable profit are not recognized. Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to offset current tax assets against liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity and are intended to be settled on a net basis. The determination of current and deferred taxes requires interpretations of tax legislation, estimates of expected timing of reversal of deferred tax assets and liabilities, and estimates of future earnings. K. Share Capital and Share Purchase Warrants Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from the proceeds in equity in the period where the transaction occurs. The fair value of common shares issued for goods and services is based on the fair value of the goods or services received, unless the fair value cannot be readily determined. If the fair value cannot be readily determined, the Company uses the market closing price on the date the shares are issued, while the fair value of share purchase warrants is estimated using the quoted market price or if the warrants are not traded, using the BSM as of the date of issuance. Equity instruments issued to agents as financing costs are measured at their fair value at the date the services were provided. Share purchase warrants issued with an exercise price denominated in the Company’s functional currency (U.S. dollars) are considered equity instruments with the consideration received reflected within shareholders’ equity under the classification of share purchase warrants reserve. Upon exercise, the original consideration is reallocated from share purchase warrants reserve to issued share capital along with the associated exercise price. L. Earnings Per Share Basic earnings per share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated assuming that outstanding share options and share purchase warrants with an average market price that exceeds the average exercise prices of the options for the period, are exercised and the proceeds are used to repurchase shares of the Company at the average market price of the common shares for the period. M. Share Based Payments The Company recognizes share based compensation expense for share purchase options, restricted share units ("RSUs") and common shares granted to directors, officers, employees and consultants under the Company’s equity based incentive plans based on the fair values at the date of grant. Share purchase options The fair value of share purchase options is determined using the BSM, with market related inputs as of the grant date. The BSM requires management to estimate the expected volatility, expected term, risk-free rate of return over the term, expected dividends, and the number of equity instruments expected to ultimately vest. Volatility is estimated using the historic stock price of the Company and similar listed entities, the expected term is estimated using historical exercise data of the Company and similar listed entities, and the number of equity instruments expected to vest is estimated using historical forfeiture data. The fair values of share purchase options at the date of grant are expensed over the vesting periods with a corresponding increase to equity. Share purchase options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. Restricted share units The fair value of RSUs is determined by the market value of the underlying shares at the date of the grant. Under the Company’s RSU Plan, the Board of Directors has the discretion to settle the vested RSUs in cash or equity. As the Company does not have a present obligation to settle the issued RSUs in cash, the RSUs issued have been treated as equity-settled instruments. The fair values of RSUs at the date of grant are expensed over the vesting periods with a corresponding increase to equity. At the end of each reporting period, the Company re-assesses its estimates of the number of awards that are expected to vest and recognizes the impact of any revisions to this estimate in equity. Common shares The fair value of common shares granted is determined by the market value of the underlying shares at the date of the grant. The fair value of the common shares are expensed with a corresponding increase to equity. N. 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. O. Segment Reporting The Company’s reportable operating segments are components of the Company’s business where discrete financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer, who is the Company’s chief operating decision maker, for the purpose of assessing performance. An operating segment is a component of an entity that engages in business activities, operating results are reviewed with respect to resource allocation and for which discrete financial information is available. The Corporation’s executive head office and general corporate administration (including finance expenses) are included within ‘Corporate’ to reconcile the reportable segments to the consolidated financial statements. Refer to Note 15 for summary of the Company’s segmented information.

NEW ACCOUNTING STANDARDS ADOPTE

NEW ACCOUNTING STANDARDS ADOPTED	12 Months Ended
	Dec. 31, 2019
NEW ACCOUNTING STANDARDS ADOPTED
NEW ACCOUNTING STANDARDS ADOPTED	3. NEW ACCOUNTING STANDARDS ADOPTED IFRS 16, Leases (“IFRS 16”) The Company adopted IFRS 16 on January 1, 2019, in accordance with the transitional provisions of the standard, applying the modified retrospective approach. At the inception of a contract, an assessment is made as to whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of a lease, a right-of-use asset and a lease liability are recognized. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, less any lease incentives received. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, the incremental borrowing rate. The lease obligation is measured at amortized cost using the effective interest method and re-measured if there is a change in future lease payments. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. An assessment is made at the end of each reporting period if there is an indication the carrying value of the right-of-use asset is not recoverable. The Company completed an assessment of the new standard. The process included a review of all lease and service contracts, to determine if it has the right to control the use of an identified asset for a period of time in exchange for consideration. Based on the analysis, the only contract to which the Company applied the new standard related to the lease for the use of the Company’s office premises. As a result of adopting the new standard, the Company recognized a right-of-use asset of $0.4 million within deferred financing costs and other. The right-of-use asset was measured at an amount equal to the lease liability on adoption. IFRS Interpretations Committee Interpretation 23, Uncertainty over Income Tax Treatments, (“IFRIC 23”) The Company adopted IFRIC 23 on January 1, 2019, with retrospective application in accordance with the standard. IFRIC 23 clarifies the recognition and measurement requirements when there is uncertainty over income tax treatment under IAS 12, Income Taxes. The adoption of IFRIC 23 did not result in any adjustments to the Company’s financial results or disclosures.

CRITICAL ACCOUNTING JUDGEMENTS,

CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS	12 Months Ended
	Dec. 31, 2019
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS	4. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. Information about significant areas of estimation uncertainty and judgments made by management in preparing the consolidated financial statements are described below. A. Attributable Reserve and Resource Estimates Royalty, stream and other interests comprise a large component of the Company’s assets and as such, the mineral reserves and resources of the properties to which the interests relate have a significant effect on the Company’s consolidated financial statements. The Company estimates the reserves and resources relating to each agreement. Reserves are estimates of the amount of minerals that can be economically and legally extracted from the mining properties at which the Company has royalty, stream and other agreements, adjusted where applicable to reflect the Company’s percentage entitlement to minerals produced from such mines. The Company estimates its reserves and resources based on information compiled by appropriately qualified persons relating to the geological data on the size, depth and shape of the ore body, and requires complex geological judgments to interpret the data. The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production costs along with geological assumptions and judgments made in estimating the size and grade of the ore body. Changes in the reserve or resource estimates may impact the carrying value of the Company’s royalty, stream and other interests and depletion charges. The Company’s royalty, stream and other interests are depleted on a units-of-production basis, with estimated recoverable reserves and resources being used to determine the depletion rate for each of the Company’s royalty, stream and other interests. These calculations require the use of estimates and assumptions, including the amount of recoverable resources to be converted into reserves. Changes to depletion rates are accounted for prospectively. B. Fair Value of Acquired Royalty, Stream and Other Interests The determination of the fair values of acquired royalty, stream and other interests requires the use of estimates and assumptions for recoverable production, commodity prices, discount rates, mineral reserve/resource conversion, foreign exchange rates, taxes, future capital expansion plans and the associated production implications. In addition, the Company may use other approaches in determining fair value which may include estimates related to (i) dollar value per unit of mineral reserve/resource; (ii) cash-flow multiples; (iii) comparable transactions and (iv) market capitalization of comparable assets. Changes in any of the estimates used in determining the fair value could impact the acquisition date fair values of the royalty, stream and other interests. C. Impairment of Royalty, Stream and Other Interests Assessment of impairment of royalty, stream and other interests requires the use of judgments, assumptions and estimates when assessing whether there are any indicators that could give rise to the requirement to conduct a formal impairment test as well as in the assessment of fair values. The assessment of the fair values of royalty, stream and other interests requires the use of estimates and assumptions for recoverable production, commodity prices, discount rates, mineral reserve/resource conversion, foreign exchange rates, taxes, future capital expansion plans and the associated production implications. In addition, the Company may use other approaches in determining fair value which may include estimates related to (i) dollar value per unit of mineral reserve/resource; (ii) cash-flow multiples; (iii) comparable transactions and (iv) market capitalization of comparable assets. Changes in any of the estimates used in determining the fair value of the royalty, stream and other interests could impact the impairment analysis. During the year ended December 31, 2019, the Company recorded an impairment charge of $18.9 million (2018: $nil) ( Note 6b). D. Income Taxes The interpretation of existing tax laws or regulations in Canada, Australia, the United States of America, or any of the countries in which our property interests are located or to which shipments of gold or silver are made or received 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. Refer to Note 14 for more information.

ROYALTY AND STREAM ACQUISITIONS

ROYALTY AND STREAM ACQUISITIONS	12 Months Ended
	Dec. 31, 2019
ROYALTY AND STREAM ACQUISITIONS
ROYALTY AND STREAM ACQUISITIONS	5. ROYALTY AND STREAM ACQUISITIONS A. During the Year Ended December 31, 2019 Kinross Portfolio Acquisition On December 19, 2019, the Company completed the Purchase and Sale Agreement (the “Agreement”) entered into with Kinross Gold Corporation (“Kinross”) to acquire a portfolio of royalties. As consideration, the Company issued 11,228,674 common shares and paid $32.8 million (US$25.0 million) in cash. Certain of the royalties that were due to be transferred pursuant to the Agreement were subject to certain restrictions on transfer, including a ROFR that permitted the underlying property owner the right to repurchase the specific royalty for cash on the same valuation as established by Kinross and Maverix. Prior to the Company completing the Agreement, one of the underlying property owners provided notification they were exercising their ROFR. As a result, Maverix acquired a total 24 royalties (the “Kinross Portfolio”) pursuant to the Agreement and received aggregate total proceeds of $15.6 million (US$12.0 million) in cash upon the completion of the ROFR transaction (Note 18). The fair value of the Kinross Portfolio acquired was determined to be $97.0 million. The Company used discounted cash flow models for producing or near term development assets and comparable transactions for exploration or other assets to determine the fair value of the individual assets within the Kinross Portfolio. The discounted cash flow models used discount rates of 5% to 8% for producing assets and from 8% to 10% for assets not in production. Metal prices were based on analyst metal price projections and management expectations. The excess of the fair value of the Kinross Portfolio of $97.0 million over the cash consideration paid of $32.8 million was allocated to the common shares. The significant and other assets acquired in the Kinross Portfolio include the following: DeLamar NSR Royalty (Idaho, United Stated) The Company has a 2.5% NSR royalty payable quarterly on all metals produced from the DeLamar deposit at the DeLamar project operated by Integra Resources Corp. Omolon GRR (Magadan Region, Russia) The Company has a sliding scale GRR payable quarterly on certain deposits that form part of the Omolon hub that is operated by Polymetal International plc. The GRR is equal to 2.0% when the gold price is above US$650 per ounce. Cerro Casale GRR (Atacama, Chile) The Company has a 1.25% GRR payable quarterly on 25% of the gross revenues from the Cerro Casale mine after US$10.0 million is payable under the agreement. The Cerro Casale mine is operated by the Norte Abierto joint venture between Barrick Gold Corporation and Newmont Corporation (“Newmont”). Other The Company also acquired 21 development and exploration stage royalties, of which, there are eleven in the United States, three in Canada, two in Chile, and the remaining five are in other jurisdictions. Additional Royalty on Hope Bay In August 2019, Maverix entered into an agreement to purchase an additional 1.5% NSR royalty on the Hope Bay mine in Nunavut, Canada, owned and operated by TMAC Resources Inc. (“TMAC”) for a cash payment of $53.0 million (US$40.0 million) (the “Additional Royalty”). Upon closing of the transaction, Maverix owns a combined 2.5% NSR royalty on the Hope Bay mine. Maverix is also entitled to receive an additional 0.25% NSR royalty until certain conditions with respect to the Additional Royalty are satisfied. TMAC has the right to buy back 100% of the Additional Royalty for a cash payment of US$50.0 million in the event of a change of control transaction of TMAC (as defined in the agreement) that is announced prior to June 30, 2021. TMAC also has the right to buy back 0.5% of the Additional Royalty after June 30, 2021 for a cash payment of US$15.0 million. El Mochito Stream In March 2019, Maverix entered into an agreement to purchase 22.5% of the silver produced from Ascendant Resources Inc.’s (“Ascendant”) operating El Mochito mine (the “El Mochito Stream”). As consideration for the El Mochito Stream, Maverix made an upfront cash payment of $10.3 million (US$7.5 million). If certain production milestones are met, the El Mochito Stream percentage will decrease from 22.5% to 20% for the remaining life of the mine. Maverix will make ongoing cash payments to Ascendant equal to 25% of the spot price of silver for each ounce delivered. B. During the Year Ended December 31, 2018 Newmont Portfolio Acquisition On June 29, 2018, the Company completed the Purchase and Sale Agreement (the “PSA”) entered into with Newmont Corporation and its affiliates to acquire a portfolio of royalties. For consideration, the Company issued 30,000,000 common shares, 5,000,000 common share purchase warrants and paid $22.4 million (US$17.0 million) in cash. The warrants are exercisable for five years at a price of US$3.28 per common share. Certain of the royalties that were due to be transferred pursuant to the PSA were subject to a ROFR that permitted the underlying property owner the right to repurchase the specific royalty for cash on the same valuation as established by Newmont and Maverix. Prior to the Company completing the PSA, a few of the underlying property owners provided notification they were exercising their ROFRs. As a result, Maverix acquired a total 51 royalties (the “Newmont Portfolio”) pursuant to the PSA and received aggregate total proceeds of $22.4 million (US$17.0 million) in cash upon the completion of the ROFR transactions. The fair value of the Newmont Portfolio acquired was determined to be $134.7 million. The Company used discounted cash flow models for producing or near term development assets and comparable transactions for exploration or other assets to determine the fair value of the individual assets within the Newmont Portfolio. The discounted cash flow models used a discount rate of 5% for producing assets and from 5% to 10% for assets not in production. Metal prices were based on analyst metal price projections and management expectations. The excess of the fair value of the Newmont Portfolio of $134.7 million over the cash consideration paid of $22.4 million was allocated to the common shares and common shares purchase warrants using the residual method. The fair value of the 5,000,000 warrants were calculated using the BSM and the residual value was allocated to the 30,000,000 common shares. The following assumptions were used in the BSM: grant date share price of US$1.30, exercise price of US$1.64, expected volatility of 51%, risk-free interest rate of 2.1% and expected life of 5 years. Moss Mine Silver Stream In December 2018, the Company entered into an agreement to acquire 100% of the silver produced from Northern Vertex Mining Corp.’s (“Northern Vertex”) operating Moss mine, until a minimum of 3.5 million ounces of silver have been purchased, after which Maverix will be entitled to purchase 50% of the life of mine silver production (the “Moss Stream”). Maverix will make ongoing cash payments to a subsidiary of Northern Vertex equal to 20% of the spot price of silver. As consideration for the Moss Stream, Maverix made an upfront cash payment of $26.7 million (US$20.0 million). The Moss mine is 100% owned by Northern Vertex and is located near Bullhead City in northwest Arizona.

ROYALTY, STREAM AND OTHER INTER

ROYALTY, STREAM AND OTHER INTERESTS	12 Months Ended
	Dec. 31, 2019
ROYALTY, STREAM AND OTHER INTERESTS
ROYALTY, STREAM AND OTHER INTERESTS	6. ROYALTY, STREAM AND OTHER INTERESTS A. Carrying Amount As at and for the year ended December 31, 2019: Cost Accumulated Depletion Additions/ Foreign Carrying Country Opening Disposals Ending Opening Depletion Impairment Ending Exchange Amount $ $ $ $ $ $ $ $ $ Amulsar ARM 18,748 — 18,748 — — (18,896) (18,896) 148 — Beta Hunt AUS 19,964 — 19,964 (6,336) (2,324) — (8,660) (605) 10,699 Cerro Casale CHL — 9,255 9,255 — — — — (94) 9,161 Converse USA 13,220 — 13,220 — — — — (181) 13,039 DeLamar USA — 11,900 11,900 — — — — (122) 11,778 El Mochito HON — 10,303 10,303 — (2,011) — (2,011) (247) 8,045 Florida Canyon USA 15,984 806 16,790 (1,965) (893) — (2,858) (120) 13,812 Friday - Petsite USA — 1,312 1,312 — — — — (13) 1,299 Gemfield USA 11,587 — 11,587 — — — — (158) 11,429 Hope Bay CAN 30,682 52,970 83,652 (1,001) (1,562) — (2,563) (1,376) 79,713 Karma BFA 25,870 10 25,880 (3,042) (2,276) — (5,318) 242 20,804 La Colorada MEX 22,620 — 22,620 (3,033) (1,226) — (4,259) 1 18,362 McCoy Cove USA 15,807 8,594 24,401 — — — — (304) 24,097 Moose River CAN 4,810 — 4,810 (1,104) (918) — (2,022) 12 2,800 Moss USA 27,056 13 27,069 (90) (2,053) — (2,143) (682) 24,244 Mt. Carlton AUS 12,772 — 12,772 (4,695) (1,349) — (6,044) (496) 6,232 Omolon RUS — 13,222 13,222 — (529) — (529) (124) 12,569 San Jose MEX 7,150 — 7,150 (2,267) (736) — (3,003) 7 4,154 Silvertip CAN 5,858 — 5,858 (119) (468) — (587) (224) 5,047 Vivien AUS 4,457 10 4,467 (2,663) (747) — (3,410) (137) 920 Other royalties and streams Various 47,910 37,555 85,465 (519) (33) — (552) (1,086) 83,827 Other USA 4,127 3 4,130 (295) (365) — (660) (12) 3,458 Total (1) 288,622 145,953 434,575 (27,129) (17,490) (18,896) (63,515) (5,571) 365,489 (1) Total royalty, stream, and other interests include carrying amounts in the following countries: $131.9 million in United States, $95.4 million in Canada, $27.2 million in Mexico, $21.0 million in Burkina Faso, $19.6 million in Australia, $13.1 in Chile, $12.6 in Russia, $10.9 million in Peru, $8.0 million in Honduras, $6.7 million in Dominican Republic, $5.2 in Cote d'Ivoire, $4.6 in Ghana, $4.2 million in Argentina and $5.1 million in other various countries. As at and for the year ended December 31, 2018: Cost Accumulated Depletion Foreign Carrying Country Opening Additions Ending Opening Depletion Ending Exchange Amount $ $ $ $ $ $ $ $ Amulsar ARM — 18,748 18,748 — — — 679 19,427 Beta Hunt AUS 19,964 — 19,964 (1,533) (4,803) (6,336) — 13,628 Converse USA — 13,220 13,220 — — — 476 13,696 Florida Canyon USA 15,984 — 15,984 (759) (1,206) (1,965) 578 14,597 Gemfield USA — 11,587 11,587 — — — 417 12,004 Hope Bay CAN — 30,682 30,682 — (1,001) (1,001) 1,057 30,738 Karma BFA 25,852 18 25,870 (446) (2,596) (3,042) 1,354 24,182 La Colorada MEX 22,620 — 22,620 (1,368) (1,665) (3,033) 960 20,547 McCoy-Cove USA — 15,807 15,807 — — — 569 16,376 Moose River CAN 4,810 — 4,810 (86) (1,018) (1,104) 179 3,885 Moss USA — 27,056 27,056 — (90) (90) 595 27,561 Mt. Carlton AUS 12,772 — 12,772 (2,635) (2,060) (4,695) (144) 7,933 San Jose MEX 7,150 — 7,150 (1,265) (1,002) (2,267) 237 5,120 Silvertip CAN 5,858 — 5,858 — (119) (119) 44 5,783 Vivien AUS 4,457 — 4,457 (1,551) (1,112) (2,663) (71) 1,723 Other royalties and streams Various 29,470 18,440 47,910 (26) (493) (519) 1,647 49,038 Other USA — 4,127 4,127 — (295) (295) 166 3,998 Total (1) 148,937 139,685 288,622 (9,669) (17,460) (27,129) 8,743 270,236 (1) Total royalty, stream, and other interests include carrying amounts in the following countries: $102.7 million in United States, $41.9 million in Canada, $30.6 million in Mexico, $25.1 million in Australia, $24.4 million in Burkina Faso, $19.4 in Armenia, $11.5 million in Peru, $7.0 million in Dominican Republic, $4.4 million in Argentina and $3.2 million in other various countries. B. Royalty interest impairment In December 2019, Lydian International Limited (“Lydian”) announced it was granted creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”) in order to possibly restructure its business and affairs. The CCAA filing, amongst other facts and circumstances, were considered indicators of impairment. As a result of the Company’s review of the circumstances specific to its royalty payment agreement with Lydian, the Company recorded an impairment of $18.9 million.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2019
INVESTMENTS
INVESTMENTS	7. INVESTMENTS As at and for the year ending December 31, 2019: Balance at Balance at December Fair Value Foreign December 31, 2018 Additions Adjustments Disposals Exchange 31, 2019 Common shares (1) $ 5,762 $ 4,748 $ (1,081) $ — $ (331) $ 9,098 Warrants (2) 320 — (122) — (12) 186 Total investments $ 6,082 $ 4,748 $ (1,203) $ — $ (343) $ 9,284 (1) Fair value adjustments recorded within Other Comprehensive (loss) income for the period. (2) Fair value adjustments recorded within Net (loss) income for the period. Concurrent with the acquisition of the Additional Royalty (Note 5), the Company subscribed for $4.0 million (US$3.0 million) TMAC common shares. As at and for the year ending December 31, 2018: Balance at Balance at December 31, Fair Value Foreign December 2017 Additions Adjustments Disposals Exchange 31, 2018 Common shares $ — $ 7,059 $ 2,691 $ (4,179) $ 191 $ 5,762 Warrants — 190 121 — 9 320 Total investments $ — $ 7,249 $ 2,812 $ (4,179) $ 200 $ 6,082

CREDIT FACILITY

CREDIT FACILITY	12 Months Ended
	Dec. 31, 2019
CREDIT FACILITY
CREDIT FACILITY	8. CREDIT FACILITY The Company amended and increased its revolving credit agreement to borrow up to US$120 million (the “Revolving Facility”). Amounts drawn on the amended Revolving Facility are subject to interest at LIBOR plus 2.00% to 3.00% per annum, and the undrawn portion is subject to a standby fee of 0.45% to 0.675% per annum, both of which are dependent on the Company’s leverage ratio (as defined in the Revolving Facility credit agreement). During the year ended December 31, 2019, the Company paid approximately 4.4%, on amounts drawn and 0.5% on the remaining undrawn portion. The amended Revolving Facility is secured by the Company’s present and future acquired assets, matures in June 2023, and is extendable through mutual agreement between Maverix and the syndicate of lenders. As at December 31, 2019, the Company was in compliance with its covenants as defined in the Revolving Facility credit agreement. The following table summarizes the Company’s Revolving Facility as at and for the years ended December 31, 2019 and 2018: Revolving Facility Balance at December 31, 2017 $ — Proceeds 23,618 Repayment (7,203) Foreign exchange movement 365 Balance at December 31, 2018 16,780 Proceeds 82,284 Repayment (7,085) Foreign exchange movement (2,362) Balance at December 31, 2019 $ 89,617 Amortization of the deferred financing costs related to the Revolving Facility for the years ended December 31, 2019 and 2018 were $0.4 million and $0.3 million, respectively.

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2019
SHARE CAPITAL
SHARE CAPITAL	9. SHARE CAPITAL a) Authorized, Issued and Outstanding shares The Company is authorized to issue an unlimited number of common shares without par value. In May 2019, the Company consolidated its issued and outstanding common shares on the basis of two (2) pre-consolidation common shares for each one (1) post-consolidation common share (the “Share Consolidation”). As a result of the Share Consolidation, the 215,896,670 pre-consolidation shares were consolidated to 107,948,351 post-consolidation shares. The exercise price and the number of common shares issuable under the Company’s stock option plan and share purchase warrants were proportionately adjusted based on the ratio of the Share Consolidation. All comparative information has been adjusted to reflect the Share Consolidation. During the year ended December 31, 2019, the Company issued 125,205 common shares for $0.7 million in share-based compensation based on a weighted average share price of $5.36. During the year ended December 31, 2018, the Company issued 168,335 common shares for $0.6 million in share-based compensation based on a $3.30 share price. b) Share Purchase Warrants A listing of the Company’s outstanding warrants as at December 31, 2019 and 2018 are presented below: Exercise Price Number outstanding US$ Expiry Date 5,000,000 $ 1.56 July 8, 2021 3,250,000 $ 2.41 July 8, 2021 5,000,000 $ 2.41 December 23, 2021 5,000,000 $ 3.28 June 29, 2023 18,250,000 c) Share Based Payments – Share Option Plan The Company adopted a stock option and compensation share plan (the “Plan”), which provides that the Board of Directors may, at its discretion, grant directors, officers, employees and consultants, either, (i) common shares of the Company or (ii) non-transferable stock options to purchase common shares of the Company, each set at a price determined by the fair market value of the shares at the date immediately preceding the date on which the option is granted or the common share is issued. Under the Plan, the aggregate number of common shares of the Company reserved for issuance is 7,500,000 common shares. If any option granted under the Plan expires or terminates for any reason in accordance with the terms of the Plan without being exercised, that option shall again be available for the purpose of the Plan. All stock options and incentive shares issued under the Plan vest over a period determined by the Board of Directors. Incentive stock options issued under the Plan expire up to five years after issuance. The following table summarizes stock options which were outstanding and exercisable as at December 31, 2019 and 2018 and changes during the years then ended: Options Weighted average Outstanding exercise price per option # $ Balance at December 31, 2017 2,716,903 1.88 Granted 906,565 3.30 Exercised (192,000) 1.08 Forfeited (229,950) 2.81 Cancelled (25,000) 1.08 Balance at December 31, 2018 3,176,518 2.28 Granted 1,211,565 5.38 Exercised (508,964) 1.62 Forfeited (45,000) 5.18 Balance at December 31, 2019 3,834,119 3.31 Options which have vested and are exercisable as at December 31, 2019 2,216,772 2.21 A summary of the Company’s outstanding stock options as at December 31, 2019 are presented below: Number outstanding Exercise Price Expiry Date 887,500 $ 1.08 July 11, 2021 722,408 $ 2.80 April 28, 2022 156,081 $ 2.80 June 1,2022 901,565 $ 3.30 May 31, 2023 848,252 $ 5.18 April 3, 2024 50,000 $ 6.48 August 1, 2024 268,313 $ 5.83 December 12,2024 3,834,119 The following are the weighted average assumptions used in the BSM to estimate the fair value of stock options granted for the years ended December 31, 2019 and 2018: Year ended Year ended December 31, 2019 December 31, 2018 Risk-free interest rate 1.6 % 2.1 % Expected volatility 47 % 51 % Expected life 3 years 3 years Expected dividend yield 0.2 % Nil The weighted-average common share price, at the time of exercise, for the options that were exercised during the year ended December 31, 2019 was $5.48 per share (2018: $3.32 per share). The weighted average remaining contractual life of the options as at December 31, 2019 was 3.0 years (2018: 3.3 years). d) Share Based Payments — RSU Plan The Company adopted a RSU Plan, which provides that the Board of Directors may, at its discretion, grant directors, officers, employees and consultants, non-transferable RSUs. Each RSU is set at a price determined by the fair market value of the shares at the date immediately preceding the date on which the RSU is granted. Under the RSU Plan, the aggregate number of common shares of the Company reserved for issuance is 3,000,000 common shares. If any RSU granted under the RSU Plan expires or terminates for any reason in accordance with the terms of the RSU Plan without vesting, that RSU shall again be available for the purpose of the Plan. All RSUs issued under the Plan vest after three years, unless otherwise determined on the grant date by the Board of Directors. The Board of Directors has the discretion to settle the vested RSUs in cash or equity. RSUs Weighted average fair Outstanding value per RSU # $ Balance at December 31, 2018 — — Granted 97,027 5.82 Balance at December 31, 2019 97,027 5.82 e) Dividend In November 2019, the Board of Directors declared a quarterly dividend of US$0.01 per common share payable on January 15, 2020 to shareholders of record as of the closure of business on December 31, 2019.

ADMINISTRATIVE EXPENSES

ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2019
ADMINISTRATIVE EXPENSES
ADMINISTRATIVE EXPENSES	10 . ADMINISTRATIVE EXPENSES Year ended Year ended December 31, 2019 December 31, 2018 Compensation and benefits $ 3,982 $ 2,768 Corporate administration 1,145 692 Listing and filing fees 857 119 Professional fees 541 420 Amortization 161 60 Total administrative expenses $ 6,686 $ 4,059

DILUTED EARNINGS PER SHARE

DILUTED EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2019
DILUTED EARNINGS PER SHARE
DILUTED EARNINGS PER SHARE	11. DILUTED (LOSS) EARNINGS PER SHARE Diluted (loss) earnings per share is calculated based on the following: Year ended Year ended December 31, 2019 December 31, 2018 Net (loss) income for the year $ (10,178) $ 2,711 Basic weighted average number of shares 108,363,047 92,784,376 Basic (loss) earnings per share $ (0.09) $ 0.03 Effect of dilutive securities Warrants — 3,996,083 Stock options — 1,206,157 Diluted weighted average number of common shares 108,363,047 97,986,616 Diluted (loss) earnings per share $ (0.09) $ 0.03

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2019
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	12. SUPPLEMENTAL CASH FLOW INFORMATION Year ended Year ended December 31, 2019 December 31, 2018 Changes in non-cash working capital: Accounts receivable $ (3,615) $ (1,984) Prepaid expenses and other (286) (103) Trade and other payables (1,314) 384 Dividend payable 1,553 — Changes in non-cash working capital $ (3,662) $ (1,703) Significant non-cash transactions: Equity issued for Kinross and Newmont Portfolio's (Note 5) $ 64,174 $ 112,295 Settlement of certain receivables 1,540 2,705 Interest on CEF Facility paid in common shares $ — $ 398 Cash and cash equivalents at the end of the year: Cash at bank $ 6,271 $ 6,844

RELATED PARTY DISCLOSURES

RELATED PARTY DISCLOSURES	12 Months Ended
	Dec. 31, 2019
RELATED PARTY DISCLOSURES
RELATED PARTY DISCLOSURES	13. RELATED PARTY DISCLOSURES Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including any director of the Company. Compensation for key management personnel of the Company was as follows: Year ended Year ended December 31, 2019 December 31, 2018 Compensation and benefits $ 3,243 $ 1,624 Share-based compensation 1,955 423 Total compensation $ 5,198 $ 2,047 During the years ended December 31, 2019 and 2018, the Company purchased $3.2 million and $3.3 million of refined gold from Pan American Silver Corp. (“Pan American”) at a price of US$650 per ounce purchased under its La Colorada gold Stream agreement (Note 17). As a consequence of its shareholding, Pan American is deemed to have a significant influence over the Company.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
INCOME TAXES	14. INCOME TAXES Income tax recognized in net (loss) income is comprised of the following: Year ended Year ended December 31, 2019 December 31, 2018 Current tax expense $ 1,570 $ 1,316 Deferred tax expense — — Income tax expense $ 1,570 $ 1,316 The income tax expense differs from the amount that would result from applying the federal and provincial income tax rates to the income before income taxes due to the following: Year ended Year ended December 31, 2019 December 31, 2018 (Loss) income before income taxes $ (8,608) $ 4,027 Statutory tax rate 27 % 27 % Expected income tax (recovery) expense $ (2,324) $ 1,087 Increase (decrease) due to: Foreign tax rate differences 279 205 Non-deductible permanent differences 422 623 Withholding taxes 424 538 Change in unrecognized temporary differences 3,239 (240) Effect of true-ups in prior year temporary differences (470) (897) Income tax expense $ 1,570 $ 1,316 Deferred tax assets and liabilities As at December 31, 2019 the Company has recognized gross deferred tax assets of $7.1 million related to Canadian non-capital losses (December 31, 2018: $2.8 million). These have been partially offset by $6.1 million of deferred tax liabilities primarily related to the Company’s royalty, stream and other interests (December 31, 2018: $1.7 million). The aggregate amount of deductible temporary differences for which deferred income tax assets have not been recognized are as follows: Year ended Year ended December 31, 2019 December 31, 2018 Royalty, stream and other interests $ 3,058 $ 3,271 Financing costs 168 352 Non-capital losses 46,634 22,302 Total $ 49,860 $ 25,925 No deferred tax asset is recognized in respect of these items because it is not probable that future taxable income will be available against which the Company can utilize the benefit. The Company has deductible non-capital tax losses of $46.6 million for which a deferred tax asset has not been recognized and expire in 2037 to 2039.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2019
SEGMENT INFORMATION
SEGMENT INFORMATION	15. SEGMENT INFORMATION For the year ended December 31, 2019: Costs of sales, Royalty (Loss) Cash from Royalty excluding interest income (used in) revenue Sales depletion Depletion impairment before taxes operations $ $ $ $ $ $ $ Amulsar — — — — (18,896) (18,896) — Beta Hunt 6,350 — — (2,324) — 4,026 6,764 El Mochito — 4,812 (1,160) (2,011) — 1,641 3,651 Florida Canyon 2,787 — — (893) — 1,894 2,188 Hope Bay 4,145 — — (1,562) — 2,583 2,622 Karma 3,058 — — (2,276) — 782 2,534 La Colorada — 6,921 (3,241) (1,226) — 2,454 3,680 Moose River 1,492 — — (918) — 574 1,378 Moss — 4,077 (810) (2,053) — 1,214 3,268 Mt. Carlton 3,902 — — (1,349) — 2,553 4,297 Omolon 746 — — (529) — 217 — San Jose 1,952 — — (736) — 1,216 1,845 Silvertip 1,248 — — (468) — 780 1,200 Vivien 2,746 — — (747) — 1,999 2,804 Other 496 — — (398) — 98 365 Corporate — — — — — (11,743) (8,922) Consolidated total 28,922 15,810 (5,211) (17,490) (18,896) (8,608) 27,674 For the year ended December 31, 2018: Costs of sales, Cash from Royalty excluding Income (loss) (used in) revenue Sales depletion Depletion before taxes operations $ $ $ $ $ $ Beta Hunt 8,264 — — (4,803) 3,461 6,383 Florida Canyon 1,930 — — (1,206) 724 1,585 Hope Bay 1,770 — — (1,001) 769 1,243 Karma 3,015 — — (2,596) 419 2,688 La Colorada — 6,486 (3,342) (1,665) 1,479 3,143 Moose River 2,577 — — (1,018) 1,559 2,570 Moss — 204 (40) (90) 74 164 Mt. Carlton 4,334 — — (2,060) 2,274 4,561 San Jose 1,624 — — (1,002) 622 1,694 Silvertip 349 — — (119) 230 163 Vivien 2,624 — — (1,117) 1,507 2,797 Other 874 — — (783) 91 888 Corporate — — — — (9,182) (5,087) Consolidated total 27,361 6,690 (3,382) (17,460) 4,027 22,792

FINANCIAL RISK MANAGEMENT

FINANCIAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2019
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT	16. FINANCIAL RISK MANAGEMENT The Company has exposure to a variety of financial risks from its use of financial instruments. This note presents information about the Company's exposure to each of these risks, the Company's objectives, policies and processes for measuring and managing risk, and the Company's management of capital. Capital Risk Management The Company’s primary objective when managing capital is to maximize returns for its shareholders by growing its asset base through accretive acquisitions of royalties, streams and other interests, while optimizing its capital structure by balancing debt and equity. At December 31, 2019, the capital structure of the Company consists of $313.9 million (December 31, 2018: $273.1 million) of total equity, comprising share capital, reserves, accumulated other comprehensive (loss) income, and deficit, and $89.6 million (December 31, 2018: $16.8 million) of drawn Revolving Facility. The Company was not subject to any externally imposed capital requirements with the exception of complying with certain covenants under the Revolving Facility (Note 8). The Company is in compliance with its debt covenants at December 31, 2019. Credit Risk Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company's credit risk is primarily attributable to its liquid financial assets including cash and cash equivalents and accounts receivable in the ordinary course of business. In order to mitigate its exposure to credit risk, the Company maintains its cash and cash equivalents in several high-quality financial institutions and closely monitors its accounts receivable and ROFR receivable balances. The Company’s accounts receivable and ROFR receivable are subject to the credit risk of the counterparties who own and operate the mines underlying Maverix’s royalty and stream portfolio. Currency Risk Financial instruments that impact the Company’s net income due to currency fluctuations include: cash and cash equivalents, accounts receivable, investments, trade payables and other denominated in Canadian and Australian dollars. Based on the Company’s Canadian and Australian dollar denominated monetary assets and liabilities at December 31, 2019, a 10% increase (decrease) of the value of the Canadian and Australian dollar relative to the US dollar would increase (decrease) net (loss) income by $0.2 million and other comprehensive (loss) income by $0.9 million, respectively. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company’s approach to managing liquidity is to ensure it will have sufficient liquidity to meet liabilities when due. In managing liquidity risk, the Company takes into account anticipated cash flows from operations, holding of cash and cash equivalents, and the amount available under the Revolving Facility. As at December 31, 2019, the Company had cash and cash equivalents of $6.3 million (December 31, 2018: $6.8 million) and working capital of $25.9 million (December 31, 2018: $11.3 million). In addition, at December 31, 2019 the Company has US$51.0 million available under its Revolving Facility (Note 8). Other Risks The Company also holds common shares of other mining companies with a combined fair market value as at December 31, 2019 of $9.1 million (December 31, 2018: $5.8 million) (Note 7). The daily exchange traded volume of the common shares may not be sufficient for the Company to liquidate its position in a short period of time without potentially affecting the market value of the shares. The Company is exposed to equity price risk as a result of holding these investments in other mining companies. Based on the Company’s investments held as at December 31, 2019, a 10% increase (decrease) in the equity prices of these investments would increase (decrease) other comprehensive (loss) income by $0.9 million. Fair Value Measurements The fair value hierarchy establishes three levels to classify the inputs of valuation techniques used to measure fair value. The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Investments in common shares held that have direct listings on an exchange are classified as Level 1. Level 2: Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liabilities. Level 3: Prices or valuation techniques that require inputs that are both significant to fair value measurement and unobservable (supported by little or no market activity). The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at December 31, 2019 and 2018. In accordance with IFRS 13, Fair Value Measurements, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As at December 31, 2019 As at December 31, 2018 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Common shares $ 9,098 $ — $ — $ 5,762 $ — $ — Warrants — 186 — — 320 — Total $ 9,098 $ 186 $ — $ 5,762 $ 320 $ — The fair values of the royalty, stream and other interests acquired through issuance of equity instruments were determined by a market approach using unobservable inputs into discounted cash flow projections and comparable transactions. As a result, for the years ending December 31, 2019 and 2018, the acquisition date fair values of royalty and other interests designated as Level 3 fair value measurements were $97.0 million and $134.7 million, respectively (Note 5).

CONTRACTUAL OBLIGATIONS

CONTRACTUAL OBLIGATIONS	12 Months Ended
	Dec. 31, 2019
CONTRACTUAL OBLIGATIONS
CONTRACTUAL OBLIGATIONS	17. CONTRACTUAL OBLIGATIONS In connection with its Streams, the Company has committed to purchase the following: Percent of Per ounce cash payment: life of Lesser of amount below and the then mine prevailing market price production (unless otherwise noted) Gold Stream interests La Colorada 100 % US$650 La Bolsa 5 % US$450 Silver Stream interests Moss 100 % (1) 20% of silver spot price El Mochito 22.5 % (2) 25% of silver spot price (1) After 3.5 million ounces of silver are delivered, Maverix’s silver purchase entitlement will be 50% of the remaining life of mine silver production. (2) If 3.0 million ounces are delivered to Maverix prior to April 1, 2022, Maverix’s silver purchase entitlement will be 20% of life of mine silver production. In connection with the acquisition of the Silvertip Royalty, the Company may issue an additional 1,400,000 common shares of the Company when the Silvertip mine achieves commercial production and a cumulative throughput of 400,000 tonnes of ore through the processing plant.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS Subsequent to December 31, 2019, the Company collected ROFR proceeds of US$12.0 million (Note 5) and repaid US$13.0 million of the Revolving Facility, leaving US$64.0 million available under the Revolving Facility.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Statement of Compliance	A. Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standard Board (“IASB”).
Basis of Preparation	B. Basis of Preparation These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments, which are measured at fair value. The consolidated financial statements are presented in Canadian dollars, unless otherwise noted.
Principles of Consolidation	C. Principles of Consolidation These consolidated financial statements include the accounts of the Company and its significant subsidiaries (all of which are wholly owned) Maverix Metals (Australia) Pty Ltd. (“MMA”) and Maverix Metals (Nevada) Inc. (“MMN”). Subsidiaries are fully consolidated from the date the Company obtains control, and continue to be consolidated until the date that control ceases. Control is achieved when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All intercompany balances, transactions, revenues and expenses have been eliminated on consolidation.
Royalty, Stream and Other Interests	D. Royalty, Stream and Other Interests Royalty, stream and other interests consist of acquired royalty, stream and other interests. These interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. Project evaluation costs that are not related to a specific royalty or stream asset are expensed in the period incurred. Producing royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement. On acquisition of a royalty or stream interest, an allocation of its fair value may be attributed to the exploration potential of the interest and is accounted for in accordance with IFRS 6, Exploration and Evaluation of Mineral Resources (“IFRS 6”). Once the technical feasibility, commercial viability and a development decision have been established, the value of the asset is reclassified and accounted for in accordance with IAS 16, Property, Plant and Equipment (“IAS 16”). The exploration and evaluation asset is subject to an impairment test prior to reclassification in accordance with IFRS 6.
Impairment of Royalty, Stream and Other Interests	E. Impairment of Royalty, Stream and Other Interests Evaluation of the carrying values of each mineral interest is undertaken when events or changes in circumstances indicate that the carrying values may not be recoverable. Impairment is assessed at the level of cash-generating units, which are identified as the smallest identifiable group of assets that generates cash inflows and largely independent of the cash inflows from other assets. This is usually at the individual royalty, stream, or other interest level for each property from which cash inflows are generated. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount, which is the higher of its fair value less costs of disposal (“FVLCD”) and its value in use (“VIU”). Estimated future cash flows are calculated using estimated production, sales prices and a discount rate. Estimated future production is determined using current reserves and the portion of resources expected to be classified as mineral reserves, as well as exploration potential expected to be converted into resources or reserves. Estimated sales prices are determined by reference to an average of long-term metal price forecasts by research analysts and management’s expectations. The discount rate is estimated using an average discount rate incorporating research analyst views used to value precious metal royalty and streaming companies. All inputs used are those that an independent market participant would consider appropriate. In addition, the Company may use other market approaches for determining the recoverable amount which may include an estimate of (i) dollar value per unit of mineral reserve/resource; (ii) cash-flow multiples; (iii) comparable transactions or (iv) market capitalization of comparable assets. An assessment is made at each reporting period if there is any indication that a previous impairment loss may no longer exist or has decreased. If indications are present, the carrying value of the royalty or stream interest is increased to the revised estimate of its recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount net of depletion that would have been determined had no impairment loss been recognized for the royalty or stream interest in previous periods. Royalty and stream interests classified as exploration and evaluation assets are assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount.
Revenue Recognition	F. 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 Streams, 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.
Foreign Currency Translation	G. Foreign Currency Translation The consolidated financial statements are presented in Canadian dollars. Assets and liabilities of the Company and its subsidiaries that have a functional currency other than the Canadian dollar are translated into Canadian dollars at the exchange rate in effect on the consolidated statement of financial position date and revenues and expenses are translated at the average exchange rate over the reporting period. Gains and losses from these translations are recognized as foreign currency translation adjustment in other comprehensive (loss) income. The functional currency of the Company and its subsidiaries is the principal currency of the economic environment in which they operate. The functional currency of the Company, MMA, and MMN is the U.S. dollar. Foreign currency transactions, including revenues and expenses, are translated into the functional currency at the rate of exchange prevailing on the date of each transaction or valuation when items are re-measured. Monetary assets and liabilities denominated in currencies other than the operation’s functional currencies are translated into the functional currency at exchange rates in effect at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of those transactions and from period-end translations are recognized in the consolidated statement of (loss) income .
Financial Instruments	H. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, right of first refusal ("ROFR") receivable, investments, trade and other payables, and the credit facility. All financial instruments are initially recorded at fair value and designated as follows: Cash and cash equivalents include cash on account and short-term deposits with maturities from the date of acquisition of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant changes in value. Cash and cash equivalents are subsequently measured at amortized cost using the effective interest rate method. Trade receivables relate to amounts received from sales of refined gold and silver and royalty revenue. ROFR receivable relates to the underlying right of a property owner to repurchase a specific royalty (Note 5). These receivables are non-interest bearing and are recognized at fair value and are subsequently measured at amortized cost. We have applied the simplified approach to determining expected credit losses, which requires expected lifetime losses to be recognised upon initial recognition of the receivables. Investments in marketable equity securities are designated as fair value through profit and loss (“FVTPL”) unless they are irrevocably designated, on an individual basis, as fair value through other comprehensive income (“FVTOCI”). Investment transactions are recognized on the trade date with transaction costs included in the underlying balance. Fair values are determined by reference to quoted market prices at the statement of financial position date. When investments in marketable equity securities designated as FVTOCI are disposed of, the cumulative gains and losses recognized in other comprehensive income are not recycled to the statement of income and remain within equity. Dividends received are recognized in income and these investments are not assessed for impairment. The consideration for investments in units including common shares and share purchase warrants are allocated on a pro-rata basis, based on relative fair values at the date of issuance. The fair value of common shares are based on the market closing price. The fair value of share purchase warrants is determined using the quoted market price or if the warrants are not traded, using the Black-Scholes Model (“BSM”) as of the date of issuance. Investments in warrants are classified as FVTPL. These warrants are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement recognized as a component of net income (loss) under the classification of other (expense) income. Trade and other payables and the credit facility 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.
Inventory	I. Inventory When refined gold or silver is delivered to the Company under a Stream agreement, it is recorded as inventory. The amount recognized as inventory includes both the cash payment and the related depletion associated with the underlying Stream interest. At such time the inventory is sold, the amounts recognized in inventory are recorded as cost of sales and depletion.
Income taxes	J. Income taxes Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used are those that are substantively enacted at the reporting date. Deferred income taxes are provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for accounting. The change in the net deferred income tax asset or liability is included in income, except for deferred income tax relating to equity items which are recognized directly in equity. The income tax effects of differences in the periods when revenue and expenses are recognized in accordance with Company accounting practices, and the periods they are recognized for income tax purposes are reflected as deferred income tax assets or liabilities. Deferred income tax assets and liabilities are measured using the substantively enacted statutory income tax rates which are expected to apply to taxable income in the years in which the assets are realized or the liabilities settled. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available for utilization. Temporary differences arising on the initial recognition of assets or liabilities that affect neither accounting nor taxable profit are not recognized. Deferred income tax assets and liabilities are offset only if a legally enforceable right exists to offset current tax assets against liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity and are intended to be settled on a net basis. The determination of current and deferred taxes requires interpretations of tax legislation, estimates of expected timing of reversal of deferred tax assets and liabilities, and estimates of future earnings.
Share Capital and Share Purchase Warrants	K. Share Capital and Share Purchase Warrants Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from the proceeds in equity in the period where the transaction occurs. The fair value of common shares issued for goods and services is based on the fair value of the goods or services received, unless the fair value cannot be readily determined. If the fair value cannot be readily determined, the Company uses the market closing price on the date the shares are issued, while the fair value of share purchase warrants is estimated using the quoted market price or if the warrants are not traded, using the BSM as of the date of issuance. Equity instruments issued to agents as financing costs are measured at their fair value at the date the services were provided. Share purchase warrants issued with an exercise price denominated in the Company’s functional currency (U.S. dollars) are considered equity instruments with the consideration received reflected within shareholders’ equity under the classification of share purchase warrants reserve. Upon exercise, the original consideration is reallocated from share purchase warrants reserve to issued share capital along with the associated exercise price.
Earnings Per Share	L. Earnings Per Share Basic earnings per share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated assuming that outstanding share options and share purchase warrants with an average market price that exceeds the average exercise prices of the options for the period, are exercised and the proceeds are used to repurchase shares of the Company at the average market price of the common shares for the period.
Share Based Payments	M. Share Based Payments The Company recognizes share based compensation expense for share purchase options, restricted share units ("RSUs") and common shares granted to directors, officers, employees and consultants under the Company’s equity based incentive plans based on the fair values at the date of grant. Share purchase options The fair value of share purchase options is determined using the BSM, with market related inputs as of the grant date. The BSM requires management to estimate the expected volatility, expected term, risk-free rate of return over the term, expected dividends, and the number of equity instruments expected to ultimately vest. Volatility is estimated using the historic stock price of the Company and similar listed entities, the expected term is estimated using historical exercise data of the Company and similar listed entities, and the number of equity instruments expected to vest is estimated using historical forfeiture data. The fair values of share purchase options at the date of grant are expensed over the vesting periods with a corresponding increase to equity. Share purchase options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. Restricted share units The fair value of RSUs is determined by the market value of the underlying shares at the date of the grant. Under the Company’s RSU Plan, the Board of Directors has the discretion to settle the vested RSUs in cash or equity. As the Company does not have a present obligation to settle the issued RSUs in cash, the RSUs issued have been treated as equity-settled instruments. The fair values of RSUs at the date of grant are expensed over the vesting periods with a corresponding increase to equity. At the end of each reporting period, the Company re-assesses its estimates of the number of awards that are expected to vest and recognizes the impact of any revisions to this estimate in equity. Common shares The fair value of common shares granted is determined by the market value of the underlying shares at the date of the grant. The fair value of the common shares are expensed with a corresponding increase to equity.
Related Party Transactions	N. 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.
Segment Reporting	O. Segment Reporting The Company’s reportable operating segments are components of the Company’s business where discrete financial information is available and which are evaluated on a regular basis by the Company’s Chief Executive Officer, who is the Company’s chief operating decision maker, for the purpose of assessing performance. An operating segment is a component of an entity that engages in business activities, operating results are reviewed with respect to resource allocation and for which discrete financial information is available. The Corporation’s executive head office and general corporate administration (including finance expenses) are included within ‘Corporate’ to reconcile the reportable segments to the consolidated financial statements. Refer to Note 15 for summary of the Company’s segmented information.

ROYALTY, STREAM AND OTHER INT_2

ROYALTY, STREAM AND OTHER INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2019
ROYALTY, STREAM AND OTHER INTERESTS
Summary of royalty, stream and other interests	A. Carrying Amount As at and for the year ended December 31, 2019: Cost Accumulated Depletion Additions/ Foreign Carrying Country Opening Disposals Ending Opening Depletion Impairment Ending Exchange Amount $ $ $ $ $ $ $ $ $ Amulsar ARM 18,748 — 18,748 — — (18,896) (18,896) 148 — Beta Hunt AUS 19,964 — 19,964 (6,336) (2,324) — (8,660) (605) 10,699 Cerro Casale CHL — 9,255 9,255 — — — — (94) 9,161 Converse USA 13,220 — 13,220 — — — — (181) 13,039 DeLamar USA — 11,900 11,900 — — — — (122) 11,778 El Mochito HON — 10,303 10,303 — (2,011) — (2,011) (247) 8,045 Florida Canyon USA 15,984 806 16,790 (1,965) (893) — (2,858) (120) 13,812 Friday - Petsite USA — 1,312 1,312 — — — — (13) 1,299 Gemfield USA 11,587 — 11,587 — — — — (158) 11,429 Hope Bay CAN 30,682 52,970 83,652 (1,001) (1,562) — (2,563) (1,376) 79,713 Karma BFA 25,870 10 25,880 (3,042) (2,276) — (5,318) 242 20,804 La Colorada MEX 22,620 — 22,620 (3,033) (1,226) — (4,259) 1 18,362 McCoy Cove USA 15,807 8,594 24,401 — — — — (304) 24,097 Moose River CAN 4,810 — 4,810 (1,104) (918) — (2,022) 12 2,800 Moss USA 27,056 13 27,069 (90) (2,053) — (2,143) (682) 24,244 Mt. Carlton AUS 12,772 — 12,772 (4,695) (1,349) — (6,044) (496) 6,232 Omolon RUS — 13,222 13,222 — (529) — (529) (124) 12,569 San Jose MEX 7,150 — 7,150 (2,267) (736) — (3,003) 7 4,154 Silvertip CAN 5,858 — 5,858 (119) (468) — (587) (224) 5,047 Vivien AUS 4,457 10 4,467 (2,663) (747) — (3,410) (137) 920 Other royalties and streams Various 47,910 37,555 85,465 (519) (33) — (552) (1,086) 83,827 Other USA 4,127 3 4,130 (295) (365) — (660) (12) 3,458 Total (1) 288,622 145,953 434,575 (27,129) (17,490) (18,896) (63,515) (5,571) 365,489 (1) Total royalty, stream, and other interests include carrying amounts in the following countries: $131.9 million in United States, $95.4 million in Canada, $27.2 million in Mexico, $21.0 million in Burkina Faso, $19.6 million in Australia, $13.1 in Chile, $12.6 in Russia, $10.9 million in Peru, $8.0 million in Honduras, $6.7 million in Dominican Republic, $5.2 in Cote d'Ivoire, $4.6 in Ghana, $4.2 million in Argentina and $5.1 million in other various countries. As at and for the year ended December 31, 2018: Cost Accumulated Depletion Foreign Carrying Country Opening Additions Ending Opening Depletion Ending Exchange Amount $ $ $ $ $ $ $ $ Amulsar ARM — 18,748 18,748 — — — 679 19,427 Beta Hunt AUS 19,964 — 19,964 (1,533) (4,803) (6,336) — 13,628 Converse USA — 13,220 13,220 — — — 476 13,696 Florida Canyon USA 15,984 — 15,984 (759) (1,206) (1,965) 578 14,597 Gemfield USA — 11,587 11,587 — — — 417 12,004 Hope Bay CAN — 30,682 30,682 — (1,001) (1,001) 1,057 30,738 Karma BFA 25,852 18 25,870 (446) (2,596) (3,042) 1,354 24,182 La Colorada MEX 22,620 — 22,620 (1,368) (1,665) (3,033) 960 20,547 McCoy-Cove USA — 15,807 15,807 — — — 569 16,376 Moose River CAN 4,810 — 4,810 (86) (1,018) (1,104) 179 3,885 Moss USA — 27,056 27,056 — (90) (90) 595 27,561 Mt. Carlton AUS 12,772 — 12,772 (2,635) (2,060) (4,695) (144) 7,933 San Jose MEX 7,150 — 7,150 (1,265) (1,002) (2,267) 237 5,120 Silvertip CAN 5,858 — 5,858 — (119) (119) 44 5,783 Vivien AUS 4,457 — 4,457 (1,551) (1,112) (2,663) (71) 1,723 Other royalties and streams Various 29,470 18,440 47,910 (26) (493) (519) 1,647 49,038 Other USA — 4,127 4,127 — (295) (295) 166 3,998 Total (1) 148,937 139,685 288,622 (9,669) (17,460) (27,129) 8,743 270,236 Total royalty, stream, and other interests include carrying amounts in the following countries: $102.7 million in United States, $41.9 million in Canada, $30.6 million in Mexico, $25.1 million in Australia, $24.4 million in Burkina Faso, $19.4 in Armenia, $11.5 million in Peru, $7.0 million in Dominican Republic, $4.4 million in Argentina and $3.2 million in other various countries.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
INVESTMENTS
Summary of investments	Balance at Balance at December Fair Value Foreign December 31, 2018 Additions Adjustments Disposals Exchange 31, 2019 Common shares (1) $ 5,762 $ 4,748 $ (1,081) $ — $ (331) $ 9,098 Warrants (2) 320 — (122) — (12) 186 Total investments $ 6,082 $ 4,748 $ (1,203) $ — $ (343) $ 9,284 (1) Fair value adjustments recorded within Other Comprehensive (loss) income for the period. (2) Fair value adjustments recorded within Net (loss) income for the period. Balance at Balance at December 31, Fair Value Foreign December 2017 Additions Adjustments Disposals Exchange 31, 2018 Common shares $ — $ 7,059 $ 2,691 $ (4,179) $ 191 $ 5,762 Warrants — 190 121 — 9 320 Total investments $ — $ 7,249 $ 2,812 $ (4,179) $ 200 $ 6,082

CREDIT FACILITY (Tables)

CREDIT FACILITY (Tables)	12 Months Ended
	Dec. 31, 2019
CREDIT FACILITY
Summary of the Company's Revolving Facility	Revolving Facility Balance at December 31, 2017 $ — Proceeds 23,618 Repayment (7,203) Foreign exchange movement 365 Balance at December 31, 2018 16,780 Proceeds 82,284 Repayment (7,085) Foreign exchange movement (2,362) Balance at December 31, 2019 $ 89,617

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2019
SHARE CAPITAL
Schedule of outstanding warrants	A listing of the Company’s outstanding warrants as at December 31, 2019 and 2018 are presented below: Exercise Price Number outstanding US$ Expiry Date 5,000,000 $ 1.56 July 8, 2021 3,250,000 $ 2.41 July 8, 2021 5,000,000 $ 2.41 December 23, 2021 5,000,000 $ 3.28 June 29, 2023 18,250,000
Schedule of outstanding and exercisable stock options	Options Weighted average Outstanding exercise price per option # $ Balance at December 31, 2017 2,716,903 1.88 Granted 906,565 3.30 Exercised (192,000) 1.08 Forfeited (229,950) 2.81 Cancelled (25,000) 1.08 Balance at December 31, 2018 3,176,518 2.28 Granted 1,211,565 5.38 Exercised (508,964) 1.62 Forfeited (45,000) 5.18 Balance at December 31, 2019 3,834,119 3.31 Options which have vested and are exercisable as at December 31, 2019 2,216,772 2.21
Summary of outstanding stock options, by expiry date	A summary of the Company’s outstanding stock options as at December 31, 2019 are presented below: Number outstanding Exercise Price Expiry Date 887,500 $ 1.08 July 11, 2021 722,408 $ 2.80 April 28, 2022 156,081 $ 2.80 June 1,2022 901,565 $ 3.30 May 31, 2023 848,252 $ 5.18 April 3, 2024 50,000 $ 6.48 August 1, 2024 268,313 $ 5.83 December 12,2024 3,834,119
Schedule of weighted average assumptions used in the BSM to estimate the fair value of stock options granted	Year ended Year ended December 31, 2019 December 31, 2018 Risk-free interest rate 1.6 % 2.1 % Expected volatility 47 % 51 % Expected life 3 years 3 years Expected dividend yield 0.2 % Nil
Schedule of outstanding RSUs	RSUs Weighted average fair Outstanding value per RSU # $ Balance at December 31, 2018 — — Granted 97,027 5.82 Balance at December 31, 2019 97,027 5.82

ADMINISTRATIVE EXPENSES (Tables

ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2019
ADMINISTRATIVE EXPENSES
Schedule of administrative expenses	Year ended Year ended December 31, 2019 December 31, 2018 Compensation and benefits $ 3,982 $ 2,768 Corporate administration 1,145 692 Listing and filing fees 857 119 Professional fees 541 420 Amortization 161 60 Total administrative expenses $ 6,686 $ 4,059

DILUTED EARNINGS PER SHARE (Tab

DILUTED EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
DILUTED EARNINGS PER SHARE
Schedule of diluted (ooss) earnings per share	Year ended Year ended December 31, 2019 December 31, 2018 Net (loss) income for the year $ (10,178) $ 2,711 Basic weighted average number of shares 108,363,047 92,784,376 Basic (loss) earnings per share $ (0.09) $ 0.03 Effect of dilutive securities Warrants — 3,996,083 Stock options — 1,206,157 Diluted weighted average number of common shares 108,363,047 97,986,616 Diluted (loss) earnings per share $ (0.09) $ 0.03

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	Year ended Year ended December 31, 2019 December 31, 2018 Changes in non-cash working capital: Accounts receivable $ (3,615) $ (1,984) Prepaid expenses and other (286) (103) Trade and other payables (1,314) 384 Dividend payable 1,553 — Changes in non-cash working capital $ (3,662) $ (1,703) Significant non-cash transactions: Equity issued for Kinross and Newmont Portfolio's (Note 5) $ 64,174 $ 112,295 Settlement of certain receivables 1,540 2,705 Interest on CEF Facility paid in common shares $ — $ 398 Cash and cash equivalents at the end of the year: Cash at bank $ 6,271 $ 6,844

RELATED PARTY DISCLOSURES (Tabl

RELATED PARTY DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2019
RELATED PARTY DISCLOSURES
Schedule of compensation for key management personnel	Year ended Year ended December 31, 2019 December 31, 2018 Compensation and benefits $ 3,243 $ 1,624 Share-based compensation 1,955 423 Total compensation $ 5,198 $ 2,047

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
Schedule of income tax recognized in net (loss) income	Year ended Year ended December 31, 2019 December 31, 2018 Current tax expense $ 1,570 $ 1,316 Deferred tax expense — — Income tax expense $ 1,570 $ 1,316
Schedule of income tax expense differs from the amount that would result from applying the federal and provincial income tax rates to the income before income taxes	Year ended Year ended December 31, 2019 December 31, 2018 (Loss) income before income taxes $ (8,608) $ 4,027 Statutory tax rate 27 % 27 % Expected income tax (recovery) expense $ (2,324) $ 1,087 Increase (decrease) due to: Foreign tax rate differences 279 205 Non-deductible permanent differences 422 623 Withholding taxes 424 538 Change in unrecognized temporary differences 3,239 (240) Effect of true-ups in prior year temporary differences (470) (897) Income tax expense $ 1,570 $ 1,316
Schedule of aggregate amount of deductible temporary differences for which deferred income tax assets have not been recognized	Year ended Year ended December 31, 2019 December 31, 2018 Royalty, stream and other interests $ 3,058 $ 3,271 Financing costs 168 352 Non-capital losses 46,634 22,302 Total $ 49,860 $ 25,925

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
SEGMENT INFORMATION
Schedule of segment information	For the year ended December 31, 2019: Costs of sales, Royalty (Loss) Cash from Royalty excluding interest income (used in) revenue Sales depletion Depletion impairment before taxes operations $ $ $ $ $ $ $ Amulsar — — — — (18,896) (18,896) — Beta Hunt 6,350 — — (2,324) — 4,026 6,764 El Mochito — 4,812 (1,160) (2,011) — 1,641 3,651 Florida Canyon 2,787 — — (893) — 1,894 2,188 Hope Bay 4,145 — — (1,562) — 2,583 2,622 Karma 3,058 — — (2,276) — 782 2,534 La Colorada — 6,921 (3,241) (1,226) — 2,454 3,680 Moose River 1,492 — — (918) — 574 1,378 Moss — 4,077 (810) (2,053) — 1,214 3,268 Mt. Carlton 3,902 — — (1,349) — 2,553 4,297 Omolon 746 — — (529) — 217 — San Jose 1,952 — — (736) — 1,216 1,845 Silvertip 1,248 — — (468) — 780 1,200 Vivien 2,746 — — (747) — 1,999 2,804 Other 496 — — (398) — 98 365 Corporate — — — — — (11,743) (8,922) Consolidated total 28,922 15,810 (5,211) (17,490) (18,896) (8,608) 27,674 For the year ended December 31, 2018: Costs of sales, Cash from Royalty excluding Income (loss) (used in) revenue Sales depletion Depletion before taxes operations $ $ $ $ $ $ Beta Hunt 8,264 — — (4,803) 3,461 6,383 Florida Canyon 1,930 — — (1,206) 724 1,585 Hope Bay 1,770 — — (1,001) 769 1,243 Karma 3,015 — — (2,596) 419 2,688 La Colorada — 6,486 (3,342) (1,665) 1,479 3,143 Moose River 2,577 — — (1,018) 1,559 2,570 Moss — 204 (40) (90) 74 164 Mt. Carlton 4,334 — — (2,060) 2,274 4,561 San Jose 1,624 — — (1,002) 622 1,694 Silvertip 349 — — (119) 230 163 Vivien 2,624 — — (1,117) 1,507 2,797 Other 874 — — (783) 91 888 Corporate — — — — (9,182) (5,087) Consolidated total 27,361 6,690 (3,382) (17,460) 4,027 22,792

FINANCIAL RISK MANAGEMENT (Tabl

FINANCIAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2019
FINANCIAL RISK MANAGEMENT
Schedule of Company's financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy	As at December 31, 2019 As at December 31, 2018 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Common shares $ 9,098 $ — $ — $ 5,762 $ — $ — Warrants — 186 — — 320 — Total $ 9,098 $ 186 $ — $ 5,762 $ 320 $ —

CONTRACTUAL OBLIGATIONS (Tables

CONTRACTUAL OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2019
CONTRACTUAL OBLIGATIONS
Schedule of purchase commitments	Percent of Per ounce cash payment: life of Lesser of amount below and the then mine prevailing market price production (unless otherwise noted) Gold Stream interests La Colorada 100 % US$650 La Bolsa 5 % US$450 Silver Stream interests Moss 100 % (1) 20% of silver spot price El Mochito 22.5 % (2) 25% of silver spot price (1) After 3.5 million ounces of silver are delivered, Maverix’s silver purchase entitlement will be 50% of the remaining life of mine silver production. (2) If 3.0 million ounces are delivered to Maverix prior to April 1, 2022, Maverix’s silver purchase entitlement will be 20% of life of mine silver production.

NEW ACCOUNTING STANDARDS ADOP_2

NEW ACCOUNTING STANDARDS ADOPTED (Details) - IFRS 16 $ in Millions	Dec. 31, 2018CAD ($)
New Accounting Standards Adopted
Right-of-use asset	$ 0.4
Lease liabilities	$ 0.4

CRITICAL ACCOUNTING JUDGEMENT_2

CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
Impairment of royalty interests	$ 18,896	$ 0

ROYALTY AND STREAM ACQUISITIO_2

ROYALTY AND STREAM ACQUISITIONS - During the Year Ended December 31, 2019 (Details) $ in Millions, $ in Millions	Dec. 19, 2019USD ($)shares	Dec. 19, 2019CAD ($)shares	Aug. 31, 2019USD ($)	Aug. 31, 2019CAD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2019CAD ($)	Dec. 31, 2019USD ($)item$ / oz	Dec. 31, 2019CAD ($)item$ / oz	Dec. 31, 2019CAD ($)
Kinross Portfolio Acquisition
Royalty and stream acquisitions
Number of common shares issued | shares	11,228,674	11,228,674
Royalty portfolio consideration paid in cash	$ 25	$ 32.8
Number of royalties acquired							24	24
Proceeds from royalties							$ 12	$ 15.6
Fair value of portfolio acquired | $									$ 97
Kinross Portfolio Acquisition | Minimum | Discounted cash flow | Discounted cash flow model for producing assets
Royalty and stream acquisitions
Input assumption for fair value estimate							0.05		0.05
Kinross Portfolio Acquisition | Minimum | Discounted cash flow | Discounted cash flow model for assets not in production
Royalty and stream acquisitions
Input assumption for fair value estimate							0.08		0.08
Kinross Portfolio Acquisition | Maximum | Discounted cash flow | Discounted cash flow model for producing assets
Royalty and stream acquisitions
Input assumption for fair value estimate							0.08		0.08
Kinross Portfolio Acquisition | Maximum | Discounted cash flow | Discounted cash flow model for assets not in production
Royalty and stream acquisitions
Input assumption for fair value estimate							0.10		0.10
DeLamar NSR royalty
Royalty and stream acquisitions
Percentage of royalty payable quarterly							2.50%	2.50%
Omolon GRR royalty
Royalty and stream acquisitions
Percentage of royalty payable quarterly, when gold price per ounce is above threshold price							2.00%	2.00%
Threshold gold price | $ / oz							650	650
Cerro Casale GRR royalty
Royalty and stream acquisitions
Initial amount payable prior to the quarterly GRR on becomes payable | $							$ 10
Percentage of royalty payable quarterly							1.25%	1.25%
Percentage of gross revenue on which GRR is payable							25.00%	25.00%
Hope Bay NSR royalty
Royalty and stream acquisitions
Royalty portfolio consideration paid in cash			$ 40	$ 53
Percentage of royalty acquired			1.50%	1.50%
Percentage of royalty owned			2.50%	2.50%
Percentage of royalty to be received until certain conditions with respect to the Additional Royalty are satisfied			0.25%	0.25%
Percentage of Additional Royalty that the entity has the right to buy back in the event of a change of control transaction of TMAC that is announced prior to June 30, 2021			100.00%	100.00%
Cash payment for buy back of royalty in the event of a change of control transaction of TMAC that is announced prior to June 30, 2021 | $			$ 50
Percentage of Additional Royalty that the entity has the right to buy back after June 30, 2021			0.50%	0.50%
Cash payment required for the buy back of the Additional Royalty after June 30, 2021. | $			$ 15
El Mochito stream
Royalty and stream acquisitions
Stream consideration paid in cash					$ 7.5	$ 10.3
Percentage of stream acquired					22.5	22.5
Reduced stream percentage if certain production milestones are met					20	20
Ongoing cash payments as a percentage of spot price of silver for each ounce delivered					25.00%	25.00%
Other royalty streams
Royalty and stream acquisitions
Number of royalties acquired							21	21
Other royalty streams | United States
Royalty and stream acquisitions
Number of royalties acquired							11	11
Other royalty streams | Canada
Royalty and stream acquisitions
Number of royalties acquired							3	3
Other royalty streams | Chile
Royalty and stream acquisitions
Number of royalties acquired							2	2
Other royalty streams | Other jurisdictions
Royalty and stream acquisitions
Number of royalties acquired							5	5

ROYALTY AND STREAM ACQUISITIO_3

ROYALTY AND STREAM ACQUISITIONS - During the Year Ended December 31, 2018 (Details) oz in Millions, $ in Millions	Jun. 29, 2018USD ($)$ / sharesshares	Jun. 29, 2018CAD ($)shares	Dec. 31, 2018CAD ($)oz	Dec. 31, 2018USD ($)CAD ($)item	Dec. 31, 2018CAD ($)item	Jun. 29, 2018CAD ($)shares
Expected life
Royalty and stream acquisitions
Input assumption for fair value estimate			5	5	5	5
Newmont Portfolio Acquisition
Royalty and stream acquisitions
Number of common shares issued | shares	30,000,000	30,000,000
Number of common share purchase warrants issued | shares						5,000,000
Royalty portfolio consideration paid in cash	$ 17	$ 22,400,000
Warrants exercisable term	5 years	5 years
Warrants exercisable price	$ 3.28
Number of royalties acquired | item				51	51
Proceeds from royalties in cash				$ 17	$ 22,400,000
Fair value of portfolio acquired | $						$ 134,700,000
Newmont Portfolio Acquisition | Discounted cash flow | Discounted cash flow model for producing assets
Royalty and stream acquisitions
Input assumption for fair value estimate						0.05
Newmont Portfolio Acquisition | Share price
Royalty and stream acquisitions
Input assumption for fair value estimate	1.30
Newmont Portfolio Acquisition | Exercise price
Royalty and stream acquisitions
Input assumption for fair value estimate	1.64
Newmont Portfolio Acquisition | Expected volatility
Royalty and stream acquisitions
Input assumption for fair value estimate						0.51
Newmont Portfolio Acquisition | Risk-free interest rate
Royalty and stream acquisitions
Input assumption for fair value estimate						0.021
Newmont Portfolio Acquisition | Minimum | Discounted cash flow | Discounted cash flow model for assets not in production
Royalty and stream acquisitions
Input assumption for fair value estimate						0.05
Newmont Portfolio Acquisition | Maximum | Discounted cash flow | Discounted cash flow model for assets not in production
Royalty and stream acquisitions
Input assumption for fair value estimate						0.10
Moss Mine Silver Stream
Royalty and stream acquisitions
Royalty portfolio consideration paid in cash			$ 26,700,000	$ 20
Percentage of mined silver production to be acquired until a minimum amount has been purchased			100.00%
Minimum ounces of silver to be purchased | oz			3.5
Percentage of mined silver production to be acquired after a minimum amount has been purchased			50.00%
Ongoing cash payments as a percentage of spot price of silver			20.00%
Percentage of mine owned by counterparty			100.00%

ROYALTY, STREAM AND OTHER INT_3

ROYALTY, STREAM AND OTHER INTEREST (Details) - CAD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
ROYALTY, STREAM AND OTHER INTERESTS
Opening		$ 270,236
Royalty interest impairment		(18,896)	$ 0
Ending	$ 365,489	365,489	270,236
Foreign Exchange		(5,571)	8,743
Carrying Amount	365,489	365,489	270,236
United States
ROYALTY, STREAM AND OTHER INTERESTS
Opening		102,700
Ending	131,900	131,900	102,700
Carrying Amount	131,900	131,900	102,700
Canada
ROYALTY, STREAM AND OTHER INTERESTS
Opening		41,900
Ending	95,400	95,400	41,900
Carrying Amount	95,400	95,400	41,900
Mexico
ROYALTY, STREAM AND OTHER INTERESTS
Opening		30,600
Ending	27,200	27,200	30,600
Carrying Amount	27,200	27,200	30,600
Burkina Faso
ROYALTY, STREAM AND OTHER INTERESTS
Opening		24,400
Ending	21,000	21,000	24,400
Carrying Amount	21,000	21,000	24,400
Australia
ROYALTY, STREAM AND OTHER INTERESTS
Opening		25,100
Ending	19,600	19,600	25,100
Carrying Amount	19,600	19,600	25,100
Chile
ROYALTY, STREAM AND OTHER INTERESTS
Ending	13,100	13,100
Carrying Amount	13,100	13,100
Russia
ROYALTY, STREAM AND OTHER INTERESTS
Ending	12,600	12,600
Carrying Amount	12,600	12,600
Peru
ROYALTY, STREAM AND OTHER INTERESTS
Opening		11,500
Ending	10,900	10,900	11,500
Carrying Amount	10,900	10,900	11,500
Honduras
ROYALTY, STREAM AND OTHER INTERESTS
Ending	8,000	8,000
Carrying Amount	8,000	8,000
Dominican Republic
ROYALTY, STREAM AND OTHER INTERESTS
Opening		7,000
Ending	6,700	6,700	7,000
Carrying Amount	6,700	6,700	7,000
Cote d'Ivoire
ROYALTY, STREAM AND OTHER INTERESTS
Ending	5,200	5,200
Carrying Amount	5,200	5,200
Ghana
ROYALTY, STREAM AND OTHER INTERESTS
Ending	4,600	4,600
Carrying Amount	4,600	4,600
Argentina
ROYALTY, STREAM AND OTHER INTERESTS
Opening		4,400
Ending	4,200	4,200	4,400
Carrying Amount	4,200	4,200	4,400
Armenia
ROYALTY, STREAM AND OTHER INTERESTS
Opening		19,400
Ending			19,400
Carrying Amount		19,400	19,400
Other jurisdictions
ROYALTY, STREAM AND OTHER INTERESTS
Opening		3,200
Ending	5,100	5,100	3,200
Carrying Amount	5,100	5,100	3,200
Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		288,622	148,937
Additions/ Disposals		145,953	139,685
Ending	434,575	434,575	288,622
Carrying Amount	434,575	434,575	288,622
Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(27,129)	(9,669)
Depletion		(17,490)	(17,460)
Royalty interest impairment		(18,896)
Ending	(63,515)	(63,515)	(27,129)
Carrying Amount	(63,515)	(63,515)	(27,129)
Amulsar
ROYALTY, STREAM AND OTHER INTERESTS
Opening		19,427
Ending			19,427
Foreign Exchange		148	679
Carrying Amount		19,427	19,427
Amulsar | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		18,748
Additions/ Disposals			18,748
Ending	18,748	18,748	18,748
Carrying Amount	18,748	18,748	18,748
Amulsar | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Royalty interest impairment		(18,896)
Ending	(18,896)	(18,896)
Carrying Amount	(18,896)	(18,896)
Beta Hunt
ROYALTY, STREAM AND OTHER INTERESTS
Opening		13,628
Ending	10,699	10,699	13,628
Foreign Exchange		(605)
Carrying Amount	10,699	10,699	13,628
Beta Hunt | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		19,964	19,964
Ending	19,964	19,964	19,964
Carrying Amount	19,964	19,964	19,964
Beta Hunt | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(6,336)	(1,533)
Depletion		(2,324)	(4,803)
Ending	(8,660)	(8,660)	(6,336)
Carrying Amount	(8,660)	(8,660)	(6,336)
Cerro Casale
ROYALTY, STREAM AND OTHER INTERESTS
Ending	9,161	9,161
Foreign Exchange		(94)
Carrying Amount	9,161	9,161
Cerro Casale | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Additions/ Disposals		9,255
Ending	9,255	9,255
Carrying Amount	9,255	9,255
Converse
ROYALTY, STREAM AND OTHER INTERESTS
Opening		13,696
Ending	13,039	13,039	13,696
Foreign Exchange		(181)	476
Carrying Amount	13,039	13,039	13,696
Converse | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		13,220
Additions/ Disposals			13,220
Ending	13,220	13,220	13,220
Carrying Amount	13,220	13,220	13,220
DeLamar
ROYALTY, STREAM AND OTHER INTERESTS
Ending	11,778	11,778
Foreign Exchange		(122)
Carrying Amount	11,778	11,778
DeLamar | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Additions/ Disposals		11,900
Ending	11,900	11,900
Carrying Amount	11,900	11,900
El Mochito
ROYALTY, STREAM AND OTHER INTERESTS
Ending	8,045	8,045
Foreign Exchange		(247)
Carrying Amount	8,045	8,045
El Mochito | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Additions/ Disposals		10,303
Ending	10,303	10,303
Carrying Amount	10,303	10,303
El Mochito | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Depletion		(2,011)
Ending	(2,011)	(2,011)
Carrying Amount	(2,011)	(2,011)
Florida Canyon
ROYALTY, STREAM AND OTHER INTERESTS
Opening		14,597
Ending	13,812	13,812	14,597
Foreign Exchange		(120)	578
Carrying Amount	13,812	13,812	14,597
Florida Canyon | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		15,984	15,984
Additions/ Disposals		806
Ending	16,790	16,790	15,984
Carrying Amount	16,790	16,790	15,984
Florida Canyon | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(1,965)	(759)
Depletion		(893)	(1,206)
Ending	(2,858)	(2,858)	(1,965)
Carrying Amount	(2,858)	(2,858)	(1,965)
Friday - Petsite
ROYALTY, STREAM AND OTHER INTERESTS
Ending	1,299	1,299
Foreign Exchange		(13)
Carrying Amount	1,299	1,299
Friday - Petsite | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Additions/ Disposals		1,312
Ending	1,312	1,312
Carrying Amount	1,312	1,312
Gemfield
ROYALTY, STREAM AND OTHER INTERESTS
Opening		12,004
Ending	11,429	11,429	12,004
Foreign Exchange		(158)	417
Carrying Amount	11,429	11,429	12,004
Gemfield | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		11,587
Additions/ Disposals			11,587
Ending	11,587	11,587	11,587
Carrying Amount	11,587	11,587	11,587
Hope Bay
ROYALTY, STREAM AND OTHER INTERESTS
Opening		30,738
Ending	79,713	79,713	30,738
Foreign Exchange		(1,376)	1,057
Carrying Amount	79,713	79,713	30,738
Hope Bay | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		30,682
Additions/ Disposals		52,970	30,682
Ending	83,652	83,652	30,682
Carrying Amount	83,652	83,652	30,682
Hope Bay | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(1,001)
Depletion		(1,562)	(1,001)
Ending	(2,563)	(2,563)	(1,001)
Carrying Amount	(2,563)	(2,563)	(1,001)
Karma
ROYALTY, STREAM AND OTHER INTERESTS
Opening		24,182
Ending	20,804	20,804	24,182
Foreign Exchange		242	1,354
Carrying Amount	20,804	20,804	24,182
Karma | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		25,870	25,852
Additions/ Disposals		10	18
Ending	25,880	25,880	25,870
Carrying Amount	25,880	25,880	25,870
Karma | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(3,042)	(446)
Depletion		(2,276)	(2,596)
Ending	(5,318)	(5,318)	(3,042)
Carrying Amount	(5,318)	(5,318)	(3,042)
La Colorada
ROYALTY, STREAM AND OTHER INTERESTS
Opening		20,547
Ending	18,362	18,362	20,547
Foreign Exchange		1	960
Carrying Amount	18,362	18,362	20,547
La Colorada | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		22,620	22,620
Ending	22,620	22,620	22,620
Carrying Amount	22,620	22,620	22,620
La Colorada | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(3,033)	(1,368)
Depletion		(1,226)	(1,665)
Ending	(4,259)	(4,259)	(3,033)
Carrying Amount	(4,259)	(4,259)	(3,033)
McCoy-Cove
ROYALTY, STREAM AND OTHER INTERESTS
Opening		16,376
Ending	24,097	24,097	16,376
Foreign Exchange		(304)	569
Carrying Amount	24,097	24,097	16,376
McCoy-Cove | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		15,807
Additions/ Disposals		8,594	15,807
Ending	24,401	24,401	15,807
Carrying Amount	24,401	24,401	15,807
Moose River
ROYALTY, STREAM AND OTHER INTERESTS
Opening		3,885
Ending	2,800	2,800	3,885
Foreign Exchange		12	179
Carrying Amount	2,800	2,800	3,885
Moose River | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		4,810	4,810
Ending	4,810	4,810	4,810
Carrying Amount	4,810	4,810	4,810
Moose River | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(1,104)	(86)
Depletion		(918)	(1,018)
Ending	(2,022)	(2,022)	(1,104)
Carrying Amount	(2,022)	(2,022)	(1,104)
Moss
ROYALTY, STREAM AND OTHER INTERESTS
Opening		27,561
Ending	24,244	24,244	27,561
Foreign Exchange		(682)	595
Carrying Amount	24,244	24,244	27,561
Moss | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		27,056
Additions/ Disposals		13	27,056
Ending	27,069	27,069	27,056
Carrying Amount	27,069	27,069	27,056
Moss | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(90)
Depletion		(2,053)	(90)
Ending	(2,143)	(2,143)	(90)
Carrying Amount	(2,143)	(2,143)	(90)
Mt. Carlton
ROYALTY, STREAM AND OTHER INTERESTS
Opening		7,933
Ending	6,232	6,232	7,933
Foreign Exchange		(496)	(144)
Carrying Amount	6,232	6,232	7,933
Mt. Carlton | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		12,772	12,772
Ending	12,772	12,772	12,772
Carrying Amount	12,772	12,772	12,772
Mt. Carlton | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(4,695)	(2,635)
Depletion		(1,349)	(2,060)
Ending	(6,044)	(6,044)	(4,695)
Carrying Amount	(6,044)	(6,044)	(4,695)
Omolon
ROYALTY, STREAM AND OTHER INTERESTS
Ending	12,569	12,569
Foreign Exchange		(124)
Carrying Amount	12,569	12,569
Omolon | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Additions/ Disposals		13,222
Ending	13,222	13,222
Carrying Amount	13,222	13,222
Omolon | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Depletion		(529)
Ending	(529)	(529)
Carrying Amount	(529)	(529)
San Jose
ROYALTY, STREAM AND OTHER INTERESTS
Opening		5,120
Ending	4,154	4,154	5,120
Foreign Exchange		7	237
Carrying Amount	4,154	4,154	5,120
San Jose | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		7,150	7,150
Ending	7,150	7,150	7,150
Carrying Amount	7,150	7,150	7,150
San Jose | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(2,267)	(1,265)
Depletion		(736)	(1,002)
Ending	(3,003)	(3,003)	(2,267)
Carrying Amount	(3,003)	(3,003)	(2,267)
Silvertip
ROYALTY, STREAM AND OTHER INTERESTS
Opening		5,783
Ending	5,047	5,047	5,783
Foreign Exchange		(224)	44
Carrying Amount	5,047	5,047	5,783
Silvertip | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		5,858	5,858
Ending	5,858	5,858	5,858
Carrying Amount	5,858	5,858	5,858
Silvertip | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(119)
Depletion		(468)	(119)
Ending	(587)	(587)	(119)
Carrying Amount	(587)	(587)	(119)
Vivien
ROYALTY, STREAM AND OTHER INTERESTS
Opening		1,723
Ending	920	920	1,723
Foreign Exchange		(137)	(71)
Carrying Amount	920	920	1,723
Vivien | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		4,457	4,457
Additions/ Disposals		10
Ending	4,467	4,467	4,457
Carrying Amount	4,467	4,467	4,457
Vivien | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(2,663)	(1,551)
Depletion		(747)	(1,112)
Ending	(3,410)	(3,410)	(2,663)
Carrying Amount	(3,410)	(3,410)	(2,663)
Other royalties and streams
ROYALTY, STREAM AND OTHER INTERESTS
Opening		49,038
Ending	83,827	83,827	49,038
Foreign Exchange		(1,086)	1,647
Carrying Amount	83,827	83,827	49,038
Other royalties and streams | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		47,910	29,470
Additions/ Disposals		37,555	18,440
Ending	85,465	85,465	47,910
Carrying Amount	85,465	85,465	47,910
Other royalties and streams | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(519)	(26)
Depletion		(33)	(493)
Ending	(552)	(552)	(519)
Carrying Amount	(552)	(552)	(519)
Other
ROYALTY, STREAM AND OTHER INTERESTS
Opening		3,998
Ending	3,458	3,458	3,998
Foreign Exchange		(12)	166
Carrying Amount	3,458	3,458	3,998
Other | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		4,127
Additions/ Disposals		3	4,127
Ending	4,130	4,130	4,127
Carrying Amount	4,130	4,130	4,127
Other | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(295)
Depletion		(365)	(295)
Ending	(660)	(660)	(295)
Carrying Amount	(660)	$ (660)	$ (295)
Lydian
ROYALTY, STREAM AND OTHER INTERESTS
Royalty interest impairment	$ (18,900)

INVESTMENTS (Details)

INVESTMENTS (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019CAD ($)
Disclosure of classes of share capital
Balance at the beginning of the period	$ 6,082
Additions	4,748	$ 7,249
Fair Value Adjustments	(1,203)	2,812
Disposals		(4,179)
Foreign Exchange	(343)	200
Balance at the end of the period	9,284	6,082
TMAC common shares subscribed			$ 3	$ 4,000
Common shares
Disclosure of classes of share capital
Balance at the beginning of the period	5,762
Additions	4,748	7,059
Fair Value Adjustments	(1,081)	2,691
Disposals		(4,179)
Foreign Exchange	(331)	191
Balance at the end of the period	9,098	5,762
Warrants
Disclosure of classes of share capital
Balance at the beginning of the period	320
Additions		190
Fair Value Adjustments	(122)	121
Foreign Exchange	(12)	9
Balance at the end of the period	$ 186	$ 320

CREDIT FACILITY (Details)

CREDIT FACILITY (Details) $ in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)
Disclosure of detailed information about borrowings
Percentage of amount paid on amounts drawn		4.40%
Percentage of amount paid on amounts undrawn		0.50%
Balance at the beginning		$ 16,780
Proceeds		82,284	$ 36,894
Repayment		(7,085)	(33,237)
Balance at the end		89,617	16,780
Revolving Facility
Disclosure of detailed information about borrowings
Maximum borrowing capacity	$ 120
Balance at the beginning		16,780
Proceeds		82,284	23,618
Repayment		(7,085)	(7,203)
Foreign exchange movement		(2,362)	365
Balance at the end		89,617	16,780
Amortization of deferred financing costs		$ 400	$ 300
Revolving Facility | Minimum
Disclosure of detailed information about borrowings
Standby fee on undrawn portion (as a percent)	0.45%
Revolving Facility | Maximum
Disclosure of detailed information about borrowings
Standby fee on undrawn portion (as a percent)	0.675%
Revolving Facility | LIBOR | Minimum
Disclosure of detailed information about borrowings
Adjustment to interest rate basis (as a percent)	2.00%
Revolving Facility | LIBOR | Maximum
Disclosure of detailed information about borrowings
Adjustment to interest rate basis (as a percent)	3.00%

SHARE CAPITAL - Authorized, Iss

SHARE CAPITAL - Authorized, Issued and Outstanding Shares (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2019shares	Dec. 31, 2019CAD ($)item$ / shares	Dec. 31, 2018CAD ($)item$ / shares	Apr. 30, 2019shares
SHARE CAPITAL
Consolidation ratio	2
Number of outstanding shares | shares	107,948,351			215,896,670
Shares issued in share-based compensation | $		$ 0.7	$ 0.6
Number of shares granted in share-based payment arrangement | item		125,205	168,335
Weighted average share price | $ / shares		$ 5.36	$ 3.30

SHARE CAPITAL - Share Purchase

SHARE CAPITAL - Share Purchase Warrants (Details)	Dec. 31, 2019$ / sharesshares
Disclosure of classes of share capital
Number outstanding	18,250,000
Exercise Price $1.56 Expiry Date July 8, 2021
Disclosure of classes of share capital
Number outstanding	5,000,000
Exercise Price US$ | $ / shares	$ 1.56
Exercise Price $2.41 Expiry Date July 8, 2021
Disclosure of classes of share capital
Number outstanding	3,250,000
Exercise Price US$ | $ / shares	$ 2.41
Exercise Price $2.41 Expiry Date December 23, 2021
Disclosure of classes of share capital
Number outstanding	5,000,000
Exercise Price US$ | $ / shares	$ 2.41
Exercise Price $3.28 Expiry Date June 29, 2023
Disclosure of classes of share capital
Number outstanding	5,000,000
Exercise Price US$ | $ / shares	$ 3.28

SHARE CAPITAL - Share Based Pay

SHARE CAPITAL - Share Based Payments - Share Option Plan (Details)	12 Months Ended
	Dec. 31, 2019Options$ / sharesshares	Dec. 31, 2018Options$ / shares
SHARE CAPITAL
Number of shares reserved for future issuance | shares	7,500,000
Expiration period, in years	5 years
Summary of options outstanding and exercisable
Options outstanding, Beginning of the period | Options	3,176,518	2,716,903
Options outstanding, Granted | Options	1,211,565	906,565
Options outstanding, Exercised | Options	(508,964)	(192,000)
Options outstanding, Forfeited | Options	(45,000)	(229,950)
Options outstanding, Cancelled | Options		(25,000)
Options outstanding, End of the period | Options	3,834,119	3,176,518
Options which have vested and are exercisable | Options	2,216,772
Weighted average exercise price per option, Beginning of the period | $ / shares	$ 2.28	$ 1.88
Weighted average exercise price per option, Granted | $ / shares	5.38	3.30
Weighted average exercise price per option, Exercised | $ / shares	1.62	1.08
Weighted average exercise price per option, Forfeited | $ / shares	5.18	2.81
Weighted average exercise price per option, Cancelled | $ / shares		1.08
Weighted average exercise price per option, End of the period | $ / shares	3.31	$ 2.28
Weighted average exercise price per option, Options which have vested and are exercisable | $ / shares	$ 2.21

SHARE CAPITAL - Share Based P_2

SHARE CAPITAL - Share Based Payments - Share Option Plan - Outstanding Stock Options (Details)	Dec. 31, 2019Options$ / shares	Dec. 31, 2018Options$ / shares	Dec. 31, 2017Options$ / shares
Disclosure of classes of share capital
Number outstanding | Options	3,834,119	3,176,518	2,716,903
Exercise Price | $ / shares	$ 3.31	$ 2.28	$ 1.88
Exercise Price $1.08 Expiry Date July 11, 2021
Disclosure of classes of share capital
Number outstanding | Options	887,500
Exercise Price | $ / shares	$ 1.08
Exercise Price $2.80 Expiry Date April 28, 2022
Disclosure of classes of share capital
Number outstanding | Options	722,408
Exercise Price | $ / shares	$ 2.80
Exercise Price $2.80 Expiry Date June 1, 2022
Disclosure of classes of share capital
Number outstanding | Options	156,081
Exercise Price | $ / shares	$ 2.80
Exercise Price $3.30 Expiry Date May 31, 2023
Disclosure of classes of share capital
Number outstanding | Options	901,565
Exercise Price | $ / shares	$ 3.30
Exercise Price $5.18 Expiry Date April 3, 2024
Disclosure of classes of share capital
Number outstanding | Options	848,252
Exercise Price | $ / shares	$ 5.18
Exercise Price $6.48 Expiry Date August 1, 2024
Disclosure of classes of share capital
Number outstanding | Options	50,000
Exercise Price | $ / shares	$ 6.48
Exercise Price 5.83 With Expiration December 12,2024
Disclosure of classes of share capital
Number outstanding | Options	268,313
Exercise Price | $ / shares	$ 5.83

SHARE CAPITAL - Share Based P_3

SHARE CAPITAL - Share Based Payments - Share Option Plan - Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2019item$ / shares	Dec. 31, 2018item$ / shares
SHARE CAPITAL
Risk-free interest rate	1.60%	2.10%
Expected volatility	47.00%	51.00%
Expected life, in years | item	3	3
Expected dividend yield	0.20%	0.00%
Weighted-average common share price | $ / shares	$ 5.48	$ 3.32
Weighted average remaining contractual life	3 years	3 years 3 months 18 days

SHARE CAPITAL - Share Based P_4

SHARE CAPITAL - Share Based Payments - RSU Plan (Details) - RSU	12 Months Ended
	Dec. 31, 2019CAD ($)$ / sharesshares
ShareCapital
Number of restricted share units reserved for future issuance | shares	3,000,000
RSUs outstanding, Granted | $	97,027
RSUs outstanding, End of the period | $	97,027
Weighted average fair value per RSU, Granted | $ / shares	$ 5.82
Weighted average exercise price of RSUs, End of the period | $ / shares	$ 5.82

SHARE CAPITAL - Dividend (Detai

SHARE CAPITAL - Dividend (Details)	Nov. 30, 2019$ / shares
SHARE CAPITAL
Dividend declared (per share)	$ 0.01

ADMINISTRATIVE EXPENSES (Detail

ADMINISTRATIVE EXPENSES (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
ADMINISTRATIVE EXPENSES
Compensation and benefits	$ 3,982	$ 2,768
Corporate administration	1,145	692
Listing and filing fees	857	119
Professional fees	541	420
Amortization	161	60
Total administrative expenses	$ 6,686	$ 4,059

DILUTED EARNINGS PER SHARE (Det

DILUTED EARNINGS PER SHARE (Details) - CAD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
DILUTED EARNINGS PER SHARE
Net (loss) income for the year	$ (10,178)	$ 2,711
Basic weighted average number of shares	108,363,047	92,784,376
Basic (loss) earnings per share	$ (0.09)	$ 0.03
Diluted earnings per share
Warrants		3,996,083
Stock options		1,206,157
Diluted weighted average number of common shares	108,363,047	97,986,616
Diluted (loss) earnings per share	$ (0.09)	$ 0.03

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Changes in non-cash working capital:
Accounts receivable	$ (3,615)	$ (1,984)
Prepaid expenses and other current assets	(286)	(103)
Trade and other payables	(1,314)	384
Dividend payable	1,553
Changes in non-cash working capital	(3,662)	(1,703)
Significant non-cash transactions:
Equity issued for Kinross and Newmont Portfolios (Note 5)	64,174	112,295
Settlement of certain receivables	1,540	2,705
Interest on CEF Facility paid in common shares		398
Cash and cash equivalents at the end of the year:
Cash at bank	$ 6,271	$ 6,844

RELATED PARTY DISCLOSURES (Deta

RELATED PARTY DISCLOSURES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019CAD ($)$ / oz	Dec. 31, 2018CAD ($)$ / oz
RELATED PARTY DISCLOSURES
Compensation and benefits	$ 3,243	$ 1,624
Share-based compensation	1,955	423
Total compensation	5,198	2,047
Pan American | La Colorada
RELATED PARTY DISCLOSURES
Purchases from related party	$ 3,200	$ 3,300
Gold price | $ / oz	650	650

INCOME TAXES - Income Tax Recog

INCOME TAXES - Income Tax Recognized (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Components of income tax expense
Current tax expense	$ 1,570	$ 1,316
Income tax expense	$ 1,570	$ 1,316

INCOME TAXES - Tax Reconciliati

INCOME TAXES - Tax Reconciliation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of income tax statutory rates to effective rates
(Loss) income before income taxes	$ (8,608)	$ 4,027
Statutory tax rate	27.00%	27.00%
Expected income tax (recovery) expense	$ (2,324)	$ 1,087
Increase (decrease) due to:
Foreign tax rate differences	279	205
Non-deductible permanent differences	422	623
Withholding taxes	424	538
Change in unrecognized temporary differences	3,239	(240)
Effect of true-ups in prior year temporary differences	(470)	(897)
Income tax expense	$ 1,570	$ 1,316

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Deductible temporary differences for which deferred income tax assets have not been recognized
Total	$ 49,860	$ 25,925
Deferred tax recognized	0
Royalty, stream and other interests
Deductible temporary differences for which deferred income tax assets have not been recognized
Deferred tax liabilities	6,100	1,700
Total	3,058	3,271
Financing costs
Deductible temporary differences for which deferred income tax assets have not been recognized
Total	168	352
Non-capital losses
Deductible temporary differences for which deferred income tax assets have not been recognized
Gross deferred tax assets	7,100	2,800
Total	$ 46,634	$ 22,302

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments
Royalty revenue	$ 28,922	$ 27,361
Sales	15,810	6,690
Cost of sales, excluding depletion	(5,211)	(3,382)
Depletion	(17,490)	(17,460)
Royalty interest impairment	(18,896)	0
Income (loss) before taxes	(8,608)	4,027
Cash from (used in) operations	27,674	22,792
Amulsar
Disclosure of operating segments
Royalty interest impairment	(18,896)
Income (loss) before taxes	(18,896)
Beta Hunt
Disclosure of operating segments
Royalty revenue	6,350	8,264
Depletion	(2,324)	(4,803)
Income (loss) before taxes	4,026	3,461
Cash from (used in) operations	6,764	6,383
El Mochito
Disclosure of operating segments
Sales	4,812
Cost of sales, excluding depletion	(1,160)
Depletion	(2,011)
Income (loss) before taxes	1,641
Cash from (used in) operations	3,651
Florida Canyon
Disclosure of operating segments
Royalty revenue	2,787	1,930
Depletion	(893)	(1,206)
Income (loss) before taxes	1,894	724
Cash from (used in) operations	2,188	1,585
Hope Bay
Disclosure of operating segments
Royalty revenue	4,145	1,770
Depletion	(1,562)	(1,001)
Income (loss) before taxes	2,583	769
Cash from (used in) operations	2,622	1,243
Karma
Disclosure of operating segments
Royalty revenue	3,058	3,015
Depletion	(2,276)	(2,596)
Income (loss) before taxes	782	419
Cash from (used in) operations	2,534	2,688
La Colorada
Disclosure of operating segments
Sales	6,921	6,486
Cost of sales, excluding depletion	(3,241)	(3,342)
Depletion	(1,226)	(1,665)
Income (loss) before taxes	2,454	1,479
Cash from (used in) operations	3,680	3,143
Moose River
Disclosure of operating segments
Royalty revenue	1,492	2,577
Depletion	(918)	(1,018)
Income (loss) before taxes	574	1,559
Cash from (used in) operations	1,378	2,570
Moss
Disclosure of operating segments
Sales	4,077	204
Cost of sales, excluding depletion	(810)	(40)
Depletion	(2,053)	(90)
Income (loss) before taxes	1,214	74
Cash from (used in) operations	3,268	164
Mt. Carlton
Disclosure of operating segments
Royalty revenue	3,902	4,334
Depletion	(1,349)	(2,060)
Income (loss) before taxes	2,553	2,274
Cash from (used in) operations	4,297	4,561
Omolon
Disclosure of operating segments
Royalty revenue	746
Depletion	(529)
Income (loss) before taxes	217
San Jose
Disclosure of operating segments
Royalty revenue	1,952	1,624
Depletion	(736)	(1,002)
Income (loss) before taxes	1,216	622
Cash from (used in) operations	1,845	1,694
Silvertip
Disclosure of operating segments
Royalty revenue	1,248	349
Depletion	(468)	(119)
Income (loss) before taxes	780	230
Cash from (used in) operations	1,200	163
Vivien
Disclosure of operating segments
Royalty revenue	2,746	2,624
Depletion	(747)	(1,117)
Income (loss) before taxes	1,999	1,507
Cash from (used in) operations	2,804	2,797
Other
Disclosure of operating segments
Royalty revenue	496	874
Depletion	(398)	(783)
Income (loss) before taxes	98	91
Cash from (used in) operations	365	888
Corporate
Disclosure of operating segments
Income (loss) before taxes	(11,743)	(9,182)
Cash from (used in) operations	(8,922)	(5,087)
Consolidated total
Disclosure of operating segments
Royalty revenue	28,922	27,361
Sales	15,810	6,690
Cost of sales, excluding depletion	(5,211)	(3,382)
Depletion	(17,490)	(17,460)
Royalty interest impairment	(18,896)
Income (loss) before taxes	(8,608)	4,027
Cash from (used in) operations	$ 27,674	$ 22,792

FINANCIAL RISK MANAGEMENT - Sum

FINANCIAL RISK MANAGEMENT - Summary of Risks (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
FINANCIAL RISK MANAGEMENT
Total equity	$ 313,927	$ 273,098	$ 136,716
Credit facility	89,617	16,780
Cash and cash equivalents	6,271	6,844	$ 10,151
Non-current financial assets	9,284	6,082
Common shares
FINANCIAL RISK MANAGEMENT
Non-current financial assets	9,098	5,762
Revolving Facility
FINANCIAL RISK MANAGEMENT
Credit facility	89,617	16,780
Capital Risk Management
FINANCIAL RISK MANAGEMENT
Total equity	313,900	273,100
Capital Risk Management | Revolving Facility
FINANCIAL RISK MANAGEMENT
Credit facility	89,600	16,800
Currency Risk
FINANCIAL RISK MANAGEMENT
Increase (decrease) in net (loss) income due to reasonably possible increase (decrease) in designated risk component	200
Increase (decrease) in other comprehensive (loss) income due to reasonably possible increase (decrease) in designated risk component	$ 900
Currency Risk | Canadian dollar
FINANCIAL RISK MANAGEMENT
Percentage of reasonably possible increase (decrease) in risk assumption	10.00%
Currency Risk | Australian dollar
FINANCIAL RISK MANAGEMENT
Percentage of reasonably possible increase (decrease) in risk assumption	10.00%
Liquidity Risk
FINANCIAL RISK MANAGEMENT
Cash and cash equivalents	$ 6,300	6,800
Working capital	25,900	11,300
Liquidity Risk | Revolving Facility
FINANCIAL RISK MANAGEMENT
Remaining borrowing capacity	51,000
Other Risks | Common shares
FINANCIAL RISK MANAGEMENT
Non-current financial assets	$ 9,100	$ 5,800
Equity Price Risk
FINANCIAL RISK MANAGEMENT
Percentage of reasonably possible increase (decrease) in risk assumption	10.00%
Increase (decrease) in other comprehensive (loss) income due to reasonably possible increase (decrease) in designated risk component	$ 900

FINANCIAL RISK MANAGEMENT - Fai

FINANCIAL RISK MANAGEMENT - Fair Value Measurements (Details) - CAD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Level 3 | Market approach | Discounted cash flow
Fair Value Measurements
Acquisition date fair values of royalty and other interests	$ 97,000	$ 134,700
Recurring | Level 1
Fair Value Measurements
Total financial assets, at fair value	9,098	5,762
Recurring | Level 1 | Common shares
Fair Value Measurements
Total financial assets, at fair value	9,098	5,762
Recurring | Level 2
Fair Value Measurements
Total financial assets, at fair value	186	320
Recurring | Level 2 | Warrants
Fair Value Measurements
Total financial assets, at fair value	$ 186	$ 320

CONTRACTUAL OBLIGATIONS (Detail

CONTRACTUAL OBLIGATIONS (Details) oz in Millions	12 Months Ended
	Dec. 31, 2019ozt$ / ozshares
La Colorada | Gold Stream interests
CONTRACTUAL OBLIGATIONS
Percent of life of mine production	100.00%
Per ounce cash payment: Lesser of amount below and the then prevailing market price (unless otherwise noted) | $ / oz	650
La Bolsa | Gold Stream interests
CONTRACTUAL OBLIGATIONS
Percent of life of mine production	5.00%
Per ounce cash payment: Lesser of amount below and the then prevailing market price (unless otherwise noted) | $ / oz	450
Moss | Silver Stream interests
CONTRACTUAL OBLIGATIONS
Percent of life of mine production	100.00%
Per ounce cash payment: Lesser of amount below and the then prevailing market price (unless otherwise noted), as a percentage of spot price of silver	20.00%
Silver delivered (in ounces) | oz	3.5
Percent of remaining life of mine production after delivery of silver	50.00%
El Mochito | Silver Stream interests
CONTRACTUAL OBLIGATIONS
Percent of life of mine production	22.50%
Per ounce cash payment: Lesser of amount below and the then prevailing market price (unless otherwise noted), as a percentage of spot price of silver	25.00%
Silver delivered (in ounces) | oz	3
Percent of remaining life of mine production after delivery of silver	20.00%
Silvertip
CONTRACTUAL OBLIGATIONS
Number of additional common shares to be issued | shares	1,400,000
Commercial production and cumulative throughput (in tonnes) | t	400,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands, $ in Millions	Jan. 01, 2020USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)
Subsequent Events
Repayment of credit facility		$ 7,085	$ 33,237
Revolving Facility
Subsequent Events
Repayment of credit facility		$ 7,085	$ 7,203
Collection of ROFR proceeds | Revolving Facility
Subsequent Events
Royalty Proceeds	$ 12
Repayment Of debt | Revolving Facility
Subsequent Events
Repayment of credit facility	13
Remaining borrowing capacity	$ 64