Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Document Type | 40-F |
Document Annual Report | true |
Document Registration Statement | false |
Entity Registrant Name | MAVERIX METALS INC. |
Entity Central Index Key | 0001773250 |
Document Period End Date | Dec. 31, 2021 |
Entity File Number | 001-38934 |
Entity Primary SIC Number | 1040 |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, City or Town | Vancouver |
Entity Address, Address Line One | Suite 575 |
Entity Address, Address Line Two | 510 Burrard Street |
Entity Address, Postal Zip Code | V6C 3A8 |
Entity Address, Country | CA |
City Area Code | 604 |
Local Phone Number | 449-9290 |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | MMX |
Security Exchange Name | NYSE |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Document Fiscal Year Focus | 2021 |
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 | 146,720,355 |
Auditor Name | KPMG LLP |
Auditor Firm ID | 85 |
Auditor Location | Vancouver, BC, Canada |
Business Contact | |
Entity Addresses [Line Items] | |
Entity Address, City or Town | New York |
Contact Personnel Name | Cogency Global Inc. |
Entity Address, Address Line One | 122 E 42nd Street |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10168 |
City Area Code | 800 |
Local Phone Number | 221-0102 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 17,059 | $ 7,760 |
Accounts receivable | 7,889 | 13,533 |
Prepaid gold interest (Note 6) | 7,618 | |
Investments (Note 7) | 2,689 | 18,238 |
Asset held for sale (Note 4) | 1,500 | |
Prepaid expenses and other | 1,000 | 653 |
Total current assets | 36,255 | 41,684 |
Non-current assets | ||
Royalty, stream and other interests (Note 4 and 5) | 314,907 | 334,210 |
Prepaid gold interest (Note 6) | 40,084 | |
Investments (Note 7) | 1,000 | |
Deferred financing costs and other | 1,289 | 960 |
Deferred tax asset (Note 14) | 1,753 | |
Total assets | 392,535 | 379,607 |
Current liabilities | ||
Trade and other payables | 2,910 | 3,285 |
Deferred revenue | 3,333 | |
Total current liabilities | 2,910 | 6,618 |
Non-current liabilities | ||
Credit facility (Note 8) | 12,500 | 32,000 |
Deferred tax liability (Note 14) | 5,311 | |
Total liabilities | 20,721 | 38,618 |
Capital and reserves | ||
Share capital (Note 9a) | 336,801 | 318,530 |
Reserves | 10,008 | 10,654 |
Accumulated other comprehensive income | 274 | 4,326 |
Retained earnings | 24,731 | 7,479 |
Total equity | 371,814 | 340,989 |
Total liabilities and equity | $ 392,535 | $ 379,607 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Income and Comprehensive Income | ||
Royalty revenue (Note 15) | $ 34,896 | $ 32,689 |
Sales (Note 15) | 22,636 | 18,992 |
Total revenue | 57,532 | 51,681 |
Cost of sales, excluding depletion | (9,071) | (5,020) |
Depletion (Note 5) | (17,665) | (17,999) |
Total cost of sales | (26,736) | (23,019) |
Gross profit | 30,796 | 28,662 |
Administration expenses (Note 10) | (5,443) | (4,784) |
Project evaluation expenses (Note 10) | (4,005) | (3,502) |
Adjustments for gains (losses) on change in fair value of prepaid gold interests | 1,310 | |
Income from operations | 22,658 | 20,376 |
Other income and expenses | ||
Gain on royalty transactions (Note 4) | 10,983 | 9,291 |
Gain on conversion of debenture (Note 4) | 2,410 | |
Foreign exchange (loss) gain | (209) | 664 |
Other (expense) income | (123) | 1,904 |
Finance expense | (1,151) | (2,456) |
Income before income taxes | 34,568 | 29,779 |
Income tax expense (Note 14) | (10,496) | (6,060) |
Net income | $ 24,072 | $ 23,719 |
Earnings per share (Note 11) | ||
Basic earnings per share | $ 0.17 | $ 0.19 |
Diluted earnings per share | $ 0.16 | $ 0.17 |
Weighted average number of common shares outstanding: | ||
Basic | 143,138,694 | 126,730,500 |
Diluted | 149,424,802 | 135,975,539 |
Other Comprehensive Income | ||
Net income | $ 24,072 | $ 23,719 |
Item that will not be subsequently re-classified to net income: | ||
Changes in fair value of investments, net of tax (Note 7) | (4,052) | 3,064 |
Comprehensive income | $ 20,020 | $ 26,783 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | ||
Net income | $ 24,072 | $ 23,719 |
Depletion and amortization | 17,814 | 18,146 |
Non-cash cost of sales related to prepaid gold interest (Note 6) | 3,711 | |
Change in fair value of prepaid gold interest (Note 6) | (1,310) | |
Income tax expense | 10,496 | 6,060 |
Share-based compensation | 1,694 | 1,688 |
Finance expense | 1,151 | 2,456 |
Foreign exchange loss (gain) | 180 | (284) |
Unrealized loss (gain) on warrants | 58 | (1,891) |
Withholding and income taxes paid | (3,463) | (4,076) |
Gain on royalty transactions (Note 4) | (10,983) | (9,291) |
Gain on conversion of debenture (Note 4) | (2,410) | |
Changes in non-cash working capital (Note 12) | 2,194 | (3,527) |
Net cash provided by operating activities | 43,204 | 33,000 |
Investing activities | ||
Acquisition of royalty, stream and other interests (Note 4 and 5) | (30,995) | (15,436) |
Acquisition of prepaid gold interest (Note 6) | (50,103) | |
Proceeds from royalty transactions and other (Note 4) | 51,000 | 12,164 |
Acquisition of investments (Note 7) | (393) | (7,137) |
Taxes paid on amendment of royalty interest (Note 4) | (2,787) | |
Proceeds from disposal of equity investments (Note 7) | 11,196 | 568 |
Right of first refusal proceeds | 12,000 | |
Net cash used in investing activities | (19,295) | (628) |
Financing activities | ||
Proceeds from credit facility (Note 8) | 23,500 | 20,000 |
Repayment of credit facility (Note 8) | (43,000) | (57,000) |
Financing costs and interest paid | (1,612) | (2,337) |
Dividends paid (Note 9e) | (6,820) | (6,361) |
Proceeds from exercise of warrants and stock options (Note 9b and 9c) | 13,333 | 16,152 |
Net cash used in financing activities | (14,599) | (29,546) |
Effect of exchange rate changes on cash and cash equivalents | (11) | 106 |
Increase in cash and cash equivalents | 9,299 | 2,932 |
Cash and cash equivalents at the beginning of the year | 7,760 | 4,828 |
Cash and cash equivalents | $ 17,059 | $ 7,760 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Share capital | Share warrant reserve | Share option reserve | Accumulated other comprehensive income | Retained earnings. | Total |
Balance at the beginning at Dec. 31, 2019 | $ 237,509 | $ 10,999 | $ 3,010 | $ 1,262 | $ (11,074) | $ 241,706 |
Balance at the beginning (in shares) at Dec. 31, 2019 | 119,578,489 | |||||
Total comprehensive income | 3,064 | 23,719 | 26,783 | |||
Dividends declared (Note 9e) | (5,166) | (5,166) | ||||
Shares issued for the Newmont Portfolio (Note 4) | $ 59,826 | 59,826 | ||||
Shares issued for the Newmont Portfolio (Note 4) ( in shares) | 12,000,000 | |||||
Shares issued for warrants exercised (Note 9b) | $ 19,922 | (4,390) | 15,532 | |||
Shares issued for warrants exercised (Note 9b) (in shares) | 8,250,000 | |||||
Shares issued for options exercised (Note 9c) | $ 1,238 | (618) | 620 | |||
Shares issued for options exercised (Note 9c) (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 | 8,250,000 | ||||
Total comprehensive income | (4,052) | 24,072 | $ 20,020 | |||
Dividends declared (Note 9e) | (6,820) | (6,820) | ||||
Restricted share units settled in cash (Note 9d) | (142) | (142) | ||||
Shares issued for the Royalty Portfolio (Note 4) | $ 2,740 | 2,740 | ||||
Shares issued for the Royalty Portfolio (Note 4) (in shares) | 491,071 | |||||
Shares issued for warrants exercised (Note 9b) | $ 13,555 | (1,515) | 12,040 | |||
Shares issued for warrants exercised (Note 9b) (in shares) | 5,000,000 | |||||
Shares issued for options exercised (Note 9c) | $ 1,971 | (678) | 1,293 | |||
Shares issued for options exercised (Note 9c) (in shares) | 739,949 | |||||
Share-based compensation | $ 5 | 1,689 | 1,694 | |||
Share-based compensation (in shares) | 1,026 | |||||
Balance at the end at Dec. 31, 2021 | $ 336,801 | $ 5,094 | $ 4,914 | $ 274 | $ 24,731 | $ 371,814 |
Balance at the end (in shares) at Dec. 31, 2021 | 146,720,355 | 5,000,000 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2021 | |
NATURE OF OPERATIONS | |
NATURE OF OPERATIONS | 1. 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 or other interests. Royalty interests (“Royalty” or “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 the life of mine production 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 15, 2022. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
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”), 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 long-term 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. h) Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, prepaid gold interest, 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. 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 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 is 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. 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) Prepaid Gold Interest The Company purchases certain estimated amounts of gold by providing an initial deposit that is recorded as a prepaid gold interest. The prepaid gold interest meets the definition of a financial asset in accordance with financial instrument standards and is classified as FVTPL. The prepaid gold interest is 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. Prepaid gold deliveries are recorded in inventory at fair value and the difference between the fair value of the gold on the delivery date less any ongoing payment is reflected as a partial settlement of the prepaid gold interest. At the time such gold inventory is sold, the amounts recognized in inventory are recorded as cost of sales. The current portion of the prepaid gold interest is determined at each reporting date based on the fair value of the estimated gold to be delivered in the following year. j) 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. k) 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. l) 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 warrant reserve. Upon exercise, the original consideration is reallocated from share warrant reserve to issued share capital along with the associated exercise price. m) 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. n) 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. 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. o) 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. p) 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 15 for summary of the Company’s segmented information. |
CRITICAL ACCOUNTING JUDGEMENTS
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES | 12 Months Ended |
Dec. 31, 2021 | |
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 or 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 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 years ended December 31, 2021 and 2020, no impairment charges were recorded. d) Fair Value of Prepaid Gold Interest The determination of the fair value of the prepaid gold interest requires the use of estimates and assumptions for commodity prices, discount rates and the amount of gold that is equivalent to 2% of all dividends distributed by our counterparty. Changes in any of the estimates used in determining the fair value could impact the fair value of the prepaid gold interest. e) 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 14 for more information. f) 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 and other interests 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, 2021, 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, 2021 | |
ROYALTY AND STREAM TRANSACTIONS | |
ROYALTY AND STREAM TRANSACTIONS | 4. ROYALTY AND STREAM TRANSACTIONS a) During the Year Ended December 31, 2021 Increase and Expansion of Royalty Interest at Omolon In October 2021, Maverix completed an agreement with Polymetal International plc (“Polymetal”) to increase and expand Maverix’s royalty interest in Polymetal’s Omolon hub operation located in the Magadan Region, Russia.Maverix made a cash payment of $23.5 million to increase its effective interest to a 2.5% gross revenue royalty and expand the royalty coverage to include all licenses that currently comprise the Omolon hub and received a one-time bonus royalty of $3.2 million based on the fourth quarter production at the Omolon hub. Upon sales of one million gold equivalent ounces at Omolon, post completion of the transaction, the effective interest will decrease from 2.5% to 2.0%, and upon sales of 1.2 million gold equivalent ounces, Maverix will make an additional $1.5 million cash payment. Royalty Portfolio In June 2021, the Company completed the Purchase and Sale Agreement entered into with Pan American Silver Corp. (“Pan American”) to acquire a portfolio of six royalties (the “Royalty Portfolio”). As consideration for the Royalty Portfolio, the Company issued 491,071 common shares and paid $7.0 million in cash. The fair value of the Royalty Portfolio acquired was determined to be $9.8 million. The Company used comparable transactions for exploration or other assets to determine the fair value of the individual assets within the Royalty Portfolio. The excess of the fair value of the Royalty Portfolio of $9.8 million over the cash consideration paid of $7.0 million was allocated to the common shares. The significant royalties acquired in the Royalty Portfolio include the 1.0%-2.5% NSR royalty on the Fenn-Gib gold project owned by Mayfair Gold Corp. and the 3.0% NSR royalty on the Recuperada project owned by Silver X Mining Corp. The Company also acquired four exploration stage royalties, of which, there are two in Canada and one in each of the United States and Mexico Hope Bay In August 2019, the Company 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”). Under the Additional Royalty agreement, 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. In February 2021, Agnico Eagle Mines Limited (“Agnico Eagle”) completed the acquisition of TMAC. Concurrent with the acquisition, Agnico Eagle provided notice to the Company and exercised the buy back right with respect to 1.5% of the total 2.5% NSR royalty the Company owned on the Hope Bay mine. As a result of the buy back, the Company received $50.0 million and recorded a gain on the buy back of the Hope Bay royalty interest of $11.0 million. The Company has retained a 1% NSR royalty on the Hope Bay mine that is not subject to any further reduction. Additional El Mochito Stream In March 2021, the Company converted all amounts outstanding under a $1.0 million convertible debenture into an additional 5% silver Stream on the operating El Mochito mine on the same terms as the existing El Mochito silver Stream (the “Additional Silver Stream”). The Company used a discounted cash flow model to determine the fair value of the Additional Silver Stream and recognized a $2.4 million gain on the conversion of the debenture. The discounted cash flow model used a discount rate of 10% and a silver price based on analyst metal price projections and management expectations. Upon conversion, Maverix had a 27.5% silver Stream on the El Mochito mine. Under the El Mochito Stream agreement, if 3.0 million ounces of payable silver were produced at the mine prior to April 1, 2022, the Company’s silver purchase entitlement would decrease to 25%. In November 2021, the El Mochito mine met the 3.0 million ounces of payable silver production threshold and the Company’s silver Stream interest was reduced to 25%. The Company’s silver Stream is not subject to any further reduction. b) 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 right of first refusal 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 was classified as an asset held for sale at the time of acquisition and at December 31, 2020. The Yecora royalty sale was completed during the year ended December 31, 2021. 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 owing was paid in January 2021. The Bonus Royalty Payment was recorded as deferred revenue and was being amortized into royalty revenue over approximately one and a half years |
ROYALTY, STREAM AND OTHER INTER
ROYALTY, STREAM AND OTHER INTERESTS | 12 Months Ended |
Dec. 31, 2021 | |
ROYALTY, STREAM AND OTHER INTERESTS | |
ROYALTY, STREAM AND OTHER INTERESTS | 5. ROYALTY, STREAM AND OTHER INTERESTS As at and for the year ended December 31, 2021: Cost Accumulated Depletion Additions/ Inventory Carrying Country Opening (Disposals) Ending Opening Depletion Adjustment Disposals Ending Amount $ $ $ $ $ $ $ $ $ Beta Hunt AUS 9,421 — 9,421 (4,763) (714) — — (5,477) 3,944 Camino Rojo MEX 40,173 22 40,195 — (69) — — (69) 40,126 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 7,734 3,410 11,144 (2,638) (1,348) (68) — (4,054) 7,090 Florida Canyon USA 12,823 — 12,823 (2,901) (808) — — (3,709) 9,114 Gemfield USA 8,799 — 8,799 — — — — — 8,799 Hope Bay CAN 63,324 (40,019) 23,305 (3,621) (389) — 1,502 (2,508) 20,797 Karma BFA 20,080 — 20,080 (6,054) (1,648) — — (7,702) 12,378 La Colorada MEX 17,400 — 17,400 (4,433) (854) — — (5,287) 12,113 McCoy-Cove USA 18,553 — 18,553 — — — — — 18,553 Moose River CAN 3,700 — 3,700 (2,387) (535) — — (2,922) 778 Moss USA 20,283 — 20,283 (5,097) (1,993) (151) — (7,241) 13,042 Mt Carlton AUS 9,436 — 9,436 (6,742) (1,528) — — (8,270) 1,166 Omolon RUS 10,093 23,806 33,899 (3,492) (6,303) — — (9,795) 24,104 San Jose MEX 5,500 — 5,500 (2,893) (934) — — (3,827) 1,673 Silvertip CAN 4,340 — 4,340 (454) — — — (454) 3,886 Vivien AUS 3,301 — 3,301 (2,847) (219) — — (3,066) 235 Other Various 100,769 9,860 110,629 (15,426) (323) — — (15,749) 94,880 Total (1) 397,958 (2,921) 395,037 (63,748) (17,665) (219) 1,502 (80,130) 314,907 (1) Royalty, stream and other interests include non-depletable assets of $80.3 million and depletable assets of $234.5 million. 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 include non-depletable assets of $76.0 million and depletable assets of $258.2 million. |
PREPAID GOLD INTEREST
PREPAID GOLD INTEREST | 12 Months Ended |
Dec. 31, 2021 | |
PREPAID GOLD INTEREST | |
PREPAID GOLD INTEREST | 6. PREPAID GOLD INTEREST In September 2021, Maverix entered into an agreement with Auramet Capital Partners, L.P., a subsidiary of Auramet International LLC (“Auramet”), to acquire a prepaid gold interest and enter into a long-term strategic partnership. The Company made a cash payment of $50.0 million to acquire a gold interest that will deliver 1,250 ounces of gold plus an amount of gold that is equivalent to all dividends distributed by Auramet on 2% of its shares to Maverix per quarter (the “Prepaid Gold Interest”). Maverix will make ongoing cash payments equal to 16% of the spot gold price for each gold ounce delivered. On and after ten years and 50,000 ounces of gold have been delivered to Maverix, Auramet shall have the option to terminate the stream for a cash payment of $5.0 million less certain cash flows related to the gold deliveries. During the year ended December 31, 2021, the Company recognized a gain of $1.3 million as a result of changes in fair value of the Prepaid Gold Interest ($nil for the comparable period in 2020). The following table summarizes the Prepaid Gold Interest balance as at December 31, 2021 and changes from the acquisition date: Prepaid Gold Interest Opening Balance, September 2021 $ 50,103 Gold deliveries (3,711) Change in fair value 1,310 Balance at December 31, 2021 47,702 Less: Current portion (7,618) Non-current portion $ 40,084 The non-cash partial settlement of the Prepaid Gold Interest included in cost of sales for the year ended December 31, 2021 is $3.7 million ($nil for the comparable period in 2020). |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENTS | |
INVESTMENTS | 7. INVESTMENTS As at and for the year ended December 31, 2021: Balance at Balance at December Fair Value Debenture December 31, 2020 Additions Disposals Adjustments Conversion 31, 2021 Short-term investments: Common shares (1) $ 18,190 $ 372 $ (11,196) $ (4,688) $ — $ 2,678 Warrants (2) 48 21 — (58) — 11 Total short-term investments $ 18,238 $ 393 $ (11,196) $ (4,746) $ — $ 2,689 Non-current investment: Convertible debenture (2) $ 1,000 $ — $ — $ 2,410 $ (3,410) $ — Total investments $ 19,238 $ 393 $ (11,196) $ (2,336) $ (3,410) $ 2,689 (1) Fair value adjustments recorded within Other comprehensive income. (2) Fair value adjustments recorded within Net income. As part of a financing conducted by a company Maverix had an investment in, Maverix agreed to exercise 19.5 million share purchase warrants at CAD$0.40 per common share and sell the underlying common shares received for CAD$0.50 per common share for total proceeds of $7.7 million (CAD$9.8 million) which closed in February 2021 (the “Financing”). 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. (2) Fair value adjustments recorded within Net income. In December 2020, the Company exercised the 19.5 million share purchase warrants associated with the Financing that closed in February 2021. In April 2020, the Company acquired a $1.0 million convertible debenture (the “Debenture”). The Debenture had a two year term at an interest rate of 12% per annum. In March 2021, all amounts outstanding under the Debenture were converted into the Additional Silver Stream (Note 4). |
CREDIT FACILITY
CREDIT FACILITY | 12 Months Ended |
Dec. 31, 2021 | |
CREDIT FACILITY | |
CREDIT FACILITY | 8. CREDIT FACILITY In September 2021, the Company amended and increased its revolving credit facility to borrow up to $160.0 million (the “Credit Facility”). Amounts drawn on the Credit Facility are subject to interest at LIBOR plus 1.875% to 3.00% per annum, and the undrawn portion is subject to a standby fee of 0.422% 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, 2021, the Company paid approximately 2.4% (2020: 2.9%) on amounts drawn and 0.4% (2020: 0.6%) on the remaining undrawn portion. The Credit Facility has a term of 4 years, maturing in September 2025. The Credit Facility is secured by the Company's present and future acquired assets 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, 2021 and 2020 and changes during the years then ended: Credit Facility Balance at December 31, 2019 $ 69,000 Proceeds 20,000 Repayment (57,000) Balance at December 31, 2020 32,000 Proceeds 23,500 Repayment (43,000) Balance at December 31, 2021 $ 12,500 Amortization of the deferred financing costs related to the Credit Facility for the years ended December 31, 2021, and 2020 were $0.3 million and $0.3 million, respectively. As at December 31, 2021, the Company was in compliance with all of the covenants related to the Credit Facility. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2021 | |
SHARE CAPITAL | |
SHARE CAPITAL | 9. SHARE CAPITAL a) Authorized, Issued and Outstanding shares The Company is authorized to issue an unlimited number of common shares without par value 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, 2021 and 2020 and changes during the years then ended: Weighted average Number of warrants exercise price outstanding per warrant Balance at December 31, 2019 18,250,000 $ 2.41 Exercised (8,250,000) $ 1.89 Balance at December 31, 2020 10,000,000 $ 2.84 Exercised (5,000,000) $ 2.41 Balance at December 31, 2021 5,000,000 $ 3.28 A summary of the Company’s outstanding warrants as at December 31, 2021 is presented below: Number outstanding Exercise Price Expiry Date 5,000,000 $ 3.28 June 29, 2023 During the year ended December 31, 2021, 5,000,000 common share purchase warrants were exercised for gross proceeds of $12.0 million to the Company. The weighted-average common share price was $4.75 per share at the time the warrants were exercised. During the year ended December 31, 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 $4.29 per share at the time the warrants were exercised. c) Share Purchase Options The Company adopted a stock option and compensation share plan (the “Plan”), which provides that the Board of Directors may, at its discretion, grant directors, officers, employees and consultants, either, (i) common shares of the Company or (ii) non-transferable stock options to purchase common shares of the Company, each set at a price determined by the fair market value of the shares at the date immediately preceding the date on which the option is granted or the common share is issued. Under the Plan, the aggregate number of common shares of the Company reserved for issuance is 10,000,000 common shares. If any option granted under the Plan expires or terminates for any reason in accordance with the terms of the Plan without being exercised, that option shall again be available for the purpose of the Plan. All stock options and incentive shares issued under the Plan vest over a period determined by the Board of Directors. The expiry date of incentive stock options issued under the Plan will be determined by the Board of Directors and shall not be more than to ten years after issuance. The following table summarizes stock options which were outstanding and exercisable as at December 31, 2021 and 2020 and changes during the years then ended: Weighted average Number of Options exercise price per option Outstanding (CAD$) 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 Granted 827,565 $ 6.57 Exercised (739,949) $ 2.44 Forfeited (131,007) $ 5.17 Balance at December 31, 2021 4,025,493 $ 4.83 Options which have vested and are exercisable as at December 31, 2021 2,789,211 $ 4.25 A summary of the Company’s outstanding stock options as at December 31, 2021 is presented below: Exercise Price Number outstanding (CAD$) Expiry Date 562,444 $ 2.80 April 28, 2022 81,194 $ 2.80 May 30, 2022 696,485 $ 3.30 May 31, 2023 722,057 $ 5.18 April 3, 2024 50,000 $ 6.48 August 9, 2024 268,313 $ 5.83 December 12,2024 787,435 $ 5.17 March 10, 2025 30,000 $ 6.54 June 24, 2025 827,565 $ 6.57 March 26, 2026 4,025,493 The following are the weighted average assumptions used in the Black-Scholes Model to estimate the fair value of stock options granted for the years ended December 31, 2021 and 2020: Year ended December 31 2021 2020 Risk-free interest rate 0.5 % 0.5 % Expected volatility 46 % 45 % Expected life 3 years 3 years Expected dividend yield 0.8 % 1.1 % The weighted average common share price during the years ended December 31, 2021 and 2020, were $5.25 and $4.78 per share at the time the options were exercised, respectively. The weighted average remaining contractual life of the options as at December 31, 2021 was 2.46 years (2020: 2.73 years). d) Restricted Share Units (“RSUs”) The Company adopted a restricted share unit plan (the “RSU Plan”), which provides that the Board of Directors may, at its discretion, grant directors, officers, employees and consultants, non-transferable restricted share units (“RSUs”). Each RSU is set at a price determined by the fair market value of the shares at the date immediately preceding the date on which the RSU is granted. Under the RSU Plan, the aggregate number of common shares of the Company reserved for issuance is 3,000,000 common shares. If any RSU granted under the RSU Plan expires or terminates for any reason in accordance with the terms of the RSU Plan without vesting, that RSU shall again be available for the purpose of the Plan. All RSUs issued under the Plan vest after three years, unless otherwise determined on the grant date by the Board of Directors. The Board of Directors has the discretion to settle the vested RSUs in cash or common shares of the Company. The following table summarizes RSUs which were outstanding as at December 31, 2021 and 2020 and changes during the years then ended: Weighted average fair Number of RSUs value per RSU Outstanding (CAD$) 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 Granted 184,613 $ 6.96 Settled (32,161) $ 5.83 Balance at December 31, 2021 345,146 $ 6.37 e) Dividends During the year ended December 31, 2021, the Board of Directors of the Company declared three dividends four dividends of |
OPERATING EXPENSES BY NATURE
OPERATING EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2021 | |
OPERATING EXPENSES BY NATURE | |
OPERATING EXPENSES BY NATURE | 10 . OPERATING EXPENSES BY NATURE Year ended December 31 2021 2020 Compensation and benefits $ 5,007 $ 4,504 Corporate administration 1,084 969 Listing and filing fees 455 242 Professional fees 1,059 736 Amortization 149 147 Operating expenses before share-based compensation 7,754 6,598 Share-based compensation 1,694 1,688 Total operating expenses $ 9,448 $ 8,286 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 11. EARNINGS PER SHARE Basic and diluted earnings per share is calculated based on the following: Year ended December 31 2021 2020 Net income $ 24,072 $ 23,719 Basic weighted average number of shares 143,138,694 126,730,500 Basic earnings per share $ 0.17 $ 0.19 Effect of dilutive securities Warrants 5,021,937 7,431,541 Stock options 1,133,009 1,752,315 RSUs 131,162 61,183 Diluted weighted average number of common shares 149,424,802 135,975,539 Diluted earnings per share $ 0.16 $ 0.17 The following table lists the weighted average 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 years ending December 31, 2021 and 2020 of $5.12 and $4.67, respectively. Year ended December 31 2021 2020 Warrants — — Stock options 714,844 58,033 RSUs 46,251 — |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
SUPPLEMENTAL CASH FLOW INFORMATION | 12. SUPPLEMENTAL CASH FLOW INFORMATION Year ended December 31 Changes in non-cash working capital: 2021 2020 Accounts receivable $ 5,468 $ (6,393) Prepaid expenses and other (82) (170) Trade and other payables 141 (297) Deferred revenue (3,333) 3,333 Changes in non-cash working capital $ 2,194 $ (3,527) Significant non-cash transactions: Equity issued for royalty acquisitions (Note 4) $ 2,740 $ 60,000 Conversion of debenture (Note 4) 3,410 — Settlement of receivables in equity investments — 1,519 Cash and cash equivalents at the end of the year: Cash at bank $ 17,059 $ 7,760 |
RELATED PARTY DISCLOSURES
RELATED PARTY DISCLOSURES | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY DISCLOSURES | |
RELATED PARTY DISCLOSURES | 13. RELATED PARTY DISCLOSURES Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including any director of the Company. Compensation for key management personnel of the Company was as follows: Year ended December 31 2021 2020 Compensation and benefits $ 4,295 $ 3,632 Share-based compensation 1,554 1,532 Total compensation $ 5,849 $ 5,164 During the years ended December 31, 2021 and 2020, the Company purchased $1.5 million and $2.3 million, respectively, of refined gold from Pan American at a price of $650 per ounce purchased under its La Colorada gold Stream agreement (Note 17). During the years ended December 31, 2021 and 2020, the Company completed the acquisitions of the Royalty Portfolio and the Newmont Portfolio (Note 4). As a consequence of their shareholding and other factors, Pan American and Newmont are deemed to have significant influence over the Company. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
INCOME TAXES | 14. INCOME TAXES Income tax recognized in net income is comprised of the following: Year ended December 31 2021 2020 Current tax expense $ 2,796 $ 7,392 Deferred tax expense (recovery) 7,700 (1,332) Income tax expense $ 10,496 $ 6,060 The income tax expense differs from the amount that would result from applying the federal and provincial income tax rates to the income before income taxes due to the following: Year ended December 31 2021 2020 Income before income taxes $ 34,568 $ 29,779 Statutory tax rate 27 % 27 % Expected income tax expense $ 9,333 $ 8,040 Increase (decrease) due to: Foreign tax rate differences 335 583 Non-deductible expenses 458 448 Withholding taxes 740 548 Change in unrecognized temporary differences 469 (2,970) Recognition of temporary differences (820) (1,332) Effect of true-ups in prior year temporary and other differences (19) 743 Income tax expense $ 10,496 $ 6,060 Deferred tax assets and liabilities The following table summarizes the composition of the Company’s deferred tax assets and liabilities: December 31, 2021 December 31, 2020 Deferred tax assets Non-capital losses $ — $ 15,699 Deferred revenue — 930 Investments and other — (602) Royalty, stream and other interests — (14,274) Total deferred tax assets $ — $ 1,753 Deferred tax liabilities Non-capital losses $ 12,006 $ — Investments and other 686 — Prepaid gold interest (354) — Royalty, stream and other interests (17,649) — Total deferred tax liabilities $ (5,311) $ — As at December 31, 2021, the Company has deductible Canadian non-capital tax losses of $44.5 million that expire between 2038 to 2041. The aggregate amount of deductible temporary differences for which deferred income tax assets have not been recognized are as follows: December 31, 2021 December 31, 2020 Royalty, stream and other interests $ 2,453 $ 2,492 Financing costs and other 4,964 859 Non-capital losses 3,407 5,430 Total $ 10,824 $ 8,781 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | 15. SEGMENT INFORMATION For the year ended December 31, 2021: Costs of Gain on Change in Cash sales, buy back fair value Income from Primary Royalty excluding of royalty of prepaid before (used in) Product revenue Sales depletion Depletion interest interest taxes operations $ $ $ $ $ $ $ $ Auramet (USA) Gold — 4,422 (4,423) — — 1,310 1,309 3,711 Beta Hunt (AUS) Gold 10,046 — — (714) — — 9,332 9,591 Camino Rojo (MEX) Gold 83 — — (69) — — 14 — El Mochito (HON) Silver — 7,779 (1,905) (1,348) — — 4,526 5,873 Florida Canyon (USA) Gold 2,939 — — (808) — — 2,131 2,904 Hope Bay (CAN) Gold 1,171 — — (389) 10,983 — 11,765 4,168 Karma (BFA) Gold 2,676 — — (1,648) — — 1,028 2,884 La Colorada (MEX) Gold — 4,011 (1,456) (854) — — 1,701 2,555 Moose River (CAN) Gold 1,382 — — (535) — — 847 1,458 Moss (USA) Silver — 6,424 (1,287) (1,993) — — 3,144 5,137 Mt Carlton (AUS) Gold 3,113 — — (1,528) — — 1,585 3,068 Omolon (RUS) Gold 8,644 — — (6,303) — — 2,341 7,923 San Jose (MEX) Silver 2,376 — — (934) — — 1,442 2,517 Vivien (AUS) Gold 2,151 — — (219) — — 1,932 2,350 Other (Various) Various 315 — — (323) — — (8) 315 Total segments 34,896 22,636 (9,071) (17,665) 10,983 1,310 43,089 54,454 Operating expenses — — — — — — (9,448) (7,370) Foreign exchange — — — — — — (209) (11) Gain on convertible debenture — — — — — — 2,410 — Finance expense — — — — — — (1,151) — Income taxes paid — — — — — — — (3,463) Other — — — — — — (123) (406) Total corporate — — — — — — (8,521) (11,250) Consolidated total 34,896 22,636 (9,071) (17,665) 10,983 1,310 34,568 43,204 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 32,689 18,992 (5,020) (17,999) 9,291 29,779 33,000 Non-current Assets by Geographical Region: December 31, 2021 December 31, 2020 North America USA $ 146,245 $ 107,064 Mexico 64,012 64,847 Canada 37,969 73,820 South & Central America Guatemala 16,069 16,069 Chile 10,073 10,073 Peru 11,607 8,400 Dominican Republic 5,160 5,160 Honduras 7,090 5,097 Argentina 3,200 3,200 Other Russia 24,104 6,601 Burkina Faso 12,508 14,156 Australia 6,691 9,152 Côte d'Ivoire 4,030 4,030 Ghana 3,527 3,527 Various 3,995 3,974 Total (1) $ 356,280 $ 335,170 (1) Includes royalty, stream, and other interests (Note 5), prepaid gold interest (Note 6) and deferred financing costs and other. |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL RISK MANAGEMENT | |
FINANCIAL RISK MANAGEMENT | 16. FINANCIAL RISK MANAGEMENT The Company has exposure to a variety of financial risks from its use of financial instruments. This note presents information about the Company’s exposure to each of these risks, the Company’s objectives, policies and processes for measuring and managing risk, and the Company’s management of capital. Capital Risk Management The Company’s primary objective when managing capital is to maximize returns for its shareholders by growing its asset base through accretive acquisitions of royalties, streams and other interests, while optimizing its capital structure by balancing debt and equity. At December 31, 2021, the capital structure of the Company consists of $371.8 million (December 31, 2020: $341.0 million) of total equity, comprising of share capital, reserves, accumulated other comprehensive income, and retained earnings, and $12.5 million (December 31, 2020: $32.0 million) drawn on the Company’s 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 8). The Company is in compliance with its debt covenants at December 31, 2021. 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 and other payables denominated in Canadian and Australian dollars. Based on the Company’s Canadian and Australian dollar denominated monetary assets and liabilities at December 31, 2021, a 10% increase (decrease) of the value of the Canadian and Australian 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, 2021, the Company had cash and cash equivalents of $17.1 million (December 31, 2020: $7.8 million) and working capital of $33.3 million (December 31, 2020: $35.1 million). In addition, at December 31, 2021, the Company had $147.5 million available under its Credit Facility (Note 8). 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, 2021 of $2.7 million (December 31, 2020: $18.2 million) (Note 7). 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, 2021, a 10% increase (decrease) in the equity prices of these investments would increase (decrease) other comprehensive income by $0.3 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, 2021 and 2020. 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, 2021 As at December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Common shares $ 2,678 $ — $ — $ 18,190 $ — $ — Warrants — 11 — — 48 — Prepaid gold interest — — 47,702 — — — Convertible debenture — — — — — 1,000 Total $ 2,678 $ 11 $ 47,702 $ 18,190 $ 48 $ 1,000 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 comparable transactions. As a result, for years ending December 31, 2021 and 2020, the acquisition date fair values of royalty interests designated as Level 3 fair value measurements were $9.8 million and $75.0 million, respectively (Note 4). The fair value of the Additional Silver Stream acquired by the conversion of a debenture was determined using a discounted cash flow model with unobservable inputs. As a result, the fair value of the Additional Silver Stream of $3.4 million is designated as a Level 3 fair value measurement (Note 4). The fair value of the Prepaid Gold Interest is determined using a discounted cash flow model with unobservable inputs. As a result, the fair value of the Prepaid Gold Interest is designated as a Level 3 fair value measurement (Note 6). |
CONTRACTUAL OBLIGATIONS
CONTRACTUAL OBLIGATIONS | 12 Months Ended |
Dec. 31, 2021 | |
CONTRACTUAL OBLIGATIONS | |
CONTRACTUAL OBLIGATIONS | 17. CONTRACTUAL OBLIGATIONS In connection with its Streams and Prepaid Gold Interest, the Company has committed to purchase the following: Per ounce cash payment: Percent of life of Lesser of amount below and the then mine production or prevailing market price relevant commodity (unless otherwise noted) Gold Stream interests La Bolsa 5 % $450 La Colorada 100 % $650 Silver Stream interests El Mochito 25 % 25% of silver spot price Moss 100 % (1) 20% of silver spot price Prepaid Gold Interest Auramet 1,250 ounces plus 16% of gold spot price 2% of dividends paid (2) per quarter (1) After 3.5 million ounces of silver are delivered, Maverix’s silver purchase entitlement will be 50% of the remaining life of mine silver production. (2) Amount of gold that is the equivalent value to all dividends distributed by Auramet on 2% of its shares. 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 acquisition of a portfolio of royalties from Newmont Corporation in October 2020, the Company agreed to make certain contingent cash payments of up to $15.0 million if certain production milestones at certain assets are achieved within five years of closing the acquisition (Note 4). In connection with increasing and expanding the royalty interest at Omolon, the Company agreed to make an additional $1.5 million cash payment upon sales of 1.2 million gold equivalent ounces (Note 4). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS Acquisition of Gold Royalties in Nevada In March 2022, the Company acquired three royalties on gold projects located in Nevada in exchange for a $5.0 million cash payment. Elevation Prepaid Gold Interest In January 2022, the Company entered into a prepaid gold interest agreement with Elevation Gold Mining (“Elevation”). The Company made a cash payment of $6.0 million to Elevation and in return Elevation will provide the Company six quarterly deliveries of certain amounts of gold plus the equivalent amount of gold equal to $1.0 million beginning in March 2022. The Company will make ongoing cash payments equal to 5% of the spot gold price for each gold ounce delivered. Quarterly Dividend Declared In February 2022, the Board of Directors of the Company declared a quarterly dividend of $0.0125 per common share payable on March 15, 2022, to shareholders of record as of the close of business on February 28, 2022. Omolon Royalty Interest Subsequent to December 31, 2021, the rapid and significant developments related to the conflict in Ukraine has led to additional and more severe sanctions imposed by the United States of America, United Kingdom, European Union, Canada and other countries on certain Russian institutions and individuals. These developments may result in reduced access for Russian businesses to international capital and export markets, weakening of the Russian Ruble and other negative economic consequences. At December 31, 2021, the carrying amounts related to the Company’s Omolon royalty interests and accounts receivable were $24.1 million and $2.9 million, respectively. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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”), 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 long-term 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. |
Financial Instruments | h) Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, prepaid gold interest, 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. 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 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 is 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. 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. |
Prepaid Gold Interest | i) Prepaid Gold Interest The Company purchases certain estimated amounts of gold by providing an initial deposit that is recorded as a prepaid gold interest. The prepaid gold interest meets the definition of a financial asset in accordance with financial instrument standards and is classified as FVTPL. The prepaid gold interest is 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. Prepaid gold deliveries are recorded in inventory at fair value and the difference between the fair value of the gold on the delivery date less any ongoing payment is reflected as a partial settlement of the prepaid gold interest. At the time such gold inventory is sold, the amounts recognized in inventory are recorded as cost of sales. The current portion of the prepaid gold interest is determined at each reporting date based on the fair value of the estimated gold to be delivered in the following year. |
Inventory | j) 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 | k) 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 | l) 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 warrant reserve. Upon exercise, the original consideration is reallocated from share warrant reserve to issued share capital along with the associated exercise price. |
Earnings Per Share | m) 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 | n) 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. 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 | o) 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 | p) 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 15 for summary of the Company’s segmented information. |
ROYALTY, STREAM AND OTHER INT_2
ROYALTY, STREAM AND OTHER INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ROYALTY, STREAM AND OTHER INTERESTS | |
Summary of royalty, stream and other interests | As at and for the year ended December 31, 2021: Cost Accumulated Depletion Additions/ Inventory Carrying Country Opening (Disposals) Ending Opening Depletion Adjustment Disposals Ending Amount $ $ $ $ $ $ $ $ $ Beta Hunt AUS 9,421 — 9,421 (4,763) (714) — — (5,477) 3,944 Camino Rojo MEX 40,173 22 40,195 — (69) — — (69) 40,126 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 7,734 3,410 11,144 (2,638) (1,348) (68) — (4,054) 7,090 Florida Canyon USA 12,823 — 12,823 (2,901) (808) — — (3,709) 9,114 Gemfield USA 8,799 — 8,799 — — — — — 8,799 Hope Bay CAN 63,324 (40,019) 23,305 (3,621) (389) — 1,502 (2,508) 20,797 Karma BFA 20,080 — 20,080 (6,054) (1,648) — — (7,702) 12,378 La Colorada MEX 17,400 — 17,400 (4,433) (854) — — (5,287) 12,113 McCoy-Cove USA 18,553 — 18,553 — — — — — 18,553 Moose River CAN 3,700 — 3,700 (2,387) (535) — — (2,922) 778 Moss USA 20,283 — 20,283 (5,097) (1,993) (151) — (7,241) 13,042 Mt Carlton AUS 9,436 — 9,436 (6,742) (1,528) — — (8,270) 1,166 Omolon RUS 10,093 23,806 33,899 (3,492) (6,303) — — (9,795) 24,104 San Jose MEX 5,500 — 5,500 (2,893) (934) — — (3,827) 1,673 Silvertip CAN 4,340 — 4,340 (454) — — — (454) 3,886 Vivien AUS 3,301 — 3,301 (2,847) (219) — — (3,066) 235 Other Various 100,769 9,860 110,629 (15,426) (323) — — (15,749) 94,880 Total (1) 397,958 (2,921) 395,037 (63,748) (17,665) (219) 1,502 (80,130) 314,907 (1) Royalty, stream and other interests include non-depletable assets of $80.3 million and depletable assets of $234.5 million. 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 include non-depletable assets of $76.0 million and depletable assets of $258.2 million. |
PREPAID GOLD INTEREST (Tables)
PREPAID GOLD INTEREST (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
PREPAID GOLD INTEREST | |
Summary of prepaid gold interest | Prepaid Gold Interest Opening Balance, September 2021 $ 50,103 Gold deliveries (3,711) Change in fair value 1,310 Balance at December 31, 2021 47,702 Less: Current portion (7,618) Non-current portion $ 40,084 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENTS | |
Schedule of investments | As at and for the year ended December 31, 2021: Balance at Balance at December Fair Value Debenture December 31, 2020 Additions Disposals Adjustments Conversion 31, 2021 Short-term investments: Common shares (1) $ 18,190 $ 372 $ (11,196) $ (4,688) $ — $ 2,678 Warrants (2) 48 21 — (58) — 11 Total short-term investments $ 18,238 $ 393 $ (11,196) $ (4,746) $ — $ 2,689 Non-current investment: Convertible debenture (2) $ 1,000 $ — $ — $ 2,410 $ (3,410) $ — Total investments $ 19,238 $ 393 $ (11,196) $ (2,336) $ (3,410) $ 2,689 (1) Fair value adjustments recorded within Other comprehensive income. (2) Fair value adjustments recorded within Net income. As part of a financing conducted by a company Maverix had an investment in, Maverix agreed to exercise 19.5 million share purchase warrants at CAD$0.40 per common share and sell the underlying common shares received for CAD$0.50 per common share for total proceeds of $7.7 million (CAD$9.8 million) which closed in February 2021 (the “Financing”). 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. (2) Fair value adjustments recorded within Net income. |
CREDIT FACILITY (Tables)
CREDIT FACILITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
CREDIT FACILITY | |
Schedule of the Company's Credit Facility | Credit Facility Balance at December 31, 2019 $ 69,000 Proceeds 20,000 Repayment (57,000) Balance at December 31, 2020 32,000 Proceeds 23,500 Repayment (43,000) Balance at December 31, 2021 $ 12,500 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 and changes during the years then ended: Weighted average Number of warrants exercise price outstanding per warrant Balance at December 31, 2019 18,250,000 $ 2.41 Exercised (8,250,000) $ 1.89 Balance at December 31, 2020 10,000,000 $ 2.84 Exercised (5,000,000) $ 2.41 Balance at December 31, 2021 5,000,000 $ 3.28 |
Schedule of outstanding warrants | A summary of the Company’s outstanding warrants as at December 31, 2021 is presented below: Number outstanding Exercise Price Expiry Date 5,000,000 $ 3.28 June 29, 2023 |
Schedule of outstanding and exercisable stock options | Weighted average Number of Options exercise price per option Outstanding (CAD$) 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 Granted 827,565 $ 6.57 Exercised (739,949) $ 2.44 Forfeited (131,007) $ 5.17 Balance at December 31, 2021 4,025,493 $ 4.83 Options which have vested and are exercisable as at December 31, 2021 2,789,211 $ 4.25 |
Summary of the number, range of exercise prices and expiry date for outstanding share options | A summary of the Company’s outstanding stock options as at December 31, 2021 is presented below: Exercise Price Number outstanding (CAD$) Expiry Date 562,444 $ 2.80 April 28, 2022 81,194 $ 2.80 May 30, 2022 696,485 $ 3.30 May 31, 2023 722,057 $ 5.18 April 3, 2024 50,000 $ 6.48 August 9, 2024 268,313 $ 5.83 December 12,2024 787,435 $ 5.17 March 10, 2025 30,000 $ 6.54 June 24, 2025 827,565 $ 6.57 March 26, 2026 4,025,493 |
Summary of information about assumptions used in the fair value of the equity instruments granted | Year ended December 31 2021 2020 Risk-free interest rate 0.5 % 0.5 % Expected volatility 46 % 45 % Expected life 3 years 3 years Expected dividend yield 0.8 % 1.1 % |
Schedule of outstanding RSUs | Weighted average fair Number of RSUs value per RSU Outstanding (CAD$) 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 Granted 184,613 $ 6.96 Settled (32,161) $ 5.83 Balance at December 31, 2021 345,146 $ 6.37 |
OPERATING EXPENSES BY NATURE (T
OPERATING EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OPERATING EXPENSES BY NATURE | |
Schedule of operating expenses by nature | Year ended December 31 2021 2020 Compensation and benefits $ 5,007 $ 4,504 Corporate administration 1,084 969 Listing and filing fees 455 242 Professional fees 1,059 736 Amortization 149 147 Operating expenses before share-based compensation 7,754 6,598 Share-based compensation 1,694 1,688 Total operating expenses $ 9,448 $ 8,286 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER SHARE | |
Schedule of Basic and diluted earnings (Loss) per share | Year ended December 31 2021 2020 Net income $ 24,072 $ 23,719 Basic weighted average number of shares 143,138,694 126,730,500 Basic earnings per share $ 0.17 $ 0.19 Effect of dilutive securities Warrants 5,021,937 7,431,541 Stock options 1,133,009 1,752,315 RSUs 131,162 61,183 Diluted weighted average number of common shares 149,424,802 135,975,539 Diluted earnings per share $ 0.16 $ 0.17 |
Schedule of anti-dilutive securities excluded from the computation of diluted earnings per share | Year ended December 31 2021 2020 Warrants — — Stock options 714,844 58,033 RSUs 46,251 — |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
Schedule of supplemental cash flow information | Year ended December 31 Changes in non-cash working capital: 2021 2020 Accounts receivable $ 5,468 $ (6,393) Prepaid expenses and other (82) (170) Trade and other payables 141 (297) Deferred revenue (3,333) 3,333 Changes in non-cash working capital $ 2,194 $ (3,527) Significant non-cash transactions: Equity issued for royalty acquisitions (Note 4) $ 2,740 $ 60,000 Conversion of debenture (Note 4) 3,410 — Settlement of receivables in equity investments — 1,519 Cash and cash equivalents at the end of the year: Cash at bank $ 17,059 $ 7,760 |
RELATED PARTY DISCLOSURES (Tabl
RELATED PARTY DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY DISCLOSURES | |
Schedule of compensation for key management personnel | Year ended December 31 2021 2020 Compensation and benefits $ 4,295 $ 3,632 Share-based compensation 1,554 1,532 Total compensation $ 5,849 $ 5,164 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
Schedule of income tax recognized in net (loss) income | Year ended December 31 2021 2020 Current tax expense $ 2,796 $ 7,392 Deferred tax expense (recovery) 7,700 (1,332) Income tax expense $ 10,496 $ 6,060 |
Schedule of income tax expense differs from the amount that would result from applying the federal and provincial income tax rates to the income before income taxes | Year ended December 31 2021 2020 Income before income taxes $ 34,568 $ 29,779 Statutory tax rate 27 % 27 % Expected income tax expense $ 9,333 $ 8,040 Increase (decrease) due to: Foreign tax rate differences 335 583 Non-deductible expenses 458 448 Withholding taxes 740 548 Change in unrecognized temporary differences 469 (2,970) Recognition of temporary differences (820) (1,332) Effect of true-ups in prior year temporary and other differences (19) 743 Income tax expense $ 10,496 $ 6,060 |
Summary of Company's deferred income tax assets and liabilities | December 31, 2021 December 31, 2020 Deferred tax assets Non-capital losses $ — $ 15,699 Deferred revenue — 930 Investments and other — (602) Royalty, stream and other interests — (14,274) Total deferred tax assets $ — $ 1,753 Deferred tax liabilities Non-capital losses $ 12,006 $ — Investments and other 686 — Prepaid gold interest (354) — Royalty, stream and other interests (17,649) — Total deferred tax liabilities $ (5,311) $ — |
Schedule of aggregate amount of deductible temporary differences for which deferred income tax assets have not been recognized | December 31, 2021 December 31, 2020 Royalty, stream and other interests $ 2,453 $ 2,492 Financing costs and other 4,964 859 Non-capital losses 3,407 5,430 Total $ 10,824 $ 8,781 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SEGMENT INFORMATION | |
Schedule of segment information | For the year ended December 31, 2021: Costs of Gain on Change in Cash sales, buy back fair value Income from Primary Royalty excluding of royalty of prepaid before (used in) Product revenue Sales depletion Depletion interest interest taxes operations $ $ $ $ $ $ $ $ Auramet (USA) Gold — 4,422 (4,423) — — 1,310 1,309 3,711 Beta Hunt (AUS) Gold 10,046 — — (714) — — 9,332 9,591 Camino Rojo (MEX) Gold 83 — — (69) — — 14 — El Mochito (HON) Silver — 7,779 (1,905) (1,348) — — 4,526 5,873 Florida Canyon (USA) Gold 2,939 — — (808) — — 2,131 2,904 Hope Bay (CAN) Gold 1,171 — — (389) 10,983 — 11,765 4,168 Karma (BFA) Gold 2,676 — — (1,648) — — 1,028 2,884 La Colorada (MEX) Gold — 4,011 (1,456) (854) — — 1,701 2,555 Moose River (CAN) Gold 1,382 — — (535) — — 847 1,458 Moss (USA) Silver — 6,424 (1,287) (1,993) — — 3,144 5,137 Mt Carlton (AUS) Gold 3,113 — — (1,528) — — 1,585 3,068 Omolon (RUS) Gold 8,644 — — (6,303) — — 2,341 7,923 San Jose (MEX) Silver 2,376 — — (934) — — 1,442 2,517 Vivien (AUS) Gold 2,151 — — (219) — — 1,932 2,350 Other (Various) Various 315 — — (323) — — (8) 315 Total segments 34,896 22,636 (9,071) (17,665) 10,983 1,310 43,089 54,454 Operating expenses — — — — — — (9,448) (7,370) Foreign exchange — — — — — — (209) (11) Gain on convertible debenture — — — — — — 2,410 — Finance expense — — — — — — (1,151) — Income taxes paid — — — — — — — (3,463) Other — — — — — — (123) (406) Total corporate — — — — — — (8,521) (11,250) Consolidated total 34,896 22,636 (9,071) (17,665) 10,983 1,310 34,568 43,204 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 32,689 18,992 (5,020) (17,999) 9,291 29,779 33,000 |
Schedule of non current assets by geographical region | Non-current Assets by Geographical Region: December 31, 2021 December 31, 2020 North America USA $ 146,245 $ 107,064 Mexico 64,012 64,847 Canada 37,969 73,820 South & Central America Guatemala 16,069 16,069 Chile 10,073 10,073 Peru 11,607 8,400 Dominican Republic 5,160 5,160 Honduras 7,090 5,097 Argentina 3,200 3,200 Other Russia 24,104 6,601 Burkina Faso 12,508 14,156 Australia 6,691 9,152 Côte d'Ivoire 4,030 4,030 Ghana 3,527 3,527 Various 3,995 3,974 Total (1) $ 356,280 $ 335,170 (1) Includes royalty, stream, and other interests (Note 5), prepaid gold interest (Note 6) and deferred financing costs and other. |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 As at December 31, 2020 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Common shares $ 2,678 $ — $ — $ 18,190 $ — $ — Warrants — 11 — — 48 — Prepaid gold interest — — 47,702 — — — Convertible debenture — — — — — 1,000 Total $ 2,678 $ 11 $ 47,702 $ 18,190 $ 48 $ 1,000 |
CONTRACTUAL OBLIGATIONS (Tables
CONTRACTUAL OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
CONTRACTUAL OBLIGATIONS | |
Schedule of purchase commitments | Per ounce cash payment: Percent of life of Lesser of amount below and the then mine production or prevailing market price relevant commodity (unless otherwise noted) Gold Stream interests La Bolsa 5 % $450 La Colorada 100 % $650 Silver Stream interests El Mochito 25 % 25% of silver spot price Moss 100 % (1) 20% of silver spot price Prepaid Gold Interest Auramet 1,250 ounces plus 16% of gold spot price 2% of dividends paid (2) per quarter (1) After 3.5 million ounces of silver are delivered, Maverix’s silver purchase entitlement will be 50% of the remaining life of mine silver production. (2) Amount of gold that is the equivalent value to all dividends distributed by Auramet on 2% of its shares. |
CRITICAL ACCOUNTING JUDGEMENT_2
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transaction between related parties [line items] | |||
Impairment of royalty interests | $ 0 | $ 0 | |
Agreement To Acquire Prepaid Gold Interest | |||
Disclosure of transaction between related parties [line items] | |||
Percentage of dividends distributed by counterparty that is used as an input to calculate the fair value of the gold interest | 2.00% |
ROYALTY AND STREAM TRANSACTIO_2
ROYALTY AND STREAM TRANSACTIONS - During the Year Ended December 31, 2021 (Details) $ in Thousands, oz in Millions, item in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Oct. 31, 2021USD ($)ozitem | Jun. 30, 2021USD ($)shares | Mar. 31, 2021USD ($) | Feb. 28, 2021USD ($) | Oct. 31, 2020USD ($) | Aug. 31, 2019USD ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Royal And Stream Transactions [Line Items] | ||||||||
Fair value of portfolio acquired | $ 9,800 | |||||||
Cash consideration | $ 7,000 | |||||||
Number of exploration stage royalties acquired | 4 | |||||||
Gain on conversion of debenture | $ 2,410 | |||||||
Minimum | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Percentage of royalty acquired | 1.00% | |||||||
Maximum | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Effective GRR after sale of 1 million gold equivalent ounces | 2.50% | |||||||
Yecora Royalty | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Cash consideration | $ 1,500 | |||||||
Percentage of royalty to be disposed off | 1.00% | |||||||
Canada | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Number of exploration stage royalties acquired | 2 | |||||||
United States | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Number of exploration stage royalties acquired | 1 | |||||||
Mexico | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Number of exploration stage royalties acquired | 1 | |||||||
Omolon GRR Royalty | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Cash consideration made | $ 23,500 | |||||||
Effective GRR | 2.50% | |||||||
Sale of gold equivalent ounces to be made for affecting the effective GRR | item | 1 | |||||||
Sale of million gold equivalent ounces required to make additional payments | oz | 1.2 | |||||||
Additional payments to be made after sale of 1.2 million gold equivalent ounces | $ 1,500 | |||||||
Proceeds From Bonus Royalty Payment | $ 3,200 | |||||||
Omolon GRR Royalty | Minimum | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Effective GRR after sale of 1 million gold equivalent ounces | 2.00% | |||||||
Omolon GRR Royalty | Maximum | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Effective GRR after sale of 1 million gold equivalent ounces | 2.50% | |||||||
Pan American | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Cash consideration made | $ 7,000 | |||||||
Number of royalties acquired | 6 | |||||||
Royalty portfolio consideration paid in shares | shares | 491,071 | |||||||
Fenn-Gib Gold Project | Minimum | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Percentage of royalty acquired | 1.00% | |||||||
Fenn-Gib Gold Project | Maximum | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Percentage of royalty acquired | 2.50% | |||||||
Recuperada Project | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Percentage of royalty acquired | 3.00% | |||||||
Hope Bay mine | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Cash consideration made | $ 40,000 | |||||||
Percentage of royalty acquired | 1.50% | |||||||
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 | $ 50,000 | |||||||
Percentage of royalty bought back by Agnico | 1.50% | |||||||
Percentage of royalty owned | 2.50% | |||||||
Proceeds from buy back of royalty interest | $ 50,000 | |||||||
Proceeds from amendment of royalty interest | $ 11,000 | |||||||
Percentage of royalty retained | 1.00% | |||||||
El Mochito Stream | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Convertible debentures held | $ 1,000 | |||||||
Percentage of stream acquired | 5 | |||||||
Gain on conversion of debenture | $ 2,400 | |||||||
Percentage of stream owned | 27.50% | |||||||
Reduced royalty percentage if certain production milestones are met | 25.00% | 25.00% | ||||||
Production of silver in specified ounces | $ 3,000 | $ 3,000 | ||||||
El Mochito Stream | Discount rate | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Input assumption for fair value estimate | 10 | |||||||
Camino Rojo royalty | ||||||||
Royal And Stream Transactions [Line Items] | ||||||||
Percentage of royalty acquired | 2.00% |
ROYALTY AND STREAM TRANSACTIO_3
ROYALTY AND STREAM TRANSACTIONS - During the Year Ended December 31, 2020 (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021 | Feb. 28, 2021USD ($) | Jan. 31, 2021USD ($) | Oct. 31, 2020USD ($)itemshares | Sep. 30, 2020USD ($) | Aug. 31, 2019USD ($) | Mar. 31, 2022 | Sep. 30, 2020USD ($) | Jun. 30, 2020 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Royal And Stream Transactions [Line Items] | |||||||||||||
Fair value of portfolio acquired | $ 9.8 | ||||||||||||
Contingent Cash Consideration, Royalty Portfolio Acquisition, Period For Achievement Of Certain Production Milestones | 5 years | ||||||||||||
Royalty To Be Disposed Off, Cash Consideration | $ 7 | ||||||||||||
Yecora Royalty | |||||||||||||
Royal And Stream Transactions [Line Items] | |||||||||||||
Percentage Of Royalty To Be Disposed Off | 1.00% | ||||||||||||
Royalty To Be Disposed Off, Cash Consideration | $ 1.5 | ||||||||||||
Minimum | |||||||||||||
Royal And Stream Transactions [Line Items] | |||||||||||||
Percentage of royalty acquired | 1.00% | ||||||||||||
Beta Hunt | |||||||||||||
Royal And Stream Transactions [Line Items] | |||||||||||||
Proceeds From Bonus Royalty Payment | $ 2.5 | $ 2.5 | |||||||||||
Proceeds from amendment of royalty interest | $ 13 | ||||||||||||
Bonus Royalty Payment, amortization period | 1 year 6 months | ||||||||||||
Percentage of gold royalty | 4.75% | 7.50% | |||||||||||
Bonus Royalty Payment | $ 5 | $ 5 | |||||||||||
Income taxes paid (refund) | $ 3.1 | ||||||||||||
Omolon GRR Royalty | |||||||||||||
Royal And Stream Transactions [Line Items] | |||||||||||||
Royalty portfolio consideration paid in cash | $ 23.5 | ||||||||||||
Proceeds From Bonus Royalty Payment | $ 3.2 | ||||||||||||
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% | ||||||||||||
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 | ||||||||||||
Proceeds from amendment of royalty interest | $ 11 | ||||||||||||
El Mochito Stream | |||||||||||||
Royal And Stream Transactions [Line Items] | |||||||||||||
Percentage of stream acquired | 5 | ||||||||||||
Reduced royalty percentage if certain production milestones are met | 25.00% | 25.00% | |||||||||||
El Mochito Stream | Discount rate | |||||||||||||
Royal And Stream Transactions [Line Items] | |||||||||||||
Input assumption for fair value estimate | 10 | ||||||||||||
Newmont Portfolio Acquisition | |||||||||||||
Royal And Stream Transactions [Line Items] | |||||||||||||
Number of royalties acquired | item | 11 | ||||||||||||
Number of common shares issued | shares | 12,000,000 | ||||||||||||
Royalty portfolio consideration paid in cash | $ 15 | ||||||||||||
Fair value of portfolio acquired | $ 75 | ||||||||||||
Contingent Cash Consideration, Royalty Portfolio Acquisition, Period For Achievement Of Certain Production Milestones | 5 years | ||||||||||||
Contingent Cash Consideration, Royalty Portfolio Acquisition | $ 15 | ||||||||||||
Royalty To Be Disposed Off, Cash Consideration | $ 15 | ||||||||||||
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 | Minimum | Discount rate | Discounted cash flow model for producing assets | |||||||||||||
Royal And Stream Transactions [Line Items] | |||||||||||||
Input assumption for fair value estimate | 4 | ||||||||||||
Newmont Portfolio Acquisition | Maximum | Discount rate | Discounted cash flow model for producing assets | |||||||||||||
Royal And Stream Transactions [Line Items] | |||||||||||||
Input assumption for fair value estimate | 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, STREAM AND OTHER INT_3
ROYALTY, STREAM AND OTHER INTEREST (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | $ 334,210 | |
Royalty interest impairment | 0 | $ 0 |
Ending | 314,907 | 334,210 |
Carrying Amount | 314,907 | 334,210 |
Non-depletable assets of royalty, stream and other interests | 80,300 | 76,000 |
Depletable assets of royalty, stream and other interests | 234,500 | 258,200 |
Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 397,958 | 329,735 |
Additions/ Disposals | (2,921) | 68,223 |
Disposals | (2,921) | 68,223 |
Ending | 395,037 | 397,958 |
Carrying Amount | 395,037 | 397,958 |
Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (63,748) | (48,330) |
Additions/ Disposals | 1,502 | (2,581) |
Depletion | (17,665) | (17,999) |
Inventory Adjustment | (219) | |
Disposals | 1,502 | (2,581) |
Ending | (80,130) | (63,748) |
Carrying Amount | (80,130) | (63,748) |
Beta Hunt | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 4,658 | |
Ending | 3,944 | 4,658 |
Carrying Amount | 3,944 | 4,658 |
Beta Hunt | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 9,421 | 14,875 |
Additions/ Disposals | (5,454) | |
Disposals | (5,454) | |
Ending | 9,421 | 9,421 |
Carrying Amount | 9,421 | 9,421 |
Beta Hunt | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (4,763) | (6,638) |
Additions/ Disposals | (2,581) | |
Depletion | (714) | (706) |
Disposals | (2,581) | |
Ending | (5,477) | (4,763) |
Carrying Amount | (5,477) | (4,763) |
Camino Rojo | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 40,173 | |
Ending | 40,126 | 40,173 |
Carrying Amount | 40,126 | 40,173 |
Camino Rojo | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 40,173 | |
Additions/ Disposals | 22 | 40,173 |
Disposals | 22 | 40,173 |
Ending | 40,195 | 40,173 |
Carrying Amount | 40,195 | 40,173 |
Camino Rojo | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Depletion | (69) | |
Ending | (69) | |
Carrying Amount | (69) | |
Cerro Blanco | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 16,069 | |
Ending | 16,069 | 16,069 |
Carrying Amount | 16,069 | 16,069 |
Cerro Blanco | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 16,069 | |
Additions/ Disposals | 16,069 | |
Disposals | 16,069 | |
Ending | 16,069 | 16,069 |
Carrying Amount | 16,069 | 16,069 |
Cerro Casale | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 7,053 | |
Ending | 7,053 | 7,053 |
Carrying Amount | 7,053 | 7,053 |
Cerro Casale | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 7,053 | 7,053 |
Ending | 7,053 | 7,053 |
Carrying Amount | 7,053 | 7,053 |
Converse | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 10,039 | |
Ending | 10,039 | 10,039 |
Carrying Amount | 10,039 | 10,039 |
Converse | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 10,039 | 10,039 |
Ending | 10,039 | 10,039 |
Carrying Amount | 10,039 | 10,039 |
DeLamar | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 9,068 | |
Ending | 9,068 | 9,068 |
Carrying Amount | 9,068 | 9,068 |
DeLamar | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 9,068 | 9,068 |
Ending | 9,068 | 9,068 |
Carrying Amount | 9,068 | 9,068 |
El Mochito | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 5,096 | |
Ending | 7,090 | 5,096 |
Carrying Amount | 7,090 | 5,096 |
El Mochito | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 7,734 | 7,710 |
Additions/ Disposals | 3,410 | 24 |
Disposals | 3,410 | 24 |
Ending | 11,144 | 7,734 |
Carrying Amount | 11,144 | 7,734 |
El Mochito | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (2,638) | (1,516) |
Depletion | (1,348) | (1,122) |
Inventory Adjustment | (68) | |
Ending | (4,054) | (2,638) |
Carrying Amount | (4,054) | (2,638) |
Florida Canyon | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 9,922 | |
Ending | 9,114 | 9,922 |
Carrying Amount | 9,114 | 9,922 |
Florida Canyon | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 12,823 | 12,823 |
Ending | 12,823 | 12,823 |
Carrying Amount | 12,823 | 12,823 |
Florida Canyon | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (2,901) | (2,189) |
Depletion | (808) | (712) |
Ending | (3,709) | (2,901) |
Carrying Amount | (3,709) | (2,901) |
Gemfield | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 8,799 | |
Ending | 8,799 | 8,799 |
Carrying Amount | 8,799 | 8,799 |
Gemfield | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 8,799 | 8,799 |
Ending | 8,799 | 8,799 |
Carrying Amount | 8,799 | 8,799 |
Hope Bay | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 59,703 | |
Ending | 20,797 | 59,703 |
Carrying Amount | 20,797 | 59,703 |
Hope Bay | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 63,324 | 63,324 |
Additions/ Disposals | (40,019) | |
Disposals | (40,019) | |
Ending | 23,305 | 63,324 |
Carrying Amount | 23,305 | 63,324 |
Hope Bay | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (3,621) | (1,950) |
Additions/ Disposals | 1,502 | |
Depletion | (389) | (1,671) |
Disposals | 1,502 | |
Ending | (2,508) | (3,621) |
Carrying Amount | (2,508) | (3,621) |
Karma | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 14,026 | |
Ending | 12,378 | 14,026 |
Carrying Amount | 12,378 | 14,026 |
Karma | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 20,080 | 20,080 |
Ending | 20,080 | 20,080 |
Carrying Amount | 20,080 | 20,080 |
Karma | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (6,054) | (4,062) |
Depletion | (1,648) | (1,992) |
Ending | (7,702) | (6,054) |
Carrying Amount | (7,702) | (6,054) |
La Colorada | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 12,967 | |
Ending | 12,113 | 12,967 |
Carrying Amount | 12,113 | 12,967 |
La Colorada | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 17,400 | 17,400 |
Ending | 17,400 | 17,400 |
Carrying Amount | 17,400 | 17,400 |
La Colorada | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (4,433) | (3,262) |
Depletion | (854) | (1,171) |
Ending | (5,287) | (4,433) |
Carrying Amount | (5,287) | (4,433) |
McCoy-Cove | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 18,553 | |
Ending | 18,553 | 18,553 |
Carrying Amount | 18,553 | 18,553 |
McCoy-Cove | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 18,553 | 18,553 |
Ending | 18,553 | 18,553 |
Carrying Amount | 18,553 | 18,553 |
Moose River | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 1,313 | |
Ending | 778 | 1,313 |
Carrying Amount | 778 | 1,313 |
Moose River | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 3,700 | 3,700 |
Ending | 3,700 | 3,700 |
Carrying Amount | 3,700 | 3,700 |
Moose River | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (2,387) | (1,544) |
Depletion | (535) | (843) |
Ending | (2,922) | (2,387) |
Carrying Amount | (2,922) | (2,387) |
Moss | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 15,186 | |
Ending | 13,042 | 15,186 |
Carrying Amount | 13,042 | 15,186 |
Moss | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 20,283 | 20,283 |
Ending | 20,283 | 20,283 |
Carrying Amount | 20,283 | 20,283 |
Moss | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (5,097) | (1,617) |
Depletion | (1,993) | (3,480) |
Inventory Adjustment | (151) | |
Ending | (7,241) | (5,097) |
Carrying Amount | (7,241) | (5,097) |
Mt. Carlton | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 2,694 | |
Ending | 1,166 | 2,694 |
Carrying Amount | 1,166 | 2,694 |
Mt. Carlton | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 9,436 | 9,436 |
Ending | 9,436 | 9,436 |
Carrying Amount | 9,436 | 9,436 |
Mt. Carlton | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (6,742) | (4,638) |
Depletion | (1,528) | (2,104) |
Ending | (8,270) | (6,742) |
Carrying Amount | (8,270) | (6,742) |
Omolon | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 6,601 | |
Ending | 24,104 | 6,601 |
Carrying Amount | 24,104 | 6,601 |
Omolon | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 10,093 | 10,076 |
Additions/ Disposals | 23,806 | 17 |
Disposals | 23,806 | 17 |
Ending | 33,899 | 10,093 |
Carrying Amount | 33,899 | 10,093 |
Omolon | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (3,492) | (399) |
Depletion | (6,303) | (3,093) |
Ending | (9,795) | (3,492) |
Carrying Amount | (9,795) | (3,492) |
San Jose | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 2,607 | |
Ending | 1,673 | 2,607 |
Carrying Amount | 1,673 | 2,607 |
San Jose | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 5,500 | 5,500 |
Ending | 5,500 | 5,500 |
Carrying Amount | 5,500 | 5,500 |
San Jose | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (2,893) | (2,302) |
Depletion | (934) | (591) |
Ending | (3,827) | (2,893) |
Carrying Amount | (3,827) | (2,893) |
Silvertip | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 3,886 | |
Ending | 3,886 | 3,886 |
Carrying Amount | 3,886 | 3,886 |
Silvertip | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 4,340 | 4,340 |
Ending | 4,340 | 4,340 |
Carrying Amount | 4,340 | 4,340 |
Silvertip | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (454) | (454) |
Ending | (454) | (454) |
Carrying Amount | (454) | (454) |
Vivien | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 454 | |
Ending | 235 | 454 |
Carrying Amount | 235 | 454 |
Vivien | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 3,301 | 3,301 |
Ending | 3,301 | 3,301 |
Carrying Amount | 3,301 | 3,301 |
Vivien | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (2,847) | (2,593) |
Depletion | (219) | (254) |
Ending | (3,066) | (2,847) |
Carrying Amount | (3,066) | (2,847) |
Other | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 85,343 | |
Ending | 94,880 | 85,343 |
Carrying Amount | 94,880 | 85,343 |
Other | Cost | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | 100,769 | 83,375 |
Additions/ Disposals | 9,860 | 17,394 |
Disposals | 9,860 | 17,394 |
Ending | 110,629 | 100,769 |
Carrying Amount | 110,629 | 100,769 |
Other | Accumulated Depletion | ||
ROYALTY, STREAM AND OTHER INTERESTS | ||
Opening | (15,426) | (15,166) |
Depletion | (323) | (260) |
Ending | (15,749) | (15,426) |
Carrying Amount | $ (15,749) | $ (15,426) |
PREPAID GOLD INTEREST (Details)
PREPAID GOLD INTEREST (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2021USD ($) | |
PREPAID GOLD INTEREST | |
Opening Balance | $ 50,103 |
Gold deliveries | (3,711) |
Change in fair value | 1,310 |
Balance at December 31, 2021 | 47,702 |
Less: Current portion | 7,618 |
Non-current portion | $ 40,084 |
PREPAID GOLD INTEREST - Additio
PREPAID GOLD INTEREST - Additional information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)oz | Dec. 31, 2021USD ($) | |
Disclosure of transaction between related parties [line items] | ||
Ongoing cash payments as a percentage of spot price of gold for each ounce delivered | 16.00% | |
Gold ounces to be delivered to enable the option to terminate the stream along with satisfaction of 10 years condition | oz | 50,000 | |
Maximum gross termination consideration | $ 5,000 | |
Change in fair value of prepaid gold interest (Note 6) | $ (1,310) | |
Cost of Sales | ||
Disclosure of transaction between related parties [line items] | ||
Non-cash partial settlement of the prepaid gold interest recognized | $ 3,700 | |
Agreement To Acquire Prepaid Gold Interest | ||
Disclosure of transaction between related parties [line items] | ||
Gold ounces to be received per quarter which will be equivalent to dividends distributed by opposite party on 2% of its shares | 2.00% | |
Auramet Capital Partners, L.P | ||
Disclosure of transaction between related parties [line items] | ||
Payments to acquire prepaid gold interest | $ 50,000 | |
Gold ounces to be received per quarter | 1,250 |
INVESTMENTS (Details)
INVESTMENTS (Details) $ / shares in Units, $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Feb. 28, 2021USD ($) | Feb. 28, 2021CAD ($)$ / shares | Dec. 31, 2020USD ($)shares | Apr. 30, 2020USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2020$ / shares | |
Disclosure of classes of share capital | |||||||
Short-term investments, beginning balance | $ 18,238 | ||||||
Short-term investments, Additions | 393 | $ 8,213 | |||||
Short-term investments, Disposals | (11,196) | (501) | |||||
Short-term investments, Exercise and Transfers | 5,169 | ||||||
Short-term investments, Fair Value Adjustments | (4,746) | 5,357 | |||||
Short-term investments, ending balance | $ 18,238 | 2,689 | 18,238 | ||||
Non-current investments, beginning balance | 1,000 | 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, Debenture conversion | 3,410 | ||||||
Non-current investments, ending balance | 1,000 | 1,000 | |||||
Investments, beginning balance | 19,238 | 7,148 | |||||
Investments, Additions | 393 | 10,732 | |||||
Investments, Disposals | (11,196) | (2,006) | |||||
Investments, Exercise and Transfers | (1,993) | ||||||
Investments, Fair Value Adjustments | (2,336) | 5,357 | |||||
Investments, Debenture conversion | (3,410) | ||||||
Investments, ending balance | $ 19,238 | $ 2,689 | $ 19,238 | ||||
Number of shares exercised | shares | 19,500,000 | (5,000,000) | (8,250,000) | ||||
Exercise price of share purchase warrants | $ / shares | $ 0.40 | ||||||
Share price | $ / shares | $ 0.50 | ||||||
Proceeds from sale of underlying shraes | $ 7,700 | $ 9.8 | |||||
Convertible debenture | |||||||
Disclosure of classes of share capital | |||||||
Non-current investments, beginning balance | $ 1,000 | ||||||
Non-current investments, Additions | $ 1,000 | $ 1,000 | |||||
Non-current investments, Fair Value Adjustments | 2,410 | ||||||
Non-current investments, Debenture conversion | (3,410) | ||||||
Non-current investments, ending balance | $ 1,000 | 1,000 | |||||
Term of the debenture | 2 years | ||||||
Interest rate (as a percent) | 12.00% | ||||||
Common shares | |||||||
Disclosure of classes of share capital | |||||||
Short-term investments, beginning balance | 18,190 | ||||||
Short-term investments, Additions | 372 | 8,205 | |||||
Short-term investments, Disposals | (11,196) | (501) | |||||
Short-term investments, Exercise and Transfers | 7,020 | ||||||
Short-term investments, Fair Value Adjustments | (4,688) | 3,466 | |||||
Short-term investments, ending balance | 18,190 | 2,678 | 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) | ||||||
Warrants | |||||||
Disclosure of classes of share capital | |||||||
Short-term investments, beginning balance | 48 | ||||||
Short-term investments, Additions | 21 | 8 | |||||
Short-term investments, Exercise and Transfers | (1,851) | ||||||
Short-term investments, Fair Value Adjustments | (58) | 1,891 | |||||
Short-term investments, ending balance | $ 48 | $ 11 | 48 | ||||
Non-current investments, beginning balance | 142 | ||||||
Non-current investments, Exercise and Transfers | $ (142) |
CREDIT FACILITY (Details)
CREDIT FACILITY (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about borrowings | ||||
Percentage of amount paid on amounts drawn | 2.40% | 2.90% | ||
Percentage of amount paid on amounts undrawn | 0.40% | 0.60% | ||
Balance at the beginning | $ 32,000 | |||
Proceeds | 23,500 | $ 20,000 | ||
Repayment | (43,000) | (57,000) | ||
Balance at the end | $ 12,500 | 32,000 | ||
Revolving Facility | ||||
Disclosure of detailed information about borrowings | ||||
Maximum borrowing capacity | $ 160,000 | |||
Credit facility term | 4 years | |||
Balance at the beginning | $ 32,000 | 69,000 | ||
Proceeds | 23,500 | 20,000 | ||
Repayment | (43,000) | (57,000) | ||
Balance at the end | 12,500 | 32,000 | $ 69,000 | |
Amortization of deferred financing costs | $ 300 | $ 300 | ||
Revolving Facility | Minimum | ||||
Disclosure of detailed information about borrowings | ||||
Standby fee on undrawn portion (as a percent) | 0.422% | |||
Revolving Facility | Maximum | ||||
Disclosure of detailed information about borrowings | ||||
Standby fee on undrawn portion (as a percent) | 0.675% | |||
Revolving Facility | LIBOR | Minimum | ||||
Disclosure of detailed information about borrowings | ||||
Adjustment to interest rate basis (as a percent) | 1.875% | |||
Revolving 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) - $ / shares | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of warrants outstanding | |||
Beginning balance | 10,000,000 | 18,250,000 | |
Exercised | 19,500,000 | (5,000,000) | (8,250,000) |
Ending balance | 10,000,000 | 5,000,000 | 10,000,000 |
Weighted average exercise price per warrant | |||
Beginning balance | $ 2.84 | $ 2.41 | |
Exercised | 2.41 | 1.89 | |
Ending balance | $ 2.84 | $ 3.28 | $ 2.84 |
SHARE CAPITAL - Share Purchas_2
SHARE CAPITAL - Share Purchase Warrants (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019shares | |
Disclosure of classes of share capital | ||||
Number outstanding | shares | 5,000,000 | 10,000,000 | 18,250,000 | |
Exercise Price US$ | $ / shares | $ 0.40 | |||
Number of outstanding shares | shares | 5,000,000 | 8,250,000 | ||
Proceeds from exercise of warrants | $ | $ 12 | $ 15.6 | ||
Common share price | $ / shares | $ 4.75 | $ 4.29 | ||
Exercise Price $3.28 Expiry Date June 29, 2023 | ||||
Disclosure of classes of share capital | ||||
Number outstanding | shares | 5,000,000 | |||
Exercise Price US$ | $ / shares | $ 3.28 |
SHARE CAPITAL - Share Based Pay
SHARE CAPITAL - Share Based Payments - Share Purchase Options (Details) | 12 Months Ended | |
Dec. 31, 2021Options$ / sharesshares | Dec. 31, 2020Options$ / shares | |
SHARE CAPITAL | ||
Number of shares reserved for future issuance | shares | 10,000,000 | |
Expiration period, in years | 10 years | |
Summary of options outstanding and exercisable | ||
Number of options outstanding, Beginning of the period | Options | 4,068,884 | 3,834,119 |
Number of options outstanding, Granted | Options | 827,565 | 953,255 |
Number of options outstanding, Exercised | Options | (739,949) | (650,580) |
Number of options outstanding, Forfeited | Options | (131,007) | (67,910) |
Number of options outstanding, End of the period | Options | 4,025,493 | 4,068,884 |
Options which have vested and are exercisable | Options | 2,789,211 | |
Weighted average exercise price per option, Beginning of the period | $ / shares | $ 4.05 | $ 3.31 |
Weighted average exercise price per option, Granted | $ / shares | 6.57 | 5.21 |
Weighted average exercise price per option, Exercised | $ / shares | 2.44 | 1.25 |
Weighted average exercise price per option, Forfeited | $ / shares | 5.17 | 5.17 |
Weighted average exercise price per option, End of the period | $ / shares | 4.83 | $ 4.05 |
Weighted average exercise price per option, Options which have vested and are exercisable | $ / shares | $ 4.25 |
SHARE CAPITAL - Share Based P_2
SHARE CAPITAL - Share Based Payments - Share Purchase Options - Outstanding Stock Options (Details) | Dec. 31, 2021Options$ / shares | Dec. 31, 2020Options$ / shares | Dec. 31, 2019Options$ / shares |
Disclosure of classes of share capital | |||
Number of outstanding | Options | 4,025,493 | 4,068,884 | 3,834,119 |
Exercise Price | $ / shares | $ 4.83 | $ 4.05 | $ 3.31 |
Exercise Price $2.80 Expiry Date April 28, 2022 | |||
Disclosure of classes of share capital | |||
Number of outstanding | Options | 562,444 | ||
Exercise Price | $ / shares | $ 2.80 | ||
Exercise Price $2.80 Expiry Date May 30, 2022 | |||
Disclosure of classes of share capital | |||
Number of outstanding | Options | 81,194 | ||
Exercise Price | $ / shares | $ 2.80 | ||
Exercise Price $3.30 Expiry Date May 31, 2023 | |||
Disclosure of classes of share capital | |||
Number of outstanding | Options | 696,485 | ||
Exercise Price | $ / shares | $ 3.30 | ||
Exercise Price $5.18 Expiry Date April 3, 2024 | |||
Disclosure of classes of share capital | |||
Number of outstanding | Options | 722,057 | ||
Exercise Price | $ / shares | $ 5.18 | ||
Exercise Price $6.48 Expiry Date August 9, 2024 | |||
Disclosure of classes of share capital | |||
Number of 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 of 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 of outstanding | Options | 787,435 | ||
Exercise Price | $ / shares | $ 5.17 | ||
Exercise Price $6.54 Expiry Date June 24, 2025 | |||
Disclosure of classes of share capital | |||
Number of outstanding | Options | 30,000 | ||
Exercise Price | $ / shares | $ 6.54 | ||
Exercise Price $6.57 Expiry Date March 26, 2026 | |||
Disclosure of classes of share capital | |||
Number of outstanding | Options | 827,565 | ||
Exercise Price | $ / shares | $ 6.57 |
SHARE CAPITAL - Share Based P_3
SHARE CAPITAL - Share Based Payments - Share Purchase Options - Weighted Average Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SHARE CAPITAL | ||
Risk-free interest rate | 0.50% | 0.50% |
Expected volatility | 46.00% | 45.00% |
Expected life | 3 | 3 |
Expected dividend yield | 0.80% | 1.10% |
Weighted-average common share price | $ 5.25 | $ 4.78 |
Weighted average remaining contractual life | 2 years 5 months 15 days | 2 years 8 months 23 days |
SHARE CAPITAL - Share Based P_4
SHARE CAPITAL - Share Based Payments - RSU Plan (Details) - RSU | 12 Months Ended | |
Dec. 31, 2021CAD ($)$ / sharesshares | Dec. 31, 2020CAD ($)$ / shares | |
ShareCapital | ||
Number of restricted share units reserved for future issuance | shares | 3,000,000 | |
Vesting period | 3 years | |
Number of RSUs outstanding, Beginning of the period | $ | 192,694 | 97,027 |
Number of RSUs outstanding, Granted | $ | 184,613 | 105,822 |
Number of RSUs outstanding, Settled | $ | 32,161 | |
Number of RSUs outstanding, Forfeited | $ | (10,155) | |
Number of RSUs outstanding, End of the period | $ | 345,146 | 192,694 |
Weighted average exercise price of RSUs, Beginning of the period | $ / shares | $ 5.72 | $ 5.82 |
Weighted average fair value per RSU, Granted | $ / shares | 6.96 | 5.57 |
Weighted average fair value per RSU, Settled | $ / shares | 5.83 | |
Weighted average fair value per RSU, Forfeited | $ / shares | 5.17 | |
Weighted average exercise price of RSUs, End of the period | $ / shares | $ 6.37 | $ 5.72 |
SHARE CAPITAL - Dividend (Detai
SHARE CAPITAL - Dividend (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dividend Declared One | ||
ShareCapital | ||
Dividends declared (per share) | $ 0.0125 | $ 0.01 |
Dividend Declared Two | ||
ShareCapital | ||
Dividends declared (per share) | 0.0125 | 0.01 |
Dividend Declared Three | ||
ShareCapital | ||
Dividends declared (per share) | 0.0125 | 0.01 |
Dividend Declared Four | ||
ShareCapital | ||
Dividends declared (per share) | $ 0.01 | $ 0.01 |
OPERATING EXPENSES BY NATURE (D
OPERATING EXPENSES BY NATURE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING EXPENSES BY NATURE | ||
Compensation and benefits | $ 5,007 | $ 4,504 |
Corporate administration | 1,084 | 969 |
Listing and filing fees | 455 | 242 |
Professional fees | 1,059 | 736 |
Amortization | 149 | 147 |
Operating expenses before share-based compensation | 7,754 | 6,598 |
Share-based compensation | 1,694 | 1,688 |
Total operating expenses | $ 9,448 | $ 8,286 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
EARNINGS PER SHARE | ||
Net income | $ 24,072 | $ 23,719 |
Basic weighted average number of shares | 143,138,694 | 126,730,500 |
Basic earnings per share | $ 0.17 | $ 0.19 |
Effect of dilutive securities | ||
Warrants | 5,021,937 | 7,431,541 |
Stock options | 1,133,009 | 1,752,315 |
RSUs | 131,162 | 61,183 |
Diluted weighted average number of common shares | 149,424,802 | 135,975,539 |
Diluted earnings per share | $ 0.16 | $ 0.17 |
EARNINGS PER SHARE - Anti-dilut
EARNINGS PER SHARE - Anti-dilutive Securities (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Diluted earnings per share | ||
Average market value of common shares | $ 5.12 | $ 4.67 |
Stock options | ||
Diluted earnings per share | ||
Number of shares excluded from the computation of diluted earnings per share | 714,844 | 58,033 |
RSU | ||
Diluted earnings per share | ||
Number of shares excluded from the computation of diluted earnings per share | 46,251 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in non-cash working capital: | ||
Accounts receivable | $ 5,468 | $ (6,393) |
Prepaid expenses and other | (82) | (170) |
Trade and other payables | 141 | (297) |
Deferred revenue | (3,333) | 3,333 |
Changes in non-cash working capital | 2,194 | (3,527) |
Significant non-cash transactions: | ||
Equity issued for royalty acquisitions (Note 4) | 2,740 | 60,000 |
Conversion of debenture (Note 4) | 3,410 | |
Settlement of receivables in equity investments | 1,519 | |
Cash and cash equivalents at the end of the year: | ||
Cash at bank | $ 17,059 | $ 7,760 |
RELATED PARTY DISCLOSURES (Deta
RELATED PARTY DISCLOSURES (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / oz | Dec. 31, 2020USD ($) | |
RELATED PARTY DISCLOSURES | ||
Compensation and benefits | $ 4,295 | $ 3,632 |
Share-based compensation | 1,554 | 1,532 |
Total compensation | 5,849 | 5,164 |
Pan American | La Colorada | ||
RELATED PARTY DISCLOSURES | ||
Purchases from related party | $ 1,500 | $ 2,300 |
Gold price | $ / oz | 650 |
INCOME TAXES - Income Tax Recog
INCOME TAXES - Income Tax Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Components of income tax expense | ||
Current tax expense | $ 2,796 | $ 7,392 |
Deferred tax expense (recovery) | 7,700 | (1,332) |
Income tax expense | $ 10,496 | $ 6,060 |
INCOME TAXES - Tax Reconciliati
INCOME TAXES - Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of income tax statutory rates to effective rates | ||
Income before income taxes | $ 34,568 | $ 29,779 |
Statutory tax rate | 27.00% | 27.00% |
Expected income tax expense | $ 9,333 | $ 8,040 |
Increase (decrease) due to: | ||
Foreign tax rate differences | 335 | 583 |
Non-deductible expenses | 458 | 448 |
Withholding taxes | 740 | 548 |
Change in unrecognized temporary differences | 469 | (2,970) |
Recognition of temporary differences | (820) | (1,332) |
Effect of true-ups in prior year temporary and other differences | (19) | 743 |
Income tax expense | $ 10,496 | $ 6,060 |
INCOME TAXES - Summary of Compa
INCOME TAXES - Summary of Companys Deferred Income Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | $ 1,753 | |
Total deferred tax liabilities | $ 5,311 | |
Non-capital losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 15,699 | |
Total deferred tax liabilities | 12,006 | |
Deferred revenue | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 930 | |
Investments and other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax liabilities | 686 | |
Royalty And Stream Acquisitions [Domain] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Royalty, stream and other interests | $ (14,274) | |
Royalty, stream and other interests | $ (17,649) |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deductible temporary differences for which deferred income tax assets have not been recognized | ||
Total | $ 10,824 | $ 8,781 |
Royalty, stream and other interests | ||
Deductible temporary differences for which deferred income tax assets have not been recognized | ||
Total | 2,453 | 2,492 |
Financing costs and other | ||
Deductible temporary differences for which deferred income tax assets have not been recognized | ||
Total | 4,964 | 859 |
Non-capital losses | ||
Deductible temporary differences for which deferred income tax assets have not been recognized | ||
Total | 3,407 | $ 5,430 |
Non-capital tax losses that expire between 2038 to 2041 | ||
Deferred tax assets and liabilities recognized | ||
Deferred tax liability (asset) | $ 44,500 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments | ||
Royalty revenue | $ 34,896 | $ 32,689 |
Sales | 22,636 | 18,992 |
Cost of sales, excluding depletion | (9,071) | (5,020) |
Depletion | (17,665) | (17,999) |
Royalty interest impairment | 0 | 0 |
Income (loss) before taxes | 34,568 | 29,779 |
Cash from (used in) operations | 43,204 | 33,000 |
Operating expenses | (9,448) | (8,286) |
Foreign exchange | (209) | 664 |
Finance expense | (1,151) | (2,456) |
Other | (123) | 1,904 |
Gain on conversion of debenture (Note 4) | 2,410 | |
Income taxes paid | (3,463) | (4,076) |
Vivien | ||
Disclosure of operating segments | ||
Royalty revenue | 2,151 | |
Depletion | (219) | |
Income (loss) before taxes | 1,932 | |
Cash from (used in) operations | 2,350 | |
Corporate | ||
Disclosure of operating segments | ||
Income (loss) before taxes | (8,521) | |
Cash from (used in) operations | (11,250) | |
Consolidated total | ||
Disclosure of operating segments | ||
Royalty revenue | 34,896 | 32,689 |
Sales | 22,636 | 18,992 |
Cost of sales, excluding depletion | (9,071) | (5,020) |
Depletion | (17,665) | (17,999) |
Change in fair value of prepaid interest | 1,310 | |
Gain on amendment of royalty interest | 10,983 | 9,291 |
Income (loss) before taxes | 34,568 | 29,779 |
Cash from (used in) operations | 43,204 | 33,000 |
Operating segments | ||
Disclosure of operating segments | ||
Royalty revenue | 34,896 | 32,689 |
Sales | 22,636 | 18,992 |
Cost of sales, excluding depletion | (9,071) | (5,020) |
Depletion | (17,665) | (17,999) |
Change in fair value of prepaid interest | 1,310 | |
Gain on amendment of royalty interest | 10,983 | 9,291 |
Income (loss) before taxes | 43,089 | 37,953 |
Cash from (used in) operations | 54,454 | 42,771 |
Operating segments | Auramet | ||
Disclosure of operating segments | ||
Sales | 4,422 | |
Cost of sales, excluding depletion | (4,423) | |
Change in fair value of prepaid interest | 1,310 | |
Income (loss) before taxes | 1,309 | |
Cash from (used in) operations | 3,711 | |
Operating segments | Beta Hunt | ||
Disclosure of operating segments | ||
Royalty revenue | 10,046 | 8,635 |
Depletion | (714) | (706) |
Gain on amendment of royalty interest | 9,291 | |
Income (loss) before taxes | 9,332 | 17,220 |
Cash from (used in) operations | 9,591 | 9,533 |
Operating segments | Camino Rojo | ||
Disclosure of operating segments | ||
Royalty revenue | 83 | |
Depletion | (69) | |
Income (loss) before taxes | 14 | |
Operating segments | El Mochito | ||
Disclosure of operating segments | ||
Sales | 7,779 | 3,716 |
Cost of sales, excluding depletion | (1,905) | (881) |
Depletion | (1,348) | (1,122) |
Income (loss) before taxes | 4,526 | 1,713 |
Cash from (used in) operations | 5,873 | 2,836 |
Operating segments | Florida Canyon | ||
Disclosure of operating segments | ||
Royalty revenue | 2,939 | 2,551 |
Depletion | (808) | (712) |
Income (loss) before taxes | 2,131 | 1,839 |
Cash from (used in) operations | 2,904 | 2,638 |
Operating segments | Hope Bay | ||
Disclosure of operating segments | ||
Royalty revenue | 1,171 | 5,355 |
Depletion | (389) | (1,671) |
Gain on amendment of royalty interest | 10,983 | |
Income (loss) before taxes | 11,765 | 3,684 |
Cash from (used in) operations | 4,168 | 2,998 |
Operating segments | Karma | ||
Disclosure of operating segments | ||
Royalty revenue | 2,676 | 2,946 |
Depletion | (1,648) | (1,992) |
Income (loss) before taxes | 1,028 | 954 |
Cash from (used in) operations | 2,884 | 2,636 |
Operating segments | La Colorada | ||
Disclosure of operating segments | ||
Sales | 4,011 | 6,347 |
Cost of sales, excluding depletion | (1,456) | (2,345) |
Depletion | (854) | (1,171) |
Income (loss) before taxes | 1,701 | 2,831 |
Cash from (used in) operations | 2,555 | 4,002 |
Operating segments | Moose River | ||
Disclosure of operating segments | ||
Royalty revenue | 1,382 | 1,586 |
Depletion | (535) | (843) |
Income (loss) before taxes | 847 | 743 |
Cash from (used in) operations | 1,458 | 1,521 |
Operating segments | Moss | ||
Disclosure of operating segments | ||
Sales | 6,424 | 8,929 |
Cost of sales, excluding depletion | (1,287) | (1,794) |
Depletion | (1,993) | (3,480) |
Income (loss) before taxes | 3,144 | 3,655 |
Cash from (used in) operations | 5,137 | 7,135 |
Operating segments | Mt. Carlton | ||
Disclosure of operating segments | ||
Royalty revenue | 3,113 | 2,469 |
Depletion | (1,528) | (2,104) |
Income (loss) before taxes | 1,585 | 365 |
Cash from (used in) operations | 3,068 | 2,112 |
Operating segments | Omolon | ||
Disclosure of operating segments | ||
Royalty revenue | 8,644 | 4,792 |
Depletion | (6,303) | (3,093) |
Income (loss) before taxes | 2,341 | 1,699 |
Cash from (used in) operations | 7,923 | 3,169 |
Operating segments | San Jose | ||
Disclosure of operating segments | ||
Royalty revenue | 2,376 | 1,989 |
Depletion | (934) | (591) |
Income (loss) before taxes | 1,442 | 1,398 |
Cash from (used in) operations | 2,517 | 1,736 |
Operating segments | Silvertip | ||
Disclosure of operating segments | ||
Cash from (used in) operations | 189 | |
Operating segments | Vivien | ||
Disclosure of operating segments | ||
Royalty revenue | 1,839 | |
Depletion | (254) | |
Income (loss) before taxes | 1,585 | |
Cash from (used in) operations | 1,596 | |
Operating segments | Other | ||
Disclosure of operating segments | ||
Royalty revenue | 315 | 527 |
Depletion | (323) | (260) |
Income (loss) before taxes | (8) | 267 |
Cash from (used in) operations | 315 | 670 |
Non-operating | Corporate | ||
Disclosure of operating segments | ||
Income (loss) before taxes | (8,174) | |
Cash from (used in) operations | (9,771) | |
Operating expenses | (9,448) | (8,286) |
Foreign exchange | (209) | 664 |
Unrealized gain on warrants | 1,891 | |
Finance expense | (1,151) | (2,456) |
Other | (123) | 13 |
Operating expenses | 7,370 | (6,451) |
Foreign exchange gain | (11) | 380 |
Gain on conversion of debenture (Note 4) | 2,410 | |
Income taxes paid | (3,463) | (4,076) |
Other | $ (406) | $ 376 |
SEGMENT INFORMATION - Non Curre
SEGMENT INFORMATION - Non Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 356,280 | $ 335,170 |
United States | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 146,245 | 107,064 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 37,969 | 73,820 |
Mexico | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 64,012 | 64,847 |
Guatemala | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 16,069 | 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 | 11,607 | 8,400 |
Dominican Republic | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 5,160 | 5,160 |
Honduras | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 7,090 | 5,097 |
Argentina | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 3,200 | 3,200 |
Burkina Faso | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 12,508 | 14,156 |
Australia | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 6,691 | 9,152 |
Russia | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 24,104 | 6,601 |
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 |
Various | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 3,995 | $ 3,974 |
FINANCIAL RISK MANAGEMENT - Sum
FINANCIAL RISK MANAGEMENT - Summary of Risks (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Total equity | $ 371,814 | $ 340,989 | $ 241,706 |
Credit facility | 12,500 | 32,000 | |
Cash and cash equivalents | 17,059 | 7,760 | 4,828 |
Investments (Note 7) | 2,689 | 18,238 | |
Common shares | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Investments (Note 7) | 2,678 | 18,190 | |
Revolving Facility | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Credit facility | 12,500 | 32,000 | $ 69,000 |
Capital Risk Management | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Total equity | 371,800 | 341,000 | |
Capital Risk Management | Revolving Facility | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Credit facility | 12,500 | 32,000 | |
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 | 200 | ||
Increase (decrease) in other comprehensive (loss) income due to reasonably possible increase (decrease) in designated risk component | $ 300 | ||
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 | $ 17,100 | 7,800 | |
Working capital | 33,300 | 35,100 | |
Liquidity Risk | Revolving Facility | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Remaining borrowing capacity | 147,500 | ||
Other Risks | Common shares | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Investments (Note 7) | $ 2,700 | $ 18,200 | |
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 | $ 300 |
FINANCIAL RISK MANAGEMENT - Fai
FINANCIAL RISK MANAGEMENT - Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Level 3 | ||
Fair Value Measurements | ||
Fair value of the additional silver stream acquired through conversion of debentures | $ 3,400 | |
Level 3 | Market approach | Discount rate | ||
Fair Value Measurements | ||
Acquisition date fair values of royalty and other interests | 9,800 | $ 75,000 |
Recurring | Level 1 | ||
Fair Value Measurements | ||
Total financial assets, at fair value | 2,678 | 18,190 |
Recurring | Level 1 | Common shares | ||
Fair Value Measurements | ||
Total financial assets, at fair value | 2,678 | 18,190 |
Recurring | Level 2 | ||
Fair Value Measurements | ||
Total financial assets, at fair value | 11 | 48 |
Recurring | Level 2 | Warrants | ||
Fair Value Measurements | ||
Total financial assets, at fair value | 11 | 48 |
Recurring | Level 3 | ||
Fair Value Measurements | ||
Total financial assets, at fair value | 47,702 | 1,000 |
Recurring | Level 3 | Prepaid gold interest | ||
Fair Value Measurements | ||
Total financial assets, at fair value | $ 47,702 | |
Recurring | Level 3 | Convertible debenture | ||
Fair Value Measurements | ||
Total financial assets, at fair value | $ 1,000 |
CONTRACTUAL OBLIGATIONS (Detail
CONTRACTUAL OBLIGATIONS (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)ozt$ / ozshares | |
CONTRACTUAL OBLIGATIONS | |
Percentage of shares considered for dividends distributed | 2.00% |
Contingent cash payments, Period for achievement of certain production milestones | 5 years |
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 | 25.00% |
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 | 25.00% |
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) | 3,500,000 |
Percent of remaining life of mine production after delivery of silver | 50.00% |
Auramet | Prepaid gold interest | |
CONTRACTUAL OBLIGATIONS | |
Gold ounces to be purchased per quarter | 1,250 |
Gold ounces to be purchased in percentage of dividends per quarter | 2.00% |
Per ounce cash payment: Lesser of amount below and the then prevailing market price (unless otherwise noted), as a percentage of spot price of gold | 16.00% |
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 |
Omolon GRR Royalty | |
CONTRACTUAL OBLIGATIONS | |
Additional payments to be made after sale of 1.2 million gold equivalent ounces | $ | $ 1.5 |
Sale of gold equivalent ounces required to make additional payments | 1,200,000 |
Newmont Portfolio Acquisition | |
CONTRACTUAL OBLIGATIONS | |
Contingent cash payments | $ | $ 15 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | |||||
Mar. 31, 2022USD ($)item | Feb. 28, 2022$ / shares | Jan. 31, 2022USD ($) | Sep. 30, 2021 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Subsequent Events | ||||||
Ongoing cash payments as a percentage of spot price of gold for each ounce delivered | 16.00% | |||||
Accounts receivable | $ 7,889 | $ 13,533 | ||||
Omolon | ||||||
Subsequent Events | ||||||
Royalty Interests | 24,100 | |||||
Accounts receivable | $ 2,900 | |||||
Prepaid Gold Interest Agreement | ||||||
Subsequent Events | ||||||
Cash payment of gold interest | $ 6,000 | |||||
Amount of refined gold | $ 1,000 | |||||
Ongoing cash payments as a percentage of spot price of gold for each ounce delivered | 5.00% | |||||
Prepaid Gold Interest Agreement | Nevada | ||||||
Subsequent Events | ||||||
Number of royalties acquired | item | 3 | |||||
Cash payment for royalties on gold projects | $ 5,000 | |||||
Quarterly Dividend Declared | ||||||
Subsequent Events | ||||||
Quarterly dividend declared per common share | $ / shares | $ 0.0125 |