Maverix Metals (MMX) 40-F 23 Mar 21 2020 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2020shares
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, 2020
Document Fiscal Year Focus	2020
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	140,488,309

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Current assets
Cash and cash equivalents	$ 7,760	$ 4,828	$ 5,017
Accounts receivable	13,533	7,048	5,726
Investments (Note 6)	18,238
Right of first refusal receivable (Note 4b)		12,000
Asset held for sale (Note 4a)	1,500
Prepaid expenses and other	653	483	267
Total current assets	41,684	24,359	11,010
Non-current assets
Royalty, stream and other interests (Note 4 & 5)	334,210	281,405	198,091
Investments (Note 6)	1,000	7,148	4,458
Deferred financing costs and other	960	1,400	823
Deferred tax asset (Note 13)	1,753	823	823
Total assets	379,607	315,135	215,205
Current liabilities
Trade payables and other	3,285	3,233	2,713
Deferred revenue (Note 4a)	3,333
Dividend payable (Note 8e)		1,196
Total current liabilities	6,618	4,429	2,713
Non-current liabilities
Credit facility (Note 7)	32,000	69,000	12,300
Total liabilities	38,618	73,429	15,013
Capital and reserves
Share capital (Note 8a)	318,530	237,509	187,028
Reserves	10,654	14,009	13,298
Accumulated other comprehensive income	4,326	1,262	2,077
Retained earnings (deficit)	7,479	(11,074)	(2,211)
Total equity	340,989	241,706	200,192
Total liabilities and equity	$ 379,607	$ 315,135	$ 215,205

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
Royalty revenue (Note 14)	$ 32,689	$ 21,797
Sales (Note 14)	18,992	11,915
Total revenue	51,681	33,712
Cost of sales, excluding depletion	(5,020)	(3,927)
Depletion (Note 5)	(17,999)	(13,181)
Total cost of sales	(23,019)	(17,108)
Gross profit	28,662	16,604
Administration expenses (Note 9)	(4,784)	(4,407)
Project evaluation expenses (Note 9)	(3,502)	(2,300)
Royalty interest impairment (Note 5b)	0	(14,241)
Income (loss) from operations	20,376	(4,344)
Other income and expenses
Gain on amendment of royalty interest (Note 4a)	9,291
Foreign exchange gain (loss)	664	(227)
Other income (expense)	1,904	(100)
Finance expense	(2,456)	(1,813)
Income (loss) before income taxes	29,779	(6,484)
Income tax expense (Note 13)	(6,060)	(1,183)
Net income (loss)	$ 23,719	$ (7,667)
Earnings per share (Note 10)
Basic earnings (loss) per share | (per share)	$ 0.19	$ (0.07)
Diluted earnings (loss) per share | (per share)	$ 0.17	$ (0.07)
Weighted average number of common shares outstanding:
Basic | shares	126,730,500	108,363,047
Diluted | shares	135,975,539	108,363,047
Other Comprehensive Income (Loss)
Net income (loss)	$ 23,719	$ (7,667)
Item that will not be subsequently reclassified to net income:
Changes in fair value on investments (Note 6)	3,466	(815)
Income tax expense on investments (Note 13)	(402)
Comprehensive income (loss)	$ 26,783	$ (8,482)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income (loss)	$ 23,719	$ (7,667)
Depletion and amortization	18,146	13,303
Royalty interest impairment (Note 5b)	0	14,241
Income tax expense	6,060	1,183
Share-based compensation	1,688	1,666
Finance expense	2,456	1,813
Unrealized foreign exchange (gain) loss	(284)	67
Unrealized (gain) loss on warrants	(1,891)	92
Income taxes paid on operating activities	(4,076)	(1,230)
Gain on amendment of royalty interest (Note 4)	(9,291)
Changes in non-cash working capital (Note 11)	(3,527)	(2,507)
Net cash provided by operating activities	33,000	20,961
Investing activities
Acquisition of royalty, stream and other interests (Note 4)	(15,436)	(73,230)
Acquisition of investments and other (Note 6)	(7,137)	(3,053)
Proceeds from amendment of royalty interest (Note 4)	12,164
Taxes paid on amendment of royalty interest (Note 4)	(2,787)
Proceeds from disposal of equity investments	568
Right of first refusal proceeds (Note 4b)	12,000
Net cash used in investing activities	(628)	(76,283)
Financing activities
Proceeds from credit facility (Note 7)	20,000	62,000
Repayment of credit facility (Note 7)	(57,000)	(5,300)
Financing costs and interest paid	(2,337)	(2,129)
Dividends paid (Note 8e)	(6,361)
Proceeds from exercise of warrants and stock options (Note 8b & 8c)	16,152	619
Net cash (used in) provided by financing activities	(29,546)	55,190
Effect of exchange rate changes on cash and cash equivalents	106	(57)
Increase (decrease) in cash and cash equivalents	2,932	(189)
Cash and cash equivalents at the beginning of the year	4,828	5,017
Cash and cash equivalents at the end of the year	$ 7,760	$ 4,828

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Share capitalNewmont Portfolio Acquisition	Share capitalKinross Portfolio Acquisition	Share capital	Share warrant reserve	Share option reserve	Accumulated other comprehensive income	Retained earnings(deficit)	Newmont Portfolio Acquisition	Kinross Portfolio Acquisition	Total
Balance at the beginning at Dec. 31, 2018			$ 187,028	$ 10,999	$ 2,299	$ 2,077	$ (2,211)			$ 200,192
Balance at the beginning (in shares) at Dec. 31, 2018			107,715,646
Total comprehensive income (loss)						(815)	(7,667)			(8,482)
Dividend declared (Note 8e)							(1,196)			(1,196)
Shares and warrants issued for Royalty Portfolio (Note 4)		$ 48,907							$ 48,907
Shares and warrants issued for Royalty Portfolio (in shares)		11,228,674
Shares issued for options exercised (Note 8c)			$ 1,070		(451)					619
Shares issued for options exercised (Note 8c) (in shares)			508,964
Share-based compensation			$ 504		1,162					1,666
Share-based compensation (in shares)			125,205
Balance at the end at Dec. 31, 2019			$ 237,509	10,999	3,010	1,262	(11,074)			241,706
Balance at the end (in shares) at Dec. 31, 2019			119,578,489
Total comprehensive income (loss)						3,064	23,719			26,783
Dividend declared (Note 8e)							(5,166)			(5,166)
Shares and warrants issued for Royalty Portfolio (Note 4)	$ 59,826							$ 59,826
Shares and warrants issued for Royalty Portfolio (in shares)	12,000,000
Shares issued for warrants exercised (Note 8b)			$ 19,922	(4,390)						15,532
Shares issued for warrants exercised (Note 8b) (in shares)			8,250,000
Shares issued for options exercised (Note 8c)			$ 1,238		(618)					620
Shares issued for options exercised (Note 8c) (in shares)			650,580
Share-based compensation			$ 35		1,653					1,688
Share-based compensation (in shares)			9,240
Balance at the end at Dec. 31, 2020			$ 318,530	$ 6,609	$ 4,045	$ 4,326	$ 7,479			$ 340,989
Balance at the end (in shares) at Dec. 31, 2020			140,488,309

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2020
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 common shares trade on the New York Stock Exchange American and Toronto Stock Exchange under the symbol “MMX”. Maverix is a resource-based company that seeks to acquire and manage royalties and metal purchase agreements (a “Stream” or “Streams”) on projects that are in an advanced stage of development, on operating mines producing precious or other metals, or in some circumstances, exploration stage projects. 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” or “GRR”) or, the net revenue after the deduction of specified costs (a “Net Smelter Returns Royalty” or “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 the life of mine or a specified time period. These consolidated financial statements were approved and authorized for issue by the Board of Directors of the Company on March 22, 2021.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
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 United States dollars ("USD") (Note 2g), unless otherwise noted. c) Principles of Consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including its principal subsidiaries Maverix Metals (Australia) Pty Ltd. and Maverix Metals (Nevada) Inc. Subsidiaries are fully consolidated from the date the Company obtains control and continues 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 expenses 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 (non-depletable 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 is 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 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 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. 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. g) Foreign Currency Translation 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 and its significant wholly-owned subsidiaries is the USD. 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 income (loss). Effective January 1, 2020, the Company elected to change its presentation currency from the Canadian dollar ("CAD") to USD. The change in presentation currency is to better reflect the Company's business activities and to improve investors' ability to compare the Company's financial results with other publicly traded precious metals royalty and streaming companies. The Company has applied the change to USD presentation currency retrospectively and restated the comparative financial information as if the new presentation currency had always been the Company's presentation currency. 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 4). 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 common shares 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 common shares designated as FVTOCI are disposed of, the cumulative gains and losses recognized in other comprehensive income are not recycled to the consolidated statement of income (loss) 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). 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 initially 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 the Company's 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. Share purchase warrants issued with an exercise price denominated in the Company’s functional currency (USD) 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 reflects the effect of all potentially dilutive common share equivalents, which includes dilutive share options, restricted share units ("RSUs") and warrants computed using the treasury stock method. m) Share Based Payments The Company recognizes share based compensation expense for share purchase options, 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 is 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 Company’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 14 for summary of the Company’s segmented information.

CRITICAL ACCOUNTING JUDGEMENTS

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES	12 Months Ended
	Dec. 31, 2020
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES	3. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES 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 or other interest, 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, 2020, no impairment charges were recorded. During the year ended December 2019, the Company recorded an impairment charge of $14.2 million (Note 5b). d) Income Taxes The interpretation of new and existing tax laws or regulations in Canada, Australia, the United States of America, or any of the countries in which our royalty, stream and other interests are located or to which shipments of gold or silver are made or received requires the use of judgment. Differing interpretation or changes to 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 13 for more information. e) Estimation Uncertainty and COVID-19 In March 2020, the World Health Organization declared a global pandemic related to COVID-19. The current and expected impacts on global commerce are anticipated to be far reaching. To date there has been significant volatility in the stock market and in the commodity and foreign exchange markets, restrictions on the conduct of business in many jurisdictions and the global movement of people and some goods has become restricted. In the current environment, estimates and assumptions about future production, commodity prices, exchange rates, discount rates, future capital expansion plans and associated production implications at the underlying mines in which the Company holds a royalty or stream interest are subject to greater variability than normal, which could significantly affect the valuation of our assets, both non-financial and financial. As at December 31, 2020, the Company has not recorded any adjustments related to the COVID-19 pandemic.

ROYALTY AND STREAM TRANSACTIONS

ROYALTY AND STREAM TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
ROYALTY AND STREAM TRANSACTIONS
ROYALTY AND STREAM TRANSACTIONS	4. ROYALTY AND STREAM TRANSACTIONS a) During the Year Ended December 31, 2020 Newmont Portfolio Acquisition In October 2020, the Company completed the Purchase and Sale Agreement (the “Agreement”) entered into with Newmont Corporation (“Newmont”) to acquire a portfolio of 11 royalties (the “Newmont Portfolio”). As consideration for the Newmont Portfolio, the Company issued 12,000,000 common shares and paid $15.0 million in cash and has agreed to make contingent cash payments of up to $15.0 million if certain production milestones at certain underlying assets are achieved within five years of closing the Agreement. 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 consideration. The Company has committed to dispose the 1.0% NSR royalty on the Yecora project for cash consideration of $1.5 million. The Yecora royalty has been classified as an asset held for sale at the time of acquisition and at December 31, 2020. The fair value of the Newmont Portfolio acquired was determined to be $75.0 million. The Company used discounted cash flow models for 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 discount rates of 4% to 15% depending on the stage and risk profile of the assets. Metal prices were based on analyst metal price projections and management expectations. The excess of the fair value of the Newmont Portfolio of $75.0 million over the cash consideration paid of $15.0 million was allocated to the common shares. The significant royalties acquired in the Newmont Portfolio include the 2.0% NSR royalty on the oxide and transitional ore of the Camino Rojo project owned by Orla Mining Ltd. and the 1.0% NSR royalty on the Cerro Blanco project owned by Bluestone Resources Inc. The Company also acquired nine development and exploration stage royalties, of which, there are four in the United States, two in Canada and three in Mexico. Beta Hunt Royalty Amendment In September 2020, Maverix closed an agreement with Karora Resources Inc. to reduce the gold royalty on the Beta Hunt mine from 7.5% to 4.75%, effective July 1, 2020 (the “Amendment”). Upon closing the Amendment, Maverix received $13.0 million for the reduction of its royalty interest in the Beta Hunt mine and received $2.5 million of the $5.0 million one-time bonus royalty (the “Bonus Royalty Payment”). The remaining $2.5 million of the Bonus Royalty Payment owed was received in January 2021 (Note 17). The Bonus Royalty Payment was recorded as deferred revenue and will be amortized into royalty revenue over approximately one and a half years from the effective date. The Company recorded and paid $4.3 million in current taxes and recognized a deferred tax asset of $0.9 million during the year ended December 31, 2020 as a result of the Amendment. b) During the Year Ended December 31, 2019 Kinross Portfolio Acquisition In December 2019, the Company completed the Purchase and Sale Agreement (the “PSA”) entered into with Kinross Gold Corporation (“Kinross”) to acquire a portfolio of royalties (the “Kinross Portfolio”). As consideration, the Company issued 11,228,674 common shares and paid $25.0 million in cash. The fair value of the Kinross Portfolio acquired was determined to be $74.0 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 10% depending on the stage and risk profile of the assets. Metal prices were based on analyst metal price projections and management expectations. Certain of the royalties that were due to be transferred pursuant to the PSA 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 PSA, one of the underlying property owners provided notification they were exercising their ROFR. After the exercise of the ROFR, Maverix acquired a total of 24 royalties (the “Kinross Portfolio”) pursuant to the PSA and received aggregate total proceeds of $12.0 million in cash upon the completion of the ROFR transaction. The excess of the fair value of the Kinross Portfolio of $74.0 million over the cash consideration paid of $25.0 million was allocated to the common shares. 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, previously owned and operated by TMAC Resources Inc. (“TMAC”) for a cash payment of $40.0 million (the “Additional Royalty”). Upon closing of the transaction, Maverix owned a combined 2.5% NSR royalty on the Hope Bay mine. Maverix was also entitled to receive an additional 0.25% NSR royalty until certain conditions with respect to the Additional Royalty were satisfied. TMAC had the right to buy back the entire Additional Royalty for a cash payment of $50.0 million in the event of a change of control transaction of TMAC (as defined in the Additional Royalty agreement) that was announced prior to June 30, 2021. Subsequent to December 31, 2020, the buyback right for the entire Additional Royalty was exercised (Note 17). El Mochito Stream In March 2019, Maverix entered into an agreement to purchase 22.5% of the silver produced from Kirungu Corporation's ("Kirungu”) operating El Mochito mine (the “El Mochito Stream”). As consideration for the El Mochito Stream, Maverix made an upfront cash payment of $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 Kirungu equal to 25% of the spot price of silver for each ounce delivered.

ROYALTY, STREAM AND OTHER INTER

ROYALTY, STREAM AND OTHER INTERESTS	12 Months Ended
	Dec. 31, 2020
ROYALTY, STREAM AND OTHER INTERESTS
ROYALTY, STREAM AND OTHER INTERESTS	5. ROYALTY, STREAM AND OTHER INTERESTS a) Carrying Amount As at and for the year ended December 31, 2020: Cost Accumulated Depletion Additions/ Carrying Country Opening (Disposals) Ending Opening Depletion Disposals Ending Amount $ $ $ $ $ $ $ $ Beta Hunt AUS 14,875 (5,454) 9,421 (6,638) (706) 2,581 (4,763) 4,658 Camino Rojo MEX — 40,173 40,173 — — — — 40,173 Cerro Blanco GTM — 16,069 16,069 — — — — 16,069 Cerro Casale CHL 7,053 — 7,053 — — — — 7,053 Converse USA 10,039 — 10,039 — — — — 10,039 DeLamar USA 9,068 — 9,068 — — — — 9,068 El Mochito HON 7,710 24 7,734 (1,516) (1,122) — (2,638) 5,096 Florida Canyon USA 12,823 — 12,823 (2,189) (712) — (2,901) 9,922 Gemfield USA 8,799 — 8,799 — — — — 8,799 Hope Bay CAN 63,324 — 63,324 (1,950) (1,671) — (3,621) 59,703 Karma BFA 20,080 — 20,080 (4,062) (1,992) — (6,054) 14,026 La Colorada MEX 17,400 — 17,400 (3,262) (1,171) — (4,433) 12,967 McCoy-Cove USA 18,553 — 18,553 — — — — 18,553 Moose River CAN 3,700 — 3,700 (1,544) (843) — (2,387) 1,313 Moss USA 20,283 — 20,283 (1,617) (3,480) — (5,097) 15,186 Mt Carlton AUS 9,436 — 9,436 (4,638) (2,104) — (6,742) 2,694 Omolon RUS 10,076 17 10,093 (399) (3,093) — (3,492) 6,601 San Jose MEX 5,500 — 5,500 (2,302) (591) — (2,893) 2,607 Silvertip CAN 4,340 — 4,340 (454) — — (454) 3,886 Vivien AUS 3,301 — 3,301 (2,593) (254) — (2,847) 454 Other Various 83,375 17,394 100,769 (15,166) (260) — (15,426) 85,343 Total (1) 329,735 68,223 397,958 (48,330) (17,999) 2,581 (63,748) 334,210 (1) Royalty, stream and other interests includes non-depletable assets of $76.0 million and depletable assets of $258.2 million. As at and for the year ended December 31, 2019: Cost Accumulated Depletion Carrying Country Opening Additions Ending Opening Depletion Impairment Ending Amount $ $ $ $ $ $ $ Amulsar ARM 14,241 — 14,241 — — (14,241) (14,241) — Beta Hunt AUS 14,875 — 14,875 (4,886) (1,752) — (6,638) 8,237 Cerro Casale CHL — 7,053 7,053 — — — — 7,053 Converse USA 10,039 — 10,039 — — — — 10,039 DeLamar USA — 9,068 9,068 — — — — 9,068 El Mochito HON — 7,710 7,710 — (1,516) — (1,516) 6,194 Florida Canyon USA 12,215 608 12,823 (1,516) (673) — (2,189) 10,634 Gemfield USA 8,799 — 8,799 — — — — 8,799 Hope Bay CAN 23,305 40,019 63,324 (772) (1,178) — (1,950) 61,374 Karma BFA 20,073 7 20,080 (2,346) (1,716) — (4,062) 16,018 La Colorada MEX 17,400 — 17,400 (2,338) (924) — (3,262) 14,138 McCoy-Cove USA 12,004 6,549 18,553 — — — — 18,553 Moose River CAN 3,700 — 3,700 (852) (692) — (1,544) 2,156 Moss USA 20,273 10 20,283 (70) (1,547) — (1,617) 18,666 Mt Carlton AUS 9,436 — 9,436 (3,622) (1,016) — (4,638) 4,798 Omolon RUS — 10,076 10,076 — (399) — (399) 9,677 San Jose MEX 5,500 — 5,500 (1,748) (554) — (2,302) 3,198 Silvertip CAN 4,340 — 4,340 (101) (353) — (454) 3,886 Vivien AUS 3,293 8 3,301 (2,030) (563) — (2,593) 708 Other Various 39,504 29,630 69,134 (627) (298) — (925) 68,209 Total (1) 218,997 110,738 329,735 (20,908) (13,181) (14,241) (48,330) 281,405 (1) Royalty, stream and other interests includes non-depletable assets of $51.5 million and depletable assets of $229.9 million. 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 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 $14.2 million.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2020
INVESTMENTS
INVESTMENTS	6. INVESTMENTS As at and for the year ended December 31, 2020: Balance at Exercise Balance at December and Fair Value December 31, 2019 Additions Disposals Transfers Adjustments 31, 2020 Short-term investments Common shares (1) $ — $ 8,205 $ (501) $ 7,020 $ 3,466 $ 18,190 Warrants (2) — 8 — (1,851) 1,891 48 Total short-term investments $ — $ 8,213 $ (501) $ 5,169 $ 5,357 $ 18,238 Non-current investments Common shares (1) $ 7,006 $ 1,519 $ (1,505) $ (7,020) $ — $ — Convertible debenture (2) — 1,000 — — — 1,000 Warrants (2) 142 — — (142) — — Total non-current investments $ 7,148 $ 2,519 $ (1,505) $ (7,162) $ — $ 1,000 Total investments $ 7,148 $ 10,732 $ (2,006) $ (1,993) $ 5,357 $ 19,238 (1) Fair value adjustments recorded within Other comprehensive income (loss). (2) Fair value adjustments recorded within Net income (loss). In December 2020, Northern Vertex Mining Corp. ("Northern Vertex") announced a merger with Eclipse Gold Mining Corporation and a concurrent CAD$20.0 million financing (the "Financing"). As part of the Financing, the Company agreed to exercise 19.5 million share purchase warrants at CAD$0.40 per common share of Northern Vertex and sell the underlying common shares received for CAD$0.50 per common share. The Financing closed subsequent to December 31, 2020 (Note 17). In April 2020, the Company acquired a $1.0 million convertible debenture (the "Debenture"). The Debenture has a two year term, bears interest at 12% per annum and is convertible into up to 19.9% of the total issued and outstanding capital stock of Kirungu, the right to purchase an additional 3% of the silver from the operating El Mochito mine on the same terms as the existing El Mochito silver Stream, or a 0.3% NSR Royalty on all metals produced from any mining properties or projects owned by Kirungu. As at and for the year ended December 31, 2019: Balance at Balance at December 31, Fair Value December 2018 Additions Disposals Adjustments 31, 2019 Common shares $ 4,224 $ 3,597 $ — $ (815) $ 7,006 Warrants 234 — — (92) 142 Total investments $ 4,458 $ 3,597 $ — $ (907) $ 7,148 Concurrent with the acquisition of the Additional Royalty (Note 4b), the Company subscribed for $3.0 million of TMAC common shares.

CREDIT FACILITY

CREDIT FACILITY	12 Months Ended
	Dec. 31, 2020
CREDIT FACILITY
CREDIT FACILITY	7. CREDIT FACILITY The Company amended and increased its revolving credit agreement to borrow up to $120 million (the “Credit Facility ") in 2019. Amounts drawn on the amended Credit 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 Credit Facility agreement). During the year ended December 31, 2020, the Company paid approximately 2.9% (2019: 4.4%) on amounts drawn and 0.6% (2019: 0.5%) on the remaining undrawn portion. The Credit 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. The following table summarizes the Company’s Credit Facility as at December 31, 2020 and 2019 and changes during the years then ended: Credit Facility Balance at December 31, 2018 $ 12,300 Proceeds 62,000 Repayment (5,300) Balance at December 31, 2019 69,000 Proceeds 20,000 Repayment (57,000) Balance at December 31, 2020 $ 32,000 Amortization of the deferred financing costs related to the Credit Facility for the years ended December 31, 2020 and 2019 were $0.3 million and $0.3 million, respectively. As at December 31, 2020 the Company was in compliance with all of the covenants related to the Credit Facility.

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2020
SHARE CAPITAL
SHARE CAPITAL	8. SHARE CAPITAL a) Authorized, Issued and Outstanding shares The Company is authorized to issue an unlimited number of common shares without par value and preferred shares. No preferred shares have been issued. b) Share Purchase Warrants The following table summarizes warrants which were outstanding and exercisable as at December 31, 2020 and 2019 and changes during the years then ended: Weighted average Number of warrants exercise price outstanding per warrant Balance at December 31, 2018 and 2019 18,250,000 $ 2.41 Exercised (8,250,000) $ 1.89 Balance at December 31, 2020 10,000,000 $ 2.84 In June 2020, 8,250,000 common share purchase warrants were exercised for gross proceeds of $15.6 million to the Company. The common share price was $4.29 per share at the time the warrants were exercised. A listing of the Company’s outstanding warrants as at December 31, 2020 is presented below: Number outstanding Exercise Price Expiry Date 5,000,000 $ 2.41 December 23, 2021 5,000,000 $ 3.28 June 29, 2023 10,000,000 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, 2020 and 2019 and changes during the years then ended: Weighted average Number of Options exercise price per option Outstanding (CAD$) 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 Granted 953,255 $ 5.21 Exercised (650,580) $ 1.25 Forfeited (67,910) $ 5.17 Balance at December 31, 2020 4,068,884 $ 4.05 Options which have vested and are exercisable as at December 31, 2020 2,600,257 $ 3.35 A summary of the Company’s outstanding stock options as at December 31, 2020 is presented below: Exercise Price Number outstanding (CAD$) Expiry Date 285,750 $ 1.08 April 10, 2021 722,408 $ 2.80 April 28, 2022 156,081 $ 2.80 May 30,2022 852,735 $ 3.30 May 31, 2023 848,252 $ 5.18 April 3, 2024 50,000 $ 6.48 August 9, 2024 268,313 $ 5.83 December 12,2024 855,345 $ 5.17 March 10, 2025 30,000 $ 6.54 September 24, 2025 4,068,884 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, 2020 and 2019: Years ended December 31 2020 2019 Risk-free interest rate 0.5 % 1.6 % Expected volatility 45 % 47 % Expected life 3 years 3 years Expected dividend yield 1.1 % 0.2 % The weighted-average common share price during the years ended December 31, 2020 and 2019, were $4.78 and $4.13 per share at the time the options were exercised, respectively. The weighted average remaining contractual life of the options as at December 31, 2020 was 2.73 years (2019: 3.04 years). d) Share Based Payments — RSU Plan The Company adopted a RSU Plan, which provides that the Board of Directors may, at its discretion, grant directors, officers, employees and consultants, non-transferable RSUs. Each RSU is set at a price determined by the fair market value of the shares at the date immediately preceding the date on which the RSU is granted. Under the RSU Plan, the aggregate number of common shares of the Company reserved for issuance is 3,000,000 common shares. If any RSU granted under the RSU Plan expires or terminates for any reason in accordance with the terms of the RSU Plan without vesting, that RSU shall again be available for the purpose of the Plan. All RSUs issued under the Plan vest after three years, unless otherwise determined on the grant date by the Board of Directors. The Board of Directors has the discretion to settle the vested RSUs in cash or equity. The following table summarizes RSUs which were outstanding as at December 31, 2020 and 2019 and the changes during the years then ended: Weighted average fair Number of RSUs value per RSU Outstanding (CAD$) Balance at December 31, 2018 — — Granted 97,027 $ 5.82 Balance at December 31, 2019 97,027 $ 5.82 Granted 105,822 $ 5.57 Forfeited (10,155) $ 5.17 Balance at December 31, 2020 192,694 $ 5.72 e) Dividends During the year ended December 31, 2020, the Company declared four and paid five separate dividends of $0.01 per common share. During the year ended December 31, 2019, the Company declared one dividend of $0.01 per common share.

OPERATING EXPENSES BY NATURE

OPERATING EXPENSES BY NATURE	12 Months Ended
	Dec. 31, 2020
OPERATING EXPENSES BY NATURE
OPERATING EXPENSES BY NATURE	9 . OPERATING EXPENSES BY NATURE Years ended December 31 2020 2019 Compensation and benefits $ 4,504 $ 3,001 Corporate administration 969 864 Listing and filing fees 242 646 Professional fees 736 408 Amortization 147 122 Operating expenses before share-based compensation 6,598 5,041 Share-based compensation 1,688 1,666 Total operating expenses $ 8,286 $ 6,707

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2020
EARNINGS PER SHARE
EARNINGS PER SHARE	10. EARNINGS PER SHARE Basic and diluted earnings (loss) per share is calculated based on the following: Years ended December 31 2020 2019 Net income (loss) $ 23,719 $ (7,667) Basic weighted average number of shares 126,730,500 108,363,047 Basic earnings (loss) per share $ 0.19 $ (0.07) Effect of dilutive securities Warrants 7,431,541 — Stock options 1,752,315 — RSUs 61,183 — Diluted weighted average number of common shares 135,975,539 108,363,047 Diluted earnings (loss) per share $ 0.17 $ (0.07) The following table lists the number of warrants, stock options and RSUs which were excluded from the computation of diluted earnings per share because the exercise prices plus the unamortized share-based compensation per share exceeded the average market value of the common shares during the year ended December 31, 2020, or the Company was in a net loss position during the year ended December 31, 2019. Years ended December 31 2020 2019 Warrants — 18,250,000 Stock options 58,033 3,834,119 RSUs — 97,027

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2020
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	11. SUPPLEMENTAL CASH FLOW INFORMATION Years ended December 31 Changes in non-cash working capital: 2020 2019 Accounts receivable $ (6,393) $ (2,484) Prepaid expenses and other (170) (215) Trade payables and other (297) (1,004) Dividend payable — 1,196 Deferred revenue 3,333 — Changes in non-cash working capital $ (3,527) $ (2,507) Significant non-cash transactions: Equity issued for Newmont and Kinross Portfolios (Note 4) $ 60,000 $ 49,000 Settlement of receivables in equity investments 1,519 597 Cash and cash equivalents at the end of the year: Cash at bank $ 7,760 $ 4,828

RELATED PARTY DISCLOSURES

RELATED PARTY DISCLOSURES	12 Months Ended
	Dec. 31, 2020
RELATED PARTY DISCLOSURES
RELATED PARTY DISCLOSURES	12. 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: Years ended December 31 2020 2019 Compensation and benefits $ 3,632 $ 2,530 Share-based compensation 1,532 1,471 Total compensation $ 5,164 $ 4,001 During the years ended December 31, 2020 and 2019, the Company purchased $2.3 million and $2.4 million, respectively, of refined gold from Pan American Silver Corp. (“Pan American”) at a price of $650 per ounce purchased under its La Colorada gold Stream agreement (Note 16). As a consequence of its shareholding and other factors, Pan American is deemed to have significant influence over the Company. The Company completed the acquisition of the Newmont Portfolio during the year ended December 31, 2020 (Note 4a). As a consequence of its shareholding and other factors, Newmont is deemed to have significant influence over the Company.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
INCOME TAXES
INCOME TAXES	13. INCOME TAXES Income tax recognized in net income is comprised of the following: Years ended December 31 2020 2019 Current tax expense $ 7,392 $ 1,183 Deferred tax recovery (1,332) — Income tax expense $ 6,060 $ 1,183 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: Years ended December 31 2020 2019 Income (loss) before income taxes $ 29,779 $ (6,484) Statutory tax rate 27 % 27 % Expected income tax expense (recovery) $ 8,040 $ (1,751) Increase (decrease) due to: Foreign tax rate differences 583 210 Non-deductible expenses 448 318 Withholding taxes 548 319 Change in unrecognized temporary differences (2,970) 2,443 Recognition of temporary differences (1,332) — Effect of true-ups in prior year temporary and other differences 743 (356) Income tax expense $ 6,060 $ 1,183 Deferred tax assets and liabilities As at December 31, 2020, the Company has recognized gross deferred tax assets of $15.6 million related to Canadian non-capital losses (December 31, 2019: $5.5 million). These have been partially offset by $14.8 million of deferred tax liabilities primarily related to the Company’s royalty, stream and other interests (December 31, 2019: $4.7 million). The following table summarizes the Company’s deferred income tax asset as at December 31, 2020 and 2019 and the changes during the years then ended: Years ended December 31 2020 2019 Balance, beginning of the year $ 823 $ 823 Recognized in net income (loss) 1,332 — Recognized in other comprehensive income (loss) (402) — Balance, end of the year $ 1,753 $ 823 The aggregate amount of deductible temporary differences for which deferred income tax assets have not been recognized are as follows: December 31, 2020 December 31, 2019 Royalty, stream and other interests $ 2,492 $ 2,355 Financing costs and other 859 130 Non-capital losses 5,430 18,470 Total $ 8,781 $ 20,955 As at December 31, 2020, the Company has deductible Canadian non-capital tax losses of $58.9 million that expire between 2038 to 2040.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2020
SEGMENT INFORMATION
SEGMENT INFORMATION	14. SEGMENT INFORMATION For the year ended December 31, 2020: Costs of Gain on Income Cash sales, amendment (loss) from Primary Royalty excluding of royalty before (used in) Product revenue Sales depletion Depletion interest taxes operations $ $ $ $ $ $ $ Beta Hunt (AUS) Gold 8,635 — — (706) 9,291 17,220 9,533 El Mochito (HON) Silver — 3,716 (881) (1,122) — 1,713 2,836 Florida Canyon (USA) Gold 2,551 — — (712) — 1,839 2,638 Hope Bay (CAN) Gold 5,355 — — (1,671) — 3,684 2,998 Karma (BFA) Gold 2,946 — — (1,992) — 954 2,636 La Colorada (MEX) Gold — 6,347 (2,345) (1,171) — 2,831 4,002 Moose River (CAN) Gold 1,586 — — (843) — 743 1,521 Moss (USA) Silver — 8,929 (1,794) (3,480) — 3,655 7,135 Mt Carlton (AUS) Gold 2,469 — — (2,104) — 365 2,112 Omolon (RUS) Gold 4,792 — — (3,093) — 1,699 3,169 San Jose (MEX) Silver 1,989 — — (591) — 1,398 1,736 Silvertip (CAN) Silver — — — — — — 189 Vivien (AUS) Gold 1,839 — — (254) — 1,585 1,596 Other (Various) Various 527 — — (260) — 267 670 Total segments 32,689 18,992 (5,020) (17,999) 9,291 37,953 42,771 Operating expenses — — — — — (8,286) (6,451) Foreign exchange gain — — — — — 664 380 Unrealized gain on warrants — — — — — 1,891 — Finance expense — — — — — (2,456) — Income taxes paid — — — — — — (4,076) Other — — — — — 13 376 Total corporate — — — — — (8,174) (9,771) Consolidated total (5,020) (17,999) For the year ended December 31, 2019: Costs of sales, Royalty Cash from Primary Royalty excluding interest Income (loss) (used in) Product revenue Sales depletion Depletion impairment before taxes operations $ $ $ $ $ $ $ Amulsar (ARM) Gold — — — — (14,241) (14,241) — Beta Hunt (AUS) Gold 4,786 — — (1,752) — 3,034 5,001 El Mochito (HON) Silver — 3,626 (874) (1,516) — 1,236 2,752 Florida Canyon (USA) Gold 2,101 — — (673) — 1,428 1,610 Hope Bay (CAN) Gold 3,124 — — (1,178) — 1,946 1,761 Karma (BFA) Gold 2,305 — — (1,716) — 589 1,868 La Colorada (MEX) Gold — 5,216 (2,443) (924) — 1,849 2,773 Moose River (CAN) Gold 1,124 — — (692) — 432 1,023 Moss (USA) Silver — 3,073 (610) (1,547) — 916 2,463 Mt Carlton (AUS) Gold 2,941 — — (1,016) — 1,925 3,210 Omolon (RUS) Gold 562 — — (399) — 163 — San Jose (MEX) Silver 1,471 — — (554) — 917 1,377 Silvertip (CAN) Silver 941 — — (353) — 588 897 Vivien (AUS) Gold 2,070 — — (563) — 1,507 2,093 Other (Various) Various 372 — — (298) — 74 272 Total segments 21,797 11,915 (3,927) (13,181) (14,241) 2,363 27,100 Operating expenses — — — — — (6,707) (4,919) Foreign exchange gain — — — — — (227) (160) Unrealized gain on warrants — — — — — (92) — Finance expense — — — — — (1,813) — Income taxes paid — — — — — — (1,230) Other — — — — — (8) 170 Total corporate — — — — — (8,847) (6,139) Consolidated total (3,927) (13,181) (14,241) (6,484) Non-current Assets by Geographical Region: December 31, 2020 December 31, 2019 North America USA $ 107,064 $ 101,554 Canada 73,820 74,842 Mexico 64,847 20,936 South & Central America Guatemala 16,069 — Chile 10,073 10,073 Peru 8,400 8,400 Dominican Republic 5,160 6,195 Honduras 5,097 5,160 Other Burkina Faso 14,156 16,148 Australia 9,152 15,089 Russia 6,601 9,677 Cote d’Ivoire 4,030 4,030 Ghana 3,527 3,527 Argentina 3,200 3,200 Various 3,974 3,946 Total (1) $ 335,170 $ 282,777 (1) Includes royalty, stream, and other interests (Note 5) and deferred financing costs and other.

FINANCIAL RISK MANAGEMENT

FINANCIAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2020
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT	15. 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, 2020, the capital structure of the Company consists of $341.0 million (December 31, 2019: $241.7 million) of total equity, comprising of share capital, reserves, accumulated other comprehensive income, and retained earnings (deficit), and $32.0 million (December 31, 2019: $69.0 million) of drawn Credit Facility. The Company was not subject to any externally imposed capital requirements with the exception of complying with certain covenants under the Credit Facility (Note 7). The Company is in compliance with its debt covenants at December 31, 2020. 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 receivables 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 balances. The Company’s accounts receivables are subject to the credit risk of the counterparties who own and operate the mines underlying Maverix’s royalty portfolio. Currency Risk Financial instruments that impact the Company’s net income due to currency fluctuations include: cash and cash equivalents, accounts receivable, investments, and 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, 2020, a 10% increase (decrease) of the value of the Canadian and Australian dollar relative to the USD would increase (decrease) net income by $0.3 million and other comprehensive income by $1.8 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 Credit Facility. As at December 31, 2020, the Company had cash and cash equivalents of $7.8 million (December 31, 2019: $4.8 million) and working capital of $35.1 million (December 31, 2019: $19.9 million). In addition, at December 31, 2020 the Company had $88.0 million available under its Credit Facility (Note 7). Other Risks The Company is exposed to equity price risk as a result of holding common shares in other mining companies with a combined fair market value as at December 31, 2020 of $18.2 million (December 31, 2019: $7.1 million) (Note 6). The equity prices of investments are impacted by various underlying factors including commodity prices and the volatility in global markets as a result of COVID-19 and the daily exchange traded volume of the equity 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 equity. Based on the Company’s investments held as at December 31, 2020, a 10% increase (decrease) in the equity prices of these investments would increase (decrease) other comprehensive income by $1.8 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, 2020 and December 31, 2019. 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, 2020 As at December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Common shares $ 18,190 $ — $ — $ 7,006 $ — $ — Warrants — 48 — — 142 — Convertible debenture — — 1,000 — — — Total $ 18,190 $ 48 $ 1,000 $ 7,006 $ 142 $ — 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, 2020 and 2019, the acquisition date fair values of royalty and other interests designated as Level 3 fair value measurements were $75.0 million and $74.0 million, respectively.

CONTRACTUAL OBLIGATIONS

CONTRACTUAL OBLIGATIONS	12 Months Ended
	Dec. 31, 2020
CONTRACTUAL OBLIGATIONS
CONTRACTUAL OBLIGATIONS	16. 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 Bolsa 5 % $450 La Colorada 100 % $650 Silver Stream interests El Mochito 22.5 % (1) 25% of silver spot price Moss 100 % (2) 20% of silver spot price (1) If 3.0 million ounces of silver are delivered to Maverix prior to April 1, 2022, Maverix’s silver purchase entitlement will be 20% of life of mine silver production. (2) 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. In connection with the acquisition of the Silvertip Royalty in 2017, 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 is achieved. In connection with the Newmont Portfolio acquisition, the Company has agreed to make certain contingent cash payments if certain production milestones at certain assets are achieved (Note 4a).

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS Hope Bay In February 2021, Agnico Eagle Mines Limited (“Agnico”) completed the acquisition of TMAC, the previous owner of the Hope Bay mine. Concurrent with the acquisition, Agnico provided notice to the Company and exercised the buyback right with respect to 1.5% of the total 2.5% NSR royalty the Company owned on the Hope Bay mine for $50.0 million. The Company has retained a 1% NSR royalty on the Hope Bay mine that is not subject to any reductions. Investment Proceeds In February 2021, Northern Vertex closed its Financing (Note 6) and the Company received $7.7 million in proceeds for the sale of its Northern Vertex common shares. Royalty Proceeds In January 2021, the Company received the remaining $2.5 million owed under the Beta Hunt royalty Amendment (Note 4a). Exercise of Stock Options Subsequent to December 31, 2020, a total of 589,351 stock options were exercised with a weighted-average exercise price of CAD$2.32. Credit Facility Payment In February 2021, the Company repaid $32.0 million, leaving the full $120.0 million available under the Company’s Credit Facility. Dividend Declared In February 2021, the Board of Directors of the Company declared a quarterly dividend of $0.01 per common share payable on March 15, 2021 to shareholders of record as of the close of business on February 26, 2021.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
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 United States dollars ("USD") (Note 2g), unless otherwise noted.
Principles of Consolidation	c) Principles of Consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including its principal subsidiaries Maverix Metals (Australia) Pty Ltd. and Maverix Metals (Nevada) Inc. Subsidiaries are fully consolidated from the date the Company obtains control and continues 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 expenses 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 (non-depletable 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 is 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 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 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. 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.
Foreign Currency Translation	g) Foreign Currency Translation 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 and its significant wholly-owned subsidiaries is the USD. 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 income (loss). Effective January 1, 2020, the Company elected to change its presentation currency from the Canadian dollar ("CAD") to USD. The change in presentation currency is to better reflect the Company's business activities and to improve investors' ability to compare the Company's financial results with other publicly traded precious metals royalty and streaming companies. The Company has applied the change to USD presentation currency retrospectively and restated the comparative financial information as if the new presentation currency had always been the Company's presentation currency.
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 4). 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 common shares 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 common shares designated as FVTOCI are disposed of, the cumulative gains and losses recognized in other comprehensive income are not recycled to the consolidated statement of income (loss) 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). 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 initially 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 the Company's 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. Share purchase warrants issued with an exercise price denominated in the Company’s functional currency (USD) 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 reflects the effect of all potentially dilutive common share equivalents, which includes dilutive share options, restricted share units ("RSUs") and warrants computed using the treasury stock method.
Share Based Payments	m) Share Based Payments The Company recognizes share based compensation expense for share purchase options, 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 is 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 Company’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 14 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, 2020
ROYALTY, STREAM AND OTHER INTERESTS
Summary of royalty, stream and other interests	a) Carrying Amount As at and for the year ended December 31, 2020: Cost Accumulated Depletion Additions/ Carrying Country Opening (Disposals) Ending Opening Depletion Disposals Ending Amount $ $ $ $ $ $ $ $ Beta Hunt AUS 14,875 (5,454) 9,421 (6,638) (706) 2,581 (4,763) 4,658 Camino Rojo MEX — 40,173 40,173 — — — — 40,173 Cerro Blanco GTM — 16,069 16,069 — — — — 16,069 Cerro Casale CHL 7,053 — 7,053 — — — — 7,053 Converse USA 10,039 — 10,039 — — — — 10,039 DeLamar USA 9,068 — 9,068 — — — — 9,068 El Mochito HON 7,710 24 7,734 (1,516) (1,122) — (2,638) 5,096 Florida Canyon USA 12,823 — 12,823 (2,189) (712) — (2,901) 9,922 Gemfield USA 8,799 — 8,799 — — — — 8,799 Hope Bay CAN 63,324 — 63,324 (1,950) (1,671) — (3,621) 59,703 Karma BFA 20,080 — 20,080 (4,062) (1,992) — (6,054) 14,026 La Colorada MEX 17,400 — 17,400 (3,262) (1,171) — (4,433) 12,967 McCoy-Cove USA 18,553 — 18,553 — — — — 18,553 Moose River CAN 3,700 — 3,700 (1,544) (843) — (2,387) 1,313 Moss USA 20,283 — 20,283 (1,617) (3,480) — (5,097) 15,186 Mt Carlton AUS 9,436 — 9,436 (4,638) (2,104) — (6,742) 2,694 Omolon RUS 10,076 17 10,093 (399) (3,093) — (3,492) 6,601 San Jose MEX 5,500 — 5,500 (2,302) (591) — (2,893) 2,607 Silvertip CAN 4,340 — 4,340 (454) — — (454) 3,886 Vivien AUS 3,301 — 3,301 (2,593) (254) — (2,847) 454 Other Various 83,375 17,394 100,769 (15,166) (260) — (15,426) 85,343 Total (1) 329,735 68,223 397,958 (48,330) (17,999) 2,581 (63,748) 334,210 (1) Royalty, stream and other interests includes non-depletable assets of $76.0 million and depletable assets of $258.2 million. As at and for the year ended December 31, 2019: Cost Accumulated Depletion Carrying Country Opening Additions Ending Opening Depletion Impairment Ending Amount $ $ $ $ $ $ $ Amulsar ARM 14,241 — 14,241 — — (14,241) (14,241) — Beta Hunt AUS 14,875 — 14,875 (4,886) (1,752) — (6,638) 8,237 Cerro Casale CHL — 7,053 7,053 — — — — 7,053 Converse USA 10,039 — 10,039 — — — — 10,039 DeLamar USA — 9,068 9,068 — — — — 9,068 El Mochito HON — 7,710 7,710 — (1,516) — (1,516) 6,194 Florida Canyon USA 12,215 608 12,823 (1,516) (673) — (2,189) 10,634 Gemfield USA 8,799 — 8,799 — — — — 8,799 Hope Bay CAN 23,305 40,019 63,324 (772) (1,178) — (1,950) 61,374 Karma BFA 20,073 7 20,080 (2,346) (1,716) — (4,062) 16,018 La Colorada MEX 17,400 — 17,400 (2,338) (924) — (3,262) 14,138 McCoy-Cove USA 12,004 6,549 18,553 — — — — 18,553 Moose River CAN 3,700 — 3,700 (852) (692) — (1,544) 2,156 Moss USA 20,273 10 20,283 (70) (1,547) — (1,617) 18,666 Mt Carlton AUS 9,436 — 9,436 (3,622) (1,016) — (4,638) 4,798 Omolon RUS — 10,076 10,076 — (399) — (399) 9,677 San Jose MEX 5,500 — 5,500 (1,748) (554) — (2,302) 3,198 Silvertip CAN 4,340 — 4,340 (101) (353) — (454) 3,886 Vivien AUS 3,293 8 3,301 (2,030) (563) — (2,593) 708 Other Various 39,504 29,630 69,134 (627) (298) — (925) 68,209 Total (1) 218,997 110,738 329,735 (20,908) (13,181) (14,241) (48,330) 281,405 (1) Royalty, stream and other interests includes non-depletable assets of $51.5 million and depletable assets of $229.9 million.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
INVESTMENTS
Summary of investments	Balance at Exercise Balance at December and Fair Value December 31, 2019 Additions Disposals Transfers Adjustments 31, 2020 Short-term investments Common shares (1) $ — $ 8,205 $ (501) $ 7,020 $ 3,466 $ 18,190 Warrants (2) — 8 — (1,851) 1,891 48 Total short-term investments $ — $ 8,213 $ (501) $ 5,169 $ 5,357 $ 18,238 Non-current investments Common shares (1) $ 7,006 $ 1,519 $ (1,505) $ (7,020) $ — $ — Convertible debenture (2) — 1,000 — — — 1,000 Warrants (2) 142 — — (142) — — Total non-current investments $ 7,148 $ 2,519 $ (1,505) $ (7,162) $ — $ 1,000 Total investments $ 7,148 $ 10,732 $ (2,006) $ (1,993) $ 5,357 $ 19,238 (1) Fair value adjustments recorded within Other comprehensive income (loss). (2) Fair value adjustments recorded within Net income (loss). Balance at Balance at December 31, Fair Value December 2018 Additions Disposals Adjustments 31, 2019 Common shares $ 4,224 $ 3,597 $ — $ (815) $ 7,006 Warrants 234 — — (92) 142 Total investments $ 4,458 $ 3,597 $ — $ (907) $ 7,148

CREDIT FACILITY (Tables)

CREDIT FACILITY (Tables)	12 Months Ended
	Dec. 31, 2020
CREDIT FACILITY
Summary of the Company's Credit Facility	Credit Facility Balance at December 31, 2018 $ 12,300 Proceeds 62,000 Repayment (5,300) Balance at December 31, 2019 69,000 Proceeds 20,000 Repayment (57,000) Balance at December 31, 2020 $ 32,000

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2020
SHARE CAPITAL
Schedule of warrants outstanding and exercisable and changes during the period	The following table summarizes warrants which were outstanding and exercisable as at December 31, 2020 and 2019 and changes during the years then ended: Weighted average Number of warrants exercise price outstanding per warrant Balance at December 31, 2018 and 2019 18,250,000 $ 2.41 Exercised (8,250,000) $ 1.89 Balance at December 31, 2020 10,000,000 $ 2.84
Schedule of outstanding warrants	A listing of the Company’s outstanding warrants as at December 31, 2020 is presented below: Number outstanding Exercise Price Expiry Date 5,000,000 $ 2.41 December 23, 2021 5,000,000 $ 3.28 June 29, 2023 10,000,000
Schedule of outstanding and exercisable stock options	Weighted average Number of Options exercise price per option Outstanding (CAD$) 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 Granted 953,255 $ 5.21 Exercised (650,580) $ 1.25 Forfeited (67,910) $ 5.17 Balance at December 31, 2020 4,068,884 $ 4.05 Options which have vested and are exercisable as at December 31, 2020 2,600,257 $ 3.35
Summary of outstanding stock options, by expiry date	A summary of the Company’s outstanding stock options as at December 31, 2020 is presented below: Exercise Price Number outstanding (CAD$) Expiry Date 285,750 $ 1.08 April 10, 2021 722,408 $ 2.80 April 28, 2022 156,081 $ 2.80 May 30,2022 852,735 $ 3.30 May 31, 2023 848,252 $ 5.18 April 3, 2024 50,000 $ 6.48 August 9, 2024 268,313 $ 5.83 December 12,2024 855,345 $ 5.17 March 10, 2025 30,000 $ 6.54 September 24, 2025 4,068,884
Schedule of weighted average assumptions used in the BSM to estimate the fair value of stock options granted	Years ended December 31 2020 2019 Risk-free interest rate 0.5 % 1.6 % Expected volatility 45 % 47 % Expected life 3 years 3 years Expected dividend yield 1.1 % 0.2 %
Schedule of outstanding RSUs	Weighted average fair Number of RSUs value per RSU Outstanding (CAD$) Balance at December 31, 2018 — — Granted 97,027 $ 5.82 Balance at December 31, 2019 97,027 $ 5.82 Granted 105,822 $ 5.57 Forfeited (10,155) $ 5.17 Balance at December 31, 2020 192,694 $ 5.72

OPERATING EXPENSES BY NATURE (T

OPERATING EXPENSES BY NATURE (Tables)	12 Months Ended
	Dec. 31, 2020
OPERATING EXPENSES BY NATURE
Schedule of operating expenses by nature	Years ended December 31 2020 2019 Compensation and benefits $ 4,504 $ 3,001 Corporate administration 969 864 Listing and filing fees 242 646 Professional fees 736 408 Amortization 147 122 Operating expenses before share-based compensation 6,598 5,041 Share-based compensation 1,688 1,666 Total operating expenses $ 8,286 $ 6,707

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
EARNINGS PER SHARE
Schedule of Basic and diluted earnings (Loss) per share	Years ended December 31 2020 2019 Net income (loss) $ 23,719 $ (7,667) Basic weighted average number of shares 126,730,500 108,363,047 Basic earnings (loss) per share $ 0.19 $ (0.07) Effect of dilutive securities Warrants 7,431,541 — Stock options 1,752,315 — RSUs 61,183 — Diluted weighted average number of common shares 135,975,539 108,363,047 Diluted earnings (loss) per share $ 0.17 $ (0.07)
Schedule of anti-dilutive securities excluded from the computation of diluted earnings per share	Years ended December 31 2020 2019 Warrants — 18,250,000 Stock options 58,033 3,834,119 RSUs — 97,027

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	Years ended December 31 Changes in non-cash working capital: 2020 2019 Accounts receivable $ (6,393) $ (2,484) Prepaid expenses and other (170) (215) Trade payables and other (297) (1,004) Dividend payable — 1,196 Deferred revenue 3,333 — Changes in non-cash working capital $ (3,527) $ (2,507) Significant non-cash transactions: Equity issued for Newmont and Kinross Portfolios (Note 4) $ 60,000 $ 49,000 Settlement of receivables in equity investments 1,519 597 Cash and cash equivalents at the end of the year: Cash at bank $ 7,760 $ 4,828

RELATED PARTY DISCLOSURES (Tabl

RELATED PARTY DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2020
RELATED PARTY DISCLOSURES
Schedule of compensation for key management personnel	Years ended December 31 2020 2019 Compensation and benefits $ 3,632 $ 2,530 Share-based compensation 1,532 1,471 Total compensation $ 5,164 $ 4,001

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
INCOME TAXES
Schedule of income tax recognized in net (loss) income	Years ended December 31 2020 2019 Current tax expense $ 7,392 $ 1,183 Deferred tax recovery (1,332) — Income tax expense $ 6,060 $ 1,183
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	Years ended December 31 2020 2019 Income (loss) before income taxes $ 29,779 $ (6,484) Statutory tax rate 27 % 27 % Expected income tax expense (recovery) $ 8,040 $ (1,751) Increase (decrease) due to: Foreign tax rate differences 583 210 Non-deductible expenses 448 318 Withholding taxes 548 319 Change in unrecognized temporary differences (2,970) 2,443 Recognition of temporary differences (1,332) — Effect of true-ups in prior year temporary and other differences 743 (356) Income tax expense $ 6,060 $ 1,183
Summary of Company's deferred income tax asset	Years ended December 31 2020 2019 Balance, beginning of the year $ 823 $ 823 Recognized in net income (loss) 1,332 — Recognized in other comprehensive income (loss) (402) — Balance, end of the year $ 1,753 $ 823
Schedule of aggregate amount of deductible temporary differences for which deferred income tax assets have not been recognized	December 31, 2020 December 31, 2019 Royalty, stream and other interests $ 2,492 $ 2,355 Financing costs and other 859 130 Non-capital losses 5,430 18,470 Total $ 8,781 $ 20,955

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
SEGMENT INFORMATION
Schedule of segment information	For the year ended December 31, 2020: Costs of Gain on Income Cash sales, amendment (loss) from Primary Royalty excluding of royalty before (used in) Product revenue Sales depletion Depletion interest taxes operations $ $ $ $ $ $ $ Beta Hunt (AUS) Gold 8,635 — — (706) 9,291 17,220 9,533 El Mochito (HON) Silver — 3,716 (881) (1,122) — 1,713 2,836 Florida Canyon (USA) Gold 2,551 — — (712) — 1,839 2,638 Hope Bay (CAN) Gold 5,355 — — (1,671) — 3,684 2,998 Karma (BFA) Gold 2,946 — — (1,992) — 954 2,636 La Colorada (MEX) Gold — 6,347 (2,345) (1,171) — 2,831 4,002 Moose River (CAN) Gold 1,586 — — (843) — 743 1,521 Moss (USA) Silver — 8,929 (1,794) (3,480) — 3,655 7,135 Mt Carlton (AUS) Gold 2,469 — — (2,104) — 365 2,112 Omolon (RUS) Gold 4,792 — — (3,093) — 1,699 3,169 San Jose (MEX) Silver 1,989 — — (591) — 1,398 1,736 Silvertip (CAN) Silver — — — — — — 189 Vivien (AUS) Gold 1,839 — — (254) — 1,585 1,596 Other (Various) Various 527 — — (260) — 267 670 Total segments 32,689 18,992 (5,020) (17,999) 9,291 37,953 42,771 Operating expenses — — — — — (8,286) (6,451) Foreign exchange gain — — — — — 664 380 Unrealized gain on warrants — — — — — 1,891 — Finance expense — — — — — (2,456) — Income taxes paid — — — — — — (4,076) Other — — — — — 13 376 Total corporate — — — — — (8,174) (9,771) Consolidated total (5,020) (17,999) For the year ended December 31, 2019: Costs of sales, Royalty Cash from Primary Royalty excluding interest Income (loss) (used in) Product revenue Sales depletion Depletion impairment before taxes operations $ $ $ $ $ $ $ Amulsar (ARM) Gold — — — — (14,241) (14,241) — Beta Hunt (AUS) Gold 4,786 — — (1,752) — 3,034 5,001 El Mochito (HON) Silver — 3,626 (874) (1,516) — 1,236 2,752 Florida Canyon (USA) Gold 2,101 — — (673) — 1,428 1,610 Hope Bay (CAN) Gold 3,124 — — (1,178) — 1,946 1,761 Karma (BFA) Gold 2,305 — — (1,716) — 589 1,868 La Colorada (MEX) Gold — 5,216 (2,443) (924) — 1,849 2,773 Moose River (CAN) Gold 1,124 — — (692) — 432 1,023 Moss (USA) Silver — 3,073 (610) (1,547) — 916 2,463 Mt Carlton (AUS) Gold 2,941 — — (1,016) — 1,925 3,210 Omolon (RUS) Gold 562 — — (399) — 163 — San Jose (MEX) Silver 1,471 — — (554) — 917 1,377 Silvertip (CAN) Silver 941 — — (353) — 588 897 Vivien (AUS) Gold 2,070 — — (563) — 1,507 2,093 Other (Various) Various 372 — — (298) — 74 272 Total segments 21,797 11,915 (3,927) (13,181) (14,241) 2,363 27,100 Operating expenses — — — — — (6,707) (4,919) Foreign exchange gain — — — — — (227) (160) Unrealized gain on warrants — — — — — (92) — Finance expense — — — — — (1,813) — Income taxes paid — — — — — — (1,230) Other — — — — — (8) 170 Total corporate — — — — — (8,847) (6,139) Consolidated total (3,927) (13,181) (14,241) (6,484)
Schedule of non current assets by geographical region	Non-current Assets by Geographical Region: December 31, 2020 December 31, 2019 North America USA $ 107,064 $ 101,554 Canada 73,820 74,842 Mexico 64,847 20,936 South & Central America Guatemala 16,069 — Chile 10,073 10,073 Peru 8,400 8,400 Dominican Republic 5,160 6,195 Honduras 5,097 5,160 Other Burkina Faso 14,156 16,148 Australia 9,152 15,089 Russia 6,601 9,677 Cote d’Ivoire 4,030 4,030 Ghana 3,527 3,527 Argentina 3,200 3,200 Various 3,974 3,946 Total (1) $ 335,170 $ 282,777 Includes royalty, stream, and other interests (Note 5) and deferred financing costs and other

FINANCIAL RISK MANAGEMENT (Tabl

FINANCIAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 As at December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Common shares $ 18,190 $ — $ — $ 7,006 $ — $ — Warrants — 48 — — 142 — Convertible debenture — — 1,000 — — — Total $ 18,190 $ 48 $ 1,000 $ 7,006 $ 142 $ —

CONTRACTUAL OBLIGATIONS (Tables

CONTRACTUAL OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2020
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 Bolsa 5 % $450 La Colorada 100 % $650 Silver Stream interests El Mochito 22.5 % (1) 25% of silver spot price Moss 100 % (2) 20% of silver spot price (1) If 3.0 million ounces of silver are delivered to Maverix prior to April 1, 2022, Maverix’s silver purchase entitlement will be 20% of life of mine silver production. (2) 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.

CRITICAL ACCOUNTING JUDGEMENT_2

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES
Impairment of royalty interests	$ 0	$ 14,241

ROYALTY AND STREAM TRANSACTIO_2

ROYALTY AND STREAM TRANSACTIONS - During the Year Ended December 31, 2020 (Details) $ in Thousands	1 Months Ended			3 Months Ended	6 Months Ended	12 Months Ended
	Jan. 31, 2021USD ($)	Oct. 31, 2020USD ($)itemshares	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Royal And Stream Transactions [Line Items]
Deferred tax asset recognized upon amendment of royalty interest						$ 1,332	$ 0
Yecora Royalty
Royal And Stream Transactions [Line Items]
Percentage of royalty to be disposed off		1.00%
Cash consideration		$ 1,500
Beta Hunt
Royal And Stream Transactions [Line Items]
Percentage of gold royalty				4.75%	7.50%
Proceeds from amendment of royalty interest			$ 13,000
Bonus Royalty Payment received			2,500
Bonus Royalty Payment			$ 5,000	$ 5,000
Bonus Royalty Payment, amortization period			1 year 6 months
Current taxes paid upon amendment of royalty interest						4,300
Deferred tax asset recognized upon amendment of royalty interest						$ 900
Royalty Proceeds
Royal And Stream Transactions [Line Items]
Bonus Royalty Payment received	$ 2,500
Royalty Proceeds | Beta Hunt
Royal And Stream Transactions [Line Items]
Bonus Royalty Payment received	$ 2,500
Newmont Portfolio Acquisition
Royal And Stream Transactions [Line Items]
Number of Royalties Acquired | item		11
IFRS Stock Issued During Period, Shares, New Issues | shares		12,000,000
Cash Consideration Royalty Portfolio Acquisition		$ 15,000
Contingent cash payments		$ 15,000
Contingent cash payments, Period for achievement of certain production milestones		5 years
Fair Value of Acquired Portfolio		$ 75,000
Number of development and exploration stage royalties acquired | item		9
Newmont Portfolio Acquisition | United States
Royal And Stream Transactions [Line Items]
Number of development and exploration stage royalties acquired | item		4
Newmont Portfolio Acquisition | Canada
Royal And Stream Transactions [Line Items]
Number of development and exploration stage royalties acquired | item		2
Newmont Portfolio Acquisition | Mexico
Royal And Stream Transactions [Line Items]
Number of development and exploration stage royalties acquired | item		3
Newmont Portfolio Acquisition | Discount rate | Discounted cash flow model for producing assets | Minimum
Royal And Stream Transactions [Line Items]
Significant unobservable input, assets		4
Newmont Portfolio Acquisition | Discount rate | Discounted cash flow model for producing assets | Maximum
Royal And Stream Transactions [Line Items]
Significant unobservable input, assets		15
Camino Rojo royalty
Royal And Stream Transactions [Line Items]
Percentage of Royalty Acquired		2.00%
Cerro Blanco royalty
Royal And Stream Transactions [Line Items]
Percentage of Royalty Acquired		1.00%

ROYALTY AND STREAM TRANSACTIO_3

ROYALTY AND STREAM TRANSACTIONS - During the Year Ended December 31, 2019 (Details) $ in Millions	1 Months Ended
	Dec. 31, 2019USD ($)itemshares	Aug. 31, 2019USD ($)	Mar. 31, 2019USD ($)
Kinross Portfolio Acquisition
Royal And Stream Transactions [Line Items]
Number of common shares issued | shares	11,228,674
Royalty portfolio consideration paid in cash	$ 25
Number of royalties acquired | item	24
Proceeds from royalties	$ 12
Fair value of portfolio acquired	$ 74
Kinross Portfolio Acquisition | Minimum | Discount rate
Royal And Stream Transactions [Line Items]
Input assumption for fair value estimate	5
Kinross Portfolio Acquisition | Maximum | Discount rate
Royal And Stream Transactions [Line Items]
Input assumption for fair value estimate	10
Hope Bay mine
Royal And Stream Transactions [Line Items]
Royalty portfolio consideration paid in cash		$ 40
Percentage of royalty acquired		1.50%
Percentage of royalty owned		2.50%
Percentage of royalty to be received until certain conditions with respect to the Additional Royalty are satisfied		0.25%
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
El Mochito Stream
Royal And Stream Transactions [Line Items]
Stream consideration paid in cash			$ 7.5
Percentage of stream acquired			22.5
Reduced stream percentage if certain production milestones are met			20
Ongoing cash payments as a percentage of spot price of silver for each ounce delivered			25.00%

ROYALTY, STREAM AND OTHER INT_3

ROYALTY, STREAM AND OTHER INTEREST (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
ROYALTY, STREAM AND OTHER INTERESTS
Opening		$ 281,405
Royalty interest impairment		0	$ (14,241)
Ending	$ 334,210	334,210	281,405
Carrying Amount	334,210	334,210	281,405	$ 334,210	$ 281,405	$ 198,091
Non-depletable assets of royalty, stream and other interests				76,000	51,500
Depletable assets of royalty, stream and other interests				258,200	229,900
Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		329,735	218,997
Additions/ Disposals		68,223	110,738
Disposals		68,223	110,738
Ending	397,958	397,958	329,735
Carrying Amount	397,958	397,958	329,735	397,958	329,735
Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(48,330)	(20,908)
Additions/ Disposals		2,581
Depletion		(17,999)	(13,181)
Disposals		2,581
Royalty interest impairment			(14,241)
Ending	(63,748)	(63,748)	(48,330)
Carrying Amount	(63,748)	(63,748)	(48,330)	(63,748)	(48,330)
Amulsar | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		14,241	14,241
Ending			14,241
Carrying Amount		14,241	14,241		14,241
Amulsar | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(14,241)
Royalty interest impairment			(14,241)
Ending			(14,241)
Carrying Amount		(14,241)	(14,241)		(14,241)
Beta Hunt
ROYALTY, STREAM AND OTHER INTERESTS
Opening		8,237
Ending	4,658	4,658	8,237
Carrying Amount	4,658	4,658	8,237	4,658	8,237
Beta Hunt | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		14,875	14,875
Additions/ Disposals		(5,454)
Disposals		(5,454)
Ending	9,421	9,421	14,875
Carrying Amount	9,421	9,421	14,875	9,421	14,875
Beta Hunt | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(6,638)	(4,886)
Additions/ Disposals		2,581
Depletion		(706)	(1,752)
Disposals		2,581
Ending	(4,763)	(4,763)	(6,638)
Carrying Amount	(4,763)	(4,763)	(6,638)	(4,763)	(6,638)
Camino Rojo
ROYALTY, STREAM AND OTHER INTERESTS
Ending	40,173	40,173
Carrying Amount	40,173	40,173		40,173
Camino Rojo | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Additions/ Disposals		40,173
Disposals		40,173
Ending	40,173	40,173
Carrying Amount	40,173	40,173		40,173
Cerro Blanco
ROYALTY, STREAM AND OTHER INTERESTS
Ending	16,069	16,069
Carrying Amount	16,069	16,069		16,069
Cerro Blanco | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Additions/ Disposals		16,069
Disposals		16,069
Ending	16,069	16,069
Carrying Amount	16,069	16,069		16,069
Cerro Casale
ROYALTY, STREAM AND OTHER INTERESTS
Opening		7,053
Ending	7,053	7,053	7,053
Carrying Amount	7,053	7,053	7,053	7,053	7,053
Cerro Casale | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		7,053
Additions/ Disposals			7,053
Disposals			7,053
Ending	7,053	7,053	7,053
Carrying Amount	7,053	7,053	7,053	7,053	7,053
Converse
ROYALTY, STREAM AND OTHER INTERESTS
Opening		10,039
Ending	10,039	10,039	10,039
Carrying Amount	10,039	10,039	10,039	10,039	10,039
Converse | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		10,039	10,039
Ending	10,039	10,039	10,039
Carrying Amount	10,039	10,039	10,039	10,039	10,039
DeLamar
ROYALTY, STREAM AND OTHER INTERESTS
Opening		9,068
Ending	9,068	9,068	9,068
Carrying Amount	9,068	9,068	9,068	9,068	9,068
DeLamar | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		9,068
Additions/ Disposals			9,068
Disposals			9,068
Ending	9,068	9,068	9,068
Carrying Amount	9,068	9,068	9,068	9,068	9,068
El Mochito
ROYALTY, STREAM AND OTHER INTERESTS
Opening		6,194
Ending	5,096	5,096	6,194
Carrying Amount	5,096	5,096	6,194	5,096	6,194
El Mochito | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		7,710
Additions/ Disposals		24	7,710
Disposals		24	7,710
Ending	7,734	7,734	7,710
Carrying Amount	7,734	7,734	7,710	7,734	7,710
El Mochito | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(1,516)
Depletion		(1,122)	(1,516)
Ending	(2,638)	(2,638)	(1,516)
Carrying Amount	(2,638)	(2,638)	(1,516)	(2,638)	(1,516)
Florida Canyon
ROYALTY, STREAM AND OTHER INTERESTS
Opening		10,634
Ending	9,922	9,922	10,634
Carrying Amount	9,922	9,922	10,634	9,922	10,634
Florida Canyon | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		12,823	12,215
Additions/ Disposals			608
Disposals			608
Ending	12,823	12,823	12,823
Carrying Amount	12,823	12,823	12,823	12,823	12,823
Florida Canyon | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(2,189)	(1,516)
Depletion		(712)	(673)
Ending	(2,901)	(2,901)	(2,189)
Carrying Amount	(2,901)	(2,901)	(2,189)	(2,901)	(2,189)
Gemfield
ROYALTY, STREAM AND OTHER INTERESTS
Opening		8,799
Ending	8,799	8,799	8,799
Carrying Amount	8,799	8,799	8,799	8,799	8,799
Gemfield | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		8,799	8,799
Ending	8,799	8,799	8,799
Carrying Amount	8,799	8,799	8,799	8,799	8,799
Hope Bay
ROYALTY, STREAM AND OTHER INTERESTS
Opening		61,374
Ending	59,703	59,703	61,374
Carrying Amount	59,703	59,703	61,374	59,703	61,374
Hope Bay | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		63,324	23,305
Additions/ Disposals			40,019
Disposals			40,019
Ending	63,324	63,324	63,324
Carrying Amount	63,324	63,324	63,324	63,324	63,324
Hope Bay | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(1,950)	(772)
Depletion		(1,671)	(1,178)
Ending	(3,621)	(3,621)	(1,950)
Carrying Amount	(3,621)	(3,621)	(1,950)	(3,621)	(1,950)
Karma
ROYALTY, STREAM AND OTHER INTERESTS
Opening		16,018
Ending	14,026	14,026	16,018
Carrying Amount	14,026	14,026	16,018	14,026	16,018
Karma | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		20,080	20,073
Additions/ Disposals			7
Disposals			7
Ending	20,080	20,080	20,080
Carrying Amount	20,080	20,080	20,080	20,080	20,080
Karma | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(4,062)	(2,346)
Depletion		(1,992)	(1,716)
Ending	(6,054)	(6,054)	(4,062)
Carrying Amount	(6,054)	(6,054)	(4,062)	(6,054)	(4,062)
La Colorada
ROYALTY, STREAM AND OTHER INTERESTS
Opening		14,138
Ending	12,967	12,967	14,138
Carrying Amount	12,967	12,967	14,138	12,967	14,138
La Colorada | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		17,400	17,400
Ending	17,400	17,400	17,400
Carrying Amount	17,400	17,400	17,400	17,400	17,400
La Colorada | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(3,262)	(2,338)
Depletion		(1,171)	(924)
Ending	(4,433)	(4,433)	(3,262)
Carrying Amount	(4,433)	(4,433)	(3,262)	(4,433)	(3,262)
McCoy-Cove
ROYALTY, STREAM AND OTHER INTERESTS
Opening		18,553
Ending	18,553	18,553	18,553
Carrying Amount	18,553	18,553	18,553	18,553	18,553
McCoy-Cove | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		18,553	12,004
Additions/ Disposals			6,549
Disposals			6,549
Ending	18,553	18,553	18,553
Carrying Amount	18,553	18,553	18,553	18,553	18,553
Moose River
ROYALTY, STREAM AND OTHER INTERESTS
Opening		2,156
Ending	1,313	1,313	2,156
Carrying Amount	1,313	1,313	2,156	1,313	2,156
Moose River | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		3,700	3,700
Ending	3,700	3,700	3,700
Carrying Amount	3,700	3,700	3,700	3,700	3,700
Moose River | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(1,544)	(852)
Depletion		(843)	(692)
Ending	(2,387)	(2,387)	(1,544)
Carrying Amount	(2,387)	(2,387)	(1,544)	(2,387)	(1,544)
Moss
ROYALTY, STREAM AND OTHER INTERESTS
Opening		18,666
Ending	15,186	15,186	18,666
Carrying Amount	15,186	15,186	18,666	15,186	18,666
Moss | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		20,283	20,273
Additions/ Disposals			10
Disposals			10
Ending	20,283	20,283	20,283
Carrying Amount	20,283	20,283	20,283	20,283	20,283
Moss | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(1,617)	(70)
Depletion		(3,480)	(1,547)
Ending	(5,097)	(5,097)	(1,617)
Carrying Amount	(5,097)	(5,097)	(1,617)	(5,097)	(1,617)
Mt. Carlton
ROYALTY, STREAM AND OTHER INTERESTS
Opening		4,798
Ending	2,694	2,694	4,798
Carrying Amount	2,694	2,694	4,798	2,694	4,798
Mt. Carlton | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		9,436	9,436
Ending	9,436	9,436	9,436
Carrying Amount	9,436	9,436	9,436	9,436	9,436
Mt. Carlton | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(4,638)	(3,622)
Depletion		(2,104)	(1,016)
Ending	(6,742)	(6,742)	(4,638)
Carrying Amount	(6,742)	(6,742)	(4,638)	(6,742)	(4,638)
Omolon
ROYALTY, STREAM AND OTHER INTERESTS
Opening		9,677
Ending	6,601	6,601	9,677
Carrying Amount	6,601	6,601	9,677	6,601	9,677
Omolon | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		10,076
Additions/ Disposals		17	10,076
Disposals		17	10,076
Ending	10,093	10,093	10,076
Carrying Amount	10,093	10,093	10,076	10,093	10,076
Omolon | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(399)
Depletion		(3,093)	(399)
Ending	(3,492)	(3,492)	(399)
Carrying Amount	(3,492)	(3,492)	(399)	(3,492)	(399)
San Jose
ROYALTY, STREAM AND OTHER INTERESTS
Opening		3,198
Ending	2,607	2,607	3,198
Carrying Amount	2,607	2,607	3,198	2,607	3,198
San Jose | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		5,500	5,500
Ending	5,500	5,500	5,500
Carrying Amount	5,500	5,500	5,500	5,500	5,500
San Jose | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(2,302)	(1,748)
Depletion		(591)	(554)
Ending	(2,893)	(2,893)	(2,302)
Carrying Amount	(2,893)	(2,893)	(2,302)	(2,893)	(2,302)
Silvertip
ROYALTY, STREAM AND OTHER INTERESTS
Opening		3,886
Ending	3,886	3,886	3,886
Carrying Amount	3,886	3,886	3,886	3,886	3,886
Silvertip | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		4,340	4,340
Ending	4,340	4,340	4,340
Carrying Amount	4,340	4,340	4,340	4,340	4,340
Silvertip | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(454)	(101)
Depletion			(353)
Ending	(454)	(454)	(454)
Carrying Amount	(454)	(454)	(454)	(454)	(454)
Vivien
ROYALTY, STREAM AND OTHER INTERESTS
Opening		708
Ending	454	454	708
Carrying Amount	454	454	708	454	708
Vivien | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		3,301	3,293
Additions/ Disposals			8
Disposals			8
Ending	3,301	3,301	3,301
Carrying Amount	3,301	3,301	3,301	3,301	3,301
Vivien | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(2,593)	(2,030)
Depletion		(254)	(563)
Ending	(2,847)	(2,847)	(2,593)
Carrying Amount	(2,847)	(2,847)	(2,593)	(2,847)	(2,593)
Other
ROYALTY, STREAM AND OTHER INTERESTS
Ending	85,343	85,343
Carrying Amount	85,343	85,343		85,343
Other | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		83,375
Additions/ Disposals		17,394
Disposals		17,394
Ending	100,769	100,769	83,375
Carrying Amount	100,769	100,769	83,375	100,769	83,375
Other | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(15,166)
Depletion		(260)
Ending	(15,426)	(15,426)	(15,166)
Carrying Amount	(15,426)	(15,426)	(15,166)	$ (15,426)	(15,166)
Other
ROYALTY, STREAM AND OTHER INTERESTS
Opening		68,209
Ending			68,209
Carrying Amount		68,209	68,209		68,209
Other | Cost
ROYALTY, STREAM AND OTHER INTERESTS
Opening		69,134	39,504
Additions/ Disposals			29,630
Disposals			29,630
Ending			69,134
Carrying Amount		69,134	69,134		69,134
Other | Accumulated Depletion
ROYALTY, STREAM AND OTHER INTERESTS
Opening		(925)	(627)
Depletion			(298)
Ending			(925)
Carrying Amount		$ (925)	$ (925)		$ (925)
Lydian
ROYALTY, STREAM AND OTHER INTERESTS
Royalty interest impairment	$ (14,200)

INVESTMENTS (Details)

INVESTMENTS (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, shares in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Jun. 30, 2020$ / shares	Apr. 30, 2020USD ($)	Dec. 31, 2020CAD ($)$ / sharesshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)
Disclosure of classes of share capital
Short-term investments, Additions				$ 8,213
Short-term investments, Disposals				(501)
Short-term investments, Exercise and Transfers				5,169
Short-term investments, Fair Value Adjustments				5,357
Short-term investments, ending balance				18,238
Non-current investments, beginning balance				7,148
Non-current investments, Additions				2,519
Non-current investments, Disposals				(1,505)
Non-current investments, Exercise and Transfers				(7,162)
Non-current investments, ending balance				1,000	$ 7,148
Investments, beginning balance				7,148	4,458
Investments, Additions				10,732	3,597
Investments, Disposals				(2,006)
Investments, Exercise and Transfers				(1,993)
Investments, Fair Value Adjustments				5,357	(907)
Investments, ending balance				19,238	7,148
Selling price of underlying common shares | $ / shares	$ 4.29
TMAC common shares subscribed						$ 3,000
Convertible debenture
Disclosure of classes of share capital
Non-current investments, Additions				1,000
Non-current investments, ending balance		$ 1,000		1,000
Term of the debenture		2 years
Interest rate (as a percent)		12.00%
Percentage of total issued and outstanding capital stock of Kirungu in to which the debenture is convertible		19.90%
Percentage of additional silver that the company has right to purchase from the operating El Mochito mine		3.00%
Percentage of royalty, that the company has right to receive		0.30%
Common shares
Disclosure of classes of share capital
Short-term investments, Additions				8,205
Short-term investments, Disposals				(501)
Short-term investments, Exercise and Transfers				7,020
Short-term investments, Fair Value Adjustments				3,466
Short-term investments, ending balance				18,190
Non-current investments, beginning balance				7,006
Non-current investments, Additions				1,519
Non-current investments, Disposals				(1,505)
Non-current investments, Exercise and Transfers				(7,020)
Non-current investments, ending balance					7,006
Investments, beginning balance				7,006	4,224
Investments, Additions					3,597
Investments, Fair Value Adjustments					(815)
Investments, ending balance					7,006
Warrants
Disclosure of classes of share capital
Short-term investments, Additions				8
Short-term investments, Exercise and Transfers				(1,851)
Short-term investments, Fair Value Adjustments				1,891
Short-term investments, ending balance				48
Non-current investments, beginning balance				142
Non-current investments, Exercise and Transfers				(142)
Non-current investments, ending balance					142
Investments, beginning balance				$ 142	234
Investments, Fair Value Adjustments					(92)
Investments, ending balance					$ 142
Northern Vertex Mining Corp
Disclosure of classes of share capital
Amount of financing			$ 20
Number of share purchase warrants agreed to exercise | shares			19.5	19.5
Exercise price of share purchase warrants | $ / shares			$ 0.40
Selling price of underlying common shares | $ / shares			$ 0.50

CREDIT FACILITY (Details)

CREDIT FACILITY (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings
Percentage of amount paid on amounts drawn		2.90%	4.40%
Percentage of amount paid on amounts undrawn		0.60%	0.50%
Balance at the beginning		$ 69,000
Proceeds		20,000	$ 62,000
Repayment		(57,000)	(5,300)
Balance at the end		32,000	69,000
Credit Facility
Disclosure of detailed information about borrowings
Maximum borrowing capacity	$ 120,000
Balance at the beginning		69,000	12,300
Proceeds		20,000	62,000
Repayment		(57,000)	(5,300)
Balance at the end		32,000	69,000
Amortization of deferred financing costs		$ 300	$ 300
Credit Facility | Minimum
Disclosure of detailed information about borrowings
Standby fee on undrawn portion (as a percent)	0.45%
Credit Facility | Maximum
Disclosure of detailed information about borrowings
Standby fee on undrawn portion (as a percent)	0.675%
Credit Facility | LIBOR | Minimum
Disclosure of detailed information about borrowings
Adjustment to interest rate basis (as a percent)	2.00%
Credit Facility | LIBOR | Maximum
Disclosure of detailed information about borrowings
Adjustment to interest rate basis (as a percent)	3.00%

SHARE CAPITAL - Share Purchase

SHARE CAPITAL - Share Purchase Warrants - Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020
Number of warrants outstanding
Beginning balance		18,250,000
Exercised		(8,250,000)
Ending balance		10,000,000
Weighted average exercise price per warrant
Beginning balance		$ 2.41
Exercised		1.89
Ending balance		$ 2.84
Proceeds from exercise of warrants	$ 15.6
Common share price	$ 4.29
Number of outstanding shares	8,250,000

SHARE CAPITAL - Share Purchas_2

SHARE CAPITAL - Share Purchase Warrants (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Disclosure of classes of share capital
Number outstanding	10,000,000	18,250,000
Exercise Price $2.41 Expiry Date December 23, 2021
Disclosure of classes of share capital
Number outstanding	5,000,000
Exercise Price US$	$ 2.41
Exercise Price $3.28 Expiry Date June 29, 2023
Disclosure of classes of share capital
Number outstanding	5,000,000
Exercise Price US$	$ 3.28

SHARE CAPITAL - Share Based Pay

SHARE CAPITAL - Share Based Payments - Share Option Plan (Details)	12 Months Ended
	Dec. 31, 2020Options$ / sharesshares	Dec. 31, 2019Options$ / 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
Number of options outstanding, Beginning of the period | Options	3,834,119	3,176,518
Number of options outstanding, Granted | Options	953,255	1,211,565
Number of options outstanding, Exercised | Options	(650,580)	(508,964)
Number of options outstanding, Forfeited | Options	(67,910)	(45,000)
Number of options outstanding, End of the period | Options	4,068,884	3,834,119
Options which have vested and are exercisable | Options	2,600,257
Weighted average exercise price per option, Beginning of the period | $ / shares	$ 3.31	$ 2.28
Weighted average exercise price per option, Granted | $ / shares	5.21	5.38
Weighted average exercise price per option, Exercised | $ / shares	1.25	1.62
Weighted average exercise price per option, Forfeited | $ / shares	5.17	5.18
Weighted average exercise price per option, End of the period | $ / shares	4.05	$ 3.31
Weighted average exercise price per option, Options which have vested and are exercisable | $ / shares	$ 3.35

SHARE CAPITAL - Share Based P_2

SHARE CAPITAL - Share Based Payments - Share Option Plan - Outstanding Stock Options (Details)	Dec. 31, 2020Options$ / shares	Dec. 31, 2019Options$ / shares	Dec. 31, 2018Options$ / shares
Disclosure of classes of share capital
Number outstanding | Options	4,068,884	3,834,119	3,176,518
Exercise Price | $ / shares	$ 4.05	$ 3.31	$ 2.28
Exercise Price $1.08 Expiry Date April 10, 2021
Disclosure of classes of share capital
Number outstanding | Options	285,750
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 May 30, 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	852,735
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 9, 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
Exercise Price $5.17 Expiry Date March 10, 2025
Disclosure of classes of share capital
Number outstanding | Options	855,345
Exercise Price | $ / shares	$ 5.17
Exercise Price $6.54 Expiry Date September 24, 2025
Disclosure of classes of share capital
Number outstanding | Options	30,000
Exercise Price | $ / shares	$ 6.54

SHARE CAPITAL - Share Based P_3

SHARE CAPITAL - Share Based Payments - Share Option Plan - Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2020item$ / shares	Dec. 31, 2019item$ / shares
SHARE CAPITAL
Risk-free interest rate	0.50%	1.60%
Expected volatility	45.00%	47.00%
Expected life | item	3	3
Expected dividend yield	1.10%	0.20%
Weighted-average common share price | $ / shares	$ 4.78	$ 4.13
Weighted average remaining contractual life	2 years 8 months 23 days	3 years 15 days

SHARE CAPITAL - Share Based P_4

SHARE CAPITAL - Share Based Payments - RSU Plan (Details) - RSU	12 Months Ended
	Dec. 31, 2020CAD ($)$ / sharesshares	Dec. 31, 2019CAD ($)$ / shares
ShareCapital
Number of restricted share units reserved for future issuance | shares	3,000,000
Number of RSUs outstanding, Beginning of the period | $	97,027	0
Number of RSUs outstanding, Granted | $	105,822	97,027
Number of RSUs outstanding, Forfeited | $	(10,155)
Number of RSUs outstanding, End of the period | $	192,694	97,027
Weighted average exercise price of RSUs, Beginning of the period | $ / shares	$ 5.82	$ 0
Weighted average fair value per RSU, Granted | $ / shares	5.57	5.82
Weighted average fair value per RSU, Forfeited | $ / shares	5.17
Weighted average exercise price of RSUs, End of the period | $ / shares	$ 5.72	$ 5.82

SHARE CAPITAL - Dividend (Detai

SHARE CAPITAL - Dividend (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
ShareCapital
Dividends declared (per share)		$ 0.01
Dividend Declared One
ShareCapital
Dividends declared (per share)	$ 0.01
Dividend Declared Two
ShareCapital
Dividends declared (per share)	0.01
Dividend Declared Three
ShareCapital
Dividends declared (per share)	0.01
Dividend Declared Four
ShareCapital
Dividends declared (per share)	0.01
Dividend Paid One
ShareCapital
Dividends paid (per share)	0.01
Dividend Paid Two
ShareCapital
Dividends paid (per share)	0.01
Dividend Paid Three
ShareCapital
Dividends paid (per share)	0.01
Dividend Paid Four
ShareCapital
Dividends paid (per share)	0.01
Dividend Paid Five
ShareCapital
Dividends paid (per share)	$ 0.01

OPERATING EXPENSES BY NATURE (D

OPERATING EXPENSES BY NATURE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
OPERATING EXPENSES BY NATURE
Compensation and benefits	$ 4,504	$ 3,001
Corporate administration	969	864
Listing and filing fees	242	646
Professional fees	736	408
Amortization	147	122
Operating expenses before share-based compensation	6,598	5,041
Share-based compensation	1,688	1,666
Total operating expenses	$ 8,286	$ 6,707

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020$ / shares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019$ / shares	Dec. 31, 2019USD ($)$ / sharesshares
EARNINGS PER SHARE
Net income (loss) | $		$ 23,719		$ (7,667)
Basic weighted average number of shares		126,730,500		108,363,047
Basic earnings (loss) per share | (per share)	$ 0.19	$ 0.19	$ (0.07)	$ (0.07)
Effect of dilutive securities
Warrants		7,431,541
Stock options		1,752,315
RSU		61,183
Diluted weighted average number of common shares		135,975,539		108,363,047
Diluted earnings (loss) per share | (per share)	$ 0.17	$ 0.17	$ (0.07)	$ (0.07)

EARNINGS PER SHARE - Anti-dilut

EARNINGS PER SHARE - Anti-dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Warrants
Diluted earnings per share
Number of shares excluded from the computation of diluted earnings per share		18,250,000
Stock options
Diluted earnings per share
Number of shares excluded from the computation of diluted earnings per share	58,033	3,834,119
RSU
Diluted earnings per share
Number of shares excluded from the computation of diluted earnings per share		97,027

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in non-cash working capital:
Accounts receivable	$ (6,393)	$ (2,484)
Prepaid expenses and other	(170)	(215)
Trade payables and other	(297)	(1,004)
Dividend payable		1,196
Deferred revenue	3,333
Changes in non-cash working capital	(3,527)	(2,507)
Significant non-cash transactions:
Equity issued for Newmont and Kinross Portfolios (Note 4)	60,000	49,000
Settlement of receivables in equity investments	1,519	597
Cash and cash equivalents at the end of the year:
Cash at bank	$ 7,760	$ 4,828

RELATED PARTY DISCLOSURES (Deta

RELATED PARTY DISCLOSURES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / oz	Dec. 31, 2019USD ($)$ / oz
RELATED PARTY DISCLOSURES
Compensation and benefits	$ 3,632	$ 2,530
Share-based compensation	1,532	1,471
Total compensation	5,164	4,001
Pan American | La Colorada
RELATED PARTY DISCLOSURES
Purchases from related party	$ 2,300	$ 2,400
Gold price | $ / oz	650	650

INCOME TAXES - Income Tax Recog

INCOME TAXES - Income Tax Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Components of income tax expense
Current tax expense	$ 7,392	$ 1,183
Deferred tax recovery	(1,332)
Income tax expense	$ 6,060	$ 1,183

INCOME TAXES - Tax Reconciliati

INCOME TAXES - Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of income tax statutory rates to effective rates
Income (loss) before income taxes	$ 29,779	$ (6,484)
Statutory tax rate	27.00%	27.00%
Expected income tax expense (recovery)	$ 8,040	$ (1,751)
Increase (decrease) due to:
Foreign tax rate differences	583	210
Non-deductible expenses	448	318
Withholding taxes	548	319
Change in unrecognized temporary differences	(2,970)	2,443
Recognition of temporary differences	(1,332)
Effect of true-ups in prior year temporary and other differences	743	(356)
Income tax expense	$ 6,060	$ 1,183

INCOME TAXES - Summary of Compa

INCOME TAXES - Summary of Company's Deferred Income Tax Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Balance, beginning of the year	$ 823	$ 823
Recognized in net income (loss)	1,332	0
Recognized in other comprehensive income (loss)	(402)
Balance, end of the year	$ 1,753	$ 823

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Deferred tax assets and liabilities recognized
Gross deferred tax assets	$ 1,753	$ 823	$ 823
Deferred tax liability (asset)	1,753	823		$ 823
Deductible temporary differences for which deferred income tax assets have not been recognized
Total	8,781	20,955
Royalty, stream and other interests
Deferred tax assets and liabilities recognized
Deferred tax liabilities	14,800	4,700
Deductible temporary differences for which deferred income tax assets have not been recognized
Total	2,492	2,355
Financing costs and other
Deductible temporary differences for which deferred income tax assets have not been recognized
Total	859	130
Non-capital losses
Deferred tax assets and liabilities recognized
Gross deferred tax assets	15,600	5,500
Deductible temporary differences for which deferred income tax assets have not been recognized
Total	5,430	$ 18,470
Non-capital tax losses that expire between 2038 to 2040
Deferred tax assets and liabilities recognized
Deferred tax liability (asset)	$ (58,900)

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure of operating segments
Royalty revenue	$ 32,689	$ 21,797
Sales	18,992	11,915
Cost of sales, excluding depletion	(5,020)	(3,927)
Depletion	(17,999)	(13,181)
Royalty interest impairment	0	(14,241)
Gain on amendment of royalty interest	9,291
Income (loss) before taxes	29,779	(6,484)
Foreign exchange gain	664	(227)
Finance expense	(2,456)	(1,813)
Other	1,904	(100)
Cash from (used in) operations	33,000	20,961
Income taxes paid	(4,076)	(1,230)
Consolidated total
Disclosure of operating segments
Royalty revenue	32,689	21,797
Sales	18,992	11,915
Cost of sales, excluding depletion	(5,020)	(3,927)
Depletion	(17,999)	(13,181)
Royalty interest impairment		(14,241)
Gain on amendment of royalty interest	9,291
Income (loss) before taxes	29,779	(6,484)
Cash from (used in) operations	33,000	20,961
Operating segments
Disclosure of operating segments
Royalty revenue	32,689	21,797
Sales	18,992	11,915
Cost of sales, excluding depletion	(5,020)	(3,927)
Depletion	(17,999)	(13,181)
Royalty interest impairment		(14,241)
Gain on amendment of royalty interest	9,291
Income (loss) before taxes	37,953	2,363
Cash from (used in) operations	42,771	27,100
Operating segments | Amulsar
Disclosure of operating segments
Royalty interest impairment		(14,241)
Income (loss) before taxes		(14,241)
Operating segments | Beta Hunt
Disclosure of operating segments
Royalty revenue	8,635	4,786
Depletion	(706)	(1,752)
Gain on amendment of royalty interest	9,291
Income (loss) before taxes	17,220	3,034
Cash from (used in) operations	9,533	5,001
Operating segments | El Mochito
Disclosure of operating segments
Sales	3,716	3,626
Cost of sales, excluding depletion	(881)	(874)
Depletion	(1,122)	(1,516)
Income (loss) before taxes	1,713	1,236
Cash from (used in) operations	2,836	2,752
Operating segments | Florida Canyon
Disclosure of operating segments
Royalty revenue	2,551	2,101
Depletion	(712)	(673)
Income (loss) before taxes	1,839	1,428
Cash from (used in) operations	2,638	1,610
Operating segments | Hope Bay
Disclosure of operating segments
Royalty revenue	5,355	3,124
Depletion	(1,671)	(1,178)
Income (loss) before taxes	3,684	1,946
Cash from (used in) operations	2,998	1,761
Operating segments | Karma
Disclosure of operating segments
Royalty revenue	2,946	2,305
Depletion	(1,992)	(1,716)
Income (loss) before taxes	954	589
Cash from (used in) operations	2,636	1,868
Operating segments | La Colorada
Disclosure of operating segments
Sales	6,347	5,216
Cost of sales, excluding depletion	(2,345)	(2,443)
Depletion	(1,171)	(924)
Income (loss) before taxes	2,831	1,849
Cash from (used in) operations	4,002	2,773
Operating segments | Moose River
Disclosure of operating segments
Royalty revenue	1,586	1,124
Depletion	(843)	(692)
Income (loss) before taxes	743	432
Cash from (used in) operations	1,521	1,023
Operating segments | Moss
Disclosure of operating segments
Sales	8,929	3,073
Cost of sales, excluding depletion	(1,794)	(610)
Depletion	(3,480)	(1,547)
Income (loss) before taxes	3,655	916
Cash from (used in) operations	7,135	2,463
Operating segments | Mt. Carlton
Disclosure of operating segments
Royalty revenue	2,469	2,941
Depletion	(2,104)	(1,016)
Income (loss) before taxes	365	1,925
Cash from (used in) operations	2,112	3,210
Operating segments | Omolon
Disclosure of operating segments
Royalty revenue	4,792	562
Depletion	(3,093)	(399)
Income (loss) before taxes	1,699	163
Cash from (used in) operations	3,169
Operating segments | San Jose
Disclosure of operating segments
Royalty revenue	1,989	1,471
Depletion	(591)	(554)
Income (loss) before taxes	1,398	917
Cash from (used in) operations	1,736	1,377
Operating segments | Silvertip
Disclosure of operating segments
Royalty revenue		941
Depletion		(353)
Income (loss) before taxes		588
Cash from (used in) operations	189	897
Operating segments | Vivien
Disclosure of operating segments
Royalty revenue	1,839	2,070
Depletion	(254)	(563)
Income (loss) before taxes	1,585	1,507
Cash from (used in) operations	1,596	2,093
Operating segments | Other
Disclosure of operating segments
Royalty revenue	527	372
Depletion	(260)	(298)
Income (loss) before taxes	267	74
Cash from (used in) operations	670	272
Non-operating | Corporate
Disclosure of operating segments
Income (loss) before taxes	(8,174)	(8,847)
Operating expenses	(8,286)	(6,707)
Foreign exchange gain	664	(227)
Unrealized gain on warrants	1,891	(92)
Finance expense	(2,456)	(1,813)
Other	13	(8)
Cash from (used in) operations	(9,771)	(6,139)
Operating expenses	(6,451)	(4,919)
Foreign exchange gain	380	(160)
Income taxes paid	(4,076)	(1,230)
Other	$ 376	$ 170

SEGMENT INFORMATION - Non Curre

SEGMENT INFORMATION - Non Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Disclosure of geographical areas [line items]
Non-current assets	$ 335,170	$ 282,777
United States
Disclosure of geographical areas [line items]
Non-current assets	107,064	101,554
Canada
Disclosure of geographical areas [line items]
Non-current assets	73,820	74,842
Mexico
Disclosure of geographical areas [line items]
Non-current assets	64,847	20,936
Guatemala
Disclosure of geographical areas [line items]
Non-current assets	16,069
Chile
Disclosure of geographical areas [line items]
Non-current assets	10,073	10,073
Peru
Disclosure of geographical areas [line items]
Non-current assets	8,400	8,400
Dominican Republic
Disclosure of geographical areas [line items]
Non-current assets	5,160	6,195
Honduras
Disclosure of geographical areas [line items]
Non-current assets	5,097	5,160
Burkina Faso
Disclosure of geographical areas [line items]
Non-current assets	14,156	16,148
Australia
Disclosure of geographical areas [line items]
Non-current assets	9,152	15,089
Russia
Disclosure of geographical areas [line items]
Non-current assets	6,601	9,677
Cote d'Ivoire
Disclosure of geographical areas [line items]
Non-current assets	4,030	4,030
Ghana
Disclosure of geographical areas [line items]
Non-current assets	3,527	3,527
Argentina
Disclosure of geographical areas [line items]
Non-current assets	3,200	3,200
Various
Disclosure of geographical areas [line items]
Non-current assets	$ 3,974	$ 3,946

FINANCIAL RISK MANAGEMENT - Sum

FINANCIAL RISK MANAGEMENT - Summary of Risks (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total equity	$ 340,989	$ 241,706	$ 200,192	$ 200,192
Credit facility	32,000	69,000	12,300
Cash and cash equivalents	7,760	4,828	5,017	5,017
Non-current financial assets	1,000	7,148	$ 4,458
Common shares
Disclosure of nature and extent of risks arising from financial instruments [line items]
Non-current financial assets		7,006
Credit Facility
Disclosure of nature and extent of risks arising from financial instruments [line items]
Credit facility	32,000	69,000		$ 12,300
Capital Risk Management
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total equity	341,000	241,700
Capital Risk Management | Credit Facility
Disclosure of nature and extent of risks arising from financial instruments [line items]
Credit facility	32,000	69,000
Currency Risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase (decrease) in net (loss) income due to reasonably possible increase (decrease) in designated risk component	300
Increase (decrease) in other comprehensive (loss) income due to reasonably possible increase (decrease) in designated risk component	$ 1,800
Currency Risk | Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of reasonably possible increase (decrease) in risk assumption	10.00%
Currency Risk | Australian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of reasonably possible increase (decrease) in risk assumption	10.00%
Liquidity Risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents	$ 7,800	4,800
Working capital	35,100	19,900
Liquidity Risk | Credit Facility
Disclosure of nature and extent of risks arising from financial instruments [line items]
Remaining borrowing capacity	88,000
Other Risks | Common shares
Disclosure of nature and extent of risks arising from financial instruments [line items]
Non-current financial assets	$ 18,200	$ 7,100
Equity Price Risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
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	$ 1,800

FINANCIAL RISK MANAGEMENT - Fai

FINANCIAL RISK MANAGEMENT - Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Level 3 | Market approach | Discount rate
Fair Value Measurements
Acquisition date fair values of royalty and other interests	$ 75,000	$ 74,000
Recurring | Level 1
Fair Value Measurements
Total financial assets, at fair value	18,190	7,006
Recurring | Level 1 | Common shares
Fair Value Measurements
Total financial assets, at fair value	18,190	7,006
Recurring | Level 2
Fair Value Measurements
Total financial assets, at fair value	48	142
Recurring | Level 2 | Warrants
Fair Value Measurements
Total financial assets, at fair value	48	$ 142
Recurring | Level 3
Fair Value Measurements
Total financial assets, at fair value	1,000
Recurring | Level 3 | Convertible debenture
Fair Value Measurements
Total financial assets, at fair value	$ 1,000

CONTRACTUAL OBLIGATIONS (Detail

CONTRACTUAL OBLIGATIONS (Details) oz in Millions	12 Months Ended
	Dec. 31, 2020ozt$ / ozshares
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
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
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%
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%
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) $ / shares in Units, $ in Thousands	Jan. 01, 2021CAD ($)$ / shares	Feb. 28, 2021USD ($)$ / shares	Jan. 31, 2021USD ($)	Dec. 31, 2020$ / shares	Dec. 31, 2020USD ($)Options	Dec. 31, 2019$ / shares	Dec. 31, 2019USD ($)Options
Subsequent Events
Proceeds from sale of investments					$ 568
Number of stock options exercised | Options					650,580		508,964
Weighted-average exercise price | $ / shares				$ 1.25		$ 1.62
Repayment of credit facility					$ 57,000		$ 5,300
Quarterly dividend declared per common share | $ / shares		$ 0.01
Credit Facility
Subsequent Events
Repayment of credit facility					$ 57,000		$ 5,300
Hope Bay Buyback
Subsequent Events
Percentage of royalty bought back by Agnico		1.50%
Percentage of royalty owned		2.50%
Proceeds from buy back of royalty interest		$ 50,000
Percentage of royalty retained		1.00%
Investment Proceeds
Subsequent Events
Proceeds from sale of investments		$ 7,700
Royalty Proceeds
Subsequent Events
Bonus Royalty Payment received			$ 2,500
Repayment Of debt | Credit Facility
Subsequent Events
Repayment of credit facility		32,000
Amount available under the facility		$ 120,000
Exercise of Stock Options
Subsequent Events
Number of stock options exercised	589,351
Weighted-average exercise price | $ / shares	$ 2.32