Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Information [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-41382 |
Entity Registrant Name | i-80 Gold Corp. |
Entity Incorporation, State or Country Code | A1 |
Entity Primary SIC Number | 1040 |
Entity Address, Address Line One | 5190 Neil Road |
Entity Address, Address Line Two | Suite 460 |
Entity Address, City or Town | Reno |
Entity Address, State or Province | NV |
Entity Address, Postal Zip Code | 89502 |
City Area Code | 807 |
Local Phone Number | 346-1390 |
Title of 12(b) Security | Common shares, no par value |
Trading Symbol | IAUX |
Security Exchange Name | NYSEAMER |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 240,561,017 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Entity Central Index Key | 0001853962 |
Amendment Flag | false |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | 1015 15th Street N.W. |
Entity Address, Address Line Two | Suite 1000 |
Entity Address, City or Town | Washington |
Entity Address, State or Province | DC |
Entity Address, Postal Zip Code | 20005 |
City Area Code | 202 |
Local Phone Number | 572-3133 |
Contact Personnel Name | CT Corporation System |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Auditor Information [Abstract] | ||
Auditor Name | Grant Thornton LLP | Grant Thornton LLP |
Auditor Firm ID | 248 | 1390 |
Auditor Location | United States | Canada |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 48,276 | $ 87,658 |
Receivables | 623 | 393 |
Inventory | 16,535 | 26,000 |
Prepaids and deposits | 5,595 | 4,795 |
Current portion of other assets | 6,280 | 2,650 |
Total current assets | 77,309 | 121,496 |
Non-current assets | ||
Other assets | 2,487 | 0 |
Restricted cash and cash equivalents | 32,902 | 30,777 |
Long-term receivable | 0 | 1,427 |
Property, plant and equipment | 529,261 | 502,649 |
Total non-current assets | 564,650 | 534,853 |
Total assets | 641,959 | 656,349 |
Current liabilities | ||
Accounts payable | 10,622 | 8,533 |
Accrued liabilities | 6,612 | 5,533 |
Current portion of long-term debt | 21,288 | 58 |
Less current portion | 946 | 0 |
Current portion of other liabilities | 46,181 | 15,795 |
Total current liabilities | 85,649 | 29,919 |
Non-current liabilities | ||
Deferred tax liabilities | 8,020 | 19,853 |
Long-term debt | 94,588 | 41,378 |
Long-term portion | 70,680 | 92,849 |
Non-current portion of other liabilities | 49,610 | 65,372 |
Total non-current liabilities | 222,898 | 219,452 |
Total liabilities | 308,547 | 249,371 |
EQUITY | ||
Share capital | 354,470 | 350,198 |
Reserves | 15,042 | 13,683 |
Surplus / (deficit) | (36,100) | 43,097 |
Total equity | 333,412 | 406,978 |
Total liabilities and equity | $ 641,959 | $ 656,349 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME / (LOSS) AND COMPREHENSIVE INCOME / (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | ||
Revenue | $ 36,958 | $ 0 |
Cost of sales | (28,861) | 0 |
Depletion, depreciation and amortization | (4,528) | 0 |
Mine operating income | 3,569 | 0 |
Expenses | ||
Exploration, evaluation and pre-development | 38,809 | 10,477 |
General and administrative | 17,090 | 10,456 |
Restructuring costs | 0 | 4,444 |
Property maintenance | 3,249 | 387 |
Share-based payments | 3,280 | 2,683 |
Loss before the following | (58,859) | (28,447) |
Other income / (expense) | (11,683) | 126,942 |
Finance expense | (20,488) | (645) |
Related party interest expense | 0 | (1,177) |
Profit (loss) before tax | (91,030) | 96,673 |
Current tax expense | 0 | (200) |
Deferred tax recovery | 11,833 | (19,853) |
Income / (loss) from continuing operations | (79,197) | 76,620 |
Comprehensive income / (loss) for the year | (79,197) | 76,620 |
Income from discontinued operations for the period | 0 | 11,603 |
Income / (loss) for the year | (79,197) | 88,223 |
Comprehensive income / (loss) for the year | $ (79,197) | $ 88,223 |
Basic income / (loss) per share (in dollars per share) | $ (0.33) | $ 0.60 |
Diluted income / (loss) per share (in dollars per share) | $ (0.33) | $ 0.58 |
Basic weighted average shares outstanding (in shares) | 240,100,023 | 148,288,884 |
Diluted weighted average share outstanding (in shares) | 240,100,023 | 153,041,598 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | ||
Income / (loss) from continuing operations | $ (79,197,000) | $ 76,620,000 |
Items not affecting cash | ||
Depletion, depreciation and amortization | 6,184,000 | 361,000 |
Non-cash share-based payments | 2,915,000 | 2,683,000 |
Non-cash items included in other income | 8,066,000 | (126,321,000) |
Related party interest expense | 0 | 1,177,000 |
Loss on foreign exchange | 403,000 | 200,000 |
Finance expense | 20,460,000 | 0 |
Deferred taxes | (11,833,000) | 19,853,000 |
Increase in working capital | 7,160,000 | 2,872,000 |
Cash used in operating activities of continuing operations | (45,842,000) | (22,555,000) |
Cash provided by operating activities of discontinued operations | 0 | 9,548,000 |
Cash used in operating activities | (45,842,000) | (13,007,000) |
INVESTING ACTIVITIES | ||
Capital expenditures on property, plant and equipment | (50,221,000) | (6,015,000) |
Net cash on asset exchange | 0 | 5,100,000 |
Environmental liability security | (2,125,000) | (30,177,000) |
Reclamation expenditures | (622,000) | 0 |
Other assets | (1,767,000) | 0 |
Purchase of investments | 0 | (1,954,000) |
Cash used in investing activities of continuing operations | (54,735,000) | (131,440,000) |
Cash used in investing activities of discontinued operations | 0 | (6,146,000) |
Cash used in investing activities | (54,735,000) | (137,586,000) |
FINANCING ACTIVITIES | ||
Share issue costs | 0 | (2,602,000) |
Stock option and warrant exercises | 3,139,000 | 1,882,000 |
Finance fees paid | 0 | (644,000) |
Related party interest paid | 0 | (1,177,000) |
Other | (437,000) | 5,000 |
Cash provided by financing activities of continuing operations | 61,427,000 | 222,895,000 |
Cash provided by / (used in) financing activities of discontinued operations | 0 | 0 |
Cash provided by financing activities | 61,427,000 | 222,895,000 |
Change in cash and cash equivalents during the year | (39,150,000) | 72,302,000 |
Cash and cash equivalents, beginning of year | 87,658,000 | 15,239,000 |
Effect of exchange rate changes on cash held | (232,000) | 117,000 |
Cash and cash equivalents, end of year | 48,276,000 | 87,658,000 |
Equity Financing | ||
FINANCING ACTIVITIES | ||
Proceeds from shares issued | 0 | 63,724,000 |
Private Placement | ||
FINANCING ACTIVITIES | ||
Proceeds from shares issued | 0 | 103,117,000 |
Gold Prepay Agreement | ||
FINANCING ACTIVITIES | ||
Net proceeds | 41,737,000 | 0 |
Principal repayment on Gold Prepay Agreement | (12,901,000) | 0 |
Silver Purchase Agreement | ||
FINANCING ACTIVITIES | ||
Net proceeds | 29,889,000 | 0 |
Orion Convertible Loan | ||
FINANCING ACTIVITIES | ||
Net proceeds | 0 | 48,590,000 |
Sprott Convertible Loan | ||
FINANCING ACTIVITIES | ||
Net proceeds | 0 | 10,000,000 |
Equinox Loan | ||
FINANCING ACTIVITIES | ||
Net proceeds | 0 | 20,750,000 |
Repayment of loan from Equinox | 0 | (20,750,000) |
Ruby Hill | ||
INVESTING ACTIVITIES | ||
Acquisition | 0 | (75,084,000) |
Granite Creek | ||
INVESTING ACTIVITIES | ||
Acquisition | $ 0 | $ (23,310,000) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY $ in Thousands | USD ($) shares | Granite Creek USD ($) | Acquisition of Ruby Hill USD ($) | Premier USD ($) | Equinox Gold USD ($) | Orion USD ($) | Sprott USD ($) | Private Placement USD ($) | Private Placement Equinox Gold USD ($) | Private Placement Orion USD ($) | Offtake transfer, Orion USD ($) | Share capital USD ($) shares | Share capital Granite Creek USD ($) shares | Share capital Acquisition of Ruby Hill USD ($) shares | Share capital Premier USD ($) shares | Share capital Equinox Gold USD ($) shares | Share capital Private Placement USD ($) shares | Share capital Private Placement Equinox Gold USD ($) shares | Share capital Private Placement Orion USD ($) shares | Share capital Offtake transfer, Orion USD ($) shares | Equity settled employee benefits USD ($) | Equity settled employee benefits Premier USD ($) | Surplus / (deficit) USD ($) | Surplus / (deficit) Orion USD ($) | Surplus / (deficit) Sprott USD ($) |
Number of shares, beginning at Dec. 31, 2020 | shares | 481 | ||||||||||||||||||||||||
Equity, beginning at Dec. 31, 2020 | $ (16,539) | $ 10,218 | $ 7,141 | $ (33,898) | |||||||||||||||||||||
Exercise of stock options (in shares) | shares | 62,000 | ||||||||||||||||||||||||
Equity, ending at Apr. 06, 2021 | $ 10,200 | ||||||||||||||||||||||||
Number of shares, beginning at Dec. 31, 2020 | shares | 481 | ||||||||||||||||||||||||
Equity, beginning at Dec. 31, 2020 | $ (16,539) | $ 10,218 | 7,141 | (33,898) | |||||||||||||||||||||
Issue of equity, intercompany, shares | shares | 1,133 | ||||||||||||||||||||||||
Issue of equity, intercompany | 140,395 | $ 140,395 | |||||||||||||||||||||||
Shares issued (in shares) | shares | 137,624,461 | 4,800,000 | 8,784,122 | 5,479,536 | 7,500,000 | 839,799 | |||||||||||||||||||
Shares issued | $ 148,658 | $ 10,000 | $ 18,305 | $ 11,760 | $ 15,629 | $ 1,750 | $ 144,274 | $ 10,000 | $ 18,305 | $ 11,760 | $ 15,629 | $ 1,750 | $ 4,384 | ||||||||||||
Shares issued in equity financing | shares | 30,914,614 | ||||||||||||||||||||||||
Shares issued in equity financing | 60,841 | $ 60,841 | |||||||||||||||||||||||
Issue of equity, acquisitions | $ 27,000 | $ 8,000 | $ 27,000 | $ 8,000 | |||||||||||||||||||||
Issue of equity, acquisitions, shares | shares | 13,036,846 | 3,191,358 | |||||||||||||||||||||||
Shares issued on land acquisition | 5,000 | $ 5,000 | |||||||||||||||||||||||
Shares issued on land acquisition | shares | 2,430,488 | ||||||||||||||||||||||||
Shares issued to NGM for Asset Exchange | 47,422 | $ 47,422 | |||||||||||||||||||||||
Shares issued for Asset exchange | shares | 22,757,393 | ||||||||||||||||||||||||
Transfer of Premier USA shares to the Company (in shares) | shares | (1,614) | ||||||||||||||||||||||||
Transfer of Premier USA shares to the Company | (150,613) | $ (150,613) | |||||||||||||||||||||||
Loss on modification of shareholder loan | (8,832) | (8,832) | |||||||||||||||||||||||
Forced conversion option | $ (2,029) | $ (367) | $ (2,029) | $ (367) | |||||||||||||||||||||
Exercise of stock options (in shares) | shares | 1,345,200 | ||||||||||||||||||||||||
Exercise of stock options | 1,881 | $ 2,819 | (938) | ||||||||||||||||||||||
Share-based payments | 3,096 | 3,096 | |||||||||||||||||||||||
Share issue costs | (2,602) | $ (2,602) | |||||||||||||||||||||||
Loss for the year | 88,223 | 88,223 | |||||||||||||||||||||||
Number of shares, ending at Dec. 31, 2021 | shares | 238,703,817 | ||||||||||||||||||||||||
Equity, ending at Dec. 31, 2021 | $ 406,978 | $ 350,198 | 13,683 | 43,097 | |||||||||||||||||||||
Exercise of stock options (in shares) | shares | 1,047,200 | ||||||||||||||||||||||||
Exercise of warrants and stock options (in shares) | shares | 1,857,200 | ||||||||||||||||||||||||
Exercise of warrants and stock options | $ 3,699 | $ 4,272 | (573) | ||||||||||||||||||||||
Share-based payments | 1,932 | 1,932 | |||||||||||||||||||||||
Loss for the year | (79,197) | (79,197) | |||||||||||||||||||||||
Number of shares, ending at Dec. 31, 2022 | shares | 240,561,017 | ||||||||||||||||||||||||
Equity, ending at Dec. 31, 2022 | $ 333,412 | $ 354,470 | $ 15,042 | $ (36,100) |
NATURE OF BUSINESS
NATURE OF BUSINESS | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
NATURE OF BUSINESS | NATURE OF BUSINESS i-80 Gold Corp ("i-80 Gold" or the "Company"), is a Nevada-focused, growth-oriented gold and silver producer engaged in the exploration, development and production of gold, silver and polymetallic deposits. The Company's principal assets include the Ruby Hill Mine, Lone Tree Mine, Granite Creek Project and McCoy-Cove Project. Each property is wholly-owned by the Company. The Company was incorporated on November 10, 2020, in the province of British Columbia, Canada. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) under the symbol IAU and the New York Stock Exchange ("NYSE") under the symbol IAUX. Its head office is located at Suite 460, 5190 Neil Road, Reno, Nevada, 89502. (a) Plan of Arrangement with Equinox Gold On December 16, 2020, Premier Gold Mines Limited ("Premier") and Equinox Gold Corp. ("Equinox Gold") announced that the companies entered into a definitive agreement (the “Agreement”) whereby Equinox Gold would acquire all the outstanding shares of Premier (the “Transaction”). Concurrently, Premier would spin out its U.S. assets and operations which are included in the entities listed in Note 2(b) to a newly formed Canadian domiciled company i-80 Gold. On closing of the Transaction, existing Equinox Gold and Premier shareholders would own approximately 84% and 16% of Equinox Gold, and Equinox Gold and existing shareholders of Premier would own 30% and 70% of the Company, respectively, on an issued share basis. On February 23, 2021, Premier's security holders voted to approve the Transaction. By approving the Transaction, Premier security holders also approved the spin out to its shareholders shares of the Company. On March 18, 2021, the Company completed its private placement offering of 30,914,614 subscription receipts at a subscription price of C$2.60 for aggregate gross proceeds of approximately C$80.4 million ($60.8 million). Each subscription receipt entitled the subscriber to one common share of the Company and one-quarter share purchase warrant at an exercise price of C$3.64 with an expiration date of October 7, 2022 (total share purchase warrants issued of 7,728,654). Concurrently with the Company's offering, Equinox Gold advanced to the Company a $20.75 million bridge loan that was used by the Company for the purposes of making a $20.75 million cash deposit with affiliates of Waterton Global Resource Management, Inc. (“Waterton”) in partial satisfaction of the purchase price payable to Waterton for the acquisition of the Granite Creek Project. The loan matured and was repaid within 10 days following the closing of the Transaction in accordance with the agreement. The Transaction closed on April 7, 2021. Premier shareholders received 0.1967 of an Equinox Gold share for each Premier share held representing an at market acquisition based on the 10 day volume weighted average closing prices for both Equinox Gold and Premier shares on the TSX; and 0.4 of a share of the Company for each Premier share held. On April 7, 2021, just prior to the completion of the spin out of Premier by way of a Plan of Arrangement (“the Arrangement”), the Company issued 137,624,461 common shares to Premier for the transfer of its investment in Premier Gold Mines USA Inc. ("Premier USA") to the Company for the carrying amount of the investment, $150.6 million (1,614 common shares) offset by $4.4 million allocated to the equity settled employee benefits reserve for replacement options, $0.9 million for the transfer of the South Arturo silver stream, and $0.5 million for replacement warrants issued pursuant to the Arrangement resulting in $144.9 million in equity. In accordance with the terms of the Arrangement, the Company and Equinox Gold exchanged existing Premier stock options at the same ratio as shareholders received on the distribution of the Company to Premier shareholders and as such, the Company issued 0.4 of a stock option for each Premier option held. This resulted in 5,722,000 replacement options to option holders on record as of April 7, 2021, at an average option price of C$1.88. The replacement options were valued at $4.4 million and reduced the investment in Premier USA and were allocated to the equity settled employee benefits reserve. Also, in accordance with the terms of the Arrangement, a portion of the existing Premier silver stream agreement and replacement warrants were also allocated to the Company. The resulting valuation of $0.9 million for the transfer of the South Arturo silver stream and $0.5 million for 800,000 replacement warrants reduced the investment in Premier USA and were included as other long-term liabilities of the Company. Following the completion of the spin out on April 7, 2021, the subscription receipts were released from escrow and converted to common shares of the Company and were listed and posted for trading on the TSX. Trading in the Company's common shares commenced at the opening of the TSX on April 13, 2021, under the symbol “IAU”. (b) Acquisition and Purchase Agreements Osgood Mining Company LLC Acquisition On April 15, 2021, the Company, together with its subsidiary Premier USA completed the purchase agreement with affiliates of Waterton to acquire from Waterton all the outstanding membership interests of Osgood Mining Company LLC (“Osgood”). Osgood is the owner of the Granite Creek Project (formerly the "Getchell Project") in the Getchell gold belt near Winnemucca, Nevada. Consideration paid to Waterton consisted of (i) $23.0 million in cash, (ii) 13,036,846 common shares of the Company, (iii) warrants to purchase 12,071,152 common shares of the Company, with an exercise price C$3.64 per common share, for a period of 36 months following the closing date, and (iv) contingent value rights including a payment to Waterton in the amount of $5.0 million upon the public announcement of a positive production decision related to the Granite Creek Project (underground or open pit), and an additional $5 million upon production of the first ounce of gold (excluding ordinary testing and bulk sampling programs) following a 60 consecutive day period where gold prices have exceeded $2,000 per ounce. The common shares and warrants issued were subject to a statutory hold period under applicable Canadian securities legislation that expired on August 15, 2021. The Osgood acquisition was accounted for as an asset acquisition as management determined that substantially all the fair value of the gross assets acquired were concentrated on the Granite Creek Project mineral property. The components of consideration that were paid and the allocation to the net assets acquired is detailed in the table below: Components of consideration paid: Cash $ 23,000 Common shares 27,000 Warrants 6,065 Transaction costs 309 $ 56,374 Allocated value: Other assets $ 28 Buildings and equipment 356 Mineral properties 58,041 Reclamation and closure cost obligations (2,051) $ 56,374 For contingent consideration and payments, an accounting policy choice exists, and an entity may recognize a liability for the expected variable payments at the time control of the underlying asset is obtained or they may only recognize such a liability as the related activity that gives rise to the variability occurs. For the Osgood acquisition, management did not recognize a liability for contingent payments as the conditions required for these payments had not been met as of the date the assets were acquired. Christison Purchase Agreement On December 15, 2020, Premier USA entered into a definitive purchase agreement with the Christison Family Trust and Seven Dot Cattle Co. LLC to acquire certain fee lands and unpatented mining claims (the “First Property” and the “Second Property”) (collectively the “Christison Acquisition”) situated in Humboldt County, Nevada, for consideration consisting of $10 million in cash and $5 million in common shares of the Company. The mining claims are located adjacent to the Granite Creek Project. During the fourth quarter of 2020 Premier USA paid $7.5 million in cash as consideration for the First Property. On May 10, 2021, Premier USA completed the acquisition of the Second Property for consideration of $2.5 million in cash and 2,430,488 common shares of the Company. On completion of the transactions, the properties acquired in the Christison Acquisition and the Osgood Mining Company LLC acquisition were combined under the Granite Creek Project. Acquisition of Ruby Hill On October 18, 2021, the Company completed the acquisition of Ruby Hill Mining Company, LLC (“Ruby Hill”). The Ruby Hill property is host to multiple deposits that contain gold and silver resources, potential for significant base metal mineralization, and a previously producing open pit mine. The Company acquired 100% of the issued and outstanding shares of Ruby Hill for payment of $75 million in cash, 3,191,358 common shares of the Company valued at $8 million, and future milestone payments of up to $67 million that are subject to an early prepayment option that could reduce the milestone payments to $47 million. The four milestone payments and corresponding early prepayment options are as follows: • $17 million in cash and/or shares of i-80 Gold payable on the earlier of 60 days following the issuance of a press release by the Company regarding the completion of a new or updated Mineral Resource estimate for Ruby Hill or 15 months after closing, based on the market price of i-80 Gold's shares at the time of such payment (the "First Milestone Payment"); • $15 million in cash and/or shares of i-80 payable on the earlier of 60 days following the issuance of a press release by the Company regarding the completion of a Feasibility Study for Ruby Hill or 24 months after closing, based on the market price of i-80 Gold's shares at the time of such payment (the "Second Milestone Payment"). An early prepayment option to reduce the payment by $5 million is available if the payment is made less than 15 months after closing and if the payment in shares of the Company does not exceed up to $7.5 million of the total amount, at the Company's discretion. • $15 million in cash and/or shares of i-80 Gold payable on the earlier of 30 months after closing and 90 days following the announcement by the Company of a construction decision related to a deposit on any portion of Ruby Hill that is not currently being mined, based on the market price of i-80 Gold's shares at the time of such payment (the "Third Milestone Payment"); and • $20 million in cash and/or shares of i-80 Gold payable on the earlier of 36 months after closing and 90 days following the announcement by the Company of achieving Commercial Production related to a deposit on any portion of Ruby Hill that is not currently being mined, priced based on the market price of i-80 Gold's shares at the time of such payment (the "Fourth Milestone Payment"). An early prepayment option to reduce the payment for the third and fourth milestone payments to $20 million is available if the payments are done prior to 24 months after closing, if the payment in shares of the Company did not exceed up to $10 million of the total amount, at the Company's discretion, and if shares held by Waterton do not exceed 9.99% of the outstanding shares of the Company. The Company determined that the Ruby Hill Acquisition represents a business combination, with i-80 as the acquirer. Transaction costs incurred in respect of the acquisition totaling $1.2 million were expensed and presented within professional fees in general and administrative expense in profit or loss during the period ended December 31, 2021. The acquisition date fair value of the consideration transferred consisted of the following: Cash $ 75,084 Share-based consideration 8,000 Current portion of deferred consideration (i) (Note 12) 15,540 Long-term portion of deferred consideration (i) (Note 12) 26,355 Total consideration $ 124,979 (i) Management's best estimate is that the early prepayment options will be exercised for all milestone payments (discounted at a rate of 7.5%): the fair value of the first milestone payment of $17 million, the second milestone prepayment of $10 million, and the third and fourth milestone prepayment of $20 million. Net assets (liabilities) acquired: Accounts receivable and other assets $ 195 Inventory 13,800 Property, plant and equipment 29,981 Mineral property interests 105,877 Accounts payable (1,003) Accrued liabilities (663) Provision for environmental rehabilitation (23,208) Fair value of net assets acquired $ 124,979 The fair value of property, plant and equipment, mineral property interests, and the provision for environmental rehabilitation were estimated using discounted cash flow models, comparable transactions, and other market-based information. Expected future cash flows are based on estimates of future gold and silver prices and projected revenues, estimated quantities of mineral reserves and mineral resources, expected future production costs and capital expenditures based on life-of-mine plans at the acquisition date. The fair value of inventory was based on forward gold prices and the cost to complete inventory to finished product in determining the net realizable value. From the date of acquisition up to December 31, 2021, the Ruby Hill property did not generate any revenue with all direct and indirect operating costs in that intervening period capitalized into inventory. Accordingly, the operating costs did not impact the consolidated statement of income / (loss) for the period ended December 31, 2021. The Company incurred incremental general and administrative costs in relation to Ruby Hill, however, it is impracticable to allocate these costs to Ruby Hill as there were other acquisitions throughout 2021 that had also driven increases to these costs. On acquisition of the Ruby Hill property, Waterton did not provide historical financial information on the assets performance and therefore it is not possible to disclose the impact on the consolidated statement of income / (loss) for the year ended December 31, 2021, as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period. Asset Exchange with Nevada Gold Mines LLC On October 14, 2021, the Company completed the Asset Exchange Agreement ("Asset Exchange") with Nevada Gold Mines LLC (“NGM”), a joint-venture between Barrick Gold Corporation and Newmont Corporation. As part of the Asset Exchange, the Company acquired the Lone Tree and Buffalo Mountain gold deposits and certain processing infrastructure, including an autoclave, from NGM in consideration for: (i) the Company’s 40% ownership in the South Arturo Property; (ii) assignment of the Company’s option to acquire the adjacent Rodeo Creek exploration property; (iii) contingent consideration of up to $50 million based on an amount equal to $25 per ounce of recovered gold produced from the mineral resources at the Lone Tree property; and (iv) arrangement of substitute bonding in respect of the Lone Tree and Buffalo Mountain reclamation obligations. In addition, at closing of the Asset Exchange, NGM reimbursed the Company approximately $7.3 million for amounts previously advanced by the Company for the autonomous truck haulage test work completed at South Arturo and for funds advanced by the Company that were not used for reclamation activities. The legal transfer was effective June 1, 2021 and as such, the Company obtained the free cash flow from Lone Tree's operations from June 1, 2021 until October 14, 2021 and in exchange, NGM obtained the free cash flow of South Arturo's operation from June 1, 2021 until October 14, 2021. NGM also entered into a Subscription Agreement where NGM subscribed to $47.7 million of the Company's common shares. The Company determined that the Asset Exchange represents an asset acquisition. Transaction costs incurred with respect to the Asset Exchange totaled $3.3 million which were included in the components of consideration paid. The disposal of the Company's 40% interest in South Arturo created no gain or loss of control. Components of consideration paid: Book value of South Arturo asset (Note 4) $ 42,819 NGM reimbursement (7,331) Transaction costs 3,289 Offtake Transfer Payment 1,750 Total consideration $ 40,527 The underlying assets purchased and liabilities assumed were recorded at cost allocated based upon their relative fair values at the date of purchase. The table below presents the values of the assets purchased and liabilities assumed on the date of acquisition: Net assets (liabilities) acquired: Cash $ 1,058 Inventory 3,474 Property, plant and equipment 166,480 Mineral property interests 65,521 Provision for environmental rehabilitation (60,475) Fair value of net assets acquired - Gross of tax $ 176,058 Taxes payable (1,125) Deferred tax liability (27,704) Fair value of net assets acquired - Net of tax $ 147,229 The fair value of property, plant and equipment, mineral property interests, and the provision for environmental rehabilitation were estimated using discounted cash flow models, comparable transactions, and other market-based information. Expected future cash flows are based on estimates of future gold and silver prices and projected revenues, estimated quantities of mineral reserves and mineral resources, expected future production costs and capital expenditures based on life-of-mine plans at the acquisition date. The fair value of inventory was based on forward gold prices and the cost to complete inventory to finished product in determining the net realizable value. Income statement impact: Gain arising on asset exchange - Gross of tax $ 135,531 Income tax expense 28,829 Total gain arising on asset exchange - Net of tax $ 106,702 For contingent consideration and payments, an accounting policy choice exists and an entity may recognize a liability for the expected variable payments at the time control of the underlying asset is obtained or they may only recognize such a liability as the related activity that gives rise to the variability occurs. For the Asset Exchange, management has not recognized a liability for contingent payments as the conditions required for these payments have not been met as of the date the assets were acquired. Argenta Property Acquisition On November 10, 2022, the Company through its wholly owned subsidiary Argenta LLC ("Argenta") acquired a strategic property package located in Lander Country, Nevada (the “Argenta Property”), that includes water rights, a rail heading, barite deposits, and barite processing infrastructure from Baker Hughes Oilfield Operations LLC for consideration of $3.7 million. The strategic acquisition provides the Company with water rights for development and operation of the McCoy-Cove Project. The Company determined that the Argenta Property acquisition represents an asset acquisition. The underlying assets purchased and liabilities assumed were recorded at cost allocated based upon their relative fair values at the date of purchase. The table below presents the values of the assets purchased and liabilities assumed on the date of acquisition: Net assets (liabilities) acquired: Property, plant and equipment $ 3,122 Other assets 1,767 Provision for environmental rehabilitation (1,169) Fair value of net assets acquired $ 3,720 (c) Related Party Balances In connection with the closing of the Transaction, all intercompany balances including the receivable from Premier, the payable due to Premier, and the intercompany note with Premier were settled with a combination of cash, a distribution of the Company's shares and a conversion to Premier equity prior to the spin-out of the Company to i-80 Gold. The gold sale receivable from Premier was settled in cash other than $4 million which was distributed back to Premier in the form of a dividend subject to a 5% withholding tax. The payable due to Premier and the intercompany note with Premier were converted to 1,133 shares of the Company at a value of $140.4 million. In April 2021, the Company modified a portion of its intercompany note payable to Premier to change the repayment currency from CAD to USD. This modification resulted in the extinguishment of the original intercompany note and recognition of a new intercompany note, with the difference of $8.8 million recorded directly into surplus / (deficit) during the period ended December 31, 2021, as this transaction is with Premier in their capacity as a shareholder and is therefore outside the scope of IFRIC 19 - Extinguishing Financial Liabilities with Equity Instruments . (d) Financing Agreements Also, in connection with the closing of the Transaction on April 7, 2021, the Company entered into an offtake agreement with OMF Fund II (O) Ltd. ("Orion") and a silver stream agreement with OMF Fund II SO Ltd. ("Nomad"). Offtake Agreement Under the terms of the Offtake Agreement, the Company agreed to sell, and Orion agreed to purchase (i) an aggregate of 29,750 ounces of refined gold for 2021, and (ii) up to an aggregate of 31,500 ounces of refined gold annually (the "Annual Gold Quantity") from the Company's Eligible Projects until March 1, 2027. The Company's Eligible Projects include the South Arturo Project, the Granite Creek Project, and the McCoy-Cove Project. The final purchase price to be paid by Orion will be, at Orion’s option, a market referenced gold price in US dollars per ounce during a defined pricing period before and after the date of each sale. In the event that the Company does not produce the Annual Gold Quantity in any given year, the obligation is limited to those ounces actually produced. The Offtake Agreement was amended and restated December 13, 2021, as further described below. South Arturo Purchase and Sale Agreement (Silver) The Company entered into a Purchase and Sale Agreement (Silver) (the "Stream Agreement") with Nomad, which was connected to South Arturo, whereby the Company will deliver to Nomad (i) 100% of the refined silver from minerals from the main stream area, and (ii) 50% of the refined silver from the exploration stream area. Nomad will pay an ongoing cash purchase price equal to 20% of the silver market price on the day immediately preceding the date of delivery and will credit the remaining 80% against the liability. Following the delivery of an aggregate amount of refined silver equal to $1.0 million to Nomad under the Stream Agreement, Nomad would continue to purchase the refined silver at an ongoing cash purchase price equal to 20% of the prevailing silver price. The liability for the Stream Agreement was included in the net asset value in connection with the asset exchange with NGM, and therefore, is no longer on the statement of financial position as of December 31, 2021. Orion and Sprott Financing Package The Company entered into a financing package with OMF Fund III (F) Ltd. an affiliate of Orion Mine Finance (collectively “Orion“) on December 31, 2021, and a fund managed by Sprott Asset Management USA, Inc. and a fund managed by CNL Strategic Asset Management, LLC (“Sprott”) on December 9, 2021 (together the “Finance Package”). The Finance Package in its aggregate consists of: • $50 million convertible loan (the “Orion Convertible Loan“) • $10 million convertible loan (the “Sprott Convertible Loan” and together with the Orion Convertible Loan, the “Convertible Loans”) • $45 million gold prepay purchase and sale agreement entered into with affiliates of Orion (the “Gold Prepay Agreement“), including an accordion feature potentially to access up to an additional $50 million at i-80 Gold’s option • $30 million silver purchase and sale agreement entered into with affiliates of Orion (the “Silver Purchase Agreement“), including an accordion feature to potentially access an additional $50 million at i-80 Gold’s option and an amended and restated offtake agreement entered into with affiliates of Orion (the “A&R Offtake Agreement“) • 5,500,000 warrants of the Company issued to Orion (the “Orion Warrants“ and together with the Orion Convertible Loan, Gold Prepay Agreement, Silver Purchase Agreement and the A&R Offtake Agreement, the “Orion Finance Package”). The $60 million in Convertible Loans were fully funded and issued in 2021. The obligations under the Gold Prepay Agreement and Silver Purchase Agreement will be senior secured obligations of the Company and its wholly-owned subsidiaries Ruby Hill Mining Company, LLC and Osgood Mining Company, LLC and secured against the Ruby Hill project in Eureka County, Nevada and the Granite Creek project in Humboldt County, Nevada. The Sprott and Orion Convertible Loans bear interest at 8.0% per annum and mature on December 9, 2025 and December 13, 2025, respectively. If a change of control occurs prior to the maturity date, the Company shall make an offer to prepay the Convertible Loans in cash, in an amount equal to 101% of the then outstanding principal amount. Outstanding amounts under the Convertible Loans are convertible into common shares of the Company at any time prior to maturity at the option of the applicable respective lender (a) in the case of the outstanding principal, C$3.275 per common share, and (b) in the case of accrued and unpaid interest, subject to TSX approval, at the market price of the common shares on the TSX at time of the conversion of such interest. Commencing 120 days following the closing date of the Convertible Loans, on any date when the volume weighted average price equals or exceeds 150% of the conversion price for each of the preceding 20 days, the Company may at its option elect to require the lenders to convert at the conversion price all of the then outstanding principal amount and any accrued and unpaid interest into common shares of the Company. Under the Gold Prepay Agreement, i-80 Gold was due to deliver to Orion 3,000 troy ounces of gold for each of the quarters ending March 31, 2022 and June 30, 2022, and thereafter, 2,000 troy ounces of gold per calendar quarter until September 30, 2025 in satisfaction of the $45 million prepayment, for aggregate deliveries of 32,000 troy ounces of gold. i-80 Gold may request an increase in the $45 million prepayment by an additional amount not exceeding $50 million in aggregate in accordance with the terms of the Gold Prepay Agreement. Prior to funding, the Gold Prepay Agreement was amended to adjust the quantity of the quarterly deliveries of gold, but not the aggregate amount of gold, to be delivered by the Company to Orion over the term of the Gold Prepay Agreement. Under the amended Gold Prepay Agreement, commencing on the date of funding, the Company is required to deliver to Orion 1,600 troy ounces of gold for the quarter ending March 31, 2022, 3,100 troy ounces of gold for the quarter ending June 30, 2022, and thereafter 2,100 troy ounces of gold per calendar quarter until September 30, 2025, in satisfaction of the $45 million prepayment, for aggregate deliveries of 32,000 troy ounces of gold, subject to adjustment as contemplated by the terms of the Gold Prepay Agreement. As the funding from Orion did not occur until April 2022, payment for the delivery of 1,600 ounces for the quarter ending March 31, 2022 was offset against the $45 million of proceeds received from Orion. Under the Silver Purchase Agreement, commencing April 30, 2022, i-80 Gold will deliver to Orion 100% of the silver production from the Granite Creek and Ruby Hill projects until the delivery of 1.2 million ounces of silver, after which the delivery will be reduced to 50% until the delivery of an aggregate of 2.5 million ounces of silver, after which the delivery will be reduced to 10% of the silver production solely from the Ruby Hill Project. Orion will pay i-80 Gold an ongoing cash purchase price equal to 20% of the prevailing silver price. Until the delivery of an aggregate of 1.2 million ounces of silver, i-80 Gold is required to deliver the following minimum amounts of silver (the "Annual Minimum Delivery Amount") in each calendar year: (i) in 2022, 300,000 ounces, (ii) in 2023, 400,000 ounces, (iii) in 2024, 400,000 ounces, and (iv) in 2025, 100,000 ounces. Upon a construction decision for the Ruby Hill project, comprised of one or both of the Ruby Deep or Blackjack Deposits, which construction decision is based on a feasibility study in form and substance satisfactory to Orion, acting reasonably, i-80 Gold will have the right to request an additional deposit from Orion in the amount of $50 million in aggregate in accordance with the terms of the Silver Purchase Agreement. Both the Gold Prepay Agreement and the Silver Purchase Agreement were funded on April 12, 2022 with i-80 Gold receiving net proceeds of $71.6 million after netting the aforementioned March 31, 2022 gold delivery and closing costs as further described in Note 10 and Note 24 of these Financial Statements. The main amendments reflected in the A&R Offtake Agreement include the increase in the term of the agreement to December 31, 2028, the inclusion of the Granite Creek and Ruby Hill projects, and the increase of the annual gold quantity to up to an aggregate of 37,500 ounces in respect of the 2022 and 2023 calendar years and up to an aggregate of 40,000 ounces in any calendar year after 2023. During the year ended December 31, 2022, Orion assigned all of its rights, title and interest under the A&R Offtake Agreement to TRR Offtakes LLC ("Trident"). Additionally, in connection with the Gold Prepay Agreement, the Company issued to Orion the Warrants to purchase up to 5,500,000 common shares of the Company. The Warrants may be exercised at any time at an exercise price of C$3.275 per common share until December 13, 2024. (e) COVID-19 The Company continually monitors guidance from the United States Department of Health and Human Services' Centers for Disease Control and Prevention (“CDC”), and mandates issued by the State of Nevada to mitigate the effects of COVID-19 at all of its mine sites and corporate office locations. Other than the macro-economic impact of inflationary pressure and supply chain challenges, operating activities at Lone Tree, Granite Creek, Ruby Hill and McCoy-Cove are continuing with no significant interruptions to date from COVID-19. The extent to which COVID-19 will impact the Company’s operations in the future remains highly uncertain and cannot be accurately estimated at the present time. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Preparation and 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 (“IFRIC”). Certain comparative amounts have been reclassified to conform with the current year's financial statement presentation. Such reclassifications were not considered material. The accounting policies applied in these Consolidated Financial Statements are based on IFRS issued and outstanding as of March 14, 2023, the date the Board of Directors approved the statements. These Consolidated Financial Statements have been prepared on the historical cost basis, except as detailed in the Company’s accounting policies as described below. The methods used to measure fair values of derivative instruments are discussed in Note 24(d). The methods used to measure the fair value of the Company’s acquired assets and assumed liabilities are discussed in Note 2(t). The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company's assets and liabilities are accounted for prospectively. Basis of measurement and impact of the Arrangement These Consolidated Financial Statements have been prepared on a historical cost basis. Transactions occurring prior to the Arrangement on April 7, 2021 were derived from the accounting records of Premier Gold Mines USA Inc. (“Premier USA”). The financial information prior to April 7, 2021 is intended to be representative of the entities had i-80 Gold been operating them as a stand-alone entity, subject to i-80 Gold’s control, during this time. The financial information related to this period has been prepared by i-80 Gold’s management in accordance with IFRS and requires the use of significant judgments made in allocating reported amounts related to Premier USA. In the opinion of management, these Consolidated Financial Statements reflect all adjustments necessary to present fairly the consolidated statements of financial position and the consolidated statements of net income (loss) and comprehensive income (loss) in accordance with IFRS. Presentation of the consolidated statements of financial position The transfer of Premier USA’s assets and liabilities from Premier to i-80 Gold was recorded by the Company at the carrying amounts recorded in Premier USA’s unaudited interim condensed consolidated statement of financial position at the time of the transfer. The assets, liabilities and equity on the consolidated statements of financial position in the comparative period are directly attributable to Premier USA, and from April 7, 2021, to i-80 Gold. Presentation of the consolidated statements of income (loss) and comprehensive income (loss) All revenue and operating expenses on the consolidated statements of income (loss) and comprehensive income (loss) are directly attributable to Premier USA and from April 7, 2021, to i-80 Gold. General and administrative expenses recorded prior to the Arrangement have been determined based on actual expenses. Share-based compensation recorded by Premier USA prior to April 7, 2021 has been allocated to Premier USA based on the compensation of Premier USA employees. From April 7, 2021 to December 31, 2021 amounts recorded for expenses are based on amounts incurred by i-80 Gold and Premier USA. Presentation of the consolidated statements of changes in equity For reporting periods prior to the Arrangement, Premier USA’s equity reflects the net assets of the stand-alone entity. At the close of the Arrangement, the carrying amount of the net investment of $10.2 million was transferred to the share capital of i-80 Gold along with the additional equity generated through the settlement of the intercompany balances in the amount of $140.4 million discussed further in Note 1(c). (b) Basis of consolidation The Financial Statements incorporate the financial statements of the Company and entities controlled by the Company. Control is achieved when the Company is exposed to variable returns and has the ability to affect those returns through power to direct the relevant activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. Subsidiaries will be de-consolidated from the date that control ceases. Subsidiary Location Percentage of ownership Property Principle activity Premier Gold Mines USA Inc. Nevada 100% Holding Mineral exploration Goldcorp Dee LLC Humboldt, Nevada 100% Lone Tree Production Ruby Hill Mining Company LLC Eureka, Nevada 100% Ruby Hill Production Osgood Mining Company LLC Humboldt, Nevada 100% Granite Creek Pre-development Au-Reka Gold Corporation Eureka, Nevada 100% McCoy-Cove Pre-development Argenta LLC Lander, Nevada 100% Inactive Mineral exploration Premier Gold Mines Nevada Inc. Nevada 100% Inactive Mineral exploration Premier Goldbanks LLC Nevada 100% Inactive Mineral exploration Premier Rye LLC Nevada 100% Inactive Mineral exploration All transactions and balances between the Company and its subsidiaries are eliminated on consolidation, including unrealized gains and losses on transactions between the companies. Where unrealized losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Company. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the period are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable. (c) Business combinations For business combinations that are determined to be a combination of businesses not under common control, the consideration transferred by the Company to obtain control of a subsidiary is calculated as the sum of the acquisition date fair values of the assets transferred, the liabilities assumed and the equity interests issued by the Company, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Company recognizes identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognized in the acquiree's financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of a) fair value of consideration transferred, b) the recognized amount of any non-controlling interest in the acquiree and c) acquisition date fair value of any existing equity interest in the acquiree, over the acquisition date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount is recognized immediately as income in the statement of income (loss) and comprehensive income (loss). For business combinations that are determined to be a common control transaction, it is necessary for management to use judgement in applying appropriate accounting treatment that will provide relevant and reliable information. For the Arrangement, management determined that the transaction was a common control transaction as Premier shareholders retained control of i-80 Gold and Premier USA, before and after the Arrangement. As a result, management determined that the most relevant and reliable information would be presented in the consolidated financial statements of i-80 Gold applying the predecessor value or book-value method, which records and consolidates the existing book values of the acquired assets and liabilities of the combined entities, rather than fair values, and no goodwill is recorded. In addition, the investment in the transferred subsidiary (Premier USA) transfers to the new parent (i-80 Gold) at the carrying value of Premier. For comparative presentation purposes, because Premier USA will continue to operate under i-80 Gold, comparative amounts will be retained and continue to be presented in the consolidated financial statements. (d) Functional and presentation currency The functional currency of the Company is the United States dollar ("USD" or "US dollars") which reflects the underlying transactions, events and conditions that are relevant to the entity. Management considers primary and secondary indicators in determining functional currency including the currency that influences sales prices, labor, purchases and other costs. Other indicators include the currency in which funds from financing activities are generated and the currency in which receipts from operations are usually retained. Reference to $ or USD is to US dollars, reference to C$ or CAD is to Canadian dollars. (e) Financial instruments Financial instruments are measured on initial recognition at fair value, plus, in the case of financial instruments other than those classified as fair value through profit or loss ("FVPL"), directly attributable transaction costs. Financial instruments are recognized when the Company becomes a party to the contracts that give rise to them and are classified at amortized cost, fair value through profit or loss or fair value through other comprehensive income, as appropriate. The Company considers whether a contract contains an embedded derivative when the entity first becomes a party to it. The embedded derivatives are separated from the host contract if the host contract is not measured at fair value through profit or loss and when the economic characteristics and risks are not closely related to those of the host contract. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required. Financial assets at FVPL Financial assets at FVPL include financial assets held for trading and financial assets not designated upon initial recognition as amortized cost or fair value through other comprehensive income ("FVOCI"). A financial asset is classified in this category principally for the purpose of selling in the short term, or if so designated by management. Transaction costs are expensed as incurred. On initial recognition, a financial asset that otherwise meets the requirements to be measured at amortized cost or FVOCI may be irrevocably designated as FVPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets measured at FVPL are measured at fair value with changes in fair value recognized in profit or loss. Financial assets at amortized cost A financial asset is measured at amortized cost if it is held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, and is not designated as FVPL. Financial assets classified as amortized cost are measured subsequent to initial recognition at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or (when appropriate) a shorter period, to the net carrying amount on initial recognition. Financial liabilities Financial liabilities are classified as measured at amortized cost or FVPL. A financial liability is classified as at FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in net earnings when the liabilities are derecognized as well as through the amortization process. Borrowing liabilities are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the statement of financial position date. Derivative instruments Derivative instruments, including embedded derivatives, are measured at fair value on initial recognition and at each subsequent reporting period. Any gains or losses arising from changes in fair value on derivatives are recorded in profit or loss. Fair values The fair value of quoted investments is determined by reference to market prices at the close of business on the statement of financial position date. Where there is no active market, fair value is determined using valuation techniques. These include using recent arm’s length market transactions; reference to the current market value of another instrument which is substantially the same; discounted cash flow analysis; and, pricing models. Financial instruments that are measured at fair value subsequent to initial recognition are grouped into a hierarchy based on the degree to which the fair value is observable as follows: Level 1 fair value measurements are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Impairment of financial assets A loss allowance for expected credit losses is recognized in OCI for financial assets measured at amortized cost. At each balance sheet date, on a forward-looking basis, the Company assesses the expected credit losses associated with its financial assets carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The impairment model does not apply to investments in equity instruments. The expected credit losses are required to be measured through a loss allowance at an amount equal to the 12-month expected credit losses (expected credit losses that result from those default events on the financial instrument that are possible within 12 months after the reporting date) or full lifetime expected credit losses (expected credit losses that result from all possible default events over the life of the financial instrument). A loss allowance for full lifetime expected credit losses is required for a financial instrument if the credit risk of that financial instrument has increased significantly since initial recognition. Derecognition of financial assets and liabilities A financial asset is derecognized when either the rights to receive cash flows from the asset have expired or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party. If neither the rights to receive cash flows from the asset have expired nor the Company has transferred its rights to receive cash flows from the asset, the Company will assess whether it has relinquished control of the asset or not. If the Company does not control the asset then derecognition is appropriate. A financial liability is derecognized when the associated obligation is discharged or canceled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in net earnings. (f) Cash and cash equivalents Cash and cash equivalents is comprised of cash on hand and demand deposits. (g) Inventory Material extracted from our mines is classified as either ore or waste. Ore represents material that, at the time of extraction, is expected to be processed into a saleable form and sold at a profit. Raw materials are comprised of both ore in stockpiles and ore on leach pads as processing is required to extract benefit from the ore. Ore is accumulated in stockpiles that are subsequently processed into gold and silver in a saleable form. The recovery of gold from certain oxide ores is achieved through the heap leaching process. Work-in-process represents gold and silver in the processing circuit, including ore and leach pads, that has not completed the production process, and is not yet in a saleable form. Finished goods inventory represents gold and silver in saleable form. Mine operating supplies represent commodity consumables and other raw materials used in the production process, as well as spare parts and other maintenance supplies that are not classified as capital items. Inventories are valued at the lower of cost and net realizable value ("NRV"). Cost is determined on a weighted average basis and includes all costs incurred, based on a normal production capacity, in bringing each product to its present location and condition. Cost of inventories comprises direct labour, materials and contractor expenses, including non-capitalized stripping costs; depreciation on property, plant and equipment including capitalized stripping costs; and an allocation of general and administrative costs. As ore is removed for processing, costs are removed based on the average cost per ounce in the stockpile. Provisions to reduce inventory to NRV are recorded to reflect changes in economic factors that impact inventory value and to reflect present intentions for the use of slow moving and obsolete supplies inventory. NRV is determined with reference to relevant market prices less applicable variable selling expenses. Provisions recorded also reflect an estimate of the remaining costs of completion to bring the inventory into its saleable form. Provisions are also recorded to reduce mine operating supplies to NRV, which is generally calculated by reference to its salvage or scrap value, when it is determined that the supplies are obsolete. Provisions are reversed to reflect subsequent recoveries in NRV where the inventory is still on hand. (h) Property, plant and equipment General Property, plant and equipment are recorded at cost less accumulated depreciation, depletion and impairment charges. Major overhaul expenditures and the cost of replacement of a component of plant and mobile equipment are capitalized and depreciated over the average expected life between major overhauls. All other replacement spares and other costs relating to maintenance of mobile equipment are charged to the cost of production. Directly attributable costs incurred for major capital projects and site preparation are capitalized until the asset is in a location and condition necessary for operation as intended by management. These costs include dismantling and site restoration costs to the extent these are recognized as a provision. Management annually reviews the estimated useful lives, residual values and depreciation methods of the Company’s property, plant and equipment and also when events or changes in circumstances indicate that such a review should be made. Changes to estimated useful lives, residual values or depreciation methods resulting from such review are accounted for prospectively. An item of property, plant and equipment is de-recognized upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between any proceeds received and the carrying amount of the asset) is included in the statements of income / (loss) and comprehensive income / (loss) in the period the asset is de-recognized. Exploration, evaluation and pre-development expenditures The exploration, evaluation and pre-development expenditure policy is to charge exploration and evaluation expenditures within an area of interest as expense until management concludes that the technical feasibility and commercial viability of extracting a mineral resource are demonstrable and that future economic benefits are probable. In making this determination, the extent of exploration, as well as the degree of confidence in the mineral resource is considered. Once a project has been established as commercially viable and technically feasible and has been subject to an impairment analysis, further expenditures are capitalized and classified as development properties. Exploration, evaluation and pre-development expenditures consist of: – gathering exploration data through topographical and geotechnical studies; – exploratory drilling, trenching and sampling; – determining the volume and grade of the resource; – test work on geology, metallurgy, mining, geotechnical and environmental; and – conducting engineering, marketing and financial studies. Exploration and evaluation assets acquired are initially recognized at fair value as exploration rights within tangible assets. Development properties (underground and open pit) A property, either open pit or underground, is classified as a development property when a mine plan has been prepared and technical feasibility has been established, a permit has been obtained and a decision is made to commercially develop the property and mineralization is classified as proven and probable. Development expenditure is accumulated separately for each area of interest for which economically recoverable mineral reserves have been identified. All expenditures incurred prior to the commencement of commercial levels of production from each development property are capitalized. In addition, capitalized costs are assessed for impairment when there is an indicator of impairment. Proceeds received from selling output produced before the asset is ready for its intended use are recognized in profit or loss. The related cost of producing the output is measured using the guidance in IAS 2, ‘Inventories’, and it is recognized as an expense in profit or loss when sold. Development properties are not amortized until they are reclassified as mine property assets following the achievement of commercial levels of production. Mine properties After a mine property has been brought into commercial production, costs of any additional mining, in-pit drilling and related work on that property are expensed as incurred. Mine development costs incurred to expand operating capacity, develop new ore bodies or develop mine areas in advance of current production, including the stripping of waste material, are deferred and then amortized on a unit-of- production basis. Deferred stripping costs Stripping costs incurred in the production phase of a mining operation are accounted for as variable production costs and are included in the costs of inventory produced. Stripping activity that improves access to ore in a future period is accounted for as an addition to or enhancement of an existing asset. The Company recognizes stripping activity assets when it is probable that the future economic benefit associated with the stripping activity will flow to the Company; the component of the ore body for which access has been improved can be identified; and the costs relating to the stripping activity associated with that component can be measured reliably. Stripping activity assets are amortized on a unit of production basis in subsequent periods over the proven and probable reserves to which they relate. Depreciation and depletion The carrying amounts of mine properties, plant and equipment are depreciated or depleted to their estimated residual value over the estimated economic life of the specific assets to which they relate, using the depreciation methods or depletion rates as indicated below. Estimates of residual values or useful lives and depreciation methods are reassessed annually and any change in estimate is taken into account in the determination of the remaining depreciation or depletion rate. Depreciation or depletion commences on the date the asset is available for its use as intended by management. Depreciation or depletion is computed using the following rates: Item Methods Rates Mine properties Units of production Estimated proven and probable mineral reserves Equipment, leasehold improvements Straight line Lesser of lease term and estimated useful life Buildings Straight line 20 years Furniture, office equipment and software Straight line 2 – 5 years Plant and equipment Straight line, units of production 4 – 10 years, estimated proven and probable mineral reserves Mining equipment Straight line 1 – 10 years based on life of mine Deferred stripping costs Units of production Estimated proven and probable mineral reserves accessible due to stripping activity (i) Provisions Provisions are recognized when the Company or its subsidiaries have a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pretax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Contingent liabilities are not recognized in the financial statements, if not estimatable and probable, and are disclosed in notes to the financial information unless their occurrence is remote. Contingent assets are not recognized in the financial statements, but are disclosed in the notes if their recovery is deemed probable. Environmental rehabilitation Provisions for environmental rehabilitation are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) in the accounting period when the related environmental disturbance occurs. The provision is discounted using a pretax rate, and the unwinding of the discount is included in finance costs. At the time of establishing the provision, a corresponding asset is capitalized and is depreciated over future production from the mining property to which it relates. The provision is reviewed each reporting period for changes in cost estimates, discount rates and operating lives. Changes to estimated future costs are recognized in the statement of financial position by adjusting the rehabilitation asset and liability. If, for mature mines, the revised mine assets net of rehabilitation provisions exceeds the carrying value, that portion of the increase is charged directly to expenses. For closed sites, changes to estimated costs are recognized immediately in profit and loss. (j) Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether the: – contract involves the use of an identified asset: – this may be specified explicitly or implicitly, – should be physically distinct or represent substantially all of the capacity of a physically distinct asset, and – if the supplier has a substantive substitution right, then the asset is not identified. – Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use, and – Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either the: – Company has the right to operate the asset, or – Company designed the asset in a way that predetermines how and for what purpose it will be used. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for the leases of land and buildings in which it is a lessee, the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. 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, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset will be periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability when applicable. 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. Generally, the Company uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following: – fixed payments, including in-substance fixed payments, – variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date, – amounts expected to be payable under a residual value guarantee, and – the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change |
ADOPTION OF NEW ACCOUNTING STAN
ADOPTION OF NEW ACCOUNTING STANDARDS | 12 Months Ended |
Dec. 31, 2022 | |
AdoptiionOf New Accounting Standards [Abstract] | |
ADOPTION OF NEW ACCOUNTING STANDARDS | ADOPTION OF NEW ACCOUNTING STANDARDS New Accounting Standards and Interpretations not yet Adopted IAS 1 - Classification of liabilities as current or non-current In January 2020, the IASB issued amendments to IAS 1 - Presentation of Financial Statements to clarify that liabilities are classified as either current or non-current, depending on the existence of the substantive right at the end of the reporting period for an entity to defer settlement of the liability for at least twelve months after the reporting period. The amendments are effective January 1, 2024 with early adoption permitted. The amendments are required to be adopted retrospectively. The Company does not anticipate any significant impact from these amendments on the financial statements as a result of initial application. Amendments to IAS 12 and IFRS 1 – Deferred taxes related to assets and liabilities arising from a single transaction In May 2021, the IASB issued amendments to IAS 12 - Income Taxes, which requires companies to recognize deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and are to be applied retrospectively. The Company does not expect a material impact from this amendment on the financial statements as a result of the initial application. |
DISPOSAL GROUP CLASSIFIED AS HE
DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of analysis of single amount of discontinued operations [abstract] | |
DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS | DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS In October 2021, the Company and NGM completed an exchange agreement whereby the Company acquired the Lone Tree and Buffalo Mountain properties in exchange for the Company’s 40% interest in the South Arturo property. As a result, assets and liabilities allocable to the South Arturo assets were classified as a disposal group held for sale. Revenue and expenses, gains and losses relating to the discontinuation of South Arturo have been eliminated from profit or loss from the Company’s continuing operations and are shown as a single line item in the statement of profit or loss in the comparative period. Operating profit of the South Arturo asset classified as held for sale in the comparative period is summarized as follows: Year ended Revenue $ 31,991 Cost of sales (17,207) Depletion, depreciation and amortization (1,691) Mine operating income from discontinued operations 13,093 Expenses Exploration, evaluation and pre-development 1,034 General and administrative 175 Income from discontinued operations before the following 11,884 Environmental rehabilitation accretion (44) Other 16 Other expense (28) Income from discontinued operations before income taxes 11,856 Current tax expense (253) Income from discontinued operations for the period $ 11,603 The carrying amounts of assets and liabilities in this disposal group are summarized as follows: October 14, 2021 ASSETS Current assets Cash and cash equivalents $ 3,361 Inventory 3,184 Total current assets 6,545 Non-current assets Restricted cash and cash equivalents 5,483 Long-term inventory 3,125 Property, plant and equipment 35,710 Total non-current assets 44,318 Total assets $ 50,863 LIABILITIES Current liabilities Accounts payable $ 3,539 Accrued liabilities 26 Taxes payable 111 Current provision for environmental rehabilitation 4 Total current liabilities 3,680 Non-current liabilities Deferred taxes 897 Provision for environmental rehabilitation 3,467 Total non-current liabilities 4,364 Total liabilities $ 8,044 |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2022 | |
Inventory [Abstract] | |
INVENTORY | INVENTORY December 31, December 31, Ore in stockpiles and on leach pads $ 12,492 $ 22,477 Work-in-process 3,059 3,523 Finished goods 984 — Total inventory $ 16,535 $ 26,000 The amount of inventory recognized as an expense in cost of sales for the year ended December 31, 2022 was $28.9 million (nil for the year ended December 31, 2021). During the year ended December 31, 2022, the Company recognized within cost of sales $6.4 million (nil for the year ended December 31, 2021) in write-downs of inventory to NRV relating to heap leach ore at Ruby Hill and Lone Tree. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
OTHER ASSETS | OTHER ASSETS December 31, December 31, Investment in Paycore (i) $ 2,185 $ 2,650 Gold Prepay Agreement embedded derivative (ii) 2,916 — Silver Purchase Agreement embedded derivative (iii) 1,898 — Other assets (iv) 1,768 — Total other assets 8,767 2,650 Less current portion 6,280 2,650 Long-term portion $ 2,487 $ — (i) On May 11, 2021, the Company completed a subscription agreement to purchase common shares (the “Purchased Securities”) from Paycore Minerals Inc. ("Paycore"), whereby the Company agreed to purchase 800,000 common shares at a price of C$1.00 per common share for aggregate of C$0.80 million. On December 3, 2021, the Company completed an additional subscription agreement to purchase 800,000 common shares at a price of C$2.10 per common share for aggregate of C$1.68 million, bringing the Company's total investment to C$2.48 million ($1.95 million). On April 25, 2022, shares of Paycore were listed and posted for trading on the TSXV under the symbol “CORE.V”. The Company records its investment in Paycore at fair value as further described in Note 24(d) of these Financial Statements. At December 31, 2022, the fair value of the Company's investment in Paycore was C$2.96 million ($2.19 million). For the year ended December 31, 2022, the Company recorded a fair value loss related to the revaluation of the investment of $0.3 million (gain of $0.7 million for the year ended December 31, 2021) t hrough the statement of income as further described in Note 18 of these Financial Statements. (ii) The asset balance represents the embedded derivative in relation to the fixed gold price included in the Gold Prepay Agreement as further described in Note 1(d), Note 10(iv), and Note 24(d) of these Financial Statements. The Company recognizes the embedded derivative at fair value with changes in fair value recognized in profit or loss. For the year ended December 31, 2022, the Company recorded a fair value gain related to the valuation of the embedded derivative of $2.9 million through the statement of income as further described in Note 18 of these Financial Statements. As of December 31, 2022, the current portion of the Gold Prepay Agreement embedded derivative was $1.3 million. (iii) The asset balance represents the embedded derivative in relation to the silver price included in the Silver Purchase Agreement as further described in Note 1(d), Note 10(v), and Note 24(d) of these Financial Statements. The Company recognizes the embedded derivative at fair value with changes in fair value recognized in profit or loss. For the year ended December 31, 2022, the Company recorded a fair value gain related to the valuation of the embedded derivative of $1.9 million through the statement of income as further described in Note 18 of these Financial Statements. As of December 31, 2022 the current portion of the Silver Purchase Agreement embedded derivative was $1.0 million. |
LONG-TERM RECEIVABLE
LONG-TERM RECEIVABLE | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
LONG-TERM RECEIVABLE | LONG-TERM RECEIVABLEThe receivable in the comparative period is Alternative Minimum Tax ("AMT") recoverable due to the enactment of U.S. Tax Reform legislation on December 22, 2017. The Company had a total of $1.43 million in AMT credits as a result of the Corona Virus Aid, Relief, and Economic Security ("CARES") Act which was enacted March 27, 2020. During the year ended December 31, 2022, the Company recovered the balance receivable plus accrued interest. |
RESTRICTED CASH AND CASH EQUIVA
RESTRICTED CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Cash And Cash Equivalents [Abstract] | |
RESTRICTED CASH AND CASH EQUIVALENTS | RESTRICTED CASH AND CASH EQUIVALENTS Property December 31, December 31, McCoy-Cove, Nevada (i) $ 1,955 $ 600 Lone Tree, Nevada (ii) 25,877 25,593 Ruby Hill, Nevada (iii) 4,604 4,584 Granite Creek, Nevada (iv) 466 — Total restricted cash and cash equivalents $ 32,902 $ 30,777 (i) The Company has $2.0 million in restricted cash relating to the reclamation of the Company's McCoy-Cove property. (ii) The Company has $25.9 million in restricted cash relating to the reclamation of the Company's Lone Tree property. (iii) The Company has $4.6 million in restricted cash relating to the reclamation of the Company's Ruby Hill property. (iv) The Company has $.5 million in restricted cash relating to the reclamation of the Company's Granite Creek property. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Cost Mine properties (i) Development properties (ii) Exploration, evaluation and pre-development properties (iii) Buildings, plant and equipment Total Balance as at January 1, 2021 $ 96,537 $ 30,902 $ 52,463 $ 18,490 $ 198,392 Additions 3,677 69,049 169,195 199,952 441,873 Disposals — — — (3) (3) IFRS 16 Right of Use assets — — — 634 634 Change in estimate of provision for environmental rehabilitation — 318 1,762 — 2,080 Transfers (355) 2,703 (200) (2,148) — Adjustments — — — (26) (26) Classified as held for sale (97,699) (26,587) — (10,658) (134,944) Balance as at December 31, 2021 2,160 76,385 223,220 206,241 508,006 Additions — 32,422 241 23,450 56,113 Disposals — — — (24) (24) IFRS 16 Right of Use assets — — — 280 280 Transfers — 899 7,182 (8,081) — Change in estimate of provision for environmental rehabilitation — (994) (22,608) — (23,602) Balance as at December 31, 2022 $ 2,160 $ 108,712 $ 208,035 $ 221,866 $ 540,773 Accumulated depreciation and impairment Balance as at January 1, 2021 $ 93,298 $ — $ — $ 4,938 $ 98,236 Depletion, depreciation and amortization 2,877 — — 3,481 6,358 Disposals — — — (3) (3) Classified as held for sale (94,015) — — (5,219) (99,234) Balance as at December 31, 2021 2,160 — — 3,197 5,357 Depletion, depreciation and amortization — — — 6,177 6,177 Disposals — — — (22) (22) Balance as at December 31, 2022 $ 2,160 $ — $ — $ 9,352 $ 11,512 Carrying amounts Balance, December 31, 2021 $ — $ 76,385 $ 223,220 $ 203,044 $ 502,649 Balance as at December 31, 2022 $ — $ 108,712 $ 208,035 $ 212,514 $ 529,261 Mine properties: Property January 1, Additions Transfers Depletion Classified as held for sale December 31, 2021 Ruby Hill, Nevada 1 $ — $ 2,160 $ — $ (2,160) $ — $ — South Arturo, Nevada 2 3,239 1,517 (355) (717) (3,684) — Total $ 3,239 $ 3,677 $ (355) $ (2,877) $ (3,684) $ — Property January 1, 2022 Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2022 South Arturo, Nevada $ — $ — $ — $ — $ — $ — Granite Creek, Nevada 76,385 32,422 (994) 899 — 108,712 Total $ 76,385 $ 32,422 $ (994) $ 899 $ — $ 108,712 Property January 1, Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2021 South Arturo, Nevada $ 23,402 $ 482 $ — $ 2,703 $ (26,587) $ — Granite Creek, Nevada 7,500 68,567 318 — — 76,385 Total $ 30,902 $ 69,049 $ 318 $ 2,703 $ (26,587) $ 76,385 Property January 1, 2022 Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2022 McCoy-Cove, Nevada $ 54,105 $ — $ (84) $ 7,182 $ — $ 61,203 Ruby Hill, Nevada 103,594 — (10,705) — — 92,889 Lone Tree, Nevada 65,521 — (12,988) — — 52,533 Argenta, Nevada — 241 1,169 — — 1,410 Total $ 223,220 $ 241 $ (22,608) $ 7,182 $ — $ 208,035 Property January 1, Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2021 McCoy-Cove, Nevada $ 52,213 $ — $ 1,842 $ 50 $ — $ 54,105 Ruby Hill, Nevada — 103,674 (80) — — 103,594 Rodeo Creek, Nevada 250 — — (250) — — Lone Tree, Nevada — 65,521 — — — 65,521 Total $ 52,463 $ 169,195 $ 1,762 $ (200) $ — $ 223,220 Year ended 2022 2021 Depreciation, depletion and amortization $ 4,528 $ — Recorded in exploration, evaluation and pre-development 484 198 Recorded in general and administrative 346 163 Recorded in property maintenance 816 — Depreciation, depletion and amortization capitalized into properties 215 — Depreciation, depletion and amortization in discontinued operations — 1,691 6,389 2,052 Inventory movement (212) 4,306 Total depletion, depreciation and amortization $ 6,177 $ 6,358 Buildings Equipment Vehicles Total As at December 31, 2020 $ 91 $ — $ 3 $ 94 Additions 635 — — 635 Terminations 26 — — 26 Depreciation 118 — 3 121 As at December 31, 2021 582 — — 582 Additions — 280 — 280 Depreciation 212 128 — 340 As at December 31, 2022 $ 370 $ 152 $ — $ 522 Granite Creek Project As disclosed in Note 1(b) of these Financial Statements, the Granite Creek Project was acquired through the acquisition agreement with Osgood and Christison. The purchase price paid in 2021 was a combination of non-cash shares and warrants of $38.0 million and cash of $23.2 million. In 2020, $2.3 million in cash was paid on deposit to Waterton on the purchase of Osgood; and $7.5 million in cash was paid for the Christison Project, which was transferred into the Granite Creek Project in 2021. On May 6, 2022, the Company entered into an agreement to acquire strategic land sections adjoining the Company’s Granite Creek Property from NGM. The total consideration for the purchase of the property sections consists of a cash payment of $4.0 million and the inclusion of the acquired sections into the existing 10% net profits royalty that NGM currently holds on the existing property. In September 2022, the Company paid to Waterton $5.0 million as part of the contingent value rights payment due upon the public announcement of a positive production decision related to the Granite Creek Project. As further described in Note 1(b) of these Financial Statements, on acquisition of Osgood the Company did not recognize contingent payments as the conditions required for these payments had not been met as of the date the assets were acquired. The $5.0 million contingent value rights payment is recorded in property, plant and equipment on the consolidated statements of financial position at December 31, 2022. Tabor Exploration and Option Agreement On August 24, 2020, the Company through its wholly owned subsidiary Au-Reka Gold Corporation ("Au-Reka") entered into an option agreement with Renaissance Exploration, Inc. to acquire a 100% interest in the Tabor Project located in Esmeralda County, Nevada. The option agreement is subject to a firm commitment to spend $0.3 million towards exploration activities by the one-year anniversary date that the Company acquires an exploration permit on the property plus initial earn-in option payments of $5.2 million. Active properties NSR (i) McCoy-Cove, Nevada 1.5% NSR Maverix Metals Inc. 2% NSR Maverix Metals Inc. Tabor, Nevada 3% NSR Renaissance Granite Creek 1-4% NSR Royal Gold/D.M. Duncan 3-5% NSR Royal Gold/D.M. Duncan 2% NSR Franco-Nevada/S&G Pinson Portions of 7.5% NSR Stoffer/Noceto/Phillips 2% NSR Stoffer/Noceto/Phillips/Murphy/Christison 10% NPI Nevada Gold Mines 2% Newmont Capital Limited Lone Tree 3% NSR 5% NSR VEK/Andrus 1% NSR Franco-Nevada Mining Corporation, Inc. 4-5% NSR Marigold Mining Company 5% NSR Richardson 5% NSR BTF Properties Ruby Hill 2.5% NSR Placer Dome U.S. Inc. 3% Biale Trust 4% NSR Asarco Incorporated 3% RG Royalties Inactive properties NSR Rodeo Creek, Nevada 2% NSR Nevada Select Royalty Inc South Arturo, Nevada 4-9% Annual minimum royalty Franco-Nevada Corporation (i) These royalties are tied to specific mining claims and may not apply to the entire property. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings, by type [abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Orion convertible credit (i) Sprott convertible credit (ii) Stream Agreement Gold Prepay Agreement (iv) Silver Purchase Agreement (v) Other (vi), (vii) Total As at January 1, 2021 $ — $ — $ — $ — $ — $ 105 $ 105 Fair value on inception 32,745 7,634 853 — — — 41,232 Loan advance — — — — — 20,750 20,750 Additions and adjustments — — — — — 799 799 Principal repayment — — (11) — — (20,859) (20,870) Disposals — — (897) — — — (897) Fair value adjustments — — 55 — — — 55 Finance charge 211 51 — — — — 262 As at December 31, 2021 32,956 7,685 — — — 795 41,436 Fair value on inception — — — 41,737 29,889 — 71,626 Additions and adjustments — — — — — 334 334 Amortization of finance costs 308 — — 45 — — 353 Principal repayment — — — (14,498) (134) (348) (14,980) Finance charge 6,477 1,218 — 6,720 2,692 — 17,107 As at December 31, 2022 $ 39,741 $ 8,903 $ — $ 34,004 $ 32,447 $ 781 $ 115,876 Less current portion — — — 9,610 11,208 470 21,288 Long-term portion $ 39,741 $ 8,903 $ — $ 24,394 $ 21,239 $ 311 $ 94,588 The Orion convertible note is presented in the balance sheet as follows: December 31, December 31, Opening balance $ 32,956 $ — Fair value of notes issued — 50,000 Other liabilities — (17,230) Other equity securities — 2,029 Deferred financing costs and other — (2,054) $ 32,956 $ 32,745 Amortization of finance costs 308 — Finance expense 6,477 211 Non-current liability $ 39,741 $ 32,956 The Sprott convertible note is presented in the balance sheet as follows: December 31, December 31, Opening balance $ 7,685 $ — Fair value of notes issued — 10,000 Other financial liabilities — (2,733) Other equity securities — 367 $ 7,685 $ 7,634 Finance expense 1,218 51 Non-current liability $ 8,903 $ 7,685 The Stream Agreement was tied to production from South Arturo and as part of the Asset Exchange with NGM the fair value as of October 14, 2021, was included in the disposal group classified as held for sale. On April 7, 2021, the Company entered into a Stream Agreement with Nomad, whereby the Company will deliver from South Arturo to Nomad (i) 100% of the refined silver from minerals from the main stream area, and (ii) 50% of the refined silver from the exploration stream area. Nomad will pay an ongoing cash purchase price equal to 20% of the silver market price on the day immediately preceding the date of delivery. Following the delivery of an aggregate amount of refined silver equal to $1.0 million to Nomad under the Stream Agreement, Nomad will continue to purchase the refined silver at an ongoing cash purchase price equal to 20% of the prevailing silver price. The principal repayment on the liability is variable based on 80% of the silver price applied to ounces delivered under the contract. The Stream Agreement is unsecured and the initial term of the agreement is 40 years. The liability has been recorded as a reduction in the equity issued on the spin-out of Premier USA to the Company as the agreement resulted from the Silver Stream Agreement with Nomad that existed with Premier prior to the spin-out. The initial fair value of the Stream Agreement recognized on inception was $0.9 million. On December 13, 2021, the Company entered into a Gold Prepay Agreement with Orion. In April 2022, the Gold Prepay Agreement was amended as further described in Note 1(d) of these Financial Statements. Under the terms of the amended Gold Prepay Agreement, in exchange for $41.9 million, the Company is required to deliver to Orion 3,100 troy ounces of gold for the quarter ending June 30, 2022, and thereafter, 2,100 troy ounces of gold per calendar quarter until September 30, 2025, for aggregate deliveries of 30,400 troy ounces of gold. As of December 31, 2022, the Company had delivered 7,300 troy ounces of gold towards the Gold Prepay Agreement with Orion, leaving 23,100 ounces remaining to be delivered under the agreement. The Gold Prepay Agreement is recognized as a financial liability at amortized cost and it contains an embedded derivative in relation to the embedded gold price within the agreement that is measured at FVTPL each reporting period, as further described in Note 6(ii) and Note 24(d) of these Financial Statements. Interest expense is calculated by applying the effective interest rate of 24.48% to the financial liability. Interest expense is included in finance expense. On December 13, 2021, in exchange for $30 million, the Company entered into a Silver Purchase Agreement with Orion. Under the Silver Purchase Agreement, commencing April 30, 2022, the Company will deliver to Orion 100% of the silver production from the Granite Creek and Ruby Hill projects until the delivery of 1.2 million ounces of silver, after which the delivery will be reduced to 50% until the delivery of an aggregate of 2.5 million ounces of silver, after which the delivery will be reduced to 10% of the silver production solely from Ruby Hill Project. Orion will pay the Company an ongoing cash purchase price equal to 20% of the prevailing silver price. Until the delivery of an aggregate of 1.2 million ounces of silver, the Company is required to deliver the following minimum amounts of silver in each calendar year: (i) in 2022, 300,000 ounces, (ii) in 2023, 400,000 ounces, (iii) in 2024, 400,000 ounces, and (iv) in 2025, 100,000 ounces. The Silver Purchase Agreement was funded April 2022. As of December 31, 2022, the Company had delivered 6,491 ounces of silver towards the Silver Purchase Agreement with Orion. Subsequent to the year ended December 31, 2022, the Company delivered 293,509 ounces of silver to Orion in satisfaction of the 2022 Annual Minimum Delivery Amount. The current portion of the liability is $11.2 million at December 31, 2022, which includes 293,509 ounces delivered January 13, 2023, in relation to the 2022 Annual Minimum Delivery Amount and 400,000 ounces in relation to the 2023 Annual Minimum Delivery Amount. The Silver Purchase Agreement is recognized as a financial liability at amortized cost and it contains two embedded derivatives as further described in Note 6(iii) and Note 24 (d) of these Financial Statements. Interest expense is calculated by applying the effective interest rate of 12.28% to the financial liability. Interest expense is included in finance expense. The obligations under the Gold Prepay Agreement and Silver Purchase Agreement are senior secured obligations of the Company as further described in Note 1(b) of these Financial Statements. Lease liabilities relate to leases on buildings and mobile mining equipment which have a remaining lease term between one The schedule of undiscounted lease payment obligations is as follows: December 31, Less than one year $ 432 One to three years 192 Total undiscounted lease liabilities $ 624 |
PROVISION FOR ENVIRONMENTAL REH
PROVISION FOR ENVIRONMENTAL REHABILITATION | 12 Months Ended |
Dec. 31, 2022 | |
Provision For Environmental Rehabilitation [Abstract] | |
PROVISION FOR ENVIRONMENTAL REHABILITATION | PROVISION FOR ENVIRONMENTAL REHABILITATION The Company's provision for environmental rehabilitation results from mining equipment and previously mined property interests. The provision consists primarily of costs associated with mine reclamation and closure activities. These activities, which tend to be site specific, generally include costs for decommissioning the mill complex and related infrastructure, physical and chemical stability of the tailings area and, post-closure site security and monitoring costs. The Company considers such factors as changes in laws and regulations, and requirements under existing permits in determining the estimated costs. Such analysis is performed on an on-going basis. The Company estimates that the undiscounted un-inflated value of the cash flows required to settle the provision is $8.6 million for the McCoy-Cove property, $1.8 million for the Granite Creek property, $67.5 million for the Lone Tree property, $18.1 million for the Ruby Hill property and $1.2 million for the Argenta property. In calculating the best estimate of the Company's provision, management used risk-free interest rates ranging from 3.88% to 4.14%. A reconciliation of the discounted provision is provided below: Argenta McCoy-Cove Granite Creek Lone Tree Ruby Hill Total Balance as at January 1, 2022 $ — $ 6,684 $ 2,394 $ 60,592 $ 23,179 $ 92,849 Acquisitions 1,170 — — 77 — 1,247 Change in estimate capitalized — (84) (995) (13,066) (10,704) (24,849) Accretion expense — 212 74 1,917 798 3,001 Reclamation expenditures — — — (622) — (622) Disposal — — — — — — Balance as at December 31, 2022 1,170 6,812 1,473 48,898 13,273 71,626 Less current portion 398 — — 548 — 946 Long-term portion $ 772 $ 6,812 $ 1,473 $ 48,350 $ 13,273 $ 70,680 South Arturo McCoy-Cove Granite Creek Lone Tree Ruby Hill Total Balance as at January 1, 2021 $ 3,427 $ 4,728 $ — $ — $ — $ 8,155 Acquisitions — — 2,051 60,475 23,208 85,734 Change in estimate capitalized — 1,842 318 — (80) 2,080 Accretion expense 44 114 25 117 51 351 Reclamation expenditures — — — — — — Disposal (3,471) — — — — (3,471) Balance as at December 31, 2021 — 6,684 2,394 60,592 23,179 92,849 Less current portion — — — — — — Long-term portion $ — $ 6,684 $ 2,394 $ 60,592 $ 23,179 $ 92,849 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Other liabilities [Abstract] | |
OTHER LIABILITIES | OTHER LIABILITIES December 31, December 31, Warrant liability (i) $ 15,945 $ 15,465 Share-based payment liability (ii) 983 — Orion - Conversion and change of controls rights (iii) 27,029 18,534 Sprott - Conversion and change of controls rights (iii) 5,299 3,895 Deferred consideration (iv) 45,805 42,543 Offtake liability (v) 730 730 Total other liabilities 95,791 81,167 Less current portion 46,181 15,795 Long-term portion $ 49,610 $ 65,372 In connection with the Plan of Arrangement with Equinox discussed in Note 1 (a) of these Financial Statements, the Company issued 7.73 million Common Share Purchase Warrants (“warrants”) which are exercisable into one fully paid and non-assessable common share of the Company at an exercise price of C$3.64 per share until October 7, 2022. The warrants included a four 1 of the warrants recognized on inception was $2.9 million and a t December 31, 2022 nil ($2.2 m illion at December 31, 2021). The warrants expired during the year ended December 31, 2022. In connection with the Transaction, the Company assumed a warrant liability for 40% of 2.0 million Premier warrants that were outstanding with Orion Mine Finance on the date of the Transaction. On the exercise of the warrants, the Company will issue 800,000 shares of the Company in settlement. The liability has been recorded as a reduction in the equity issued on the spin-out of Premier USA to the Company. The initial fair value 1 of the replacement warrants recognized on inception was $0.5 million and a t December 31, 2022 nil ($0.8 million at December 31, 2021). The warrants were exercised during the year ended December 31, 2022. In connection with the Acquisition of Osgood as further described in Note 1(b) of these Financial Statements, the Company issued 12.1 million warrants which are exercisable into one fully paid and non-assessable common share of the Company at an exercise price of C$3.64 per share until April 14, 2024. The warrants included a four 1 of the warrants recognized on inception was $6.1 million and at December 31, 2022 $10.1 million ($8.9 million at December 31, 2021). Subsequent to the year ended December 31, 2022, Waterton exercised 350,000 warrants to purchase 350,000 common shares of the Company. In connection with the financing as further described in Note 1(d) of these Financial Statements, the Company issued 5.5 million common share warrants exercisable at C$3.275 per share with an exercise period of 36 months or until December 13, 2024. The initial fair value of the warrants recognized on inception was $3.5 million and at December 31, 2022 $5.9 million ($3.5 million at December 31, 2021). The warrants are considered derivatives because their exercise price is in C$ whereas the Company’s functional currency is in USD. Accordingly, the Company recognizes the warrants as liabilities at fair value with changes in fair value recognized in profit or loss. For the year ended December 31, 2022, the Company recognized a loss on the revaluation of the liability of $1.0 million ($2.5 million loss for the year ended December 31, 2021) t hrough the statement of income as further described in Note 18 of these Financial Statements. The fair value of the warrants were calculated using the Black-Scholes option pricing model, or a Monte Carlo simulation model, if applicable taking into the account the four months hold restriction, and with the following weighted average assumptions: December 31, December 31, Risk free rate 3.96% to 4.25% 0.18% to 0.69% Warrant expected life 15 to 24 months 4 to 30 months Expected volatility 56% to 60% 50% to 57% Expected dividend 0% 0% Share price C$3.78 C$3.11 As of December 31, 2022, there were 17,561,152 warrants outstanding (26,099,806 at December 31, 2021). In connection with the acquisition of Ruby Hill the Company recorded a financial liability associated with the milestone payments subject to an early prepayment option, as further described in Note 1(b) of these Financial Statements. The Company recognizes the liability at fair value with changes in fair value recognized in profit or loss. The initial fair value of the liability recognized on inception was $41.9 million and $45.8 million at December 31, 2022 ($42.5 million at December 31, 2021). For the year ended December 31, 2022, the Company recognized a loss on the revaluation of the liability of $3.3 million t hrough the statement of income as further described in Note 18 of these financial statements. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SHARE CAPITAL | SHARE CAPITALAuthorized share capitalAt December 31, 2022, the authorized share capital consisted of an unlimited number of common shares without par value.Issued share capital On April 7, 2021, just prior to the completion of the Arrangement discussed in Note 1(a), the Company issued 137,624,461 common shares to Premier for the transfer of its investment in Premier USA to the Company for the carrying amount of its investment, C$189.2 million ($150.6 million) offset by C$5.5 million ($4.4 million) allocated to the equity settled employee benefits reserve for replacement options, C$1.1 million ($0.9 million) for the transfer of the South Arturo silver stream, C$0.7 million ($0.6 million) for transfer of the offtake agreement and C$0.7 million ($0.5 million) for replacement warrants issued pursuant to the arrangement. On April 7, 2021, the Company issued 30,914,614 common shares at a price of C$2.60 per share for aggregate gross proceeds of approximately C$80.4 million ($60.8 million) for completing the private placement discussed in Note 1(a). This issuance also included the issuance of 7,728,654 share purchase warrants at an exercise price of C$3.64 with an expiration date of October 7, 2022. A cash commission was paid equal to 5.25% of the gross proceeds, other than (i) on proceeds from the sale of shares to Orion Mine Finance Group and any directors or officers of the Company or Premier for which the commission was reduced to 2.5% of the gross proceeds received and (ii) on proceeds from the sale of shares to Equinox, for which no commission was paid. On April 14, 2021, the Company issued 13,036,846 common shares at a price of C$2.60 per common share for total gross proceeds of $27.0 million (C$33.9 million) as part of the consideration on the acquisition of the Osgood Mining Company LLC property further discussed in Note 1(b). On May 10, 2021, the Company issued 2,430,488 common shares at a price of C$2.50 per common share for total gross proceeds of $5.0 million (C$6.1 million) as part of the consideration on the acquisition of the Christison properties, as discussed in Note 1(b). On May 26 2021, the Company issued 5,479,536 common shares at a price of C$2.60 per common share for aggregate gross proceeds of $11.8 million (C$14.2 million) in satisfaction of an anti-dilution right of Equinox contemplated in the Agreement and immediately prior to the closing of the Christison Acquisition. On October 14, 2021, in connection with the Asset Exchange, the Company issued 22,757,393 common shares at a price of C$2.62 to NGM for gross proceeds of $47.4 million. On October 14, 2021, the Company issued 8,784,122 common shares at a price of C$2.62 per common share for gross proceeds of $18.3 million in connection with a private placement. On October 14, 2021, the Company entered into a Subscription Agreement with Orion whereby Orion agreed to purchase 7,500,000 common shares of the Company for $15.6 million. On October 18, 2021, the Company issued 3,191,358 common shares to Waterton as partial consideration for the acquisition of Ruby Hill of $8.0 million. On October 21, 2021, the Company issued 839,799 common shares to Orion as a fee $1.75 million for the transfer of the Offtake Agreement in connection with the Asset Exchange. On December 9, 2021, the Company issued 4,800,000 common shares at a price of C$2.62 for gross proceeds of $10.0 million to Equinox in satisfaction of an anti-dilution right within the Agreement. On January 31, 2022, in connection with the Arrangement and as further described in Note 12(i) of these Financial Statements, the Company issued 800,000 shares for share purchase warrants that were exercised in settlement of the warrant liability that was assumed for 40% of 2 million Premier warrants that were outstanding with Orion Mine Finance on the date of the Arrangement. During the year ended December 31, 2022, the Company issued 1,047,200 shares for stock options exercised. The continuity of the Premier stock options that were outstanding and subsequently settled in connection with the spin-out, the replacement options that were issued by the Company, and the new options granted in accordance with the Share Option Plan are as follows: Options outstanding # Weighted average price C$ Outstanding at January 1, 2021 3,244,000 2.15 Exercised (62,000) 1.46 Expired (9,000) 3.18 Outstanding at April 7, 2021 3,173,000 2.19 Settled in connection with Premier USA spin-out (3,173,000) 2.19 Replacement options issued (Note 1(a)) 5,722,000 1.88 Granted 2,975,000 2.74 Exercised (1,345,200) 1.75 Expired (662,800) 2.79 Outstanding at December 31, 2021 6,689,000 2.21 Granted 2,673,179 2.65 Exercised (1,047,200) 2.45 Expired (320,106) 2.71 Forfeited (116,127) 2.62 Outstanding at December 31, 2022 7,878,746 2.30 The weighted average share price at the date of exercise for the year ended December 31, 2022 was C$2.99 (C$2.56 for the year ended December 31, 2021). At December 31, 2022, the following options were outstanding, and outstanding and exercisable: Outstanding Outstanding and Exercisable Exercise price Options Weighted average exercise price C$ Weighted average remaining life in years Options Weighted average exercise price C$ Weighted average remaining life in years $1.18 - $2.44 2,487,800 $1.38 1.99 2,280,800 $1.29 1.74 $2.45 - $2.64 2,392,246 $2.60 3.90 1,017,774 $2.58 3.63 $2.65 - $3.67 2,998,700 $2.81 3.14 2,700,164 $2.76 3.02 7,878,746 $2.30 3.01 5,998,738 $2.17 2.63 Total vested stock options at December 31, 2022 wer e 5,998,738 with a weighted average exercise price of C$2.17 (5,086,500 at December 31, 2021 with a weighted average exercise price of C$2.12). The Company applies the fair value method of accounting for all share-based compensation awards and accordingly, $1.9 million was recorded for options issued as compensation during the year ended December 31, 2022 ($2.1 million for the year ended December 31, 2021) per the table in (f) share-based payments below. The options had a weighted average grant date fair value of C$2.65 at December 31, 2022. As of December 31, 2022, there were 1,880,008 unvested stock options (1,602,500 at December 31, 2021). Subsequent to the year ended December 31, 2022, 1,888,683 stock options were granted under the plan. For purposes of the options granted, the fair value of each option was estimated on the date of grant using the Black-Scholes option pricing model, with the following assumptions: December 31, December 31, Risk-free interest rate 1.55% to 4.20% 0.09% to 0.75% Annualized volatility based on historic volatility 51% to 62% 32% to 62% Expected dividend Nil Nil Forfeiture rate 0% to 5.7% Nil Expected option life 3 years 4 years The Company adopted the RSU plan to allow the Board of Directors to grant its employees non-transferable share units based on the value of the Company's share price at the date of grant. The awards have a graded vesting schedule over a three-year period. Under the RSU plan, the awards can be equity or cash settled immediately upon vesting. The Company adopted the DSU plan to grant members of its Board of Directors non-transferable share units based on the value of the Company's share price at the date of grant. The awards have a graded vesting schedule over a three-year period. DSUs must be retained until the Director leaves the Board, at which time the awards will be equity or cash settled. For the period ended December 31, 2021, the RSUs were settled in shares of i-80 Gold and Equinox Gold and the corresponding liability was reversed in conjunction with the closing of the Arrangement discussed in Note 1(a). The following table summarizes the continuity of the RSUs and DSUs for the period ended December 31, 2022: RSUs outstanding # Weighted average RSU price C$ DSUs outstanding # Weighted average DSU price C$ Outstanding at January 1, 2021 413,666 $3.01 — $— Settled in connection with Premier USA spin-out (413,666) 1.38 — — Outstanding at December 31, 2021 — — — — Granted 772,170 2.62 175,091 2.68 Settled (236,301) 2.25 — — Forfeited (70,227) 2.62 — — Outstanding at December 31, 2022 465,642 $2.62 175,091 $2.68 As the RSUs and DSUs are expected to be settled in cash, at December 31, 2022 a current liability of $0.4 million and a long-term liability of $0.6 million was outstanding and included in other liabilities (nil outstanding at December 31, 2021). For the year ended December 31, 2022, $1.3 million has been recorded as an expense and included in share-based payments ($1.0 million for the year ended December 31, 2021). The total fair value of the vested and unvested RSUs and DSUs at December 31, 2022 was C$1.7 million (nil at December 31, 2021). For purposes of the vesting of the RSUs and DSUs, the fair value of the liability was estimated using the share price of the valuation date and an expected weighted average forfeiture rate of nil. Subsequent to the year ended December 31, 2022, 731,544 RSUs were granted under the RSU plan and 110,919 DSUs were granted under the DSU plan. Year ended 2022 2021 Stock option valuation $ 1,932 $ 2,116 RSUs and DSUs 1,348 980 Subtotal $ 3,280 $ 3,096 Reversal of RSU liability — (413) Total $ 3,280 $ 2,683 |
BASIC AND DILUTED INCOME _ (LOS
BASIC AND DILUTED INCOME / (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
BASIC AND DILUTED INCOME / (LOSS) PER SHARE | BASIC AND DILUTED INCOME / (LOSS) PER SHARE Basic income / (loss) per share is calculated based on the weighted average number of common shares and common share equivalents outstanding during the year ended December 31, 2022, and 2021. Diluted income / (loss) per share is based on the assumption that stock options and warrants that have an exercise price less than the average market price of the Company's common shares during the period have been exercised on the later of the beginning of the year and the date granted. Net income / (loss) and basic weighted average shares outstanding are reconciled to diluted net income / (loss) and diluted weighted average shares outstanding, respectively, as follows: Year ended 2022 2021 Income / (loss) from continuing operations $ (79,197) $ 76,620 Income from discontinued operations — 11,603 Net income / (loss) for the year (79,197) 88,223 Basic weighted average shares outstanding 240,100,023 148,288,884 Dilution adjustment for stock options — 4,752,714 Diluted weighted average shares outstanding 240,100,023 153,041,598 Basic income / (loss) per share from continuing operations (0.33) 0.52 Basic income per share from discontinued operations — 0.08 Basic income / (loss) per share $ (0.33) $ 0.60 Diluted income / (loss) per share from continuing operations (0.33) 0.50 Diluted income per share from discontinued operations — 0.08 Diluted income / (loss) per share $ (0.33) $ 0.58 7,878,746 stock options (Note 13(d)) and 17,561,152 warrants (Note 12(i)) were excluded from the computation of diluted weighted average shares outstanding for the year ended December 31, 2022 as their effect would be anti-dilutive. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION (i) The following table summarizes the increase and (decrease) in non-cash working capital balances: Year ended 2022 2021 Receivables $ 1,223 $ (303) Receivable from related parties — (4) Prepaids and deposits (799) (4,013) Inventory 9,220 (4,575) Accounts payable and accrued liabilities (2,484) 11,767 Increase in working capital $ 7,160 $ 2,872 (ii) The following table summarizes non-cash items included in other income / (expense): Year ended 2022 2021 Loss on warrants $ (1,040) $ (2,515) Loss on fair value measurement of convertible loans derivative (9,899) (6,097) Loss on deferred consideration (3,262) (649) Gain / (loss) on investments (295) 696 Gain on sales from Gold Prepay Agreement 1,596 — Gain on fair value measurement of Gold Prepay derivative 2,916 — Gain on fair value measurement of Silver Purchase derivative 1,898 — Gain on asset exchange — 135,531 Other 20 (645) Total non-cash items included in other income / (expense) $ (8,066) $ 126,321 |
EXPLORATION, EVALUATION AND PRE
EXPLORATION, EVALUATION AND PRE-DEVELOPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Exploration [Abstract] | |
EXPLORATION, EVALUATION AND PRE-DEVELOPMENT | EXPLORATION, EVALUATION AND PRE-DEVELOPMENT (i) The following table summarizes the Company's exploration, evaluation and pre-development expenditures by property: Year ended 2022 2021 McCoy-Cove, Nevada $ 4,196 $ 1,137 Granite Creek, Nevada 13,578 8,423 Ruby Hill, Nevada 19,552 825 Buffalo Mountain, Nevada 1,483 — Other — 92 Total exploration, evaluation and pre-development $ 38,809 $ 10,477 (ii) The following table summarizes the Company's exploration, evaluation and pre-development expenditures by activity: Year ended 2022 2021 Drilling $ 26,117 $ 5,812 Assays 3,998 282 Salaries and benefits 2,106 890 Field support 2,861 1,670 Operating supplies 1,313 210 Studies and permits 768 320 Consulting and professional fees 760 735 Claim Filing and Maintenance Fees 411 360 Depreciation & amortization 475 198 Total exploration, evaluation and pre-development $ 38,809 $ 10,477 |
GENERAL AND ADMINISTRATIVE
GENERAL AND ADMINISTRATIVE | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
GENERAL AND ADMINISTRATIVE | GENERAL AND ADMINISTRATIVE Year ended 2022 2021 Corporate administration $ 6,225 $ 2,740 Salaries and benefits 7,537 4,451 Professional fees 3,328 3,265 Total general and administrative $ 17,090 $ 10,456 |
OTHER INCOME _ (EXPENSE)
OTHER INCOME / (EXPENSE) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
OTHER INCOME / (EXPENSE) | OTHER INCOME / (EXPENSE) Year ended 2022 2021 Loss on warrants $ (1,040) $ (2,515) Loss on fair value measurement of convertible loans derivative (9,899) (6,097) Loss on deferred consideration (3,262) (649) Loss on foreign exchange (404) (122) Gain / (loss) on investments (295) 696 Gain on sales from Gold Prepay Agreement 1,596 — Gain on fair value measurement of Gold Prepay derivative 2,916 — Gain on fair value measurement of Silver Purchase derivative 1,898 — Gain on asset exchange — 135,531 Other (3,193) 98 Total other income / (expense) $ (11,683) $ 126,942 |
FINANCE EXPENSE
FINANCE EXPENSE | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
FINANCE EXPENSE | FINANCE EXPENSE Year ended 2022 2021 Interest accretion on convertible loans $ 7,695 $ 262 Interest accretion on Gold Prepay Agreement 6,720 — Interest accretion on Silver Purchase Agreement 2,692 — Amortization of finance costs 353 — Environmental rehabilitation accretion 3,001 307 Interest paid 27 76 Total finance expense $ 20,488 $ 645 |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
SEGMENTED INFORMATION | SEGMENTED INFORMATION Results of the operating segments are reviewed by the Company's chief operating decision makers ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. Each CODM is a member of the senior management team who rely on management positioned in each operating segment of the Company. Operating mine property, development and exploration projects The Company's operating segments are reported by operating mine properties and exploration and development projects. The results from operations for these reportable segments are summarized in the following tables: Continuing operations Year ended December 31, 2022 Nevada Production 1 Exploration and Development 2 Corporate and other Total Discontinued operations Total Revenue $ 36,958 $ — $ — $ 36,958 $ — $ 36,958 Cost of sales (28,861) — — (28,861) — (28,861) Depletion, depreciation and amortization (4,528) — — (4,528) — (4,528) Exploration, evaluation and pre-development (21,039) (17,801) 31 (38,809) — (38,809) Overhead costs (2,899) (308) (20,412) (23,619) — (23,619) Other income / (expense) (6,611) 11 (5,083) (11,683) — (11,683) Finance expense (2,722) (287) (17,479) (20,488) — (20,488) Income / (loss) before income taxes (29,702) (18,385) (42,943) (91,030) — (91,030) Deferred tax recovery — — 11,833 11,833 — 11,833 Income / (loss) for the period $ (29,702) $ (18,385) $ (31,110) $ (79,197) $ — $ (79,197) Continuing operations Year ended December 31, 2021 Nevada Production 1 Exploration and Development 2 Corporate and other Total Discontinued operations Total Revenue $ — $ — $ — $ — $ 31,991 $ 31,991 Cost of sales — — — — (17,207) (17,207) Depletion, depreciation and amortization — — — — (1,691) (1,691) Exploration, evaluation and pre-development (829) (9,613) (35) (10,477) (1,034) (11,511) Overhead costs (29) (363) (17,578) (17,970) (175) (18,145) Other income / (expense) 134,887 13 (7,958) 126,942 16 126,958 Related party interest expense — — (1,177) (1,177) — (1,177) Finance expense (168) (139) (338) (645) (44) (689) Income / (loss) before income taxes 133,861 (10,102) (27,086) 96,673 11,856 108,529 Current tax expense — — (200) (200) (253) (453) Deferred tax expense (27,704) — 7,851 (19,853) — (19,853) Income / (loss) for the period $ 106,157 $ (10,102) $ (19,435) $ 76,620 $ 11,603 $ 88,223 Continuing operations As at December 31, 2022 Nevada Production 1 Exploration and Development 2 Corporate and other Total Discontinued operations Total Capital expenditures $ 11,151 $ 44,441 $ 522 $ 56,114 $ — $ 56,114 Property, plant and equipment 346,176 178,920 4,165 529,261 — 529,261 Total assets 394,584 186,298 61,077 641,959 — 641,959 Total liabilities $ 142,432 $ 14,524 $ 151,590 $ 308,547 $ — $ 308,547 Continuing operations As at December 31, 2021 Nevada Production 1 Exploration and Development 2 Corporate and other Total Discontinued operations Total Capital expenditures $ 368,503 $ 68,856 $ 932 $ 438,291 $ 2,366 $ 440,657 Property, plant and equipment 363,715 138,056 878 502,649 — 502,649 Total assets 416,003 140,680 99,666 656,349 — 656,349 Total liabilities $ 159,311 $ 10,971 $ 79,089 $ 249,371 $ — $ 249,371 Revenue by customer The following table represents sales to individual customers representing 100% of the Company's gold and silver revenue: Year ended 2022 2021 Customer 1 $ 22,280 $ — Customer 2 14,678 — Customer 3 — 31,991 Total revenue from major customers $ 36,958 $ 31,991 The Company is not economically dependent on a limited number of customers for the sale of its product because gold and other metals can be sold through numerous commodity market traders worldwide. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
INCOME TAXES | INCOME TAXES (a) The major components of income tax expense / (recovery) are as follows: Year ended 2022 2021 Current income tax expense $ — $ 200 Deferred income tax expense / (recovery) (11,833) 19,853 Income tax expense / (recovery) $ (11,833) $ 20,053 (b) The income tax expense for the year can be reconciled to the accounting profit as follows: December 31, December 31, 2022 2021 Income / (loss) before income tax $ (91,030) $ 108,276 Canadian federal and provincial income tax rates (24,578) 27% 29,235 27% Increase / (decrease) due to: Permanent differences 873 (1) 518 — Impact of foreign tax rates 3,494 (4) (7,575) (7) Other foreign exchange differences (3,028) 3 959 1 Prior year's adjustments relating to tax provision and tax returns 727 (1) — — Change in unrecognized deferred taxes 10,829 (12) (3,214) (3) Other (150) — 130 — Income tax expense / (recovery) $ (11,833) 13% $ 20,053 19% (c) Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. Movement in net deferred tax liabilities: December 31, 2022 December 31, 2021 Balance at the beginning of year $ (19,853) $ — Recognized in profit / (loss) 11,833 (19,853) Balance at the end of the year $ (8,020) $ (19,853) The Company recognizes deferred taxes by taking into account the effects of local enacted tax legislation. Deferred tax assets are fully recognized when the Company concludes that sufficient positive evidence exists to demonstrate that it is probable that a deferred tax asset will be realized. The main factors that the Company considers are: – Historic and expected future taxable income; – Any tax planning that can be implemented to realize the tax assets; and – The nature, amount and timing and reversal of taxable temporary differences. Future income is impacted by changes in market gold and silver prices as well as forecasted future costs and expenses to produce gold and silver reserves. In addition the quantities of proven and probable gold and silver reserves, market interest rates and foreign currency exchange rates also impact future levels of taxable income. Any change in any of these factors will result in an adjustment to the recognition of deferred tax assets to reflect the Company's latest assessment of the amount of deferred tax assets that is probable will be realized. The following is the analysis of deferred tax assets / (liabilities) presented in the consolidated statements of financial position: December 31, 2022 December 31, 2021 Deferred income tax assets Unused losses $ 26,054 $ 8,117 Financing costs 422 562 Asset retirement obligation 17,269 14,188 Other 29,109 4,131 Gross deferred tax asset $ 72,854 $ 26,998 Offset by deferred income tax liabilities (58,395) (23,316) Net deferred tax asset $ 14,459 $ 3,682 Deferred income tax liabilities Inventory (983) (350) Capital assets (43,559) (39,492) Other (21,873) (3,327) Gross deferred tax liabilities $ (66,415) $ (43,169) Deferred income tax liabilities used to offset deferred tax asset 58,395 23,316 Net deferred income tax assets / (liabilities) $ (8,020) $ (19,853) (d) Deferred tax assets not recognized The deductible temporary differences and unused tax losses in respect of which a deferred tax asset has not been recognized in the consolidated statements of financial position are as follows: Year ended December 31, 2022 Year ended December 31, 2021 Canada United States Canada United States Deferred tax assets not recognized Loss carry forwards $ 25,953 $ — $ 5,078 $ — Conversion feature — — 8,493 — Financing costs — — 2,082 — Other 20,710 — 82 — Total deferred tax assets not recognized $ 46,663 $ — $ 15,735 $ — Non capital loss carry‑forwards $ 25,953 $ — $ 5,078 $ — |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Related parties include key management personnel and entities which have control or significant influence as described in Note 2(b) of these Financial Statements. Related party transactions included in these Financial Statements are with Premier, the former parent company and with Equinox Gold. The following are related party transactions, recorded at the exchange amount as agreed to by the parties: (i) The Company recognized revenue of $32.0 million for the year ended December 31, 2021 from the sale of gold and silver under the transfer pricing agreement with Premier. The transfer pricing agreement with Premier was terminated on closing of the Transaction. (ii) Included in related party interest expense is interest accrued on an intercompany loan payable to Premier in the amount of $1.2 million for the year ended December 31, 2021. The intercompany note was settled on closing of the Transaction. (iii) Included in finance expense is interest paid to Equinox Gold of $0.06 million for the year ended December 31, 2021 for the bridge loan further described in Note 10(vi) of these Financial Statements. (iv) Included in the statement of cash flows for the year ended December 31, 2021, is the proceeds from Equinox Gold and the subsequent repayment to Equinox Gold for the $20.75 million bridge loan further described in Note 1(a) of these Financial Statements. (v) Included in operating expenses is share‑based payments of $0.6 million for the year ended December 31, 2021. The share‑based payments are for allocation of expenses from Premier. The corresponding share‑based payment liability previously recorded in Premier USA, was settled on closing of the Transaction. (vi) Included in operating expenses is transition services costs of $0.1 million to Equinox Gold for the year ended December 31, 2022 ($0.2 million for the the year ended December 31, 2021). The transition services costs are for general and administrative services provided by Equinox Gold to the Company’s head office in Reno, Nevada. The transition services agreement was terminated March 31, 2022. (vii) In April 2021, the Company modified a portion of its intercompany note payable to Premier to change the repayment currency from CAD to USD. This modification resulted in the extinguishment of the original intercompany note and recognition of a new intercompany note, with the difference of $8.8 million recorded directly into surplus / (deficit). Remuneration of key management personnel Key management personnel include the executive leadership team and members of the Board of Directors. Compensation for key management personnel was as follows: Compensation of executive leadership team Year ended 2022 2021 Salary, wages and benefits $ 3,410 $ 1,597 Share-based payments 1,772 1,198 Total compensation of executive leadership team $ 5,182 $ 2,795 Compensation of directors Year ended 2022 2021 Fees earned and other remuneration $ 163 $ 242 Share-based payments 570 423 Total compensation of directors $ 733 $ 665 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
COMMITMENTS | COMMITMENTS Surety bonds At December 31, 2022, the Company has outstanding surety bonds in the amount of $126.1 million in favor of either the United States Department of the Interior, Bureau of Land Management ("BLM"), or the State of Nevada, Department of Conservation & Natural Resources as financial support for environmental reclamation and exploration permitting. This includes surety bonds for the Lone Tree project and the Ruby Hill property in the amounts of $87.0 million and $22.8 million, respectively. The surety bonds are secured by a $32.9 million deposit and are subject to fees competitively determined in the marketplace. The obligations associated with these instruments are generally related to performance requirements that the Company addresses through its ongoing operations. As specific requirements are met, the BLM and State of Nevada as beneficiary of the instruments, will return the instruments to the issuing entity. As these instruments are associated with operating sites with long-lived assets, they will remain outstanding until closure. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTSThe Company's operations include the acquisition and exploration of mineral properties in the State of Nevada. The Company examines the various financial risks to which it is exposed and assesses the impact and likelihood of occurrence. These risks may include credit risk, liquidity risk, currency risk, interest rate risk and other risks. Where material, these risks are reviewed and monitored by the Board of Directors.Credit risk Counterparty credit risk is the risk that the financial benefits of contracts with a specific counterparty will be lost if a counterparty defaults on its obligations under the contract. This includes any cash amounts owed to the Company by those counterparties, less any amounts owed to the counterparty by the Company where a legal right of offset exists and also includes the fair values of contracts with individual counterparties which are recorded in the Financial Statements. (i) Trade credit risk The Company closely monitors its financial assets and does not have any significant concentration of trade credit risk. The Company sells its products exclusively to large international financial institutions and other organizations with strong credit ratings. The historical level of customer defaults is negligible and, as a result, the credit risk associated with trade receivables is considered to be negligible. The trade receivable balance outstanding at December 31, 2022 and at December 31, 2021 was nil. (ii) Cash In order to manage credit and liquidity risk the Company invests only in highly rated investment grade instruments that have maturities of 90 days or less and which are liquid after 30 days or less into a known amount of cash. Limits are also established based on the type of investment, the counterparty and the credit rating. The credit risk on cash and cash equivalents is therefore negligible. Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure. The following table summarizes the Company's contractual maturities and the timing of cash flows as at December 31, 2022. The amounts presented are based on the undiscounted contractual cash flows and may not agree with the carrying amounts on the Financial Statements. With 1 year 1-2 years 2-3 years Thereafter Total Accounts payable and accrued liabilities $ 17,233 $ — $ — $ — $ 17,233 Convertible loans — — 60,000 — 60,000 Gold Prepay Agreement 17,043 17,469 13,359 — 47,871 Silver Purchase Agreement 14,604 8,679 2,191 — 25,474 Deferred consideration 47,000 — — — 47,000 Reclamation and closure obligations 923 857 810 94,565 97,155 Total $ 96,803 $ 27,005 $ 76,360 $ 94,565 $ 294,733 (i) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As the Company holds excess cash in interest bearing bank accounts rather than investments, the interest rate risk is minimal. (ii) Currency risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognized assets and liabilities are denominated in a currency that is not the Company’s functional currency. The Company’s management monitors the exchange rate fluctuations on a continuous basis and acts accordingly. IFRS 13 establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Company calculates fair values based on the following methods of valuation and assumptions: a. Financial assets Financial assets other than the Company's investment described below are carried at amortized cost. The fair value of cash and cash equivalents and receivables approximate their carrying value due to their short-term nature. The Company's investment as further described in Note 6 of these Financial Statements was classified within level 2 of the fair value hierarchy and is fair valued using the common share price from the most recent subscription agreement at December 31, 2021, however during the year ended December 31, 2022, the investment listed on the TSX and therefore a quoted market price for this investment is available and is now classified within level 1 of the fair value hierarchy. b. Financial liabilities Financial liabilities not classified as fair value through profit or loss ("FVTPL") are carried at amortized cost. Accounts payable and accrued liabilities approximate their carrying value due to their short term nature. The fair value of the loan payable to Premier approximates the carrying value as the interest rates are comparable to current market rates. The share-based payment and warrant liabilities are classified within level 2 of the fair value hierarchy and are fair valued using a valuation model that incorporates such factors as the Company’s share price volatility, risk free rates and expiry dates including managements assumptions on forfeiture rates. The Stream Agreement liability was classified within level 3 of the fair value hierarchy and was fair valued using the net present value of expected future cash flows based on management assumptions on silver deliveries under the stream and a discount rate that includes the risk premium that market participants require. This liability was extinguished as of December 31, 2021. Deferred consideration related to Ruby Hill was recognized at fair value on acquisition and at December 31, 2022. This liability is classified within level 3 of the fair value hierarchy as it involves management's best estimate of whether or not the key activities as described in Note 1(b) of these Financial Statements required for each milestone payment will be achieved. Management has assumed that all milestones will be achieved and the early repayment option will be taken so the fair value of the deferred consideration is the $47 million discounted at 7.5%. The Finance Package is classified within level 3 of the fair value hierarchy and is fair valued using credit spread calculated at inception and simulating out the expected movement in gold, silver and the Company’s share price while considering key assumptions like the discount rate that includes the risk premium that market participants require, the volatility in the Company’s share price and the discount for lack of marketability. The Convertible Loans contain conversion and change of control rights that are separately measured at FVTPL each reporting period (level 3). The valuation of these options are dependent on the changes in the prices of the underlying assets and the probability that a change of control event would be expected to occur on December 13, 2023. The forced conversion rights were measured at fair value on inception but do not get revalued subsequently. The Gold Prepay Agreement is recognized as a financial liability at amortized cost and it contains an embedded derivative in relation to the embedded gold price within the agreement that is measured at FVTPL each reporting period (level 3). The change in fair value is dependent on the movement in gold prices and the change in the risk free borrowing rate. The Silver Purchase Agreement is recognized as a financial liability at amortized cost and it contains two embedded derivatives; one in relation to the embedded silver price within the agreement and the other in relation to the gold substitution option whereby i-80 Gold can choose to deliver gold instead of silver at a ratio of 75:1, both are measured at FVTPL each reporting period (level 3). On initial recognition and at December 31, 2022, the gold substitution option did not have any value. The change in fair value of the embedded derivative related to the silver price is dependent on the movement in silver prices and the change in the risk free borrowing rate. The following table presents the changes in level 3 items for the periods ended December 31, 2022 and December 31, 2021: Orion Sprott Trident Stream Agreement Deferred consideration Conversion and change of control rights Silver Purchase Agreement - silver price derivative Gold Prepay Agreement - gold price derivative Conversion and change of control rights A&R Offtake gold lookback option Balance as at January 1, 2021 $ — $ — $ — $ — $ — $ — $ — Initial recognition (853) (41,895) (13,599) — — (2,733) (577) Principal repayment 11 — — — — — — Disposals 897 — — — — — — Fair value adjustments (55) (648) (4,935) — — (1,162) (153) Balance as at December 31, 2021 $ — $ (42,543) $ (18,534) $ — $ — $ (3,895) $ (730) Fair value adjustments — (3,262) (8,495) 1,898 2,916 (1,404) — Balance as at December 31, 2022 $ — $ (45,805) $ (27,029) $ 1,898 $ 2,916 $ (5,299) $ (730) The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Balance as at December 31, 2022 Unobservable input Fair Value Change in Fair Value Assumption: -10% 10% Silver Purchase Agreement - silver price derivative Change in forecast silver price 1,898 4,638 (4,638) Gold Prepay Agreement - gold price derivative Change in forecast gold price 2,916 4,208 (4,208) The valuation of the Convertible Loans and related embedded derivatives were dependent on the changes in the prices of the underlying assets and the probability that a change of control event would be expected to occur on December 13, 2023. The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Balance as at December 31, 2022 Unobservable input Fair Value Change in Fair Value Assumption: 25% 15% 35% Orion - Conversion Option and Change of Control Option Change of control probability (27,029) 327 327 Sprott - Conversion Option and Change of Control Option Change of control probability (5,299) (62) 62 |
MANAGEMENT OF CAPITAL
MANAGEMENT OF CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
MANAGEMENT OF CAPITAL | MANAGEMENT OF CAPITAL The Company manages its share capital and equity settled employee benefits reserve as capital, the balance of which is $369.5 million at December 31, 2022 ($363.9 million at December 31, 2021). 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 exploration and development of its mineral properties and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, acquire or dispose of assets or acquire new debt. In order to maximize ongoing exploration and development efforts, the Company does not pay out dividends. The Company's investment policy is to invest its short-term excess cash in highly liquid short-term interest-bearing investments with short-term maturities, selected with regard to the expected timing of expenditures from continuing operations. To effectively manage its capital requirements, the Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. In connection with the financing described in Note 26 of these Financial Statements, the Company expects it will have sufficient capital to carry out its development, exploration and evaluation plans through 2023. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Private Placement Offering On February 22, 2023, the Company closed a private placement offering of $65 million principal amount of secured convertible debentures (the “Convertible Debentures”) of the Company. The Convertible Debentures will bear interest at a fixed rate of 8.00% per annum and will mature on February 22, 2027, being the date that is four years from the offering closing date. The Convertible Debentures will be the senior unsecured obligation of the Company and will be secured on a limited recourse basis by Premier USA, the Company’s wholly-owned subsidiary, with recourse limited to a pledge of all present and future limited liability company units issued by its wholly-owned subsidiary, Au-Reka. The Convertible Debentures will be guaranteed on a full recourse basis by Au-Reka which is secured by a first ranking security over all of Au‑Reka’s present and future real and personal property (including the McCoy-Cove project). The Convertible Debentures are not redeemable prior to the Maturity Date; provided, however, that, if the Company has not executed the security documents relating to the security being provided in connection with the offering within 90 days from the closing date, the Company shall be obligated to repurchase the Convertible Debentures, by the date that is 120 days from the closing date, at a price equal to 100% of the principal amount of the Convertible Debentures then outstanding plus any accrued and unpaid interest thereon up to and including the date of redemption. Certain directors and/or officers of the Company subscribed for $0.23 million in principal amount of Convertible Debentures under the offering. Agreement to Acquire Paycore Minerals On February 27, 2023, the Company, and Paycore announced that the companies entered into a definitive agreement whereby i-80 will acquire all of the outstanding common shares of Paycore (the “Paycore Shares”) pursuant to a statutory plan of arrangement. Paycore owns the FAD property that is host to the FAD deposit located immediately south of, and adjoining, the Company’s Ruby Hill Property located in Eureka County, Nevada. The transaction will consolidate the northern portion of the Eureka District, increasing the Company’s land package at Ruby Hill Pursuant to the transaction, Paycore shareholders will receive 0.68 of an i-80 Gold common share for each Paycore Share held (the “Exchange Ratio”), representing a 36% premium for Paycore shareholders based on the 20-day volume-weighted average price for both Paycore and i-80 Gold for the period ended on February 24, 2023 and a 26% premium based on the closing prices of both companies on February 24, 2023. Based on the Exchange Ratio, upon completion of the transaction, existing i-80 Gold shareholders will own approximately 90% and former Paycore shareholders will own approximately 10% of the combined company, on a fully diluted in-the-money basis. Milestone payments In January 2023, the Company exercised the early prepayment option and paid to Waterton total consideration of $27.0 million in satisfaction of the First Milestone Payment and Second Milestone Payment, as further described in Note 1(b) of these Financial Statements. Consideration paid to Waterton consisted of $11.0 million in cash and 5,515,313 common shares of the Company. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
Basis of preparation and statement of compliance | Basis of Preparation and 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 (“IFRIC”). Certain comparative amounts have been reclassified to conform with the current year's financial statement presentation. Such reclassifications were not considered material. The accounting policies applied in these Consolidated Financial Statements are based on IFRS issued and outstanding as of March 14, 2023, the date the Board of Directors approved the statements. These Consolidated Financial Statements have been prepared on the historical cost basis, except as detailed in the Company’s accounting policies as described below. The methods used to measure fair values of derivative instruments are discussed in Note 24(d). The methods used to measure the fair value of the Company’s acquired assets and assumed liabilities are discussed in Note 2(t). The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company's assets and liabilities are accounted for prospectively. Basis of measurement and impact of the Arrangement These Consolidated Financial Statements have been prepared on a historical cost basis. Transactions occurring prior to the Arrangement on April 7, 2021 were derived from the accounting records of Premier Gold Mines USA Inc. (“Premier USA”). The financial information prior to April 7, 2021 is intended to be representative of the entities had i-80 Gold been operating them as a stand-alone entity, subject to i-80 Gold’s control, during this time. The financial information related to this period has been prepared by i-80 Gold’s management in accordance with IFRS and requires the use of significant judgments made in allocating reported amounts related to Premier USA. In the opinion of management, these Consolidated Financial Statements reflect all adjustments necessary to present fairly the consolidated statements of financial position and the consolidated statements of net income (loss) and comprehensive income (loss) in accordance with IFRS. Presentation of the consolidated statements of financial position The transfer of Premier USA’s assets and liabilities from Premier to i-80 Gold was recorded by the Company at the carrying amounts recorded in Premier USA’s unaudited interim condensed consolidated statement of financial position at the time of the transfer. The assets, liabilities and equity on the consolidated statements of financial position in the comparative period are directly attributable to Premier USA, and from April 7, 2021, to i-80 Gold. Presentation of the consolidated statements of income (loss) and comprehensive income (loss) All revenue and operating expenses on the consolidated statements of income (loss) and comprehensive income (loss) are directly attributable to Premier USA and from April 7, 2021, to i-80 Gold. General and administrative expenses recorded prior to the Arrangement have been determined based on actual expenses. Share-based compensation recorded by Premier USA prior to April 7, 2021 has been allocated to Premier USA based on the compensation of Premier USA employees. From April 7, 2021 to December 31, 2021 amounts recorded for expenses are based on amounts incurred by i-80 Gold and Premier USA. |
Basis of consolidation | Basis of consolidationThe Financial Statements incorporate the financial statements of the Company and entities controlled by the Company. Control is achieved when the Company is exposed to variable returns and has the ability to affect those returns through power to direct the relevant activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. Subsidiaries will be de-consolidated from the date that control ceases.All transactions and balances between the Company and its subsidiaries are eliminated on consolidation, including unrealized gains and losses on transactions between the companies. Where unrealized losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Company. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the period are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable. |
Business combinations | Business combinations For business combinations that are determined to be a combination of businesses not under common control, the consideration transferred by the Company to obtain control of a subsidiary is calculated as the sum of the acquisition date fair values of the assets transferred, the liabilities assumed and the equity interests issued by the Company, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Company recognizes identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognized in the acquiree's financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of a) fair value of consideration transferred, b) the recognized amount of any non-controlling interest in the acquiree and c) acquisition date fair value of any existing equity interest in the acquiree, over the acquisition date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount is recognized immediately as income in the statement of income (loss) and comprehensive income (loss). For business combinations that are determined to be a common control transaction, it is necessary for management to use judgement in applying appropriate accounting treatment that will provide relevant and reliable information. For the Arrangement, management determined that the transaction was a common control transaction as Premier shareholders retained control of i-80 Gold and Premier USA, before and after the Arrangement. As a result, management determined that the most relevant and reliable information would be presented in the consolidated financial statements of i-80 Gold applying the predecessor value or book-value method, which records and consolidates the existing book values of the acquired assets and liabilities of the combined entities, rather than fair values, and no goodwill is recorded. In addition, the investment in the transferred subsidiary (Premier USA) transfers to the new parent (i-80 Gold) at the carrying value of Premier. For comparative presentation purposes, because Premier USA will continue to operate under i-80 Gold, comparative amounts will be retained and continue to be presented in the consolidated financial statements. |
Functional and presentation currency | Functional and presentation currency The functional currency of the Company is the United States dollar ("USD" or "US dollars") which reflects the underlying transactions, events and conditions that are relevant to the entity. Management considers primary and secondary indicators in determining functional currency including the currency that influences sales prices, labor, purchases and other costs. Other indicators include the currency in which funds from financing activities are generated and the currency in which receipts from operations are usually retained. Reference to $ or USD is to US dollars, reference to C$ or CAD is to Canadian dollars. |
Financial instruments | Financial instrumentsFinancial instruments are measured on initial recognition at fair value, plus, in the case of financial instruments other than those classified as fair value through profit or loss ("FVPL"), directly attributable transaction costs. Financial instruments are recognized when the Company becomes a party to the contracts that give rise to them and are classified at amortized cost, fair value through profit or loss or fair value through other comprehensive income, as appropriate. The Company considers whether a contract contains an embedded derivative when the entity first becomes a party to it. The embedded derivatives are separated from the host contract if the host contract is not measured at fair value through profit or loss and when the economic characteristics and risks are not closely related to those of the host contract. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required. |
Financial assets at FVPL | Financial assets at FVPL Financial assets at FVPL include financial assets held for trading and financial assets not designated upon initial recognition as amortized cost or fair value through other comprehensive income ("FVOCI"). A financial asset is classified in this category principally for the purpose of selling in the short term, or if so designated by management. Transaction costs are expensed as incurred. On initial recognition, a financial asset that otherwise meets the requirements to be measured at amortized cost or FVOCI may be irrevocably designated as FVPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets measured at FVPL are measured at fair value with changes in fair value recognized in profit or loss. |
Financial assets at amortized cost | Financial assets at amortized cost A financial asset is measured at amortized cost if it is held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, and is not designated as FVPL. Financial assets classified as amortized cost are measured subsequent to initial recognition at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts/payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or (when appropriate) a shorter period, to the net carrying amount on initial recognition. |
Financial liabilities | Financial liabilities Financial liabilities are classified as measured at amortized cost or FVPL. A financial liability is classified as at FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Gains and losses are recognized in net earnings when the liabilities are derecognized as well as through the amortization process. Borrowing liabilities are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the statement of financial position date. |
Derivative instruments | Derivative instruments Derivative instruments, including embedded derivatives, are measured at fair value on initial recognition and at each subsequent reporting period. Any gains or losses arising from changes in fair value on derivatives are recorded in profit or loss. |
Fair values | Fair values The fair value of quoted investments is determined by reference to market prices at the close of business on the statement of financial position date. Where there is no active market, fair value is determined using valuation techniques. These include using recent arm’s length market transactions; reference to the current market value of another instrument which is substantially the same; discounted cash flow analysis; and, pricing models. Financial instruments that are measured at fair value subsequent to initial recognition are grouped into a hierarchy based on the degree to which the fair value is observable as follows: Level 1 fair value measurements are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
Impairment of financial assets | Impairment of financial assets A loss allowance for expected credit losses is recognized in OCI for financial assets measured at amortized cost. At each balance sheet date, on a forward-looking basis, the Company assesses the expected credit losses associated with its financial assets carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The impairment model does not apply to investments in equity instruments. |
Derecognition of financial assets and liabilities | Derecognition of financial assets and liabilities A financial asset is derecognized when either the rights to receive cash flows from the asset have expired or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party. If neither the rights to receive cash flows from the asset have expired nor the Company has transferred its rights to receive cash flows from the asset, the Company will assess whether it has relinquished control of the asset or not. If the Company does not control the asset then derecognition is appropriate. A financial liability is derecognized when the associated obligation is discharged or canceled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in net earnings. |
Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents is comprised of cash on hand and demand deposits. |
Inventory | Inventory Material extracted from our mines is classified as either ore or waste. Ore represents material that, at the time of extraction, is expected to be processed into a saleable form and sold at a profit. Raw materials are comprised of both ore in stockpiles and ore on leach pads as processing is required to extract benefit from the ore. Ore is accumulated in stockpiles that are subsequently processed into gold and silver in a saleable form. The recovery of gold from certain oxide ores is achieved through the heap leaching process. Work-in-process represents gold and silver in the processing circuit, including ore and leach pads, that has not completed the production process, and is not yet in a saleable form. Finished goods inventory represents gold and silver in saleable form. Mine operating supplies represent commodity consumables and other raw materials used in the production process, as well as spare parts and other maintenance supplies that are not classified as capital items. Inventories are valued at the lower of cost and net realizable value ("NRV"). Cost is determined on a weighted average basis and includes all costs incurred, based on a normal production capacity, in bringing each product to its present location and condition. Cost of inventories comprises direct labour, materials and contractor expenses, including non-capitalized stripping costs; depreciation on property, plant and equipment including capitalized stripping costs; and an allocation of general and administrative costs. As ore is removed for processing, costs are removed based on the average cost per ounce in the stockpile. Provisions to reduce inventory to NRV are recorded to reflect changes in economic factors that impact inventory value and to reflect present intentions for the use of slow moving and obsolete supplies inventory. NRV is determined with reference to relevant market prices less applicable variable selling expenses. Provisions recorded also reflect an estimate of the remaining costs of completion to bring the inventory into its saleable form. Provisions are also recorded to reduce mine operating supplies to NRV, which is generally calculated by reference to its salvage or scrap value, when it is determined that the supplies are obsolete. Provisions are reversed to reflect subsequent recoveries in NRV where the inventory is still on hand. |
Property, plant and equipment | Property, plant and equipment General Property, plant and equipment are recorded at cost less accumulated depreciation, depletion and impairment charges. Major overhaul expenditures and the cost of replacement of a component of plant and mobile equipment are capitalized and depreciated over the average expected life between major overhauls. All other replacement spares and other costs relating to maintenance of mobile equipment are charged to the cost of production. Directly attributable costs incurred for major capital projects and site preparation are capitalized until the asset is in a location and condition necessary for operation as intended by management. These costs include dismantling and site restoration costs to the extent these are recognized as a provision. Management annually reviews the estimated useful lives, residual values and depreciation methods of the Company’s property, plant and equipment and also when events or changes in circumstances indicate that such a review should be made. Changes to estimated useful lives, residual values or depreciation methods resulting from such review are accounted for prospectively. An item of property, plant and equipment is de-recognized upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between any proceeds received and the carrying amount of the asset) is included in the statements of income / (loss) and comprehensive income / (loss) in the period the asset is de-recognized. Exploration, evaluation and pre-development expenditures The exploration, evaluation and pre-development expenditure policy is to charge exploration and evaluation expenditures within an area of interest as expense until management concludes that the technical feasibility and commercial viability of extracting a mineral resource are demonstrable and that future economic benefits are probable. In making this determination, the extent of exploration, as well as the degree of confidence in the mineral resource is considered. Once a project has been established as commercially viable and technically feasible and has been subject to an impairment analysis, further expenditures are capitalized and classified as development properties. Exploration, evaluation and pre-development expenditures consist of: – gathering exploration data through topographical and geotechnical studies; – exploratory drilling, trenching and sampling; – determining the volume and grade of the resource; – test work on geology, metallurgy, mining, geotechnical and environmental; and – conducting engineering, marketing and financial studies. Exploration and evaluation assets acquired are initially recognized at fair value as exploration rights within tangible assets. Development properties (underground and open pit) A property, either open pit or underground, is classified as a development property when a mine plan has been prepared and technical feasibility has been established, a permit has been obtained and a decision is made to commercially develop the property and mineralization is classified as proven and probable. Development expenditure is accumulated separately for each area of interest for which economically recoverable mineral reserves have been identified. All expenditures incurred prior to the commencement of commercial levels of production from each development property are capitalized. In addition, capitalized costs are assessed for impairment when there is an indicator of impairment. Proceeds received from selling output produced before the asset is ready for its intended use are recognized in profit or loss. The related cost of producing the output is measured using the guidance in IAS 2, ‘Inventories’, and it is recognized as an expense in profit or loss when sold. Development properties are not amortized until they are reclassified as mine property assets following the achievement of commercial levels of production. Mine properties After a mine property has been brought into commercial production, costs of any additional mining, in-pit drilling and related work on that property are expensed as incurred. Mine development costs incurred to expand operating capacity, develop new ore bodies or develop mine areas in advance of current production, including the stripping of waste material, are deferred and then amortized on a unit-of- production basis. Deferred stripping costs Stripping costs incurred in the production phase of a mining operation are accounted for as variable production costs and are included in the costs of inventory produced. Stripping activity that improves access to ore in a future period is accounted for as an addition to or enhancement of an existing asset. The Company recognizes stripping activity assets when it is probable that the future economic benefit associated with the stripping activity will flow to the Company; the component of the ore body for which access has been improved can be identified; and the costs relating to the stripping activity associated with that component can be measured reliably. Stripping activity assets are amortized on a unit of production basis in subsequent periods over the proven and probable reserves to which they relate. Depreciation and depletion The carrying amounts of mine properties, plant and equipment are depreciated or depleted to their estimated residual value over the estimated economic life of the specific assets to which they relate, using the depreciation methods or depletion rates as indicated below. Estimates of residual values or useful lives and depreciation methods are reassessed annually and any change in estimate is taken into account in the determination of the remaining depreciation or depletion rate. Depreciation or depletion commences on the date the asset is available for its use as intended by management. Depreciation or depletion is computed using the following rates: Item Methods Rates Mine properties Units of production Estimated proven and probable mineral reserves Equipment, leasehold improvements Straight line Lesser of lease term and estimated useful life Buildings Straight line 20 years Furniture, office equipment and software Straight line 2 – 5 years Plant and equipment Straight line, units of production 4 – 10 years, estimated proven and probable mineral reserves Mining equipment Straight line 1 – 10 years based on life of mine Deferred stripping costs Units of production Estimated proven and probable mineral reserves accessible due to stripping activity |
Provisions | Provisions Provisions are recognized when the Company or its subsidiaries have a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pretax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Contingent liabilities are not recognized in the financial statements, if not estimatable and probable, and are disclosed in notes to the financial information unless their occurrence is remote. Contingent assets are not recognized in the financial statements, but are disclosed in the notes if their recovery is deemed probable. Environmental rehabilitation Provisions for environmental rehabilitation are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) in the accounting period when the related environmental disturbance occurs. The provision is discounted using a pretax rate, and the unwinding of the discount is included in finance costs. At the time of establishing the provision, a corresponding asset is capitalized and is depreciated over future production from the mining property to which it relates. The provision is reviewed each reporting period for changes in cost estimates, discount rates and operating lives. Changes to estimated future costs are recognized in the statement of financial position by adjusting the rehabilitation asset and liability. If, for mature mines, the revised mine assets net of rehabilitation provisions exceeds the carrying value, that portion of the increase is charged directly to expenses. For closed sites, changes to estimated costs are recognized immediately in profit and loss. |
Leases | Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether the: – contract involves the use of an identified asset: – this may be specified explicitly or implicitly, – should be physically distinct or represent substantially all of the capacity of a physically distinct asset, and – if the supplier has a substantive substitution right, then the asset is not identified. – Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use, and – Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either the: – Company has the right to operate the asset, or – Company designed the asset in a way that predetermines how and for what purpose it will be used. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for the leases of land and buildings in which it is a lessee, the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. 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, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset will be periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability when applicable. 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. Generally, the Company uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following: – fixed payments, including in-substance fixed payments, – variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date, – amounts expected to be payable under a residual value guarantee, and – the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company presents right-of-use assets that do not meet the definition of investment property in “Property, plant and equipment" and lease liabilities in “Other liabilities". The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases of items that have a lease term of 12 months or less and leases of low-value assets including non-specialized IT equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. |
Share capital and warrants | Share capital and warrants Share capital represents the fair value of consideration received. Equity instruments are contracts that give a residual interest in the net assets of the Company. Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. Incremental costs directly attributable to the issue of new shares or options are also shown in equity as a deduction. The Company periodically issues units to investors consisting of common shares and warrants in non-brokered private placements or as additional consideration in a brokered financing or purchase transaction. Each whole warrant issued entitles the holder to acquire a common share of the Company, at a fixed Canadian dollar price over a specified term. These warrants are not transferable from the original investor to a new investor and are considered derivatives because their exercise price is in CAD whereas the Company’s functional currency is in USD. Accordingly, the Company recognizes the warrants as a liability at fair value with changes in fair value recognized in profit or loss except the Premier warrants that were replaced on the spin-out recorded as a reduction of equity. When investor or other warrants are exercised, the liability is revalued prior to derecognition with the change in fair value recognized in profit or loss, proceeds received are added to share capital and the liability is derecognized. Holders of the Company's common shares will be entitled to receive dividends out of any funds legally available when, as and if declared by the Board. Each holder of the Company's common shares is entitled to one vote per share on all matters on which shareholders are generally entitled to vote. The Company's articles do not provide for cumulative voting in the election of directors. |
Share-based compensation | Share-based compensation All goods and services received in exchange for the grant of any share-based payment are measured at their fair values or where fair value of the goods and services received is indeterminable estimated using an option pricing model. Where employees are rewarded using share-based payments, the fair values of employees' services are determined indirectly by reference to the fair value of the equity instruments granted. This fair value is determined at the grant date. In the comparative period prior to closing of the Transaction, all share-based payments were granted by Premier and allocated to the Company. All share-based remuneration is ultimately recognized as an expense in profit or loss with a corresponding credit to reserves. Share Option Plan Stock options are equity-settled share-based compensation awards. The fair value of stock options at the grant date is estimated using the Black-Scholes option pricing model. Compensation expense is recognized over the vesting period based on the number of units estimated to vest. Vesting periods may range from immediate to five years. This expense is recognized as share-based compensation expense with a corresponding increase in equity reserves. Restricted Share Unit Plan Restricted share units ("RSU") are granted to eligible members of the Board of Directors, eligible employees and eligible contractors. The RSUs are settled in cash or equity at the option of the Company. The RSUs vest subject to an RSU award letter but no later than December 31, of the third calendar year following the service year determined based on date of grant. The RSUs granted are accounted for under the equity method where the RSU grant letter specifies settlement in shares. Deferred Share Unit Plan Deferred share units ("DSU") are granted to eligible members of the Board of Directors, eligible employees and eligible contractors. The DSUs are settled in cash or equity at the option of the Company. The DSUs vest subject to a DSU award letter but no later than December 31, of the third calendar year following the service year determined based on date of grant. The DSUs granted are accounted for under the liability method where the DSU grant letter specifies settlement in cash, and the equity method where the DSU grant letter specifies settlement in shares. DSUs must be retained until the Director leaves the Board, at which time the awards will be equity or cash settled. |
Assets held for sale and discontinued operations | Assets held for sale and discontinued operations Non-current assets classified as held for sale are presented separately and measured at the lower of their carrying amounts immediately prior to their classification as held for sale and their fair value less costs to sell. Once classified as held for sale, the assets are not subject to depreciation or amortization. Any profit or loss arising from the sale of a discontinued operation or its remeasurement to fair value less costs to sell is presented as part of a single line item, profit or loss from discontinued operations. In the absence of direct guidance from IFRS 5 or IFRS 3 regarding the treatment of transaction costs in the case of a disposal, the Company will defer these costs and recognize them against the gain or loss incurred upon closing of the transaction. The transaction costs will be classified in the asset held for sale line item until the transaction is closed and the related assets and liabilities are derecognized. |
Impairment of non-financial assets | Impairment of non-financial assets At each financial position reporting date the carrying amounts of the Company's non-financial assets are reviewed to determine whether there is any indication that those assets are impaired. If any 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 of disposal and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the period. For the purposes of impairment testing, exploration and evaluation assets are allocated to cash-generating units to which the exploration activity relates. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs. When an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. |
Revenue | Revenue The Company follows a 5-step process in determining whether to recognize revenue from the sale of precious metals, gold and silver: – Identifying the contract with a customer; – Identifying the performance obligations; – Determine the transaction price; – Allocating the transaction price to the performance obligations; and – Recognizing revenue when/as performance obligation(s) are satisfied. The Company earns revenue from contracts with customers under the gold offtake arrangement and from gold sold in the London spot market. Revenue from contracts with customers is generally recognized on the settlement date, which is the date the customer obtains control of the promised asset and the Company satisfies its performance obligation. The Company considers the terms of the contract in determining the transaction price. The transaction price is based upon the amount the Company expects to be entitled to in exchange for the transferring of the promised goods. The transaction price is either fixed on the settlement date or at spot prices based upon the terms of the contract. The Company typically receives payment within one In the comparative period and prior to the closing of the Transaction, the Company earned revenue from the sale of precious metals to Premier, a related party. All sales were at market prices and a trading margin of 1.8% is applicable in situations where Premier was required to perform significant sales and trading activities for the refined metals. Revenue from related party sales was recognized at the fair value of the consideration received. |
Income taxes | Income taxes Tax expense recognized in profit or loss comprises the sum of deferred tax and current tax not recognized in other comprehensive income or directly in equity. Current income tax assets and/or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Current tax is payable on taxable profit or other current tax activities, which differs from profit or loss in the financial statements. Calculation of current tax expense is based on tax rates and tax laws that have been enacted by the end of the reporting period. Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax on temporary differences associated with investments in subsidiaries and co-ownership is not provided if reversal of these temporary differences can be controlled by the Company and it is expected that reversal will not occur in the foreseeable future. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realization, provided they are enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are always provided for in full. Deferred tax assets are recognized to the extent that it is probable that they will be able to be utilized against future taxable income. To the extent that the Company does not consider it probable that a future tax asset will be recovered, it is not recognized in the financial statements. Deferred tax assets and liabilities are offset only when the Company has a right and intention to offset current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognized as a component of taxable income or expense in profit or loss, except where they relate to items that are recognized in other comprehensive income or directly in equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively. |
Income / (loss) per share | Income / (loss) per shareThe Company presents basic income / (loss) per share data for its common shares, calculated by dividing the income / (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted income per share is determined using the treasury stock method and the weighted average number of common shares outstanding for the effects of all dilutive stock options. |
Segment reporting | Segment reportingAn operating segment is a component of an entity (i) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), (ii) whose operating results are regularly reviewed by the entity's management, and (iii) for which discrete financial information is available. |
Interest | InterestInterest income and expenses are reported on an accrual basis using the effective interest method. |
New Accounting Standards and Interpretations not yet Adopted | New Accounting Standards and Interpretations not yet Adopted IAS 1 - Classification of liabilities as current or non-current In January 2020, the IASB issued amendments to IAS 1 - Presentation of Financial Statements to clarify that liabilities are classified as either current or non-current, depending on the existence of the substantive right at the end of the reporting period for an entity to defer settlement of the liability for at least twelve months after the reporting period. The amendments are effective January 1, 2024 with early adoption permitted. The amendments are required to be adopted retrospectively. The Company does not anticipate any significant impact from these amendments on the financial statements as a result of initial application. Amendments to IAS 12 and IFRS 1 – Deferred taxes related to assets and liabilities arising from a single transaction |
NATURE OF BUSINESS (Tables)
NATURE OF BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Disclosure of detailed information about business combination | The acquisition date fair value of the consideration transferred consisted of the following: Cash $ 75,084 Share-based consideration 8,000 Current portion of deferred consideration (i) (Note 12) 15,540 Long-term portion of deferred consideration (i) (Note 12) 26,355 Total consideration $ 124,979 (i) Management's best estimate is that the early prepayment options will be exercised for all milestone payments (discounted at a rate of 7.5%): the fair value of the first milestone payment of $17 million, the second milestone prepayment of $10 million, and the third and fourth milestone prepayment of $20 million. Net assets (liabilities) acquired: Accounts receivable and other assets $ 195 Inventory 13,800 Property, plant and equipment 29,981 Mineral property interests 105,877 Accounts payable (1,003) Accrued liabilities (663) Provision for environmental rehabilitation (23,208) Fair value of net assets acquired $ 124,979 Net assets (liabilities) acquired: Property, plant and equipment $ 3,122 Other assets 1,767 Provision for environmental rehabilitation (1,169) Fair value of net assets acquired $ 3,720 |
Disclosure of detailed information about asset acquisition | The components of consideration that were paid and the allocation to the net assets acquired is detailed in the table below: Components of consideration paid: Cash $ 23,000 Common shares 27,000 Warrants 6,065 Transaction costs 309 $ 56,374 Allocated value: Other assets $ 28 Buildings and equipment 356 Mineral properties 58,041 Reclamation and closure cost obligations (2,051) $ 56,374 The disposal of the Company's 40% interest in South Arturo created no gain or loss of control. Components of consideration paid: Book value of South Arturo asset (Note 4) $ 42,819 NGM reimbursement (7,331) Transaction costs 3,289 Offtake Transfer Payment 1,750 Total consideration $ 40,527 Net assets (liabilities) acquired: Cash $ 1,058 Inventory 3,474 Property, plant and equipment 166,480 Mineral property interests 65,521 Provision for environmental rehabilitation (60,475) Fair value of net assets acquired - Gross of tax $ 176,058 Taxes payable (1,125) Deferred tax liability (27,704) Fair value of net assets acquired - Net of tax $ 147,229 Income statement impact: Gain arising on asset exchange - Gross of tax $ 135,531 Income tax expense 28,829 Total gain arising on asset exchange - Net of tax $ 106,702 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
Disclosure of subsidiaries | Subsidiary Location Percentage of ownership Property Principle activity Premier Gold Mines USA Inc. Nevada 100% Holding Mineral exploration Goldcorp Dee LLC Humboldt, Nevada 100% Lone Tree Production Ruby Hill Mining Company LLC Eureka, Nevada 100% Ruby Hill Production Osgood Mining Company LLC Humboldt, Nevada 100% Granite Creek Pre-development Au-Reka Gold Corporation Eureka, Nevada 100% McCoy-Cove Pre-development Argenta LLC Lander, Nevada 100% Inactive Mineral exploration Premier Gold Mines Nevada Inc. Nevada 100% Inactive Mineral exploration Premier Goldbanks LLC Nevada 100% Inactive Mineral exploration Premier Rye LLC Nevada 100% Inactive Mineral exploration |
Disclosure of interests in subsidiaries | Subsidiary Location Percentage of ownership Property Principle activity Premier Gold Mines USA Inc. Nevada 100% Holding Mineral exploration Goldcorp Dee LLC Humboldt, Nevada 100% Lone Tree Production Ruby Hill Mining Company LLC Eureka, Nevada 100% Ruby Hill Production Osgood Mining Company LLC Humboldt, Nevada 100% Granite Creek Pre-development Au-Reka Gold Corporation Eureka, Nevada 100% McCoy-Cove Pre-development Argenta LLC Lander, Nevada 100% Inactive Mineral exploration Premier Gold Mines Nevada Inc. Nevada 100% Inactive Mineral exploration Premier Goldbanks LLC Nevada 100% Inactive Mineral exploration Premier Rye LLC Nevada 100% Inactive Mineral exploration |
Disclosure of detailed information about property, plant and equipment | Depreciation or depletion is computed using the following rates: Item Methods Rates Mine properties Units of production Estimated proven and probable mineral reserves Equipment, leasehold improvements Straight line Lesser of lease term and estimated useful life Buildings Straight line 20 years Furniture, office equipment and software Straight line 2 – 5 years Plant and equipment Straight line, units of production 4 – 10 years, estimated proven and probable mineral reserves Mining equipment Straight line 1 – 10 years based on life of mine Deferred stripping costs Units of production Estimated proven and probable mineral reserves accessible due to stripping activity Cost Mine properties (i) Development properties (ii) Exploration, evaluation and pre-development properties (iii) Buildings, plant and equipment Total Balance as at January 1, 2021 $ 96,537 $ 30,902 $ 52,463 $ 18,490 $ 198,392 Additions 3,677 69,049 169,195 199,952 441,873 Disposals — — — (3) (3) IFRS 16 Right of Use assets — — — 634 634 Change in estimate of provision for environmental rehabilitation — 318 1,762 — 2,080 Transfers (355) 2,703 (200) (2,148) — Adjustments — — — (26) (26) Classified as held for sale (97,699) (26,587) — (10,658) (134,944) Balance as at December 31, 2021 2,160 76,385 223,220 206,241 508,006 Additions — 32,422 241 23,450 56,113 Disposals — — — (24) (24) IFRS 16 Right of Use assets — — — 280 280 Transfers — 899 7,182 (8,081) — Change in estimate of provision for environmental rehabilitation — (994) (22,608) — (23,602) Balance as at December 31, 2022 $ 2,160 $ 108,712 $ 208,035 $ 221,866 $ 540,773 Accumulated depreciation and impairment Balance as at January 1, 2021 $ 93,298 $ — $ — $ 4,938 $ 98,236 Depletion, depreciation and amortization 2,877 — — 3,481 6,358 Disposals — — — (3) (3) Classified as held for sale (94,015) — — (5,219) (99,234) Balance as at December 31, 2021 2,160 — — 3,197 5,357 Depletion, depreciation and amortization — — — 6,177 6,177 Disposals — — — (22) (22) Balance as at December 31, 2022 $ 2,160 $ — $ — $ 9,352 $ 11,512 Carrying amounts Balance, December 31, 2021 $ — $ 76,385 $ 223,220 $ 203,044 $ 502,649 Balance as at December 31, 2022 $ — $ 108,712 $ 208,035 $ 212,514 $ 529,261 Mine properties: Property January 1, Additions Transfers Depletion Classified as held for sale December 31, 2021 Ruby Hill, Nevada 1 $ — $ 2,160 $ — $ (2,160) $ — $ — South Arturo, Nevada 2 3,239 1,517 (355) (717) (3,684) — Total $ 3,239 $ 3,677 $ (355) $ (2,877) $ (3,684) $ — Property January 1, 2022 Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2022 South Arturo, Nevada $ — $ — $ — $ — $ — $ — Granite Creek, Nevada 76,385 32,422 (994) 899 — 108,712 Total $ 76,385 $ 32,422 $ (994) $ 899 $ — $ 108,712 Property January 1, Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2021 South Arturo, Nevada $ 23,402 $ 482 $ — $ 2,703 $ (26,587) $ — Granite Creek, Nevada 7,500 68,567 318 — — 76,385 Total $ 30,902 $ 69,049 $ 318 $ 2,703 $ (26,587) $ 76,385 Property January 1, 2022 Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2022 McCoy-Cove, Nevada $ 54,105 $ — $ (84) $ 7,182 $ — $ 61,203 Ruby Hill, Nevada 103,594 — (10,705) — — 92,889 Lone Tree, Nevada 65,521 — (12,988) — — 52,533 Argenta, Nevada — 241 1,169 — — 1,410 Total $ 223,220 $ 241 $ (22,608) $ 7,182 $ — $ 208,035 Property January 1, Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2021 McCoy-Cove, Nevada $ 52,213 $ — $ 1,842 $ 50 $ — $ 54,105 Ruby Hill, Nevada — 103,674 (80) — — 103,594 Rodeo Creek, Nevada 250 — — (250) — — Lone Tree, Nevada — 65,521 — — — 65,521 Total $ 52,463 $ 169,195 $ 1,762 $ (200) $ — $ 223,220 Year ended 2022 2021 Depreciation, depletion and amortization $ 4,528 $ — Recorded in exploration, evaluation and pre-development 484 198 Recorded in general and administrative 346 163 Recorded in property maintenance 816 — Depreciation, depletion and amortization capitalized into properties 215 — Depreciation, depletion and amortization in discontinued operations — 1,691 6,389 2,052 Inventory movement (212) 4,306 Total depletion, depreciation and amortization $ 6,177 $ 6,358 Buildings Equipment Vehicles Total As at December 31, 2020 $ 91 $ — $ 3 $ 94 Additions 635 — — 635 Terminations 26 — — 26 Depreciation 118 — 3 121 As at December 31, 2021 582 — — 582 Additions — 280 — 280 Depreciation 212 128 — 340 As at December 31, 2022 $ 370 $ 152 $ — $ 522 |
DISPOSAL GROUP CLASSIFIED AS _2
DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of analysis of single amount of discontinued operations [abstract] | |
Disclosure of analysis of single amount of discontinued operations | Operating profit of the South Arturo asset classified as held for sale in the comparative period is summarized as follows: Year ended Revenue $ 31,991 Cost of sales (17,207) Depletion, depreciation and amortization (1,691) Mine operating income from discontinued operations 13,093 Expenses Exploration, evaluation and pre-development 1,034 General and administrative 175 Income from discontinued operations before the following 11,884 Environmental rehabilitation accretion (44) Other 16 Other expense (28) Income from discontinued operations before income taxes 11,856 Current tax expense (253) Income from discontinued operations for the period $ 11,603 The carrying amounts of assets and liabilities in this disposal group are summarized as follows: October 14, 2021 ASSETS Current assets Cash and cash equivalents $ 3,361 Inventory 3,184 Total current assets 6,545 Non-current assets Restricted cash and cash equivalents 5,483 Long-term inventory 3,125 Property, plant and equipment 35,710 Total non-current assets 44,318 Total assets $ 50,863 LIABILITIES Current liabilities Accounts payable $ 3,539 Accrued liabilities 26 Taxes payable 111 Current provision for environmental rehabilitation 4 Total current liabilities 3,680 Non-current liabilities Deferred taxes 897 Provision for environmental rehabilitation 3,467 Total non-current liabilities 4,364 Total liabilities $ 8,044 |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory [Abstract] | |
Description Of Detailed Information About Inventories Explanatory | December 31, December 31, Ore in stockpiles and on leach pads $ 12,492 $ 22,477 Work-in-process 3,059 3,523 Finished goods 984 — Total inventory $ 16,535 $ 26,000 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Disclosure of Detailed Information About Other Assets | December 31, December 31, Investment in Paycore (i) $ 2,185 $ 2,650 Gold Prepay Agreement embedded derivative (ii) 2,916 — Silver Purchase Agreement embedded derivative (iii) 1,898 — Other assets (iv) 1,768 — Total other assets 8,767 2,650 Less current portion 6,280 2,650 Long-term portion $ 2,487 $ — (i) On May 11, 2021, the Company completed a subscription agreement to purchase common shares (the “Purchased Securities”) from Paycore Minerals Inc. ("Paycore"), whereby the Company agreed to purchase 800,000 common shares at a price of C$1.00 per common share for aggregate of C$0.80 million. On December 3, 2021, the Company completed an additional subscription agreement to purchase 800,000 common shares at a price of C$2.10 per common share for aggregate of C$1.68 million, bringing the Company's total investment to C$2.48 million ($1.95 million). On April 25, 2022, shares of Paycore were listed and posted for trading on the TSXV under the symbol “CORE.V”. The Company records its investment in Paycore at fair value as further described in Note 24(d) of these Financial Statements. At December 31, 2022, the fair value of the Company's investment in Paycore was C$2.96 million ($2.19 million). For the year ended December 31, 2022, the Company recorded a fair value loss related to the revaluation of the investment of $0.3 million (gain of $0.7 million for the year ended December 31, 2021) t hrough the statement of income as further described in Note 18 of these Financial Statements. (ii) The asset balance represents the embedded derivative in relation to the fixed gold price included in the Gold Prepay Agreement as further described in Note 1(d), Note 10(iv), and Note 24(d) of these Financial Statements. The Company recognizes the embedded derivative at fair value with changes in fair value recognized in profit or loss. For the year ended December 31, 2022, the Company recorded a fair value gain related to the valuation of the embedded derivative of $2.9 million through the statement of income as further described in Note 18 of these Financial Statements. As of December 31, 2022, the current portion of the Gold Prepay Agreement embedded derivative was $1.3 million. (iii) The asset balance represents the embedded derivative in relation to the silver price included in the Silver Purchase Agreement as further described in Note 1(d), Note 10(v), and Note 24(d) of these Financial Statements. The Company recognizes the embedded derivative at fair value with changes in fair value recognized in profit or loss. For the year ended December 31, 2022, the Company recorded a fair value gain related to the valuation of the embedded derivative of $1.9 million through the statement of income as further described in Note 18 of these Financial Statements. As of December 31, 2022 the current portion of the Silver Purchase Agreement embedded derivative was $1.0 million. |
RESTRICTED CASH AND CASH EQUI_2
RESTRICTED CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Cash And Cash Equivalents [Abstract] | |
Disclosure Of Restricted Cash | Property December 31, December 31, McCoy-Cove, Nevada (i) $ 1,955 $ 600 Lone Tree, Nevada (ii) 25,877 25,593 Ruby Hill, Nevada (iii) 4,604 4,584 Granite Creek, Nevada (iv) 466 — Total restricted cash and cash equivalents $ 32,902 $ 30,777 (i) The Company has $2.0 million in restricted cash relating to the reclamation of the Company's McCoy-Cove property. (ii) The Company has $25.9 million in restricted cash relating to the reclamation of the Company's Lone Tree property. (iii) The Company has $4.6 million in restricted cash relating to the reclamation of the Company's Ruby Hill property. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | Depreciation or depletion is computed using the following rates: Item Methods Rates Mine properties Units of production Estimated proven and probable mineral reserves Equipment, leasehold improvements Straight line Lesser of lease term and estimated useful life Buildings Straight line 20 years Furniture, office equipment and software Straight line 2 – 5 years Plant and equipment Straight line, units of production 4 – 10 years, estimated proven and probable mineral reserves Mining equipment Straight line 1 – 10 years based on life of mine Deferred stripping costs Units of production Estimated proven and probable mineral reserves accessible due to stripping activity Cost Mine properties (i) Development properties (ii) Exploration, evaluation and pre-development properties (iii) Buildings, plant and equipment Total Balance as at January 1, 2021 $ 96,537 $ 30,902 $ 52,463 $ 18,490 $ 198,392 Additions 3,677 69,049 169,195 199,952 441,873 Disposals — — — (3) (3) IFRS 16 Right of Use assets — — — 634 634 Change in estimate of provision for environmental rehabilitation — 318 1,762 — 2,080 Transfers (355) 2,703 (200) (2,148) — Adjustments — — — (26) (26) Classified as held for sale (97,699) (26,587) — (10,658) (134,944) Balance as at December 31, 2021 2,160 76,385 223,220 206,241 508,006 Additions — 32,422 241 23,450 56,113 Disposals — — — (24) (24) IFRS 16 Right of Use assets — — — 280 280 Transfers — 899 7,182 (8,081) — Change in estimate of provision for environmental rehabilitation — (994) (22,608) — (23,602) Balance as at December 31, 2022 $ 2,160 $ 108,712 $ 208,035 $ 221,866 $ 540,773 Accumulated depreciation and impairment Balance as at January 1, 2021 $ 93,298 $ — $ — $ 4,938 $ 98,236 Depletion, depreciation and amortization 2,877 — — 3,481 6,358 Disposals — — — (3) (3) Classified as held for sale (94,015) — — (5,219) (99,234) Balance as at December 31, 2021 2,160 — — 3,197 5,357 Depletion, depreciation and amortization — — — 6,177 6,177 Disposals — — — (22) (22) Balance as at December 31, 2022 $ 2,160 $ — $ — $ 9,352 $ 11,512 Carrying amounts Balance, December 31, 2021 $ — $ 76,385 $ 223,220 $ 203,044 $ 502,649 Balance as at December 31, 2022 $ — $ 108,712 $ 208,035 $ 212,514 $ 529,261 Mine properties: Property January 1, Additions Transfers Depletion Classified as held for sale December 31, 2021 Ruby Hill, Nevada 1 $ — $ 2,160 $ — $ (2,160) $ — $ — South Arturo, Nevada 2 3,239 1,517 (355) (717) (3,684) — Total $ 3,239 $ 3,677 $ (355) $ (2,877) $ (3,684) $ — Property January 1, 2022 Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2022 South Arturo, Nevada $ — $ — $ — $ — $ — $ — Granite Creek, Nevada 76,385 32,422 (994) 899 — 108,712 Total $ 76,385 $ 32,422 $ (994) $ 899 $ — $ 108,712 Property January 1, Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2021 South Arturo, Nevada $ 23,402 $ 482 $ — $ 2,703 $ (26,587) $ — Granite Creek, Nevada 7,500 68,567 318 — — 76,385 Total $ 30,902 $ 69,049 $ 318 $ 2,703 $ (26,587) $ 76,385 Property January 1, 2022 Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2022 McCoy-Cove, Nevada $ 54,105 $ — $ (84) $ 7,182 $ — $ 61,203 Ruby Hill, Nevada 103,594 — (10,705) — — 92,889 Lone Tree, Nevada 65,521 — (12,988) — — 52,533 Argenta, Nevada — 241 1,169 — — 1,410 Total $ 223,220 $ 241 $ (22,608) $ 7,182 $ — $ 208,035 Property January 1, Additions Change in estimate of environmental provision Transfers Classified as held for sale December 31, 2021 McCoy-Cove, Nevada $ 52,213 $ — $ 1,842 $ 50 $ — $ 54,105 Ruby Hill, Nevada — 103,674 (80) — — 103,594 Rodeo Creek, Nevada 250 — — (250) — — Lone Tree, Nevada — 65,521 — — — 65,521 Total $ 52,463 $ 169,195 $ 1,762 $ (200) $ — $ 223,220 Year ended 2022 2021 Depreciation, depletion and amortization $ 4,528 $ — Recorded in exploration, evaluation and pre-development 484 198 Recorded in general and administrative 346 163 Recorded in property maintenance 816 — Depreciation, depletion and amortization capitalized into properties 215 — Depreciation, depletion and amortization in discontinued operations — 1,691 6,389 2,052 Inventory movement (212) 4,306 Total depletion, depreciation and amortization $ 6,177 $ 6,358 Buildings Equipment Vehicles Total As at December 31, 2020 $ 91 $ — $ 3 $ 94 Additions 635 — — 635 Terminations 26 — — 26 Depreciation 118 — 3 121 As at December 31, 2021 582 — — 582 Additions — 280 — 280 Depreciation 212 128 — 340 As at December 31, 2022 $ 370 $ 152 $ — $ 522 |
Schedule Of Mineral Property Royalties | Summary of mineral property Net Smelter Return ("NSR") royalties (as at December 31, 2022) Active properties NSR (i) McCoy-Cove, Nevada 1.5% NSR Maverix Metals Inc. 2% NSR Maverix Metals Inc. Tabor, Nevada 3% NSR Renaissance Granite Creek 1-4% NSR Royal Gold/D.M. Duncan 3-5% NSR Royal Gold/D.M. Duncan 2% NSR Franco-Nevada/S&G Pinson Portions of 7.5% NSR Stoffer/Noceto/Phillips 2% NSR Stoffer/Noceto/Phillips/Murphy/Christison 10% NPI Nevada Gold Mines 2% Newmont Capital Limited Lone Tree 3% NSR 5% NSR VEK/Andrus 1% NSR Franco-Nevada Mining Corporation, Inc. 4-5% NSR Marigold Mining Company 5% NSR Richardson 5% NSR BTF Properties Ruby Hill 2.5% NSR Placer Dome U.S. Inc. 3% Biale Trust 4% NSR Asarco Incorporated 3% RG Royalties Inactive properties NSR Rodeo Creek, Nevada 2% NSR Nevada Select Royalty Inc South Arturo, Nevada 4-9% Annual minimum royalty Franco-Nevada Corporation (i) These royalties are tied to specific mining claims and may not apply to the entire property. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings, by type [abstract] | |
Disclosure of detailed information about borrowings | Orion convertible credit (i) Sprott convertible credit (ii) Stream Agreement Gold Prepay Agreement (iv) Silver Purchase Agreement (v) Other (vi), (vii) Total As at January 1, 2021 $ — $ — $ — $ — $ — $ 105 $ 105 Fair value on inception 32,745 7,634 853 — — — 41,232 Loan advance — — — — — 20,750 20,750 Additions and adjustments — — — — — 799 799 Principal repayment — — (11) — — (20,859) (20,870) Disposals — — (897) — — — (897) Fair value adjustments — — 55 — — — 55 Finance charge 211 51 — — — — 262 As at December 31, 2021 32,956 7,685 — — — 795 41,436 Fair value on inception — — — 41,737 29,889 — 71,626 Additions and adjustments — — — — — 334 334 Amortization of finance costs 308 — — 45 — — 353 Principal repayment — — — (14,498) (134) (348) (14,980) Finance charge 6,477 1,218 — 6,720 2,692 — 17,107 As at December 31, 2022 $ 39,741 $ 8,903 $ — $ 34,004 $ 32,447 $ 781 $ 115,876 Less current portion — — — 9,610 11,208 470 21,288 Long-term portion $ 39,741 $ 8,903 $ — $ 24,394 $ 21,239 $ 311 $ 94,588 The Orion convertible note is presented in the balance sheet as follows: December 31, December 31, Opening balance $ 32,956 $ — Fair value of notes issued — 50,000 Other liabilities — (17,230) Other equity securities — 2,029 Deferred financing costs and other — (2,054) $ 32,956 $ 32,745 Amortization of finance costs 308 — Finance expense 6,477 211 Non-current liability $ 39,741 $ 32,956 The Sprott convertible note is presented in the balance sheet as follows: December 31, December 31, Opening balance $ 7,685 $ — Fair value of notes issued — 10,000 Other financial liabilities — (2,733) Other equity securities — 367 $ 7,685 $ 7,634 Finance expense 1,218 51 Non-current liability $ 8,903 $ 7,685 The Stream Agreement was tied to production from South Arturo and as part of the Asset Exchange with NGM the fair value as of October 14, 2021, was included in the disposal group classified as held for sale. On April 7, 2021, the Company entered into a Stream Agreement with Nomad, whereby the Company will deliver from South Arturo to Nomad (i) 100% of the refined silver from minerals from the main stream area, and (ii) 50% of the refined silver from the exploration stream area. Nomad will pay an ongoing cash purchase price equal to 20% of the silver market price on the day immediately preceding the date of delivery. Following the delivery of an aggregate amount of refined silver equal to $1.0 million to Nomad under the Stream Agreement, Nomad will continue to purchase the refined silver at an ongoing cash purchase price equal to 20% of the prevailing silver price. The principal repayment on the liability is variable based on 80% of the silver price applied to ounces delivered under the contract. The Stream Agreement is unsecured and the initial term of the agreement is 40 years. The liability has been recorded as a reduction in the equity issued on the spin-out of Premier USA to the Company as the agreement resulted from the Silver Stream Agreement with Nomad that existed with Premier prior to the spin-out. The initial fair value of the Stream Agreement recognized on inception was $0.9 million. On December 13, 2021, the Company entered into a Gold Prepay Agreement with Orion. In April 2022, the Gold Prepay Agreement was amended as further described in Note 1(d) of these Financial Statements. Under the terms of the amended Gold Prepay Agreement, in exchange for $41.9 million, the Company is required to deliver to Orion 3,100 troy ounces of gold for the quarter ending June 30, 2022, and thereafter, 2,100 troy ounces of gold per calendar quarter until September 30, 2025, for aggregate deliveries of 30,400 troy ounces of gold. As of December 31, 2022, the Company had delivered 7,300 troy ounces of gold towards the Gold Prepay Agreement with Orion, leaving 23,100 ounces remaining to be delivered under the agreement. The Gold Prepay Agreement is recognized as a financial liability at amortized cost and it contains an embedded derivative in relation to the embedded gold price within the agreement that is measured at FVTPL each reporting period, as further described in Note 6(ii) and Note 24(d) of these Financial Statements. Interest expense is calculated by applying the effective interest rate of 24.48% to the financial liability. Interest expense is included in finance expense. On December 13, 2021, in exchange for $30 million, the Company entered into a Silver Purchase Agreement with Orion. Under the Silver Purchase Agreement, commencing April 30, 2022, the Company will deliver to Orion 100% of the silver production from the Granite Creek and Ruby Hill projects until the delivery of 1.2 million ounces of silver, after which the delivery will be reduced to 50% until the delivery of an aggregate of 2.5 million ounces of silver, after which the delivery will be reduced to 10% of the silver production solely from Ruby Hill Project. Orion will pay the Company an ongoing cash purchase price equal to 20% of the prevailing silver price. Until the delivery of an aggregate of 1.2 million ounces of silver, the Company is required to deliver the following minimum amounts of silver in each calendar year: (i) in 2022, 300,000 ounces, (ii) in 2023, 400,000 ounces, (iii) in 2024, 400,000 ounces, and (iv) in 2025, 100,000 ounces. The Silver Purchase Agreement was funded April 2022. As of December 31, 2022, the Company had delivered 6,491 ounces of silver towards the Silver Purchase Agreement with Orion. Subsequent to the year ended December 31, 2022, the Company delivered 293,509 ounces of silver to Orion in satisfaction of the 2022 Annual Minimum Delivery Amount. The current portion of the liability is $11.2 million at December 31, 2022, which includes 293,509 ounces delivered January 13, 2023, in relation to the 2022 Annual Minimum Delivery Amount and 400,000 ounces in relation to the 2023 Annual Minimum Delivery Amount. The Silver Purchase Agreement is recognized as a financial liability at amortized cost and it contains two embedded derivatives as further described in Note 6(iii) and Note 24 (d) of these Financial Statements. Interest expense is calculated by applying the effective interest rate of 12.28% to the financial liability. Interest expense is included in finance expense. The obligations under the Gold Prepay Agreement and Silver Purchase Agreement are senior secured obligations of the Company as further described in Note 1(b) of these Financial Statements. |
Disclosure of maturity analysis of operating lease obligations | The schedule of undiscounted lease payment obligations is as follows: December 31, Less than one year $ 432 One to three years 192 Total undiscounted lease liabilities $ 624 |
PROVISION FOR ENVIRONMENTAL R_2
PROVISION FOR ENVIRONMENTAL REHABILITATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provision For Environmental Rehabilitation [Abstract] | |
Description Of Detailed Information About Reconciliation of Discounted Provision | A reconciliation of the discounted provision is provided below: Argenta McCoy-Cove Granite Creek Lone Tree Ruby Hill Total Balance as at January 1, 2022 $ — $ 6,684 $ 2,394 $ 60,592 $ 23,179 $ 92,849 Acquisitions 1,170 — — 77 — 1,247 Change in estimate capitalized — (84) (995) (13,066) (10,704) (24,849) Accretion expense — 212 74 1,917 798 3,001 Reclamation expenditures — — — (622) — (622) Disposal — — — — — — Balance as at December 31, 2022 1,170 6,812 1,473 48,898 13,273 71,626 Less current portion 398 — — 548 — 946 Long-term portion $ 772 $ 6,812 $ 1,473 $ 48,350 $ 13,273 $ 70,680 South Arturo McCoy-Cove Granite Creek Lone Tree Ruby Hill Total Balance as at January 1, 2021 $ 3,427 $ 4,728 $ — $ — $ — $ 8,155 Acquisitions — — 2,051 60,475 23,208 85,734 Change in estimate capitalized — 1,842 318 — (80) 2,080 Accretion expense 44 114 25 117 51 351 Reclamation expenditures — — — — — — Disposal (3,471) — — — — (3,471) Balance as at December 31, 2021 — 6,684 2,394 60,592 23,179 92,849 Less current portion — — — — — — Long-term portion $ — $ 6,684 $ 2,394 $ 60,592 $ 23,179 $ 92,849 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other liabilities [Abstract] | |
Disclosure Of Detailed Information About Other Liabilities | December 31, December 31, Warrant liability (i) $ 15,945 $ 15,465 Share-based payment liability (ii) 983 — Orion - Conversion and change of controls rights (iii) 27,029 18,534 Sprott - Conversion and change of controls rights (iii) 5,299 3,895 Deferred consideration (iv) 45,805 42,543 Offtake liability (v) 730 730 Total other liabilities 95,791 81,167 Less current portion 46,181 15,795 Long-term portion $ 49,610 $ 65,372 In connection with the Plan of Arrangement with Equinox discussed in Note 1 (a) of these Financial Statements, the Company issued 7.73 million Common Share Purchase Warrants (“warrants”) which are exercisable into one fully paid and non-assessable common share of the Company at an exercise price of C$3.64 per share until October 7, 2022. The warrants included a four 1 of the warrants recognized on inception was $2.9 million and a t December 31, 2022 nil ($2.2 m illion at December 31, 2021). The warrants expired during the year ended December 31, 2022. In connection with the Transaction, the Company assumed a warrant liability for 40% of 2.0 million Premier warrants that were outstanding with Orion Mine Finance on the date of the Transaction. On the exercise of the warrants, the Company will issue 800,000 shares of the Company in settlement. The liability has been recorded as a reduction in the equity issued on the spin-out of Premier USA to the Company. The initial fair value 1 of the replacement warrants recognized on inception was $0.5 million and a t December 31, 2022 nil ($0.8 million at December 31, 2021). The warrants were exercised during the year ended December 31, 2022. In connection with the Acquisition of Osgood as further described in Note 1(b) of these Financial Statements, the Company issued 12.1 million warrants which are exercisable into one fully paid and non-assessable common share of the Company at an exercise price of C$3.64 per share until April 14, 2024. The warrants included a four 1 of the warrants recognized on inception was $6.1 million and at December 31, 2022 $10.1 million ($8.9 million at December 31, 2021). Subsequent to the year ended December 31, 2022, Waterton exercised 350,000 warrants to purchase 350,000 common shares of the Company. In connection with the financing as further described in Note 1(d) of these Financial Statements, the Company issued 5.5 million common share warrants exercisable at C$3.275 per share with an exercise period of 36 months or until December 13, 2024. The initial fair value of the warrants recognized on inception was $3.5 million and at December 31, 2022 $5.9 million ($3.5 million at December 31, 2021). The warrants are considered derivatives because their exercise price is in C$ whereas the Company’s functional currency is in USD. Accordingly, the Company recognizes the warrants as liabilities at fair value with changes in fair value recognized in profit or loss. For the year ended December 31, 2022, the Company recognized a loss on the revaluation of the liability of $1.0 million ($2.5 million loss for the year ended December 31, 2021) t hrough the statement of income as further described in Note 18 of these Financial Statements. The fair value of the warrants were calculated using the Black-Scholes option pricing model, or a Monte Carlo simulation model, if applicable taking into the account the four months hold restriction, and with the following weighted average assumptions: December 31, December 31, Risk free rate 3.96% to 4.25% 0.18% to 0.69% Warrant expected life 15 to 24 months 4 to 30 months Expected volatility 56% to 60% 50% to 57% Expected dividend 0% 0% Share price C$3.78 C$3.11 As of December 31, 2022, there were 17,561,152 warrants outstanding (26,099,806 at December 31, 2021). In connection with the acquisition of Ruby Hill the Company recorded a financial liability associated with the milestone payments subject to an early prepayment option, as further described in Note 1(b) of these Financial Statements. The Company recognizes the liability at fair value with changes in fair value recognized in profit or loss. The initial fair value of the liability recognized on inception was $41.9 million and $45.8 million at December 31, 2022 ($42.5 million at December 31, 2021). For the year ended December 31, 2022, the Company recognized a loss on the revaluation of the liability of $3.3 million t hrough the statement of income as further described in Note 18 of these financial statements. |
Disclosure Of Detailed Information About Validation Of Fair Value Of The Warrants | The fair value of the warrants were calculated using the Black-Scholes option pricing model, or a Monte Carlo simulation model, if applicable taking into the account the four months hold restriction, and with the following weighted average assumptions: December 31, December 31, Risk free rate 3.96% to 4.25% 0.18% to 0.69% Warrant expected life 15 to 24 months 4 to 30 months Expected volatility 56% to 60% 50% to 57% Expected dividend 0% 0% Share price C$3.78 C$3.11 The following table presents the changes in level 3 items for the periods ended December 31, 2022 and December 31, 2021: Orion Sprott Trident Stream Agreement Deferred consideration Conversion and change of control rights Silver Purchase Agreement - silver price derivative Gold Prepay Agreement - gold price derivative Conversion and change of control rights A&R Offtake gold lookback option Balance as at January 1, 2021 $ — $ — $ — $ — $ — $ — $ — Initial recognition (853) (41,895) (13,599) — — (2,733) (577) Principal repayment 11 — — — — — — Disposals 897 — — — — — — Fair value adjustments (55) (648) (4,935) — — (1,162) (153) Balance as at December 31, 2021 $ — $ (42,543) $ (18,534) $ — $ — $ (3,895) $ (730) Fair value adjustments — (3,262) (8,495) 1,898 2,916 (1,404) — Balance as at December 31, 2022 $ — $ (45,805) $ (27,029) $ 1,898 $ 2,916 $ (5,299) $ (730) |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Schedule of Stock Options Outstanding and Weighted Average Price | The continuity of the Premier stock options that were outstanding and subsequently settled in connection with the spin-out, the replacement options that were issued by the Company, and the new options granted in accordance with the Share Option Plan are as follows: Options outstanding # Weighted average price C$ Outstanding at January 1, 2021 3,244,000 2.15 Exercised (62,000) 1.46 Expired (9,000) 3.18 Outstanding at April 7, 2021 3,173,000 2.19 Settled in connection with Premier USA spin-out (3,173,000) 2.19 Replacement options issued (Note 1(a)) 5,722,000 1.88 Granted 2,975,000 2.74 Exercised (1,345,200) 1.75 Expired (662,800) 2.79 Outstanding at December 31, 2021 6,689,000 2.21 Granted 2,673,179 2.65 Exercised (1,047,200) 2.45 Expired (320,106) 2.71 Forfeited (116,127) 2.62 Outstanding at December 31, 2022 7,878,746 2.30 |
Schedule of Options Outstanding and Exercisable | At December 31, 2022, the following options were outstanding, and outstanding and exercisable: Outstanding Outstanding and Exercisable Exercise price Options Weighted average exercise price C$ Weighted average remaining life in years Options Weighted average exercise price C$ Weighted average remaining life in years $1.18 - $2.44 2,487,800 $1.38 1.99 2,280,800 $1.29 1.74 $2.45 - $2.64 2,392,246 $2.60 3.90 1,017,774 $2.58 3.63 $2.65 - $3.67 2,998,700 $2.81 3.14 2,700,164 $2.76 3.02 7,878,746 $2.30 3.01 5,998,738 $2.17 2.63 |
Disclosure of number and weighted average remaining contractual life of outstanding share options | At December 31, 2022, the following options were outstanding, and outstanding and exercisable: Outstanding Outstanding and Exercisable Exercise price Options Weighted average exercise price C$ Weighted average remaining life in years Options Weighted average exercise price C$ Weighted average remaining life in years $1.18 - $2.44 2,487,800 $1.38 1.99 2,280,800 $1.29 1.74 $2.45 - $2.64 2,392,246 $2.60 3.90 1,017,774 $2.58 3.63 $2.65 - $3.67 2,998,700 $2.81 3.14 2,700,164 $2.76 3.02 7,878,746 $2.30 3.01 5,998,738 $2.17 2.63 |
Summary of assumptions | For purposes of the options granted, the fair value of each option was estimated on the date of grant using the Black-Scholes option pricing model, with the following assumptions: December 31, December 31, Risk-free interest rate 1.55% to 4.20% 0.09% to 0.75% Annualized volatility based on historic volatility 51% to 62% 32% to 62% Expected dividend Nil Nil Forfeiture rate 0% to 5.7% Nil Expected option life 3 years 4 years |
Schedule of Continuity of RSUs and DSUs | The following table summarizes the continuity of the RSUs and DSUs for the period ended December 31, 2022: RSUs outstanding # Weighted average RSU price C$ DSUs outstanding # Weighted average DSU price C$ Outstanding at January 1, 2021 413,666 $3.01 — $— Settled in connection with Premier USA spin-out (413,666) 1.38 — — Outstanding at December 31, 2021 — — — — Granted 772,170 2.62 175,091 2.68 Settled (236,301) 2.25 — — Forfeited (70,227) 2.62 — — Outstanding at December 31, 2022 465,642 $2.62 175,091 $2.68 |
Disclosure of Share-based Payments | Year ended 2022 2021 Stock option valuation $ 1,932 $ 2,116 RSUs and DSUs 1,348 980 Subtotal $ 3,280 $ 3,096 Reversal of RSU liability — (413) Total $ 3,280 $ 2,683 |
BASIC AND DILUTED INCOME _ (L_2
BASIC AND DILUTED INCOME / (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Summary of Basic and Diluted Income (Loss) per Share | Net income / (loss) and basic weighted average shares outstanding are reconciled to diluted net income / (loss) and diluted weighted average shares outstanding, respectively, as follows: Year ended 2022 2021 Income / (loss) from continuing operations $ (79,197) $ 76,620 Income from discontinued operations — 11,603 Net income / (loss) for the year (79,197) 88,223 Basic weighted average shares outstanding 240,100,023 148,288,884 Dilution adjustment for stock options — 4,752,714 Diluted weighted average shares outstanding 240,100,023 153,041,598 Basic income / (loss) per share from continuing operations (0.33) 0.52 Basic income per share from discontinued operations — 0.08 Basic income / (loss) per share $ (0.33) $ 0.60 Diluted income / (loss) per share from continuing operations (0.33) 0.50 Diluted income per share from discontinued operations — 0.08 Diluted income / (loss) per share $ (0.33) $ 0.58 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Summary of Increase and (Decrease) In Non-Cash Working Capital Balances | (i) The following table summarizes the increase and (decrease) in non-cash working capital balances: Year ended 2022 2021 Receivables $ 1,223 $ (303) Receivable from related parties — (4) Prepaids and deposits (799) (4,013) Inventory 9,220 (4,575) Accounts payable and accrued liabilities (2,484) 11,767 Increase in working capital $ 7,160 $ 2,872 |
Summary Of Non-Cash In Other Income (Expense) | (ii) The following table summarizes non-cash items included in other income / (expense): Year ended 2022 2021 Loss on warrants $ (1,040) $ (2,515) Loss on fair value measurement of convertible loans derivative (9,899) (6,097) Loss on deferred consideration (3,262) (649) Gain / (loss) on investments (295) 696 Gain on sales from Gold Prepay Agreement 1,596 — Gain on fair value measurement of Gold Prepay derivative 2,916 — Gain on fair value measurement of Silver Purchase derivative 1,898 — Gain on asset exchange — 135,531 Other 20 (645) Total non-cash items included in other income / (expense) $ (8,066) $ 126,321 |
EXPLORATION, EVALUATION AND P_2
EXPLORATION, EVALUATION AND PRE-DEVELOPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Exploration [Abstract] | |
Exploration, Evaluation and Pre-development Expenditures Disclosure | The following table summarizes the Company's exploration, evaluation and pre-development expenditures by property: Year ended 2022 2021 McCoy-Cove, Nevada $ 4,196 $ 1,137 Granite Creek, Nevada 13,578 8,423 Ruby Hill, Nevada 19,552 825 Buffalo Mountain, Nevada 1,483 — Other — 92 Total exploration, evaluation and pre-development $ 38,809 $ 10,477 (ii) The following table summarizes the Company's exploration, evaluation and pre-development expenditures by activity: Year ended 2022 2021 Drilling $ 26,117 $ 5,812 Assays 3,998 282 Salaries and benefits 2,106 890 Field support 2,861 1,670 Operating supplies 1,313 210 Studies and permits 768 320 Consulting and professional fees 760 735 Claim Filing and Maintenance Fees 411 360 Depreciation & amortization 475 198 Total exploration, evaluation and pre-development $ 38,809 $ 10,477 |
GENERAL AND ADMINISTRATIVE (Tab
GENERAL AND ADMINISTRATIVE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of General and Administrative Expenses | Year ended 2022 2021 Corporate administration $ 6,225 $ 2,740 Salaries and benefits 7,537 4,451 Professional fees 3,328 3,265 Total general and administrative $ 17,090 $ 10,456 |
OTHER INCOME _ (EXPENSE) (Table
OTHER INCOME / (EXPENSE) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Disclosure of Other Income (Expense) | Year ended 2022 2021 Loss on warrants $ (1,040) $ (2,515) Loss on fair value measurement of convertible loans derivative (9,899) (6,097) Loss on deferred consideration (3,262) (649) Loss on foreign exchange (404) (122) Gain / (loss) on investments (295) 696 Gain on sales from Gold Prepay Agreement 1,596 — Gain on fair value measurement of Gold Prepay derivative 2,916 — Gain on fair value measurement of Silver Purchase derivative 1,898 — Gain on asset exchange — 135,531 Other (3,193) 98 Total other income / (expense) $ (11,683) $ 126,942 |
FINANCE EXPENSE (Tables)
FINANCE EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Disclosure of Detailed Information About Net Finance Costs | Year ended 2022 2021 Interest accretion on convertible loans $ 7,695 $ 262 Interest accretion on Gold Prepay Agreement 6,720 — Interest accretion on Silver Purchase Agreement 2,692 — Amortization of finance costs 353 — Environmental rehabilitation accretion 3,001 307 Interest paid 27 76 Total finance expense $ 20,488 $ 645 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Disclosure of operating segments | The Company's operating segments are reported by operating mine properties and exploration and development projects. The results from operations for these reportable segments are summarized in the following tables: Continuing operations Year ended December 31, 2022 Nevada Production 1 Exploration and Development 2 Corporate and other Total Discontinued operations Total Revenue $ 36,958 $ — $ — $ 36,958 $ — $ 36,958 Cost of sales (28,861) — — (28,861) — (28,861) Depletion, depreciation and amortization (4,528) — — (4,528) — (4,528) Exploration, evaluation and pre-development (21,039) (17,801) 31 (38,809) — (38,809) Overhead costs (2,899) (308) (20,412) (23,619) — (23,619) Other income / (expense) (6,611) 11 (5,083) (11,683) — (11,683) Finance expense (2,722) (287) (17,479) (20,488) — (20,488) Income / (loss) before income taxes (29,702) (18,385) (42,943) (91,030) — (91,030) Deferred tax recovery — — 11,833 11,833 — 11,833 Income / (loss) for the period $ (29,702) $ (18,385) $ (31,110) $ (79,197) $ — $ (79,197) Continuing operations Year ended December 31, 2021 Nevada Production 1 Exploration and Development 2 Corporate and other Total Discontinued operations Total Revenue $ — $ — $ — $ — $ 31,991 $ 31,991 Cost of sales — — — — (17,207) (17,207) Depletion, depreciation and amortization — — — — (1,691) (1,691) Exploration, evaluation and pre-development (829) (9,613) (35) (10,477) (1,034) (11,511) Overhead costs (29) (363) (17,578) (17,970) (175) (18,145) Other income / (expense) 134,887 13 (7,958) 126,942 16 126,958 Related party interest expense — — (1,177) (1,177) — (1,177) Finance expense (168) (139) (338) (645) (44) (689) Income / (loss) before income taxes 133,861 (10,102) (27,086) 96,673 11,856 108,529 Current tax expense — — (200) (200) (253) (453) Deferred tax expense (27,704) — 7,851 (19,853) — (19,853) Income / (loss) for the period $ 106,157 $ (10,102) $ (19,435) $ 76,620 $ 11,603 $ 88,223 Continuing operations As at December 31, 2022 Nevada Production 1 Exploration and Development 2 Corporate and other Total Discontinued operations Total Capital expenditures $ 11,151 $ 44,441 $ 522 $ 56,114 $ — $ 56,114 Property, plant and equipment 346,176 178,920 4,165 529,261 — 529,261 Total assets 394,584 186,298 61,077 641,959 — 641,959 Total liabilities $ 142,432 $ 14,524 $ 151,590 $ 308,547 $ — $ 308,547 Continuing operations As at December 31, 2021 Nevada Production 1 Exploration and Development 2 Corporate and other Total Discontinued operations Total Capital expenditures $ 368,503 $ 68,856 $ 932 $ 438,291 $ 2,366 $ 440,657 Property, plant and equipment 363,715 138,056 878 502,649 — 502,649 Total assets 416,003 140,680 99,666 656,349 — 656,349 Total liabilities $ 159,311 $ 10,971 $ 79,089 $ 249,371 $ — $ 249,371 |
Disclosure of major customers | The following table represents sales to individual customers representing 100% of the Company's gold and silver revenue: Year ended 2022 2021 Customer 1 $ 22,280 $ — Customer 2 14,678 — Customer 3 — 31,991 Total revenue from major customers $ 36,958 $ 31,991 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Disclosure Of Detailed Information About Components Of Tax Expense (Recovery) | The major components of income tax expense / (recovery) are as follows: Year ended 2022 2021 Current income tax expense $ — $ 200 Deferred income tax expense / (recovery) (11,833) 19,853 Income tax expense / (recovery) $ (11,833) $ 20,053 (b) The income tax expense for the year can be reconciled to the accounting profit as follows: December 31, December 31, 2022 2021 Income / (loss) before income tax $ (91,030) $ 108,276 Canadian federal and provincial income tax rates (24,578) 27% 29,235 27% Increase / (decrease) due to: Permanent differences 873 (1) 518 — Impact of foreign tax rates 3,494 (4) (7,575) (7) Other foreign exchange differences (3,028) 3 959 1 Prior year's adjustments relating to tax provision and tax returns 727 (1) — — Change in unrecognized deferred taxes 10,829 (12) (3,214) (3) Other (150) — 130 — Income tax expense / (recovery) $ (11,833) 13% $ 20,053 19% |
Schedule of Deferred Tax Assets / (Liabilities) | Movement in net deferred tax liabilities: December 31, 2022 December 31, 2021 Balance at the beginning of year $ (19,853) $ — Recognized in profit / (loss) 11,833 (19,853) Balance at the end of the year $ (8,020) $ (19,853) The following is the analysis of deferred tax assets / (liabilities) presented in the consolidated statements of financial position: December 31, 2022 December 31, 2021 Deferred income tax assets Unused losses $ 26,054 $ 8,117 Financing costs 422 562 Asset retirement obligation 17,269 14,188 Other 29,109 4,131 Gross deferred tax asset $ 72,854 $ 26,998 Offset by deferred income tax liabilities (58,395) (23,316) Net deferred tax asset $ 14,459 $ 3,682 Deferred income tax liabilities Inventory (983) (350) Capital assets (43,559) (39,492) Other (21,873) (3,327) Gross deferred tax liabilities $ (66,415) $ (43,169) Deferred income tax liabilities used to offset deferred tax asset 58,395 23,316 Net deferred income tax assets / (liabilities) $ (8,020) $ (19,853) The deductible temporary differences and unused tax losses in respect of which a deferred tax asset has not been recognized in the consolidated statements of financial position are as follows: Year ended December 31, 2022 Year ended December 31, 2021 Canada United States Canada United States Deferred tax assets not recognized Loss carry forwards $ 25,953 $ — $ 5,078 $ — Conversion feature — — 8,493 — Financing costs — — 2,082 — Other 20,710 — 82 — Total deferred tax assets not recognized $ 46,663 $ — $ 15,735 $ — Non capital loss carry‑forwards $ 25,953 $ — $ 5,078 $ — |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of Directors and Other Key Management Personnel | Compensation of executive leadership team Year ended 2022 2021 Salary, wages and benefits $ 3,410 $ 1,597 Share-based payments 1,772 1,198 Total compensation of executive leadership team $ 5,182 $ 2,795 Compensation of directors Year ended 2022 2021 Fees earned and other remuneration $ 163 $ 242 Share-based payments 570 423 Total compensation of directors $ 733 $ 665 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Contractual Maturities of Non-Derivative Liabilities | The following table summarizes the Company's contractual maturities and the timing of cash flows as at December 31, 2022. The amounts presented are based on the undiscounted contractual cash flows and may not agree with the carrying amounts on the Financial Statements. With 1 year 1-2 years 2-3 years Thereafter Total Accounts payable and accrued liabilities $ 17,233 $ — $ — $ — $ 17,233 Convertible loans — — 60,000 — 60,000 Gold Prepay Agreement 17,043 17,469 13,359 — 47,871 Silver Purchase Agreement 14,604 8,679 2,191 — 25,474 Deferred consideration 47,000 — — — 47,000 Reclamation and closure obligations 923 857 810 94,565 97,155 Total $ 96,803 $ 27,005 $ 76,360 $ 94,565 $ 294,733 |
Disclosure of significant unobservable inputs used in fair value measurement of assets | The following table presents the changes in level 3 items for the periods ended December 31, 2022 and December 31, 2021: Orion Sprott Trident Stream Agreement Deferred consideration Conversion and change of control rights Silver Purchase Agreement - silver price derivative Gold Prepay Agreement - gold price derivative Conversion and change of control rights A&R Offtake gold lookback option Balance as at January 1, 2021 $ — $ — $ — $ — $ — $ — $ — Initial recognition (853) (41,895) (13,599) — — (2,733) (577) Principal repayment 11 — — — — — — Disposals 897 — — — — — — Fair value adjustments (55) (648) (4,935) — — (1,162) (153) Balance as at December 31, 2021 $ — $ (42,543) $ (18,534) $ — $ — $ (3,895) $ (730) Fair value adjustments — (3,262) (8,495) 1,898 2,916 (1,404) — Balance as at December 31, 2022 $ — $ (45,805) $ (27,029) $ 1,898 $ 2,916 $ (5,299) $ (730) |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities | The fair value of the warrants were calculated using the Black-Scholes option pricing model, or a Monte Carlo simulation model, if applicable taking into the account the four months hold restriction, and with the following weighted average assumptions: December 31, December 31, Risk free rate 3.96% to 4.25% 0.18% to 0.69% Warrant expected life 15 to 24 months 4 to 30 months Expected volatility 56% to 60% 50% to 57% Expected dividend 0% 0% Share price C$3.78 C$3.11 The following table presents the changes in level 3 items for the periods ended December 31, 2022 and December 31, 2021: Orion Sprott Trident Stream Agreement Deferred consideration Conversion and change of control rights Silver Purchase Agreement - silver price derivative Gold Prepay Agreement - gold price derivative Conversion and change of control rights A&R Offtake gold lookback option Balance as at January 1, 2021 $ — $ — $ — $ — $ — $ — $ — Initial recognition (853) (41,895) (13,599) — — (2,733) (577) Principal repayment 11 — — — — — — Disposals 897 — — — — — — Fair value adjustments (55) (648) (4,935) — — (1,162) (153) Balance as at December 31, 2021 $ — $ (42,543) $ (18,534) $ — $ — $ (3,895) $ (730) Fair value adjustments — (3,262) (8,495) 1,898 2,916 (1,404) — Balance as at December 31, 2022 $ — $ (45,805) $ (27,029) $ 1,898 $ 2,916 $ (5,299) $ (730) |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets | The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Balance as at December 31, 2022 Unobservable input Fair Value Change in Fair Value Assumption: -10% 10% Silver Purchase Agreement - silver price derivative Change in forecast silver price 1,898 4,638 (4,638) Gold Prepay Agreement - gold price derivative Change in forecast gold price 2,916 4,208 (4,208) |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities | The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Balance as at December 31, 2022 Unobservable input Fair Value Change in Fair Value Assumption: 25% 15% 35% Orion - Conversion Option and Change of Control Option Change of control probability (27,029) 327 327 Sprott - Conversion Option and Change of Control Option Change of control probability (5,299) (62) 62 |
NATURE OF BUSINESS - Plan of Ar
NATURE OF BUSINESS - Plan of Arrangement with Equinox Gold - Narrative (Details) $ / shares in Units, $ in Thousands, $ in Millions | 12 Months Ended | |||||||||
Oct. 07, 2022 $ / shares shares | Oct. 14, 2021 shares | Apr. 07, 2021 USD ($) shares | Apr. 07, 2021 $ / shares shares | Mar. 18, 2021 USD ($) shares | Mar. 18, 2021 CAD ($) $ / shares shares | Dec. 16, 2020 | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | |
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Principal amount | $ 115,876 | $ 41,436 | $ 105 | |||||||
Repayment period | 10 days | 10 days | ||||||||
Share received for representing an at market acquisition per share (in share) | 0.4 | 0.4 | ||||||||
Volume weighted average price | 10 days | |||||||||
Transfer of Premier USA shares to the Company | (150,613) | |||||||||
Exercise of stock options | 1,881 | |||||||||
Exercise of warrants and stock options | $ 3,699 | |||||||||
Shares issued | $ 144,900 | |||||||||
Replacement warrants reduced the investment | shares | 800,000 | 800,000 | ||||||||
Premier Stock Options | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Shares issued on exercise of replacement warrants arrangement resulting | shares | 5,722,000 | 5,722,000 | ||||||||
Private Placement | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Shares issued (in shares) | shares | 8,784,122 | |||||||||
Shares issued | 18,305 | |||||||||
Transfer, Premier USA Shares | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Equity Settled Employee Benefit Reserve | $ 4,400 | |||||||||
Equinox Gold | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Principal amount | $ 20,750 | |||||||||
Premier | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Share received for representing an at market acquisition per share (in share) | 0.1967 | 0.1967 | ||||||||
Share capital | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Shares issued on exercise of warrants and stock options, per share (in dollars per share) | $ / shares | $ 3.64 | |||||||||
Exercise of warrants and stock options (in shares) | shares | 7,728,654 | 1,857,200 | ||||||||
Transfer of Premier USA shares to the Company | $ 150,600 | $ (150,613) | ||||||||
Transfer of Premier USA shares to the Company (in shares) | shares | 1,614 | 1,614 | ||||||||
Exercise of stock options | $ 900 | $ 2,819 | ||||||||
Exercise of warrants and stock options | $ 500 | $ 4,272 | ||||||||
Share capital | Premier Stock Options | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Shares issued (in shares) | shares | 0.4 | |||||||||
Shares issued price (in dollars per share) | $ / shares | $ 1.88 | |||||||||
Share capital | Private Placement | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Shares issued (in shares) | shares | 30,914,614 | 30,914,614 | 8,784,122 | |||||||
Shares issued price (in dollars per share) | $ / shares | $ 2.60 | |||||||||
Proceeds from issue of ordinary shares | $ 60,800 | $ 80.4 | ||||||||
Common share entitled to subscriber (in shares) | shares | 1 | 1 | ||||||||
Number of warrant entitled to each subscriber | shares | 0.25 | 0.25 | ||||||||
Shares issued | $ 18,305 | |||||||||
Share capital | Transfer, Premier USA Shares | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Shares issued (in shares) | shares | 137,624,461 | |||||||||
Transfer of Premier USA shares to the Company | $ 500 | |||||||||
Share capital | South Arturo Silver Stream | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Transfer of Premier USA shares to the Company | 900 | |||||||||
Equity settled employee benefits | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Exercise of stock options | $ (938) | |||||||||
Exercise of warrants and stock options | $ (573) | |||||||||
Equity settled employee benefits | Premier Stock Options | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Exercise of stock options | $ 4,400 | |||||||||
Equinox Gold | Equinox Gold | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Percentage of ownership | 84% | |||||||||
Equinox Gold | Premier | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Percentage of ownership | 16% | |||||||||
i-80 | Equinox Gold | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Percentage of ownership | 30% | |||||||||
i-80 | Premier | ||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||
Percentage of ownership | 70% |
NATURE OF BUSINESS - Acquisitio
NATURE OF BUSINESS - Acquisition and Purchase Agreements - Narrative (Details) | 12 Months Ended | ||||||
Oct. 18, 2021 USD ($) shares | Oct. 14, 2021 USD ($) $ / oz | Apr. 15, 2021 USD ($) $ / oz shares | Dec. 31, 2021 USD ($) | May 10, 2021 USD ($) | Apr. 15, 2021 $ / shares | Dec. 15, 2020 USD ($) | |
Disclosure of detailed information about business combination [line items] | |||||||
Deferred consideration | $ 42,543,000 | ||||||
South Arturo | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Proportion of ownership | 40% | ||||||
Osgood Mining Company LLC Acquisition | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Cash | $ 23,000,000 | ||||||
Shares issued (in shares) | shares | 13,036,846 | ||||||
Warrants to purchase of common shares (in shares) | shares | 12,071,152 | ||||||
Period following closing date | 36 months | ||||||
Exercise price per common share (in per shares) | $ / shares | $ 3.64 | ||||||
Contingent value rights , payment to waterton amount | $ 5,000,000 | ||||||
Contingent value rights , additional payment to waterton amount | $ 5,000,000 | ||||||
Period for change in price consecutive day | 60 days | ||||||
Contingent price increase per ounce | $ / oz | 2,000 | ||||||
Transaction costs | $ 309,000 | ||||||
Asset Exchange with Nevada Gold Mines LLC | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Contingent price increase per ounce | $ / oz | 25 | ||||||
Contingent consideration | $ 50,000,000 | ||||||
Reimbursement amount | 7,331,000 | ||||||
Proceeds from shares issued | 47,700,000 | ||||||
Transaction costs | $ 3,289,000 | ||||||
Christison Purchase Agreement | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Cash | $ 10,000,000 | ||||||
Christison Purchase Agreement | Premier | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Cash | $ 2,500,000 | 7,500,000 | |||||
Christison Purchase Agreement | Common shares | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Equity interests of acquirer | $ 5,000,000 | ||||||
Christison Purchase Agreement | Common shares | Premier | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Equity interests of acquirer | $ 2,430,488 | ||||||
Acquisition of Ruby Hill | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Cash | $ 75,000,000 | ||||||
Equity interests of acquirer | $ 8,000,000 | ||||||
Percentage owned | 100% | ||||||
Business acquisition, equity interest issued or issuable (in shares) | shares | 3,191,358 | ||||||
Contingent liabilities recognised as of acquisition date | $ 67,000,000 | ||||||
Increase (decrease) in contingent consideration asset (liability) | $ (47,000,000) | ||||||
Transaction costs | $ 1,200,000 | ||||||
Early prepayment options, discounted rate | 7.50% | ||||||
Acquisition of Ruby Hill | First Milestone Payment | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Deferred consideration | $ 17,000,000 | ||||||
Prepayment period options | 15 months | ||||||
Acquisition of Ruby Hill | First Milestone Payment | Minimum | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Prepayment period options | 60 days | ||||||
Acquisition of Ruby Hill | First Milestone Payment | Maximum | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Prepayment period options | 15 months | ||||||
Acquisition of Ruby Hill | First Milestone Payment | At fair value | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Deferred consideration | $ 17,000,000 | ||||||
Acquisition of Ruby Hill | Second Milestone Payment | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Deferred consideration | 15,000,000 | ||||||
Consideration reduce, subject to early prepayment option | 5,000,000 | ||||||
Deferred consideration, subject to early prepayment condition to share amount option | $ 7,500,000 | ||||||
Acquisition of Ruby Hill | Second Milestone Payment | Minimum | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Prepayment period options | 60 days | ||||||
Acquisition of Ruby Hill | Second Milestone Payment | Maximum | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Prepayment period options | 24 months | ||||||
Acquisition of Ruby Hill | Second Milestone Payment | At fair value | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Deferred consideration | $ 10,000,000 | ||||||
Acquisition of Ruby Hill | Third Milestone Payment | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Deferred consideration | $ 15,000,000 | ||||||
Acquisition of Ruby Hill | Third Milestone Payment | Minimum | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Prepayment period options | 90 days | ||||||
Acquisition of Ruby Hill | Third Milestone Payment | Maximum | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Prepayment period options | 30 months | ||||||
Acquisition of Ruby Hill | Third Milestone Payment | At fair value | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Deferred consideration | $ 20,000,000 | ||||||
Acquisition of Ruby Hill | Fourth Milestone Payment | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Deferred consideration | 20,000,000 | ||||||
Consideration reduce, subject to early prepayment option | 20,000,000 | ||||||
Deferred consideration, subject to early prepayment condition to share amount option | $ 10,000,000 | ||||||
Subject to early prepayment option, period | 24 months | ||||||
Percentage subject to early prepayment condition, not to exceed | 9.99% | ||||||
Acquisition of Ruby Hill | Fourth Milestone Payment | Minimum | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Prepayment period options | 90 days | ||||||
Acquisition of Ruby Hill | Fourth Milestone Payment | Maximum | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Prepayment period options | 36 months | ||||||
Acquisition of Ruby Hill | Fourth Milestone Payment | At fair value | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Deferred consideration | $ 20,000,000 |
NATURE OF BUSINESS - Components
NATURE OF BUSINESS - Components of Consideration - Osgood Mining Company LLC Acquisition (Details) - Osgood Mining Company LLC Acquisition $ in Thousands | Apr. 15, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash | $ 23,000 |
Transaction costs | 309 |
Total consideration | 56,374 |
Other assets | 28 |
Buildings and equipment | 356 |
Mineral properties | 58,041 |
Reclamation and closure cost obligations | 2,051 |
Allocated value recognised as of acquisition date | 56,374 |
Common shares | |
Disclosure of detailed information about business combination [line items] | |
Equity issued | 27,000 |
Warrants | |
Disclosure of detailed information about business combination [line items] | |
Equity issued | $ 6,065 |
NATURE OF BUSINESS - Componen_2
NATURE OF BUSINESS - Components of Consideration - Acquisition of Ruby Hill (Details) - Acquisition of Ruby Hill $ in Thousands | Oct. 18, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash | $ 75,084 |
Share-based consideration | 8,000 |
Current portion of deferred consideration | 15,540 |
Long-term portion of deferred consideration | 26,355 |
Total consideration | $ 124,979 |
NATURE OF BUSINESS - Net Asset
NATURE OF BUSINESS - Net Asset Acquired - Acquisition of Ruby Hill (Details) - Acquisition of Ruby Hill $ in Thousands | Oct. 18, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Accounts receivable and other assets | $ 195 |
Inventory | 13,800 |
Property, plant and equipment | 29,981 |
Mineral property interests | 105,877 |
Accounts payable | (1,003) |
Accrued liabilities | (663) |
Provision for environmental rehabilitation | (23,208) |
Fair value of net assets acquired | $ 124,979 |
NATURE OF BUSINESS - Asset Exch
NATURE OF BUSINESS - Asset Exchange with Nevada Gold Mines LLC (Details) - Asset Exchange with Nevada Gold Mines LLC $ in Thousands | Oct. 14, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Book value of South Arturo asset (Note 4) | $ 42,819 |
Reimbursement amount | (7,331) |
Transaction costs | 3,289 |
Offtake Transfer Payment | 1,750 |
Total consideration | $ 40,527 |
NATURE OF BUSINESS - Net Asse_2
NATURE OF BUSINESS - Net Asset Acquired - Asset Exchange with Nevada Gold Mines LLC (Details) - Asset Exchange with Nevada Gold Mines LLC $ in Thousands | Oct. 14, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash | $ 1,058 |
Inventory | 3,474 |
Property, plant and equipment | 166,480 |
Mineral property interests | 65,521 |
Provision for environmental rehabilitation | (60,475) |
Fair value of net assets acquired | 176,058 |
Taxes payable | (1,125) |
Deferred tax liability | (27,704) |
Fair value of net assets acquired - Net of tax | $ 147,229 |
NATURE OF BUSINESS - Income Sta
NATURE OF BUSINESS - Income Statement Impact (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 14, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about business combination [line items] | |||
Gain arising on asset exchange - Gross of tax | $ 0 | $ 135,531 | |
Income tax expense | $ (11,833) | $ 20,053 | |
Asset Exchange with Nevada Gold Mines LLC | |||
Disclosure of detailed information about business combination [line items] | |||
Gain arising on asset exchange - Gross of tax | $ 135,531 | ||
Income tax expense | 28,829 | ||
Gain on asset exchange | $ 106,702 |
NATURE OF BUSINESS - Argenta Pr
NATURE OF BUSINESS - Argenta Property Acquisition (Details) - Argenta Property Acquisition $ in Thousands | Nov. 10, 2022 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Consideration transferred | $ 3,700 |
Property, plant and equipment | 3,122 |
Other assets | 1,767 |
Provision for environmental rehabilitation | (1,169) |
Fair value of net assets acquired | $ 3,720 |
NATURE OF BUSINESS - Related Pa
NATURE OF BUSINESS - Related Parties - Narrative (Details) - Other related parties [member] - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | ||
Settlement of liabilities by entity on behalf of related party, by dividend | $ 4 | |
Withholding tax, percentage | 5% | |
Due payable to related party converted in to share transactions | 1,133 | |
Amounts payable, related party transactions | $ 140.4 | |
Revenue from rendering of services, related party transactions | $ 8.8 |
NATURE OF BUSINESS - Financing
NATURE OF BUSINESS - Financing Agreement - Narrative (Details) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | 39 Months Ended | 45 Months Ended | ||||||||||
Apr. 30, 2022 USD ($) oz | Apr. 12, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2022 oz | Mar. 31, 2022 oz | Jun. 30, 2022 oz | Dec. 31, 2024 oz | Dec. 31, 2023 oz | Dec. 31, 2022 USD ($) oz $ / shares | Dec. 31, 2022 USD ($) oz shares | Dec. 31, 2021 USD ($) oz shares | Sep. 30, 2025 oz | Sep. 30, 2025 oz | Dec. 31, 2025 oz | Dec. 31, 2020 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Principal amount | $ 115,876 | $ 115,876 | $ 41,436 | $ 105 | |||||||||||
Proceeds from Gold Prepay Agreement | $ 71,600 | ||||||||||||||
Financial agreement, annual gold quantity | oz | 40,000 | 37,500 | 37,500 | ||||||||||||
Orion Warrants | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Financing agreement, warrant issued (in shares) | shares | 5,500 | ||||||||||||||
Number of shares called by warrants | shares | 5,500 | ||||||||||||||
Shares issued on exercise of warrants and stock options, per share (in dollars per share) | $ / shares | $ 3.275 | ||||||||||||||
Gold Prepay Agreement | Gold | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Number of ounces required to deliver | oz | 3,100 | 1,600 | 3,000 | 2,000 | 32,000 | ||||||||||
Prepayment | $ 45,000 | $ 45,000 | |||||||||||||
Increase in prepayment amount | 45,000 | 45,000 | |||||||||||||
Additional amount prepayment agreement | $ 50,000 | $ 50,000 | |||||||||||||
Proceeds from Gold Prepay Agreement | $ 45,000 | ||||||||||||||
Gold Prepay Agreement | Gold | Commitment To Deliver | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Number of ounces required to deliver | oz | 2,100 | ||||||||||||||
Silver Purchase Agreement | Silver | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Financing purchase agreements, percentages of purchase | 20% | ||||||||||||||
Number of ounces to be delivered before pricing mechanism | oz | 400,000 | 400,000 | 300,000 | 300,000 | 100,000 | ||||||||||
Additional deposit | $ 50,000 | ||||||||||||||
Silver Purchase Agreement | Silver | First Milestone Payment | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Percentage of precious metal production to be issued | 100% | ||||||||||||||
Number of ounces delivered | oz | 1,200,000 | ||||||||||||||
Silver Purchase Agreement | Silver | Second Milestone Payment | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Percentage of precious metal production to be issued | 50% | ||||||||||||||
Number of ounces delivered | oz | 2,500,000 | ||||||||||||||
Silver Purchase Agreement | Silver | Third Milestone Payment | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Percentage of precious metal production to be issued | 10% | ||||||||||||||
Orion Convertible Loan | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Principal amount | $ 50,000 | ||||||||||||||
Sprott Convertible Loan | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Principal amount | 10,000 | ||||||||||||||
Silver Purchase Agreement | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Principal amount | $ 32,447 | $ 32,447 | 0 | $ 0 | |||||||||||
Silver Purchase Agreement | Silver | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest at fixed rate | 12.28% | 12.28% | |||||||||||||
Number of ounces to be delivered before pricing mechanism | oz | 400,000 | 300,000 | 300,000 | 100,000 | |||||||||||
Silver Purchase Agreement | Silver | Third Milestone Payment | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Percentage of precious metal production to be issued | 10% | ||||||||||||||
Convertible Loans | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Principal amount | $ 60,000 | ||||||||||||||
Interest at fixed rate | 8% | ||||||||||||||
Percent of principle required to be repaid in the event of a change of control | 101% | ||||||||||||||
Convertible loan common per share | $ / shares | $ 3.275 | ||||||||||||||
Obligation to repurchase period | 120 days | ||||||||||||||
Redemption price percentage | 150% | 150% | |||||||||||||
Offtake Agreement | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Financing agreed to sell and agreed to purchase | oz | 31,500 | 29,750 | |||||||||||||
South Arturo Purchase and Sale Agreement | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Financing purchase agreements, percentages of payment | 20% | ||||||||||||||
Financing purchase agreements, percentages of payment liability | 80% | ||||||||||||||
Refined precious silver value | $ 1,000 | ||||||||||||||
Financing purchase agreements, percentages of purchase | 20% | ||||||||||||||
South Arturo Purchase and Sale Agreement | Main Stream Area | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Financing purchase agreements, percentages of delivery | 100% | ||||||||||||||
South Arturo Purchase and Sale Agreement | Exploration Stream Area | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Financing purchase agreements, percentage in exploration area | 50% | ||||||||||||||
Gold Prepay Agreement | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Principal amount | $ 45,000 | ||||||||||||||
Silver Purchase Agreement | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Principal amount | 30,000 | ||||||||||||||
Gold Prepayment Agreement, Additional Option | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Principal amount | 50,000 | ||||||||||||||
Silver Purchase Agreement, Additional Option | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Principal amount | $ 50,000 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Apr. 07, 2021 USD ($) | Apr. 06, 2021 USD ($) | Dec. 31, 2022 USD ($) vote shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | |||||
Total equity | $ 333,412 | $ 406,978 | $ (16,539) | ||
Shares issued | $ 144,900 | ||||
Number of votes per share | vote | 1 | ||||
Vesting period | 5 years | ||||
Percentage of sales market prices and trading margin | 1.80% | ||||
Exchange rate of substitute option | 75 | ||||
Number of embedded derivatives | shares | 2 | ||||
Minimum | |||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | |||||
Settlement date, payment received | 1 day | ||||
Maximum | |||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | |||||
Settlement date, payment received | 3 days | ||||
Share capital | |||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | |||||
Total equity | $ 10,200 | $ 354,470 | $ 350,198 | $ 10,218 | |
Share capital | Intercompany Settle, Premier | |||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | |||||
Shares issued | $ 140,400 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Schedule Of Subsidiaries De-Consolidated From Control Ceases (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Premier Gold Mines USA Inc. | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership | 100% |
Goldcorp Dee LLC | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership | 100% |
Ruby Hill Mining Company LLC | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership | 100% |
Osgood Mining Company LLC | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership | 100% |
Au-Reka Gold Corporation | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership | 100% |
Argenta LLC | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership | 100% |
Premier Gold Mines Nevada Inc. | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership | 100% |
Premier Goldbanks LLC | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership | 100% |
Premier Rye LLC | |
Disclosure of subsidiaries [line items] | |
Percentage of ownership | 100% |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Schedule Of Description For Property, Plant And Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 20 years |
Furniture, office equipment and software | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 2 years |
Furniture, office equipment and software | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 5 years |
Plant and equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 4 years |
Plant and equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 10 years |
Mining equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 1 year |
Mining equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 10 years |
DISPOSAL GROUP CLASSIFIED AS _3
DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS - Narrative (Details) - South Arturo | Oct. 31, 2021 | Oct. 14, 2021 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Proportion of ownership | 40% | |
Asset Exchange, NGM | Asset Exchange, NGM | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Proportion of ownership | 40% |
DISPOSAL GROUP CLASSIFIED AS _4
DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS - Asset Classified As Held For Sale In The Comparative Period (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Revenue | $ 36,958 | $ 0 |
Cost of sales | (28,861) | 0 |
Depletion, depreciation and amortization | (4,528) | 0 |
Mine operating income | 3,569 | 0 |
Expenses | ||
Exploration, evaluation and pre-development | 38,809 | 10,477 |
General and administrative | 17,090 | 10,456 |
Loss before the following | (58,859) | (28,447) |
Profit (loss) before tax | (91,030) | 96,673 |
Current tax expense | 0 | (200) |
Income from discontinued operations for the period | $ 0 | 11,603 |
Disposal groups classified as held for sale | South Arturo | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Revenue | 31,991 | |
Cost of sales | (17,207) | |
Depletion, depreciation and amortization | (1,691) | |
Mine operating income | 13,093 | |
Expenses | ||
Exploration, evaluation and pre-development | 1,034 | |
General and administrative | 175 | |
Loss before the following | 11,884 | |
Environmental rehabilitation accretion | (44) | |
Other | 16 | |
Other expense | (28) | |
Profit (loss) before tax | 11,856 | |
Current tax expense | (253) | |
Income from discontinued operations for the period | $ 11,603 |
DISPOSAL GROUP CLASSIFIED AS _5
DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets And Liabilities in this Disposal Group (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 14, 2021 | Dec. 31, 2020 |
Current assets | ||||
Cash and cash equivalents | $ 48,276 | $ 87,658 | $ 15,239 | |
Inventory | 16,535 | 26,000 | ||
Total current assets | 77,309 | 121,496 | ||
Non-current assets | ||||
Restricted cash and cash equivalents | 32,902 | 30,777 | ||
Property, plant and equipment | 529,261 | 502,649 | ||
Total non-current assets | 564,650 | 534,853 | ||
Total assets | 641,959 | 656,349 | ||
Current liabilities | ||||
Accounts payable | 10,622 | 8,533 | ||
Accrued liabilities | 6,612 | 5,533 | ||
Total current liabilities | 85,649 | 29,919 | ||
Non-current liabilities | ||||
Deferred tax liabilities | 8,020 | 19,853 | ||
Total non-current liabilities | 222,898 | 219,452 | ||
Total liabilities | $ 308,547 | $ 249,371 | ||
South Arturo | Disposal groups classified as held for sale | ||||
Current assets | ||||
Cash and cash equivalents | $ 3,361 | |||
Inventory | 3,184 | |||
Total current assets | 6,545 | |||
Non-current assets | ||||
Restricted cash and cash equivalents | 5,483 | |||
Non-current inventories | 3,125 | |||
Property, plant and equipment | 35,710 | |||
Total non-current assets | 44,318 | |||
Total assets | 50,863 | |||
Current liabilities | ||||
Accounts payable | 3,539 | |||
Accrued liabilities | 26 | |||
Taxes payable | 111 | |||
Current provision for environmental rehabilitation | 4 | |||
Total current liabilities | 3,680 | |||
Non-current liabilities | ||||
Deferred tax liabilities | 897 | |||
Provision for environmental rehabilitation | 3,467 | |||
Total non-current liabilities | 4,364 | |||
Total liabilities | $ 8,044 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Exploration and Evaluation [Line Items] | ||
Ore in stockpiles and on leach pads | $ 12,492 | $ 22,477 |
Work-in-process | 3,059 | 3,523 |
Finished goods | 984 | 0 |
Total inventory | 16,535 | 26,000 |
Cost of inventories recognised as expense during period | 28,900 | 0 |
Ruby Hill And Lone Tree | ||
Exploration and Evaluation [Line Items] | ||
Inventory write-down | $ 6,400 | $ 0 |
OTHER ASSETS - Schedule of Othe
OTHER ASSETS - Schedule of Other Assets (Details) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 03, 2021 USD ($) | Dec. 03, 2021 CAD ($) |
Detailed Information about Other Assets [Line Items] | |||||
Other assets | $ 1,768 | $ 0 | |||
Total other assets | 8,767 | 2,650 | |||
Less current portion | 6,280 | 2,650 | |||
Long-term portion | 2,487 | 0 | |||
Gold Prepay Agreement | |||||
Detailed Information about Other Assets [Line Items] | |||||
Derivative financial assets | 2,916 | 0 | |||
Silver Purchase Agreement | |||||
Detailed Information about Other Assets [Line Items] | |||||
Derivative financial assets | 1,898 | 0 | |||
Paycore Minerals Inc. | |||||
Detailed Information about Other Assets [Line Items] | |||||
Investment in Paycore | $ 2,190 | $ 2,960 | $ 2,650 | $ 1,950 | $ 2,480 |
OTHER ASSETS - Additional Infor
OTHER ASSETS - Additional Information (Details) $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 03, 2021 USD ($) shares | May 11, 2021 CAD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 03, 2021 CAD ($) $ / shares | |
Gold Prepay Agreement | ||||||
Detailed Information about Other Assets [Line Items] | ||||||
Gains on change in fair value of derivatives | $ 2,900 | |||||
Current derivative financial assets | 1,300 | |||||
Silver Purchase Agreement | ||||||
Detailed Information about Other Assets [Line Items] | ||||||
Gains on change in fair value of derivatives | 1,900 | |||||
Current derivative financial assets | 1,000 | |||||
Paycore Minerals Inc. | ||||||
Detailed Information about Other Assets [Line Items] | ||||||
Number of shares acquired in sale of assets (in shares) | shares | 800,000 | 800,000 | ||||
Consideration received, share price (in dollars per share) | $ / shares | $ 1 | $ 2.10 | ||||
Consideration received fair value | $ 800 | $ 1,680 | ||||
Investment in Paycore | $ 1,950 | 2,190 | $ 2,650 | $ 2,960 | $ 2,480 | |
Gains (losses) on financial assets at fair value through profit or loss | $ (300) | $ 700 |
LONG-TERM RECEIVABLE (Details)
LONG-TERM RECEIVABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
AMT credit | $ 0 | $ 1,427 |
RESTRICTED CASH AND CASH EQUI_3
RESTRICTED CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Restrictions on Cash and Cash Equivalents [Line Items] | ||
Restricted cash and cash equivalents | $ 32,902 | $ 30,777 |
McCoy-Cove, Nevada | ||
Restrictions on Cash and Cash Equivalents [Line Items] | ||
Restricted cash and cash equivalents | 1,955 | 600 |
Lone Tree, Nevada | ||
Restrictions on Cash and Cash Equivalents [Line Items] | ||
Restricted cash and cash equivalents | 25,877 | 25,593 |
Ruby Hill, Nevada | ||
Restrictions on Cash and Cash Equivalents [Line Items] | ||
Restricted cash and cash equivalents | 4,604 | 4,584 |
Granite Creek, Nevada | ||
Restrictions on Cash and Cash Equivalents [Line Items] | ||
Restricted cash and cash equivalents | $ 466 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Disclosure Of Detailed Information About Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | $ 502,649 | |
Depletion, depreciation and amortization | 6,177 | $ 6,358 |
Ending balance | 529,261 | 502,649 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 508,006 | 198,392 |
Additions | 56,113 | 441,873 |
Disposals | 24 | 3 |
IFRS 16 Right of Use assets | 280 | 634 |
Change in estimate of provision for environmental rehabilitation | (23,602) | 2,080 |
Transfers | 0 | 0 |
Adjustments | (26) | |
Classified as held for sale | 134,944 | |
Ending balance | 540,773 | 508,006 |
Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (5,357) | (98,236) |
Disposals | (22) | (3) |
Classified as held for sale | (99,234) | |
Depletion, depreciation and amortization | 6,177 | 6,358 |
Ending balance | (11,512) | (5,357) |
Mine properties | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 3,239 |
Additions | 3,677 | |
Transfers | (355) | |
Classified as held for sale | 3,684 | |
Depletion, depreciation and amortization | 2,877 | |
Ending balance | 0 | 0 |
Mine properties | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 2,160 | 96,537 |
Additions | 0 | 3,677 |
Disposals | 0 | 0 |
IFRS 16 Right of Use assets | 0 | 0 |
Change in estimate of provision for environmental rehabilitation | 0 | 0 |
Transfers | 0 | (355) |
Adjustments | 0 | |
Classified as held for sale | 97,699 | |
Ending balance | 2,160 | 2,160 |
Mine properties | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (2,160) | (93,298) |
Disposals | 0 | 0 |
Classified as held for sale | (94,015) | |
Depletion, depreciation and amortization | 0 | 2,877 |
Ending balance | (2,160) | (2,160) |
Development properties | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 76,385 | 30,902 |
Additions | 32,422 | 69,049 |
Change in estimate of provision for environmental rehabilitation | (994) | 318 |
Transfers | 899 | 2,703 |
Classified as held for sale | 0 | 26,587 |
Ending balance | 108,712 | 76,385 |
Development properties | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 76,385 | 30,902 |
Additions | 32,422 | 69,049 |
Disposals | 0 | 0 |
IFRS 16 Right of Use assets | 0 | 0 |
Change in estimate of provision for environmental rehabilitation | (994) | 318 |
Transfers | 899 | 2,703 |
Adjustments | 0 | |
Classified as held for sale | 26,587 | |
Ending balance | 108,712 | 76,385 |
Development properties | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 0 |
Disposals | 0 | 0 |
Classified as held for sale | 0 | |
Depletion, depreciation and amortization | 0 | 0 |
Ending balance | 0 | 0 |
Exploration, evaluation and pre-development properties | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 223,220 | 52,463 |
Additions | 241 | 169,195 |
Change in estimate of provision for environmental rehabilitation | (22,608) | 1,762 |
Transfers | 7,182 | (200) |
Classified as held for sale | 0 | 0 |
Ending balance | 208,035 | 223,220 |
Exploration, evaluation and pre-development properties | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 223,220 | 52,463 |
Additions | 241 | 169,195 |
Disposals | 0 | 0 |
IFRS 16 Right of Use assets | 0 | 0 |
Change in estimate of provision for environmental rehabilitation | (22,608) | 1,762 |
Transfers | 7,182 | (200) |
Adjustments | 0 | |
Classified as held for sale | 0 | |
Ending balance | 208,035 | 223,220 |
Exploration, evaluation and pre-development properties | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 0 |
Disposals | 0 | 0 |
Classified as held for sale | 0 | |
Depletion, depreciation and amortization | 0 | 0 |
Ending balance | 0 | 0 |
Buildings, plant and equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 203,044 | |
Ending balance | 212,514 | 203,044 |
Buildings, plant and equipment | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 206,241 | 18,490 |
Additions | 23,450 | 199,952 |
Disposals | 24 | 3 |
IFRS 16 Right of Use assets | 280 | 634 |
Change in estimate of provision for environmental rehabilitation | 0 | 0 |
Transfers | (8,081) | (2,148) |
Adjustments | (26) | |
Classified as held for sale | 10,658 | |
Ending balance | 221,866 | 206,241 |
Buildings, plant and equipment | Accumulated depreciation and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | (3,197) | (4,938) |
Disposals | (22) | (3) |
Classified as held for sale | (5,219) | |
Depletion, depreciation and amortization | 6,177 | 3,481 |
Ending balance | $ (9,352) | $ (3,197) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Disclosure Of Detailed Information About Acquisition In Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | $ 502,649 | |
Depletion | (6,177) | $ (6,358) |
Ending balance | 529,261 | 502,649 |
Mine properties | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 3,239 |
Additions | 3,677 | |
Transfers | (355) | |
Depletion | (2,877) | |
Classified as held for sale | (3,684) | |
Ending balance | 0 | 0 |
Mine properties | Ruby Hill, Nevada | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 0 |
Additions | 2,160 | |
Transfers | 0 | |
Depletion | (2,160) | |
Classified as held for sale | 0 | |
Ending balance | 0 | |
Mine properties | South Arturo, Nevada | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 3,239 |
Additions | 1,517 | |
Transfers | (355) | |
Depletion | (717) | |
Classified as held for sale | (3,684) | |
Ending balance | 0 | |
Development properties | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 76,385 | 30,902 |
Additions | 32,422 | 69,049 |
Change in estimate of environmental provision | (994) | 318 |
Transfers | 899 | 2,703 |
Classified as held for sale | 0 | (26,587) |
Ending balance | 108,712 | 76,385 |
Development properties | South Arturo, Nevada | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 23,402 |
Additions | 0 | 482 |
Change in estimate of environmental provision | 0 | 0 |
Transfers | 0 | 2,703 |
Classified as held for sale | 0 | (26,587) |
Ending balance | 0 | 0 |
Development properties | Granite Creek, Nevada | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 76,385 | 7,500 |
Additions | 32,422 | 68,567 |
Change in estimate of environmental provision | (994) | 318 |
Transfers | 899 | 0 |
Classified as held for sale | 0 | 0 |
Ending balance | 108,712 | 76,385 |
Exploration, evaluation and pre-development properties | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 223,220 | 52,463 |
Additions | 241 | 169,195 |
Change in estimate of environmental provision | (22,608) | 1,762 |
Transfers | 7,182 | (200) |
Classified as held for sale | 0 | 0 |
Ending balance | 208,035 | 223,220 |
Exploration, evaluation and pre-development properties | Ruby Hill, Nevada | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 103,594 | 0 |
Additions | 0 | 103,674 |
Change in estimate of environmental provision | (10,705) | (80) |
Transfers | 0 | 0 |
Classified as held for sale | 0 | 0 |
Ending balance | 92,889 | 103,594 |
Exploration, evaluation and pre-development properties | McCoy-Cove, Nevada | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 54,105 | 52,213 |
Additions | 0 | 0 |
Change in estimate of environmental provision | (84) | 1,842 |
Transfers | 7,182 | 50 |
Classified as held for sale | 0 | 0 |
Ending balance | 61,203 | 54,105 |
Exploration, evaluation and pre-development properties | Lone Tree, Nevada | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 65,521 | 0 |
Additions | 0 | 65,521 |
Change in estimate of environmental provision | (12,988) | 0 |
Transfers | 0 | 0 |
Classified as held for sale | 0 | 0 |
Ending balance | 52,533 | 65,521 |
Exploration, evaluation and pre-development properties | Argenta, Nevada | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | |
Additions | 241 | |
Change in estimate of environmental provision | 1,169 | |
Transfers | 0 | |
Classified as held for sale | 0 | |
Ending balance | 1,410 | 0 |
Exploration, evaluation and pre-development properties | Rodeo Creek, Nevada | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 0 | 250 |
Additions | 0 | |
Change in estimate of environmental provision | 0 | |
Transfers | (250) | |
Classified as held for sale | 0 | |
Ending balance | 0 | |
Buildings, plant and equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning balance | 203,044 | |
Ending balance | $ 212,514 | $ 203,044 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Disclosure Of Depreciation, Depletion And Amortization On Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation, depletion and amortization | $ 4,528 | $ 0 |
Depletion, depreciation and amortization | 6,177 | 6,358 |
Depreciation, property, plant and equipment before inventory movement | 6,389 | 2,052 |
Inventory write-down | (212) | 4,306 |
Recorded in exploration, evaluation and pre-development | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depletion, depreciation and amortization | 484 | 198 |
Recorded in general and administrative | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depletion, depreciation and amortization | 346 | 163 |
Recorded in property maintenance | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depletion, depreciation and amortization | 816 | 0 |
Depreciation, depletion and amortization capitalized into properties | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depletion, depreciation and amortization | 215 | 0 |
Depreciation, depletion and amortization in discontinued operations | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depletion, depreciation and amortization | $ 0 | $ 1,691 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT - Movement of Right-of-use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [abstract] | ||
Beginning balance | $ 582 | $ 94 |
Additions | 280 | 635 |
Terminations | 26 | |
Depreciation | 340 | 121 |
Ending balance | 522 | 582 |
Buildings | ||
Disclosure of quantitative information about right-of-use assets [abstract] | ||
Beginning balance | 582 | 91 |
Additions | 0 | 635 |
Terminations | 26 | |
Depreciation | 212 | 118 |
Ending balance | 370 | 582 |
Equipment | ||
Disclosure of quantitative information about right-of-use assets [abstract] | ||
Beginning balance | 0 | 0 |
Additions | 280 | 0 |
Terminations | 0 | |
Depreciation | 128 | 0 |
Ending balance | 152 | 0 |
Vehicles | ||
Disclosure of quantitative information about right-of-use assets [abstract] | ||
Beginning balance | 0 | 3 |
Additions | 0 | 0 |
Terminations | 0 | |
Depreciation | 0 | 3 |
Ending balance | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2022 | May 06, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 24, 2020 |
Osgood Mining Company LLC | |||||
Disclosure of detailed information about business combination [line items] | |||||
Equity interests of acquirer | $ 38 | ||||
Cash | 23.2 | $ 2.3 | |||
Osgood Mining Company LLC | Waterton | |||||
Disclosure of detailed information about business combination [line items] | |||||
Cash | $ 5 | ||||
Christison Properties | |||||
Disclosure of detailed information about business combination [line items] | |||||
Cash | $ 7.5 | ||||
Granite Creek | |||||
Disclosure of detailed information about business combination [line items] | |||||
Cash | $ 4 | ||||
Payments included in net profit royalty, percentage | 10% | ||||
Tabor Project | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage owned | 100% | ||||
Liabilities incurred | $ 0.3 | ||||
Contingent liabilities recognised in business combination | $ 5.2 |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT - Royalties (Details) | 12 Months Ended |
Dec. 31, 2022 | |
McCoy-Cove, Nevada | NSR Maverix Metals Inc. | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 1.50% |
McCoy-Cove, Nevada | NSR Maverix Metals Inc. | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 2% |
Tabor, Nevada | NSR Renaissance | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 3% |
Granite Creek | NSR Royal Gold/D.M. Duncan 1 | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 1% |
Granite Creek | NSR Royal Gold/D.M. Duncan 1 | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 4% |
Granite Creek | NSR Royal Gold/D.M. Duncan 2 | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 3% |
Granite Creek | NSR Royal Gold/D.M. Duncan 2 | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 5% |
Granite Creek | NSR Franco-Nevada/S&G Pinson | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 2% |
Granite Creek | NSR Stoffer/Noceto/Phillips | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 7.50% |
Granite Creek | NSR Stoffer/Noceto/Phillips/Murphy/Christison | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 2% |
Granite Creek | NPI Nevada Gold Mines | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 10% |
Granite Creek | Newmont Capital Limited | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 2% |
Lone Tree | NSR | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 3% |
Lone Tree | NSR VEK/Andrus | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 5% |
Lone Tree | NSR Franco-Nevada Mining Corporation, Inc. | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 1% |
Lone Tree | NSR Marigold Mining Company | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 4% |
Lone Tree | NSR Marigold Mining Company | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 5% |
Lone Tree | NSR Richardson | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 5% |
Lone Tree | NSR BTF Properties | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 5% |
Ruby Hill | NSR Placer Dome U.S. Inc. | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 2.50% |
Ruby Hill | Biale Trust | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 3% |
Ruby Hill | NSR Asarco Incorporated | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 4% |
Ruby Hill | RG Royalties | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 3% |
Rodeo Creek, Nevada | NSR Nevada Select Royalty Inc. | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 2% |
South Arturo | Franco-Nevada Corporation | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 4% |
South Arturo | Franco-Nevada Corporation | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
NSR royalty fee percentage | 9% |
LONG-TERM DEBT - Disclosure of
LONG-TERM DEBT - Disclosure of Detailed Information About Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Borrowings [abstract] | ||
Beginning balance | $ 41,436 | $ 105 |
Fair value on inception | 71,626 | 41,232 |
Loan advance | 20,750 | |
Additions and adjustments | 334 | 799 |
Amortization of finance costs | 353 | 0 |
Principal repayment | (14,980) | (20,870) |
Disposals | (897) | |
Fair value adjustments | 55 | |
Finance charge | 17,107 | 262 |
Ending balance | 115,876 | 41,436 |
Current portion of long-term debt | 21,288 | 58 |
Long-term debt | 94,588 | 41,378 |
Orion Convertible Credit | ||
Borrowings [abstract] | ||
Beginning balance | 32,956 | 0 |
Fair value on inception | 0 | 32,745 |
Loan advance | 0 | |
Additions and adjustments | 0 | 0 |
Amortization of finance costs | 308 | 0 |
Principal repayment | 0 | 0 |
Disposals | 0 | |
Fair value adjustments | 0 | |
Finance charge | 6,477 | 211 |
Ending balance | 39,741 | 32,956 |
Current portion of long-term debt | 0 | |
Long-term debt | 39,741 | |
Sprott Convertible Credit | ||
Borrowings [abstract] | ||
Beginning balance | 7,685 | 0 |
Fair value on inception | 0 | 7,634 |
Loan advance | 0 | |
Additions and adjustments | 0 | 0 |
Amortization of finance costs | 0 | |
Principal repayment | 0 | 0 |
Disposals | 0 | |
Fair value adjustments | 0 | |
Finance charge | 1,218 | 51 |
Ending balance | 8,903 | 7,685 |
Current portion of long-term debt | 0 | |
Long-term debt | 8,903 | |
Stream Agreement | ||
Borrowings [abstract] | ||
Beginning balance | 0 | 0 |
Fair value on inception | 0 | 853 |
Loan advance | 0 | |
Additions and adjustments | 0 | 0 |
Amortization of finance costs | 0 | |
Principal repayment | 0 | (11) |
Disposals | (897) | |
Fair value adjustments | 55 | |
Finance charge | 0 | 0 |
Ending balance | 0 | 0 |
Current portion of long-term debt | 0 | |
Long-term debt | 0 | |
Gold Prepay Agreement | ||
Borrowings [abstract] | ||
Beginning balance | 0 | 0 |
Fair value on inception | 41,737 | 0 |
Loan advance | 0 | |
Additions and adjustments | 0 | 0 |
Amortization of finance costs | 45 | |
Principal repayment | (14,498) | 0 |
Disposals | 0 | |
Fair value adjustments | 0 | |
Finance charge | 6,720 | 0 |
Ending balance | 34,004 | 0 |
Current portion of long-term debt | 9,610 | |
Long-term debt | 24,394 | |
Silver Purchase Agreement | ||
Borrowings [abstract] | ||
Beginning balance | 0 | 0 |
Fair value on inception | 29,889 | 0 |
Loan advance | 0 | |
Additions and adjustments | 0 | 0 |
Amortization of finance costs | 0 | |
Principal repayment | (134) | 0 |
Disposals | 0 | |
Fair value adjustments | 0 | |
Finance charge | 2,692 | 0 |
Ending balance | 32,447 | 0 |
Current portion of long-term debt | 11,208 | |
Long-term debt | 21,239 | |
Other Borrowings | ||
Borrowings [abstract] | ||
Beginning balance | 795 | 105 |
Fair value on inception | 0 | 0 |
Loan advance | 20,750 | |
Additions and adjustments | 334 | 799 |
Amortization of finance costs | 0 | |
Principal repayment | (348) | (20,859) |
Disposals | 0 | |
Fair value adjustments | 0 | |
Finance charge | 0 | 0 |
Ending balance | 781 | $ 795 |
Current portion of long-term debt | 470 | |
Long-term debt | $ 311 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 39 Months Ended | 45 Months Ended | |||||||||||
Apr. 30, 2022 oz | Apr. 07, 2021 USD ($) | Jun. 30, 2022 oz | Mar. 31, 2022 oz | Mar. 31, 2021 USD ($) | Jun. 30, 2022 oz | Dec. 31, 2022 USD ($) oz derivative shares | Dec. 31, 2021 USD ($) | Sep. 30, 2025 oz | Sep. 30, 2025 oz | Dec. 31, 2025 oz | Dec. 31, 2024 oz | Dec. 31, 2023 oz | Dec. 13, 2021 USD ($) | Dec. 10, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Principal amount | $ 115,876,000 | $ 41,436,000 | $ 105,000 | |||||||||||||
Current portion of long-term debt | $ 21,288,000 | 58,000 | ||||||||||||||
Number of embedded derivatives | shares | 2 | |||||||||||||||
Sprott | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Derivative financial liabilities | $ 5,300,000 | |||||||||||||||
Minimum | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Remaining lease term | 1 year | |||||||||||||||
Lease liability, interest rate | 3.30% | |||||||||||||||
Maximum | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Remaining lease term | 2 years | |||||||||||||||
Lease liability, interest rate | 14.40% | |||||||||||||||
Gold | Gold Prepay Agreement | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Number of ounces required to deliver | oz | 3,100 | 1,600 | 3,000 | 2,000 | 32,000 | |||||||||||
Orion Convertible Credit | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Principal amount | $ 39,741,000 | 32,956,000 | $ 50,000,000 | 0 | ||||||||||||
Interest at fixed rate | 8% | |||||||||||||||
Other equity securities | 0 | 2,029,000 | $ 2,000,000 | |||||||||||||
Current portion of long-term debt | 0 | |||||||||||||||
Orion Convertible Credit | Embedded Derivatives | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Loss on revaluation | 8,500,000 | 4,900,000 | ||||||||||||||
Orion Convertible Credit | Orion | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Derivative financial liabilities | $ 27,000,000 | 18,500,000 | 13,600,000 | |||||||||||||
Orion Convertible Credit | Weighted average | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Interest at fixed rate | 18.90% | |||||||||||||||
Sprott Convertible Credit | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Principal amount | $ 8,903,000 | 7,685,000 | $ 10,000,000 | 0 | ||||||||||||
Interest at fixed rate | 8% | |||||||||||||||
Loss on revaluation | 1,400,000 | 1,200,000 | ||||||||||||||
Other equity securities | 0 | 367,000 | $ 400,000 | |||||||||||||
Current portion of long-term debt | $ 0 | |||||||||||||||
Sprott Convertible Credit | Sprott | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Derivative financial liabilities | 3,900,000 | $ 2,700,000 | ||||||||||||||
Sprott Convertible Credit | Weighted average | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Interest at fixed rate | 14.92% | |||||||||||||||
Silver Purchase Agreement | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Principal amount | $ 32,447,000 | 0 | 0 | |||||||||||||
Current portion of long-term debt | $ 11,208,000 | |||||||||||||||
Silver Purchase Agreement | Silver | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Interest at fixed rate | 12.28% | |||||||||||||||
Notional amount | 30,000,000 | |||||||||||||||
Number of ounces to be delivered before pricing mechanism | oz | 300,000 | 100,000 | 400,000 | |||||||||||||
Current portion of long-term debt | $ 11,200,000 | |||||||||||||||
Number of embedded derivatives | derivative | 2 | |||||||||||||||
Silver Purchase Agreement | Silver | Orion | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Number of ounces delivered | oz | 6,491 | |||||||||||||||
Silver Purchase Agreement | Milestone One | Silver | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Percentage of precious metal production to be issued | 100% | |||||||||||||||
Number of ounces to be delivered before pricing mechanism | oz | 1,200,000 | |||||||||||||||
Number of ounces included in current portion of liability | oz | 293,509 | |||||||||||||||
Silver Purchase Agreement | Annual Minimum Of Sliver Ounces Produced | Silver | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Number of ounces delivered | oz | 293,509 | |||||||||||||||
Silver Purchase Agreement | Milestone Two | Silver | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Number of ounces delivered | oz | 2,500,000 | 400,000 | ||||||||||||||
Percentage of precious metal production to be issued | 50% | |||||||||||||||
Number of ounces included in current portion of liability | oz | 400,000 | |||||||||||||||
Silver Purchase Agreement | Third Milestone Payment | Silver | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Percentage of precious metal production to be issued | 10% | |||||||||||||||
Silver Purchase Agreement | Fourth Milestone Payment | Silver | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Percentage of precious metal production to be issued | 20% | |||||||||||||||
Number of ounces to be delivered before pricing mechanism | oz | 1,200,000 | |||||||||||||||
Stream Agreement | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Principal amount | $ 0 | 0 | 0 | |||||||||||||
Current portion of long-term debt | 0 | |||||||||||||||
Stream Agreement | At fair value | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Principal amount | $ 900,000 | |||||||||||||||
Stream Agreement | Silver | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Percentage of refined precious silver from minerals | 100% | |||||||||||||||
Refined precious silver value | $ 1,000,000 | |||||||||||||||
Percentage of precious metal liability to principal repayment | 80% | |||||||||||||||
Borrowing term | 40 years | |||||||||||||||
Stream Agreement | Milestone One | Silver | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Percentage of refined precious silver from exploration | 50% | |||||||||||||||
Stream Agreement | Milestone Two | Silver | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Percentage of precious metal cash purchase price | 20% | |||||||||||||||
Gold Prepay Agreement | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Principal amount | 34,004,000 | $ 0 | $ 0 | |||||||||||||
Current portion of long-term debt | $ 9,610,000 | |||||||||||||||
Gold Prepay Agreement | Gold | Gold Prepay Agreement | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Interest at fixed rate | 24.48% | |||||||||||||||
Notional amount | $ 41,900,000 | |||||||||||||||
Number of ounces required to deliver | oz | 3,100 | 2,100 | 30,400 | |||||||||||||
Number of ounces delivered | oz | 7,300 | |||||||||||||||
Number of ounces to be delivered | oz | 23,100 | |||||||||||||||
Equinox Loan Agreement | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Principal amount | $ 20,800,000 | |||||||||||||||
Interest at fixed rate | 5% | |||||||||||||||
Borrowings accrued interest | $ 60,000 | |||||||||||||||
Remaining borrowing facilities | $ 19,200,000 |
LONG-TERM DEBT - Summary of Ori
LONG-TERM DEBT - Summary of Orion Convertible Note and Sprott Convertible Note (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 13, 2021 | Dec. 10, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | |||||
Principal amount | $ 115,876,000 | $ 41,436,000 | $ 105,000 | ||
Amortization of finance costs | 353,000 | 0 | |||
Finance charge | 17,107,000 | 262,000 | |||
Orion Convertible Credit | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Principal amount | 39,741,000 | 32,956,000 | $ 50,000,000 | 0 | |
Fair value of notes issued | 0 | 50,000,000 | |||
Other financial liabilities | 0 | (17,230,000) | |||
Other equity securities | 0 | 2,029,000 | $ 2,000,000 | ||
Deferred financing costs and other | 0 | (2,054,000) | |||
Note balance | 32,956,000 | 32,745,000 | |||
Amortization of finance costs | 308,000 | 0 | |||
Finance charge | 6,477,000 | 211,000 | |||
Sprott Convertible Credit | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Principal amount | 8,903,000 | 7,685,000 | $ 10,000,000 | $ 0 | |
Fair value of notes issued | 0 | 10,000,000 | |||
Other financial liabilities | 0 | (2,733,000) | |||
Other equity securities | 0 | 367,000 | $ 400,000 | ||
Note balance | 7,685,000 | 7,634,000 | |||
Amortization of finance costs | 0 | ||||
Finance charge | $ 1,218,000 | $ 51,000 |
LONG-TERM DEBT - Disclosure O_2
LONG-TERM DEBT - Disclosure Of Maturity Analysis Of Operating Lease Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Disclosure of detailed information about borrowings [line items] | |
Lease liabilities | $ 624 |
Less than one year | |
Disclosure of detailed information about borrowings [line items] | |
Lease liabilities | 432 |
One to three years | |
Disclosure of detailed information about borrowings [line items] | |
Lease liabilities | $ 192 |
PROVISION FOR ENVIRONMENTAL R_3
PROVISION FOR ENVIRONMENTAL REHABILITATION - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
McCoy-Cove | |
Disclosure of provision for environmental rehabilitation [Line Items] | |
Undiscounted un-inflated value of cash flows required to settle provision | $ 8.6 |
Granite Creek | |
Disclosure of provision for environmental rehabilitation [Line Items] | |
Undiscounted un-inflated value of cash flows required to settle provision | 1.8 |
Lone Tree | |
Disclosure of provision for environmental rehabilitation [Line Items] | |
Undiscounted un-inflated value of cash flows required to settle provision | 67.5 |
Ruby Hill | |
Disclosure of provision for environmental rehabilitation [Line Items] | |
Undiscounted un-inflated value of cash flows required to settle provision | 18.1 |
Argenta | |
Disclosure of provision for environmental rehabilitation [Line Items] | |
Undiscounted un-inflated value of cash flows required to settle provision | $ 1.2 |
Minimum | |
Disclosure of provision for environmental rehabilitation [Line Items] | |
Risk free interest rate, provision for environmental rehabilitation | 3.88% |
Maximum | |
Disclosure of provision for environmental rehabilitation [Line Items] | |
Risk free interest rate, provision for environmental rehabilitation | 4.14% |
PROVISION FOR ENVIRONMENTAL R_4
PROVISION FOR ENVIRONMENTAL REHABILITATION - Reconciliation of Discounted Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in other provisions [abstract] | ||
Accretion expense | $ 3,001 | $ 307 |
Less current portion | 946 | 0 |
Long-term portion | 70,680 | 92,849 |
Provision for environmental rehabilitation | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 92,849 | 8,155 |
Acquisitions | 1,247 | 85,734 |
Change in estimate capitalized | (24,849) | 2,080 |
Accretion expense | 3,001 | 351 |
Reclamation expenditures | (622) | 0 |
Disposal | 0 | (3,471) |
Ending balance | 71,626 | 92,849 |
Less current portion | 946 | 0 |
Long-term portion | 70,680 | 92,849 |
Provision for environmental rehabilitation | Argenta | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 0 | |
Acquisitions | 1,170 | |
Change in estimate capitalized | 0 | |
Accretion expense | 0 | |
Reclamation expenditures | 0 | |
Disposal | 0 | |
Ending balance | 1,170 | 0 |
Less current portion | 398 | |
Long-term portion | 772 | |
Provision for environmental rehabilitation | South Arturo | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 0 | 3,427 |
Acquisitions | 0 | |
Change in estimate capitalized | 0 | |
Accretion expense | 44 | |
Reclamation expenditures | 0 | |
Disposal | (3,471) | |
Ending balance | 0 | |
Less current portion | 0 | |
Long-term portion | 0 | |
Provision for environmental rehabilitation | McCoy-Cove | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 6,684 | 4,728 |
Acquisitions | 0 | 0 |
Change in estimate capitalized | (84) | 1,842 |
Accretion expense | 212 | 114 |
Reclamation expenditures | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 6,812 | 6,684 |
Less current portion | 0 | 0 |
Long-term portion | 6,812 | 6,684 |
Provision for environmental rehabilitation | Granite Creek | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 2,394 | 0 |
Acquisitions | 0 | 2,051 |
Change in estimate capitalized | (995) | 318 |
Accretion expense | 74 | 25 |
Reclamation expenditures | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 1,473 | 2,394 |
Less current portion | 0 | 0 |
Long-term portion | 1,473 | 2,394 |
Provision for environmental rehabilitation | Lone Tree | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 60,592 | 0 |
Acquisitions | 77 | 60,475 |
Change in estimate capitalized | (13,066) | 0 |
Accretion expense | 1,917 | 117 |
Reclamation expenditures | (622) | 0 |
Disposal | 0 | 0 |
Ending balance | 48,898 | 60,592 |
Less current portion | 548 | 0 |
Long-term portion | 48,350 | 60,592 |
Provision for environmental rehabilitation | Ruby Hill | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 23,179 | 0 |
Acquisitions | 0 | 23,208 |
Change in estimate capitalized | (10,704) | (80) |
Accretion expense | 798 | 51 |
Reclamation expenditures | 0 | 0 |
Disposal | 0 | 0 |
Ending balance | 13,273 | 23,179 |
Less current portion | 0 | 0 |
Long-term portion | $ 13,273 | $ 23,179 |
OTHER LIABILITIES - Disclosure
OTHER LIABILITIES - Disclosure Of Detailed Information About Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial liabilities [line items] | ||
Warrant liability | $ 15,945 | $ 15,465 |
Share-based payment liability | 983 | 0 |
Deferred consideration | 42,543 | |
Offtake liability | 730 | 730 |
Total other liabilities | 95,791 | 81,167 |
Less current portion | 46,181 | 15,795 |
Long-term portion | 49,610 | 65,372 |
Orion | ||
Disclosure of financial liabilities [line items] | ||
Other financial liabilities | 27,029 | 18,534 |
Sprott | ||
Disclosure of financial liabilities [line items] | ||
Other financial liabilities | $ 5,299 | $ 3,895 |
OTHER LIABILITIES - Disclosur_2
OTHER LIABILITIES - Disclosure Of Detailed Information About Other Liabilities - Narrative (Details) | 2 Months Ended | 12 Months Ended | 21 Months Ended | ||||||||||
Apr. 15, 2021 USD ($) shares | Apr. 15, 2021 shares $ / shares | Apr. 14, 2021 USD ($) | Apr. 07, 2021 USD ($) shares | Apr. 07, 2021 shares $ / shares | Mar. 14, 2023 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 USD ($) shares | Jan. 01, 2023 USD ($) shares | Oct. 18, 2021 USD ($) | |
Disclosure of contingent liabilities [line items] | |||||||||||||
Number of securities called by warrant (in shares) | shares | 1 | 1 | |||||||||||
Hold period | 4 months | ||||||||||||
Share-based compensation arrangement by share-based payment award, percentage of outstanding warrant liability | 40% | ||||||||||||
Share-based compensation arrangement by share-based payment award, outstanding of premier warrants (in shares) | shares | 2,000,000 | ||||||||||||
Class of warrant or right, issued for company settlement (in shares) | shares | 800,000 | ||||||||||||
Fair value adjustments of warrants | $ 0 | $ 800,000 | $ 500,000 | ||||||||||
Loss on warrants | 1,040,000 | 2,515,000 | |||||||||||
Share-based payment liability | $ 983,000 | $ 983,000 | 0 | $ 983,000 | 983,000 | ||||||||
Deferred consideration | 42,543,000 | ||||||||||||
Osgood Mining Company LLC | |||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||
Number of other equity instruments issued in sharebased payment arrangement (in shares) | shares | 350,000 | ||||||||||||
Number of securities called by warrant (in shares) | shares | 1 | 1 | |||||||||||
Weighted average exercise price of other equity instruments issued in sharebased payment arrangement (In CAD per share) | $ / shares | $ 3.64 | ||||||||||||
Hold period | 4 months | ||||||||||||
Fair value adjustments of warrants | $ 6,100,000 | $ 10,100,000 | 8,900,000 | ||||||||||
Warrants issued (in shares) | $ 12,100,000 | ||||||||||||
Shares issued from exercise of warrants (in shares) | shares | 350,000 | ||||||||||||
RSUs and DSUs | |||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||
Current portion of liabilities from share-based payment transactions | $ 400,000 | $ 400,000 | 0 | 400,000 | 400,000 | ||||||||
Share Purchase Warrants | |||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||
Number of other equity instruments issued in sharebased payment arrangement (in shares) | shares | 7,730,000 | ||||||||||||
Weighted average exercise price of other equity instruments issued in sharebased payment arrangement (In CAD per share) | $ / shares | $ 3.64 | ||||||||||||
Hold period | 4 months | ||||||||||||
Class of warrants or rights issued in consideration for warrants recognized | $ 2,900,000 | $ 0 | 2,200,000 | ||||||||||
Ruby Hill, Nevada | |||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||
Deferred consideration | 45,805,000 | $ 45,805,000 | 42,500,000 | 45,805,000 | $ 45,805,000 | $ 41,900,000 | |||||||
Gains (losses) on financial liabilities at fair value through profit or loss | (3,300,000) | ||||||||||||
Payments of deferred compensation | $ 27,000,000 | ||||||||||||
Total consideration | $ 11,000,000 | ||||||||||||
Business acquisition, equity interest issued or issuable (in shares) | shares | 5,515,313 | ||||||||||||
Financing Agreements | |||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||
Weighted average exercise price of other equity instruments issued in sharebased payment arrangement (In CAD per share) | $ / shares | $ 3.275 | ||||||||||||
Fair value adjustments of warrants | $ 5,900,000 | $ 3,500,000 | $ 3,500,000 | ||||||||||
Warrants issued for financing arrangement (in shares) | shares | 5,500,000 | ||||||||||||
Exercise period of warrants | 36 months | ||||||||||||
Warrant liability | |||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||
Number of warrants outstanding (in shares) | shares | 17,561,152 | 17,561,152 | 26,099,806 | 17,561,152 | 17,561,152 |
OTHER LIABILITIES - Disclosur_3
OTHER LIABILITIES - Disclosure Of Detailed Information About Validation Of Fair Value Of The Warrants (Details) - Warrant liability | 12 Months Ended | |
Dec. 31, 2022 $ / shares | Dec. 31, 2021 USD ($) $ / shares | |
Minimum | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Warrant expected life | 15 months | 4 months |
Maximum | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Warrant expected life | 24 months | 30 months |
Risk free rate | Minimum | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.0396 | 0.0018 |
Risk free rate | Maximum | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.0425 | 0.0069 |
Expected volatility | Minimum | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.56 | 0.50 |
Expected volatility | Maximum | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.60 | 0.57 |
Expected dividend | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0 | 0 |
Share price | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 3.78 | 3.11 |
SHARE CAPITAL - Narrative (Deta
SHARE CAPITAL - Narrative (Details) $ / shares in Units, $ in Thousands, $ in Millions | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||
Jan. 31, 2022 shares | Dec. 09, 2021 USD ($) shares | Dec. 09, 2021 $ / shares | Oct. 21, 2021 USD ($) shares | Oct. 18, 2021 USD ($) shares | Oct. 14, 2021 USD ($) shares | Oct. 14, 2021 $ / shares | May 26, 2021 USD ($) shares | May 26, 2021 CAD ($) $ / shares shares | May 10, 2021 USD ($) shares | May 10, 2021 CAD ($) $ / shares shares | Apr. 15, 2021 $ / shares | Apr. 14, 2021 USD ($) shares | Apr. 14, 2021 CAD ($) $ / shares shares | Apr. 07, 2021 USD ($) shares | Apr. 07, 2021 CAD ($) $ / shares shares | Mar. 14, 2023 shares | Apr. 06, 2021 shares | Dec. 31, 2021 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares oz | Dec. 31, 2022 CAD ($) shares $ / shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 CAD ($) $ / shares shares | Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Share-based compensation arrangement by share-based payment award, percentage of outstanding warrant liability | 40% | 40% | |||||||||||||||||||||||
Share-based compensation arrangement by share-based payment award, outstanding of premier warrants (in shares) | 2,000,000 | 2,000,000 | |||||||||||||||||||||||
Exercise of stock options (in shares) | 62,000 | 1,345,200 | 1,047,200 | 1,047,200 | |||||||||||||||||||||
Percentage of options granted, limited | 10% | 10% | |||||||||||||||||||||||
Percentage of issued and outstanding shares, limited | 1% | 1% | |||||||||||||||||||||||
Option plan, expiration period | 10 years | 10 years | |||||||||||||||||||||||
Vesting period | 5 years | 5 years | |||||||||||||||||||||||
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise | $ / shares | $ 2.99 | $ 2.56 | |||||||||||||||||||||||
Number Of Share Options Vested In Share-Based Payment Arrangement | 5,086,500 | 5,998,738 | 5,086,500 | ||||||||||||||||||||||
Weighted Average Exercise Price Of Share Options Exercisable In Share-Based Payment Arrangement | $ / shares | $ 2.17 | $ 2.12 | |||||||||||||||||||||||
Granted (in dollars per share) | $ / shares | $ 2.74 | $ 2.65 | |||||||||||||||||||||||
Unvested stock options (in shares) | 1,880,008 | 1,880,008 | 1,602,500 | 1,602,500 | |||||||||||||||||||||
Granted (in shares) | 1,888,683 | 2,975,000 | 2,673,179 | 2,673,179 | |||||||||||||||||||||
Annual Minimum Of Sliver Ounces Produced | Silver | Silver Purchase Agreement | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Number of ounces delivered | oz | 293,509 | ||||||||||||||||||||||||
RSUs | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||||||||||
Granted (in shares) | 731,544 | 772,170 | 772,170 | ||||||||||||||||||||||
DSUs | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||||||||||
Granted (in shares) | 110,919 | 175,091 | 175,091 | ||||||||||||||||||||||
RSUs and DSUs | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Current portion of liabilities from share-based payment transactions | $ | $ 0 | $ 400 | $ 0 | ||||||||||||||||||||||
Liabilities from share-based payment transactions, Noncurrent | $ | 600 | ||||||||||||||||||||||||
Other equity instruments vested in share-based payment arrangement | $ | $ 1.7 | $ 0 | |||||||||||||||||||||||
Private Placement | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Shares issued (in shares) | 8,784,122 | ||||||||||||||||||||||||
Proceeds from shares issued | $ | $ 18,300 | $ 0 | $ 103,117 | ||||||||||||||||||||||
Equity issuance (in dollar per share) | $ / shares | $ 2.62 | ||||||||||||||||||||||||
Warrants | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Shares issued (in shares) | 800,000 | 30,914,614 | 30,914,614 | ||||||||||||||||||||||
Proceeds from shares issued | $ 60,800 | $ 80.4 | |||||||||||||||||||||||
Equity issuance (in dollar per share) | $ / shares | $ 2.60 | ||||||||||||||||||||||||
Number of other equity instruments issued in sharebased payment arrangement (in shares) | 7,728,654 | 7,728,654 | |||||||||||||||||||||||
Weighted average exercise price of other equity instruments issued in sharebased payment arrangement (In CAD per share) | $ / shares | $ 3.64 | ||||||||||||||||||||||||
Share-based compensation arrangement by share-based payment award, percentage of outstanding warrant liability | 40% | ||||||||||||||||||||||||
Share-based compensation arrangement by share-based payment award, outstanding of premier warrants (in shares) | 2,000,000 | ||||||||||||||||||||||||
Maximum | Warrants | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Commissions paid, percentage | 5.25% | 5.25% | |||||||||||||||||||||||
Minimum | Warrants | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Commissions paid, percentage | 2.50% | 2.50% | |||||||||||||||||||||||
Christison Properties | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Shares issued (in shares) | 2,430,488 | 2,430,488 | |||||||||||||||||||||||
Proceeds from shares issued | $ 5,000 | $ 6.1 | |||||||||||||||||||||||
Equity issuance (in dollar per share) | $ / shares | $ 2.50 | ||||||||||||||||||||||||
Osgood Mining Company LLC | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Shares issued (in shares) | 13,036,846 | 13,036,846 | |||||||||||||||||||||||
Proceeds from shares issued | $ 27,000 | $ 33.9 | |||||||||||||||||||||||
Equity issuance (in dollar per share) | $ / shares | $ 2.60 | ||||||||||||||||||||||||
Number of other equity instruments issued in sharebased payment arrangement (in shares) | 350,000 | 350,000 | |||||||||||||||||||||||
Weighted average exercise price of other equity instruments issued in sharebased payment arrangement (In CAD per share) | $ / shares | $ 3.64 | ||||||||||||||||||||||||
Premier | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Shares issued (in shares) | 137,624,461 | 137,624,461 | |||||||||||||||||||||||
Proceeds from shares issued | $ 150,600 | $ 189.2 | |||||||||||||||||||||||
Equity-settled employee benefits | 4,400 | 5.5 | |||||||||||||||||||||||
Premier | Offtake Agreement | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Equity-settled employee benefits | 600 | 0.7 | |||||||||||||||||||||||
Premier | South Arturo Silver Stream | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Equity-settled employee benefits | 900 | 1.1 | |||||||||||||||||||||||
Premier | Warrants | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Equity-settled employee benefits | 500 | $ 0.7 | |||||||||||||||||||||||
Equinox Gold | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Shares issued (in shares) | 4,800,000 | 5,479,536 | 5,479,536 | ||||||||||||||||||||||
Proceeds from shares issued | $ 10,000 | $ 11,800 | $ 14.2 | ||||||||||||||||||||||
Equity issuance (in dollar per share) | $ / shares | $ 2.62 | $ 2.60 | |||||||||||||||||||||||
Asset Exchange, NGM | Asset Exchange, NGM | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Shares issued (in shares) | 22,757,393 | ||||||||||||||||||||||||
Proceeds from shares issued | $ | $ 47,400 | ||||||||||||||||||||||||
Equity issuance (in dollar per share) | $ / shares | $ 2.62 | ||||||||||||||||||||||||
Orion | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Shares issued (in shares) | 839,799 | 7,500,000 | |||||||||||||||||||||||
Proceeds from shares issued | $ | $ 1,750 | $ 15,600 | |||||||||||||||||||||||
Waterton | Acquisition of Ruby Hill | |||||||||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||||||||
Shares issued (in shares) | 3,191,358 | ||||||||||||||||||||||||
Proceeds from shares issued | $ | $ 8,000 |
SHARE CAPITAL - Stock Option Ac
SHARE CAPITAL - Stock Option Activity (Details) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 14, 2023 shares $ / shares | Apr. 06, 2021 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Options outstanding # | |||||
Outstanding, beginning (in shares) | shares | 7,878,746 | 3,244,000 | 3,173,000 | 6,689,000 | 3,244,000 |
Settled in connection with Premier USA spin-out (in shares) | shares | (3,173,000) | ||||
Replacement options issued (in shares) | shares | 5,722,000 | ||||
Granted (in shares) | shares | 1,888,683 | 2,975,000 | 2,673,179 | ||
Exercised (in shares) | shares | (62,000) | (1,345,200) | (1,047,200) | ||
Expired (in shares) | shares | (9,000) | (662,800) | (320,106) | ||
Forfeited (in shares) | shares | (116,127) | ||||
Outstanding, ending (in shares) | shares | 6,689,000 | 7,878,746 | 6,689,000 | ||
Weighted average price C$ | |||||
Outstanding, beginning (in dollars per share) | $ / shares | $ 2.30 | $ 2.15 | $ 2.19 | $ 2.21 | $ 2.15 |
Settled in connection with Premier USA spin-out (in dollars per share) | $ / shares | 2.19 | ||||
Replacement options issued (in dollars per share) | $ / shares | 1.88 | ||||
Granted (in dollars per share) | $ / shares | 2.74 | 2.65 | |||
Exercised (in dollar per share) | $ / shares | 1.46 | 1.75 | 2.45 | ||
Expired (in dollars per share) | $ / shares | $ 3.18 | 2.79 | 2.71 | ||
Forfeited (in dollars per share) | $ / shares | 2.62 | ||||
Outstanding, ending (in dollar per share) | $ / shares | $ 2.21 | $ 2.30 | $ 2.21 |
SHARE CAPITAL - Options Outstan
SHARE CAPITAL - Options Outstanding and Exercisable (Details) | 12 Months Ended | |||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 $ / shares | Apr. 07, 2021 $ / shares | Dec. 31, 2020 $ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Weighted average exercise price C$ (in dollars per share) | $ 2.30 | $ 2.21 | $ 2.19 | $ 2.15 |
Weighted average remaining life in years | 3 years 3 days | |||
Options # (in shares) | shares | 5,998,738 | |||
Weighted average exercise price C$ (in dollars per share) | $ 2.17 | |||
Weighted average remaining life in years | 2 years 7 months 17 days | |||
Exercise Price, Range 1 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Weighted average exercise price C$ (in dollars per share) | $ 1.38 | |||
Weighted average remaining life in years | 1 year 11 months 26 days | |||
Options # (in shares) | shares | 2,280,800 | |||
Weighted average exercise price C$ (in dollars per share) | $ 1.29 | |||
Weighted average remaining life in years | 1 year 8 months 26 days | |||
Exercise Price, Range 2 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Weighted average exercise price C$ (in dollars per share) | $ 2.60 | |||
Weighted average remaining life in years | 3 years 10 months 24 days | |||
Options # (in shares) | shares | 1,017,774 | |||
Weighted average exercise price C$ (in dollars per share) | $ 2.58 | |||
Weighted average remaining life in years | 3 years 7 months 17 days | |||
Exercise Price, Range 3 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Weighted average exercise price C$ (in dollars per share) | $ 2.81 | |||
Weighted average remaining life in years | 3 years 1 month 20 days | |||
Options # (in shares) | shares | 2,700,164 | |||
Weighted average exercise price C$ (in dollars per share) | $ 2.76 | |||
Weighted average remaining life in years | 3 years 7 days | |||
Minimum | Exercise Price, Range 1 | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | ||||
Exercise price CAD (in dollars per share) | $ 1.18 | |||
Minimum | Exercise Price, Range 2 | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | ||||
Exercise price CAD (in dollars per share) | 2.45 | |||
Minimum | Exercise Price, Range 3 | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | ||||
Exercise price CAD (in dollars per share) | 2.65 | |||
Maximum | Exercise Price, Range 1 | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | ||||
Exercise price CAD (in dollars per share) | 2.44 | |||
Maximum | Exercise Price, Range 2 | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | ||||
Exercise price CAD (in dollars per share) | 2.64 | |||
Maximum | Exercise Price, Range 3 | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Options [Line Items] | ||||
Exercise price CAD (in dollars per share) | $ 3.67 |
SHARE CAPITAL - Fair Value Assu
SHARE CAPITAL - Fair Value Assumptions of Granted Options (Details) | 12 Months Ended | |
Dec. 31, 2022 yr | Dec. 31, 2021 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected option life | 3 | 4 |
Minimum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate | 1.55% | 0.09% |
Annualized volatility based on historic volatility | 51% | 32% |
Forfeiture rate | 0% | |
Maximum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate | 4.20% | 0.75% |
Annualized volatility based on historic volatility | 62% | 62% |
Forfeiture rate | 5.70% |
SHARE CAPITAL - Restricted and
SHARE CAPITAL - Restricted and Deferred Share Unit Plan Activity (Details) | 2 Months Ended | 12 Months Ended | |
Mar. 14, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
RSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding, beginning (in shares) | shares | 465,642 | 0 | 413,666 |
Settled in connection with Premier USA spin-out | shares | (413,666) | ||
Granted (in shares) | shares | 731,544 | 772,170 | |
Settled (in shares) | shares | (236,301) | ||
Forfeited (in shares) | shares | (70,227) | ||
Outstanding, ending (in share) | shares | 465,642 | 0 | |
Outstanding, beginning (in dollars per share) | $ / shares | $ 2.62 | $ 0 | $ 3.01 |
Settled in connection with Premier USA spin-out (in dollars per share) | $ / shares | 1.38 | ||
Granted (in dollars per share) | $ / shares | 2.62 | ||
Settled (in dollars per share) | $ / shares | 2.25 | ||
Forfeited (in shares) | $ / shares | 2.62 | ||
Outstanding, ending (in dollars per share) | $ / shares | $ 2.62 | $ 0 | |
DSUs | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding, beginning (in shares) | shares | 175,091 | 0 | 0 |
Settled in connection with Premier USA spin-out | shares | 0 | ||
Granted (in shares) | shares | 110,919 | 175,091 | |
Settled (in shares) | shares | 0 | ||
Forfeited (in shares) | shares | 0 | ||
Outstanding, ending (in share) | shares | 175,091 | 0 | |
Outstanding, beginning (in dollars per share) | $ / shares | $ 2.68 | $ 0 | $ 0 |
Settled in connection with Premier USA spin-out (in dollars per share) | $ / shares | 0 | ||
Granted (in dollars per share) | $ / shares | 2.68 | ||
Settled (in dollars per share) | $ / shares | 0 | ||
Forfeited (in shares) | $ / shares | 0 | ||
Outstanding, ending (in dollars per share) | $ / shares | $ 2.68 | $ 0 |
SHARE CAPITAL - Share-Based Pay
SHARE CAPITAL - Share-Based Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based payments | $ 3,280 | $ 2,683 |
Stock Options | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based payments | 1,932 | 2,116 |
RSUs and DSUs | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based payments | 1,348 | 980 |
Stock Options, RSUs and DSUs | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based payments | 3,280 | 3,096 |
Reversal of RSU liability | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share-based payments | $ 0 | $ 413 |
BASIC AND DILUTED INCOME _ (L_3
BASIC AND DILUTED INCOME / (LOSS) PER SHARE - Summary of Basic and Diluted Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | ||
Income / (loss) from continuing operations | $ (79,197) | $ 76,620 |
Income from discontinued operations | 0 | 11,603 |
Income / (loss) for the year | $ (79,197) | $ 88,223 |
Basic weighted average shares outstanding (in shares) | 240,100,023 | 148,288,884 |
Dilution adjustment for stock options (in shares) | 0 | 4,752,714 |
Diluted weighted average share outstanding (in shares) | 240,100,023 | 153,041,598 |
Basic income / (loss) per share from continuing operations | $ (0.33) | $ 0.52 |
Basic income per share from discontinued operations | 0 | 0.08 |
Basic income / (loss) per share (in dollars per share) | (0.33) | 0.60 |
Diluted income / (loss) per share from continuing operations (in dollars per share) | (0.33) | 0.50 |
Diluted income per share from discontinued operations (in dollars per share) | 0 | 0.08 |
Diluted income / (loss) per share (in dollars per share) | $ (0.33) | $ 0.58 |
BASIC AND DILUTED INCOME _ (L_4
BASIC AND DILUTED INCOME / (LOSS) PER SHARE - Narrative (Details) | Dec. 31, 2022 shares |
Warrants | |
Earning Per Share Basic And Diluted [Line Items] | |
Anti-dilutive effect on EPS (in shares) | 17,561,152 |
Stock Options | |
Earning Per Share Basic And Diluted [Line Items] | |
Anti-dilutive effect on EPS (in shares) | 7,878,746 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Summary of Increase and (Decrease) In Non-Cash Working Capital Balances (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Receivables | $ 1,223,000 | $ (303,000) |
Receivable from related parties | 0 | (4,000) |
Prepaids and deposits | (799,000) | (4,013,000) |
Inventory | 9,220,000 | (4,575,000) |
Accounts payable and accrued liabilities | (2,484,000) | 11,767,000 |
Increase in working capital | $ 7,160,000 | $ 2,872,000 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Summary Of Non-Cash In Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Non-Cash Items Including In Other Income / (Expense) [Line Items] | ||
Loss on warrants | $ (1,040) | $ (2,515) |
Loss on fair value measurement of convertible loans derivative | (9,899) | (6,097) |
Loss on deferred consideration | (3,262) | (649) |
Gain / (loss) on investments | (295) | 696 |
Gain on sales from Gold Prepay Agreement | 1,596 | 0 |
Gain on asset exchange | 0 | 135,531 |
Other | 20 | (645) |
Total non-cash items included in other income / (expense) | (8,066) | 126,321 |
Gold Prepay Agreement | ||
Non-Cash Items Including In Other Income / (Expense) [Line Items] | ||
Gain on sales from Gold Prepay Agreement | 1,596 | 0 |
Gain on fair value measurement of derivative | 2,916 | 0 |
Silver Purchase Agreement | ||
Non-Cash Items Including In Other Income / (Expense) [Line Items] | ||
Gain on fair value measurement of derivative | $ 1,898 | $ 0 |
EXPLORATION, EVALUATION AND P_3
EXPLORATION, EVALUATION AND PRE-DEVELOPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | $ 38,809 | $ 10,477 |
Exploration, evaluation and pre-development properties | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 38,809 | 10,477 |
Exploration, evaluation and pre-development properties | Drilling | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 26,117 | 5,812 |
Exploration, evaluation and pre-development properties | Assays | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 3,998 | 282 |
Exploration, evaluation and pre-development properties | Salaries and benefits | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 2,106 | 890 |
Exploration, evaluation and pre-development properties | Field support | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 2,861 | 1,670 |
Exploration, evaluation and pre-development properties | Operating supplies | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 1,313 | 210 |
Exploration, evaluation and pre-development properties | Studies and permits | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 768 | 320 |
Exploration, evaluation and pre-development properties | Consulting and professional fees | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 760 | 735 |
Exploration, evaluation and pre-development properties | Claim Filing and Maintenance Fees | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 411 | 360 |
Exploration, evaluation and pre-development properties | Depreciation & amortization | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 475 | 198 |
Exploration, evaluation and pre-development properties | McCoy-Cove, Nevada | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 4,196 | 1,137 |
Exploration, evaluation and pre-development properties | Granite Creek, Nevada | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 13,578 | 8,423 |
Exploration, evaluation and pre-development properties | Ruby Hill, Nevada | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 19,552 | 825 |
Exploration, evaluation and pre-development properties | Buffalo Mountain, Nevada | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | 1,483 | 0 |
Exploration, evaluation and pre-development properties | Other | ||
Exploration and Evaluation [Line Items] | ||
Total exploration, evaluation and pre-development | $ 0 | $ 92 |
GENERAL AND ADMINISTRATIVE (Det
GENERAL AND ADMINISTRATIVE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | ||
Corporate administration | $ 6,225 | $ 2,740 |
Salaries and benefits | 7,537 | 4,451 |
Professional fees | 3,328 | 3,265 |
Total general and administrative | $ 17,090 | $ 10,456 |
OTHER INCOME _ (EXPENSE) (Detai
OTHER INCOME / (EXPENSE) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | ||
Loss on warrants | $ (1,040) | $ (2,515) |
Loss on fair value measurement of convertible loans derivative | (9,899) | (6,097) |
Loss on deferred consideration | (3,262) | (649) |
Loss on foreign exchange | (404) | (122) |
Gain / (loss) on investments | (295) | 696 |
Gain on sales from Gold Prepay Agreement | 1,596 | 0 |
Gain on asset exchange | 0 | 135,531 |
Other | (3,193) | 98 |
Total other income / (expense) | (11,683) | 126,942 |
Gold Prepay Agreement | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Gain on sales from Gold Prepay Agreement | 1,596 | 0 |
Gain on fair value measurement of derivative | 2,916 | 0 |
Silver Purchase Agreement | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Gain on fair value measurement of derivative | $ 1,898 | $ 0 |
FINANCE EXPENSE (Details)
FINANCE EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Amortization of finance costs | $ 353 | $ 0 |
Environmental rehabilitation accretion | 3,001 | 307 |
Interest paid | 27 | 76 |
Total finance expense | 20,488 | 645 |
Convertible Loans | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest accretion | 7,695 | 262 |
Gold Prepay Agreement | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest accretion | 6,720 | 0 |
Amortization of finance costs | 45 | |
Silver Purchase Agreement | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest accretion | 2,692 | $ 0 |
Amortization of finance costs | $ 0 |
SEGMENTED INFORMATION (Details)
SEGMENTED INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | ||
Revenue | $ 36,958 | $ 0 |
Cost of sales | (28,861) | 0 |
Depletion, depreciation and amortization | (4,528) | 0 |
Exploration, evaluation and pre-development | (38,809) | (10,477) |
Other income / (expense) | (11,683) | 126,942 |
Related party interest expense | 0 | 1,177 |
Finance expense | (20,488) | (645) |
Profit (loss) before tax | (91,030) | 96,673 |
Current tax expense | 0 | (200) |
Deferred tax recovery | 11,833 | (19,853) |
Income / (loss) for the year | (79,197) | 88,223 |
Property, plant and equipment | 529,261 | 502,649 |
Total assets | 641,959 | 656,349 |
Total liabilities | 308,547 | 249,371 |
Continuing operations | ||
Disclosure of operating segments [line items] | ||
Revenue | 36,958 | 0 |
Cost of sales | (28,861) | 0 |
Depletion, depreciation and amortization | (4,528) | 0 |
Exploration, evaluation and pre-development | (38,809) | (10,477) |
Overhead costs | (23,619) | (17,970) |
Other income / (expense) | (11,683) | 126,942 |
Related party interest expense | 1,177 | |
Finance expense | (20,488) | (645) |
Profit (loss) before tax | (91,030) | 96,673 |
Current tax expense | (200) | |
Deferred tax recovery | 11,833 | (19,853) |
Income / (loss) for the year | (79,197) | 76,620 |
Capital expenditures | 56,114 | 438,291 |
Property, plant and equipment | 529,261 | 502,649 |
Total assets | 641,959 | 656,349 |
Total liabilities | 308,547 | 249,371 |
Discontinued operations | ||
Disclosure of operating segments [line items] | ||
Revenue | 0 | 31,991 |
Cost of sales | 0 | (17,207) |
Depletion, depreciation and amortization | 0 | (1,691) |
Exploration, evaluation and pre-development | 0 | (1,034) |
Overhead costs | 0 | (175) |
Other income / (expense) | 0 | 16 |
Related party interest expense | 0 | |
Finance expense | 0 | (44) |
Profit (loss) before tax | 0 | 11,856 |
Current tax expense | (253) | |
Deferred tax recovery | 0 | 0 |
Income / (loss) for the year | 0 | 11,603 |
Capital expenditures | 0 | 2,366 |
Property, plant and equipment | 0 | 0 |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Total | ||
Disclosure of operating segments [line items] | ||
Revenue | 36,958 | 31,991 |
Cost of sales | (28,861) | (17,207) |
Depletion, depreciation and amortization | (4,528) | (1,691) |
Exploration, evaluation and pre-development | (38,809) | (11,511) |
Overhead costs | (23,619) | (18,145) |
Other income / (expense) | (11,683) | 126,958 |
Related party interest expense | 1,177 | |
Finance expense | (20,488) | (689) |
Profit (loss) before tax | (91,030) | 108,529 |
Current tax expense | (453) | |
Deferred tax recovery | 11,833 | (19,853) |
Income / (loss) for the year | (79,197) | 88,223 |
Capital expenditures | 56,114 | 440,657 |
Property, plant and equipment | 529,261 | 502,649 |
Total assets | 641,959 | 656,349 |
Total liabilities | 308,547 | 249,371 |
Operating segments | Nevada Production | Continuing operations | ||
Disclosure of operating segments [line items] | ||
Revenue | 36,958 | 0 |
Cost of sales | (28,861) | 0 |
Depletion, depreciation and amortization | (4,528) | 0 |
Exploration, evaluation and pre-development | (21,039) | (829) |
Overhead costs | (2,899) | (29) |
Other income / (expense) | (6,611) | 134,887 |
Related party interest expense | 0 | |
Finance expense | (2,722) | (168) |
Profit (loss) before tax | (29,702) | 133,861 |
Current tax expense | 0 | |
Deferred tax recovery | 0 | (27,704) |
Income / (loss) for the year | (29,702) | 106,157 |
Capital expenditures | 11,151 | 368,503 |
Property, plant and equipment | 346,176 | 363,715 |
Total assets | 394,584 | 416,003 |
Total liabilities | 142,432 | 159,311 |
Operating segments | Exploration and Development | Continuing operations | ||
Disclosure of operating segments [line items] | ||
Revenue | 0 | 0 |
Cost of sales | 0 | 0 |
Depletion, depreciation and amortization | 0 | 0 |
Exploration, evaluation and pre-development | (17,801) | (9,613) |
Overhead costs | (308) | (363) |
Other income / (expense) | 11 | 13 |
Related party interest expense | 0 | |
Finance expense | (287) | (139) |
Profit (loss) before tax | (18,385) | (10,102) |
Current tax expense | 0 | |
Deferred tax recovery | 0 | 0 |
Income / (loss) for the year | (18,385) | (10,102) |
Capital expenditures | 44,441 | 68,856 |
Property, plant and equipment | 178,920 | 138,056 |
Total assets | 186,298 | 140,680 |
Total liabilities | 14,524 | 10,971 |
Corporate and other | Continuing operations | ||
Disclosure of operating segments [line items] | ||
Revenue | 0 | 0 |
Cost of sales | 0 | 0 |
Depletion, depreciation and amortization | 0 | 0 |
Exploration, evaluation and pre-development | 31 | (35) |
Overhead costs | (20,412) | (17,578) |
Other income / (expense) | (5,083) | (7,958) |
Related party interest expense | 1,177 | |
Finance expense | (17,479) | (338) |
Profit (loss) before tax | (42,943) | (27,086) |
Current tax expense | (200) | |
Deferred tax recovery | 11,833 | 7,851 |
Income / (loss) for the year | (31,110) | (19,435) |
Capital expenditures | 522 | 932 |
Property, plant and equipment | 4,165 | 878 |
Total assets | 61,077 | 99,666 |
Total liabilities | $ 151,590 | $ 79,089 |
SEGMENTED INFORMATION - Revenue
SEGMENTED INFORMATION - Revenue By Customer (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | ||
Revenue | $ 36,958 | $ 0 |
Total | ||
Disclosure of operating segments [line items] | ||
Revenue | 36,958 | 31,991 |
Customer 1 | Total | ||
Disclosure of operating segments [line items] | ||
Revenue | 22,280 | 0 |
Customer 2 | Total | ||
Disclosure of operating segments [line items] | ||
Revenue | 14,678 | 0 |
Customer 3 | Total | ||
Disclosure of operating segments [line items] | ||
Revenue | $ 0 | $ 31,991 |
INCOME TAXES - Schedule of Inco
INCOME TAXES - Schedule of Income Tax Expense / (Recover) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | ||
Current income tax expense | $ 0 | $ 200 |
Deferred income tax expense / (recovery) | (11,833) | 19,853 |
Income tax expense / (recovery) | (11,833) | 20,053 |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Income / (loss) before income taxes | (91,030) | 108,276 |
Canadian federal and provincial income tax rates | (24,578) | 29,235 |
Permanent differences | 873 | 518 |
Impact of foreign tax rates | 3,494 | (7,575) |
Other foreign exchange differences | (3,028) | 959 |
Prior year's adjustments relating to tax provision and tax returns | 727 | 0 |
Change in unrecognized deferred taxes | 10,829 | (3,214) |
Other | (150) | 130 |
Tax expense (income) | $ (11,833) | $ 20,053 |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | ||
Canadian federal and provincial income tax rates | 27% | 27% |
Permanent differences | (1.00%) | 0% |
Impact of foreign tax rates | (4.00%) | (7.00%) |
Other foreign exchange differences | 3% | 1% |
Prior year's adjustments relating to tax provision and tax returns | (1.00%) | 0% |
Change in unrecognized deferred taxes | (12.00%) | (3.00%) |
Other tax rate effects for reconciliation between accounting profit and tax expense (income) | 0% | 0% |
Income tax expense / (recovery) | 13% | 19% |
INCOME TAXES - Schedule of Move
INCOME TAXES - Schedule of Movement in Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | ||
Balance at the beginning of year | $ (19,853) | $ 0 |
Recognized in profit / (loss) | 11,833 | (19,853) |
Balance at the end of the year | $ (8,020) | $ (19,853) |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Assets / (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax assets | |||
Offset by deferred income tax liabilities | $ (58,395) | $ (23,316) | |
Net deferred tax asset | 14,459 | 3,682 | |
Deferred income tax liabilities | |||
Deferred tax liabilities | (8,020) | (19,853) | |
Deferred income tax liabilities used to offset deferred tax asset | 58,395 | 23,316 | |
Net deferred income tax assets / (liabilities) | (8,020) | (19,853) | $ 0 |
Unused losses | |||
Deferred income tax assets | |||
Deferred tax assets | 26,054 | 8,117 | |
Financing costs | |||
Deferred income tax assets | |||
Deferred tax assets | 422 | 562 | |
Asset retirement obligation | |||
Deferred income tax assets | |||
Deferred tax assets | 17,269 | 14,188 | |
Other | |||
Deferred income tax assets | |||
Deferred tax assets | 29,109 | 4,131 | |
Deferred income tax liabilities | |||
Deferred tax liabilities | (21,873) | (3,327) | |
Inventory | |||
Deferred income tax liabilities | |||
Deferred tax liabilities | (983) | (350) | |
Capital assets | |||
Deferred income tax liabilities | |||
Deferred tax liabilities | (43,559) | (39,492) | |
Gross | |||
Deferred income tax assets | |||
Deferred tax assets | 72,854 | 26,998 | |
Deferred income tax liabilities | |||
Deferred tax liabilities | $ (66,415) | $ (43,169) |
INCOME TAXES - Deductible Tempo
INCOME TAXES - Deductible Temporary Differences and Unused Tax Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets not recognized | $ 46,663 | $ 15,735 |
Non capital loss carry‑forwards | 25,953 | 5,078 |
Canada | Loss carry forwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets not recognized | 25,953 | 5,078 |
Canada | Conversion feature | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets not recognized | 0 | 8,493 |
Canada | Financing costs | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets not recognized | 0 | 2,082 |
Canada | Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets not recognized | 20,710 | 82 |
United States | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets not recognized | 0 | 0 |
Non capital loss carry‑forwards | 0 | 0 |
United States | Loss carry forwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets not recognized | 0 | 0 |
United States | Conversion feature | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets not recognized | 0 | 0 |
United States | Financing costs | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets not recognized | 0 | 0 |
United States | Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets not recognized | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Revenue from sale of goods, related party transactions | $ 32,000 | ||
Interest accrued on loan payable, related party transactions | 1,200 | ||
Expense from share-based payment transactions with parties other than employees | 600 | ||
Extinguishment of loan, related party transactions, foreign currency difference | $ 8,800 | ||
Related parties | |||
Disclosure of transactions between related parties [line items] | |||
Finance expense, related party transactions | 60 | ||
Cash repayments of advances and loans from related parties | 20,750 | ||
Services received, related party transactions | $ 100 | $ 200 |
RELATED PARTY TRANSACTIONS - Di
RELATED PARTY TRANSACTIONS - Disclosure of Directors and Other Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Executive Leadership Team | ||
Disclosure of transactions between related parties [line items] | ||
Salary, wages and benefits/Fees earned and other remuneration | $ 3,410 | $ 1,597 |
Share-based payments | 1,772 | 1,198 |
Total compensation | 5,182 | 2,795 |
Directors | ||
Disclosure of transactions between related parties [line items] | ||
Salary, wages and benefits/Fees earned and other remuneration | 163 | 242 |
Share-based payments | 570 | 423 |
Total compensation | $ 733 | $ 665 |
COMMITMENTS- Narrative (Details
COMMITMENTS- Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Contingent Liabilities And Contingent Assets [Line Items] | ||
Surety bonds | $ 126,100 | |
Restricted cash and cash equivalents | 32,902 | $ 30,777 |
Ruby Hill, Nevada | ||
Contingent Liabilities And Contingent Assets [Line Items] | ||
Surety bonds | 87,000 | |
Restricted cash and cash equivalents | 4,604 | 4,584 |
Lone Tree, Nevada | ||
Contingent Liabilities And Contingent Assets [Line Items] | ||
Surety bonds | 22,800 | |
Restricted cash and cash equivalents | $ 25,877 | $ 25,593 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Trade receivables | $ 0 | $ 0 |
Liquidity risk | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Deferred consideration | 47,000,000 | |
Ruby Hill | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Deferred consideration | $ 47,000,000 | |
Deferred consideration | Ruby Hill | Level 3 of fair value hierarchy | Discount rate, measurement input | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Significant unobservable input, liabilities | 0.075 |
FINANCIAL INSTRUMENTS - Contrac
FINANCIAL INSTRUMENTS - Contractual Maturities (Details) - Liquidity risk $ in Thousands | Dec. 31, 2022 USD ($) |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Accounts payable and accrued liabilities | $ 17,233 |
Borrowings | 60,000 |
Deferred consideration | 47,000 |
Reclamation and closure obligations | 97,155 |
Total | 294,733 |
Gold Prepay Agreement | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Borrowings | 47,871 |
Silver Purchase Agreement | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Borrowings | 25,474 |
With 1 year | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Accounts payable and accrued liabilities | 17,233 |
Borrowings | 0 |
Deferred consideration | 47,000 |
Reclamation and closure obligations | 923 |
Total | 96,803 |
With 1 year | Gold Prepay Agreement | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Borrowings | 17,043 |
With 1 year | Silver Purchase Agreement | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Borrowings | 14,604 |
1-2 years | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Accounts payable and accrued liabilities | 0 |
Borrowings | 0 |
Deferred consideration | 0 |
Reclamation and closure obligations | 857 |
Total | 27,005 |
1-2 years | Gold Prepay Agreement | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Borrowings | 17,469 |
1-2 years | Silver Purchase Agreement | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Borrowings | 8,679 |
2-3 years | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Accounts payable and accrued liabilities | 0 |
Borrowings | 60,000 |
Deferred consideration | 0 |
Reclamation and closure obligations | 810 |
Total | 76,360 |
2-3 years | Gold Prepay Agreement | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Borrowings | 13,359 |
2-3 years | Silver Purchase Agreement | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Borrowings | 2,191 |
Thereafter | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Accounts payable and accrued liabilities | 0 |
Borrowings | 0 |
Deferred consideration | 0 |
Reclamation and closure obligations | 94,565 |
Total | 94,565 |
Thereafter | Gold Prepay Agreement | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Borrowings | 0 |
Thereafter | Silver Purchase Agreement | |
Disclosure Of Maturity Analysis For Derivative And Non Derivative Financial Liabilities [Line Items] | |
Borrowings | $ 0 |
FINANCIAL INSTRUMENTS - Changes
FINANCIAL INSTRUMENTS - Changes In Level 3 Items (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Liabilities | $ (249,371) | |
Liabilities | (308,547) | $ (249,371) |
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Financial assets | 656,349 | |
Financial assets at end of period | 641,959 | 656,349 |
Level 3 of fair value hierarchy | Stream Agreement | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Liabilities | 0 | 0 |
Initial recognition | (853) | |
Principal repayment | 11 | |
Disposals | 897 | |
Fair value adjustments | 0 | (55) |
Liabilities | 0 | 0 |
Level 3 of fair value hierarchy | Deferred consideration | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Liabilities | (42,543) | 0 |
Initial recognition | (41,895) | |
Principal repayment | 0 | |
Disposals | 0 | |
Fair value adjustments | (3,262) | (648) |
Liabilities | (45,805) | (42,543) |
Level 3 of fair value hierarchy | Orion | Conversion and change of control rights | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Liabilities | (18,534) | 0 |
Initial recognition | (13,599) | |
Principal repayment | 0 | |
Disposals | 0 | |
Fair value adjustments | (8,495) | (4,935) |
Liabilities | (27,029) | (18,534) |
Level 3 of fair value hierarchy | Sprott | Conversion and change of control rights | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Liabilities | (3,895) | 0 |
Initial recognition | (2,733) | |
Principal repayment | 0 | |
Disposals | 0 | |
Fair value adjustments | (1,404) | (1,162) |
Liabilities | (5,299) | (3,895) |
Level 3 of fair value hierarchy | Trident | Lookback option | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Liabilities | (730) | 0 |
Initial recognition | (577) | |
Principal repayment | 0 | |
Disposals | 0 | |
Fair value adjustments | 0 | (153) |
Liabilities | (730) | (730) |
Silver Purchase Agreement - silver price derivative | Level 3 of fair value hierarchy | Orion | ||
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Financial assets | 0 | |
Fair value adjustments | 1,898 | |
Financial assets at end of period | 0 | |
Gold Prepay Agreement - gold price derivative | Level 3 of fair value hierarchy | Orion | ||
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Financial assets | 0 | |
Fair value adjustments | $ 2,916 | |
Financial assets at end of period | $ 0 |
FINANCIAL INSTRUMENTS - Valuati
FINANCIAL INSTRUMENTS - Valuation Inputs and Relationships to Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total assets | $ 641,959 | $ 656,349 |
Total liabilities | $ 308,547 | 249,371 |
Level 3 of fair value hierarchy | Change of control probability | Minimum | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Increase in input | 15% | |
Level 3 of fair value hierarchy | Change of control probability | Maximum | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Increase in input | 35% | |
Level 3 of fair value hierarchy | At fair value | Change of control probability | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Increase in input | 25% | |
Orion | Level 3 of fair value hierarchy | Silver Purchase Agreement - silver price derivative | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total assets | 0 | |
Orion | Level 3 of fair value hierarchy | Gold Prepay Agreement - gold price derivative | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total assets | $ 0 | |
Orion | Level 3 of fair value hierarchy | Commodity Price | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Decrease in input | (10.00%) | |
Increase in input | 10% | |
Orion | Level 3 of fair value hierarchy | Commodity Price | Silver Purchase Agreement - silver price derivative | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total assets | $ 1,898 | |
Increase (decrease) due to possible decrease in input | 4,638 | |
Increase (decrease) due to possible increase in input | (4,638) | |
Orion | Level 3 of fair value hierarchy | Commodity Price | Gold Prepay Agreement - gold price derivative | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total assets | 2,916 | |
Increase (decrease) due to possible decrease in input | 4,208 | |
Increase (decrease) due to possible increase in input | (4,208) | |
Orion | Level 3 of fair value hierarchy | Change of control probability | Conversion and change of control rights | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Increase (decrease) due to increase in unobservable input | 327 | |
Orion | Level 3 of fair value hierarchy | At fair value | Change of control probability | Conversion and change of control rights | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total liabilities | (27,029) | |
Sprott | Level 3 of fair value hierarchy | Change of control probability | Conversion and change of control rights | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Increase (decrease) due to possible increase in input | (62) | |
Increase (decrease) due to increase in unobservable input | 62 | |
Sprott | Level 3 of fair value hierarchy | At fair value | Change of control probability | Conversion and change of control rights | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Total liabilities | $ (5,299) |
MANAGEMENT OF CAPITAL (Details)
MANAGEMENT OF CAPITAL (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Share capital and equity settled employee benefits reserve | $ 369.5 | $ 363.9 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | 2 Months Ended | |||||||
Feb. 27, 2023 | Feb. 22, 2023 USD ($) | Mar. 14, 2023 USD ($) | Feb. 24, 2023 | Jan. 01, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Principal amount | $ 115,876 | $ 41,436 | $ 105 | |||||
Ruby Hill, Nevada | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Payments of deferred compensation | $ 27,000 | |||||||
Total consideration | $ 11,000 | |||||||
Business acquisition, equity interest issued or issuable (in shares) | shares | 5,515,313 | |||||||
Subsequent Event | Paycore Minerals Inc. | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Percentage owned | 10% | |||||||
Subsequent Event | Paycore Minerals Inc. | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Exchange ratio | 68% | |||||||
Premium paid, percentage | 36% | |||||||
Volume-weighted average price | 20 days | |||||||
Premium based on closing price, percentage | 26% | |||||||
Percentage owned | 90% | |||||||
Subsequent Event | Convertible Debentures | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Principal amount | $ 65,000 | |||||||
Interest at fixed rate | 8% | |||||||
Borrowing term | 4 years | |||||||
Period not redeemable from closing date | 90 days | |||||||
Obligation to repurchase period | 120 days | |||||||
Redemption price percentage | 100% | |||||||
Subsequent Event | Convertible Debentures | Certain Director And Officers | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Principal amount | $ 230 |
Uncategorized Items - _IXDS
Label | Element | Value |
Exercise Price, Range 1 [Member] | ||
Number of share options outstanding in share-based payment arrangement | ifrs-full_NumberOfOutstandingShareOptions | 2,487,800 |
Exercise Price, Range 2 [Member] | ||
Number of share options outstanding in share-based payment arrangement | ifrs-full_NumberOfOutstandingShareOptions | 2,392,246 |
Exercise Price, Range 3 [Member] | ||
Number of share options outstanding in share-based payment arrangement | ifrs-full_NumberOfOutstandingShareOptions | 2,998,700 |