Cover
Cover | 3 Months Ended |
Mar. 31, 2022 | |
Cover [Abstract] | |
Entity Registrant Name | AVINO SILVER & GOLD MINES LTD. |
Entity Central Index Key | 0000316888 |
Document Type | 6-K |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Mar. 31, 2022 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2022 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity File Number | 001-35254 |
Entity Address Address Line 1 | Suite 900 |
Entity Address Address Line 2 | 570 Granville Street |
Entity Address City Or Town | Vancouver |
Entity Address State Or Province | BC |
Entity Address Postal Zip Code | V6C 3P1 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash | $ 11,686 | $ 24,765 |
Amounts Receivable | 2,602 | 1,208 |
Taxes Recoverable | 4,246 | 3,364 |
Prepaid Expenses And Other Assets | 1,297 | 962 |
Inventory | 4,832 | 5,179 |
Total Current Assets | 24,663 | 35,478 |
Exploration And Evaluation Assets | 44,685 | 11,053 |
Plant, Equipment And Mining Properties | 38,727 | 35,675 |
Long-term Investments | 3,332 | 3,939 |
Other Assets | 6 | 133 |
Total Assets | 111,413 | 86,278 |
Current Liabilities | ||
Accounts Payable And Accrued Liabilities | 4,609 | 3,260 |
Amounts Due To Related Parties | 151 | 163 |
Taxes Payable | 4 | 31 |
Notes Payable | 4,674 | 0 |
Current Portion Of Finance Lease Obligations | 697 | 389 |
Total Current Liabilities | 10,135 | 3,843 |
Finance Lease Obligations | 1,123 | 680 |
Warrant Liability | 2,773 | 741 |
Reclamation Provision | 758 | 726 |
Deferred Income Tax Liabilities | 3,233 | 1,781 |
Total Liabilities | 18,022 | 7,771 |
Equity | ||
Share Capital | 143,649 | 129,953 |
Equity Reserves | 9,758 | 9,573 |
Treasury Shares (14,180 Shares, At Cost) | (97) | (97) |
Accumulated Other Comprehensive Loss | (4,612) | (4,969) |
Accumulated Deficit | (55,307) | (55,953) |
Total Equity | 93,391 | 78,507 |
Total Liabilities And Equity | $ 111,413 | $ 86,278 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Consolidated Statements of Financial Position | ||
Treasury Shares | 14,180 | 14,180 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) | ||
Revenue From Mining Operations | $ 11,050 | $ 29 |
Cost Of Sales | 6,306 | 709 |
Mine Operating Income (loss) | 4,744 | (680) |
Operating Expenses | ||
General And Administrative Expenses | 1,116 | 934 |
Share-based Payments | 200 | 616 |
Loss Before Other Items | 3,428 | (2,230) |
Interest And Other | (7) | 22 |
Unrealized Gain (loss) On Long-term Investments | (686) | (68) |
Fair Value Adjustment On Warrant Liability | 233 | 788 |
Realized Loss On Warrants Exercised | 0 | (1,005) |
Foreign Exchange Loss | (605) | 283 |
Project Evaluation Expenses | (81) | |
Finance Cost | 13 | 21 |
Accretion Of Reclamation Provision | (10) | (11) |
Interest Expense | (21) | (2) |
Loss From Continuing Operations Before Income Taxes | (2,238) | (2,244) |
Income Taxes: | ||
Current Income Tax Expense | (140) | (12) |
Deferred Income Tax Recovery (expense) | (1,452) | 438 |
Income Tax Recovery (expense) | 1,592 | 426 |
Net Income (loss) | (646) | (1,818) |
Other Comprehensive Income (loss) | ||
Currency Translation Differences | 357 | 94 |
Total Comprehensive Loss | $ 1,003 | $ (1,724) |
Income (loss) Per Share | ||
Basic | $ 0.01 | $ (0.02) |
Diluted | $ 0.01 | $ (0.02) |
Weighted Average Number Of Common Shares Outstanding | ||
Basic | 103,819,481 | 96,204,148 |
Diluted | 107,234,957 | 96,204,148 |
Condensed Consolidated Interim
Condensed Consolidated Interim Statements of Changes in Equity (unaudited) - USD ($) $ in Thousands | Total | Number of Common Shares | Equity Reserves | Treasury shares | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance, Shares at Dec. 31, 2020 | 89,568,682 | |||||
Balance, Amount at Dec. 31, 2020 | $ 59,008 | $ 108,303 | $ 9,951 | $ (97) | $ (4,810) | $ (54,339) |
Statement [Line Items] | ||||||
Common Shares Issued For Cash: | 675,145 | |||||
At The Market Issuances, Shares | 9,050,000 | |||||
At The Market Issuances, Amount | 17,244 | $ 17,244 | 0 | 0 | 0 | 0 |
Exercise Of Warrants, Shares | 912,562 | |||||
Exercise Of Warrants, Amount | 1,724 | $ 1,724 | 0 | 0 | 0 | 0 |
Exercise Of Options, Shares | 264,000 | |||||
Exercise Of Options, Amount | 238 | $ 364 | (126) | 0 | 0 | 0 |
Issuance Costs | (310) | (310) | 0 | 0 | 0 | |
Share-based Payments | 616 | 616 | ||||
Net Loss For The Period | (1,818) | (1,818) | ||||
Currency Translation Differences | 94 | 94 | ||||
Balance, Amount at Mar. 31, 2021 | 76,796 | $ 127,325 | 10,441 | (97) | (4,716) | (56,157) |
Balance, Shares at Mar. 31, 2021 | 99,795,244 | |||||
Balance, Shares at Dec. 31, 2021 | 102,243,211 | |||||
Balance, Amount at Dec. 31, 2021 | 78,507 | $ 129,953 | 9,573 | (97) | (4,969) | (55,953) |
Statement [Line Items] | ||||||
Exercise Of Options, Shares | 48,000 | |||||
Exercise Of Options, Amount | 31 | $ 46 | (15) | |||
Share-based Payments | 200 | 200 | ||||
Net Loss For The Period | 646 | 646 | ||||
Currency Translation Differences | 357 | 357 | ||||
Common Shares Issued For Acquisition Of La Preciosa, Shares | 14,000,000 | |||||
Common Shares Issued For Acquisition Of La Preciosa, Amount | 13,650 | $ 13,650 | ||||
Balance, Amount at Mar. 31, 2022 | $ 93,391 | $ 143,649 | $ 9,758 | $ (97) | $ (4,612) | $ (55,307) |
Balance, Shares at Mar. 31, 2022 | 116,291,211 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net income (loss) | $ 646 | $ (1,818) |
Adjustments For Non-cash Items: | ||
Deferred income tax recovery | 1,452 | (438) |
Depreciation And Depletion | 490 | 492 |
Accretion Of Reclamation Provision | 10 | 11 |
Unrealized Loss On Investments | 686 | 68 |
Unrealized foreign exchange loss (gain) | 392 | (234) |
Unwinding Of Fair Value Adjustment On Term Facility | 9 | (7) |
Fair Value Adjustment On Warrant Liability | (233) | (788) |
Realized Loss On Warrants Exercised | 0 | 1,005 |
Share-based Payments | 200 | 616 |
Cash Flows From Used In Operations Before Changes In Working Capital | 3,652 | (1,093) |
Net Change In Non-cash Working Capital Items | (202) | (152) |
Cash Flow From Used In Operation | 3,450 | (1,245) |
Financing Activities | ||
Shares And Units Issued For Cash, Net Of Issuance Costs | 30 | 17,892 |
Term Facility Payments | (833) | |
Finance Lease Payments | (320) | (91) |
Equipment Loan Payments | (54) | |
Net Cash Used In Financing Activities | (290) | 16,914 |
Investing Activities | ||
Exploration And Evaluation Expenditures | (85) | (219) |
Additions To Plant, Equipment And Mining Properties | (853) | (185) |
Acquisition Of La Preciosa | (15,308) | |
Net Cash Used In Investing Activities | (16,246) | (404) |
Change In Cash | (13,086) | 15,265 |
Effect Of Exchange Rate Changes On Cash | 7 | 52 |
Cash, Beginning | 24,765 | 11,713 |
Cash, Ending | $ 11,686 | $ 27,030 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Mar. 31, 2022 | |
Nature Of Operations | 1. NATURE OF OPERATIONS Avino Silver & Gold Mines Ltd. (the “Company” or “Avino”) was incorporated in 1968 under the laws of the Province of British Columbia, Canada. The Company is engaged in the production and sale of silver, gold, and copper and the acquisition, exploration, and advancement of mineral properties. The Company’s head office and principal place of business is Suite 900, 570 Granville Street, Vancouver, BC, Canada. The Company is a reporting issuer in Canada and the United States, and trades on the Toronto Stock Exchange (“TSX”), the NYSE American, and the Frankfurt and Berlin Stock Exchanges. The Company operates the Avino Mine which produces copper, silver and gold at the historic Avino property in the state of Durango, Mexico. The Company also owns interests in mineral properties located in British Columbia and Yukon, Canada. Risks associated with Public Health Crises, including COVID-19 The Company’s business, operations and financial condition could be materially adversely affected by the outbreak of epidemics, pandemics or other health crises, such as the outbreak of COVID-19 that was designated as a pandemic by the World Health Organization on March 11, 2020. The international response to the spread of COVID-19 has led to significant restrictions on travel, temporary business closures, quarantines, global stock market volatility and a general reduction in consumer activity. Such public health crises can result in operating, supply chain and project development delays and disruptions, global stock market and financial market volatility, declining trade and market sentiment, reduced movement of people and labour shortages, and travel and shipping disruption and shutdowns, including as a result of government regulation and prevention measures, or a fear of any of the foregoing, all of which could affect commodity prices, interest rates, credit risk and inflation. In addition, the current COVID-19 pandemic, and any future emergence and spread of similar pathogens could have an adverse impact on global economic conditions which may adversely impact the Company’s operations, and the operations of suppliers, contractors and service providers, including smelter and refining service providers, and the demand for the Company’s production. The Company may experience business interruptions, including suspended (whether government mandated or otherwise) or reduced operations relating to COVID-19 and other such events outside of the Company’s control, which could have a material adverse impact on its business, operations and operating results, financial condition and liquidity. As at the date of the condensed consolidated interim financial statements, the duration of the business disruptions internationally and related financial impact of COVID-19 cannot be reasonably estimated. It is unknown whether and how the Company may be affected if the pandemic persists for an extended period of time. In particular, the region in which we operate may not have sufficient public infrastructure to adequately respond or efficiently and quickly recover from such event, which could have a materially adverse effect on the Company’s operations. The Company’s exposure to such public health crises also includes risks to employee health and safety. Should an employee, contractor, community member or visitor become infected with a serious illness that has the potential to spread rapidly, this could place the Company’s workforce at risk. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2022 | |
Basis Of Presentation | 2. BASIS OF PRESENTATION Statement of Compliance These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 – Interim Financial Reporting under International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). These unaudited condensed consolidated interim financial statements follow the same accounting policies and methods of application as the most recent annual audited consolidated financial statements of the Company. These unaudited condensed consolidated interim financial statements do not contain all of the information required for full annual consolidated financial statements. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s December 31, 2021, annual consolidated financial statements, which were prepared in accordance with IFRS as issued by the IASB. These unaudited condensed consolidated interim financial statements are expressed in US dollars and have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these unaudited condensed consolidated interim financial statements have been prepared using the accrual basis of accounting on a going concern basis. The accounting policies set out below have been applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements as if the policies have always been in effect. Significant Accounting Judgments and Estimates The Company’s management makes judgments in its process of applying the Company’s accounting policies to the preparation of its unaudited condensed consolidated interim financial statements. In addition, the preparation of financial data requires that the Company’s management make assumptions and estimates of the impacts on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period from uncertain future events and on the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those 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 impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively. The critical judgments and estimates applied in the preparation of the Company’s unaudited condensed consolidated interim financial statements for the three months ended March 31, 2022, are consistent with those applied and disclosed in Note 2 to the Company’s audited consolidated financial statements for the year ended December 31, 2021. Basis of Consolidation The unaudited condensed consolidated interim financial statements include the accounts of the Company and its Mexican subsidiaries as follows: Subsidiary Ownership Interest Jurisdiction Nature of Operations Oniva Silver and Gold Mines S.A. de C.V. 100% Mexico Mexican operations and administration Nueva Vizcaya Mining, S.A. de C.V. 100% Mexico Mexican administration Promotora Avino, S.A. de C.V. (“Promotora”) 79.09% Mexico Holding company Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”) 98.45% direct 1.22% indirect (Promotora) 99.67% effective Mexico Mining and exploration La Luna Silver & Gold Mines Ltd. 100% Canada Holding company La Preciosa Silver & Gold Mines Ltd. 100% Canada Holding company Proyectos Mineros La Preciosa S.A. de C.V. 100% Mexico Mining and exploration Cervantes LLP 100% U.S. Holding company Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the unaudited condensed consolidated interim financial statements. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Recent Accounting Pronouncements | 3. RECENT ACCOUNTING PRONOUNCEMENTS Application of new and revised accounting standards: Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16) The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2022, with early application permitted. The amendments are applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments. This amendment will impact the Company’s accounting for proceeds from mineral sales prior to reaching commercial production at levels intended by management. Future Changes in Accounting Policies Not Yet Effective as at March 31, 2022: Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted. These standards are not expected to have a material impact on the Company in the current or future reporting periods. |
ACQUISITION OF LA PRECIOSA
ACQUISITION OF LA PRECIOSA | 3 Months Ended |
Mar. 31, 2022 | |
Acquisition Of La Preciosa | 4. ACQUISITION OF LA PRECIOSA On March 21, 2022, the Company closed the acquisition with Coeur Mining Inc. (“Coeur”) of all of the issued and outstanding shares of Proyectos Mineros La Preciosa S.A de C.V, a Mexican corporation, and Cervantes LLC, a Delaware LLC, that together hold the La Preciosa property in Mexico (“La Preciosa”). Total consideration paid to Coeur was comprised of: a) Cash consideration of $15.3 million paid; b) A promissory note for $5 million in favour of Coeur, payable without interest on or before March 21, 2023; c) 14,000,000 common shares of Avino, with a value of 13.65 million on issuance; d) 7,000,000 share purchase warrants with a total value at $2.24 million exercisable at $1.09 per share until September 21, 2023, representing a 25% premium to Avino’s 20-day volume weighted average trading price as of October 26, 2021; Additionally, Avino issued the following consideration for which payment is contingent on a future event and due to acquisition date uncertainty these are valued at Nil. A liability for these contingent payments will be recognized when related activity and events occur. e) An additional cash payment of $8.75 million, to be paid no later than 12 months after initial production at La Preciosa, up to one-half of which may be paid in common shares of Avino (provided Coeur’s total shareholdings cannot exceed 19.9% of the Company’s total issued and outstanding shares); f) A 1.25% net smelter returns royalty on the Gloria and Abundancia areas of La Preciosa, and a 2.00% gross value royalty on all other areas of La Preciosa; and g) A payment of $0.25 per silver equivalent ounce (subject to inflationary adjustment) of new mineral reserves (as defined by NI 43-101) discovered and declared outside of the current mineral resource area at La Preciosa, subject to a cap of $50 million, and any such payments will be credited against any existing or future payments owing on the gross value royalty. The transaction has been accounted for as an asset acquisition as La Preciosa is in the exploration and evaluation stage and had not demonstrated technical feasibility, commercial viability, or the ability to provide economic benefits. La Preciosa did not have the workforce, resources and/or reserves, mine plan, or financial resources to the meet the definition of a business for accounting purposes. The purchase consideration has been assigned based on the relative fair values of the assets acquired and liabilities assumed and is summarized as follows: Cash paid $ 15,301 Note payable 4,665 Common shares 13,650 Share purchase warrants 2,240 Total purchase consideration 35,856 Transaction costs 175 Total acquisition cost $ 36,031 Cash $ 168 Other current assets 1,121 Plant and equipment 1,621 Exploration and evaluation assets 33,449 Accounts payable (328 ) Net assets acquired $ 36,031 |
TAXES RECOVERABLE
TAXES RECOVERABLE | 3 Months Ended |
Mar. 31, 2022 | |
Taxes Recoverable | 5. TAXES RECOVERABLE The Company’s taxes recoverable consist of the Mexican I.V.A. (“VAT”) and income taxes recoverable and Canadian sales taxes (“GST/HST”) recoverable. March 31, 2022 December 31, 2021 VAT recoverable $ 1,573 $ 790 GST recoverable 25 26 Income taxes recoverable 2,648 2,548 $ 4,246 $ 3,364 |
INVENTORY
INVENTORY | 3 Months Ended |
Mar. 31, 2022 | |
INVENTORY | |
Inventory | 6. INVENTORY March 31, 2022 December 31, 2021 Process material stockpiles $ 1,356 $ 1,083 Concentrate inventory 1,656 2,467 Materials and supplies 1,820 1,629 $ 4,832 $ 5,179 The amount of inventory recognized as an expense for the three months ended March 31, 2022 totalled $6,598 (March 31, 2021 – $709). See Note 16 for further details. |
LONGTERM INVESTMENTS
LONGTERM INVESTMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Long Term Investments | 7. LONG-TERM INVESTMENTS The Company classifies its long-term investments as designated at fair value through profit and loss under IFRS 9. Long-term investments are the three months ended March 31, 2022 are summarized as follows: Fair Value January 1, Movements in foreign Fair value adjustments Fair Value March 31, 2022 Net Additions exchange for the period 2022 Talisker Resources Common Shares $ 3,880 $ - $ 48 $ (689 ) $ 3,239 Silver Wolf Exploration Ltd. Common Shares 59 31 - 3 93 $ 3,939 $ 31 $ 48 $ (686 ) $ 3,332 During the three months ended March 31, 2022, the Company received 250,000 common shares as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd,,. Upon acquisition, the fair value of these common shares and share purchase warrants were recorded as “Option Income” as a credit to exploration and evaluation assets (see Note 8). Any subsequent revaluation under IFRS 9 at fair value through profit and loss will be recorded as a gain or loss on long-term investments. For the year ended December 31, 2021: Fair Value January 1, Movements in foreign Fair value adjustments Fair Value December 31, 2021 Net Additions exchange for the period 2021 Talisker Resources Common Shares $ 4,176 $ - $ 21 $ (317 ) $ 3,880 Silver Wolf Exploration Ltd. Common Shares - 109 2 (52 ) 59 $ 4,176 $ 109 $ 23 $ (369 ) $ 3,939 During the year ended December 31, 2021, the Company received 131,718 common shares as part of the terms in the Option Agreement with Silver Wolf Exploration Ltd., as well as 300,000 share purchase warrants at an exercise price of C$0.20. On October 21, 2021 the Company exercised the 300,000 share purchase warrants. Upon acquisition, the fair value of these common shares and share purchase warrants were recorded as “Option Income” as a credit to exploration and evaluation assets (see Note 8). Any subsequent revaluation under IFRS 9 at fair value through profit and loss will be recorded as a gain or loss on long-term investments. See Note 8 for full details of the Option Agreement. |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 3 Months Ended |
Mar. 31, 2022 | |
Exploration And Evaluation Assets | 8. EXPLORATION AND EVALUATION ASSETS The Company has accumulated the following acquisition, exploration and evaluation costs which are not subject to depletion: Avino, Mexico La Preciosa, Mexico British Columbia & Yukon, Canada Total Balance, January 1, 2021 $ 10,051 $ - $ 1 $ 10,052 Costs incurred during 2021: Drilling and exploration 1,047 - - 1,047 Assessments and taxes 68 - - 68 Effect of movements in exchange rates 3 - - 3 Option income (117 ) - - (117 ) Balance, December 31, 2021 $ 11,052 $ - $ 1 $ 11,053 Costs incurred during 2022: Acquisition costs - Note 4 - 33,449 - 33,449 Drilling and exploration 123 - - 123 Assessments and taxes 71 - - 71 Effect of movements in exchange rates 14 - - 14 Option income (25 ) - - (25 ) Balance, March 31, 2022 $ 11,235 $ 33,449 $ 1 $ 44,685 Additional information on the Company’s exploration and evaluation properties by region is as follows: (a) Avino, Mexico The Company’s subsidiary Avino Mexico owns 42 mineral claims and leases four mineral claims in the state of Durango, Mexico. The Company’s mineral claims in Mexico are divided into the following four groups: (i) Avino mine area property The Avino mine area property is situated around the towns of Panuco de Coronado and San Jose de Avino and surrounding the historic Avino mine site. There are four exploration concessions covering 154.4 hectares, 24 exploitation concessions covering 1,284.7 hectares, and one leased exploitation concession covering 98.83 hectares. Within the Avino mine site area is the Company’s San Gonzalo Mine, which achieved production at levels intended by management as of October 1, 2012, and on this date accumulated exploration and evaluation costs were transferred to mining properties. (ii) Gomez Palacio/Ana Maria property The Ana Maria property is located near the town of Gomez Palacio, and consists of nine exploration concessions covering 2,549 hectares, and is also known as the Ana Maria property. Option Agreement – Silver Wolf Exploration Ltd. (formerly Gray Rock Resources Ltd.) (“Silver Wolf”) During the three months ended March 31, 2022, the Company was informed that Silver Wolf received TSX Venture Exchange approval on the previously-announced entrance into an option agreement to grant Silver Wolf the exclusive right to acquire a 100% interest in the Ana Maria and El Laberinto properties in Mexico (the “Option Agreement”). In exchange, Avino received Silver Wolf share purchase warrants to acquire 300,000 common shares of Silver Wolf at an exercise price of C$0.20 per share for a period of 36 months from the date of the TSX Venture Exchange’s final acceptance of the Option Agreement (the “Approval Date”). In order to exercise the option, Silver Wolf will: 1. Issue to Avino a total of C$600 in cash or common shares of Silver Wolf as follows: a. C$50 in common shares of Silver Wolf within 30 days of March 8, 2021 (received on March 26, 2021 – see Note 7 for details); b. A further C$50 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2023 (received on March 30, 2022 – See Note 7 for details); c. A further C$100 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2024; d. A further C$200 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2024; and e. A further C$200 in cash or shares of Silver Wolf at Avino’s discretion on or before March 8, 2025; and 2. Incur a total of C$750 in exploration expenditures on the properties, as follows: a. C$50 on or before March 8, 2022; b. A further C$100 on or before March 8, 2023; and c. A further C$600 on or before March 8, 2025. Under the Option Agreement, all share issuances will be based on the average volume weighted trading price of Silver Wolf’s shares on the TSX Venture Exchange for the ten (10) trading days immediately preceding the date of issuance of the shares, and the shares will be subject to resale restrictions under applicable securities legislation for 4 months and a day from their date of issue. The Option Agreement between the Company and Silver Wolf is considered a related party transaction as the two companies have directors in common. (iii) Santiago Papasquiaro property The Santiago Papasquiaro property is located near the village of Santiago Papasquiaro, and consists of four exploration concessions covering 2,552.6 hectares and one exploitation concession covering 602.9 hectares. (iv) Unification La Platosa properties The Unification La Platosa properties, consisting of three leased concessions in addition to the leased concession described in note (i) above, are situated within the Avino mine area property near the towns of Panuco de Coronado and San Jose de Avino and surrounding the Avino Mine. In February 2012, the Company’s wholly-owned Mexican subsidiary entered into a new agreement with Minerales de Avino, S.A. de C.V. (“Minerales”) whereby Minerales has indirectly granted to the Company the exclusive right to explore and mine the La Platosa property known as the “ET zone”. The ET zone includes the Avino Mine, where production at levels intended by management was achieved on July 1, 2015. Under the agreement, the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 years, with the option to extend the agreement for another 5 years. In consideration of the granting of these rights, the Company issued 135,189 common shares with a fair value of C$250 during the year ended December 31, 2012. The Company has agreed to pay to Minerales a royalty equal to 3.5% of net smelter returns (“NSR”). In addition, after the start of production, if the minimum monthly processing rate of the mine facilities is less than 15,000 tonnes, then the Company must pay to Minerales a minimum royalty equal to the applicable NSR royalty based on the processing at a monthly rate of 15,000 tonnes. Minerales has also granted to the Company the exclusive right to purchase a 100% interest in the property at any time during the term of the agreement (or any renewal thereof), upon payment of $8 million within 15 days of the Company’s notice of election to acquire the property. The purchase would be subject to a separate purchase agreement for the legal transfer of the property. (b) La Preciosa, Mexico During the three months ended March 31, 2022, the Company received approval for the closing of the acquisition of the La Preciosa property from Coeur Mining Inc. (“Coeur”). La Preciosa consists of 15 exploration concessions totaling 6,011 hectares located in Durango, Mexico, within the municipalities of Panuco de Coronado and Canatlan. The property is located within 20 kilometres of the Company’s current Avino mining operations. For further details on the transaction, see Note 4. (c) British Columbia, Canada (i) Minto and Olympic-Kelvin properties Subsequent to March 31, 2022, the Company has granted Endurance Gold Corporation the right to acquire an option to earn 100% ownership of the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grant and mineral claims (the “Olympic Claims”). Under the terms of the letter agreement, Endurance can earn a 100% interest in the Olympic Claims if they pay Avino a total cash consideration in the aggregate amount of C$100, issue up to a total of 1,500,000 common shares (“Shares”) of Endurance and incur exploration expenditures in the aggregate amount of C$300; all of which is to be incurred by December 31, 2024. In the event that Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (“NSR”), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000. As part of the final requirement to earn its interest, Endurance agreed to grant to Avino 750,000 share purchase warrants (“Warrants”) by December 31, 2024, that offer Avino the option to purchase additional shares in the Company for a period of three years from the date of issuance. The exercise price of the Warrants will be set at a 25% premium to the 20-day VWAP share price at the issuance date. During the Option, if Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus. The Option agreement is subject to the TSX Venture Exchange acceptance, and any Shares or Warrants to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange. (ii) Yukon, Canada The Company has a 100% interest in 14 quartz leases located in the Mayo Mining Division of Yukon, Canada, which collectively comprise the Eagle property. |
NONCONTROLLING INTEREST
NONCONTROLLING INTEREST | 3 Months Ended |
Mar. 31, 2022 | |
Non-controlling Interest | 9. NON-CONTROLLING INTEREST At March 31, 2022, the Company had an effective 99.67% (December 31, 2021 - 99.67%) interest in its subsidiary Avino Mexico and the remaining 0.33% (December 31, 2021 - 0.33%) interest represents a non-controlling interest. The accumulated deficit and current period income attributable to the non-controlling interest are insignificant and accordingly have not been recognized in the unaudited condensed consolidated interim financial statements. |
PLANT EQUIPMENT AND MINING PROP
PLANT EQUIPMENT AND MINING PROPERTIES | 3 Months Ended |
Mar. 31, 2022 | |
Plant Equipment And Mining Properties | 10. PLANT, EQUIPMENT AND MINING PROPERTIES Mining properties Office equipment, furniture, and fixtures Computer equipment Mine machinery and transportation equipment Mill machinery and processing equipment Buildings and construction in process Total $ $ $ $ $ $ $ COST Balance at January 1, 2021 13,149 563 347 12,955 17,483 11,263 55,760 Additions / Transfers (113 ) 31 (12 ) 1,285 1,130 508 2,829 Effect of movements in exchange rates 2 1 - - - 7 10 Balance at December 31, 2021 13,038 595 335 14,240 18,613 11,778 58,599 Additions / Transfers 73 9 240 1,202 420 1,937 3,881 Effect of movements in exchange rates 8 4 - - - (6 ) 6 Balance at March 31, 2022 13,119 608 575 15,442 19,033 13,709 62,486 ACCUMULATED DEPLETION AND DEPRECIATION Balance at January 1, 2021 8,643 187 256 4,907 5,297 1,624 20,914 Additions / Transfers 213 107 11 37 1,370 272 2,010 Effect of movements in exchange rates - - - - - - - Balance at December 31, 2021 8,856 294 267 4,944 6,667 1,896 22,924 Additions / Transfers 54 39 209 126 317 90 835 Effect of movements in exchange rates - - - - - - - Balance at March 31, 2022 8,910 333 476 5,070 6,984 1,986 23,759 NET BOOK VALUE At March 31, 2022 4,209 275 99 10,372 12,049 11,723 38,727 At December 31, 2021 4,182 301 68 9,296 11,946 9,882 35,675 At January 1, 2021 4,506 376 91 8,048 12,186 9,639 34,846 Included in Buildings above are assets under construction of $6,798 as at March 31, 2022 (December 31, 2021 - $6,348) on which no depreciation was charged in the periods then ended. Once the assets are put into service, they will be transferred to the appropriate class of plant, equipment and mining properties. As at March 31, 2022, plant, equipment and mining properties included a net carrying amount of $2,321 (December 31, 2021 - $1,306 for mining equipment and right of use assets under finance lease. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions And Balances | 11. RELATED PARTY TRANSACTIONS AND BALANCES All related party transactions are recorded at the exchange amount which is the amount agreed to by the Company and the related party. (a) Key management personnel The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel for the three months ended March 31, 2022 and 2021 is as follows: Three months ended March 31, 2022 2021 Salaries, benefits, and consulting fees $ 439 $ 235 Share‐based payments 157 488 $ 596 $ 723 (b) Amounts due to/from related parties In the normal course of operations the Company transacts with companies related to Avino’s directors or officers. All amounts payable and receivable are non-interest bearing, unsecured and due on demand. The following table summarizes the amounts were due to related parties: March 31, 2022 December 31, 2021 Oniva International Services Corp. $ 108 $ 107 Directors 43 56 $ 151 $ 163 For services provided to the Company as President and Chief Executive Officer, the Company pays Intermark Capital Corporation (“ICC”), a company controlled by David Wolfin, the Company’s president and CEO and also a director, for consulting services. For the three months ended March 31, 2022, the Company paid $126 (March 31, 2021 - $59) to ICC. (c) Other related party transactions The Company has a cost sharing agreement with Oniva International Services Corp. (“Oniva”) for office and administration services. Pursuant to the cost sharing agreement, the Company will reimburse Oniva for the Company’s percentage of overhead and corporate expenses and for out-of-pocket expenses incurred on behalf of the Company. David Wolfin, President & CEO, and a director of the Company, is the sole owner of Oniva. The cost sharing agreement may be terminated with one-month notice by either party without penalty. The transactions with Oniva during the three months ended March 31, 2022 and 2021 are summarized below: March 31, 2022 March 31, 2021 Salaries and benefits $ 220 $ 191 Office and miscellaneous 97 105 $ 317 $ 296 |
NOTES PAYBLE
NOTES PAYBLE | 3 Months Ended |
Mar. 31, 2022 | |
Notes Payble Discloser | 12. NOTE PAYABLE On March 21, 2022, the Company closed the acquisition of the La Preciosa property from Coeur Mining Inc. (see Note 4 for further details). As part of the agreement, the Company issued a promissory note payable of $5 million due on or before March 21, 2023. The present value of the note payable was calculated using a discount interest rate of 6.71%. The note is unsecured and non-interest bearing assuming that the note is repaid in full on or before March 21, 2023. If the note is not repaid by March 21, 2023, a sum of $1 million shall be added to the principal amount and the note shall bear interest at a rate of 7% per annum and will be payable on demand. The continuity of the note payable is as follows: March 31, December 31, 2022 2021 Balance at beginning of the period $ - $ - Additions 4,665 - Repayments - - Unwinding of fair value adjustment 9 - Balance at end of the period 4,674 - Less: Current portion (4,674 ) - Non-current portion $ - $ - |
WARRANT LIABILITY
WARRANT LIABILITY | 3 Months Ended |
Mar. 31, 2022 | |
Warrant Liability | 13. WARRANT LIABILITY The Company’s warrant liability arises as a result of the issuance of warrants exercisable in US dollars. As the denomination is different from the Canadian dollar functional currency of the entity issuing the underlying shares, the Company recognizes a derivative liability for these warrants and re-measures the liability at the end of each reporting period using the Black-Scholes model. Changes in respect of the Company’s warrant liability are as follows: March 31, 2022 December 31, 2021 Balance at beginning of the period $ 741 $ 2,295 Warrants issued 2,240 - Fair value adjustment (233 ) (1,581 ) Effect of movement in exchange rates 25 27 Balance at end of the period $ 2,773 $ 741 Continuity of warrants during the periods is as follows: Underlying Shares Weighted Average Exercise Price Warrants outstanding and exercisable, January 1, 2021 2,980,774 $ 0.80 Exercised (1,030,362 ) $ 0.80 Warrants outstanding and exercisable, December 31, 2021 1,950,412 $ 0.80 Issued 7,000,000 $ 1.09 Warrants outstanding and exercisable, March 31, 2022 8,950,412 $ 1.03 All Warrants Outstanding and Exercisable Expiry Date Exercise Price per Share March 31, 2022 December 31, 2021 September 21, 2023 $ 1.09 7,000,000 - September 25, 2023 $ 0.80 1,950,412 1,950,412 8,950,412 1,950,412 As at March 31, 2022, the weighted average remaining contractual life of warrants outstanding was 1.48 years (December 31, 2021 – 1.73 years). Valuation of the warrant liability requires the use of highly subjective estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing warrants is based on volatility observed in historical periods. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the warrant liability was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values: March 31, 2022 December 31, 2021 Weighted average assumptions: Risk-free interest rate 2.17 % 0.91 % Expected dividend yield 0 % 0 % Expected warrant life (years) 1.48 1.73 Expected stock price volatility 73.94 % 83.13 % Weighted average fair value $ 0.34 $ 0.38 During the three months ended March 31, 2022, the Company recorded no realized loss on the exercise of warrants (March 31, 2021 - $1,005, as result of the exercise of 912,562 warrants for the issuance of 912,562 common shares). |
RECLAMATION PROVISION
RECLAMATION PROVISION | 3 Months Ended |
Mar. 31, 2022 | |
RECLAMATION PROVISION | |
Reclamation Provision | 14. RECLAMATION PROVISION Management’s estimate of the reclamation provision at March 31, 2022, is $758 (December 31, 2021 – $726), and the undiscounted value of the obligation is $1,313 (December 31, 2021 – $1,252). The present value of the obligation was calculated using a risk-free interest rate of 8.41% (December 31, 2021 – 7.78%) and an inflation rate of 7.36% (December 31, 2021 – 7.36%). Reclamation activities are estimated to begin in 2023 for the San Gonzalo Mine and in 2041 for the Avino Mine. A reconciliation of the changes in the Company’s reclamation provision is as follows: March 31, 2022 December 31, 2021 Balance at beginning of the period $ 726 $ 808 Changes in estimates - (105 ) Unwinding of discount related to continuing operations 10 47 Effect of movements in exchange rates 22 (24 ) Balance at end of the period $ 758 $ 726 |
SHARE CAPITAL AND SHAREBASED PA
SHARE CAPITAL AND SHAREBASED PAYMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Share Capital And Share-based Payments | 15. SHARE CAPITAL AND SHARE-BASED PAYMENTS (a) Authorized: Unlimited common shares without par value. (b) Issued: (i) During the three months ended March 31, 2021, the Company issued 14,000,000 common shares as part of the acquisition of La Preciosa from Coeur Mining Inc.. As a result, $13,650 was recorded to share capital, representing the closing price on the NYSE American on March 21, 2022, the date of the issuance and closing. During the three months ended March 31, 2022, the Company issued 48,000 common shares following the exercise of 48,000 options. As a result, $46 was recorded to share capital, representing cash proceeds of $31 and the fair value upon issuance of $15. (ii) During the year ended December 31, 2021, the Company issued 10,050,000 common shares in an at-the-market offering under prospectus supplement for gross proceeds of $19,020. The Company paid a 2.75% cash commission of $523 on gross proceeds, for net proceeds of $18,497, and incurred additional $400 in issuance costs during the period. During the year ended December 31, 2021, the Company issued 1,030,362 common shares following the exercise of 1,030,362 warrants. As a result, $1,911 was recorded to share capital, representing cash proceeds of $824, fair value of the warrants on the date of exercise (see Note 14 for valuation methodology of $US denominated warrants) of $1,106, and movements in foreign exchange of $(19). During the year ended December 31, 2021, the Company issued 264,000 common shares following the exercise of 264,000 options. As a result, $364 was recorded to share capital, representing cash proceeds of $237 and the fair value upon issuance of $127. During the year ended December 31, 2021, the Company issued 1,330,167 common shares upon exercise of RSUs. As a result, $1,278 was recorded to share capital. The Company has a stock option plan to purchase the Company’s common shares, under which it may grant stock options of up to 10% of the Company’s total number of shares issued and outstanding on a non-diluted basis. The stock option plan provides for the granting of stock options to directors, officers, and employees, and to persons providing investor relations or consulting services, the limits being based on the Company’s total number of issued and outstanding shares per year. The stock options vest on the date of grant, except for those issued to persons providing investor relations services, which vest over a period of one year. The option price must be greater than or equal to the discounted market price on the grant date, and the option term cannot exceed ten years from the grant date. Continuity of stock options is as follows: Underlying Shares Weighted Average Exercise Price (C$) Stock options outstanding, January 1, 2021 3,483,000 $ 1.77 Exercised (264,000 ) $ 1.16 Expired (360,000 ) $ 2.95 Cancelled / Forfeited (20,000 ) $ 1.64 Stock options outstanding, December 31, 2021 2,839,000 $ 1.68 Granted 2,365,000 $ 1.20 Exercised (48,000 ) $ 0.79 Stock options outstanding, March 31, 2022 5,156,000 $ 1.47 Stock options exercisable, March 31, 2022 2,791,000 $ 1.70 The following table summarizes information about the stock options outstanding and exercisable at March 31, 2021: Outstanding Exercisable Expiry Date Price (C$) Number of Options Weighted Average Remaining Contractual Life (Years) Number of Options Weighted Average Remaining Contractual Life (Years) September 20, 2022 $ 1.98 880,000 0.47 880,000 0.47 August 28, 2023 $ 1.30 105,000 1.41 105,000 1.41 August 21, 2024 $ 0.79 126,000 2.39 126,000 2.39 August 4, 2025 $ 1.64 1,680,000 3.35 1,680,000 3.35 March 25, 2027 $ 1.20 2,365,000 4.99 - 4.99 5,156,000 3.55 2,791,000 2.33 Valuation of stock options requires the use of highly subjective estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing stock options is based on volatility observed in historical periods. Changes in the underlying assumptions can materially affect the fair value estimates. The fair value of the stock options was calculated using the Black-Scholes model with the following weighted average assumptions and resulting fair values: March 31, 2022 December 31, 2021 Weighted average assumptions: Risk-free interest rate 2.49 % - % Expected dividend yield 0 % - % Expected warrant life (years) 5.00 - Expected stock price volatility 59.97 % - % Expected forfeiture rate 20 % - % Weighted average fair value $ 0.63 - During the three months ended March 31, 2022, the Company charged $32 (three months ended March 31, 2021 - $231) to operations as share-based payments for the fair value of stock options granted. (d) Restricted Share Units: On April 19, 2018, the Company’s Restricted Share Unit (“RSU”) Plan was approved by its shareholders. The RSU Plan is administered by the Compensation Committee under the supervision of the Board of Directors as compensation to officers, directors, consultants, and employees. The Compensation Committee determines the terms and conditions upon which a grant is made, including any performance criteria or vesting period. Upon vesting, each RSU entitles the participant to receive one common share, provided that the participant is continuously employed with or providing services to the Company. RSUs track the value of the underlying common shares, but do not entitle the recipient to the underlying common shares until such RSUs vest, nor do they entitle a holder to exercise voting rights or any other rights attached to ownership or control of the common shares, until the RSU vests and the RSU participant receives common shares. Continuity of RSUs is as follows: Underlying Shares Weighted Average Price (C$) RSUs outstanding, January 1, 2021 2,874,000 $ 1.28 Exercised (1,330,167 ) $ 1.22 Cancelled / Forfeited (104,356 ) $ 1.54 RSUs outstanding, December 31, 2021 1,439,477 $ 1.32 Granted 1,799,000 $ 1.19 RSUs outstanding, March 31, 2022 3,238,477 $ 1.25 The following table summarizes information about the RSUs outstanding at March 31, 2022: Issuance Date Price (C$) Number of RSUs Outstanding August 21, 2019 $ 0.79 539,733 August 4, 2020 $ 1.64 899,744 March 23, 2022 $ 1.19 1,799,000 3,238,477 During the three months ended March 31, 2022, 1,799,000 RSUs (year ended December 31, 2021 – Nil) were granted. The weighted average fair value at the measurement date was C$1.19, based on the TSX market price of the Company’s shares on the date the RSUs were granted. During the three months ended March 31, 2022, the Company charged $168 (March 31, 2021 - $385) to operations as share-based payments for the fair value of the RSUs vested. The fair value of the RSUs is recognized over the vesting period with reference to vesting conditions and the estimated RSUs expected to vest. (e) Earnings (loss) per share: The calculations for basic earnings (loss) per share and diluted earnings (loss) per share are as follows: Three months ended March 31, 2022 2021 Net income (loss) for the period $ 646 $ (1,818 ) Basic weighted average number of shares outstanding 103,819,481 96,204,148 Effect of dilutive share options, warrants, and RSUs 3,415,476 - Diluted weighted average number of shares outstanding 107,234,957 96,204,148 Basic loss per share $ 0.01 $ (0.02 ) Diluted loss per share $ 0.01 $ (0.02 ) |
REVENUE AND COST OF SALES
REVENUE AND COST OF SALES | 3 Months Ended |
Mar. 31, 2022 | |
Revenue And Cost Of Sales | 16. REVENUE AND COST OF SALES The Company’s revenues for the three months ended March 31, 2022 and 2021, are all attributable to Mexico, from shipments of concentrate from the Avino Mine, and processing of Historical Above Ground Stockpiles. March 31, 2022 March 31, 2021 Concentrate sales $ 9,789 $ - Provisional pricing adjustments 1,261 29 $ 11,050 $ 29 Cost of sales consists of changes in inventories, direct costs including personnel costs, mine site costs, energy costs (principally diesel fuel and electricity), maintenance and repair costs, operating supplies, external services, third party transport fees, depreciation and depletion, and other expenses for the periods. Direct costs include the costs of extracting co-products. Stand-by costs consists of care and maintenance costs incurred during the work stoppage at the Avino Mine during the three months ended March 31, 2021. Cost of sales is based on the weighted average cost of inventory sold for the periods and consists of the following: March 31, 2022 March 31, 2021 Production costs $ 5,847 $ - Stand-by costs - 246 Depreciation and depletion 459 463 $ 6,306 $ 709 |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 3 Months Ended |
Mar. 31, 2022 | |
General And Administrative Expenses | 17. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses on the condensed consolidated interim statements of operations consist of the following: March 31, 2022 March 31, 2021 Salaries and benefits $ 438 $ 337 Office and miscellaneous 174 156 Management and consulting fees 116 155 Investor relations 52 24 Travel and promotion 10 8 Professional fees 208 143 Directors fees 41 42 Regulatory and compliance fees 47 40 Depreciation 30 29 $ 1,116 $ 934 |
COMMITMENTS
COMMITMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Commitments | 18. COMMITMENTS The Company has a cost sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on Oniva’s total overhead and corporate expenses. The agreement may be terminated with one-month notice by either party. Transactions and balances with Oniva are disclosed in Note 11. The Company and its subsidiaries have various operating lease agreements for their office premises, use of land, and equipment. Commitments in respect of these lease agreements are as follows: March 31, 2022 December 31, 2021 Not later than one year $ 94 $ 96 Later than one year and not later than five years 336 330 Later than five years 454 462 $ 884 $ 888 Office lease payments recognized as an expense during the three months ended March 31, 2022, totalled $16 (March 31, 2021 - $12). |
SUPPLEMENT CASH FLOW INFORMATIO
SUPPLEMENT CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
Supplement Cash Fow Information | 19. SUPPLEMENTARY CASH FLOW INFORMATION March 31, 2022 March 31, 2021 Net change in non-cash working capital items: Inventory $ 339 $ (74 ) Prepaid expenses and other assets (327 ) (68 ) Taxes recoverable 210 (165 ) Taxes payable (28 ) (7 ) Accounts payable and accrued liabilities 1,013 308 Amounts receivable (1,394 ) (140 ) Amounts due to related parties (15 ) (6 ) $ (202 ) $ (152 ) March 31, 2022 March 31, 2021 Interest paid $ 20 $ 34 Taxes paid $ - $ 136 Equipment acquired under finance leases and equipment loans $ 1,101 $ - |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Financial Instruments | 20. FINANCIAL INSTRUMENTS The fair values of the Company’s amounts due to related parties and accounts payable approximate their carrying values because of the short-term nature of these instruments. Cash, amounts receivable, long-term investments, and warrant liability are recorded at fair value. The carrying amounts of the Company’s term facility, equipment loans, and finance lease obligations are a reasonable approximation of their fair values based on current market rates for similar financial instruments. The Company’s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, and market risk. (a) Credit Risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company has exposure to credit risk through its cash, long-term investments and amounts receivable. The Company manages credit risk, in respect of cash and short-term investments, by maintaining the majority of cash and short-term investments at highly rated financial institutions. The Company is exposed to a significant concentration of credit risk with respect to its trade accounts receivable balance because all of its concentrate sales are with four (December 31, 2021 – two) counterparty (see Note 21). However, the Company has not recorded any allowance against its trade receivables because to-date all balances owed have been settled in full when due (typically within 60 days of submission) and because of the nature of the counterparties. The Company’s maximum exposure to credit risk at the end of any period is equal to the carrying amount of these financial assets as recorded in the unaudited condensed consolidated interim statement of financial position. At March 31, 2022, no amounts were held as collateral. (b) Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by its operating, investing and financing activities. The Company had cash at March 31, 2022, in the amount of $11,686 and working capital of $14,528 in order to meet short-term business requirements. Accounts payable have contractual maturities of approximately 30 to 90 days, or are due on demand and are subject to normal trade terms. The current portions of note payable and finance lease obligations are due within 12 months of the condensed consolidated interim statement of financial position date. Amounts due to related parties are without stated terms of interest or repayment. The maturity profiles of the Company’s contractual obligations and commitments as at March 31, 2022, are summarized as follows: Total Less Than 1 Year 1-5 years More Than 5 Years Accounts payable and accrued liabilities $ 4,609 $ 4,609 $ - $ - Amounts due to related parties 151 151 - - Minimum rental and lease payments 884 94 336 454 Note payable 5,000 5,000 - - Finance lease obligations 1,936 771 1,165 - Total $ 12,580 $ 10,625 $ 1,501 $ 454 (c) Market Risk Market risk consists of interest rate risk, foreign currency risk and price risk. These are discussed further below. Interest Rate Risk Interest rate risk consists of two components: (i) To the extent that payments made or received on the Company’s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk. (ii) To the extent that changes in prevailing market rates differ from the interest rates on the Company’s monetary assets and liabilities, the Company is exposed to interest rate price risk. In management’s opinion, the Company is exposed to interest rate risk primarily on its outstanding term facility, as the interest rate is subject to floating rates of interest. A 10% change in the interest rate would not a result in a material impact on the Company’s operations. Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that the following monetary assets and liabilities are denominated in Mexican pesos and Canadian dollars: March 31, 2022 December 31, 2021 MXN CDN MXN CDN Cash $ 3,096 $ 1,039 $ 3,576 $ 1,450 Long-term investments - 4,164 - 4,976 Reclamation bonds - 6 - 6 Amounts receivable 499 31 - 33 Accounts payable and accrued liabilities (12,574 ) (464 ) (57,604 ) (211 ) Due to related parties - (188 ) - (206 ) Finance lease obligations (2,766 ) (342 ) (1 ) (394 ) Net exposure (11,745 ) 4,246 (54,029 ) 5,654 US dollar equivalent $ (587 ) $ 3,398 $ (2,363 ) $ 4,054 Based on the net US dollar denominated asset and liability exposures as at March 31, 2022, a 10% fluctuation in the US/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the three months ended March 31, 2022, by approximately $250 (year ended December 31, 2021 - $143). The Company has not entered into any foreign currency contracts to mitigate this risk. Price Risk Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company is exposed to price risk with respect to its amounts receivable, as certain trade accounts receivable are recorded based on provisional terms that are subsequently adjusted according to quoted metal prices at the date of final settlement. Quoted metal prices are affected by numerous factors beyond the Company’s control and are subject to volatility, and the Company does not employ hedging strategies to limit its exposure to price risk. At March 31, 2022, based on outstanding accounts receivable that were subject to pricing adjustments, a 10% change in metals prices would have an impact on net earnings (loss) of approximately $84 (December 31, 2021 - $26). The Company is exposed to price risk with respect to its long-term investments, as these investments are carried at fair value based on quoted market prices. Changes in market prices result in gains or losses being recognized in net income (loss). At March 31, 2022, a 10% change in market prices would have an impact on net earnings (loss) of approximately $333 (December 31, 2021 - $330). The Company’s profitability and ability to raise capital to fund exploration, evaluation and production activities is subject to risks associated with fluctuations in mineral prices. Management closely monitors commodity prices, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. (d) Classification of Financial Instruments IFRS 7 Financial Instruments: Disclosures 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 following table sets forth the Company’s financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as at March 31, 2022: Level 1 Level 2 Level 3 Financial assets Cash $ 11,686 $ - $ - Amounts receivable - 2,602 - Long-term investments 3,332 - - Total financial assets $ 15,018 $ 2,602 $ - Financial liabilities Warrant liability - - (2,773 ) Total financial liabilities $ - $ - $ (2,773 ) The Company uses Black-Scholes model to measure its Level 3 financial instruments. As at March 31, 2022, the Company’s Level 3 financial instruments consisted of the warrant liability. For the Company’s warrant liability valuation and fair value adjustments during the three months ended March 31, 2022 and the year ended December 31, 2021, see Note 13. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
SEGMENTED INFORMATION | |
Segmented Information | 21. SEGMENTED INFORMATION The Company’s revenues for the three months ended March 31, 2022 of $11,050 (March 31, 2021 - $29) are all attributable to Mexico, from shipments of concentrate produced by the Avino Mine and processed material from the Avino Historic Above Ground stockpiles. On the condensed consolidated interim statements of operations, the Company had revenue from the following product mixes: March 31, 2022 March 31, 2021 Silver $ 3,896 $ 15 Gold 2,442 5 Copper 7,053 9 Penalties, treatment costs and refining charges (2,344 ) - Total revenue from mining operations $ 11,050 $ 29 For the three months ended March 31, 2022, the Company had four customers (March 31, 2021 – one customer) that accounted for total revenues as follows: March 31, 2022 March 31, 2021 Customer #1 $ 8,985 $ - Customer #2 1,232 - Customer #3 844 - Customer #4 (11 ) 29 Total revenue from mining operations $ 11,050 $ 29 Geographical information relating to the Company’s non-current assets (other than financial instruments) is as follows: March 31, 2022 December 31, 2021 Exploration and evaluation assets - Mexico $ 44,684 $ 11,052 Exploration and evaluation assets - Canada 1 1 Total exploration and evaluation assets $ 44,685 $ 11,053 March 31, 2022 December 31, 2021 Plant, equipment, and mining properties - Mexico $ 38,444 $ 35,390 Plant, equipment, and mining properties - Canada 283 285 Total plant, equipment, and mining properties $ 38,727 $ 35,675 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2022 | |
SEGMENTED INFORMATION | |
Subsequent Event | 22. SUBSEQUENT EVENTS Option agreement – Subsequent to March 31, 2022, the Company has granted Endurance Gold Corporation the right to acquire an option to earn 100% ownership of the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grant and mineral claims (the “Olympic Claims”). Under the terms of the letter agreement, Endurance can earn a 100% interest in the Olympic Claims if they pay Avino a total cash consideration in the aggregate amount of C$100, issue up to a total of 1,500,000 common shares (‘Shares’) of Endurance and incur exploration expenditures in the aggregate amount of C$300; all of which is to be incurred by December 31, 2024. In the event that Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (“NSR”), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000. As part of the final requirement to earn its interest, Endurance agreed to grant to Avino 750,000 share purchase warrants (“Warrants”) by December 31, 2024, that offer Avino the option to purchase additional shares in the Company for a period of three years from the date of issuance. The exercise price of the Warrants will be set at a 25% premium to the 20-day VWAP share price at the issuance date. During the Option, if Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus. The Option agreement is subject to the TSX Venture Exchange acceptance, and any Shares or Warrants to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange. Share issuance for advisory services |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Detailed Information About The Accounts Of The Company And Its Canadian And Mexican Subsidiaries | Subsidiary Ownership Interest Jurisdiction Nature of Operations Oniva Silver and Gold Mines S.A. de C.V. 100% Mexico Mexican operations and administration Nueva Vizcaya Mining, S.A. de C.V. 100% Mexico Mexican administration Promotora Avino, S.A. de C.V. (“Promotora”) 79.09% Mexico Holding company Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”) 98.45% direct 1.22% indirect (Promotora) 99.67% effective Mexico Mining and exploration La Luna Silver & Gold Mines Ltd. 100% Canada Holding company La Preciosa Silver & Gold Mines Ltd. 100% Canada Holding company Proyectos Mineros La Preciosa S.A. de C.V. 100% Mexico Mining and exploration Cervantes LLP 100% U.S. Holding company |
ACQUISITION OF LA PRECIOSA (Tab
ACQUISITION OF LA PRECIOSA (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of fair values of assets acquired and liabilities assumed | Cash paid $ 15,301 Note payable 4,665 Common shares 13,650 Share purchase warrants 2,240 Total purchase consideration 35,856 Transaction costs 175 Total acquisition cost $ 36,031 Cash $ 168 Other current assets 1,121 Plant and equipment 1,621 Exploration and evaluation assets 33,449 Accounts payable (328 ) Net assets acquired $ 36,031 |
TAXES RECEOVERABLE (Tables)
TAXES RECEOVERABLE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Income Taxes Recoverable And Canadian Sales Taxes | March 31, 2022 December 31, 2021 VAT recoverable $ 1,573 $ 790 GST recoverable 25 26 Income taxes recoverable 2,648 2,548 $ 4,246 $ 3,364 |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Inventory | March 31, 2022 December 31, 2021 Process material stockpiles $ 1,356 $ 1,083 Concentrate inventory 1,656 2,467 Materials and supplies 1,820 1,629 $ 4,832 $ 5,179 |
LONGTERM INVESTMENTS (Tables)
LONGTERM INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Long-term Investments | Fair Value January 1, Movements in foreign Fair value adjustments Fair Value March 31, 2022 Net Additions exchange for the period 2022 Talisker Resources Common Shares $ 3,880 $ - $ 48 $ (689 ) $ 3,239 Silver Wolf Exploration Ltd. Common Shares 59 31 - 3 93 $ 3,939 $ 31 $ 48 $ (686 ) $ 3,332 Fair Value January 1, Movements in foreign Fair value adjustments Fair Value December 31, 2021 Net Additions exchange for the period 2021 Talisker Resources Common Shares $ 4,176 $ - $ 21 $ (317 ) $ 3,880 Silver Wolf Exploration Ltd. Common Shares - 109 2 (52 ) 59 $ 4,176 $ 109 $ 23 $ (369 ) $ 3,939 |
EXPLORATION AND EVALUATION AS_2
EXPLORATION AND EVALUATION ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Exploration And Evaluation Costs | Avino, Mexico La Preciosa, Mexico British Columbia & Yukon, Canada Total Balance, January 1, 2021 $ 10,051 $ - $ 1 $ 10,052 Costs incurred during 2021: Drilling and exploration 1,047 - - 1,047 Assessments and taxes 68 - - 68 Effect of movements in exchange rates 3 - - 3 Option income (117 ) - - (117 ) Balance, December 31, 2021 $ 11,052 $ - $ 1 $ 11,053 Costs incurred during 2022: Acquisition costs - Note 4 - 33,449 - 33,449 Drilling and exploration 123 - - 123 Assessments and taxes 71 - - 71 Effect of movements in exchange rates 14 - - 14 Option income (25 ) - - (25 ) Balance, March 31, 2022 $ 11,235 $ 33,449 $ 1 $ 44,685 |
PLANT EQUIPMENT AND MINING PR_2
PLANT EQUIPMENT AND MINING PROPERTIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Plant, Equipment And Mining Properties | Mining properties Office equipment, furniture, and fixtures Computer equipment Mine machinery and transportation equipment Mill machinery and processing equipment Buildings and construction in process Total $ $ $ $ $ $ $ COST Balance at January 1, 2021 13,149 563 347 12,955 17,483 11,263 55,760 Additions / Transfers (113 ) 31 (12 ) 1,285 1,130 508 2,829 Effect of movements in exchange rates 2 1 - - - 7 10 Balance at December 31, 2021 13,038 595 335 14,240 18,613 11,778 58,599 Additions / Transfers 73 9 240 1,202 420 1,937 3,881 Effect of movements in exchange rates 8 4 - - - (6 ) 6 Balance at March 31, 2022 13,119 608 575 15,442 19,033 13,709 62,486 ACCUMULATED DEPLETION AND DEPRECIATION Balance at January 1, 2021 8,643 187 256 4,907 5,297 1,624 20,914 Additions / Transfers 213 107 11 37 1,370 272 2,010 Effect of movements in exchange rates - - - - - - - Balance at December 31, 2021 8,856 294 267 4,944 6,667 1,896 22,924 Additions / Transfers 54 39 209 126 317 90 835 Effect of movements in exchange rates - - - - - - - Balance at March 31, 2022 8,910 333 476 5,070 6,984 1,986 23,759 NET BOOK VALUE At March 31, 2022 4,209 275 99 10,372 12,049 11,723 38,727 At December 31, 2021 4,182 301 68 9,296 11,946 9,882 35,675 At January 1, 2021 4,506 376 91 8,048 12,186 9,639 34,846 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Related Party Transactions With Oniva | Three months ended March 31, 2022 2021 Salaries, benefits, and consulting fees $ 439 $ 235 Share‐based payments 157 488 $ 596 $ 723 |
Schedule Of Related Party Transactions And Balances | March 31, 2022 December 31, 2021 Oniva International Services Corp. $ 108 $ 107 Directors 43 56 $ 151 $ 163 |
Schedule Of Due To Related Parties | March 31, 2022 March 31, 2021 Salaries and benefits $ 220 $ 191 Office and miscellaneous 97 105 $ 317 $ 296 |
NOTE PAYABLE (Tables)
NOTE PAYABLE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of note payable | March 31, December 31, 2022 2021 Balance at beginning of the period $ - $ - Additions 4,665 - Repayments - - Unwinding of fair value adjustment 9 - Balance at end of the period 4,674 - Less: Current portion (4,674 ) - Non-current portion $ - $ - |
WARRANT LIABILITY (Tables)
WARRANT LIABILITY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Change In Warrant Liability | March 31, 2022 December 31, 2021 Balance at beginning of the period $ 741 $ 2,295 Warrants issued 2,240 - Fair value adjustment (233 ) (1,581 ) Effect of movement in exchange rates 25 27 Balance at end of the period $ 2,773 $ 741 |
Schedule Of Warrants Outstanding And Exercisable | Underlying Shares Weighted Average Exercise Price Warrants outstanding and exercisable, January 1, 2021 2,980,774 $ 0.80 Exercised (1,030,362 ) $ 0.80 Warrants outstanding and exercisable, December 31, 2021 1,950,412 $ 0.80 Issued 7,000,000 $ 1.09 Warrants outstanding and exercisable, March 31, 2022 8,950,412 $ 1.03 All Warrants Outstanding and Exercisable Expiry Date Exercise Price per Share March 31, 2022 December 31, 2021 September 21, 2023 $ 1.09 7,000,000 - September 25, 2023 $ 0.80 1,950,412 1,950,412 8,950,412 1,950,412 |
Schedule Of Fair Value Of Warrant Liability | March 31, 2022 December 31, 2021 Weighted average assumptions: Risk-free interest rate 2.17 % 0.91 % Expected dividend yield 0 % 0 % Expected warrant life (years) 1.48 1.73 Expected stock price volatility 73.94 % 83.13 % Weighted average fair value $ 0.34 $ 0.38 |
RECLAMATION PROVISION (Tables)
RECLAMATION PROVISION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
RECLAMATION PROVISION (Tables) | |
Reconciliation Of The Changes In The Company's Reclamation Provision | March 31, 2022 December 31, 2021 Balance at beginning of the period $ 726 $ 808 Changes in estimates - (105 ) Unwinding of discount related to continuing operations 10 47 Effect of movements in exchange rates 22 (24 ) Balance at end of the period $ 758 $ 726 |
SHARE CAPITAL AND SHAREBASED _2
SHARE CAPITAL AND SHAREBASED PAYMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Stock Options | Underlying Shares Weighted Average Exercise Price (C$) Stock options outstanding, January 1, 2021 3,483,000 $ 1.77 Exercised (264,000 ) $ 1.16 Expired (360,000 ) $ 2.95 Cancelled / Forfeited (20,000 ) $ 1.64 Stock options outstanding, December 31, 2021 2,839,000 $ 1.68 Granted 2,365,000 $ 1.20 Exercised (48,000 ) $ 0.79 Stock options outstanding, March 31, 2022 5,156,000 $ 1.47 Stock options exercisable, March 31, 2022 2,791,000 $ 1.70 |
Schedule Of Stock Options Outsanding And Exercisable | Outstanding Exercisable Expiry Date Price (C$) Number of Options Weighted Average Remaining Contractual Life (Years) Number of Options Weighted Average Remaining Contractual Life (Years) September 20, 2022 $ 1.98 880,000 0.47 880,000 0.47 August 28, 2023 $ 1.30 105,000 1.41 105,000 1.41 August 21, 2024 $ 0.79 126,000 2.39 126,000 2.39 August 4, 2025 $ 1.64 1,680,000 3.35 1,680,000 3.35 March 25, 2027 $ 1.20 2,365,000 4.99 - 4.99 5,156,000 3.55 2,791,000 2.33 |
Schedule of fair value of the stock options was calculated using the Black-Scholes model | March 31, 2022 December 31, 2021 Weighted average assumptions: Risk-free interest rate 2.49 % - % Expected dividend yield 0 % - % Expected warrant life (years) 5.00 - Expected stock price volatility 59.97 % - % Expected forfeiture rate 20 % - % Weighted average fair value $ 0.63 - |
Schedule Of Rsu Outstanding | Underlying Shares Weighted Average Price (C$) RSUs outstanding, January 1, 2021 2,874,000 $ 1.28 Exercised (1,330,167 ) $ 1.22 Cancelled / Forfeited (104,356 ) $ 1.54 RSUs outstanding, December 31, 2021 1,439,477 $ 1.32 Granted 1,799,000 $ 1.19 RSUs outstanding, March 31, 2022 3,238,477 $ 1.25 |
Schedule of fair value of options granted | Issuance Date Price (C$) Number of RSUs Outstanding August 21, 2019 $ 0.79 539,733 August 4, 2020 $ 1.64 899,744 March 23, 2022 $ 1.19 1,799,000 3,238,477 |
Schedule Of Basic Earnings Per Share And Diluted Earnings Per Share | Three months ended March 31, 2022 2021 Net income (loss) for the period $ 646 $ (1,818 ) Basic weighted average number of shares outstanding 103,819,481 96,204,148 Effect of dilutive share options, warrants, and RSUs 3,415,476 - Diluted weighted average number of shares outstanding 107,234,957 96,204,148 Basic loss per share $ 0.01 $ (0.02 ) Diluted loss per share $ 0.01 $ (0.02 ) |
REVENUE AND COST OF SALES (Tabl
REVENUE AND COST OF SALES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Revenue | March 31, 2022 March 31, 2021 Concentrate sales $ 9,789 $ - Provisional pricing adjustments 1,261 29 $ 11,050 $ 29 |
Schedule Of Cost Of Sales | March 31, 2022 March 31, 2021 Production costs $ 5,847 $ - Stand-by costs - 246 Depreciation and depletion 459 463 $ 6,306 $ 709 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of General And Administrative Expenses | March 31, 2022 March 31, 2021 Salaries and benefits $ 438 $ 337 Office and miscellaneous 174 156 Management and consulting fees 116 155 Investor relations 52 24 Travel and promotion 10 8 Professional fees 208 143 Directors fees 41 42 Regulatory and compliance fees 47 40 Depreciation 30 29 $ 1,116 $ 934 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Commitments | March 31, 2022 December 31, 2021 Not later than one year $ 94 $ 96 Later than one year and not later than five years 336 330 Later than five years 454 462 $ 884 $ 888 |
SUPPLEMENT CASH FLOW INFORMAT_2
SUPPLEMENT CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Supplement Cash Flow Information | March 31, 2022 March 31, 2021 Net change in non-cash working capital items: Inventory $ 339 $ (74 ) Prepaid expenses and other assets (327 ) (68 ) Taxes recoverable 210 (165 ) Taxes payable (28 ) (7 ) Accounts payable and accrued liabilities 1,013 308 Amounts receivable (1,394 ) (140 ) Amounts due to related parties (15 ) (6 ) $ (202 ) $ (152 ) March 31, 2022 March 31, 2021 Interest paid $ 20 $ 34 Taxes paid $ - $ 136 Equipment acquired under finance leases and equipment loans $ 1,101 $ - |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Contractual Obligations And Commitments | Total Less Than 1 Year 1-5 years More Than 5 Years Accounts payable and accrued liabilities $ 4,609 $ 4,609 $ - $ - Amounts due to related parties 151 151 - - Minimum rental and lease payments 884 94 336 454 Note payable 5,000 5,000 - - Finance lease obligations 1,936 771 1,165 - Total $ 12,580 $ 10,625 $ 1,501 $ 454 |
Schedule Of Foreign Currency Risk | March 31, 2022 December 31, 2021 MXN CDN MXN CDN Cash $ 3,096 $ 1,039 $ 3,576 $ 1,450 Long-term investments - 4,164 - 4,976 Reclamation bonds - 6 - 6 Amounts receivable 499 31 - 33 Accounts payable and accrued liabilities (12,574 ) (464 ) (57,604 ) (211 ) Due to related parties - (188 ) - (206 ) Finance lease obligations (2,766 ) (342 ) (1 ) (394 ) Net exposure (11,745 ) 4,246 (54,029 ) 5,654 US dollar equivalent $ (587 ) $ 3,398 $ (2,363 ) $ 4,054 |
Schedule Of Fair Value On Recurring Basis | Level 1 Level 2 Level 3 Financial assets Cash $ 11,686 $ - $ - Amounts receivable - 2,602 - Long-term investments 3,332 - - Total financial assets $ 15,018 $ 2,602 $ - Financial liabilities Warrant liability - - (2,773 ) Total financial liabilities $ - $ - $ (2,773 ) |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Condensed Consolidated Interim Statements Of Operations | March 31, 2022 March 31, 2021 Silver $ 3,896 $ 15 Gold 2,442 5 Copper 7,053 9 Penalties, treatment costs and refining charges (2,344 ) - Total revenue from mining operations $ 11,050 $ 29 |
Schedule Of Revenues From Customers | March 31, 2022 March 31, 2021 Customer #1 $ 8,985 $ - Customer #2 1,232 - Customer #3 844 - Customer #4 (11 ) 29 Total revenue from mining operations $ 11,050 $ 29 |
Schedule Of Geographical Information Of Company's Non-current Assets | March 31, 2022 December 31, 2021 Exploration and evaluation assets - Mexico $ 44,684 $ 11,052 Exploration and evaluation assets - Canada 1 1 Total exploration and evaluation assets $ 44,685 $ 11,053 March 31, 2022 December 31, 2021 Plant, equipment, and mining properties - Mexico $ 38,444 $ 35,390 Plant, equipment, and mining properties - Canada 283 285 Total plant, equipment, and mining properties $ 38,727 $ 35,675 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Compania Minera Mexicana de Avino, S.A. de C.V. (Member) | |
Statement [Line Items] | |
Subsidiary | Compañía Minera Mexicana de Avino, S.A. de C.V. (“Avino Mexico”) |
Jurisdiction | Mexico |
Nature Of Operations | Mining and exploration |
Oniva Silver And GoldMines SADeCV [Member] | |
Statement [Line Items] | |
Subsidiary | Oniva Silver and Gold Mines S.A. de C.V. |
Jurisdiction | Mexico |
Nature Of Operations | Mexican operations and administration |
Ownership Interest | 100.00% |
Nueva Vizcaya Mining, S.A. de C.V. (Member) | |
Statement [Line Items] | |
Subsidiary | Nueva Vizcaya Mining, S.A. de C.V. |
Jurisdiction | Mexico |
Nature Of Operations | Mexican administration |
Ownership Interest | 100.00% |
Promotora Avino, S.A. de C.V. (Member) | |
Statement [Line Items] | |
Subsidiary | Promotora Avino, S.A. de C.V. (“Promotora”) |
Jurisdiction | Mexico |
Nature Of Operations | Holding company |
Ownership Interest | 79.09% |
La Luna Silver & Gold Mines Ltd. (Member) | |
Statement [Line Items] | |
Subsidiary | La Luna Silver & Gold Mines Ltd. |
Jurisdiction | Canada |
Nature Of Operations | Holding company |
Ownership Interest | 100.00% |
La Preciosa Silver & Gold Mines Ltd.(Member) | |
Statement [Line Items] | |
Subsidiary | La Preciosa Silver & Gold Mines Ltd. |
Jurisdiction | Canada |
Nature Of Operations | Holding company |
Ownership Interest | 100.00% |
Proyectos Mineros La Preciosa S.A. de C.V. (Member) | |
Statement [Line Items] | |
Subsidiary | Proyectos Mineros La Preciosa S.A. de C.V. |
Jurisdiction | Mexico |
Nature Of Operations | Mining and exploration |
Ownership Interest | 100.00% |
Cervantes LLP (Member) | |
Statement [Line Items] | |
Subsidiary | Cervantes LLP |
Jurisdiction | U.S. |
Nature Of Operations | Holding company |
Ownership Interest | 100.00% |
Compania Minera Mexicana de Avino, S.A. de C.V. Direct (Member) | |
Statement [Line Items] | |
Ownership Interest | 98.45% |
Compania Minera Mexicana de Avino, S.A. de C.V. Indirect (Member) | |
Statement [Line Items] | |
Ownership Interest | 1.22% |
Compania Minera Mexicana de Avino, S.A. de C.V. Effective (Member) | |
Statement [Line Items] | |
Ownership Interest | 99.67% |
ACQUISITION OF LA PRECIOSA (Det
ACQUISITION OF LA PRECIOSA (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ACQUISITION OF LA PRECIOSA (Details) | |||
Cash Paid | $ 15,301 | ||
Note Payable | 4,665 | ||
Common Shares | 13,650 | ||
Share Purchase Warrants | 2,240 | ||
Total Purchase Consideration | 35,856 | ||
Transaction Costs | 175 | ||
Total Acquisition Cost | 36,031 | ||
Cash | 168 | $ 24,765 | $ 11,713 |
Other Current Assets | 1,121 | ||
Plant And Equipment | 1,621 | ||
Exploration And Evaluation Assets | 33,449 | ||
Accounts Payable | (328) | ||
Net Assets Acquired | $ 36,031 |
ACQUISITION OF LA PRECIOSA (D_2
ACQUISITION OF LA PRECIOSA (Details Narrative) $ / shares in Units, $ in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended |
Mar. 31, 2022CAD ($)shares | Mar. 31, 2022USD ($)$ / sharesshares | |
Statement [Line Items] | ||
Inflationary Adjustment Description | A payment of $0.25 per silver equivalent ounce (subject to inflationary adjustment) of new mineral reserves (as defined by NI 43-101) discovered and declared outside of the current mineral resource area at La Preciosa, subject to a cap of $50 million, and any such payments will be credited against any existing or future payments owing on the gross value royalty. | |
Avino | ||
Statement [Line Items] | ||
Cash Consideration | $ 100 | |
Warrants Purchase | shares | 750,000 | |
Warrants Premium | 25.00% | |
Common Stock Shares Issuance, Shares | shares | 14,000,000 | |
Common Shares Issuance, Value | $ 13,650 | |
La Preciosa Silver & Gold Mines Ltd.(Member) | ||
Statement [Line Items] | ||
Royalty Returns | 2.00% | |
Gloria and Abundancia | ||
Statement [Line Items] | ||
Royalty Returns | 1.25% | |
Coeur | ||
Statement [Line Items] | ||
Cash Consideration | $ 15,300 | |
Promissory Note | $ 5,000 | |
Warrants Purchase | shares | 7,000,000 | |
Warrants Value | $ 2,240 | |
Warrants Exercisable Price Per Shares | $ / shares | $ 1.09 | |
Warrants Premium | 25.00% | |
Additional Cash Payment | $ 8,750 |
TAXES RECOVERABLE (Details)
TAXES RECOVERABLE (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Vat Recoverable | $ 1,573 | $ 790 |
Gst Recoverable | 25 | 26 |
Income Taxes Recoverable | 2,648 | 2,548 |
Total Taxes Recoverable | $ 4,246 | $ 3,364 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Process Material Stockpiles | $ 1,356 | $ 1,083 |
Concentrate Inventory | 1,656 | 2,467 |
Materials And Supplies | 1,820 | 1,629 |
Inventories | $ 4,832 | $ 5,179 |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cost Of Sales | $ 6,598 | $ 709 |
LONG TERM INVESTMENTS (Details)
LONG TERM INVESTMENTS (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | ||
Fair Value Of Long Term Investments, Beginning Balance | $ 3,939,000 | $ 4,176,000 |
Net Additions And (warrants Exercised) | 31,000 | 109,000 |
Movements In Foreign Exchange | 48,000 | 23,000 |
Fair Value Adjustments For The Period | (686,000) | (369,000) |
Fair Value Of Long Term Investments, Ending Balance | 3,332,000 | 3,939,000 |
Talisker Resources Ltd [Member] | Common Shares [Member] | ||
Statement [Line Items] | ||
Fair Value Of Long Term Investments, Beginning Balance | 3,880,000 | 4,176,000 |
Net Additions And (warrants Exercised) | 0 | 0 |
Movements In Foreign Exchange | 48,000 | 21,000 |
Fair Value Adjustments For The Period | (689,000) | (317,000) |
Fair Value Of Long Term Investments, Ending Balance | 3,239,000 | 3,880,000 |
Silver Wolf Exploration Ltd. [Member] | Common Share [Member] | ||
Statement [Line Items] | ||
Fair Value Of Long Term Investments, Beginning Balance | 59,000 | 0 |
Net Additions And (warrants Exercised) | 31,000 | 109,000 |
Movements In Foreign Exchange | 0 | 2,000 |
Fair Value Adjustments For The Period | 3,000 | (52,000) |
Fair Value Of Long Term Investments, Ending Balance | $ 93,000 | $ 59,000 |
LONGTERM INVESTMENTS (Details N
LONGTERM INVESTMENTS (Details Narrative) - Silver Wolf Exploration Ltd. [Member] - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 26, 2021 |
Common Share [Member] | |||
Statement [Line Items] | |||
Exercise Price Per Share | $ 0.20 | ||
Common Stock Shares Purchased | 250,000 | 131,718 | |
Warrants [Member] | |||
Statement [Line Items] | |||
Exercise Price Per Share | $ 0.20 | $ 0.20 | |
Common Stock Shares Purchased | 300,000 | 300,000 |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Beginning, Balance | $ 11,053,000 | $ 10,052,000 |
Acquisition Costs | 33,449,000 | |
Drilling And Exploration | 123,000 | 1,047,000 |
Assessments And Taxes | 71,000 | 68,000 |
Effect Of Movements In Exchange Rates | 14,000 | 3,000 |
Option Income | (25,000) | (117,000) |
Ending, Balance | 44,685,000 | 11,053,000 |
Avino, Mexico [Member] | ||
Statement [Line Items] | ||
Drilling And Exploration | 123,000 | 1,047,000 |
Assessments And Taxes | 71,000 | 68,000 |
Effect Of Movements In Exchange Rates | 14,000 | 3,000 |
Option Income | (25,000) | (117,000) |
Beginning Balance | 11,052,000 | 10,051,000 |
Ending Balance | 11,235,000 | 11,052,000 |
La Preciosa, Mexico [Member] | ||
Statement [Line Items] | ||
Acquisition Costs | 33,449,000 | |
Drilling And Exploration | 0 | 0 |
Assessments And Taxes | 0 | 0 |
Effect Of Movements In Exchange Rates | 0 | 0 |
Option Income | 0 | 0 |
Beginning Balance | 0 | 0 |
Ending Balance | 33,449,000 | 0 |
British Columbia & Yukon, Canada [Member] | ||
Statement [Line Items] | ||
Drilling And Exploration | 0 | 0 |
Assessments And Taxes | 0 | 0 |
Effect Of Movements In Exchange Rates | 0 | 0 |
Option Income | 0 | 0 |
Beginning Balance | 1,000 | 1,000 |
Ending Balance | $ 1,000 | $ 1,000 |
EXPLORATION AND EVALUATION AS_4
EXPLORATION AND EVALUATION ASSETS (Details Narrative) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022USD ($)ainteger$ / sharesshares | Mar. 31, 2021shares | Dec. 31, 2021USD ($) | Dec. 31, 2012CAD ($)shares | Dec. 31, 2020USD ($) | |
Statement [Line Items] | |||||
Letter Agreement Description | Endurance can earn a 100% interest in the Olympic Claims if they pay Avino a total cash consideration in the aggregate amount of C$100, issue up to a total of 1,500,000 common shares (“Shares”) of Endurance and incur exploration expenditures in the aggregate amount of C$300; all of which is to be incurred by December 31, 2024. In the event that Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (“NSR”), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000. | ||||
Warrants Acquire Shares Purchase | shares | 107,234,957 | 96,204,148 | |||
Avino, Mexico [Member] | |||||
Statement [Line Items] | |||||
Exploration Expenditures Properties | $ 11,235,000 | $ 11,052,000 | $ 10,051,000 | ||
Ownership Percentage | 99.67% | 99.67% | |||
Warrants Purchase | shares | 750,000 | ||||
Warrants Premium | 25.00% | ||||
Option Description | Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus. | ||||
Number Of Mineral Claims On Lease | integer | 4 | ||||
Number Of Mineral Claims Owned By Avino Mexico | integer | 42 | ||||
La Preciosa, Mexico [Member] | |||||
Statement [Line Items] | |||||
Exploration Expenditures Properties | $ 33,449,000 | $ 0 | $ 0 | ||
Area Of Exploitation Concessions | a | 6,011 | ||||
Number Of Exploitation Concessions | integer | 15 | ||||
Durango, Mexico [Member] | Santiago Papasquiaro property [Member] | |||||
Statement [Line Items] | |||||
Area Of Exploitation Concessions | a | 2,552.6 | ||||
Number Of Exploitation Concessions | integer | 4 | ||||
Durango, Mexico [Member] | Unification La Platosa properties [Member] | |||||
Statement [Line Items] | |||||
Description For Exploration Period | the Company has obtained the exclusive right to explore and mine the property for an initial period of 15 years, with the option to extend the agreement for another 5 years. | ||||
Exploration And Mining Rights Acquisition Consideration Transferred, Shares Issued | shares | 135,189 | ||||
Exploration And Mining Rights Acquisition Consideration Transferred Shares Issued, Value | $ 250 | ||||
Durango, Mexico [Member] | Unification La Platosa properties [Member] | Minerales [Member] | |||||
Statement [Line Items] | |||||
Description Of Royalty Terms | The Company has agreed to pay to Minerales a royalty equal to 3.5% of net smelter returns (“NSR”). In addition, after the start of production, if the minimum monthly processing rate of the mine facilities is less than 15,000 tonnes, then the Company must pay to Minerales a minimum royalty equal to the applicable NSR royalty based on the processing at a monthly rate of 15,000 tonnes. | ||||
Description For Exclusive Right Acquisition Under Agreement | Minerales has also granted to the Company the exclusive right to purchase a 100% interest in the property at any time during the term of the agreement (or any renewal thereof), upon payment of $8 million within 15 days of the Company’s notice of election to acquire the property. The purchase would be subject to a separate purchase agreement for the legal transfer of the property. | ||||
Durango, Mexico [Member] | 9 Concessions [Member] | Gomez Palacio property [Member] | |||||
Statement [Line Items] | |||||
Area Of Exploitation Concessions | a | 2,549 | ||||
Number Of Exploitation Concessions | integer | 9 | ||||
Durango, Mexico [Member] | Concessions One [Member] | Santiago Papasquiaro property [Member] | |||||
Statement [Line Items] | |||||
Area Of Exploitation Concessions | a | 602.9 | ||||
Number Of Exploitation Concessions | integer | 1 | ||||
Avino Mine Area Property [Member] | Durango, Mexico [Member] | 4 Concessions [Member] | |||||
Statement [Line Items] | |||||
Area Of Exploitation Concessions | a | 154.4 | ||||
Number Of Exploitation Concessions | integer | 4 | ||||
Avino Mine Area Property [Member] | Durango, Mexico [Member] | 1 Concessions [Member] | |||||
Statement [Line Items] | |||||
Area Of Exploitation Concessions | a | 98.83 | ||||
Number Of Exploitation Concessions | integer | 1 | ||||
Avino Mine Area Property [Member] | Durango, Mexico [Member] | 24 Concessions [Member] | |||||
Statement [Line Items] | |||||
Area Of Exploitation Concessions | a | 1,284.7 | ||||
Number Of Exploitation Concessions | integer | 24 | ||||
Eagle property option agreement [Member] | Mayo Mining Division [Member] | Yukon, Canada [Member] | |||||
Statement [Line Items] | |||||
Terms Of Agreement | The Company has a 100% interest in 14 quartz leases located in the Mayo Mining Division of Yukon, Canada, which collectively comprise the Eagle property. | ||||
Silver Wolf Exploration Ltd. [Member] | |||||
Statement [Line Items] | |||||
Common Stock Shares Issued Value | $ 50,000 | ||||
Exploration Expenditures Properties | 750,000 | ||||
Silver Wolf Exploration Ltd. [Member] | Option Agreement [Member] | |||||
Statement [Line Items] | |||||
Common Stock Shares Issued Value | $ 600,000 | ||||
Warrants Acquire Shares Purchase | shares | 300,000 | ||||
Exercise Price | $ / shares | $ 0.20 | ||||
Ownership Percentage | 100.00% | ||||
Silver Wolf Exploration Ltd. [Member] | First Anniversary [Member] | |||||
Statement [Line Items] | |||||
Common Stock Shares Issued Value | $ 50,000 | ||||
Exploration Expenditures Properties | 50,000 | ||||
Silver Wolf Exploration Ltd. [Member] | Second Anniversary [Member] | |||||
Statement [Line Items] | |||||
Common Stock Shares Issued Value | 100,000 | ||||
Exploration Expenditures Properties | 100,000 | ||||
Silver Wolf Exploration Ltd. [Member] | Third Anniversary [Member] | |||||
Statement [Line Items] | |||||
Common Stock Shares Issued Value | 200,000 | ||||
Silver Wolf Exploration Ltd. [Member] | Fourth Anniversary [Member] | |||||
Statement [Line Items] | |||||
Common Stock Shares Issued Value | 200,000 | ||||
Exploration Expenditures Properties | $ 600,000 |
NONCONTROLLING INTEREST (Detail
NONCONTROLLING INTEREST (Details Narrative) - Avino, Mexico [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Ownership Interest, Percentage | 99.67% | 99.67% |
Non-controlling Interest | 0.33% | 0.33% |
PLANT EQUIPMENT AND MINING PR_3
PLANT EQUIPMENT AND MINING PROPERTIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Beginning Balance | $ 58,599,000 | $ 55,760,000 |
Additions/ Transfers | 3,881,000 | 2,829,000 |
Effect Of Movements In Exchange Rates | 6,000 | 10,000 |
Ending Balance | 62,486,000 | 58,599,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 22,924,000 | 20,914,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 835,000 | 2,010,000 |
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates | 0 | 0 |
Accumulated Depletion And Depreciation, Ending Balance | 23,759,000 | 22,924,000 |
Plant, Equipment And Mining Properties | 38,727,000 | 35,675,000 |
Office equipment, furniture, and fixtures [Member] | ||
Statement [Line Items] | ||
Beginning Balance | 595,000 | 563,000 |
Effect Of Movements In Exchange Rates | 4,000 | 1,000 |
Ending Balance | 608,000 | 595,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 294,000 | 187,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 39,000 | 107,000 |
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates | 0 | 0 |
Accumulated Depletion And Depreciation, Ending Balance | 333,000 | 294,000 |
Plant, Equipment And Mining Properties | 275,000 | 301,000 |
Additions / Transfers | 9,000 | 31,000 |
Mine machinery and transportation equipment [Member] | ||
Statement [Line Items] | ||
Beginning Balance | 14,240,000 | 12,955,000 |
Ending Balance | 15,442,000 | 14,240,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 4,944,000 | 4,907,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 126,000 | 37,000 |
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates | 0 | 0 |
Accumulated Depletion And Depreciation, Ending Balance | 5,070,000 | 4,944,000 |
Plant, Equipment And Mining Properties | 10,372,000 | 9,296,000 |
Effect Of Movements In Exchange Rates | 0 | 0 |
Additions / Transfers | 1,202,000 | 1,285,000 |
Mill machinery and processing equipment [Member] | ||
Statement [Line Items] | ||
Beginning Balance | 18,613,000 | 17,483,000 |
Ending Balance | 19,033,000 | 18,613,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 6,667,000 | 5,297,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 317,000 | 1,370,000 |
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates | 0 | 0 |
Accumulated Depletion And Depreciation, Ending Balance | 6,984,000 | 6,667,000 |
Plant, Equipment And Mining Properties | 12,049,000 | 11,946,000 |
Effect Of Movements In Exchange Rates | 0 | 0 |
Additions / Transfers | 420,000 | 1,130,000 |
Mining Property [Member] | ||
Statement [Line Items] | ||
Beginning Balance | 13,038,000 | 13,149,000 |
Additions/ Transfers | 73,000 | (113,000) |
Ending Balance | 13,119,000 | 13,038,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 8,856,000 | 8,643,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 54,000 | 213,000 |
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates | 0 | 0 |
Accumulated Depletion And Depreciation, Ending Balance | 8,910,000 | 8,856,000 |
Plant, Equipment And Mining Properties | 4,209,000 | 4,182,000 |
Effect Of Movements In Exchange Rates | 8,000 | 2,000 |
Computer equipment [member] | ||
Statement [Line Items] | ||
Beginning Balance | 335,000 | 347,000 |
Ending Balance | 575,000 | 335,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 267,000 | 256,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 209,000 | 11,000 |
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates | 0 | 0 |
Accumulated Depletion And Depreciation, Ending Balance | 476,000 | 267,000 |
Plant, Equipment And Mining Properties | 99,000 | 68,000 |
Effect Of Movements In Exchange Rates | 0 | 0 |
Additions / Transfers | 240,000 | (12,000) |
Buildings and construction in process [Member] | ||
Statement [Line Items] | ||
Beginning Balance | 11,778,000 | 11,263,000 |
Ending Balance | 13,709,000 | 11,778,000 |
Accumulated Depletion And Depreciation, Beginning Balance | 1,896,000 | 1,624,000 |
Accumulated Depletion And Depreciation, Additions / Transfers | 90,000 | 272,000 |
Accumulated Depletion And Depreciation, Effect Of Movements In Exchange Rates | 0 | 0 |
Accumulated Depletion And Depreciation, Ending Balance | 1,986,000 | 1,896,000 |
Plant, Equipment And Mining Properties | 11,723,000 | 9,882,000 |
Effect Of Movements In Exchange Rates | (6,000) | 7,000 |
Additions / Transfers | $ 1,937,000 | $ 508,000 |
PLANT EQUIPMENT AND MINING PR_4
PLANT EQUIPMENT AND MINING PROPERTIES (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
PLANT EQUIPMENT AND MINING PROPERTIES (Details) | ||
Assets Under Construction | $ 6,798,000 | $ 6,348,000 |
Property Plant Equipment, Net Carrying Amount | $ 2,321 | $ 1,306 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Salaries, Benefits, And Consulting Fees | $ 439 | $ 235 |
Share-based Payments | 157 | 488 |
Total Key Management Personnel Compensation | $ 596 | $ 723 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Silver Wolf Exploration Ltd. [Member] | ||
Statement [Line Items] | ||
Due To Related Parties | $ 151 | $ 163 |
Oniva International Services Corp. [Member] | ||
Statement [Line Items] | ||
Due To Related Parties | 108 | 107 |
Directors [Member] | ||
Statement [Line Items] | ||
Due To Related Parties | $ 43 | $ 56 |
RELATED PARTY TRANSACTIONS AN_5
RELATED PARTY TRANSACTIONS AND BALANCES (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | ||
Salaries And Benefits | $ 439 | $ 235 |
Office And Miscellaneous | 174 | 156 |
Oniva International Services Corp. [Member] | ||
Statement [Line Items] | ||
Salaries And Benefits | 220 | 191 |
Office And Miscellaneous | 97 | 105 |
Total Cost | $ 317 | $ 296 |
RELATED PARTY TRANSACTIONS AN_6
RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | ||
Salaries, Benefits, And Consulting Fees | $ 439 | $ 235 |
ICC [Member] | ||
Statement [Line Items] | ||
Salaries, Benefits, And Consulting Fees | $ 126 | $ 59 |
NOTE PAYABLE (Details)
NOTE PAYABLE (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Note Payable At Beginning Of The Period | $ 0 | $ 0 |
Additions | 4,665 | |
Repayments | 0 | 0 |
Unwinding Of Fair Value Adjustment | 9 | 0 |
Note Payable At Ending Of The Period | 4,674 | 0 |
Less: Current Portion | (4,674) | 0 |
Non-current Portion | $ 0 | $ 0 |
NOTE PAYABLE (Details Narrative
NOTE PAYABLE (Details Narrative) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Discount Interest Rate | 6.71% |
Promissory Note Payable Issued | $ 5 |
Bear Interest Rate | 7.00% |
Increasing Principal Amount | $ 1 |
WARRANT LIABILITY (Details)
WARRANT LIABILITY (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Balance At Beginning Of The Year | $ 680,000 | |
Balance At End Of The Year | 1,123,000 | $ 680,000 |
Warrants [Member] | ||
Statement [Line Items] | ||
Balance At Beginning Of The Year | 741,000 | 2,295,000 |
Warrants Issued | 2,240 | 0 |
Fair Value Adjustment | (233,000) | (1,581,000) |
Effect Of Movement In Exchange Rates | 25,000 | 27,000 |
Balance At End Of The Year | $ 2,773,000 | $ 741,000 |
WARRANT LIABILITY (Details 1)
WARRANT LIABILITY (Details 1) - Warrants [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Outstanding And Exercisable Underlying Shares, Beginning | 1,950,412 | 2,980,774 |
Warrants Exercised, Underlying Share | $ (1,030,362) | |
Warrants Issued, Underlying Shares | 7,000,000 | |
Outstanding And Exercisable Underlying Shares, Ending | 8,950,412 | 1,950,412 |
Outstanding And Exercisable Weighted Average Exercise Price, Beginning | $ 0.80 | $ 0.80 |
Warrants Excersied Weighte Average Exercised | 0.80 | |
Warrants Issued, Weighted Average Exercised | 1.09 | |
Outstanding And Exercisable Weighted Average Exercise Price, Ending | $ 1.03 | $ 0.80 |
WARRANT LIABILITY (Details 2)
WARRANT LIABILITY (Details 2) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Warrants Outstanding And Exercisable | 8,950,412 | 1,950,412 |
September 25, 2023 [Member] | ||
Statement [Line Items] | ||
Warrants Outstanding And Exercisable | 1,950,412 | 1,950,412 |
Expiry Date | Sep. 25, 2023 | |
Exercise Price | $ 0.80 | |
September 21, 2023 [Member] | ||
Statement [Line Items] | ||
Warrants Outstanding And Exercisable | 7,000,000 | |
Expiry Date | Sep. 21, 2023 | |
Exercise Price | $ 1.09 |
WARRANT LIABILITY (Details 3)
WARRANT LIABILITY (Details 3) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Assumptions: | ||
Risk-free Interest Rate | 2.17% | 0.91% |
Expected Dividend Yield | 0.00% | 0.00% |
Expected Option Life (years) | 1 year 5 months 23 days | 1 year 8 months 23 days |
Expected Stock Price Volatility | 73.94% | 83.13% |
Weighted Average Fair Value | $ 0.34 | $ 0.38 |
WARRANT LIABILITY (Details Narr
WARRANT LIABILITY (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Weighted Average Remaining Contractual Life (years) | 1 year 5 months 23 days | 1 year 8 months 23 days | |
Realized Loss On The Exercise Of Warrants | $ 1,005 | ||
Warrants Exercised | 912,562 | ||
Issuance Of Common Shares | 912,562 |
RECLAMATION PROVISION (Details)
RECLAMATION PROVISION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Balance At Beginning Of The Year | $ 726 | $ 808 |
Changes In Estimates | 0 | (105) |
Unwinding Of Discount Related To Continuing Operations | 10 | 47 |
Effect Of Movements In Exchange Rates | 22 | (24) |
Balance At End Of The Year | $ 758 | $ 726 |
RECLAMATION PROVISION (Details
RECLAMATION PROVISION (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Management's estimate one [Member] | ||
Statement [Line Items] | ||
Risk Free Interest Rate | 8.41% | 7.78% |
Inflation Rate | 7.36% | 7.36% |
Management's Estimate [Member] | ||
Statement [Line Items] | ||
Reclamation Provision | $ 758 | $ 726 |
Reclamation Provision Undiscounted Value | $ 1,313 | $ 1,252 |
SHARE CAPITAL AND SHAREBASED _3
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Outstanding And Exercisable Underlying Shares, Beginning | 1,950,412 | |
Stock options [Member] | ||
Statement [Line Items] | ||
Outstanding And Exercisable Underlying Shares, Beginning | 2,839,000 | 3,483,000 |
Granted | 2,365,000 | |
Cancelled / Forfeited | (20,000) | |
Expired | (360,000) | |
Exercised | (48,000) | (264,000) |
Stock Options Outstanding, Ending | 5,156,000 | 2,839,000 |
Stock Options Exercisable | 2,791,000 | |
Outstanding And Exercisable Weighted Average Exercise Price, Beginning | $ 1.68 | $ 1.77 |
Weighted Average Exercise Price, Granted | 1.20 | |
Weighted Average Exercise Price, Expired | 2.95 | |
Weighted Average Exercise Price, Exercised | 0.79 | 1.16 |
Weighted Average Exercise Price, Cancelled / Forfeited | 1.64 | |
Outstanding And Exercisable Weighted Average Exercise Price, Ending | 1.47 | $ 1.68 |
Weighted Average Exercise Price, Stock Options Exercisable | $ 1.70 |
SHARE CAPITAL AND SHAREBASED _4
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 1) - Stock options [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Statement [Line Items] | |
Stock Options Exercisable | 2,791,000 |
Stock Options Outstanding | 5,156,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 2.33 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 3.55 |
September 20, 2022 [Member] | |
Statement [Line Items] | |
Expiry Date | Sep. 20, 2022 |
Stock Options Exercisable | 880,000 |
Exercise Price | $ / shares | $ 1.98 |
Stock Options Outstanding | 880,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 0.47 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 0.47 |
August 28, 2023 [Member] | |
Statement [Line Items] | |
Expiry Date | Aug. 28, 2023 |
Stock Options Exercisable | 105,000 |
Exercise Price | $ / shares | $ 1.30 |
Stock Options Outstanding | 105,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 1.41 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 1.41 |
August 21, 2024 [Member] | |
Statement [Line Items] | |
Expiry Date | Aug. 21, 2024 |
Stock Options Exercisable | 126,000 |
Exercise Price | $ / shares | $ 0.79 |
Stock Options Outstanding | 126,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 2.39 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 2.39 |
March 25, 2027 [Member] | |
Statement [Line Items] | |
Expiry Date | Mar. 25, 2027 |
Exercise Price | $ / shares | $ 1.20 |
Stock Options Outstanding | 2,365,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 4.99 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 4.99 |
August 4, 2025 [Member] | |
Statement [Line Items] | |
Expiry Date | Aug. 4, 2025 |
Stock Options Exercisable | 1,680,000 |
Exercise Price | $ / shares | $ 1.64 |
Stock Options Outstanding | 1,680,000 |
Weighted Average Remaining Contractual Life (years), Stock Options Exercisable | 3.35 |
Weighted Average Remaining Contractual Life (years), Stock Options Outstanding | 3.35 |
SHARE CAPITAL AND SHAREBASED _5
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 2) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Weighted Average Fair Value | $ 0.34 | $ 0.38 |
Stock options [Member] | ||
Statement [Line Items] | ||
Risk-free Interest Rate | 2.49% | |
Expected Dividend Yield | 0.00% | |
Expected Warrant Life (years) | 5 years | |
Expected Stock Price Volatility | 59.97% | |
Expected Forfeiture Rate | 20.00% | |
Weighted Average Fair Value | $ 0.63 | $ 0 |
SHARE CAPITAL AND SHAREBASED _6
SHARE CAPITAL AND SHAREBASED PAYMENTS (Detail 3) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Outstanding And Exercisable Underlying Shares, Beginning | 1,950,412 | |
Outstanding And Exercisable Underlying Shares, Ending | 8,950,412 | 1,950,412 |
Restricted Share Units [Member] | ||
Statement [Line Items] | ||
Outstanding And Exercisable Underlying Shares, Beginning | 1,439,477 | 2,874,000 |
Exercised | (1,330,167) | |
Granted | 1,799,000 | |
Cancelled / Forfeited | (104,356) | |
Outstanding And Exercisable Underlying Shares, Ending | 3,238,477 | 1,439,477 |
Outstanding And Exercisable Weighted Average Exercise Price, Beginning | $ 1.32 | $ 1.28 |
Weighted Average Exercise Price, Granted | 1.19 | |
Weighted Average Exercise Price, Exercised | 1.22 | |
Weighted Average Exercise Price, Cancelled / Forfeited | 1.54 | |
Outstanding And Exercisable Weighted Average Exercise Price, Ending | $ 1.25 | $ 1.32 |
SHARE CAPITAL AND SHAREBASED _7
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 4) - Restricted Share Units [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Statement [Line Items] | |
Stock Options Outstanding | 3,238,477 |
March 23, 2022 [Member] | |
Statement [Line Items] | |
Exercise Price | $ / shares | $ 1.19 |
Stock Options Outstanding | 1,799,000 |
Issuance Date | Mar. 23, 2022 |
August 21, 2019 [Member] | |
Statement [Line Items] | |
Exercise Price | $ / shares | $ 0.79 |
Stock Options Outstanding | 539,733 |
Issuance Date | Aug. 21, 2019 |
August 4, 2020 [Member] | |
Statement [Line Items] | |
Exercise Price | $ / shares | $ 1.64 |
Stock Options Outstanding | 899,744 |
Issuance Date | Aug. 4, 2020 |
SHARE CAPITAL AND SHAREBASED _8
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details 5) - Earning loss Per Share [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | ||
Net Loss For The Period | $ 646 | $ (1,818) |
Basic Weighted Average Number Of Shares Outstanding | 103,819,481 | 96,204,148 |
Effect Of Dilutive Share Options, Warrants, And Rsus | 3,415,476 | |
Diluted Weighted Average Number Of Shares Outstanding | 107,234,957 | 96,204,148 |
Basic Loss Per Share | $ 0.01 | $ (0.02) |
Diluted Loss Per Share | $ 0.01 | $ (0.02) |
SHARE CAPITAL AND SHAREBASED _9
SHARE CAPITAL AND SHAREBASED PAYMENTS (Details Narrative) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022USD ($)shares | Mar. 31, 2022$ / sharesshares | Mar. 31, 2021USD ($)shares | Dec. 31, 2021USD ($)shares | |
Statement [Line Items] | ||||
Gross Proceeds On Cash Commission | $ 523 | |||
Net Proceeds | $ 18,497 | |||
Fair Value Of The Rsus Vested, Share-based Payments | $ 168 | $ 385 | ||
Fair Value Of Stock Options Granted, Share-based Payments | $ 32 | 231 | ||
Common Shares Issued | shares | 1,030,362 | |||
Restricted Share Units | shares | 1,799,000 | |||
Weighted Average Fair Value Per Share | $ / shares | $ 1.19 | |||
Share-based Payments | $ 200 | $ 616 | ||
Share Capital Two [Member] | ||||
Statement [Line Items] | ||||
Gross Proceeds On Cash Commission | $ 237 | |||
Common Shares Issued | shares | 264,000,000 | |||
Exercise Of Warrants | shares | 264,000,000 | |||
Share-based Payments | $ 364 | |||
Fair Value Upon Issuance Of Warrants | $ 127 | |||
Share Capital [Member] | ||||
Statement [Line Items] | ||||
Common Shares Issued | shares | 48,000 | 48,000 | 14,000,000 | 10,050,000 |
Exercise Of Warrants | shares | 48,000 | 48,000 | 1,030,362,000 | |
Share-based Payments | $ 46 | $ 13,650 | $ 1,911 | |
Cash Commission, Percent | 2.75% | |||
Realized Loss On Exercise Of Warrants | $ 1,106 | |||
Common Stock, Shares Issued During Period Upon Exercise Of Rsus, Shares | shares | 1,330,167 | |||
Common Stock Upon Exercise Of Rsus, Value | $ 1,278 | |||
Market Offering Under Prospectus Supplements, Amount | 19,020 | |||
Additional Share Issuance Cost | 15 | 400 | ||
Proceeds From Excercise Of Warrants | $ 31 | 824 | ||
Foreign Exchange Amount | $ 19 |
REVENUE AND COST OF SALES (Deta
REVENUE AND COST OF SALES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Concentrate Sales | $ 9,789 | $ 0 |
Provisional Pricing Adjustments | 1,261 | 29 |
Total Revenue | $ 11,050 | $ 29 |
REVENUE AND COST OF SALES (De_2
REVENUE AND COST OF SALES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Production Costs | $ 5,847 | $ 0 |
Stand-by And Ramp-up Costs | 0 | 246 |
Depreciation And Depletion | 459 | 463 |
Cost Of Sales | $ 6,306 | $ 709 |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Salaries And Benefits | $ 438 | $ 337 |
Office And Miscellaneous | 174 | 156 |
Management And Consulting Fees | 116 | 155 |
Investor Relations | 52 | 24 |
Travel And Promotion | 10 | 8 |
Professional Fees | 208 | 143 |
Directors Fees | 41 | 42 |
Regulatory And Compliance Fees | 47 | 40 |
Depreciation | 30 | 29 |
General And Administrative Expenses | $ 1,116 | $ 934 |
COMMITMENTS (Details)
COMMITMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Minimum Rental And Lease Payments | $ 884 | $ 888 |
Later than five years [member] | ||
Statement [Line Items] | ||
Minimum Rental And Lease Payments | 454 | 462 |
Not later than one year [member] | ||
Statement [Line Items] | ||
Minimum Rental And Lease Payments | 94 | 96 |
Later than one year and not later than five years [member] | ||
Statement [Line Items] | ||
Minimum Rental And Lease Payments | $ 336 | $ 330 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Office Lease Payments Recognized As Expense | $ 16 | $ 12 |
SUPPLEMENTARY CASH FLOW INFORMA
SUPPLEMENTARY CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Change In Non-cash Working Capital Items: | ||
Inventory | $ 339 | $ (74) |
Prepaid Expenses And Other Assets | (327) | (68) |
Taxes Recoverable | 210 | (165) |
Taxes Payable | (28) | (7) |
Accounts Payable And Accrued Liabilities | 1,013 | 308 |
Amounts Receivable | (1,394) | (140) |
Amounts Due To Related Parties | (15) | (6) |
Net Change In Non-cash Working Capital | $ (202) | $ (152) |
SUPPLEMENTARY CASH FLOW INFOR_2
SUPPLEMENTARY CASH FLOW INFORMATION (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest Paid | $ 20 | $ 34 |
Taxes Paid | 0 | 136 |
Equipment Acquired Under Finance Leases And Equipment Loans | $ 1,101 | $ 0 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement [Line Items] | ||
Accounts Payable And Accrued Liabilities | $ 4,609 | $ 3,260 |
Amounts Due To Related Parties | 151 | $ 163 |
Note Payable | 4,665 | |
Later than one year and not later than five years [member] | ||
Statement [Line Items] | ||
Accounts Payable And Accrued Liabilities | 0 | |
Amounts Due To Related Parties | 0 | |
Minimum Rental And Lease Payments | 336 | |
Note Payable | 0 | |
Finance Lease Obligations | 1,165 | |
Total | 1,501 | |
More Than 5 Years [Member] | ||
Statement [Line Items] | ||
Accounts Payable And Accrued Liabilities | 0 | |
Amounts Due To Related Parties | 0 | |
Minimum Rental And Lease Payments | 454 | |
Note Payable | 0 | |
Finance Lease Obligations | 0 | |
Total | 454 | |
Financial Instruments [Member] | ||
Statement [Line Items] | ||
Accounts Payable And Accrued Liabilities | 4,609 | |
Amounts Due To Related Parties | 151 | |
Minimum Rental And Lease Payments | 884 | |
Note Payable | 5,000 | |
Finance Lease Obligations | 1,936 | |
Total | 12,580 | |
Less Than One Year [Member] | ||
Statement [Line Items] | ||
Accounts Payable And Accrued Liabilities | 4,609 | |
Amounts Due To Related Parties | 151 | |
Minimum Rental And Lease Payments | 94 | |
Note Payable | 5,000 | |
Finance Lease Obligations | 771 | |
Total | $ 10,625 |
FINANCIAL INSTRUMENTS (Details
FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement [Line Items] | |||
Cash | $ 168 | $ 24,765 | $ 11,713 |
Long-term Investments | 3,332 | 3,939 | |
Amounts Receivable | 2,602 | 1,208 | |
Accounts Payable And Accrued Liabilities | 4,609 | 3,260 | |
Amounts Due To Related Parties | 151 | 163 | |
MXN [Member] | |||
Statement [Line Items] | |||
Cash | 3,096 | 3,576 | |
Long-term Investments | 0 | 0 | |
Reclamation Bonds | 0 | 0 | |
Amounts Receivable | 499 | 0 | |
Accounts Payable And Accrued Liabilities | (12,574) | (57,604) | |
Amounts Due To Related Parties | 0 | 0 | |
Finance Lease Obligations | (2,766) | (1) | |
Net Exposure | (11,745) | (54,029) | |
Us Dollar Equivalent | (587) | (2,363) | |
CDN [Member] | |||
Statement [Line Items] | |||
Cash | 1,039 | 1,450 | |
Long-term Investments | 4,164 | 4,976 | |
Reclamation Bonds | 6 | 6 | |
Amounts Receivable | 31 | 33 | |
Accounts Payable And Accrued Liabilities | (464) | (211) | |
Amounts Due To Related Parties | (188) | (206) | |
Finance Lease Obligations | (342) | (394) | |
Net Exposure | 4,246 | 5,654 | |
Us Dollar Equivalent | $ 3,398 | $ 4,054 |
FINANCIAL INSTRUMENTS (Detail_2
FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement [Line Items] | |||
Cash | $ 168 | $ 24,765 | $ 11,713 |
Amounts Receivable | 2,602 | 1,208 | |
Long-term Investments | 3,332 | 3,939 | |
Warrant Liability | 1,123 | $ 680 | |
Level 1 of fair value hierarchy [member] | |||
Statement [Line Items] | |||
Cash | 11,686 | ||
Amounts Receivable | 0 | ||
Long-term Investments | 3,332 | ||
Total Financial Assets | 15,018 | ||
Warrant Liability | 0 | ||
Total Financial Liabilities | 0 | ||
Level 2 of fair value hierarchy [member] | |||
Statement [Line Items] | |||
Cash | 0 | ||
Amounts Receivable | 2,602 | ||
Long-term Investments | 0 | ||
Total Financial Assets | 2,602 | ||
Warrant Liability | 0 | ||
Total Financial Liabilities | 0 | ||
Level 3 of fair value hierarchy [member] | |||
Statement [Line Items] | |||
Cash | 0 | ||
Amounts Receivable | 0 | ||
Long-term Investments | 0 | ||
Total Financial Assets | 0 | ||
Warrant Liability | (2,773) | ||
Total Financial Liabilities | $ (2,773) |
FINANCIAL INSTRUMENTS (Detail_3
FINANCIAL INSTRUMENTS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement [Line Items] | |||
Cash | $ 168,000 | $ 24,765,000 | $ 11,713,000 |
Liquidity Risk [Member] | |||
Statement [Line Items] | |||
Cash | 11,686,000 | ||
Working Capital | $ 14,528,000 | ||
Price Risk [Member] | |||
Statement [Line Items] | |||
Asset And Liability Exposure, Description | based on outstanding accounts receivable that were subject to pricing adjustments, a 10% change in metals prices would have an impact on net earnings (loss) of approximately $84 (December 31, 2021 - $26). | ||
Impact On Net Earning (loss) | $ 84,000 | 26,000 | |
Price Risk [Member] | Long-term investments [Member] | |||
Statement [Line Items] | |||
Asset And Liability Exposure, Description | a 10% change in market prices would have an impact on net earnings (loss) of approximately $333 (December 31, 2021 - $330). | ||
Impact On Net Earning (loss) | $ 333,000 | 330,000 | |
Foreign Currency Risk [Member] | |||
Statement [Line Items] | |||
Asset And Liability Exposure, Description | A 10% change in the interest rate would not a result in a material impact on the Company’s operations. | ||
Impact On Net Earning (loss) | $ 250,000 | $ 143,000 |
SEGMENTED INFORMATION (Details)
SEGMENTED INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Silver | $ 3,896 | $ 15 |
Gold | 2,442 | 5 |
Copper | 7,053 | 9 |
Penalties, Treatment Costs And Refining Charges | (2,344) | 0 |
Total Revenue From Mining Operations | $ 11,050 | $ 29 |
SEGMENTED INFORMATION (Details
SEGMENTED INFORMATION (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Customer 1 | $ 8,985 | $ 0 |
Customer 2 | 1,232 | 0 |
Customer 3 | 844 | 0 |
Customer 4 | (11) | 29 |
Total Revenue From Mining Operations | $ 11,050 | $ 29 |
SEGMENTED INFORMATION (Detail_2
SEGMENTED INFORMATION (Details 2) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Exploration And Evaluation Assets - Mexico | $ 44,684 | $ 11,052 |
Exploration And Evaluation Assets - Canada | 1 | 1 |
Total Exploration And Evaluation Assets | $ 44,685 | $ 11,053 |
SEGMENTED INFORMATION (Detail_3
SEGMENTED INFORMATION (Details 3) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Plant, Equipment And Mining Properties - Mexico | $ 38,444 | $ 35,390 |
Plant, Equipment And Mining Properties - Canada | 283 | 285 |
Total Plant, Equipment And Mining Properties | $ 38,727 | $ 35,675 |
SEGMENTED INFORMATION (Detail_4
SEGMENTED INFORMATION (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total Revenue From Mining Operations | $ 11,050 | $ 29 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 1 Months Ended |
Mar. 31, 2022CAD ($)shares | |
Olympic Claims | |
Statement [Line Items] | |
Ownership Interest, Percentage | 100.00% |
Net Smelter Return Royalty Description | Endurance earns the 100% interest, the Olympic Claims will be subject to a 2% net smelter return royalty (“NSR”), of which 1% NSR can be purchased by the Endurance for C$750 and the remaining balance of the NSR can be purchased for C$1,000. |
Avino | |
Statement [Line Items] | |
Cash Consideration | $ | $ 100,000,000 |
Common Stock Shares | 1,500,000 |
Exploration Expenditures | $ | $ 300 |
Option Description | Endurance is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then Endurance will be obliged to pay Avino a C$1,000 discovery bonus. |
Warrants Premium | 25.00% |
Warrants Purchase | 750,000 |
Cantor Fitzgerald Canada Corporate [Member] | |
Statement [Line Items] | |
Common Stock Shares Issued | 1,075,000 |