Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Cover [Abstract] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-40459 |
Entity Registrant Name | ERO COPPER CORP |
Entity Incorporation, State or Country Code | A1 |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | ERO |
Security Exchange Name | NYSE |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 102,747,558 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Entity Ex Transition Period | |
ICFR Auditor Attestation Flag | true |
Entity Central Index Key | 0001853860 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 625 Howe Street |
Entity Address, Address Line Two | Suite 1050 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6C 2T6 |
City Area Code | 604 |
Local Phone Number | 449-9236 |
Business Contact | |
Entity Addresses [Line Items] | |
Contact Personnel Name | CT Corporation System |
Entity Address, Address Line One | 28 Liberty Street |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10005 |
City Area Code | 212 |
Local Phone Number | 894-8940 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 85 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current | ||
Cash and cash equivalents | $ 111,738 | $ 177,702 |
Short-term investments | 0 | 139,700 |
Accounts receivable | 5,710 | 10,289 |
Inventories | 42,254 | 30,955 |
Income tax receivable | 500 | 0 |
Other current assets | 39,285 | 33,781 |
Total current assets | 199,487 | 392,427 |
Non-Current | ||
Mineral properties, plant and equipment | 1,251,998 | 755,274 |
Exploration and evaluation assets | 29,936 | 15,686 |
Deferred income tax assets | 1,315 | 0 |
Deposits and other non-current assets | 28,952 | 24,689 |
Total non-current assets | 1,312,201 | 795,649 |
Total Assets | 1,511,688 | 1,188,076 |
Current | ||
Accounts payable and accrued liabilities | 120,704 | 84,603 |
Current portion of loans and borrowings | 20,381 | 15,703 |
Current portion of deferred revenue | 17,159 | 16,580 |
Income taxes payable | 3,997 | 5,435 |
Current portion of derivatives | 563 | 577 |
Current portion of lease liabilities | 10,996 | 6,223 |
Total current liabilities | 173,800 | 129,121 |
Non-Current | ||
Loans and borrowings | 405,852 | 402,354 |
Deferred revenue | 58,390 | 69,476 |
Provision for rehabilitation and closure costs | 26,687 | 22,172 |
Deferred income tax liabilities | 10,863 | 6,229 |
Lease liabilities | 8,607 | 4,740 |
Other non-current liabilities | 18,158 | 11,819 |
Total non-current liabilities | 528,557 | 516,790 |
Total Liabilities | 702,357 | 645,911 |
SHAREHOLDERS’ EQUITY | ||
Share capital | 271,336 | 148,055 |
Equity reserves | (16,616) | (66,189) |
Retained earnings | 549,530 | 456,726 |
Equity attributable to owners of the Company | 804,250 | 538,592 |
Non-controlling interests | 5,081 | 3,573 |
Total shareholders' equity | 809,331 | 542,165 |
Total Liabilities and Equity | $ 1,511,688 | $ 1,188,076 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Profit or loss [abstract] | ||
Revenue | $ 427,480 | $ 426,392 |
Cost of sales | (270,635) | (239,217) |
Gross profit | 156,845 | 187,175 |
Expenses | ||
General and administrative | (52,429) | (49,459) |
Share-based compensation | (9,218) | (7,931) |
Income before the undernoted | 95,198 | 129,785 |
Finance income | 12,465 | 10,295 |
Finance expense | (25,822) | (33,223) |
Foreign exchange gain | 34,612 | 19,910 |
Other expenses | (4,102) | (384) |
Income before income taxes | 112,351 | 126,383 |
Current income tax expense | (15,992) | (15,043) |
Deferred income tax expense | (2,055) | (8,273) |
Income tax expense | (18,047) | (23,316) |
Net income for the year | 94,304 | 103,067 |
Other comprehensive gain | ||
Foreign currency translation gain | 52,656 | 29,897 |
Comprehensive income | 146,960 | 132,964 |
Net income attributable to: | ||
Owners of the Company | 92,804 | 101,831 |
Non-controlling interests | 1,500 | 1,236 |
Net income for the year | 94,304 | 103,067 |
Comprehensive income attributable to: | ||
Owners of the Company | 145,065 | 131,540 |
Non-controlling interests | 1,895 | 1,424 |
Comprehensive income | $ 146,960 | $ 132,964 |
Net income per share attributable to owners of the Company | ||
Basic (in usd per share) | $ 0.99 | $ 1.12 |
Diluted (in usd per share) | $ 0.98 | $ 1.10 |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 94,111,548 | 90,789,925 |
Diluted (in shares) | 94,896,334 | 92,170,656 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | ||
Income for the year | $ 94,304 | $ 103,067 |
Adjustments for: | ||
Amortization and depreciation | 83,024 | 58,969 |
Income tax expense | 18,047 | 23,316 |
Amortization of deferred revenue | (17,082) | (14,781) |
Share-based compensation | 9,218 | 7,931 |
Finance income | (12,465) | (10,295) |
Finance expenses | 25,822 | 33,223 |
Foreign exchange gain | (36,798) | (23,095) |
Other | 4,236 | (490) |
Changes in non-cash working capital items | (8,372) | (18,029) |
Cash flows from operations | 159,934 | 159,816 |
Advance from NX Gold PMPA | 2,440 | 3,207 |
Derivative contract settlements | 9,632 | (11,983) |
Provision settlements | (3,344) | (2,238) |
Income taxes paid | (5,563) | (5,416) |
Cash flows from operating activities | 163,099 | 143,386 |
Cash Flows used in Investing Activities | ||
Additions to mineral properties, plant and equipment | (447,174) | (282,775) |
Additions to exploration and evaluation assets | (13,475) | (13,044) |
Proceeds from short-term investments and interest received | 192,483 | 9,713 |
Purchase of short-term investments | (40,000) | (139,700) |
Cash flows used in investing activities | (308,166) | (425,806) |
Cash Flows used in Financing Activities | ||
Proceeds from equity offering, net of share issue costs | 104,330 | 0 |
Lease liability payments | (11,877) | (7,426) |
New loans and borrowings, net of transaction costs | 14,889 | 401,495 |
Loans and borrowings repaid | (7,786) | (55,650) |
Interest paid on loans and borrowings | (27,461) | (15,383) |
Other finance expenses paid | (5,502) | (4,542) |
Proceeds from exercise of stock options | 11,158 | 8,805 |
Cash flows (used in)/from financing activities | 77,751 | 327,299 |
Effect of exchange rate changes on cash and cash equivalents | 1,352 | 2,694 |
Net (decrease) increase in cash and cash equivalents | (65,964) | 47,573 |
Cash and cash equivalents - beginning of year | 177,702 | 130,129 |
Cash and cash equivalents - end of year | $ 111,738 | $ 177,702 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Total | Share Capital | Equity Reserves, Contributed Surplus | Equity Reserves, Foreign Exchange | Retained Earnings | Non-controlling interest |
Beginning balance (in shares) at Dec. 31, 2021 | 90,204,378 | ||||||
Beginning balance at Dec. 31, 2021 | $ 395,490 | $ 393,057 | $ 133,072 | $ 12,173 | $ (107,083) | $ 354,895 | $ 2,433 |
Income for the year | 103,067 | 101,831 | 101,831 | 1,236 | |||
Other comprehensive income for the year | 29,897 | 29,709 | 29,709 | 188 | |||
Comprehensive income | 132,964 | 131,540 | 29,709 | 101,831 | 1,424 | ||
Shares issued for: Exercise of options and warrants (in shares) | 1,812,558 | ||||||
Shares issued for: Exercise of options and warrants | 8,805 | 8,805 | $ 12,618 | (3,813) | |||
Settlement of restricted share units (in shares) | 37,099 | ||||||
Settlement of restricted share units | (332) | (332) | $ 529 | (861) | |||
Settlement of performance share units (in shares) | 128,598 | ||||||
Settlement of performance share units | 1,836 | 1,836 | $ 1,836 | ||||
Share-based compensation | 3,686 | 3,686 | 3,686 | ||||
Dividends to non-controlling interest | (284) | (284) | |||||
Ending balance (in shares) at Dec. 31, 2022 | 92,182,633 | ||||||
Ending balance at Dec. 31, 2022 | 542,165 | 538,592 | $ 148,055 | 11,185 | (77,374) | 456,726 | 3,573 |
Income for the year | 94,304 | 92,804 | 92,804 | 1,500 | |||
Other comprehensive income for the year | 52,656 | 52,261 | 52,261 | 395 | |||
Comprehensive income | 146,960 | 145,065 | 52,261 | 92,804 | 1,895 | ||
Equity financing, net | 104,330 | 104,330 | |||||
Shares issued for: Exercise of options and warrants (in shares) | 1,333,199 | ||||||
Shares issued for: Exercise of options and warrants | 11,158 | 11,158 | $ 15,882 | (4,724) | |||
Settlement of restricted share units (in shares) | 61,651 | ||||||
Settlement of restricted share units | (476) | (476) | $ 868 | (1,344) | |||
Settlement of performance share units (in shares) | 160,075 | ||||||
Settlement of performance share units | 2,201 | 2,201 | $ 2,201 | ||||
Share-based compensation | 3,380 | 3,380 | 3,380 | ||||
Dividends to non-controlling interest | (387) | (387) | |||||
Ending balance (in shares) at Dec. 31, 2023 | 102,747,558 | ||||||
Ending balance at Dec. 31, 2023 | $ 809,331 | $ 804,250 | $ 271,336 | $ 8,497 | $ (25,113) | $ 549,530 | $ 5,081 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Nature of Operations | Nature of Operations Ero Copper Corp. (“Ero" or the "Company") was incorporated on May 16, 2016 under the Business Corporations Act (British Columbia) and maintains its head office at Suite 1050, 625 Howe Street, Vancouver, BC, V6C 2T6. The Company’s shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “ERO”. The Company’s primary asset is its 99.6% ownership interest in Mineração Caraíba S.A. (“MCSA”), held indirectly through its wholly-owned subsidiary, Ero Brasil Participaçoes Ltda. The Company also currently owns a 97.6% ownership interest in NX Gold S.A. (“NX Gold”) indirectly through its wholly-owned subsidiary, Ero Gold Corp. (“Ero Gold”). MCSA is a Brazilian copper company which holds a 100% interest in the Caraíba Operations and the Tucumã Project (formerly known as the Boa Esperança Project). MCSA’s predominant activity is the production and sale of copper concentrate from the Caraíba Operations, located in Bahia, Brazil, with gold and silver produced and sold as by-products. The Tucumã Project, which is currently under construction with production of copper concentrate scheduled to commence in the second half of 2024, is located within the municipality of Tucumã in the southeastern part of the state of Pará, Brazil. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2023 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of Preparation | Basis of Preparation (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 Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee. These consolidated financial statements were authorized for issue by the Board of Directors of the Company (the “Board”) on March 7, 2024. (b) Basis of Presentation and Principles of Consolidation These consolidated financial statements have been prepared on a historical cost basis except for derivative financial instruments, which are measured at fair value through profit or loss. These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control over a subsidiary is defined to exist when the Company is exposed to variable returns from involvement with an investee and has the ability to affect the returns through power over the investee. All intercompany balances and transactions are eliminated upon consolidation. Since the Company does not own 100% of its interests in MCSA and NX Gold, the interest attributable to non-controlling shareholders is reflected in non-controlling interests. Adjustments to non-controlling interests that do not involve the loss of control are accounted for as equity transactions and adjustments are based on a proportionate amount of the net assets of the subsidiary. (c) Foreign Currency Translation The functional currency and presentation currency of the Company is the US dollar. The monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the statement of financial position date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in profit or loss. The functional currency of all of the Company's Brazilian subsidiaries is the Brazilian Real (“BRL”). The assets and liabilities of its Brazilian subsidiaries are translated into the US dollar presentation currency using the exchange rate at the statement of financial position date while revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in a separate component of shareholders’ equity. (d) Use of Estimates and Judgments In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of the assets, liabilities, revenues and expenses. The estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Critical Judgments Functional currency The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which the entities operate. The Company has determined that the functional currency for the Company is the US dollar while the functional currency for all of its Brazilian subsidiaries is the BRL. Assessment of functional currency involves certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment. Legal claims and contingent liabilities The recognition of legal provisions and contingent liabilities involves the assessment of claims made against the Company and each of its subsidiaries. The recognition of a legal provision, or disclosure of a contingent liability, involves certain judgments to determine the probability of whether a cash outflow will occur. In making this judgment, management has assessed various criteria and also relies on the opinions of its legal advisers to assist in making this assessment. Key Sources of Estimation Uncertainty The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates and such differences could be significant. Significant estimates made by management affecting the consolidated financial statements include: Derivative instruments The fair value of derivative instruments is determined using either present value techniques or option pricing models that utilize a variety of inputs that are a combination of quoted prices and market-corroborated inputs, including assumptions for forward interest and foreign exchange rates, volatilities and discount rates. The fair value of the Company’s derivative contracts includes an adjustment for credit risk for either the Company or the counter party as applicable. Changes in the assumptions for inputs into the models affect the fair value of the derivatives recognized in the statement of financial position as well as the unrealized gains or losses recognized in net income. Carrying amounts of mineral properties and associated mine closure and reclamation costs Changes in estimates of mineral reserves and resources could impact depreciation and depletion rates, asset carrying amounts and the provisions for mine closure and reclamation costs. The Company estimates its mineral reserves and resources based on information compiled by competent individuals. Estimates of mineral reserves and resources are used in the calculation of depreciation, depletion and determination, when applicable, of the recoverable amount of CGUs, and for forecasting the timing of reclamation and closure cost expenditures. There are numerous uncertainties inherent in estimating mineral reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the estimation methodology, forecasted prices of commodities, exchange rates, production costs or recovery rates may change the economic status of mineral reserves and may, ultimately, result in changes in the mineral reserves. Mine closure and reclamation costs Significant estimates and assumptions are made in determining the provision for mine closure and reclamation costs as there are numerous factors that will affect the ultimate liability payable. These factors include estimation of the extent and cost of rehabilitation activities, timing of future cash flows, discount rates, inflation rate, and regulatory requirements. Changes in the above factors can result in a change to the provision recognized by the Company. Changes to mine closure and rehabilitation costs are recorded with a corresponding change to the carrying amounts of related mineral properties, plant and equipment. Adjustments to the carrying amounts of related mineral properties, plant and equipment can result in a change to future depreciation and depletion expense. Income taxes The determination of the Company’s tax expense for the period and deferred tax assets and liabilities involves significant estimation and judgment by management. In determining these amounts, management interprets tax legislation in a variety of jurisdictions and makes estimates of the expected timing of the reversal of deferred tax assets and liabilities. Management also makes estimates of future earnings, which affect the extent to which potential future tax benefits may be used. The Company is subject to assessments by various taxation authorities, which may interpret legislation differently. These differences may affect the final amount or the timing of the payment of taxes. The Company provides for such differences where known based on management’s best estimate of the probable outcome of these matters. The Company operates in Brazil where tax authorities may audit income tax treatments and the resolution of such audits may span multiple years. Tax law in Brazil is complex and often subject to changes and to varied interpretations; accordingly, the ultimate outcome with respect to income tax treatments may differ from the amounts recognized. The Company’s assessment of whether it is probable that uncertain income tax treatments will be accepted by tax authorities in Brazil is a significant management judgment. Deferred Revenue Judgment and estimates were required in determining the accounting for the precious metal purchase agreement ("PMPA") with RGLD Gold AG, a subsidiary of Royal Gold Inc. (collectively "Royal Gold"), which is accounted for as deferred revenue in accordance with IFRS 15 Revenue from Contracts with Customers (“IFRS 15”). As the Company’s obligation under the precious metal purchase agreement will be satisfied through deliveries of a non-financial item (i.e. deliveries of gold ounces), rather than cash or other financial assets, it was determined to be entered into and continued to be held for the purpose of the delivery of a non-financial item in accordance with the Company’s expected sale or usage requirements and thus not within the scope of IFRS 9 Financial Instruments (“own use exemption”). The determination of whether the own use exemption applies requires management’s judgements. Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, recognized as revenue. Key inputs into the estimate of the amount of deferred revenue that should be recognized include the following: a. Future gold prices were used at inception of the contract to estimate the expected total consideration to be received under the contract including variable consideration and is used as the stand alone selling price to allocate the consideration to each ounce of gold to be delivered to Royal Gold, and b. Expected life of mine gold production and the timing thereof, which is estimated based on the approved life of mine for the NX Gold mine and estimated proven and probable reserves. Expected credit loss provision Significant estimates and assumptions are made in determining the expected credit loss provision for financial assets that are measured at amortized costs as there are numerous factors that will affect the ultimate asset receivable. These factors include exposure at default, the expected recovery, the discount rate, and the timing of expected cashflow. (e) New Accounting Policies, Standards and Interpretations On January 1, 2023, the Company adopted the amendment to IAS 12, Income Taxes in relation to Deferred Tax related to Assets and Liabilities Arising from a Single Transaction . The amendments narrowed the scope of the recognition exemption in IAS 12, relating to the recognition of deferred tax assets and liabilities, so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences such as leases and reclamation and closure cost provisions. The adoption of this amendment did not have a material impact on the Company's consolidated financial statements. The Company applied the amendments to IAS 1, Presentation of Financial Statements and IFRS Practice Statement 2 issued by the IASB under Disclosure of Accounting Policies effective January 1, 2023. The amendments require entities to disclose their ‘material’, rather than ‘significant’ accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies that provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. While the amendments did not result in any changes to the Company’s accounting policies themselves, they impacted the accounting policy information disclosed in the Company’s consolidated financial statements. The accounting policy information disclosed in notes 2 and 3 reflect the Company’s material accounting policies. In May 2023, IASB issued International Tax Reform - Pillar Two Model Rules which amended IAS 12 Income Taxes . The amendments introduced a temporary mandatory exception to the recognition and disclosure requirements relating deferred income tax assets and liabilities arising from enacted or substantively enacted tax law that implements the Pillar Two top-up tax in the jurisdictions in which companies operate. The Pilar Twp top up tax forms part of the Pilar Two model rules published by the Organization for Economic Co-operation and Development ("OECD"). The objective of Pillar Two income taxes is for large multinational enterprises to pay a minimum tax of at least 15% on income arising in each jurisdiction where they operate. The Pilar Two top up tax has not yet been enacted in any jurisdiction in which the Company operates. The Company has applied the temporary mandatory exception to recognizing and disclosing information about deferred income tax assets and liabilities arising from the Pillar Two legislation and will account for any Pillar but adoption did not have a material impact on current or deferred taxes for the year ended December 31, 2023. (f) Future Changes in Accounting Policies Not Yet Effective as of December 31, 2023 The following amendment to accounting standards has been issued but not yet adopted in the financial statements: • In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) which amended IAS 1, Presentation of Financial Statements (“IAS 1”), to clarify the requirements for presenting liabilities in the statement of financial position. The amendments specify that the Company must have the right to defer settlement of a liability for at least 12 months after the reporting period for the liability to be classified as non-current. In addition, the amendments clarify that: (a) the Company’s right to defer settlement must exist at the end of the reporting period; (b) classification is unaffected by management’s intentions or expectations about whether the Company will exercise its right to defer settlement; (c) if the Company’s right to defer settlement is subject to the Company complying with specified conditions, the right exists at the end of the reporting period only if the Company complies with those conditions at the end of the reporting period, even if the lender does not test compliance until a later date; and (d) the term settlement includes the transfer of the Company’s own equity instruments to the counterparty that results in the extinguishment of the liability, except when the settlement of the liability with the Company transferring its own equity instruments is at the option of the counterparty and such option has been classified as an equity instrument, separate from the host liability. The amendments are effective January 1, 2024. The adoption of these amendments is not expected to have a material impact on the Company's consolidated financial statements. • In October 2022, the IASB issued amendment Non-current Liabilities with Covenants to |
Material Accounting Policies
Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Material Accounting Policies | Material Accounting Policies (a) Revenue Revenue relating to the sale of metals is recognized at the point the customer obtains control of the product and when the Company has satisfied its performance obligations. Control is transferred when title has passed to the purchaser, the product is physically delivered to the customer, the customer controls the risks and rewards of ownership and the Company has a present right to payment for the product, which is generally when the concentrate or doré is delivered to a location designated by the customer, or when gold credits are transferred to the customer. Revenue from the sale of metals is recognized on a net basis, after metal deductions, smelting, refining and other charges. The sales amount is typically based on quoted market and contractual prices which are fixed at the time the shipment is received at the customers’ premises. In certain circumstances the sales price of metals in concentrate may be determined in a period subsequent to the date of sale (provisionally priced sales) based on the terms of specific copper concentrate contracts. Provisionally priced sales are recognized based on an estimate of metal contained using forward market prices corresponding with the expected date that final sales prices will be fixed. The period between provisional pricing and final settlement can be up to one month. The settlement receivable is recorded at fair value each reporting period by reference to forward market prices until the date of final pricing, with the changes in fair value recorded as an adjustment to revenue. Deferred revenue consists of payments received by the Company in consideration for future commitments to deliver an amount of gold equivalent to a percentage of the gold produced from its NX Gold operations. As gold deliveries are made, the Company recognizes a portion of the deferred revenue as revenue, calculated on a per unit basis using the total number of gold ounces expected to be delivered over the life of the mine. The current portion of deferred revenue is based on deliveries anticipated over the next twelve months. Interest expense on deferred revenue is recognized in finance costs as there is a significant financing component related to the precious metal purchase agreement, resulting from a difference in the timing of the upfront consideration received and delivery of the gold. The interest rate is based on the rate implicit in the precious metal purchase agreement at the date of inception. The additional consideration to be received under the precious metal purchase agreement is considered variable, subject to changes in the total estimated gold ounces to be delivered and gold prices. Changes to variable consideration are accounted for prospectively as a cumulative catch-up and are recorded in revenue in profit or loss. (b) Finance Income and Finance Expense Finance income includes interest on cash and cash equivalents, restricted cash and financial investments, and gains related to changes in the fair value of financial assets measured at fair value through profit or loss. Interest income is recognized as it accrues in profit or loss, using the effective interest method. Finance expense comprises of interest expense on loans and borrowings, accretion expense on provisions, leases and deferred revenue, commitment fees and losses related to changes in the fair value of financial assets measured at fair value through profit or loss and expected credit losses. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective interest method. (c) Taxation Current income tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the reporting date. Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred income tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the tax laws that have been enacted or substantively enacted at the reporting date. Deferred income tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity. Deferred income tax is not recognized for the initial recognition of assets or liabilities in a transaction that is not a business combination, that affects neither accounting nor taxable income or loss, and does not give rise to equal taxable and deductible temporary differences at the time of the transaction, differences related to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future, and taxable differences arising from the initial recognition of goodwill. A deferred income 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 against which they can be utilized. Deferred income tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Uncertainties over income tax treatments are evaluated on the basis of whether it is probable that they will be accepted upon examination by the relevant taxing authorities including Brazil. These uncertainties impact the amount of income taxes recognized. If it is determined that an uncertain income tax treatment is not probable of being accepted, the effect of the uncertain income tax treatment is reflected in the determination of income taxes based the most likely amount or, if there are a wide range of possible outcomes, the expected value. (d) Tax Incentive The Company receives certain tax incentives in Brazil. These tax incentives are recognized in profit or loss in the period the incentives are received or receivable and recorded against the expenditure that they are intended to compensate. (e) Inventories Inventories are measured at the lower of cost and net realizable value. The cost of consumable inventory is determined on a weighted average acquisition cost basis. Cost of stockpile inventory, products in progress and finished goods is determined based on a weighted average production cost basis and includes the cost of mining and processing ore including direct labour and materials; depreciation and amortization; and an appropriate share of production overheads based on normal operating capacity. Net realizable value of stockpile inventory, products in progress and finished goods is the estimated selling price in the ordinary course of business, less estimated completion costs and selling expenses. Write-downs of inventories to net realizable value are included in the cost of sales in the period of the write-down. A write-down of inventories is reversed in a subsequent period if there is a subsequent increase in the net realizable value of the related inventories. (f) Mineral Properties, Plant and Equipment Mineral properties, plant and equipment is measured at acquisition or construction cost less accumulated depreciation and accumulated impairment losses. (i) Acquisition and disposal The cost of mineral properties, plant and equipment include expenditures directly attributable to an asset’s acquisition. The cost of assets constructed by Company includes the cost of materials and direct labor, any other costs to bring the asset in the place and conditions required to be operated in the manner intended by management including advances on long lead items, mine closure and rehabilitation costs, and borrowing costs on qualifying assets. When parts of mineral properties, plant and equipment have different useful lives, they are accounted for as separate items (major components) of mineral properties, plant and equipment. Gains and losses on disposal of mineral properties, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of equipment and are recognized net within other income. (ii) Subsequent costs The cost of replacing plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the item will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced item is derecognized. The maintenance service costs of equipment are included in profit or loss. (iii) Development and construction-in-progress When economically viable mineral reserves have been determined and the decision to proceed with development has been approved, exploration and evaluation assets are first assessed for impairment, then reclassified to construction-in-progress or mineral properties. The expenditures related to development and construction are capitalized as construction-in-progress. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset that takes a substantial period of time to get ready for its intended use are capitalized as part of construction-in-progress until the asset is substantially ready for its intended use. Construction-in-progress is not depreciated. Once an asset is available for use, construction-in-progress costs are reclassified to mineral properties or plant and equipment. (iv) Mineral properties Mineral properties consist of the cost of acquiring and developing mineral properties. Once in production, mineral properties are amortized on a units-of-production basis over the component of the ore body to which they relate. (v) Stripping costs and development in the production phase Where open pit production stripping or underground development activities do not result in inventory produced, but does provide improved access to the ore body, the costs are classified as mineral properties when these activities meet all of the following criteria: (1) it is probable that the future economic benefit associated with the activity will flow to the Company; (2) the Company can estimate the mineral reserve of the ore body for which access has been improved; and (3) the costs relating to the activity associated with that mineral reserve can be measured reliably. For underground mines, costs incurred to access a mineral reserve of the ore body are capitalized to mineral properties or construction-in-progress and are depreciated on a units-of-production basis over the expected useful life of the identified mineral reserve of the ore body to which access has been improved as a result of the development activity. For open pit mines, stripping costs above average life of mine strip ratio (waste/ore) are capitalized to mineral properties or construction-in-progress and are depreciated over the related mineral reserves accessed by the stripping activity. (vi) Depreciation Items of mineral properties, plant and equipment are depreciated based on the estimated economic useful life of each component as follows: Buildings Lessor of life of mine or up to 25 years Mining equipment 4 years Mobile equipment & other assets 5 years Mineral properties Units of production Mine closure and rehabilitation costs Units of production or period until remediation Right of use assets Shorter of the term of lease and life of asset The depletion of mineral properties and mine closure and rehabilitation costs is determined based on the ratio of tonnes of copper/kg of gold contained in the ore mined and total proven and probable mineral reserve tonnes of contained copper/kg of contained gold. Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. (g) Exploration and Evaluation Assets Exploration and evaluation costs relate to the initial search for a mineral deposit, the cost of acquisition of a mineral properties interest or exploration rights and the subsequent evaluation to determine the economic potential of the mineral deposit. The exploration and evaluation stage commences when the Company obtains the legal right or license to begin exploration. Once the legal rights or license is obtained, exploration and evaluation expenses are capitalized as exploration and evaluation assets. Costs incurred prior to the Company obtaining the legal rights are expensed. When the exploration and evaluation of a mineral properties indicates that development of the mineral properties is technically and commercially feasible, the future economic benefits are probable, and the Company has the intention and sufficient resources to complete the development and use or sell the asset, the related costs are transferred from exploration and evaluation assets to mineral properties, plant and equipment. Management reviews the carrying value of capitalized exploration costs for indicators that the carrying value is impaired at least annually and when facts and circumstances suggest that the carrying amount may exceed the recoverable amount. The review is based on the Company’s intentions for further exploration and development of the undeveloped property, results of drilling, commodity prices and other economic and geological factors. Subsequent recovery of the resulting carrying value depends on successful development or sale of the undeveloped project. If a property does not prove viable, all non-recoverable costs associated with the project, net of any previous impairment provisions, are written off. (h) Financial Instruments Non-derivative financial assets The Company classifies its financial assets in the following categories: at fair value through profit or loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”) or at amortized cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. Measurement and classification of financial assets is dependent on the Company’s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Financial assets are derecognized when they mature or are sold, and substantially all the risks and rewards of ownership have been transferred. Classification and measurement The Company has assessed the classification and measurement of its financial assets and financial liabilities under IFRS 9 in the following table: Measurement Category Financial Assets Cash and cash equivalents Amortized Cost Short-term investments Amortized Cost Trade receivables related to provisional priced sales Fair value through profit or loss Derivatives Fair value through profit or loss Notes and other receivables Amortized Cost Deposits Amortized Cost Financial Liabilities Trade payables Amortized Cost Loans and borrowings Amortized Cost Derivatives Fair value through profit or loss Financial assets at FVTPL Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the income statement. Realized and unrealized gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in profit or loss in the period in which they arise. Derivatives are also categorized as FVTPL unless they are designated as hedges. Financial assets at amortized cost Financial assets at amortized cost are initially recognized at fair value and subsequently carried at amortized cost less any impairment. They are classified as current assets or non-current assets based on their maturity date. Gains and losses on derecognition of financial assets classified amortized cost are recognized in profit or loss. Financial liabilities Financial liabilities, other than derivative instruments, are recognized initially at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost. Any difference between the amounts originally received, net of transaction costs, and the redemption value is recognized in profit and loss over the period to maturity using the effective interest method. Derivative instruments Derivative instruments, including embedded derivatives in executory contracts or financial liability contracts, are classified as at FVTPL and, accordingly, are recorded in the statement of financial position at fair value. Unrealized gains and losses on derivatives not designated in a hedging relationship are recorded as part of the revenue or expense item to which the derivative relates, depending on the nature of the derivative. Fair values for derivative instruments are determined using inputs based on market conditions existing at the balance sheet date or settlement date of the derivative. Derivatives embedded in non-derivative contracts are recognized separately unless they are closely related to the host contract. Short-term investments Short-term investments are investments with original maturities between three months to one year that are readily convertible into cash. Short-term investments are not subject to significant risk of change in fair value. Fair values A number of the Company’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or liability, the Company uses observable market data, as much as possible. Fair values are classified into different levels in a hierarchy based on the inputs used in the valuation techniques, as follows: • Level 1 : quoted prices (without adjustments) in active markets for identical assets or liabilities. • Level 2 : inputs other than Level 1 quoted prices, that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3 : inputs, for assets or liabilities, that are not based on observable market information (non-observable inputs). The Company recognizes transfers between levels of the hierarchy of fair value at the end of the reporting period during which the change occurred. When applicable, additional information on the assumptions used in the fair value calculations are disclosed in the specific notes of the corresponding asset or liability. (i) Impairment i) Financial assets The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the loss allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the loss allowance is measured for the financial asset at an amount equal to twelve months’ expected credit losses. For trade receivables the Company applies the simplified approach to providing for expected credit losses, which allows the use of a lifetime expected loss provision. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized. The expected lifetime credit loss provision for trade receivables is based on historical counterparty default rates and adjusted for relevant forward-looking information, when required. ii) Non-Financial assets At each reporting date, the carrying amounts of the Company’s mineral properties, plant and equipment and exploration and evaluation assets are reviewed to determine whether there is any indication that those assets are impaired. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use, which is the present value of future cash flows expected to be derived from the asset or its related cash generating unit. For purposes of impairment testing, assets are grouped at the lowest levels that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the associated assets are reduced to their recoverable amount and the impairment loss is recognized in the profit or loss for the period. Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment charge is reversed through profit or loss only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of any applicable depreciation, if no impairment loss had been recognized. (j) Provisions A provision is recognized when the Company has a present legal or constructive obligation as a result of a past event that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are calculated based on the expected future cash flows discounted, if material, at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. The discount is unwound over the period over which the cash flows are expected to be incurred with the related expense included in finance expense. The Company records the present value of estimated costs of legal and constructive obligations related to mine closure and rehabilitation in the period in which the obligation occurs. Mine closure and rehabilitation activities include facility decommissioning and dismantling; removal and treatment of waste materials; site and land rehabilitation, including compliance with and monitoring of environmental regulations; and related costs required to perform this work and/or operate equipment designed to reduce or eliminate environmental effects. The provision is adjusted each period for new disturbances, and changes in regulatory requirements, the estimated amount of future cash flows required to discharge the obligation, the timing of such cash flows and the pre-tax discount rate specific to the liability. The unwinding of the discount is recognized in profit or loss as a finance expense. When the provision is initially recognized, the corresponding cost is included in the carrying amount of the related asset and is amortized to profit or loss on a unit-of-production basis. (k) Share-Based Compensation The Company issues share based payment awards to to employees and consultants, including directors and officers ("Eligible Persons"). The grant date fair value of equity settled share based payment awards is recognized as share-based compensation, with a corresponding increase in equity, over the vesting period. The amount recognized as an expense is based on management's best estimate of the number of equity instruments expected to vest. The cumulative amount expensed is adjusted at the end of each reporting period to reflect changes in the number of instruments expected to vest. Performance share units and deferred share units are liability awards settled in cash and measured at the quoted market price at the grant date with the corresponding expense recognized over vesting period. The corresponding liability is adjusted for changes in fair value at each subsequent reporting date until the awards are settled. The performance share units liability is also adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be performed or satisfied. (l) Leases The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain re-measurements of the lease liability. The cost of the right-of-use asset includes the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs; and if applicable, an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Company does not recognize right-of-use assets and lease liabilities for leases of low-value assets and leases with lease terms that are less than 12 months. Lease payments associated with these leases are instead recognized as an expense over the lease term on either a straight-line basis, or another systematic basis if more representative of the pattern of benefit. (m) Income per Share |
Segment Disclosure
Segment Disclosure | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Segment Disclosure | Segment Disclosure Operating segments are determined by the way information is reported and used by the Company's Chief Operating Decision Maker ("CODM") to review operating performance. The Company monitors the operating results of its operating segments independently for the purpose of making decisions about resource allocation and performance assessment. For the year ended December 31, 2023, the Company’s reporting segments include its two operating mines in Brazil, the Caraíba Operations and the Xavantina Operations, its development project, the Tucumã Project in Brazil, and its corporate head office in Canada. Significant information relating to the Company's reportable segments is summarized in the tables below: Year ended December 31, 2023 Caraíba Xavantina Tucumã (Brazil) Corporate and Other Consolidated Revenue $ 320,603 $ 106,877 $ — $ — $ 427,480 Cost of production (153,187) (25,209) — — (178,396) Depreciation and depletion (62,032) (19,489) — — (81,521) Sales expense (8,953) (1,765) — — (10,718) Cost of sales (224,172) (46,463) — — (270,635) Gross profit 96,431 60,414 — — 156,845 Expenses General and administrative (31,128) (6,550) — (14,751) (52,429) Share-based compensation — — — (9,218) (9,218) Finance income 5,543 630 — 6,292 12,465 Finance expenses (10,143) (4,431) — (11,248) (25,822) Foreign exchange gain (loss) 34,737 — — (125) 34,612 Other (expenses) income (4,147) 111 — (66) (4,102) Income (loss) before taxes 91,293 50,174 — (29,116) 112,351 Current tax expense (1,796) (7,446) — (6,750) (15,992) Deferred tax (expense) recovery (2,618) 563 — — (2,055) Net income (loss) $ 86,879 $ 43,291 $ — $ (35,866) $ 94,304 Capital expenditures (1) 249,166 27,567 205,506 7,262 489,501 Assets Current $ 79,463 $ 23,736 $ 2,016 $ 94,272 199,487 Non-current 883,712 96,140 315,144 17,205 1,312,201 Total Assets $ 963,175 $ 119,876 $ 317,160 $ 111,477 $ 1,511,688 Total Liabilities $ 138,497 $ 101,095 $ 30,943 $ 431,822 702,357 (1) Capital expenditures include additions to mineral properties, plant and equipment and additions to exploration and evaluation asset, net of non-cash additions such as change in estimates to mine closure costs, capitalized depreciation expense, capitalized borrowing costs, and additions of right-of-use assets. During the year ended December 31, 2023, Caraíba earned revenues from four customers ( December 31, 2022 - four) while Xavantina earned revenues from two customers ( December 31, 2022 - two). Year ended December 31, 2022 Caraíba Xavantina Tucumã (Brazil) Corporate and Other Consolidated Revenue $ 351,405 $ 74,987 $ — $ — $ 426,392 Cost of production (146,292) (24,768) — — (171,060) Depreciation and depletion (47,051) (11,605) — — (58,656) Sales expenses (8,941) (560) — — (9,501) Cost of sales (202,284) (36,933) — — (239,217) Gross profit 149,121 38,054 — — 187,175 Expenses General and administrative (28,123) (4,062) — (17,274) (49,459) Share-based compensation — — — (7,931) (7,931) Finance income 4,310 1,451 — 4,534 10,295 Finance expenses (9,044) (4,244) — (19,935) (33,223) Foreign exchange gain (loss) 19,812 232 — (134) 19,910 Other expenses (75) (292) — (17) (384) Income (loss) before taxes 136,001 31,139 — (40,757) 126,383 Current tax expense (8,463) (2,413) — (4,167) (15,043) Deferred tax (expense) recovery (8,378) 105 — — (8,273) Net income (loss) $ 119,160 $ 28,831 $ — $ (44,924) $ 103,067 Capital expenditures 209,143 30,773 59,428 7,155 306,499 Assets Current $ 114,374 $ 50,447 $ 144 $ 227,462 392,427 Non-current 621,005 74,874 90,971 8,799 795,649 Total Assets $ 735,379 $ 125,321 $ 91,115 $ 236,261 $ 1,188,076 Total Liabilities $ 98,904 $ 106,266 $ 9,595 $ 431,146 645,911 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory [Abstract] | |
Inventories | Inventories December 31, 2023 December 31, 2022 Supplies and consumables $ 24,270 $ 23,043 Stockpiles 5,624 2,125 Work in progress 917 1,234 Finished goods 11,443 4,553 $ 42,254 $ 30,955 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Current Assets | Other Current Assets December 31, 2023 December 31, 2022 Advances to suppliers $ 306 $ 715 Prepaid expenses and other 4,716 6,673 Derivatives (Note 23) 11,254 3,237 Note receivable (Note 23) 8,346 10,243 Advances to employees 944 667 Value added taxes recoverable 13,719 12,246 $ 39,285 $ 33,781 |
Mineral, Property, Plant and Eq
Mineral, Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Mineral, Property, Plant and Equipment | Mineral Properties, Plant and Equipment Buildings Mining Equipment Mineral Properties (1) Projects in Equipment & Other Assets Deposit on Projects Mine Closure Costs Right-of-Use Assets Total Cost: Balance, December 31, 2021 $ 18,352 $ 124,775 $ 394,017 $ 19,190 $ 9,819 $ 10,488 $ 12,010 $ 17,298 $ 605,949 Additions 885 62,081 125,004 64,779 8,722 31,984 — 11,666 305,121 Capitalized borrowing costs — — — 6,246 — — — — 6,246 Change in estimates — — — — — — 1,354 — 1,354 Disposals (736) (1,917) — (2,241) (9) (2) — (1,541) (6,446) Transfers 2,280 1,512 8,453 26,303 185 (3,650) — — 35,083 Foreign exchange 1,257 8,004 26,213 (2,456) 545 454 824 1,026 35,867 Balance, December 31, 2022 22,038 194,455 553,687 111,821 19,262 39,274 14,188 28,449 983,174 Additions 2,672 47,846 98,046 217,988 3,207 107,226 — 20,019 497,004 Capitalized borrowing costs — — — 16,983 — — — — 16,983 Change in estimates — — — — — — 3,119 — 3,119 Disposals — (2,844) (746) (41) (58) (56) — (1,831) (5,576) Transfers 10,405 28,566 898 57,669 2,639 (100,177) — — — Foreign exchange 2,131 17,466 45,923 15,237 1,563 3,275 1,202 2,692 89,489 Balance, December 31, 2023 $ 37,246 $ 285,489 $ 697,808 $ 419,657 $ 26,613 $ 49,542 $ 18,509 $ 49,329 $ 1,584,193 Accumulated depreciation: Balance, December 31, 2021 $ (4,428) $ (25,943) $ (109,889) $ — $ (5,733) $ — $ (4,040) $ (10,488) $ (160,521) Depreciation expense (1,047) (16,373) (33,378) — (973) — (914) (7,530) $ (60,215) Disposals 734 1,672 60 — 70 — — 913 $ 3,449 Foreign exchange (306) (1,666) (7,352) — (354) — (273) (662) $ (10,613) Balance, December 31, 2022 (5,047) (42,310) (150,559) — (6,990) — (5,227) (17,767) (227,900) Depreciation expense (1,497) (24,209) (47,717) — (1,877) — (662) (12,565) (88,527) Disposals — 1,613 — — 52 — — 1,372 3,037 Foreign exchange (440) (4,011) (11,663) — (553) — (427) (1,711) (18,805) Balance, December 31, 2023 $ (6,984) $ (68,917) $ (209,939) $ — $ (9,368) $ — $ (6,316) $ (30,671) $ (332,195) Net book value, December 31, 2022 $ 16,991 $ 152,145 $ 403,128 $ 111,821 $ 12,272 $ 39,274 $ 8,961 $ 10,682 $ 755,274 Net book value, December 31, 2023 $ 30,262 $ 216,572 $ 487,869 $ 419,657 $ 17,245 $ 49,542 $ 12,193 $ 18,658 $ 1,251,998 (1) Mineral properties include $72.4 million (2022 - $69.4 million) of costs which are not currently being depreciated. (2) A total of $35.1 million of exploration and evaluation assets related to the Tucumã Project were reclassified to mineral property, plant and equipment in 2022. |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2023 | |
Exploration For And Evaluation Of Mineral Resources [Abstract] | |
Exploration and Evaluation Assets | Exploration and Evaluation AssetsAs at December 31, 2023, the Company has $29.9 million (2022 - $15.7 million) in exploration and evaluation assets, primarily related to three property option agreements. In order for the Company to acquire 100% of these properties, the Company will be required to complete certain drill programs, including a minimum of $15.5 million in exploration expenditures over the next three years. Depending on results of these exploration programs, further option payments to complete the acquisitions is required. In the event that the Company exercises its option to acquire 100% interest in these properties, the optioners are expected to retain net smelter royalties of up to 1.5%. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities December 31, 2023 December 31, 2022 Trade suppliers $ 74,877 $ 47,868 Payroll and labour related liabilities 26,421 21,008 Value added tax and other tax payable 9,142 8,040 Cash-settled equity awards (Note 15(b) and (c)) 8,796 6,684 Other accrued liabilities 1,468 1,003 $ 120,704 $ 84,603 |
Loans and Borrowings
Loans and Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Loans and Borrowings | Loans and Borrowings Carrying value, Description Currency Security Maturity Coupon rate Principal to be repaid December 31, December 31, Senior Notes USD Unsecured 73 6.50% $ 400,000 $ 403,274 $ 402,453 Equipment finance loans USD Secured 15 - 43 5.00% - 8.12% 15,987 16,175 10,322 Equipment finance loans EUR Secured 26 - 30 5.25% 998 1,000 1,372 Equipment finance loans BRL Unsecured 2 - 29 nil% - 16.63% 3,279 3,409 947 Bank loan BRL Unsecured 35 CDI + 0.50% 2,365 2,375 2,963 Total $ 422,629 $ 426,233 $ 418,057 Current portion $ 20,381 $ 15,703 Non-current portion $ 405,852 $ 402,354 The movements in loans and borrowings are comprised of the following: Year ended December 31, 2023 Year ended December 31, 2022 Balance, beginning of year $ 418,057 $ 59,250 Proceeds from issuance of Senior Notes, net — 392,006 Proceeds from new equipment finance loans 14,889 9,489 Principal and interest payments (35,247) (71,033) Interest costs, including interest capitalized 28,282 26,666 Loss on debt modification — 1,351 Foreign exchange 252 328 Balance, end of year $ 426,233 $ 418,057 (a) Senior Notes In February 2022, the Company issued $400 million aggregate principal amount of senior unsecured notes (the “Senior Notes”). The Company received net proceeds of $392.0 million after transaction costs of $8.0 million. The Senior Notes mature on February 15, 2030 and bear annual interest at 6.5%, payable semi-annually in February and August of each year. MCSA has provided a guarantee of the Senior Notes on a senior unsecured basis. The Senior Notes are direct, senior obligations of the Company and MCSA, and are not secured by any mortgage, pledge or charge. The Senior Notes are subject to the following early redemption options by the Company: • On or after February 15, 2025, the Company has the option, in whole or in part, to redeem the Senior Notes at a price ranging from 103.25% to 100% of the principal amount together with accrued and unpaid interest, if any, to the date of redemption, with the rate decreasing based on the length of time the Senior Notes are outstanding; • Before February 15, 2025, the Company may redeem some or all of the Senior Notes at 100% of the principal amount plus a “make whole” premium, plus accrued and unpaid interest, if any, to the date of redemption; and • At any time before February 15, 2025, the Company may redeem up to 40% of the original principal amount of the Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.50% of the principal amount of the Senior Notes, together with accrued and unpaid interest, if any, to the date of redemption. Upon the occurrence of specific kinds of changes of control triggering events, each holder of the Senior Notes will have the right to cause the Company to repurchase some or all of its Senior Notes at 101% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date. The Senior Notes are recognized as financial liabilities, net of unamortized transaction costs, and measured at amortized cost using an effective interest rate of 6.7%. (b) Senior Credit Facility In 2023, the Company amended its senior credit facility ("Amended Senior Credit Facility") to increase its limit from $75.0 million to $150.0 million and extended the maturity from March 2025 to December 2026. Amounts drawn on the Amended Senior Credit Facility bear interest on a sliding scale at a rate of SOFR plus 2.00% to 4.50% depending on the Company’s consolidated leverage ratio. Commitment fees for any undrawn portion of the Amended Senior Credit Facility are based on a sliding scale between 0.45% to 1.01%. The Amended Senior Credit Facility is secured by the shares of MCSA, NX Gold and Ero Gold. The Company is required to comply with certain financial covenants. As December 31, 2023, the Amended Senior Credit Facility remains undrawn and the Company is in compliance with the financial covenants therein. During the year ended December 31, 2022, following the issuance of Senior Notes, the Company paid off the remaining $50.0 million balance on its Senior Credit Facility and terminated its interest rate swap contracts for nominal consideration. The Senior Credit Facility was amended to reduce its limit from $150.0 million to $75.0 million , with an accordion option to increase the limit to $100.0 million at the election of the Company. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue From Contracts With Customers [Abstract] | |
Deferred Revenue | Deferred Revenue In August 2021, the Company entered into a precious metals purchase agreement (the “NX Gold PMPA”) with RGLD Gold AG ("Royal Gold"), a wholly-owned subsidiary of Royal Gold, Inc., in relation to gold production from the Xavantina Operations. The Company received upfront cash consideration of $100.0 million for the purchase of 25% of an equivalent amount of gold to be produced from the Xavantina mine until 93,000 ounces of gold have been delivered and thereafter decreasing to 10% of gold produced over the remaining life of the mine. The contract will be settled by the Company delivering gold to Royal Gold. Royal Gold will make ongoing payments equal to 20% of the then prevailing spot gold price for each ounce of gold delivered until 49,000 ounces of gold have been delivered and 40% of the prevailing spot gold price for each ounce of gold delivered thereafter. Additional advances may be made by Royal Gold based on the Company achieving certain milestones as set out in the NX Gold PMPA. The movements in deferred revenue during the year ended December 31, 2023 are comprised of the following: December 31, 2023 December 31, Gold ounces delivered (1) 14,005 10,082 Balance, beginning of year $ 86,055 $ 94,222 Advances 3,544 3,207 Accretion expense 3,032 3,407 Amortization of deferred revenue (2) (17,082) (14,781) Balance, end of year $ 75,549 $ 86,055 Current portion $ 17,159 $ 16,580 Non-current portion 58,390 69,476 (1) During the year ended December 31, 2023, the Company delivered 14,005 ounces of gold (December 31, 2022 - 10,082 ounces) to Royal Gold for average consideration of $386 per ounce (December 31, 2022 - $359 per ounce). At December 31, 2023, a cumulative 29,260 ounces (December 31, 2022 - 15,255 ounces) of gold have been delivered under the PMPA. (2) Amortization of deferred revenue during the year ended December 31, 2023 was net of $2.5 million (December 31, 2022 - $0.3 million) for change in estimate attributed to advances received and change in life-of-mine production estimates. As part of the NX Gold PMPA, the Company pledged its equity interest in Ero Gold and NX Gold to Royal Gold as collateral and provided unsecured limited recourse guarantees from Ero and NX Gold. |
Provision for rehabilitation an
Provision for rehabilitation and closure costs | 12 Months Ended |
Dec. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Provision for rehabilitation and closure costs | Provision for rehabilitation and closure costs December 31, 2023 December 31, 2022 Balance, beginning of year 22,172 $ 19,037 Change in estimates 3,455 1,854 Accretion expense 2,703 2,191 Settled (3,344) (2,238) Foreign exchange 1,701 1,328 Balance, end of year $ 26,687 $ 22,172 Caraíba Operations $ 21,372 $ 18,026 Tucumã Project 1,365 558 Xavantina Operations 3,950 3,588 Total $ 26,687 $ 22,172 Provision for rehabilitation and closure costs is measured using management’s assumptions and estimates for future cash outflows in relation to mine closure and rehabilitation activities based on known disturbances as at the reporting date, known legal requirements and cost estimates prepared by a third-party specialist. |
Other Non-current Liabilities
Other Non-current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Non-current Liabilities | Other Non-current Liabilities December 31, 2023 December 31, 2022 Cash-settled equity awards (Note 15(b)) $ 2,549 $ 2,256 Withholding, value added tax, and other taxes payable 8,012 5,254 Provision (Note 26(b)) 1,622 1,578 Other liabilities 5,975 2,731 $ 18,158 $ 11,819 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital , Reserves, Other Equity Interest, Share-Based Payment Arrangements And Earnings Per Share [Abstract] | |
Share Capital | Share Capital As at December 31, 2023, the Company’s authorized share capital consists of an unlimited number of common shares without par value. As at December 31, 2023, 102,747,558 common shares were outstanding (December 31, 2022 - 92,182,633). In November 2023, the Company completed a bought deal share offering of 9,010,000 common shares at a price of $12.35 per common share for gross proceeds of $111.3 million, or net proceeds of 104.3 million after share issuance costs. (a) Options During the year ended December 31, 2023, the Company granted 525,138 options ( year ended December 31, 2022 - 449,248 options) to employees of the Company at weighted average exercise price of $18.00 CAD per share ( year ended December 31, 2022 - $17.80 CAD per share) with a term to expiry of five years. These stock options vest in three year ended December 31, 2022 - $2.8 million), which is recognized over the vesting period. A continuity of the issued and outstanding options is as follows: Year Ended December 31, 2023 2022 Number of Weighted Average Exercise Price (CAD) Number of Weighted Average Exercise Price (CAD) Outstanding stock options, beginning of year 2,781,074 $ 15.49 4,202,389 $ 11.36 Issued 525,138 18.00 449,248 17.80 Exercised (1,333,199) 11.28 (1,812,558) 6.35 Forfeited (86,688) 18.59 (58,005) 19.59 Outstanding stock options, end of year 1,886,325 $ 19.56 2,781,074 $ 15.49 The fair value of options was determined using the Black-Scholes option pricing model. The weighted average inputs used in the measurement of fair values at grant date of the options are the following: Year Ended December 31, 2023 2022 Expected term (years) 3.2 3.0 Forfeiture rate — % — % Volatility 54 % 60 % Dividend yield — % — % Risk-free interest rate 3.99 % 3.86 % Weighted-average fair value per option $ 6.38 $ 6.16 The Company has a performance share unit ("PSU") plan pursuant to which the Compensation Committee may grant PSUs to Eligible Persons of the Company or its subsidiaries. Each PSU entitles the holder thereof to receive one common share, its equivalent cash value, or a combination of both, on the redemption date at the discretion of the Compensation Committee. The continuity of PSUs issued and outstanding is as follows: Year Ended December 31, 2023 2022 Outstanding balance, beginning of year 881,788 793,043 Issued 437,204 344,549 Settled (238,881) (212,765) Forfeited (112,190) (43,039) Outstanding balance, end of year 967,921 881,788 These PSUs will vest three years from the date of grant by the Compensation Committee and the number of PSUs that will vest may range from 0% to 200% of the number granted, subject to the satisfaction of certain market and non-market performance conditions. Each vested PSU entitles the holder thereof to receive on or about the applicable date of vesting of such share unit (i) one common share; (ii) a cash amount equal to the fair market value of one common share as at the applicable date of vesting; or (iii) a combination of (i) and (ii), as determined by the Compensation Committee in its sole discretion. The Company has elected to settle its PSUs using a combination of cash and common shares in the past. As such, based on its history of past settlements, PSUs are classified as liabilities. For PSUs with non-market performance conditions, the fair value of the share units granted was initially recognized at the fair value using the share price at the date of grant, and subsequently remeasured at fair value on each balance sheet date. For PSUs with market performance conditions, the fair value was determined using a Geometric Brownian Motion model. As at December 31, 2023, the fair value of the PSU liability was $6.5 million (December 31, 2022 - $5.9 million) of which $3.9 million was recognized in accounts payable and accrued liabilities and the remainder in other non-current liabilities. (c) Deferred Share Unit Plan (d) Restricted Share Unit Plan The Company has a restricted share unit ("RSU") plan pursuant to which the Compensation Committee may grant share units to Eligible Persons of the Company or its subsidiaries. The fair value of these restricted share units is determined on the date of grant using the market price of the Company’s shares. Each RSU entitles the holder thereof to receive one common share, its equivalent cash value, or a combination of both, on the redemption date at the discretion of the Compensation Committee. During the year ended December 31, 2023, the Company granted 203,537 RSUs ( year ended December 31, 2022 - 160,320) to employees of the Company at weighted average fair value of $15.59 per share ( year ended December 31, 2022 - $13.86). The total fair value of these RSUs on the grant date was $3.2 million ( year ended December 31, 2022 - $2.2 million). (e) Share-based compensation Year ended December 31, 2023 2022 Stock options $ 1,574 $ 2,091 Performance share unit plan 4,093 3,158 Deferred share unit plan 1,756 1,087 Restricted share unit plan 1,795 1,595 Share-based compensation (1) $ 9,218 $ 7,931 (f) Net Income per Share Year ended December 31, 2023 2022 Weighted average number of common shares outstanding 94,111,548 90,789,925 Dilutive effects of: Stock options 444,216 1,117,529 Share units 340,570 263,202 Weighted average number of diluted common shares outstanding (1) 94,896,334 92,170,656 Net income attributable to owners of the Company $ 92,804 $ 101,831 Basic net income per share $ 0.99 $ 1.12 Diluted net income per share $ 0.98 $ 1.10 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue | Revenue Year ended December 31, 2023 2022 Copper Sales within Brazil $ 24,303 $ 52,841 Export sales 300,383 313,629 Adjustments on provisional sales (1) (4,083) (15,066) 320,603 351,404 Gold Sales 89,795 60,207 Amortization of deferred revenue (2) 17,082 14,781 $ 106,877 $ 74,988 $ 427,480 $ 426,392 (1) Adjustments on provisional sales include both pricing and quantity adjustments. Under the terms of the Company’s contract with its Brazilian domestic customer, sales are provisionally priced on the date of sale based on the previous month’s average copper price and subsequently settled based on the average copper price in the month of shipment. Provisionally priced sales to the Company's international customers are settled with a final sales price between zero |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Cost of Sales | Cost of Sales Year ended December 31, 2023 2022 Materials $ 44,361 $ 42,359 Salaries and benefits 60,609 50,168 Contracted services 32,911 32,576 Maintenance costs 31,025 26,381 Utilities 13,574 13,092 Other costs 1,185 1,163 Change in inventory (excluding depreciation and depletion) (1) (5,269) 5,321 Cost of production 178,396 171,060 Sales expense 10,718 9,501 Depreciation and depletion 86,065 59,475 Change in inventory (depreciation and depletion) (4,544) (819) $ 270,635 $ 239,217 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
General and Administrative Expenses | General and Administrative Expenses Year ended December 31, 2023 2022 Accounting and legal $ 2,049 $ 2,397 Amortization and depreciation 1,503 313 Office and administration 8,970 9,293 Salaries and consulting fees 29,281 24,343 Incentive payments 6,887 8,213 Other 3,739 4,900 $ 52,429 $ 49,459 |
Finance Expense
Finance Expense | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Finance Expense | Finance Expense Year ended December 31, 2023 2022 Interest on loans and borrowings (1) $ 11,299 $ 20,420 Accretion of deferred revenue 3,032 3,407 Accretion of provision for rehabilitation and closure costs 2,703 2,191 Interest on lease liabilities 1,477 706 Other finance expenses (2) 7,311 6,499 $ 25,822 $ 33,223 |
Foreign Exchange Loss
Foreign Exchange Loss | 12 Months Ended |
Dec. 31, 2023 | |
Changes In Foreign Exchange Rates [Abstract] | |
Foreign Exchange Loss | Foreign Exchange Gain The following foreign exchange gains (losses) arise as a result of balances and transactions in the Company’s Brazilian subsidiaries that are denominated in currencies other than the Brazilian Reals (BRL$), which is their functional currency. Year ended December 31, 2023 2022 Foreign exchange gain on USD denominated debt in Brazil $ 18,695 $ 3,890 Realized foreign exchange gain (loss) on derivative contracts (note 23) 11,417 (12,498) Unrealized foreign exchange gain on derivative contracts (note 23) 7,582 33,092 Foreign exchange loss on other financial assets and liabilities (3,082) (4,574) $ 34,612 $ 19,910 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Income Taxes (a) Reconciliation of income taxes A reconciliation of the income tax expense to the amount calculated using the Company’s combined Canadian federal and provincial statutory income tax rate of 27% (2022 – 27%) is as follows: Year ended December 31, 2023 2022 Net income in the year before tax $ 112,351 $ 126,383 Tax rate 27 % 27 % Income tax expense at statutory rate $ 30,335 $ 34,123 Tax effect of: Difference in tax rate of foreign jurisdictions (11,318) (15,858) Non-taxable items (10,740) (5,618) Change in temporary differences not previously recognized 2,153 8,762 Withholding taxes and other 7,617 1,907 Income tax expense $ 18,047 $ 23,316 Year ended December 31, 2023 2022 Current income tax: Relating to current income tax charge $ 15,992 $ 15,043 Deferred income tax: Relating to origination and reversal of temporary differences 2,055 8,273 Income tax expense recognized in net income $ 18,047 $ 23,316 Income tax expense recognized in other comprehensive income 1,262 523 Total income tax expense $ 19,309 $ 23,839 (b) Deferred income tax liabilities The general movement in the deferred income tax liabilities is as follows: Year ended December 31, 2023 2022 At the beginning of the year $ (6,229) $ 2,315 Deferred income tax expense (2,055) (8,273) Income tax expense recognized in OCI (1,262) (523) Foreign exchange (2) 252 At the end of the year $ (9,548) $ (6,229) Recognized deferred tax and assets and liabilities consist of the following: December 31, 2023 December 31, 2022 Deferred tax assets: Non-capital losses $ 5,655 $ 2,546 Foreign exchange — 2,087 Other 8,563 4,592 Mine closure and rehabilitation provision 4,070 3,381 Lease liabilities 2,805 1,511 21,093 14,117 Deferred tax liabilities: Mineral properties, plant and equipment (15,566) (9,364) Loans and borrowings (10,045) (9,321) Foreign exchange (3,083) — Loans and borrowings (1,947) (1,661) (30,641) (20,346) Net deferred income tax liabilities $ (9,548) $ (6,229) Presentation on Consolidated Statements of Financial Position Deferred tax assets 1,315 — Deferred tax liabilities $ (10,863) $ (6,229) Deferred tax assets of $35.1 million (December 31, 2022 - $30.4 million) have not been recognized for the following deductible temporary differences as it is not probable that the benefits of these temporary differences will be realized : Year ended December 31, 2023 Year ended December 31, 2022 Brazil Canada Brazil Canada Mineral properties, plant and equipment 39,959 1,150 37,077 969 Non-capital losses — 74,238 — 72,535 Other — 33,731 — 18,100 $ 39,959 $ 109,119 $ 37,077 $ 91,604 The Company has loss carry forwards in Canada totaling $100.2 million (December 31, 2022 - $82.0 million) which may be carried forward for 20 years to offset future taxable income, which expire between 2036 and 2043. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party [Abstract] | |
Related Party Transactions | Related Party Transactions Key management personnel consist of the Company’s directors and officers. The remuneration of key management personnel during the year was as follows: Year ended December 31, 2023 2022 Salaries and short-term benefits (1) $ 10,746 $ 11,058 Share-based payments (2) 8,156 6,478 $ 18,902 $ 17,536 (1) Includes annual salary and short-term incentives or bonuses earned in the year. (2) Includes PSUs, RSUs, DSUs and stock option grants. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Financial Instruments | Financial Instruments Fair value Fair values of financial assets and liabilities are determined based on available market information and valuation methodologies appropriate to each situation. Judgments are required in the interpretation of the market data to produce the most appropriate fair value estimates. The use of different market information and/or evaluation methodologies may have a material effect on the fair value amounts. As at December 31, 2023, derivatives were measured at fair value based on Level 2 inputs. The carrying values of cash and cash equivalents, short-term investments, accounts receivable, deposits, and accounts payable and accrued liabilities approximate their fair values due to their short terms to maturity or the discount rate used approximates to the contractual interest rate. At December 31, 2023, the carrying value of loans and borrowings, including accrued interest, was $426.2 million while the fair value is approximately $376.0 million. At December 31, 2023, the carrying value of notes receivable, including accrued interest, was $17.4 million which approximates its fair value. Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s receivables from customers. The carrying amount of the financial assets below represents the maximum credit risk exposure as at December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Cash and cash equivalents $ 111,738 $ 177,702 Short-term investments — 139,700 Accounts receivable 5,710 10,289 Derivatives 11,254 3,237 Note receivable 17,413 20,630 Deposits and other assets 8,472 3,985 $ 154,587 $ 355,543 The Company invests cash and cash equivalents and short-term investments with financial institutions that are financially sound based on their credit rating. The Company’s exposure to credit risk associated with accounts receivable is influenced mainly by the individual characteristics of each customer. In November 2022, Paranapanema S/A ("PMA"), one of the Company's customers in Brazil, filed for bankruptcy protection. According to PMA, the action was attributed to working capital challenges following an operational halt at one of their facilities. Progress was noted in August 2023 when PMA and its creditors agreed on a judicial recovery plan, which subsequently received approval from the judicial recovery court in November 2023. As a preferred supplier to PMA, the Company has entered into a note receivable arrangement with PMA. The arrangement is excluded from the judicial recovery process and provides the Company with certain judicial guarantees. According to the note receivable arrangement, repayment is structured over 24 monthly installments beginning in March 2024, with an annual interest rate equivalent to Brazil's CDI rate of approximately 11.65%. At December 31, 2023, the gross amount of accounts and note receivable from PMA was $25.2 million (December 31, 2022 - $23.9 million). After adjusting for credit loss provision and present value discount of $7.7 million (December 31, 2022 - $3.3 million), the amortized cost of the note receivable at December 31, 2023 was $17.4 million (December 31, 2022 - $20.6 million), of which $8.3 million (December 31, 2022 - $10.2 million) was classified as current and $9.1 million (December 31, 2022 - $10.4 million) as non-current. Liquidity risk Liquidity risk is the risk associated with the difficulties that the Company may have meeting the obligations associated with financial liabilities that are settled with cash payments or with another financial asset. The Company's approach to liquidity management is to ensure as much as possible that sufficient liquidity exists to meet their maturity obligations on the expiration dates, under normal and stressful conditions, without causing unacceptable losses or with risk of undermining the normal operation of the Company. The table below shows the Company's maturity of non-derivative financial liabilities on December 31, 2023: Non-derivative financial liabilities Carrying Contractual cash flows Up to 1 - 2 3 - 5 More than Loans and borrowings (including interest) $ 426,233 $ 593,991 $ 37,743 $ 34,468 $ 82,781 $ 438,999 Accounts payable and accrued liabilities 120,704 120,704 120,704 — — — Other non-current liabilities 8,524 23,436 — 10,166 12,640 630 Leases 19,603 19,579 10,929 5,521 3,019 110 Total $ 575,064 $ 757,710 $ 169,376 $ 50,155 $ 98,440 $ 439,739 The Company also has derivative financial asset for foreign exchange collar contracts and copper derivative contracts whose notional amounts and maturity information are disclosed below under foreign exchange currency risk, interest rate risk, and price risk. Market risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity prices. The purpose of market risk management is to manage and control exposures to market risks, within acceptable parameters, while optimizing return. The Company may use derivatives, including options, forwards and swap contracts, to manage market risks. The Company's outstanding derivative instruments as of December 31, 2023 are as follows: Contract Description Notional Amount Denomination Weighted average floor Weighted average cap / forward price Maturities Foreign exchange collar (i) $316.5 million USD/BRL 4.99 5.36 January 2024 - December 2024 Foreign exchange forward (i) $60.5 million USD/BRL N/A 5.15 January 2024 - December 2024 Copper collar (iii) 6,000 tonnes $ / lb $3.60 $4.03 January 2024 - June 2024 (i) Foreign exchange currency risk The Company’s subsidiaries in Brazil are exposed to exchange risks primarily related to the US dollar. In order to minimize currency mismatches, the Company monitors its cash flow projections considering future sales expectations indexed to US dollar variation in relation to the cash requirement to settle the existing financings. The Company's exposure to foreign exchange currency risk at December 31, 2023 relates to $17.2 million (December 31, 2022 – $11.7 million) in loans and borrowings of MCSA denominated in US dollars and Euros. In addition, the Company is also exposed to foreign exchange currency risk at December 31, 2023 on $342.2 million of intercompany loan balances (December 31, 2022 - $148.2 million) which have contractual repayment terms. Strengthening (weakening) in the Brazilian Real against the US dollar at December 31, 2023 by 10% and 20%, would have increased (decreased) pre-tax net income by $35.8 million and $71.7 million, respectively. This analysis is based on the foreign currency exchange variation rate that the Company considered to be reasonably possible at the end of the year and excluding the impact of the derivatives below. The analysis assumes that all other variables, especially interest rates, are held constant. The Company may use certain foreign exchange derivatives, including collars and forward contracts, to manage its foreign exchange risks. At December 31, 2023, the aggregate fair value of the Company's foreign exchange derivatives was a net asset of $11.3 million (December 31, 2022 - asset of $3.2 million), and the full $11.3 million is included in other current assets in the statement of financial position. The fair values of foreign exchange contracts were determined based on option pricing models, forward foreign exchange rates, and information provided by the counter party. The change in fair value of foreign exchange collar contracts was an unrealized gain of $7.6 million for the year ended December 31, 2023 (a gain of $33.1 million for the year ended December 31, 2022) and has been recognized in foreign exchange gain (loss). In addition, during the year ended December 31, 2023, the Company recognized a realized gain of $11.4 million (realized loss of $12.5 million for the year ended December 31, 2022) related to the settlement of foreign currency forward collar contracts. (ii) Interest rate risk The Company is principally exposed to the variation in interest rates on loans and borrowings with variable rates of interest. Management reduces interest rate risk exposure by entering into loans and borrowings with fixed rates of interest or by entering into derivative instruments that fix the ultimate interest rate paid. The Company is principally exposed to interest rate risk through Brazilian Real denominated bank loans of $2.4 million. Based on the Company’s net exposure at December 31, 2023, a 1% change in the variable rates would not materially impact its pre-tax annual net income. (iii) Price risk The Company may use derivatives, including forward contracts, collars and swap contracts, to manage commodity price risks. At December 31, 2023, the Company had provisionally priced sales that are exposed to commodity price changes (note 16). Based on the Company’s net exposure at December 31, 2023, a 10% change in the price of copper would have changed pre-tax net income by $2.5 million. At December 31, 2023, the Company has entered into zero-cost copper derivative contracts on 1,000 tonnes of copper per month from January 2024 to June 2024, representing approximately 25% of estimated production volumes over the period. As of December 31, 2023, the fair value of these contracts was a net liability of $0.6 million (December 31, 2022 - liability of $0.6 million). The fair value of copper collar contracts was determined based on option pricing models, forward copper price and information provided by the counter party. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2023 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Capital Management | Capital Management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the development and production of its mine properties and to maintain a flexible capital structure for its projects for the benefit of its stakeholders. The Company's capital consists of items included in shareholders’ equity, debt facilities net of cash and cash equivalents and short-term investments. Management reviews the capital structure on a regular basis to ensure that the above-noted objectives are met. The Company manages the capital structure and makes adjustments to it considering changes in the economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new loans and borrowings, common shares, or acquire or dispose of assets. Certain loan agreements contain operating and financial covenants that could restrict the ability of the Company and its subsidiaries. MCSA, Ero Gold, and NX Gold, to, among other things, incur additional indebtedness needed to fund its respective operations, pay dividends or make other distributions, make investments, create liens, sell or transfer assets or enter into transactions with affiliates. There are no other restrictions or externally imposed capital requirements of the Company. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year ended December 31, Net change in non-cash working capital items: 2023 2022 Accounts receivable $ 6,918 $ (1,870) Inventories (5,269) (1,709) Other assets (11,694) (13,836) Accounts payable and accrued liabilities 1,673 (614) $ (8,372) $ (18,029) Non-cash investing and financing activities: Additions to property, plant and equipment by leases $ 20,019 $ 11,666 Non-cash increase in accounts payable in relation to capital expenditures 28,851 10,311 Change in mineral properties, plant and equipment from change in estimates for provision for rehabilitation and closure costs 3,119 1,354 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Contingencies | Commitment and Contingencies (a) Capital commitments As at December 31, 2023, the Company has capital commitments, which is net of advances to suppliers, of $122.6 million through contracts and purchase orders which are expected to be incurred over a six-year period. In the normal course of operations, the Company may also enter into long-term contracts which can be cancelled with certain agreed customary notice periods without material penalties. (b) Contingencies Due to the size, complexity and nature of the Company’s operations, it is subject to various investigations, claims, legal and tax proceedings covering matters that arise in the ordinary course of business. Based on the opinion of the Company's legal advisers, management considers provisions for its outstanding and pending legal claims to be adequate. Each of these matters is subject to various uncertainties and it is possible that some of these matters may resolve unfavourably to the Company. In the opinion of management, based upon the information currently available, none of these matters are expected to have a material adverse effect on the results of operations or financial conditions of the Company. In the event that management’s estimate of the future resolution of these matters changes, the Company will recognize the effect of these changes in its consolidated financial statements in the period in which such changes occur. As at December 31, 2023, the Company has recognized a provision related to certain matters of $1.6 million (December 31, 2022 - $1.6 million). There are five administrative claims (2022 – five claims) filed by the Nacional Mining Agency regarding alleged differences in the calculation of certain sales taxes on mining revenue by MCSA. As at December 31, 2023, the estimated impact of the claims is $4.8 million (December 31, 2022 - $4.4 million). The Company, based on the opinion of its legal advisors, does not believe such claims will result in a probable cash outflow and as such no provision is recognized. |
Deposits and Other Non-current
Deposits and Other Non-current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Deposits and Other Non-current Assets | Deposits and Other Non-current Assets December 31, 2023 December 31, 2022 Value added taxes recoverable $ 11,413 $ 10,317 Note receivable (Note 23) 9,067 10,387 Deposits and others 8,472 3,985 $ 28,952 $ 24,689 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation These consolidated financial statements have been prepared on a historical cost basis except for derivative financial instruments, which are measured at fair value through profit or loss. These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control over a subsidiary is defined to exist when the Company is exposed to variable returns from involvement with an investee and has the ability to affect the returns through power over the investee. All intercompany balances and transactions are eliminated upon consolidation. |
Foreign Currency Translation | Foreign Currency Translation The functional currency and presentation currency of the Company is the US dollar. The monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the statement of financial position date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in profit or loss. The functional currency of all of the Company's Brazilian subsidiaries is the Brazilian Real (“BRL”). The assets and liabilities of its Brazilian subsidiaries are translated into the US dollar presentation currency using the exchange rate at the statement of financial position date while revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are included in a separate component of shareholders’ equity. |
Use of Estimates and Judgments | Use of Estimates and Judgments In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of the assets, liabilities, revenues and expenses. The estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Critical Judgments Functional currency The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which the entities operate. The Company has determined that the functional currency for the Company is the US dollar while the functional currency for all of its Brazilian subsidiaries is the BRL. Assessment of functional currency involves certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment. Legal claims and contingent liabilities The recognition of legal provisions and contingent liabilities involves the assessment of claims made against the Company and each of its subsidiaries. The recognition of a legal provision, or disclosure of a contingent liability, involves certain judgments to determine the probability of whether a cash outflow will occur. In making this judgment, management has assessed various criteria and also relies on the opinions of its legal advisers to assist in making this assessment. Key Sources of Estimation Uncertainty The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates and such differences could be significant. Significant estimates made by management affecting the consolidated financial statements include: Derivative instruments The fair value of derivative instruments is determined using either present value techniques or option pricing models that utilize a variety of inputs that are a combination of quoted prices and market-corroborated inputs, including assumptions for forward interest and foreign exchange rates, volatilities and discount rates. The fair value of the Company’s derivative contracts includes an adjustment for credit risk for either the Company or the counter party as applicable. Changes in the assumptions for inputs into the models affect the fair value of the derivatives recognized in the statement of financial position as well as the unrealized gains or losses recognized in net income. Carrying amounts of mineral properties and associated mine closure and reclamation costs Changes in estimates of mineral reserves and resources could impact depreciation and depletion rates, asset carrying amounts and the provisions for mine closure and reclamation costs. The Company estimates its mineral reserves and resources based on information compiled by competent individuals. Estimates of mineral reserves and resources are used in the calculation of depreciation, depletion and determination, when applicable, of the recoverable amount of CGUs, and for forecasting the timing of reclamation and closure cost expenditures. There are numerous uncertainties inherent in estimating mineral reserves, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the estimation methodology, forecasted prices of commodities, exchange rates, production costs or recovery rates may change the economic status of mineral reserves and may, ultimately, result in changes in the mineral reserves. Mine closure and reclamation costs Significant estimates and assumptions are made in determining the provision for mine closure and reclamation costs as there are numerous factors that will affect the ultimate liability payable. These factors include estimation of the extent and cost of rehabilitation activities, timing of future cash flows, discount rates, inflation rate, and regulatory requirements. Changes in the above factors can result in a change to the provision recognized by the Company. Changes to mine closure and rehabilitation costs are recorded with a corresponding change to the carrying amounts of related mineral properties, plant and equipment. Adjustments to the carrying amounts of related mineral properties, plant and equipment can result in a change to future depreciation and depletion expense. Income taxes The determination of the Company’s tax expense for the period and deferred tax assets and liabilities involves significant estimation and judgment by management. In determining these amounts, management interprets tax legislation in a variety of jurisdictions and makes estimates of the expected timing of the reversal of deferred tax assets and liabilities. Management also makes estimates of future earnings, which affect the extent to which potential future tax benefits may be used. The Company is subject to assessments by various taxation authorities, which may interpret legislation differently. These differences may affect the final amount or the timing of the payment of taxes. The Company provides for such differences where known based on management’s best estimate of the probable outcome of these matters. The Company operates in Brazil where tax authorities may audit income tax treatments and the resolution of such audits may span multiple years. Tax law in Brazil is complex and often subject to changes and to varied interpretations; accordingly, the ultimate outcome with respect to income tax treatments may differ from the amounts recognized. The Company’s assessment of whether it is probable that uncertain income tax treatments will be accepted by tax authorities in Brazil is a significant management judgment. Deferred Revenue Judgment and estimates were required in determining the accounting for the precious metal purchase agreement ("PMPA") with RGLD Gold AG, a subsidiary of Royal Gold Inc. (collectively "Royal Gold"), which is accounted for as deferred revenue in accordance with IFRS 15 Revenue from Contracts with Customers (“IFRS 15”). As the Company’s obligation under the precious metal purchase agreement will be satisfied through deliveries of a non-financial item (i.e. deliveries of gold ounces), rather than cash or other financial assets, it was determined to be entered into and continued to be held for the purpose of the delivery of a non-financial item in accordance with the Company’s expected sale or usage requirements and thus not within the scope of IFRS 9 Financial Instruments (“own use exemption”). The determination of whether the own use exemption applies requires management’s judgements. Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, recognized as revenue. Key inputs into the estimate of the amount of deferred revenue that should be recognized include the following: a. Future gold prices were used at inception of the contract to estimate the expected total consideration to be received under the contract including variable consideration and is used as the stand alone selling price to allocate the consideration to each ounce of gold to be delivered to Royal Gold, and b. Expected life of mine gold production and the timing thereof, which is estimated based on the approved life of mine for the NX Gold mine and estimated proven and probable reserves. Expected credit loss provision |
New Accounting Policies, Standards and Interpretations | (e) New Accounting Policies, Standards and Interpretations On January 1, 2023, the Company adopted the amendment to IAS 12, Income Taxes in relation to Deferred Tax related to Assets and Liabilities Arising from a Single Transaction . The amendments narrowed the scope of the recognition exemption in IAS 12, relating to the recognition of deferred tax assets and liabilities, so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences such as leases and reclamation and closure cost provisions. The adoption of this amendment did not have a material impact on the Company's consolidated financial statements. The Company applied the amendments to IAS 1, Presentation of Financial Statements and IFRS Practice Statement 2 issued by the IASB under Disclosure of Accounting Policies effective January 1, 2023. The amendments require entities to disclose their ‘material’, rather than ‘significant’ accounting policies. The amendments also provide guidance on the application of materiality to disclosure of accounting policies that provide useful, entity-specific accounting policy information that users need to understand other information in the financial statements. While the amendments did not result in any changes to the Company’s accounting policies themselves, they impacted the accounting policy information disclosed in the Company’s consolidated financial statements. The accounting policy information disclosed in notes 2 and 3 reflect the Company’s material accounting policies. In May 2023, IASB issued International Tax Reform - Pillar Two Model Rules which amended IAS 12 Income Taxes . The amendments introduced a temporary mandatory exception to the recognition and disclosure requirements relating deferred income tax assets and liabilities arising from enacted or substantively enacted tax law that implements the Pillar Two top-up tax in the jurisdictions in which companies operate. The Pilar Twp top up tax forms part of the Pilar Two model rules published by the Organization for Economic Co-operation and Development ("OECD"). The objective of Pillar Two income taxes is for large multinational enterprises to pay a minimum tax of at least 15% on income arising in each jurisdiction where they operate. The Pilar Two top up tax has not yet been enacted in any jurisdiction in which the Company operates. The Company has applied the temporary mandatory exception to recognizing and disclosing information about deferred income tax assets and liabilities arising from the Pillar Two legislation and will account for any Pillar but adoption did not have a material impact on current or deferred taxes for the year ended December 31, 2023. The following amendment to accounting standards has been issued but not yet adopted in the financial statements: • In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) which amended IAS 1, Presentation of Financial Statements (“IAS 1”), to clarify the requirements for presenting liabilities in the statement of financial position. The amendments specify that the Company must have the right to defer settlement of a liability for at least 12 months after the reporting period for the liability to be classified as non-current. In addition, the amendments clarify that: (a) the Company’s right to defer settlement must exist at the end of the reporting period; (b) classification is unaffected by management’s intentions or expectations about whether the Company will exercise its right to defer settlement; (c) if the Company’s right to defer settlement is subject to the Company complying with specified conditions, the right exists at the end of the reporting period only if the Company complies with those conditions at the end of the reporting period, even if the lender does not test compliance until a later date; and (d) the term settlement includes the transfer of the Company’s own equity instruments to the counterparty that results in the extinguishment of the liability, except when the settlement of the liability with the Company transferring its own equity instruments is at the option of the counterparty and such option has been classified as an equity instrument, separate from the host liability. The amendments are effective January 1, 2024. The adoption of these amendments is not expected to have a material impact on the Company's consolidated financial statements. • In October 2022, the IASB issued amendment Non-current Liabilities with Covenants to |
Revenue | Revenue Revenue relating to the sale of metals is recognized at the point the customer obtains control of the product and when the Company has satisfied its performance obligations. Control is transferred when title has passed to the purchaser, the product is physically delivered to the customer, the customer controls the risks and rewards of ownership and the Company has a present right to payment for the product, which is generally when the concentrate or doré is delivered to a location designated by the customer, or when gold credits are transferred to the customer. Revenue from the sale of metals is recognized on a net basis, after metal deductions, smelting, refining and other charges. The sales amount is typically based on quoted market and contractual prices which are fixed at the time the shipment is received at the customers’ premises. In certain circumstances the sales price of metals in concentrate may be determined in a period subsequent to the date of sale (provisionally priced sales) based on the terms of specific copper concentrate contracts. Provisionally priced sales are recognized based on an estimate of metal contained using forward market prices corresponding with the expected date that final sales prices will be fixed. The period between provisional pricing and final settlement can be up to one month. The settlement receivable is recorded at fair value each reporting period by reference to forward market prices until the date of final pricing, with the changes in fair value recorded as an adjustment to revenue. Deferred revenue consists of payments received by the Company in consideration for future commitments to deliver an amount of gold equivalent to a percentage of the gold produced from its NX Gold operations. As gold deliveries are made, the Company recognizes a portion of the deferred revenue as revenue, calculated on a per unit basis using the total number of gold ounces expected to be delivered over the life of the mine. The current portion of deferred revenue is based on deliveries anticipated over the next twelve months. Interest expense on deferred revenue is recognized in finance costs as there is a significant financing component related to the precious metal purchase agreement, resulting from a difference in the timing of the upfront consideration received and delivery of the gold. The interest rate is based on the rate implicit in the precious metal purchase agreement at the date of inception. |
Finance Income and Finance Expense | Finance Income and Finance Expense Finance income includes interest on cash and cash equivalents, restricted cash and financial investments, and gains related to changes in the fair value of financial assets measured at fair value through profit or loss. Interest income is recognized as it accrues in profit or loss, using the effective interest method. |
Taxation | Taxation Current income tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the reporting date. Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred income tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the tax laws that have been enacted or substantively enacted at the reporting date. Deferred income tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity. Deferred income tax is not recognized for the initial recognition of assets or liabilities in a transaction that is not a business combination, that affects neither accounting nor taxable income or loss, and does not give rise to equal taxable and deductible temporary differences at the time of the transaction, differences related to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future, and taxable differences arising from the initial recognition of goodwill. A deferred income 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 against which they can be utilized. Deferred income tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Uncertainties over income tax treatments are evaluated on the basis of whether it is probable that they will be accepted upon examination by the relevant taxing authorities including Brazil. These uncertainties impact the amount of income taxes recognized. If it is determined that an uncertain income tax treatment is not probable of being accepted, the effect of the uncertain income tax treatment is reflected in the determination of income taxes based the most likely amount or, if there are a wide range of possible outcomes, the expected value. |
Tax Incentives | Tax Incentive |
Inventories | Inventories Inventories are measured at the lower of cost and net realizable value. The cost of consumable inventory is determined on a weighted average acquisition cost basis. Cost of stockpile inventory, products in progress and finished goods is determined based on a weighted average production cost basis and includes the cost of mining and processing ore including direct labour and materials; depreciation and amortization; and an appropriate share of production overheads based on normal operating capacity. Net realizable value of stockpile inventory, products in progress and finished goods is the estimated selling price in the ordinary course of business, less estimated completion costs and selling expenses. Write-downs of inventories to net realizable value are included in the cost of sales in the period of the write-down. A write-down of inventories is reversed in a subsequent period if there is a subsequent increase in the net realizable value of the related inventories. |
Mineral, Property, Plant and Equipment | Mineral Properties, Plant and Equipment Mineral properties, plant and equipment is measured at acquisition or construction cost less accumulated depreciation and accumulated impairment losses. (i) Acquisition and disposal The cost of mineral properties, plant and equipment include expenditures directly attributable to an asset’s acquisition. The cost of assets constructed by Company includes the cost of materials and direct labor, any other costs to bring the asset in the place and conditions required to be operated in the manner intended by management including advances on long lead items, mine closure and rehabilitation costs, and borrowing costs on qualifying assets. When parts of mineral properties, plant and equipment have different useful lives, they are accounted for as separate items (major components) of mineral properties, plant and equipment. Gains and losses on disposal of mineral properties, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of equipment and are recognized net within other income. (ii) Subsequent costs The cost of replacing plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the item will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced item is derecognized. The maintenance service costs of equipment are included in profit or loss. (iii) Development and construction-in-progress When economically viable mineral reserves have been determined and the decision to proceed with development has been approved, exploration and evaluation assets are first assessed for impairment, then reclassified to construction-in-progress or mineral properties. The expenditures related to development and construction are capitalized as construction-in-progress. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset that takes a substantial period of time to get ready for its intended use are capitalized as part of construction-in-progress until the asset is substantially ready for its intended use. Construction-in-progress is not depreciated. Once an asset is available for use, construction-in-progress costs are reclassified to mineral properties or plant and equipment. (iv) Mineral properties Mineral properties consist of the cost of acquiring and developing mineral properties. Once in production, mineral properties are amortized on a units-of-production basis over the component of the ore body to which they relate. (v) Stripping costs and development in the production phase Where open pit production stripping or underground development activities do not result in inventory produced, but does provide improved access to the ore body, the costs are classified as mineral properties when these activities meet all of the following criteria: (1) it is probable that the future economic benefit associated with the activity will flow to the Company; (2) the Company can estimate the mineral reserve of the ore body for which access has been improved; and (3) the costs relating to the activity associated with that mineral reserve can be measured reliably. For underground mines, costs incurred to access a mineral reserve of the ore body are capitalized to mineral properties or construction-in-progress and are depreciated on a units-of-production basis over the expected useful life of the identified mineral reserve of the ore body to which access has been improved as a result of the development activity. For open pit mines, stripping costs above average life of mine strip ratio (waste/ore) are capitalized to mineral properties or construction-in-progress and are depreciated over the related mineral reserves accessed by the stripping activity. (vi) Depreciation Items of mineral properties, plant and equipment are depreciated based on the estimated economic useful life of each component as follows: Buildings Lessor of life of mine or up to 25 years Mining equipment 4 years Mobile equipment & other assets 5 years Mineral properties Units of production Mine closure and rehabilitation costs Units of production or period until remediation Right of use assets Shorter of the term of lease and life of asset The depletion of mineral properties and mine closure and rehabilitation costs is determined based on the ratio of tonnes of copper/kg of gold contained in the ore mined and total proven and probable mineral reserve tonnes of contained copper/kg of contained gold. |
Exploration and Evaluation Assets | Exploration and Evaluation Assets Exploration and evaluation costs relate to the initial search for a mineral deposit, the cost of acquisition of a mineral properties interest or exploration rights and the subsequent evaluation to determine the economic potential of the mineral deposit. The exploration and evaluation stage commences when the Company obtains the legal right or license to begin exploration. Once the legal rights or license is obtained, exploration and evaluation expenses are capitalized as exploration and evaluation assets. Costs incurred prior to the Company obtaining the legal rights are expensed. When the exploration and evaluation of a mineral properties indicates that development of the mineral properties is technically and commercially feasible, the future economic benefits are probable, and the Company has the intention and sufficient resources to complete the development and use or sell the asset, the related costs are transferred from exploration and evaluation assets to mineral properties, plant and equipment. Management reviews the carrying value of capitalized exploration costs for indicators that the carrying value is impaired at least annually and when facts and circumstances suggest that the carrying amount may exceed the recoverable amount. The review is based on the Company’s intentions for further exploration and development of the undeveloped property, results of drilling, commodity prices and other economic and geological factors. Subsequent recovery of the resulting carrying value depends on successful development or sale of the undeveloped project. If a property does not prove viable, all non-recoverable costs associated with the project, net of any previous impairment provisions, are written off. |
Financial Instruments | Financial Instruments Non-derivative financial assets The Company classifies its financial assets in the following categories: at fair value through profit or loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”) or at amortized cost. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. Measurement and classification of financial assets is dependent on the Company’s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. Financial assets are derecognized when they mature or are sold, and substantially all the risks and rewards of ownership have been transferred. Classification and measurement The Company has assessed the classification and measurement of its financial assets and financial liabilities under IFRS 9 in the following table: Measurement Category Financial Assets Cash and cash equivalents Amortized Cost Short-term investments Amortized Cost Trade receivables related to provisional priced sales Fair value through profit or loss Derivatives Fair value through profit or loss Notes and other receivables Amortized Cost Deposits Amortized Cost Financial Liabilities Trade payables Amortized Cost Loans and borrowings Amortized Cost Derivatives Fair value through profit or loss Financial assets at FVTPL Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the income statement. Realized and unrealized gains and losses arising from changes in the fair value of the financial asset held at FVTPL are included in profit or loss in the period in which they arise. Derivatives are also categorized as FVTPL unless they are designated as hedges. Financial assets at amortized cost Financial assets at amortized cost are initially recognized at fair value and subsequently carried at amortized cost less any impairment. They are classified as current assets or non-current assets based on their maturity date. Gains and losses on derecognition of financial assets classified amortized cost are recognized in profit or loss. Financial liabilities Financial liabilities, other than derivative instruments, are recognized initially at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost. Any difference between the amounts originally received, net of transaction costs, and the redemption value is recognized in profit and loss over the period to maturity using the effective interest method. Derivative instruments Derivative instruments, including embedded derivatives in executory contracts or financial liability contracts, are classified as at FVTPL and, accordingly, are recorded in the statement of financial position at fair value. Unrealized gains and losses on derivatives not designated in a hedging relationship are recorded as part of the revenue or expense item to which the derivative relates, depending on the nature of the derivative. Fair values for derivative instruments are determined using inputs based on market conditions existing at the balance sheet date or settlement date of the derivative. Derivatives embedded in non-derivative contracts are recognized separately unless they are closely related to the host contract. Short-term investments Short-term investments are investments with original maturities between three months to one year that are readily convertible into cash. Short-term investments are not subject to significant risk of change in fair value. Fair values A number of the Company’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or liability, the Company uses observable market data, as much as possible. Fair values are classified into different levels in a hierarchy based on the inputs used in the valuation techniques, as follows: • Level 1 : quoted prices (without adjustments) in active markets for identical assets or liabilities. • Level 2 : inputs other than Level 1 quoted prices, that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3 : inputs, for assets or liabilities, that are not based on observable market information (non-observable inputs). The Company recognizes transfers between levels of the hierarchy of fair value at the end of the reporting period during which the change occurred. |
Impairment | Impairment i) Financial assets The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the loss allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the loss allowance is measured for the financial asset at an amount equal to twelve months’ expected credit losses. For trade receivables the Company applies the simplified approach to providing for expected credit losses, which allows the use of a lifetime expected loss provision. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized. The expected lifetime credit loss provision for trade receivables is based on historical counterparty default rates and adjusted for relevant forward-looking information, when required. ii) Non-Financial assets At each reporting date, the carrying amounts of the Company’s mineral properties, plant and equipment and exploration and evaluation assets are reviewed to determine whether there is any indication that those assets are impaired. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use, which is the present value of future cash flows expected to be derived from the asset or its related cash generating unit. For purposes of impairment testing, assets are grouped at the lowest levels that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the associated assets are reduced to their recoverable amount and the impairment loss is recognized in the profit or loss for the period. |
Provisions | Provisions A provision is recognized when the Company has a present legal or constructive obligation as a result of a past event that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are calculated based on the expected future cash flows discounted, if material, at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. The discount is unwound over the period over which the cash flows are expected to be incurred with the related expense included in finance expense. The Company records the present value of estimated costs of legal and constructive obligations related to mine closure and rehabilitation in the period in which the obligation occurs. Mine closure and rehabilitation activities include facility decommissioning and dismantling; removal and treatment of waste materials; site and land rehabilitation, including compliance with and monitoring of environmental regulations; and related costs required to perform this work and/or operate equipment designed to reduce or eliminate environmental effects. The provision is adjusted each period for new disturbances, and changes in regulatory requirements, the estimated amount of future cash flows required to discharge the obligation, the timing of such cash flows and the pre-tax discount rate specific to the liability. The unwinding of the discount is recognized in profit or loss as a finance expense. |
Share-Based Compensation | Share-Based Compensation The Company issues share based payment awards to to employees and consultants, including directors and officers ("Eligible Persons"). The grant date fair value of equity settled share based payment awards is recognized as share-based compensation, with a corresponding increase in equity, over the vesting period. The amount recognized as an expense is based on management's best estimate of the number of equity instruments expected to vest. The cumulative amount expensed is adjusted at the end of each reporting period to reflect changes in the number of instruments expected to vest. |
Leases | Leases The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain re-measurements of the lease liability. The cost of the right-of-use asset includes the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs; and if applicable, an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. |
Income per Share | Income per Share |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Schedule of Estimated Useful Lives | Items of mineral properties, plant and equipment are depreciated based on the estimated economic useful life of each component as follows: Buildings Lessor of life of mine or up to 25 years Mining equipment 4 years Mobile equipment & other assets 5 years Mineral properties Units of production Mine closure and rehabilitation costs Units of production or period until remediation Right of use assets Shorter of the term of lease and life of asset (1) Mineral properties include $72.4 million (2022 - $69.4 million) of costs which are not currently being depreciated. (2) A total of $35.1 million of exploration and evaluation assets related to the Tucumã Project were reclassified to mineral property, plant and equipment in 2022. |
Segment Disclosure (Tables)
Segment Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Summary of Reportable Segments | Year ended December 31, 2023 Caraíba Xavantina Tucumã (Brazil) Corporate and Other Consolidated Revenue $ 320,603 $ 106,877 $ — $ — $ 427,480 Cost of production (153,187) (25,209) — — (178,396) Depreciation and depletion (62,032) (19,489) — — (81,521) Sales expense (8,953) (1,765) — — (10,718) Cost of sales (224,172) (46,463) — — (270,635) Gross profit 96,431 60,414 — — 156,845 Expenses General and administrative (31,128) (6,550) — (14,751) (52,429) Share-based compensation — — — (9,218) (9,218) Finance income 5,543 630 — 6,292 12,465 Finance expenses (10,143) (4,431) — (11,248) (25,822) Foreign exchange gain (loss) 34,737 — — (125) 34,612 Other (expenses) income (4,147) 111 — (66) (4,102) Income (loss) before taxes 91,293 50,174 — (29,116) 112,351 Current tax expense (1,796) (7,446) — (6,750) (15,992) Deferred tax (expense) recovery (2,618) 563 — — (2,055) Net income (loss) $ 86,879 $ 43,291 $ — $ (35,866) $ 94,304 Capital expenditures (1) 249,166 27,567 205,506 7,262 489,501 Assets Current $ 79,463 $ 23,736 $ 2,016 $ 94,272 199,487 Non-current 883,712 96,140 315,144 17,205 1,312,201 Total Assets $ 963,175 $ 119,876 $ 317,160 $ 111,477 $ 1,511,688 Total Liabilities $ 138,497 $ 101,095 $ 30,943 $ 431,822 702,357 (1) Capital expenditures include additions to mineral properties, plant and equipment and additions to exploration and evaluation asset, net of non-cash additions such as change in estimates to mine closure costs, capitalized depreciation expense, capitalized borrowing costs, and additions of right-of-use assets. During the year ended December 31, 2023, Caraíba earned revenues from four customers ( December 31, 2022 - four) while Xavantina earned revenues from two customers ( December 31, 2022 - two). Year ended December 31, 2022 Caraíba Xavantina Tucumã (Brazil) Corporate and Other Consolidated Revenue $ 351,405 $ 74,987 $ — $ — $ 426,392 Cost of production (146,292) (24,768) — — (171,060) Depreciation and depletion (47,051) (11,605) — — (58,656) Sales expenses (8,941) (560) — — (9,501) Cost of sales (202,284) (36,933) — — (239,217) Gross profit 149,121 38,054 — — 187,175 Expenses General and administrative (28,123) (4,062) — (17,274) (49,459) Share-based compensation — — — (7,931) (7,931) Finance income 4,310 1,451 — 4,534 10,295 Finance expenses (9,044) (4,244) — (19,935) (33,223) Foreign exchange gain (loss) 19,812 232 — (134) 19,910 Other expenses (75) (292) — (17) (384) Income (loss) before taxes 136,001 31,139 — (40,757) 126,383 Current tax expense (8,463) (2,413) — (4,167) (15,043) Deferred tax (expense) recovery (8,378) 105 — — (8,273) Net income (loss) $ 119,160 $ 28,831 $ — $ (44,924) $ 103,067 Capital expenditures 209,143 30,773 59,428 7,155 306,499 Assets Current $ 114,374 $ 50,447 $ 144 $ 227,462 392,427 Non-current 621,005 74,874 90,971 8,799 795,649 Total Assets $ 735,379 $ 125,321 $ 91,115 $ 236,261 $ 1,188,076 Total Liabilities $ 98,904 $ 106,266 $ 9,595 $ 431,146 645,911 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory [Abstract] | |
Components of Inventories | December 31, 2023 December 31, 2022 Supplies and consumables $ 24,270 $ 23,043 Stockpiles 5,624 2,125 Work in progress 917 1,234 Finished goods 11,443 4,553 $ 42,254 $ 30,955 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Current Assets | December 31, 2023 December 31, 2022 Advances to suppliers $ 306 $ 715 Prepaid expenses and other 4,716 6,673 Derivatives (Note 23) 11,254 3,237 Note receivable (Note 23) 8,346 10,243 Advances to employees 944 667 Value added taxes recoverable 13,719 12,246 $ 39,285 $ 33,781 |
Mineral, Property, Plant and _2
Mineral, Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Schedule of Mineral, Property, Plant and Equipment | Items of mineral properties, plant and equipment are depreciated based on the estimated economic useful life of each component as follows: Buildings Lessor of life of mine or up to 25 years Mining equipment 4 years Mobile equipment & other assets 5 years Mineral properties Units of production Mine closure and rehabilitation costs Units of production or period until remediation Right of use assets Shorter of the term of lease and life of asset (1) Mineral properties include $72.4 million (2022 - $69.4 million) of costs which are not currently being depreciated. (2) A total of $35.1 million of exploration and evaluation assets related to the Tucumã Project were reclassified to mineral property, plant and equipment in 2022. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, 2023 December 31, 2022 Trade suppliers $ 74,877 $ 47,868 Payroll and labour related liabilities 26,421 21,008 Value added tax and other tax payable 9,142 8,040 Cash-settled equity awards (Note 15(b) and (c)) 8,796 6,684 Other accrued liabilities 1,468 1,003 $ 120,704 $ 84,603 |
Loans and Borrowings (Tables)
Loans and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Detailed Information on Loans and Borrowings | Carrying value, Description Currency Security Maturity Coupon rate Principal to be repaid December 31, December 31, Senior Notes USD Unsecured 73 6.50% $ 400,000 $ 403,274 $ 402,453 Equipment finance loans USD Secured 15 - 43 5.00% - 8.12% 15,987 16,175 10,322 Equipment finance loans EUR Secured 26 - 30 5.25% 998 1,000 1,372 Equipment finance loans BRL Unsecured 2 - 29 nil% - 16.63% 3,279 3,409 947 Bank loan BRL Unsecured 35 CDI + 0.50% 2,365 2,375 2,963 Total $ 422,629 $ 426,233 $ 418,057 Current portion $ 20,381 $ 15,703 Non-current portion $ 405,852 $ 402,354 The movements in loans and borrowings are comprised of the following: Year ended December 31, 2023 Year ended December 31, 2022 Balance, beginning of year $ 418,057 $ 59,250 Proceeds from issuance of Senior Notes, net — 392,006 Proceeds from new equipment finance loans 14,889 9,489 Principal and interest payments (35,247) (71,033) Interest costs, including interest capitalized 28,282 26,666 Loss on debt modification — 1,351 Foreign exchange 252 328 Balance, end of year $ 426,233 $ 418,057 |
Revenue from contracts with cus
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue From Contracts With Customers [Abstract] | |
Schedule of Deferred Revenue | The movements in deferred revenue during the year ended December 31, 2023 are comprised of the following: December 31, 2023 December 31, Gold ounces delivered (1) 14,005 10,082 Balance, beginning of year $ 86,055 $ 94,222 Advances 3,544 3,207 Accretion expense 3,032 3,407 Amortization of deferred revenue (2) (17,082) (14,781) Balance, end of year $ 75,549 $ 86,055 Current portion $ 17,159 $ 16,580 Non-current portion 58,390 69,476 (1) During the year ended December 31, 2023, the Company delivered 14,005 ounces of gold (December 31, 2022 - 10,082 ounces) to Royal Gold for average consideration of $386 per ounce (December 31, 2022 - $359 per ounce). At December 31, 2023, a cumulative 29,260 ounces (December 31, 2022 - 15,255 ounces) of gold have been delivered under the PMPA. |
Provision for rehabilitation _2
Provision for rehabilitation and closure costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Reconciliation of Provision for Rehabilitation and Closure Costs | December 31, 2023 December 31, 2022 Balance, beginning of year 22,172 $ 19,037 Change in estimates 3,455 1,854 Accretion expense 2,703 2,191 Settled (3,344) (2,238) Foreign exchange 1,701 1,328 Balance, end of year $ 26,687 $ 22,172 Caraíba Operations $ 21,372 $ 18,026 Tucumã Project 1,365 558 Xavantina Operations 3,950 3,588 Total $ 26,687 $ 22,172 |
Other Non-current Liabilities (
Other Non-current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Non-current Liabilities | December 31, 2023 December 31, 2022 Cash-settled equity awards (Note 15(b)) $ 2,549 $ 2,256 Withholding, value added tax, and other taxes payable 8,012 5,254 Provision (Note 26(b)) 1,622 1,578 Other liabilities 5,975 2,731 $ 18,158 $ 11,819 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital , Reserves, Other Equity Interest, Share-Based Payment Arrangements And Earnings Per Share [Abstract] | |
Schedule of Number and Weighted Average Exercise Price of Stock Options | Year Ended December 31, 2023 2022 Number of Weighted Average Exercise Price (CAD) Number of Weighted Average Exercise Price (CAD) Outstanding stock options, beginning of year 2,781,074 $ 15.49 4,202,389 $ 11.36 Issued 525,138 18.00 449,248 17.80 Exercised (1,333,199) 11.28 (1,812,558) 6.35 Forfeited (86,688) 18.59 (58,005) 19.59 Outstanding stock options, end of year 1,886,325 $ 19.56 2,781,074 $ 15.49 |
Weighted Average Inputs in Fair Value Measurement of Stock Options | The weighted average inputs used in the measurement of fair values at grant date of the options are the following: Year Ended December 31, 2023 2022 Expected term (years) 3.2 3.0 Forfeiture rate — % — % Volatility 54 % 60 % Dividend yield — % — % Risk-free interest rate 3.99 % 3.86 % Weighted-average fair value per option $ 6.38 $ 6.16 |
Schedule of PSUs Issued and Outstanding | The continuity of PSUs issued and outstanding is as follows: Year Ended December 31, 2023 2022 Outstanding balance, beginning of year 881,788 793,043 Issued 437,204 344,549 Settled (238,881) (212,765) Forfeited (112,190) (43,039) Outstanding balance, end of year 967,921 881,788 |
Expense Associated With Each Component | Year ended December 31, 2023 2022 Stock options $ 1,574 $ 2,091 Performance share unit plan 4,093 3,158 Deferred share unit plan 1,756 1,087 Restricted share unit plan 1,795 1,595 Share-based compensation (1) $ 9,218 $ 7,931 |
Schedule of Net Income per Share | Year ended December 31, 2023 2022 Weighted average number of common shares outstanding 94,111,548 90,789,925 Dilutive effects of: Stock options 444,216 1,117,529 Share units 340,570 263,202 Weighted average number of diluted common shares outstanding (1) 94,896,334 92,170,656 Net income attributable to owners of the Company $ 92,804 $ 101,831 Basic net income per share $ 0.99 $ 1.12 Diluted net income per share $ 0.98 $ 1.10 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue From Contracts With Customers [Abstract] | |
Schedule of Disaggregation of Revenue | Year ended December 31, 2023 2022 Copper Sales within Brazil $ 24,303 $ 52,841 Export sales 300,383 313,629 Adjustments on provisional sales (1) (4,083) (15,066) 320,603 351,404 Gold Sales 89,795 60,207 Amortization of deferred revenue (2) 17,082 14,781 $ 106,877 $ 74,988 $ 427,480 $ 426,392 (1) Adjustments on provisional sales include both pricing and quantity adjustments. Under the terms of the Company’s contract with its Brazilian domestic customer, sales are provisionally priced on the date of sale based on the previous month’s average copper price and subsequently settled based on the average copper price in the month of shipment. Provisionally priced sales to the Company's international customers are settled with a final sales price between zero |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Components of Cost of Sales | Year ended December 31, 2023 2022 Materials $ 44,361 $ 42,359 Salaries and benefits 60,609 50,168 Contracted services 32,911 32,576 Maintenance costs 31,025 26,381 Utilities 13,574 13,092 Other costs 1,185 1,163 Change in inventory (excluding depreciation and depletion) (1) (5,269) 5,321 Cost of production 178,396 171,060 Sales expense 10,718 9,501 Depreciation and depletion 86,065 59,475 Change in inventory (depreciation and depletion) (4,544) (819) $ 270,635 $ 239,217 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of General and Administrative Expenses | Year ended December 31, 2023 2022 Accounting and legal $ 2,049 $ 2,397 Amortization and depreciation 1,503 313 Office and administration 8,970 9,293 Salaries and consulting fees 29,281 24,343 Incentive payments 6,887 8,213 Other 3,739 4,900 $ 52,429 $ 49,459 |
Finance Expense (Tables)
Finance Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of Finance Expense | Year ended December 31, 2023 2022 Interest on loans and borrowings (1) $ 11,299 $ 20,420 Accretion of deferred revenue 3,032 3,407 Accretion of provision for rehabilitation and closure costs 2,703 2,191 Interest on lease liabilities 1,477 706 Other finance expenses (2) 7,311 6,499 $ 25,822 $ 33,223 |
Foreign Exchange Loss (Tables)
Foreign Exchange Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Changes In Foreign Exchange Rates [Abstract] | |
Schedule of Foreign Exchange Gains (Losses) | The following foreign exchange gains (losses) arise as a result of balances and transactions in the Company’s Brazilian subsidiaries that are denominated in currencies other than the Brazilian Reals (BRL$), which is their functional currency. Year ended December 31, 2023 2022 Foreign exchange gain on USD denominated debt in Brazil $ 18,695 $ 3,890 Realized foreign exchange gain (loss) on derivative contracts (note 23) 11,417 (12,498) Unrealized foreign exchange gain on derivative contracts (note 23) 7,582 33,092 Foreign exchange loss on other financial assets and liabilities (3,082) (4,574) $ 34,612 $ 19,910 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Reconciliation of Income Tax Expense | A reconciliation of the income tax expense to the amount calculated using the Company’s combined Canadian federal and provincial statutory income tax rate of 27% (2022 – 27%) is as follows: Year ended December 31, 2023 2022 Net income in the year before tax $ 112,351 $ 126,383 Tax rate 27 % 27 % Income tax expense at statutory rate $ 30,335 $ 34,123 Tax effect of: Difference in tax rate of foreign jurisdictions (11,318) (15,858) Non-taxable items (10,740) (5,618) Change in temporary differences not previously recognized 2,153 8,762 Withholding taxes and other 7,617 1,907 Income tax expense $ 18,047 $ 23,316 |
Components of Income Tax Expense | Year ended December 31, 2023 2022 Current income tax: Relating to current income tax charge $ 15,992 $ 15,043 Deferred income tax: Relating to origination and reversal of temporary differences 2,055 8,273 Income tax expense recognized in net income $ 18,047 $ 23,316 Income tax expense recognized in other comprehensive income 1,262 523 Total income tax expense $ 19,309 $ 23,839 |
Schedule of Deferred Tax Assets and Liabilities | The general movement in the deferred income tax liabilities is as follows: Year ended December 31, 2023 2022 At the beginning of the year $ (6,229) $ 2,315 Deferred income tax expense (2,055) (8,273) Income tax expense recognized in OCI (1,262) (523) Foreign exchange (2) 252 At the end of the year $ (9,548) $ (6,229) Recognized deferred tax and assets and liabilities consist of the following: December 31, 2023 December 31, 2022 Deferred tax assets: Non-capital losses $ 5,655 $ 2,546 Foreign exchange — 2,087 Other 8,563 4,592 Mine closure and rehabilitation provision 4,070 3,381 Lease liabilities 2,805 1,511 21,093 14,117 Deferred tax liabilities: Mineral properties, plant and equipment (15,566) (9,364) Loans and borrowings (10,045) (9,321) Foreign exchange (3,083) — Loans and borrowings (1,947) (1,661) (30,641) (20,346) Net deferred income tax liabilities $ (9,548) $ (6,229) Presentation on Consolidated Statements of Financial Position Deferred tax assets 1,315 — Deferred tax liabilities $ (10,863) $ (6,229) |
Schedule of Unrecognized Deductible Temporary Differences | Deferred tax assets of $35.1 million (December 31, 2022 - $30.4 million) have not been recognized for the following deductible temporary differences as it is not probable that the benefits of these temporary differences will be realized : Year ended December 31, 2023 Year ended December 31, 2022 Brazil Canada Brazil Canada Mineral properties, plant and equipment 39,959 1,150 37,077 969 Non-capital losses — 74,238 — 72,535 Other — 33,731 — 18,100 $ 39,959 $ 109,119 $ 37,077 $ 91,604 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party [Abstract] | |
Remuneration of Key Management Personnel | The remuneration of key management personnel during the year was as follows: Year ended December 31, 2023 2022 Salaries and short-term benefits (1) $ 10,746 $ 11,058 Share-based payments (2) 8,156 6,478 $ 18,902 $ 17,536 (1) Includes annual salary and short-term incentives or bonuses earned in the year. (2) Includes PSUs, RSUs, DSUs and stock option grants. |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of Maximum Credit Risk Exposure | The carrying amount of the financial assets below represents the maximum credit risk exposure as at December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Cash and cash equivalents $ 111,738 $ 177,702 Short-term investments — 139,700 Accounts receivable 5,710 10,289 Derivatives 11,254 3,237 Note receivable 17,413 20,630 Deposits and other assets 8,472 3,985 $ 154,587 $ 355,543 |
Maturity of Non-Derivative Financial Liabilities | The table below shows the Company's maturity of non-derivative financial liabilities on December 31, 2023: Non-derivative financial liabilities Carrying Contractual cash flows Up to 1 - 2 3 - 5 More than Loans and borrowings (including interest) $ 426,233 $ 593,991 $ 37,743 $ 34,468 $ 82,781 $ 438,999 Accounts payable and accrued liabilities 120,704 120,704 120,704 — — — Other non-current liabilities 8,524 23,436 — 10,166 12,640 630 Leases 19,603 19,579 10,929 5,521 3,019 110 Total $ 575,064 $ 757,710 $ 169,376 $ 50,155 $ 98,440 $ 439,739 |
Disclosure of maturity analysis for derivative financial liabilities | The Company's outstanding derivative instruments as of December 31, 2023 are as follows: Contract Description Notional Amount Denomination Weighted average floor Weighted average cap / forward price Maturities Foreign exchange collar (i) $316.5 million USD/BRL 4.99 5.36 January 2024 - December 2024 Foreign exchange forward (i) $60.5 million USD/BRL N/A 5.15 January 2024 - December 2024 Copper collar (iii) 6,000 tonnes $ / lb $3.60 $4.03 January 2024 - June 2024 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Year ended December 31, Net change in non-cash working capital items: 2023 2022 Accounts receivable $ 6,918 $ (1,870) Inventories (5,269) (1,709) Other assets (11,694) (13,836) Accounts payable and accrued liabilities 1,673 (614) $ (8,372) $ (18,029) Non-cash investing and financing activities: Additions to property, plant and equipment by leases $ 20,019 $ 11,666 Non-cash increase in accounts payable in relation to capital expenditures 28,851 10,311 Change in mineral properties, plant and equipment from change in estimates for provision for rehabilitation and closure costs 3,119 1,354 |
Deposits and Other Non-curren_2
Deposits and Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule Of Deposits And Other Non-current Assets | December 31, 2023 December 31, 2022 Value added taxes recoverable $ 11,413 $ 10,317 Note receivable (Note 23) 9,067 10,387 Deposits and others 8,472 3,985 $ 28,952 $ 24,689 |
Nature of Operations (Details)
Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2023 | |
MCSA | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 99.60% |
NX Gold | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 97.60% |
MCSA Mining Complex | MCSA | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100% |
Boa Esperança Property | MCSA | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100% |
Xavantina | NX Gold | |
Disclosure of subsidiaries [line items] | |
Ownership percentage | 100% |
Basis of Preparation (Details)
Basis of Preparation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ 426,233 | $ 418,057 | $ 59,250 | |
Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 426,233 | $ 418,057 | ||
Senior secured revolving credit facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowing facility size | $ 75,000 | $ 150,000 | ||
Senior secured revolving credit facility | LIBOR | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (as a percent) | 2% | |||
Senior secured revolving credit facility | LIBOR | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (as a percent) | 4.50% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 25 years |
Mining equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 4 years |
Mobile equipment & other assets | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 5 years |
Segment Disclosure (Details)
Segment Disclosure (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) customers operatingMine | Dec. 31, 2022 USD ($) customers | |
Disclosure of operating segments [line items] | ||
Number Of operating mines | operatingMine | 2 | |
Revenue | $ 427,480 | $ 426,392 |
Cost Of Sales, Production | (178,396) | (171,060) |
Depreciation and depletion | (81,521) | (58,656) |
Sales expense | (10,718) | (9,501) |
Cost of sales | (270,635) | (239,217) |
Gross profit | 156,845 | 187,175 |
Expenses | ||
General and administrative | (52,429) | (49,459) |
Share-based compensation | (9,218) | (7,931) |
Finance income | 12,465 | 10,295 |
Finance expense | (25,822) | (33,223) |
Foreign exchange gain | 34,612 | 19,910 |
Other expenses | (4,102) | (384) |
Income before income taxes | 112,351 | 126,383 |
Current income tax expense | (15,992) | (15,043) |
Deferred income tax expense | (2,055) | (8,273) |
Net income for the year | 94,304 | 103,067 |
Capital expenditures | 489,501 | 306,499 |
Assets | ||
Total current assets | 199,487 | 392,427 |
Total non-current assets | 1,312,201 | 795,649 |
Total Assets | 1,511,688 | 1,188,076 |
Total Liabilities | $ 702,357 | $ 645,911 |
Caraíba (Brazil) | ||
Assets | ||
Number of customers | customers | 4 | 4 |
Caraíba (Brazil) | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | $ 320,603 | $ 351,405 |
Cost Of Sales, Production | (153,187) | (146,292) |
Depreciation and depletion | (62,032) | (47,051) |
Sales expense | (8,953) | (8,941) |
Cost of sales | (224,172) | (202,284) |
Gross profit | 96,431 | 149,121 |
Expenses | ||
General and administrative | (31,128) | (28,123) |
Share-based compensation | 0 | 0 |
Finance income | 5,543 | 4,310 |
Finance expense | (10,143) | (9,044) |
Foreign exchange gain | 34,737 | 19,812 |
Other expenses | (4,147) | (75) |
Income before income taxes | 91,293 | 136,001 |
Current income tax expense | (1,796) | (8,463) |
Deferred income tax expense | (2,618) | (8,378) |
Net income for the year | 86,879 | 119,160 |
Capital expenditures | 249,166 | 209,143 |
Assets | ||
Total current assets | 79,463 | 114,374 |
Total non-current assets | 883,712 | 621,005 |
Total Assets | 963,175 | 735,379 |
Total Liabilities | $ 138,497 | $ 98,904 |
Xavantina (Brazil) | ||
Assets | ||
Number of customers | customers | 2 | 2 |
Xavantina (Brazil) | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | $ 106,877 | $ 74,987 |
Cost Of Sales, Production | (25,209) | (24,768) |
Depreciation and depletion | (19,489) | (11,605) |
Sales expense | (1,765) | (560) |
Cost of sales | (46,463) | (36,933) |
Gross profit | 60,414 | 38,054 |
Expenses | ||
General and administrative | (6,550) | (4,062) |
Share-based compensation | 0 | 0 |
Finance income | 630 | 1,451 |
Finance expense | (4,431) | (4,244) |
Foreign exchange gain | 0 | 232 |
Other expenses | 111 | (292) |
Income before income taxes | 50,174 | 31,139 |
Current income tax expense | (7,446) | (2,413) |
Deferred income tax expense | 563 | 105 |
Net income for the year | 43,291 | 28,831 |
Capital expenditures | 27,567 | 30,773 |
Assets | ||
Total current assets | 23,736 | 50,447 |
Total non-current assets | 96,140 | 74,874 |
Total Assets | 119,876 | 125,321 |
Total Liabilities | 101,095 | 106,266 |
Tucumã (Brazil) | Operating segments [member] | ||
Expenses | ||
Capital expenditures | 205,506 | 59,428 |
Assets | ||
Total current assets | 2,016 | 144 |
Total non-current assets | 315,144 | 90,971 |
Total Assets | 317,160 | 91,115 |
Total Liabilities | 30,943 | 9,595 |
Corporate and Other | Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 0 | 0 |
Cost Of Sales, Production | 0 | 0 |
Depreciation and depletion | 0 | 0 |
Sales expense | 0 | 0 |
Cost of sales | 0 | 0 |
Gross profit | 0 | 0 |
Expenses | ||
General and administrative | (14,751) | (17,274) |
Share-based compensation | (9,218) | (7,931) |
Finance income | 6,292 | 4,534 |
Finance expense | (11,248) | (19,935) |
Foreign exchange gain | (125) | (134) |
Other expenses | (66) | (17) |
Income before income taxes | (29,116) | (40,757) |
Current income tax expense | (6,750) | (4,167) |
Deferred income tax expense | 0 | 0 |
Net income for the year | (35,866) | (44,924) |
Capital expenditures | 7,262 | 7,155 |
Assets | ||
Total current assets | 94,272 | 227,462 |
Total non-current assets | 17,205 | 8,799 |
Total Assets | 111,477 | 236,261 |
Total Liabilities | $ 431,822 | $ 431,146 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory [Abstract] | ||
Supplies and consumables | $ 24,270 | $ 23,043 |
Stockpiles | 5,624 | 2,125 |
Work in progress | 917 | 1,234 |
Finished goods | 11,443 | 4,553 |
Inventories | $ 42,254 | $ 30,955 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Advances to suppliers | $ 306 | $ 715 |
Prepaid expenses and other | 4,716 | 6,673 |
Current derivative financial assets | 11,254 | 3,237 |
Accounts receivable | 8,346 | 10,243 |
Advances to employees | 944 | 667 |
Value added taxes recoverable | 13,719 | 12,246 |
Other current assets | $ 39,285 | $ 33,781 |
Mineral, Property, Plant and _3
Mineral, Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | $ 755,274 | |
Capitalized borrowing costs | 17,000 | $ 6,246 |
Change in estimates | 3,119 | 1,354 |
Balance at end of period | 1,251,998 | 755,274 |
Buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 16,991 | |
Balance at end of period | 30,262 | 16,991 |
Mining equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 152,145 | |
Balance at end of period | 216,572 | 152,145 |
Mineral Properties | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 403,128 | |
Balance at end of period | 487,869 | 403,128 |
Development costs | 72,400 | 69,400 |
Projects in Progres | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 111,821 | |
Balance at end of period | 419,657 | 111,821 |
Equipment & Other Assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 12,272 | |
Balance at end of period | 17,245 | 12,272 |
Deposits On Projects | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 39,274 | |
Balance at end of period | 49,542 | 39,274 |
Mine Closure Costs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 8,961 | |
Balance at end of period | 12,193 | 8,961 |
Right-of-Use Assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 10,682 | |
Balance at end of period | 18,658 | 10,682 |
Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 983,174 | 605,949 |
Additions | 497,004 | 305,121 |
Capitalized borrowing costs | 16,983 | |
Disposals | (5,576) | (6,446) |
Transfers | 0 | 35,083 |
Foreign exchange | 89,489 | 35,867 |
Balance at end of period | 1,584,193 | 983,174 |
Cost | Buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 22,038 | 18,352 |
Additions | 2,672 | 885 |
Disposals | 0 | (736) |
Transfers | 10,405 | 2,280 |
Foreign exchange | 2,131 | 1,257 |
Balance at end of period | 37,246 | 22,038 |
Cost | Mining equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 194,455 | 124,775 |
Additions | 47,846 | 62,081 |
Disposals | (2,844) | (1,917) |
Transfers | 28,566 | 1,512 |
Foreign exchange | 17,466 | 8,004 |
Balance at end of period | 285,489 | 194,455 |
Cost | Mineral Properties | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 553,687 | 394,017 |
Additions | 98,046 | 125,004 |
Disposals | (746) | 0 |
Transfers | 898 | 8,453 |
Foreign exchange | 45,923 | 26,213 |
Balance at end of period | 697,808 | 553,687 |
Cost | Projects in Progres | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 111,821 | 19,190 |
Additions | 217,988 | 64,779 |
Capitalized borrowing costs | 16,983 | 6,246 |
Disposals | (41) | (2,241) |
Transfers | 57,669 | 26,303 |
Foreign exchange | 15,237 | (2,456) |
Balance at end of period | 419,657 | 111,821 |
Cost | Equipment & Other Assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 19,262 | 9,819 |
Additions | 3,207 | 8,722 |
Disposals | (58) | (9) |
Transfers | 2,639 | 185 |
Foreign exchange | 1,563 | 545 |
Balance at end of period | 26,613 | 19,262 |
Cost | Deposits On Projects | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 39,274 | 10,488 |
Additions | 107,226 | 31,984 |
Disposals | (56) | (2) |
Transfers | (100,177) | (3,650) |
Foreign exchange | 3,275 | 454 |
Balance at end of period | 49,542 | 39,274 |
Cost | Mine Closure Costs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 14,188 | 12,010 |
Additions | 0 | 0 |
Change in estimates | 3,119 | 1,354 |
Disposals | 0 | 0 |
Transfers | 0 | 0 |
Foreign exchange | 1,202 | 824 |
Balance at end of period | 18,509 | 14,188 |
Cost | Right-of-Use Assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 28,449 | 17,298 |
Additions | 20,019 | 11,666 |
Disposals | (1,831) | (1,541) |
Transfers | 0 | 0 |
Foreign exchange | 2,692 | 1,026 |
Balance at end of period | 49,329 | 28,449 |
Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | (227,900) | (160,521) |
Additions | (88,527) | (60,215) |
Disposals | 3,037 | 3,449 |
Foreign exchange | (18,805) | (10,613) |
Balance at end of period | (332,195) | (227,900) |
Accumulated depreciation | Buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | (5,047) | (4,428) |
Additions | (1,497) | (1,047) |
Disposals | 0 | 734 |
Foreign exchange | (440) | (306) |
Balance at end of period | (6,984) | (5,047) |
Accumulated depreciation | Mining equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | (42,310) | (25,943) |
Additions | (24,209) | (16,373) |
Disposals | 1,613 | 1,672 |
Foreign exchange | (4,011) | (1,666) |
Balance at end of period | (68,917) | (42,310) |
Accumulated depreciation | Mineral Properties | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | (150,559) | (109,889) |
Additions | (47,717) | (33,378) |
Disposals | 0 | 60 |
Foreign exchange | (11,663) | (7,352) |
Balance at end of period | (209,939) | (150,559) |
Accumulated depreciation | Projects in Progres | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | 0 | 0 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Foreign exchange | 0 | 0 |
Balance at end of period | 0 | 0 |
Accumulated depreciation | Equipment & Other Assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | (6,990) | (5,733) |
Additions | (1,877) | (973) |
Disposals | 52 | 70 |
Foreign exchange | (553) | (354) |
Balance at end of period | (9,368) | (6,990) |
Accumulated depreciation | Mine Closure Costs | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | (5,227) | (4,040) |
Additions | (662) | (914) |
Disposals | 0 | 0 |
Foreign exchange | (427) | (273) |
Balance at end of period | (6,316) | (5,227) |
Accumulated depreciation | Right-of-Use Assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of period | (17,767) | (10,488) |
Additions | (12,565) | (7,530) |
Disposals | 1,372 | 913 |
Foreign exchange | (1,711) | (662) |
Balance at end of period | $ (30,671) | $ (17,767) |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) customers | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Purchase of exploration and evaluation assets | $ 13,475 | $ 13,044 |
Number of property option agreements | customers | 3 | |
Interest of property, based upon certain conditions, percent | 100% | |
Commitment to minimum exploration costs to acquire exploration assets | $ 15,500 | |
Commitment to minimum exploration costs to acquire exploration assets | 3 years | |
Ownership percentage if option to acquire is exercised | 100% | |
Sellers expected to retain net smelt royalties, percent (up to) | 1.50% | |
Exploration and evaluation assets | $ 29,936 | 15,686 |
Carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Transfers to property, plant and equipment | 0 | 35,083 |
Mineral property, plant and equipment | Carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Transfers to property, plant and equipment | $ 28,566 | $ 1,512 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade suppliers | $ 74,877 | $ 47,868 |
Payroll and labour related liabilities | 26,421 | 21,008 |
Value added tax and other tax payable | 9,142 | 8,040 |
Cash-settled equity awards | 8,796 | 6,684 |
Other accrued liabilities | 1,468 | 1,003 |
Accounts payable and accrued liabilities | $ 120,704 | $ 84,603 |
Loans and Borrowings - Schedule
Loans and Borrowings - Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||||
Principal to be repaid | $ 422,629 | |||
Carrying value, including accrued interest | 426,233 | $ 418,057 | $ 59,250 | |
Current portion | 20,381 | 15,703 | ||
Non-current portion | $ 405,852 | 402,354 | ||
Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Maturity (Months) | 29 months | |||
Senior notes due 2030 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Maturity (Months) | 73 months | |||
Coupon rate | 6.50% | 6.50% | ||
Principal to be repaid | $ 400,000 | |||
Carrying value, including accrued interest | 403,274 | 402,453 | ||
Equipment Finance Loans USD | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal to be repaid | $ 15,987 | |||
Equipment Finance Loans USD | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Maturity (Months) | 15 months | |||
Coupon rate | 5% | |||
Equipment Finance Loans USD | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Maturity (Months) | 43 months | |||
Coupon rate | 8.12% | |||
Equipment Finance Loans EUR | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal to be repaid | $ 998 | |||
Equipment Finance Loans EUR | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Maturity (Months) | 26 months | |||
Coupon rate | 5.25% | |||
Equipment Finance Loans EUR | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Maturity (Months) | 30 months | |||
Bank Loan (MCSA) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Maturity (Months) | 35 months | |||
Principal to be repaid | $ 2,365 | |||
Bank Loan (MCSA) | Brazilian Interbank Deposit Rate (CDI) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Coupon rate | 0.50% | |||
Equipment Finance Loans BRL | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal to be repaid | $ 3,279 | |||
Equipment Finance Loans BRL | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Maturity (Months) | 2 months | |||
Coupon rate | 0% | |||
Equipment Finance Loans BRL | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Coupon rate | 16.63% | |||
Carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value, including accrued interest | $ 426,233 | 418,057 | ||
Current portion | 20,381 | 15,703 | ||
Non-current portion | 405,852 | 402,354 | ||
Carrying amount | Equipment Finance Loans USD | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value, including accrued interest | 16,175 | 10,322 | ||
Carrying amount | Equipment Finance Loans EUR | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value, including accrued interest | 1,000 | 1,372 | ||
Carrying amount | Bank Loan (MCSA) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value, including accrued interest | 2,375 | 2,963 | ||
Carrying amount | Equipment Finance Loans BRL | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value, including accrued interest | $ 3,409 | $ 947 |
Loans and Borrowings - Movement
Loans and Borrowings - Movement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | ||
Balance, beginning of year | $ 418,057 | $ 59,250 |
New loans and borrowings, net of transaction costs | 14,889 | 401,495 |
Principal and interest payments | (35,247) | (71,033) |
Interest costs, including interest capitalized | 28,282 | 26,666 |
Foreign exchange gain | 252 | 328 |
Loss on debt modification | 0 | 1,351 |
Balance, end of year | 426,233 | 418,057 |
Senior secured revolving credit facility | ||
Disclosure of detailed information about borrowings [line items] | ||
New loans and borrowings, net of transaction costs | 392,006 | |
Equipment Finance Loans | ||
Disclosure of detailed information about borrowings [line items] | ||
New loans and borrowings, net of transaction costs | $ 14,889 | $ 9,489 |
Loans and Borrowings - Senior N
Loans and Borrowings - Senior Notes (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||||
New loans and borrowings, net of transaction costs | $ 14,889 | $ 401,495 | ||
Borrowings | 426,233 | 418,057 | $ 59,250 | |
Senior notes due 2030 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal amount | $ 400,000 | |||
New loans and borrowings, net of transaction costs | $ 392,000 | 0 | ||
Borrowings | $ 403,274 | $ 402,453 | ||
Interest rate (as a percent) | 6.50% | 6.50% | ||
Senior notes due 2030 | Effective interest rate | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate (as a percent) | 6.70% | |||
Senior notes due 2030 | Redemption period one | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Redemption price, percentage | 103.25% | |||
Senior notes due 2030 | Redemption period one | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Redemption price, percentage | 100% | |||
Senior notes due 2030 | Redemption period two | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Redemption price, percentage | 100% | |||
Senior notes due 2030 | Redemption period three | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Redemption price, percentage | 106.50% | |||
Redemption, using equity offerings, percentage | 40% | |||
Senior notes due 2030 | Redemption period four | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Redemption price, percentage | 101% | |||
Senior notes due 2030 | Deferred finance costs | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ (8,000) |
Loans and Borrowings - Senior C
Loans and Borrowings - Senior Credit Facility (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 07, 2024 | Jan. 31, 2023 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||||
Repayments of borrowings | $ 7,786 | $ 55,650 | |||
Borrowings | 426,233 | 418,057 | $ 59,250 | ||
Gross carrying amount | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | 426,233 | 418,057 | |||
Long-term borrowings [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | $ 20,000 | ||||
Senior Credit Facility | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowing facility size | 75,000 | $ 150,000 | |||
Repayments of borrowings | 50,000 | ||||
Accordion option | $ 100,000 | ||||
Senior secured revolving credit facility | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowing facility size | $ 75,000 | $ 150,000 | |||
Senior secured revolving credit facility | Bottom of range | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, undrawn commitment fees (as a percent) | 0.45% | ||||
Senior secured revolving credit facility | Top of range | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, undrawn commitment fees (as a percent) | 1.01% | ||||
Senior secured revolving credit facility | LIBOR | Bottom of range | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Adjustment to interest rate basis (as a percent) | 2% | ||||
Senior secured revolving credit facility | LIBOR | Top of range | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Adjustment to interest rate basis (as a percent) | 4.50% |
Loans and Borrowings - Bank Loa
Loans and Borrowings - Bank Loan and Equipment Finance Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 426,233 | $ 418,057 | $ 59,250 |
Bank Loan (MCSA) | |||
Disclosure of detailed information about borrowings [line items] | |||
Term of borrowing | 35 months | ||
Bank Loan (MCSA) | Brazilian Interbank Deposit Rate (CDI) | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis (as a percent) | 0.50% |
Loans and Borrowings - MCSA and
Loans and Borrowings - MCSA and NX Gold Lines of Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 426,233 | $ 418,057 | $ 59,250 |
Repayments of borrowings | 7,786 | 55,650 | |
Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 426,233 | $ 418,057 |
Loans and Borrowings - Debt Rep
Loans and Borrowings - Debt Repayments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 426,233 | $ 418,057 | $ 59,250 |
Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 426,233 | $ 418,057 |
Deferred Revenue Additional (De
Deferred Revenue Additional (Details) oz in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2021 USD ($) oz | Dec. 31, 2023 USD ($) $ / Ounce | Dec. 31, 2022 USD ($) $ / Ounce | Dec. 31, 2021 USD ($) | |
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Advances received | $ 3,544 | $ 3,207 | ||
Deferred revenue | 75,549 | 86,055 | $ 94,222 | |
Amortization of deferred revenue | 17,082 | 14,781 | ||
Current portion of deferred revenue | 17,159 | 16,580 | ||
Non-current deferred revenue | 58,390 | 69,476 | ||
Gold | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Amortization of deferred revenue | $ 17,082 | $ 14,781 | ||
Royal Gold | Performance obligations satisfied at point in time | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Quantity of gold required to be received (in ounce) | oz | 49 | |||
Royal Gold | Gold | Performance obligations satisfied at point in time | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Percentage of prevailing spot gold price | 20% | |||
Royal Gold | Gold | Performance obligations satisfied over time | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Percentage of prevailing spot gold price | 40% | |||
Royal Gold | Performance obligations satisfied at point in time | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Percentage of gold to be produced | 25% | |||
Royal Gold | Performance obligations satisfied over time | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Percentage of gold to be produced | 10% | |||
Royal Gold | Gold | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Advances received | $ 100,000 | |||
Average cash consideration (in usd per ounce) | $ / Ounce | 386 | 359 | ||
Amortization of deferred revenue | $ 17,100 | $ 14,800 | ||
Royal Gold | Gold | Performance obligations satisfied at point in time | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Quantity of gold required to be delivered (in ounce) | oz | 93 |
Deferred Revenue - Movement (De
Deferred Revenue - Movement (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) oz $ / Ounce | Dec. 31, 2022 USD ($) oz $ / Ounce | |
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | |||
Quantity delivered (in ounce) | oz | 10,082 | ||
Balance, beginning of year | $ 86,055 | $ 94,222 | |
Advances received | 3,544 | 3,207 | |
Accretion of deferred revenue | 3,032 | 3,407 | |
Amortization of deferred revenue | (17,082) | (14,781) | |
Balance, end of year | 75,549 | 86,055 | |
Current portion of deferred revenue | 17,159 | 16,580 | |
Deferred revenue | $ 58,390 | $ 69,476 | |
Cumulative quantity delivered | oz | 29,260 | 15,255 | |
Amortization due to change in estimate | $ 2,500 | $ 300 | |
Gold | |||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | |||
Amortization of deferred revenue | $ (17,082) | $ (14,781) | |
Royal Gold | Gold | |||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | |||
Quantity delivered (in ounce) | oz | 14,005 | 10,082 | |
Advances received | $ 100,000 | ||
Amortization of deferred revenue | $ (17,100) | $ (14,800) | |
Average cash consideration (in usd per ounce) | $ / Ounce | 386 | 359 |
Provision for rehabilitation _3
Provision for rehabilitation and closure costs - Reconciliation (Details) - Provision for rehabilitation and closure costs - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in other provisions [abstract] | ||
Balance, beginning of year | $ 22,172 | $ 19,037 |
Change in estimates | 3,455 | 1,854 |
Accretion expense | 2,703 | 2,191 |
Settled | (3,344) | (2,238) |
Foreign exchange | 1,701 | 1,328 |
Balance, end of year | 26,687 | 22,172 |
MCSA Mining Complex | ||
Reconciliation of changes in other provisions [abstract] | ||
Balance, beginning of year | 18,026 | |
Balance, end of year | 21,372 | 18,026 |
NX Gold | ||
Reconciliation of changes in other provisions [abstract] | ||
Balance, beginning of year | 558 | |
Balance, end of year | 1,365 | 558 |
Xavantina | ||
Reconciliation of changes in other provisions [abstract] | ||
Balance, beginning of year | 3,588 | |
Balance, end of year | $ 3,950 | $ 3,588 |
Provision for rehabilitation _4
Provision for rehabilitation and closure costs - Additional Information (Details) - Provision for rehabilitation and closure costs | Dec. 31, 2023 | Dec. 31, 2022 |
Bottom of range | Discount rate | ||
Disclosure of other provisions [line items] | ||
Significant unobservable input, liabilities | 0.0850 | 0.0850 |
Bottom of range | Inflation factor | ||
Disclosure of other provisions [line items] | ||
Significant unobservable input, liabilities | 0.0350 | 0.0325 |
Top of range | Discount rate | ||
Disclosure of other provisions [line items] | ||
Significant unobservable input, liabilities | 0.0979 | 0.1186 |
Top of range | Inflation factor | ||
Disclosure of other provisions [line items] | ||
Significant unobservable input, liabilities | 0.0390 | 0.0531 |
Other Non-current Liabilities_2
Other Non-current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Cash-settled equity awards (Note 15(b)) | $ 2,549 | $ 2,256 |
Non-Current Value Added Tax And Other Taxes Payables | 8,012 | 5,254 |
Provision (Note 26(b)) | 1,622 | 1,578 |
Other liabilities | 5,975 | 2,731 |
Other non-current liabilities | $ 18,158 | $ 11,819 |
Share Capital - General, Additi
Share Capital - General, Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [line items] | ||||
Proceeds from issue of ordinary shares | $ 111,300 | |||
Shares issued price per share (in usd per share) | $ 12.35 | |||
Proceeds from issuing shares, net | $ 104,330 | $ 0 | ||
Share Capital | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding | 102,747,558 | 92,182,633 | 90,204,378 | |
Proceeds from issuing shares, net | $ 104,300 | |||
Common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding | 102,747,558 | 92,182,633 |
Share Capital - Options, Additi
Share Capital - Options, Additional information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of options granted (in shares) | shares | 525,138 | 449,248 |
Weighted average exercise price (in usd per share) | $ / shares | $ 18 | $ 17.80 |
Expiration period | 5 years | |
Total fair value of options on grant date | $ 3,400 | $ 2,800 |
Share-based compensation | $ 9,218 | $ 7,931 |
Weighted average | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share price of options exercised (in usd per share) | $ / shares | $ 12.94 | $ 12.44 |
Stock options | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting period | 3 years | |
Share-based compensation | $ 1,574 | $ 2,091 |
Share Capital - Rollforward of
Share Capital - Rollforward of Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Share Capital , Reserves, Other Equity Interest, Share-Based Payment Arrangements And Earnings Per Share [Abstract] | ||
Number of Stock Options Outstanding, beginning of period (in shares) | shares | 2,781,074 | 4,202,389 |
Number of Stock Options Issued (in shares) | shares | 525,138 | 449,248 |
Number of Stock Options Exercised (in shares) | shares | (1,333,199) | (1,812,558) |
Number of Stock Options Cancelled (in shares) | shares | (86,688) | (58,005) |
Number of Stock Options Outstanding, end of period (in shares) | shares | 1,886,325 | 2,781,074 |
Weighted Average Exercise Price, Outstanding, beginning of period (in usd per share) | $ / shares | $ 15.49 | $ 11.36 |
Weighted Average Exercise Price, Issued (in usd per share) | $ / shares | 18 | 17.80 |
Weighted Average Exercise Price, Exercised (in usd per share) | $ / shares | 11.28 | 6.35 |
Weighted Average Exercise Price, Cancelled (in usd per share) | $ / shares | 18.59 | 19.59 |
Weighted Average Exercise Price, Outstanding, end of period (in usd per share) | $ / shares | $ 19.56 | $ 15.49 |
Share Capital - Stock Options O
Share Capital - Stock Options Outstanding (Details) | 12 Months Ended | ||
Dec. 31, 2023 alternative_energy_credit shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of Stock Options (in shares) | shares | 1,886,325 | 2,781,074 | 4,202,389 |
Weighted Exercise Price (in dollars per share) | $ 19.56 | $ 15.49 | $ 11.36 |
$10.01 to $20.00 CAD | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of Stock Options (in shares) | alternative_energy_credit | 1,406,222 | ||
Vested and Exercisable Number of Stock Options (in shares) | alternative_energy_credit | 645,669 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 9 months 7 days | ||
$10.01 to $20.00 CAD | Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted Exercise Price (in dollars per share) | $ 10.01 | ||
$10.01 to $20.00 CAD | Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted Exercise Price (in dollars per share) | $ 20 | ||
$20.01 to $24.45 CAD | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of Stock Options (in shares) | alternative_energy_credit | 480,103 | ||
Vested and Exercisable Number of Stock Options (in shares) | alternative_energy_credit | 461,490 | ||
Weighted average remaining contractual life of outstanding share options | 1 year 1 month 6 days | ||
$20.01 to $24.45 CAD | Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted Exercise Price (in dollars per share) | $ 20.01 | ||
$20.01 to $24.45 CAD | Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted Exercise Price (in dollars per share) | $ 24.45 | ||
$19.56 CAD ($14.79 USD) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of Stock Options (in shares) | alternative_energy_credit | 1,886,325 | ||
Vested and Exercisable Number of Stock Options (in shares) | alternative_energy_credit | 1,107,159 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 1 month 2 days | ||
$19.56 CAD ($14.79 USD) | Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted Exercise Price (in dollars per share) | $ 19.56 | ||
$19.56 CAD ($14.79 USD) | Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted Exercise Price (in dollars per share) | $ 14.79 |
Share Capital - Weighted Averag
Share Capital - Weighted Average Inputs (Details) | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Share Capital , Reserves, Other Equity Interest, Share-Based Payment Arrangements And Earnings Per Share [Abstract] | ||
Expected term (years) | shares | 3.2 | 3 |
Forfeiture rate (as a percent) | 0% | 0% |
Volatility (as a percent) | 54% | 60% |
Dividend yield (as a percent) | 0% | 0% |
Risk-free interest rate (as a percent) | 3.99% | 3.86% |
Weighted-average fair value per option (in usd per share) | $ / shares | $ 6.38 | $ 6.16 |
Share Capital - Performance Sha
Share Capital - Performance Share Units (Details) | 12 Months Ended | |
Dec. 31, 2023 shares shares | Dec. 31, 2022 shares shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding balance, beginning of year | 219,961 | |
Issued | 87,351 | 88,876 |
Outstanding balance, end of year | 307,312 | 219,961 |
PSU | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding balance, beginning of year | 881,788 | 793,043 |
Issued | 437,204 | 344,549 |
Settled | (238,881) | (212,765) |
Forfeited | (112,190) | (43,039) |
Outstanding balance, end of year | 967,921 | 881,788 |
Share Capital - Performance S_2
Share Capital - Performance Share Unit Plan, Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation | $ 9,218 | $ 7,931 |
Performance share unit plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of common shares to be received per unit | 1 | |
Vesting period | 3 years | |
Share-based compensation | $ 4,093 | 3,158 |
Fair value of liability | $ 6,500 | 5,900 |
Performance share unit plan | Accounts payable and accrued liabilities | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of liability | $ 3,900 | |
Performance share unit plan | Bottom of range | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting percentage | 0% | |
Performance share unit plan | Top of range | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Vesting percentage | 200% |
Share Capital -Deferred Share U
Share Capital -Deferred Share Unit Plan Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding balance, beginning of year | 219,961 | |
Issued | 87,351 | 88,876 |
Outstanding balance, end of year | 307,312 | 219,961 |
Deferred share unit plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding balance, beginning of year | 219,961 | 131,085 |
Outstanding balance, end of year | 219,961 |
Share Capital - Deferred Share
Share Capital - Deferred Share Unit Plan, Additional Information (Details) - Deferred share unit plan - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of liability | $ 4.9 | |
Accounts payable and accrued liabilities | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Fair value of liability | $ 3 |
Share Capital - Restricted Shar
Share Capital - Restricted Share Unit Plan, Additional Information (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares issued | 87,351 | 88,876 |
Other equity instruments granted in share-based payment arrangement, grant date fair value | $ | $ 3.2 | $ 2.2 |
Restricted share unit plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares issued | 203,537 | 160,320 |
Weighted average fair value price, equity instruments granted in share-based payment arrangement, | $ / shares | $ 15.59 | $ 13.86 |
Redemption period | 30 days |
Share Capital - Restricted Sh_2
Share Capital - Restricted Share Unit Outstanding (Details) | 12 Months Ended | |
Dec. 31, 2023 shares shares | Dec. 31, 2022 shares shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding balance, beginning of year | 219,961 | |
Issued | 87,351 | 88,876 |
Outstanding balance, end of year | 307,312 | 219,961 |
Restricted share unit plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding balance, beginning of year | 263,202 | 171,106 |
Issued | 203,537 | 160,320 |
Settled | (95,456) | (59,795) |
Forfeited | (30,713) | (8,429) |
Outstanding balance, end of year | 340,570 | 263,202 |
Share Capital- Share-based Comp
Share Capital- Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation | $ 9,218 | $ 7,931 |
Share-based compensation in contributed surplus | 3,380 | 3,686 |
Equity Reserves, Contributed Surplus | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation in contributed surplus | 3,380 | 3,686 |
Stock options | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation | 1,574 | 2,091 |
Performance share unit plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation | 4,093 | 3,158 |
Deferred share unit plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation | 1,756 | 1,087 |
Restricted share unit plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based compensation | $ 1,795 | $ 1,595 |
Share Capital - Net Income per
Share Capital - Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Capital , Reserves, Other Equity Interest, Share-Based Payment Arrangements And Earnings Per Share [Abstract] | ||
Weighted average number of common shares outstanding (in shares) | 94,111,548 | 90,789,925 |
Dilutive effects of Stock options (in shares) | 444,216 | 1,117,529 |
Dilutive effects of Share units (in shares) | 340,570 | 263,202 |
Weighted average number of diluted common shares outstanding (in shares) | 94,896,334 | 92,170,656 |
Net income attributable to owners of the Company | $ 92,804 | $ 101,831 |
Basic net income per share (in usd per share) | $ 0.99 | $ 1.12 |
Diluted net income per share (in usd per share) | $ 0.98 | $ 1.10 |
Stock options | ||
Earnings per share [line items] | ||
Antidilutive securities (in shares) | 646,932 | 1,647,969 |
Revenue (Details)
Revenue (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) oz $ / Ounce | Dec. 31, 2022 USD ($) oz $ / Ounce | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 427,480 | $ 426,392 |
Amortization of deferred revenue | 17,082 | $ 14,781 |
Quantity delivered (in ounce) | oz | 10,082 | |
Copper | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 320,603 | $ 351,404 |
Adjustments on provisionally priced sales | (4,083) | (15,066) |
Copper | Domestic | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 24,303 | 52,841 |
Copper | Export | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 300,383 | 313,629 |
Copper | Export | Bottom of range | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Final sales price, period after shipment | 0 months | |
Copper | Export | Top of range | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Final sales price, period after shipment | 4 months | |
Gold | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 106,877 | 74,988 |
Amortization of deferred revenue | 17,082 | 14,781 |
Gold | Royal Gold | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Amortization of deferred revenue | $ 17,100 | $ 14,800 |
Quantity delivered (in ounce) | oz | 14,005 | 10,082 |
Average cash consideration (in usd per ounce) | $ / Ounce | 386 | 359 |
Gold | Export | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 89,795 | $ 60,207 |
Cost of Sales (Details)
Cost of Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Materials | $ 44,361 | $ 42,359 |
Salaries and benefits | 60,609 | 50,168 |
Contracted services | 32,911 | 32,576 |
Maintenance costs | 31,025 | 26,381 |
Utilities | 13,574 | 13,092 |
Other costs | 1,185 | 1,163 |
Cost of sales, change In inventory, excluding depreciation and depletion | (5,269) | 5,321 |
Cost Of Production | 178,396 | 171,060 |
Sales expense | 10,718 | 9,501 |
Depreciation and depletion | 86,065 | 59,475 |
Cost Of Sales, Change In Inventory, Depreciation And Depletion | (4,544) | (819) |
Cost of sales | $ 270,635 | 239,217 |
Cost of sales, other, copper concentrates acquired | 6,100 | |
Proceeds from sale of minerals | $ 6,000 |
General and Administrative Ex_3
General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Accounting and legal | $ 2,049 | $ 2,397 |
Amortization and depreciation | 1,503 | 313 |
Office and administration | 8,970 | 9,293 |
Salaries and consulting fees | 29,281 | 24,343 |
Incentive payments | 6,887 | 8,213 |
Other | 3,739 | 4,900 |
General and administrative | $ 52,429 | $ 49,459 |
Finance Expense (Details)
Finance Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Interest on loans and borrowings(1) | $ 11,299 | $ 20,420 |
Accretion of deferred revenue | 3,032 | 3,407 |
Accretion of provision for rehabilitation and closure costs | 2,703 | 2,191 |
Interest on lease liabilities | 1,477 | 706 |
Other finance expenses | 7,311 | 6,499 |
Finance expense | 25,822 | 33,223 |
Capitalized borrowing costs | 17,000 | 6,246 |
Other finance expense, loss on fair value adjustments of accounts receivable | $ 4,100 | $ 3,300 |
Foreign Exchange Loss (Details)
Foreign Exchange Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Changes In Foreign Exchange Rates [Abstract] | ||
Foreign exchange gain | $ 18,695 | $ 3,890 |
Realized foreign exchange gain (loss) on derivative contracts (note 23) | 11,417 | (12,498) |
Unrealized foreign exchange gain on derivative contracts (note 23) | 7,582 | 33,092 |
Foreign exchange loss on other financial assets and liabilities | (3,082) | (4,574) |
Foreign exchange gains (losses) | $ 34,612 | $ 19,910 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Net income in the year before tax | $ 112,351 | $ 126,383 |
Tax rate | 27% | 27% |
Income tax expense at statutory rate | $ 30,335 | $ 34,123 |
Difference in tax rate of foreign jurisdictions | (11,318) | (15,858) |
Non-taxable items | (10,740) | (5,618) |
Change in temporary differences not previously recognized | 2,153 | 8,762 |
Withholding taxes and other | 7,617 | 1,907 |
Income tax expense | $ 18,047 | $ 23,316 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Current income tax: Relating to current income tax charge | $ 15,992 | $ 15,043 |
Deferred income tax: Relating to origination and reversal of temporary differences | 2,055 | 8,273 |
Income tax expense | 18,047 | 23,316 |
Income tax expense recognized in other comprehensive income | 1,262 | 523 |
Total income tax expense | $ 19,309 | $ 23,839 |
Income Taxes - Movement in Defe
Income Taxes - Movement in Deferred Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
At the beginning of the year | $ (6,229) | $ 2,315 |
Deferred income tax expense | (2,055) | (8,273) |
Income tax expense recognized in OCI | (1,262) | (523) |
Foreign exchange | (2) | 252 |
At the end of the year | $ (9,548) | $ (6,229) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets | $ 21,093 | $ 14,117 | |
Deferred income tax liabilities | (30,641) | (20,346) | |
Deferred tax liability (asset) | (9,548) | (6,229) | $ 2,315 |
Deferred income tax assets | 1,315 | 0 | |
Deferred income tax liabilities | (10,863) | (6,229) | |
Non-capital losses | Brazil | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets | 5,655 | 2,546 | |
Foreign exchange | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax liabilities | (3,083) | 0 | |
Foreign exchange | Brazil | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets | 0 | 2,087 | |
Other | Brazil | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets | 8,563 | 4,592 | |
Mine closure and rehabilitation provision | Brazil | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets | 4,070 | 3,381 | |
Mineral properties, plant and equipment | Brazil | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax liabilities | (15,566) | (9,364) | |
Loans and borrowings | Brazil | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax liabilities | (10,045) | (9,321) | |
Loans and borrowings | Canada | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax liabilities | (1,947) | (1,661) | |
Leases | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets | $ 2,805 | $ 1,511 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Taxes [Abstract] | ||
Deferred tax assets not recognized | $ 35.1 | $ 30.4 |
Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforwards | $ 100.2 | $ 82 |
Income Taxes - Unrecognized Ded
Income Taxes - Unrecognized Deductible Temporary Differences (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Brazil | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences with no deferred tax assets recognized | $ 39,959 | $ 37,077 |
Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences with no deferred tax assets recognized | 109,119 | 91,604 |
Mineral properties, plant and equipment | Brazil | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences with no deferred tax assets recognized | 39,959 | 37,077 |
Mineral properties, plant and equipment | Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences with no deferred tax assets recognized | 1,150 | 969 |
Non-capital losses | Brazil | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences with no deferred tax assets recognized | 0 | 0 |
Non-capital losses | Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences with no deferred tax assets recognized | 74,238 | 72,535 |
Other | Brazil | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences with no deferred tax assets recognized | 0 | 0 |
Other | Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences with no deferred tax assets recognized | $ 33,731 | $ 18,100 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party [Abstract] | ||
Salaries and short-term benefits | $ 10,746 | $ 11,058 |
Share-based payments | 8,156 | 6,478 |
Key management personnel remuneration | $ 18,902 | $ 17,536 |
Financial instruments - Fair Va
Financial instruments - Fair Value, Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value | $ 575,064 | ||
Borrowings at fair value | 376,000 | ||
Financial assets, at fair value | 17,400 | ||
Brazil | |||
Disclosure of detailed information about financial instruments [line items] | |||
Notes receivable, installment period | 24 months | ||
Notes receivable, interest rate | 11.65% | ||
Brazil | Loans and receivables, category | Trade receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 25,200 | $ 23,900 | |
Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets | (7,700) | (3,300) | |
Brazil | Financial assets at amortised cost, category | Trade receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets at amortised cost | 17,400 | 20,600 | |
Current financial assets at amortised cost | 8,300 | 10,200 | |
Non-current financial assets at amortised cost | 9,100 | $ 10,400 | |
Loans and borrowings | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value | $ 426,233 |
Financial instruments - Maximum
Financial instruments - Maximum Credit Risk Exposure (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 154,587 | $ 355,543 |
Credit risk | Cash and cash equivalents | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 111,738 | 177,702 |
Credit risk | Short-term investments | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 0 | 139,700 |
Credit risk | Accounts receivable | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 5,710 | 10,289 |
Credit risk | Derivatives | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 11,254 | 3,237 |
Credit risk | Note receivable | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 17,413 | 20,630 |
Credit risk | Deposits and other assets | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 8,472 | $ 3,985 |
Financial instruments - Maturit
Financial instruments - Maturity of Non-Derivative Liabilities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Disclosure of detailed information about financial instruments [line items] | |
Carrying value | $ 575,064 |
Contractual cash flows | 757,710 |
Loans and borrowings (including interest) | |
Disclosure of detailed information about financial instruments [line items] | |
Carrying value | 426,233 |
Contractual cash flows | 593,991 |
Accounts payable and accrued liabilities | |
Disclosure of detailed information about financial instruments [line items] | |
Carrying value | 120,704 |
Contractual cash flows | 120,704 |
Other non-current liabilities | |
Disclosure of detailed information about financial instruments [line items] | |
Carrying value | 8,524 |
Contractual cash flows | 23,436 |
Leases | |
Disclosure of detailed information about financial instruments [line items] | |
Carrying value | 19,603 |
Contractual cash flows | 19,579 |
Up to 12 months | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 169,376 |
Up to 12 months | Loans and borrowings (including interest) | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 37,743 |
Up to 12 months | Accounts payable and accrued liabilities | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 120,704 |
Up to 12 months | Other non-current liabilities | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 0 |
Up to 12 months | Leases | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 10,929 |
1 - 2 years | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 50,155 |
1 - 2 years | Loans and borrowings (including interest) | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 34,468 |
1 - 2 years | Accounts payable and accrued liabilities | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 0 |
1 - 2 years | Other non-current liabilities | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 10,166 |
1 - 2 years | Leases | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 5,521 |
3 - 5 years | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 98,440 |
3 - 5 years | Loans and borrowings (including interest) | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 82,781 |
3 - 5 years | Accounts payable and accrued liabilities | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 0 |
3 - 5 years | Other non-current liabilities | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 12,640 |
3 - 5 years | Leases | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 3,019 |
More than 5 years | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 439,739 |
More than 5 years | Loans and borrowings (including interest) | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 438,999 |
More than 5 years | Accounts payable and accrued liabilities | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 0 |
More than 5 years | Other non-current liabilities | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | 630 |
More than 5 years | Leases | |
Disclosure of detailed information about financial instruments [line items] | |
Contractual cash flows | $ 110 |
Financial instruments -Market R
Financial instruments -Market Risk Outstanding Derivative Instruments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / lb t alternative_energy_credit exchangeRate | |
Copper | |
Disclosure of detailed information about financial instruments [line items] | |
Derivative Nonmonetary Notional Amount | t | 6,000 |
Weighted average price per pound | $ / lb | 3.6 |
Derivative weighted average forward price | $ / lb | 4.03 |
Foreign exchange collar contracts | |
Disclosure of detailed information about financial instruments [line items] | |
Notional amount | $ | $ 316.5 |
Average foreign exchange rate | exchangeRate | 4.99 |
Weighted Average cap/forward price | alternative_energy_credit | 5.36 |
Forward Exchange Forward | |
Disclosure of detailed information about financial instruments [line items] | |
Notional amount | $ | $ 60.5 |
Weighted Average cap/forward price | alternative_energy_credit | 5.15 |
Financial instruments - Foreign
Financial instruments - Foreign Exchange Currency Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Gain (loss) from change in fair value | $ 7,582 | $ 33,092 |
Realized loss related to settlement | 11,417 | (12,498) |
Foreign exchange currency risk | Derivatives | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 11,300 | 3,200 |
Foreign exchange currency risk | Derivatives | Other Current Assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 11,300 | |
Foreign exchange currency risk | Foreign exchange collar contracts | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Gain (loss) from change in fair value | 7,600 | 33,100 |
Realized loss related to settlement | 11,400 | (12,500) |
Currency Risk, US Dollar and Euros | Loans and borrowings | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | 17,200 | 11,700 |
Currency Risk, US Dollar and Euros | Intercompany loan | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure | $ 342,200 | $ 148,200 |
Currency Risk, Brazilian Real to US Dollar | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
10 percent change on currency | 10% | |
20 percent change on currency | 20% | |
Impact of percent change on pre-tax net income | $ 35,800 | |
Impact of 20% change on pre-tax net income | $ 71,700 |
Financial instruments - Interes
Financial instruments - Interest Rate Risk (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Interest rate risk | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Reasonably possible change in risk variable (as a percent) | 1% |
Bank loans | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Notional amount | $ 2.4 |
Financial instruments - Price R
Financial instruments - Price Risk (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) t | Dec. 31, 2022 USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities, at fair value | $ 376,000 | |
Unrealized gain (loss) | $ (100) | |
Realized loss | $ (1,800) | |
Commodity price risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible change in risk variable (as a percent) | 10% | |
Impact of change on pre-tax net income | $ 2,500 | |
Commodity price risk | Commodity Contract | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities, at fair value | $ (600) | $ (600) |
Commodity price risk | Copper | Commodity Contract | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Quantity (tonnes) | t | 1,000 | |
Production volume, percentage | 25% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net change in non-cash working capital items: | ||
Accounts receivable | $ 6,918 | $ (1,870) |
Inventories | (5,269) | (1,709) |
Other assets | (11,694) | (13,836) |
Accounts payable and accrued liabilities | 1,673 | (614) |
Amortization of deferred revenue | (17,082) | (14,781) |
Net change in non-cash working capital items | (8,372) | (18,029) |
Non-cash investing and financing activities: | ||
Change in mineral properties, plant and equipment from change in estimates for provision for rehabilitation and closure costs | 3,119 | 1,354 |
Additions to property, plant and equipment by leases | 20,019 | 11,666 |
Non-cash increase in accounts payable in relation to capital expenditures | $ 28,851 | $ 10,311 |
Contingencies (Details)
Contingencies (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) claim | Dec. 31, 2022 USD ($) claim | |
Disclosure of contingent liabilities [line items] | ||
Contractual capital commitments | $ 122,600 | |
Non-current legal proceedings provision | 1,622 | $ 1,578 |
MCSA | Taxes | ||
Disclosure of contingent liabilities [line items] | ||
Estimated financial effect of contingent liabilities | $ 4,800 | $ 4,400 |
MCSA | Mining and other | ||
Disclosure of contingent liabilities [line items] | ||
Number of claims | claim | 5 | 5 |
Subsequent events (Details)
Subsequent events (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2021 |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | $ 426,233 | $ 418,057 | $ 59,250 | |
Carrying amount | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | $ 426,233 | 418,057 | ||
Senior notes due 2030 | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Principal amount | $ 400,000 | |||
Interest rate (as a percent) | 6.50% | 6.50% | ||
Borrowings | $ 403,274 | $ 402,453 | ||
Senior notes due 2030 | Deferred finance costs | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Borrowings | $ (8,000) |
Deposits and Other Non-curren_3
Deposits and Other Non-current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Value added taxes recoverable | $ 11,413 | $ 10,317 |
Note receivable (Note 23) | 9,067 | 10,387 |
Deposits and others | 8,472 | 3,985 |
Deposits and other non-current assets | $ 28,952 | $ 24,689 |
Uncategorized Items - _IXDS
Label | Element | Value |
Number of Shares, Issued, New Issues | ero_NumberOfSharesIssuedNewIssues | 9,010,000 |
Issued capital [member] | ||
Increase (decrease) Through Issuance Of Equity | ero_IncreaseDecreaseThroughIssuanceOfEquity | $ 104,330,000 |