Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Registrant Name | TASEKO MINES LIMITED |
Entity Central Index Key | 0000878518 |
Document Type | 40-F |
Current Fiscal Year End Date | --12-31 |
Audited Annual Financial Statements | true |
City Area Code | 778 |
Local Phone Number | 373-4533 |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Address Line One | 1040 West Georgia Street |
Entity Address, City or Town | Vancouver |
Entity Address, Postal Zip Code | V6E 4H1 |
Entity Address, Country | CA |
Document Registration Statement | false |
Document Annual Report | true |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding | 286,492,919 |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Document Period End Date | Dec. 31, 2022 |
Amendment Flag | false |
Entity File Number | 001-31965 |
Entity Address, State or Province | BC |
Annual Information Form | true |
Auditor Name | KMPG LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 85 |
ICFR Auditor Attestation Flag | true |
Business Contact [Member] | |
Document Information [Line Items] | |
City Area Code | 800 |
Local Phone Number | 927-9800 |
Contact Personnel Name | Corporation Service Company |
Entity Address, Address Line Two | 2711 Centerville Road |
Entity Address, Address Line One | Suite 400 |
Entity Address, City or Town | Wilmington |
Entity Address, Postal Zip Code | 19808 |
Entity Address, State or Province | DE |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and equivalents | $ 120,858 | $ 236,767 |
Accounts receivable | 13,223 | 9,604 |
Inventories | 92,846 | 79,871 |
Other financial assets | 9,013 | 7,014 |
Prepaids | 4,931 | 3,971 |
Total current assets | 240,871 | 337,227 |
Property, plant and equipment | 1,029,240 | 837,839 |
Other financial assets | 2,989 | 2,902 |
Goodwill | 5,584 | 5,227 |
Total assets | 1,278,684 | 1,183,195 |
Current liabilities | ||
Accounts payable and other liabilities | 66,716 | 55,660 |
Current portion of long-term debt | 18,409 | 18,305 |
Current portion of deferred revenue | 12,065 | 13,441 |
Interest payable on senior secured notes | 14,221 | 13,312 |
Current income tax payable | 1,227 | 2,759 |
Total current liabilities | 112,638 | 103,477 |
Long-term debt | 568,160 | 513,444 |
Provision for environmental rehabilitation ("PER") | 113,725 | 87,571 |
Deferred and other tax liabilities | 76,255 | 70,186 |
Deferred revenue | 47,620 | 45,356 |
Other financial liabilities | 3,877 | 4,643 |
Total liabilities | 922,275 | 824,677 |
EQUITY | ||
Share capital | 479,926 | 476,599 |
Contributed surplus | 55,795 | 55,403 |
Accumulated other comprehensive income ("AOCI") | 26,792 | 6,649 |
Deficit | (206,104) | (180,133) |
Total equity | 356,409 | 358,518 |
Total equity and liabilities | $ 1,278,684 | $ 1,183,195 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - CAD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses from mining business [abstract] | ||
Revenues | $ 391,609 | $ 433,278 |
Cost of sales | ||
Production costs | (285,392) | (202,886) |
Depletion and amortization | (51,982) | (66,587) |
Earnings from mining operations | 54,235 | 163,805 |
General and administrative | (12,056) | (16,937) |
Share-based compensation expense | (3,807) | (5,507) |
Project evaluation expense | (543) | 408 |
Gain (loss) on derivatives | 16,274 | (13,008) |
Other income | 1,758 | 1,483 |
Income before financing costs and income taxes | 55,861 | 130,244 |
Finance expenses, net | (45,209) | (51,935) |
Call premium on settlement of debt | 0 | (6,941) |
Foreign exchange loss | (29,791) | (555) |
Income (loss) before income taxes | (19,139) | 70,813 |
Income tax expense | (6,832) | (34,341) |
Net income (loss) | (25,971) | 36,472 |
Items that will remain permanently in other comprehensive income (loss): | ||
Loss on financial assets | (541) | (677) |
Items that may in the future be reclassified to profit (loss): | ||
Foreign currency translation reserve | 20,684 | (348) |
Total other comprehensive income (loss) | 20,143 | (1,025) |
Total comprehensive income (loss) | $ (5,828) | $ 35,447 |
Earnings (loss) per share | ||
Basic | $ (0.09) | $ 0.13 |
Diluted | $ (0.09) | $ 0.13 |
Weighted average shares outstanding (thousands) | ||
Basic | 286,236 | 283,593 |
Diluted | 286,236 | 287,504 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | ||
Net income (loss) for the year | $ (25,971) | $ 36,472 |
Adjustments for: | ||
Depletion and amortization | 51,982 | 66,587 |
Income tax expense | 6,832 | 34,341 |
Finance expenses, net | 45,209 | 51,935 |
Call premium on settlement of debt | 0 | 6,941 |
Share-based compensation expense | 4,152 | 5,762 |
Loss (gain) on derivatives | (16,274) | 13,008 |
Unrealized foreign exchange loss (gain) | 30,027 | (272) |
Amortization of deferred revenue | (5,982) | (4,807) |
Other operating activities | (3,263) | (3,227) |
Net change in working capital | (5,446) | (31,971) |
Cash provided by operating activities | 81,266 | 174,769 |
Investing activities | ||
Gibraltar capitalized stripping costs | (32,017) | (59,864) |
Gibraltar sustaining capital expenditures | (18,108) | (23,850) |
Gibraltar capital project expenditures | (29,551) | (4,013) |
Florence Copper development costs | (101,296) | (42,871) |
Other project development costs | (966) | (3,058) |
Purchase of copper price options | (7,269) | (15,837) |
Proceeds from copper put options | 22,539 | 0 |
Other investing activities | 262 | 1,781 |
Cash used for investing activities | (166,406) | (147,712) |
Financing activities | ||
Interest paid | (39,363) | (25,590) |
Repayment of equipment loans and leases | (26,443) | (19,737) |
Proceeds from equipment financings | 31,770 | 0 |
Net proceeds from issuance of senior secured notes | 0 | 496,098 |
Repayment of senior secured notes | 0 | (317,225) |
Redemption cost on settlement of senior secured notes | 0 | (8,714) |
Financing fees paid | 0 | (1,451) |
Settlement of performance share units | (1,927) | 0 |
Proceeds from exercise of stock options | 727 | 2,406 |
Cash provided by (used for) financing activities | (35,236) | 125,787 |
Effect of exchange rate changes on cash and equivalents | 4,467 | (1,187) |
Increase (decrease) in cash and equivalents | (115,909) | 151,657 |
Cash and equivalents, beginning of year | 236,767 | 85,110 |
Cash and equivalents, end of year | $ 120,858 | $ 236,767 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands | Share capital [Member] | Contributed surplus [Member] | AOCI [Member] | Deficit [Member] | Total |
Beginning balance at Dec. 31, 2020 | $ 472,870 | $ 53,433 | $ 7,674 | $ (216,605) | $ 317,372 |
Statement [Line Items] | |||||
Share-based compensation | 3,293 | 3,293 | |||
Exercise of options | 3,729 | (1,323) | 2,406 | ||
Total comprehensive income (loss) for the year | (1,025) | 36,472 | 35,447 | ||
Ending balance at Dec. 31, 2021 | 476,599 | 55,403 | 6,649 | (180,133) | 358,518 |
Statement [Line Items] | |||||
Share-based compensation | 4,919 | 4,919 | |||
Exercise of options | 1,110 | (383) | 727 | ||
Settlement of performance share units | 2,217 | (4,144) | (1,927) | ||
Total comprehensive income (loss) for the year | 20,143 | (25,971) | (5,828) | ||
Ending balance at Dec. 31, 2022 | $ 479,926 | $ 55,795 | $ 26,792 | $ (206,104) | $ 356,409 |
REPORTING ENTITY
REPORTING ENTITY | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Reporting Entity [Abstract] | |
REPORTING ENTITY [Text Block] | 1. REPORTING ENTITY Taseko Mines Limited (the "Company" or "Taseko") is a corporation governed by the British Columbia Business Corporations Act. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Basis Of Preparation [Abstract] | |
BASIS OF PREPARATION [Text Block] | 2. BASIS OF PREPARATION 2.1 Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. These consolidated financial statements were authorized for issue by the Board of Directors on February 23, 2023. 2.2 Basis of measurement, judgment and estimation These consolidated financial statements have been prepared on a historical cost basis except those measured at fair value through profit or loss, fair value through other comprehensive income. These consolidated financial statements are presented in Canadian dollars, which is the Company's functional currency. Foreign currency monetary assets and liabilities are translated into Canadian dollars at the closing exchange rate as at the balance sheet date. Foreign currency non-monetary assets and liabilities, revenues and expenses are translated into Canadian dollars at the prevailing rate of exchange on the dates of the transactions. Any gains and losses are included in profit and loss. The Company's US subsidiary measures the items in its financial statements using the US dollar as its functional currency. The assets and liabilities of the US subsidiary are translated into Canadian dollars using the period end exchange rate. The income and expenses are translated into Canadian dollars at the weighted average exchange rates to the period end reporting date. Any gains and losses on translation are included in accumulated other comprehensive income ("AOCI"). All financial information presented in Canadian dollars has been rounded to the nearest thousand, unless otherwise noted. The preparation of these consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. In the process of applying the Company's accounting policies, significant areas where judgment is required include the determination of a joint arrangement, determining the timing of transfer of control of inventory for revenue recognition, reserve and resource estimates, functional currency, determination of the accounting treatment of the advance payment under the silver purchase and sale agreement reported as deferred revenue (Note 18), provisions for environmental rehabilitation, determination of business or asset acquisition treatment, and recovery of other deferred tax assets. Significant areas of estimation include reserve and resource estimation; asset valuations and the measurement of impairment charges or reversals; valuation of inventories; plant and equipment lives; tax provisions; provisions for environmental rehabilitation, including determination of appropriate discount rates; valuation of financial instruments and derivatives; capitalized stripping costs and share-based compensation. Key estimates and assumptions made by management with respect to these areas have been disclosed in the notes to these consolidated financial statements as appropriate. The accuracy of reserve and resource estimates is a function of the quantity and quality of available data and the assumptions made and judgment used in the engineering and geological interpretation and may be subject to revision based on various factors. Changes in reserve and resource estimates may impact the carrying value of property, plant and equipment; the calculation of depreciation expense; the capitalization of stripping costs incurred during production; and the timing of cash flows related to the provision for environmental rehabilitation. Changes in forecast prices of commodities, exchange rates, production costs and recovery rates may change the economic status of reserves and resources. Forecast prices of commodities, exchange rates, production costs and recovery rates, and discount rates assumptions, either individually or collectively, may impact the carrying value of derivative financial instruments, provisions for environmental rehabilitation, inventories, property, plant and equipment, and intangibles, as well as the measurement of impairment charges or reversals. 2.3 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and controlled entities as at December 31, 2022. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of comprehensive income (loss) from the date the Company gains control until the date the Company ceases to control the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company's accounting policies. All intercompany transactions between the subsidiaries of the Company are eliminated in full on consolidation. The Company applies the acquisition method in accounting for business combinations. The consideration transferred by the Company to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Company, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. The Company recognizes identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognized in the acquiree's financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of a) fair value of consideration transferred, b) the recognized amount of any non-controlling interest in the acquiree and c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount would be recognized in profit or loss immediately. 2.4 Significant Accounting Policies (a) Revenue recognition Under IFRS 15, Revenue Contracts with Customers Under the terms of the Company's concentrate sales contracts, the final sales amount is based on final assay results and quoted market prices which may be in a period subsequent to the date of sale. Revenues for these sales, net of treatment and refining charges are recorded when the customer obtains control of the concentrate, based on an estimate of metal contained using initial assay results and forward market prices for the expected date that final sales prices will be fixed. The period between provisional pricing and final settlement can be up to four months. This settlement receivable is recorded at fair value each reporting period by reference to forward market prices until the date of final pricing, with the changes in fair value recorded as an adjustment to revenue. (b) Cash and equivalents Cash and equivalents consist of cash and highly-liquid investments having terms of three months or less from the date of acquisition and that are readily convertible to known amounts of cash. Cash and equivalents exclude cash subject to restrictions. (c) Financial instruments Financial assets and liabilities are recognized on the balance sheet when the Company becomes party to the contractual provisions of the instrument. The classification of financial instruments dictates how these assets and liabilities are measured subsequently in the Company's consolidated financial statements. A financial asset is classified as measured at fair value and subsequently at either: amortized cost; Fair Value through Other Comprehensive Income (FVOCI); or Fair Value through Profit or Loss (FVPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost if: (i) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and (ii) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding; and (iii) it is not designated as FVPL. This category of financial assets is subsequently measured at amortized cost using the effective interest method, and reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis. Equity investments measured at FVOCI are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset as FVPL if doing so significantly reduces an accounting mismatch that would otherwise arise. Financial assets classified as FVPL are subsequently measured at fair value, with net gains and losses, including any interest or dividend income, recognized in profit or loss. Financial assets at amortized cost Financial assets at amortized cost are financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, these financial assets are recorded at amortized cost using the effective interest method, except for short-term receivables when the recognition of interest would be immaterial. Accounts receivable are assessed for evidence of impairment at each reporting date, with any impairment recognized in earnings for the period. Financial assets in this category include cash and cash equivalents and accounts receivables. Financial assets at fair value through other comprehensive income (FVOCI) Marketable securities, investment in subscription receipts and reclamation deposits are designated as FVOCI and recorded at fair value. All financial assets not classified as measured at amortized cost or FVOCI are measured at fair value through profit or loss (FVPL). Derivative financial instruments that are not designated and effective as hedging instruments are classified as FVPL. Financial instruments classified as FVPL are stated at fair value with any changes in fair value recognized in earnings for the period. Financial assets in this category include derivative financial instruments that the Company acquires to manage exposure to commodity price fluctuations. These instruments are non-hedge derivative instruments. Financial liabilities Financial liabilities are initially recorded at fair value, net of transaction costs, and are subsequently measured at amortized cost using the effective interest method. The Company has accounted for accounts payable and accrued liabilities and long-term debt under this method. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value, by reference to the reliability of the inputs used to estimate the fair values. Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). (d) Exploration and evaluation and development costs Exploration and evaluation expenditures relate to the initial search for a mineral deposit and the subsequent evaluation to determine the economic potential of the mineral deposit. The exploration and evaluation stage commences when the Company obtains the legal right or license to begin exploration. Exploration and evaluation expenditures are recognized in earnings in the period in which they are incurred. Capitalization of development costs as mineral property, plant and equipment commences once the technical feasibility and commercial viability of the extraction of mineral reserve and resources associated with the Company's evaluation properties are established and management has made a decision to proceed with development. (e) Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined on a weighted average basis and includes direct labour and materials; non-capitalized stripping costs; depreciation and amortization; freight; and overhead costs. Net realizable value is determined with reference to relevant market prices, less applicable variable selling costs and estimated remaining costs of completion to bring the inventories into saleable form. Ore stockpiles represent stockpiled ore that have not yet completed the production process, and are not yet in a saleable form. Finished goods inventories represent metals in saleable form that have not yet been sold. Materials and supplies inventories represent consumables used in the production process, as well as spare parts and other maintenance supplies that are not classified as capital items. The quantity of recoverable metal in stockpiled ore and in the processing circuits is an estimate which is based on the tons of ore added and removed, expected grade and recovery. The quantity of recoverable metal in concentrate is an estimate using initial assay results. (f) Property, plant and equipment Land, buildings, plant and equipment Land, buildings, plant and equipment are recorded at cost, including all expenditures incurred to prepare an asset for its intended use. Repairs and maintenance costs are charged to expense as incurred, except when these repairs significantly extend the life of an asset or result in an operating improvement. In these instances, the portion of these repairs relating to the betterment is capitalized as part of plant and equipment. Depreciation is based on the cost of the asset less residual value. Where an item of plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items and depreciated separately. Depreciation commences when an asset is available for use. Estimates of remaining useful lives and residual values are reviewed annually. Changes in estimates are accounted for prospectively. The depreciation rates of the major asset categories are as follows: Land Not depreciated Buildings Straight-line basis over 10-25 years Plant and equipment Units-of-production basis Mining equipment Straight-line basis over 5-20 years Light vehicles and other mobile equipment Straight-line basis over 2-5 years Furniture, computer and office equipment Straight-line basis over 2-3 years Mineral properties Mineral properties consist of the cost of acquiring, permitting and developing mineral properties. Once in production, mineral properties are amortized on a units-of-production basis over the component of the ore body to which the capitalized costs relate. Property acquisition costs arise either as an individual asset purchase or as part of a business combination, and may represent a combination of either proven and probable reserves, resources, or future exploration potential. When management has not made a determination that technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the entire amount is considered property acquisition costs and not amortized. When such property moves into development, the property acquisition cost asset is transferred to mineral properties within property, plant and equipment. Mineral property development costs include: stripping costs incurred in order to provide initial access to the ore body; stripping costs incurred during production that generate a future economic benefit by increasing the productive capacity, extending the productive life of the mine or allowing access to a mineable reserve; capitalized project development costs; and capitalized interest. Construction in progress Construction in progress includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for its intended use. Construction in progress includes advances on long-lead items. Construction in progress is not depreciated. Once the asset is complete and available for use, the costs of construction are transferred to the appropriate category of property, plant and equipment, and depreciation commences. Capitalized interest Interest is capitalized for qualifying assets. Qualifying assets are assets that require a substantial period of time to prepare for their intended use. Capitalization ceases when the asset is substantially complete or if construction is interrupted for an extended period. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. Leased assets The Company has adopted IFRS 16, Leases The ROU asset is initially measured based on the present value of lease payments, lease payments made at or before the commencement date, and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset and is subject to testing for impairment if there is an indicator of impairment. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments include fixed payments less any lease incentives, and any variable lease payments where variability depends on an index or rate. When the lease contains an extension or purchase option that the Company considers reasonably certain to be exercised, the cost of the option is included in the lease payments. ROU assets are included in property, plant, and equipment (Note 14) and the lease liability is included in debt in the consolidated balance sheet (Note 17). Impairment The carrying amounts of the Company's non-financial assets are reviewed for impairment whenever circumstances suggest that the carrying value may not be recoverable. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. These assessments require the use of estimates and assumptions such as long-term commodity prices, discount rates, future capital requirements, exploration potential and operating performance. The recoverable amount of an asset or cash generating unit (CGU) is the higher of fair value less costs of disposal and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's-length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows that are largely independent of the cash flows of other assets or CGU's. If the recoverable amount of an asset or its related CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and the impairment loss is recognized in earnings for the period. Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not to an amount that exceeds the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years. A reversal of an impairment loss is recognized immediately in earnings. The carrying amount of the CGU to which goodwill has been allocated is tested annually for impairment or when there is an indication that the goodwill may be impaired. Any goodwill impairment is recognized as an expense in the profit or loss. Should there be a recovery in the value of a CGU, any impairment of goodwill previously recorded is not subsequently reversed. (g) Income taxes Income tax on the earnings for the periods presented comprises current and deferred tax. Income tax is recognized in earnings except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Income tax is calculated using tax rates enacted or substantively enacted at the reporting date applicable to the period of expected realization or settlement. Current tax expense is the expected tax payable on the taxable income for the year, adjusted for amendments to tax payable with regards to previous years. Deferred tax is determined using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities acquired (not in a business combination) that affect neither accounting nor taxable profit on acquisition; and differences relating to investments in subsidiaries, associates, and joint ventures to the extent that they are not probable to reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent it is no longer probable that the related tax benefit will be realized. (h) Share-based compensation The fair-value method is used for the Company's share-based payment transactions. Under this method, the cost of share options and equity-settled performance share units is recorded based on their estimated fair value at the grant date, including an estimate of the forfeiture rate. The fair value of the share options and performance share units is expensed on a graded amortization basis over the vesting period of the awards, with a corresponding increase in equity. Share-based compensation expense relating to cash-settled awards, including deferred share units, is recognized based on the quoted market value of the Company's common shares on the date of grant. The related liability is re-measured to fair value each reporting period to reflect changes in the market value of the Company's common shares, with changes in fair value recorded in net profit (loss). (i) Provisions Environmental rehabilitation The Company records the present value of estimated costs of legal and constructive obligations required to retire an asset in the period in which the obligation occurs. Environmental rehabilitation activities include facility decommissioning and dismantling; removal and treatment of waste materials, including water treatment; site and land rehabilitation, including compliance with and monitoring of environmental regulations; and related costs required to perform this work and/or operate equipment designed to reduce or eliminate environmental effects. The provision for environmental rehabilitation ("PER") is adjusted each period for new disturbances, and changes in regulatory requirements, the estimated amount of future cash flows required to discharge the liability, the timing of such cash flows and the pre-tax discount rate specific to the liability. The unwinding of the discount is recognized in earnings as a finance cost. When a PER is initially recognized, the corresponding cost is capitalized increasing the carrying amount of the related asset, and is amortized to earnings on a unit-of-production basis. Costs are only capitalized to the extent that the amount meets the definition of an asset and represents future economic benefits to the operation. Significant estimates and assumptions are made in determining the provision for environmental rehabilitation as there are a number of factors that will affect the ultimate liability. These factors include estimation of the extent and cost of rehabilitation activities; timing of future cash flows, changes in discount rates; inflation rate; and regulatory requirements. Other provisions Other provisions are recognized when the Company has a present obligation (legal or constructive) that has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. Where the effect is material, the provision is discounted using a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the obligation. The accretion expense is included in finance expense. (j) Finance income and expenses Finance income comprises interest income on funds invested, gains on the disposal of marketable securities, and changes in the fair value of derivatives included in cash and equivalents and marketable securities. Interest income is recognized as it accrues in earnings, using the effective interest method. Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, the finance component on deferred revenue, losses on the disposal of marketable securities, changes in the fair value of derivatives included in cash and cash equivalents and marketable securities, and impairment losses recognized on financial assets. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in earnings using the effective interest method. (k) Earnings (loss) per share The Company presents basic and diluted earnings (loss) per share data for its common shares, calculated by dividing the earnings (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by adjusting the earnings attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, which comprise warrants and share options granted. There is no dilution impact when the Company incurs a loss. (l) Interests in joint arrangements IFRS defines a joint arrangement as one over which two or more parties have joint control, which is the contractually agreed sharing of control over an arrangement. This exists only when the decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require the unanimous consent of the parties sharing control. A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. In relation to its interests in joint operations, the Company recognizes its: • Assets, including its share of any assets held jointly; • Liabilities, including its share of any liabilities incurred jointly; • Revenue from the sale of its share of the output arising from the joint operation; and • Expenses, including its share of any expenses incurred jointly. 2.5 New accounting standards and interpretations Several new accounting standards, amendments to existing standards and interpretations have been published by the IASB. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the new standard. New standards, amendments and pronouncements that became effective for the period covered by these statements have not been disclosed as they did not have a material impact on the Company's audited consolidated financial statements. |
INTEREST IN GIBRALTAR JOINT VEN
INTEREST IN GIBRALTAR JOINT VENTURE | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of joint ventures [abstract] | |
INTEREST IN GIBRALTAR JOINT VENTURE [Text Block] | 3. INTEREST IN GIBRALTAR JOINT VENTURE On March 31, 2010, the Company entered into an agreement with Cariboo Copper Corp. (Cariboo) whereby the Company contributed certain assets and liabilities of the Gibraltar mine, operating in British Columbia, into an unincorporated joint venture to acquire a 75% interest in the joint venture. Cariboo contributed $186,800 to purchase the remaining 25% interest. The assets and liabilities contributed by the Company to the joint venture were mineral property interests, plant and equipment, inventories, prepaid expenses, reclamation deposits, capital lease obligations, and site closure and reclamation obligations. Certain key strategic, operating, investing and financing policies of the joint venture require unanimous approval such that neither venturer is in a position to exercise unilateral control over the joint venture. The Company continues to be the operator of the Gibraltar mine. The Company has joint control over the joint arrangement and as such consolidates its 75% portion of all the joint venture's assets, liabilities, income and expenses. The following is a summary of the Gibraltar joint venture financial information on a 100% basis. As at December 31, 2022 2021 Cash and equivalents 82,408 43,387 Other current assets 142,479 119,833 Current assets 224,887 163,220 Non-current assets 1,046,997 959,828 Accounts payable and accrued liabilities 59,186 43,409 Other current financial liabilities 33,143 31,500 Current liabilities 92,329 74,909 Long-term debt 45,100 21,343 Provision for environmental rehabilitation 143,256 108,916 Non-current liabilities 188,356 130,259 Years ended December 31, 2022 2021 Revenues 512,950 578,736 Production costs (380,523 ) (271,364 ) Depletion and amortization (76,484 ) (102,209 ) Other operating expense (4,458 ) (4,349 ) Interest expense (4,935 ) (4,379 ) Interest income 336 40 Foreign exchange gain (loss) 919 (1,042 ) Comprehensive income for joint arrangement 47,805 195,433 |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Revenue [Abstract] | |
REVENUE [Text Block] | 4. REVENUE Years ended December 31, 2022 2021 Copper contained in concentrate 380,700 401,514 Copper price adjustments on settlement (5,060 ) 8,098 Molybdenum concentrate 19,973 28,862 Molybdenum price adjustments on settlement 3,752 2,580 Silver (Note 18) 5,456 5,010 Total gross revenue 404,821 446,064 Less: Treatment and refining costs (13,212 ) (12,786 ) Revenue 391,609 433,278 |
COST OF SALES
COST OF SALES | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Sales [abstract] | |
COST OF SALES [Text block] | 5. COST OF SALES Years ended December 31, 2022 2021 Site operating costs 269,822 201,964 Transportation costs 22,472 17,845 Changes in inventories of finished goods 7,726 (11,795 ) Changes in inventories of ore stockpiles (14,628 ) (5,128 ) Production costs 285,392 202,886 Depletion and amortization 51,982 66,587 Cost of sales 337,374 269,473 Site operating costs include personnel costs, non-capitalized waste stripping costs, repair and maintenance costs, consumables, operating supplies and external services. |
COMPENSATION EXPENSE
COMPENSATION EXPENSE | 12 Months Ended |
Dec. 31, 2022 | |
COMPENSATION EXPENSE [Text Block] | 6. COMPENSATION EXPENSE Years ended December 31, 2022 2021 Wages, salaries and benefits 79,935 82,345 Post-employment benefits 893 1,765 Share-based compensation expense (Note 21c) 4,152 5,762 84,980 89,872 Compensation expense is presented as a component of cost of sales, general and administrative expense, and project development costs. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
DERIVATIVE INSTRUMENTS [Text Block] | 7. DERIVATIVE INSTRUMENTS During the year ended December 31, 2021, the Company purchased copper put option contracts for 41 million pounds of copper with maturity dates ranging from July 2021 through to December 2021, at a strike price of US$3.75, at a total cost of $11,143. In May 2021, the Company purchased copper collar contracts for a total of 43 million pounds of copper with maturity dates ranging from January 2022 to June 2022, with a minimum copper strike price of US$4.00 per pound and a ceiling price of US$5.60 per pound, at a total cost of $4,693. In January and February of 2022, the Company purchased copper collar contracts for a total of 42 million pounds of copper with maturity dates ranging from July 2022 to December 2022, with a minimum copper strike price of US$4.00 per pound and a ceiling price of US$5.40 per pound, at a total cost of $4,295. In June 2022, the Company purchased copper collar contracts for a total of 30 million pounds of copper with maturity dates ranging from January 2023 to June 2023, with a minimum copper strike price of US$3.75 per pound and a ceiling price of US$4.72 per pound, at a total cost of $2,975. In July 2022, the Company amended the copper price collar contracts from August to December 2022 for 35 million pounds of copper by lowering the strike floor price from US$4.00 per pound to US$3.75 per pound and received realized cash proceeds of $9,880. Total proceeds received on the copper price collars contracts in 2022, including the strike floor price amendment was $22,539. During the year ended December 31, 2021, the Company received proceeds of $717 on diesel fuel call options that settled during the year. There were no fuel call options outstanding at December 31, 2021. During 2022, the Company purchased fuel call options for 27 million litres of diesel with maturity dates ranging from April 2022 to June 2023, at a total cost of $1,796. For the year ended December 31, 2022, the Company received proceeds of $260 on diesel fuel call options that settled during the year. There were 12 million litres of fuel call options outstanding at December 31, 2022. Years ended December 31, 2022 2021 Net realized (gain) loss on settled copper options (13,550 ) 14,511 Net unrealized gain on outstanding copper options (3,999 ) (1,064 ) Realized (gain) loss on fuel call options 472 (470 ) Unrealized loss on fuel call options 803 31 (16,274 ) 13,008 Details of the outstanding copper price option contracts at December 31, 2022 are summarized in the following table: Quantity Strike price Period Cost Fair value Copper collar contracts 30 million lbs US$3.75/per lb H1 2023 2,975 6,184 In January 2023, the Company purchased zero cost copper collar contracts for a total of 42 million pounds of copper with maturity dates ranging from July 2022 to December 2023, with a minimum copper strike price of US$3.75 per pound and a ceiling price of US$4.70 per pound. In January 2023, the Company purchased fuel call options for 12 million litres of diesel with maturity dates ranging from July 2023 to December 2023, at a total cost of $941. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2022 | |
Other Income [Abstract] | |
OTHER INCOME [Text Block] | 8. OTHER INCOME Years ended December 31, 2022 2021 Management fee income 1,163 1,180 Other operating income, net 595 303 1,758 1,483 |
FINANCE EXPENSES
FINANCE EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Finance Cost [Abstract] | |
FINANCE EXPENSES [Text Block] | 9. FINANCE EXPENSES Years ended December 31, 2022 2021 Interest expense 41,825 38,853 Amortization of financing fees 2,523 2,040 Finance expense - deferred revenue (Note 18) 5,711 5,549 Accretion on PER (Note 19) 367 373 Less: interest expense capitalized (3,419 ) - Finance income (1,798 ) (678 ) Loss on settlement of long-term debt - 5,798 45,209 51,935 For the year ended December 31, 2022, interest expense includes $1,599 (2021 - $1,728) from lease liabilities and lease related obligations. For the year ended December 31, 2022, $3,419 of borrowing costs have been capitalized to Florence Copper development costs (Note 14). As part of the senior secured notes refinancing completed in February of 2021, the Company redeemed its US$250 million senior secured notes on March 3, 2021, which resulted in an accounting loss of $5,798, comprised of the write-off of deferred financing costs of $4,025 and additional interest costs paid over the call period of $1,773. The Company also paid a one-time redemption call premium of $6,941 on the settlement of the US$250 million senior secured notes, which is not included in net financing expenses shown above. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax [Abstract] | |
INCOME TAX [Text Block] | 10. INCOME TAX (a) Income tax expense Years ended December 31, 2022 2021 Current income tax: Current expense 1,156 3,203 Current tax adjustments related to prior periods (264 ) - Current income tax expense 892 3,203 Deferred income tax: Origination and reversal of temporary differences 5,405 31,129 Deferred tax adjustments related to prior periods 535 9 Deferred income tax expense 5,940 31,138 Income tax expense 6,832 34,341 (b) Effective tax rate reconciliation Years ended December 31, 2022 2021 Income tax expense (recovery) at Canadian statutory rate of 36.5% (6,984 ) 25,840 Permanent differences 10,136 13,110 Foreign tax rate differential 64 96 Unrecognized tax benefits 3,344 (4,714 ) Deferred tax adjustments related to prior periods 272 9 Income tax expense 6,832 34,341 (c) Deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: As at December 31, 2022 2021 Property, plant and equipment (226,123 ) (190,768 ) Other financial assets 8,222 6,156 Provisions 29,721 22,746 Tax loss carry forwards 111,925 91,680 Deferred tax liability (76,255 ) (70,186 ) (d) Unrecognized deferred tax assets and liabilities As at December 31, 2022 2021 Deductible temporary differences: Debt 86,745 56,921 Losses and tax pools 28,082 30,523 Other financial assets 14,078 13,879 Deferred tax asset: Debt 11,658 7,655 Losses and tax pools 7,582 8,241 Other financial assets 1,900 1,873 Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Company can utilize the benefits. There are no unrecognized deferred tax liabilities. Losses and tax pools of $28,082 (2021: $30,523) relate to non-capital losses in Canada which expire between 2027 and 2039. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current receivables [abstract] | |
ACCOUNTS RECEIVABLE [Text Block] | 11. ACCOUNTS RECEIVABLE As at December 31, 2022 2021 Trade and settlement receivables 11,401 5,859 Goods and services tax receivable 1,257 1,099 Other receivables 565 2,646 13,223 9,604 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
INVENTORIES [Text Block] | 12. INVENTORIES As at December 31, 2022 2021 Ore stockpiles 45,306 31,845 Copper contained in concentrate 12,105 19,831 Molybdenum concentrate 417 310 Materials and supplies 35,018 27,885 92,846 79,871 During the year ended December 31, 2022, the Company recorded an inventory adjustment of $nil (2021: $4,561 recovery) to adjust the carrying value of ore stockpiles to net realizable value, of which $nil (2021: $1,510) is recorded in depletion and amortization and the balance in production costs. |
OTHER FINANCIAL ASSETS
OTHER FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
OTHER FINANCIAL ASSETS [Text Block] | 13. OTHER FINANCIAL ASSETS As at December 31, 2022 2021 Current: Marketable securities 2,568 3,110 Copper price options (Note 7) 6,184 3,904 Fuel call options (Note 7) 261 - 9,013 7,014 Long-term: Investment in private companies 1,200 1,200 Reclamation deposits 434 434 Restricted cash 1,355 1,268 2,989 2,902 The Company holds strategic investments in publicly-traded and privately owned mineral exploration and development companies, including marketable securities. Marketable securities and the investment in privately owned companies are accounted for at fair value through other comprehensive income. |
PROPERTY, PLANT & EQUIPMENT
PROPERTY, PLANT & EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT & EQUIPMENT [Text Block] | 14. PROPERTY, PLANT & EQUIPMENT Cost Property Mineral Plant and Construction Total At January 1, 2021 109,895 456,185 754,686 8,454 1,329,220 Additions - 92,536 19,629 52,457 164,622 Changes in rehabilitation cost asset - 12,087 - - 12,087 Disposals - - (13,283 ) - (13,283 ) Foreign exchange translation (369 ) (186 ) (255 ) - (810 ) Transfers between categories - - 17,944 (17,944 ) - At December 31, 2021 109,526 560,622 778,721 42,967 1,491,836 Additions - 67,536 19,401 115,523 202,460 Changes in rehabilitation cost asset - 28,164 - - 28,164 Disposals - (289 ) (13,558 ) - (13,847 ) Foreign exchange translation 5,916 5,235 2,947 2,900 16,998 Transfers between categories - - 15,672 (15,672 ) - At December 31, 2022 115,442 661,268 803,183 145,718 1,725,611 Accumulated depreciation At January 1, 2021 - 290,654 295,947 - 586,601 Depletion and amortization - 34,979 44,144 - 79,123 Disposals - - (11,727 ) - (11,727 ) At December 31, 2021 - 325,633 328,364 - 653,997 Depletion and amortization - 11,415 44,316 - 55,731 Disposals - - (13,357 ) - (13,357 ) At December 31, 2022 - 337,048 359,323 - 696,371 Net book value At December 31, 2021 109,526 234,989 450,357 42,967 837,839 At December 31, 2022 115,442 324,220 443,860 145,718 1,029,240 As at December 31, 2022 2021 Net book value beginning of period 837,839 742,619 Additions: Gibraltar capitalized stripping costs 36,312 69,228 Gibraltar sustaining capital expenditures 20,015 25,238 Gibraltar capital expenditures 29,551 4,013 Florence Copper development costs 103,072 58,667 Yellowhead development costs 698 2,603 Aley development costs 557 455 Other items: Right of use assets 12,254 4,418 Rehabilitation costs asset 28,164 12,087 Disposals (200 ) (1,556 ) Foreign exchange translation and other 16,709 (810 ) Depletion and amortization (55,731 ) (79,123 ) Net book value at December 31 1,029,240 837,839 Net book value Gibraltar Florence Yellowhead Aley Other Total At December 31, 2021 539,641 260,934 21,252 14,316 1,696 837,839 Net additions 97,611 103,393 698 557 (289 ) 201,970 Changes in rehabilitation cost asset (Note 19) 28,164 - - - - 28,164 Depletion and amortization (55,017 ) (338 ) - - (376 ) (55,731 ) Foreign exchange translation - 16,998 - - - 16,998 At December 31, 2022 610,399 380,987 21,950 14,873 1,031 1,029,240 During the year, the Company capitalized development costs of $103,072 (2021: $58,667) for the Florence Copper project. Since its acquisition of Florence Copper in November 2014, the Company has incurred and capitalized a total of $276 million in project development and other costs. For the year ended December 31, 2022, $3,419 of borrowing costs have been capitalized to Florence Copper development costs (Note 9). Non-cash additions to property, plant and equipment of Gibraltar include $4,294 (2021: $9,364) of depreciation on mining assets related to capitalized stripping. Since January 1, 2020 development costs for Yellowhead of $5,710 have been capitalized as mineral property, plant and equipment. Depreciation related to the right of use assets for the year ended December 31, 2022 was $6,492 (2021: $3,941) |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reconciliation of changes in goodwill [abstract] | |
GOODWILL [Text Block] | 15. GOODWILL Goodwill was recorded on the Company's acquisition of Curis Holdings (Canada) Ltd. ("Curis") in 2014 which at the time indirectly owned 100% of the Florence Copper Project. During the year ended December 31, 2022, the carrying value of the goodwill increased by $357 as a result of foreign currency translation. The Company performed an annual goodwill impairment test and the recoverable amount of the Curis CGU was calculated to be higher than its carrying amount and no impairment loss was recognized. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Payable And Accrued Liabilities [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES [Text Block] | 16. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As at December 31, 2022 2021 Trade payables 31,719 30,100 Accrued liabilities 34,997 25,560 66,716 55,660 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
DEBT [Text Block] | 17. DEBT As at December 31, 2022 2021 Current: Lease liabilities (d) 7,613 9,625 Secured equipment loans (e) 8,489 6,539 Lease related obligations (f) 2,307 2,141 18,409 18,305 Long-term: Senior secured notes (a) 534,118 497,388 Revolving credit deferred financing fees (b) (925 ) (1,352 ) Lease liabilities (d) 7,408 6,067 Secured equipment loans (e) 24,550 6,025 Lease related obligations (f) 3,009 5,316 568,160 513,444 Total debt 586,569 531,749 (a) Senior secured notes On February 10, 2021, the Company completed an offering of US$400 million aggregate principal amount of senior secured notes (the "2026 Notes"). The 2026 Notes mature on February 15, 2026 and bear interest at an annual rate of 7.0%, payable semi-annually on February 15 and August 15. A portion of the proceeds were used to redeem the outstanding US$250 million 8.75% Senior Secured Notes (the "2022 Notes") due on June 15, 2022. The remaining proceeds, net of transaction costs, call premium and accrued interest, of approximately $167 million (US$131 million) were available for capital expenditures, including at its Florence Copper project and Gibraltar mine, working capital and for general corporate purposes. The 2026 Notes are secured by liens on the shares of Taseko's wholly-owned subsidiary, Gibraltar Mines Ltd., and the subsidiary's rights under the joint venture agreement relating to the Gibraltar mine, as well as the shares of Curis Holdings (Canada) Ltd. and Florence Holdings Inc. The 2026 Notes are guaranteed by each of Taseko's existing and future restricted subsidiaries. The 2026 Notes also allow for up to US$ million of first lien secured debt to be issued and up to US$ million of debt for equipment financing, all subject to the terms of the note indenture. The Company is also subject to certain restrictions on asset sales, issuance of preferred stock, dividends and other restricted payments. However, there are no maintenance covenants with respect to the Company's financial performance. The Company may redeem some or all of the 2026 Notes at any time on or after February 15, 2023, at redemption prices ranging from 103.5% to 100%, plus accrued and unpaid interest to the date of redemption. Prior to February 15, 2023, all or part of the notes may be redeemed at 100%, plus a make-whole premium, plus accrued and unpaid interest to the date of redemption. Until February 15, 2023, the Company may redeem up to 10% of the aggregate principal amount of the notes, at a redemption price of 103%, plus accrued and unpaid interest to the date of redemption. On a change of control, the 2026 Notes are redeemable at the option of the holder at a price of 101%. (b) Revolving Credit Facility On October 6, 2021, the Company closed a secured US$50 million revolving credit facility (the "Facility"). The Facility is secured by first liens against Taseko's rights under the Gibraltar joint venture, as well as, the shares of Gibraltar Mines Ltd., Curis Holdings (Canada) Ltd., and Florence Holdings Inc. The Facility will be available for capital expenditures, working capital and general corporate purposes. The Facility has customary covenants for a revolving credit facility. Financial covenants include a requirement for the Company to maintain a leverage ratio, an interest coverage ratio, a minimum tangible net worth and a minimum liquidity amount as defined under the Facility. The Company was in compliance with these covenants as at December 31, 2022. On February 1, 2023, the Company entered into an agreement to extend the maturity date of the Facility by an additional year to July 2, 2026. In addition to the one-year extension of the Facility, the lender has also agreed to an accordion feature, which will allow the amount of the Facility to be increased by US$30 million, for a total of US$80 million, subject to credit approval and other conditions. Amounts outstanding under the facility bear interest at the Adjusted Term SOFR rate plus an applicable margin and have a standby fee of 1.00%. (c) Letter of Credit Facilities The Gibraltar joint venture has in place a $15 million credit facility for the purpose of providing letters of credit (LC) to key suppliers of the Gibraltar Mine to assist with ongoing trade finance and working capital needs. Any LCs issued under the facility will be guaranteed by Export Development Canada (EDC) under its Account Performance Security Guarantee program. The facility is renewable annually, is unsecured and contains no financial covenants. As at December 31, 2022, a total of $3.75 million in LCs were issued and outstanding under this LC facility. On April 8, 2022, the Company closed a US$4 million credit facility for the sole purpose of issuing LCs to certain key contractors in conjunction with the development of Florence Copper. Any LCs to be issued under this facility will also be guaranteed by EDC. The facility is renewable annually, is unsecured and contains no financial covenants. (d) Lease liabilities Lease liabilities include the Company's outstanding lease liabilities under IFRS 16 . (e) Secured equipment loans The equipment loans at December 31, 2022 are secured by some of the existing mobile mining equipment at the Gibraltar mine and commenced between August 2019 and December 2022 with monthly repayment terms of 48 months and with interest rates ranging between 6.4% to 8.9%. In December 2022, Gibraltar entered into an equipment loan with the Company's share of proceeds being $31,770. The loan is repayable in monthly installments with a final maturity date of December 2026. A portion of the proceeds of the loan were used to repay an equipment loan of $6,075 and lease liabilities of $606 and the remaining funds are available for general working capital purposes. (f) Lease related obligations Lease related obligations relate to a lease arising under a sale leaseback transaction on certain items of equipment at the Gibraltar mine. The lease commenced in June 2019 and has a term of 54 months. At the end of the lease term, the Company has an option to renew the term, an option to purchase the equipment at fair market value or option to return the equipment. The lease contains a fixed price early buy-out option exercisable at the end of 48 months. (g) Debt continuity The following schedule shows the continuity of total debt for the years ended December 31, 2022 and 2021: 2022 2021 Total debt as at January 1 531,749 363,404 Lease additions 12,382 6,042 Equipment loans net proceeds 31,770 - Lease liabilities and equipment loans repayments (26,443 ) (19,737 ) Unrealized foreign exchange (gain) loss 34,490 (488 ) Amortization of deferred financing charges 2,621 2,156 Settlement of 2022 Notes - (317,225 ) Foreign exchange gain - (1,075 ) Write-off of deferred financing charges - 4,025 Issuance of 2026 Notes - 507,560 Deferred financing charges - (12,913 ) Total debt as at December 31 586,569 531,749 |
DEFERRED REVENUE
DEFERRED REVENUE | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Deferred Income [Abstract] | |
DEFERRED REVENUE [Text Block] | 18. As at December 31, 2022 2021 Current: Customer advance payments (a) 6,456 5,297 Osisko - silver stream agreement (b) 5,609 8,144 Current portion of deferred revenue 12,065 13,441 Long-term portion of deferred revenue (b) 47,620 45,356 Total deferred revenue 59,685 58,797 (a) Customer advance payments At December 31, 2022, the Company had received advance payments from a customer on 2.0 million pounds (100% basis) of copper concentrate inventory. (b) Silver stream purchase and sale agreement The Company has entered into a silver stream purchase and sale agreement with Osisko Gold Royalties Ltd. ("Osisko"), whereby the Company received upfront cash deposit payments totalling $52.7 million for the sale of an equivalent amount of its 75% share of Gibraltar payable silver production until 5.9 million ounces of silver have been delivered to Osisko. After that threshold has been met, 35% of an equivalent amount of Taseko's share of all future payable silver production from Gibraltar will be delivered to Osisko. The Company receives no further cash consideration once silver deliveries are made under the agreement. The following table summarizes changes in the Osisko deferred revenue: Balance at January 1, 2021 52,758 Finance expense (Note 9) 5,549 Amortization of deferred revenue (4,807 ) Balance at December 31, 2021 53,500 Finance expense (Note 9) 5,711 Amortization of deferred revenue (5,982 ) Balance at December 31, 2022 53,229 |
PROVISION FOR ENVIRONMENTAL REH
PROVISION FOR ENVIRONMENTAL REHABILITATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Provision For Environmental Rehabilitation [Abstract] | |
PROVISION FOR ENVIRONMENTAL REHABILITATION [Text Block] | 19. 2022 2021 Beginning balance at January 1 87,571 78,983 Change in estimates 28,163 12,087 Accretion 367 373 Settlements (2,775 ) (3,846 ) Foreign exchange differences 399 (26 ) Ending balance at December 31 113,725 87,571 The PER represents the present value of estimated costs of legal and constructive obligations required to retire an asset, including decommissioning and other site restoration activities. The majority of these expenditures occur after the end of the life of the related operation. For the Gibraltar mine, it is anticipated that these costs will be incurred over a period of at least 100 years beyond the end of the current mine life based on known reserves. The change in the PER during 2022 is primarily due to the change in estimated reclamation related costs and changes in the risk-free discount rates applied in determining the obligation. As at December 31, 2022, the PER was calculated on a present value basis for closure costs to be incurred in the first 30 years using a nominal risk-free discount rate of 3.31% (2021 - 1.79%) based on the 30 year overnight index swap (OIS) rate. For discounting annual closure cashflows beyond 30 years, a risk free yield curve was extrapolated from the implied OIS swap rate for liquid, investment grade corporate bonds with durations between 50 to 100 years. A nominal risk free rate of up to 4.41% was utilized in 2022 (2021 - 2.61%) for discounting closure costs up to 100 years from the estimated date of site closure for Gibraltar based on current reserves. A long-term inflation rate range between 2.02% to 1.80% (2021 - 1.82% to 1.50%) over tenors between 30 to 100 years was applied to derive nominal cash flow estimates. PER estimates are reviewed regularly and there have been adjustments to the amount and timing of cash flows as a result of updated information. Assumptions are based on the current economic environment, but actual rehabilitation costs will ultimately depend upon future market prices for the necessary decommissioning work required, which will reflect market conditions at the relevant time. Furthermore, the timing of rehabilitation will depend on when the mine ceases production which, in turn, will depend on future mineral reserves, metal prices, operating conditions and many other factors which are inherently uncertain. As at December 31, 2022, the Company has provided letters of credit and surety bonds to the regulatory authorities for its share of reclamation obligations totaling $81.4 million for Gibraltar and $13.3 million for Florence. Security for reclamation obligations is returned once the site is reclaimed to a satisfactory level and there are no ongoing monitoring and maintenance requirements. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [abstract] | |
EQUITY [Text Block] | 20. (a) Share capital Common shares (thousands) Common shares outstanding at January 1, 2021 282,115 Exercise of share options 2,777 Common shares outstanding at December 31, 2021 284,892 Common shares issued 866 Exercise of share options 735 Common shares outstanding at December 31, 2022 286,493 The Company's authorized share capital consists of an unlimited number of common shares with no par value. In January 2022, the Company issued 866,028 common shares as part of settlement of the performance share units that vested. (b) Contributed surplus Contributed surplus represents employee entitlements to equity settled share-based awards that have been charged to the statement of comprehensive income and loss in the periods during which the entitlements were accrued and have not yet been exercised. (c) Accumulated other comprehensive income ("AOCI") AOCI is comprised of the cumulative net change in the fair value of FVOCI financial assets and cumulative translation adjustments arising from the translation of foreign subsidiaries. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SHARE-BASED COMPENSATION [Text Block] | 21. SHARE-BASED COMPENSATION (a) Share Options The Company has an equity settled share option plan approved by the shareholders that allows it to grant options to directors, officers, employees and other service providers. Under the plan, a maximum of 9.5% of the Company's outstanding common shares may be granted. The maximum allowable number of outstanding options to independent directors as a group at any time is 1% of the Company's outstanding common shares. The exercise price of an option is set at the time of grant using the five-day volume weighted average price of the common shares. Options are exercisable for a maximum of five years from the effective date of grant under the plan. Vesting conditions of options are at the discretion of the Board of Directors at the time the options are granted. Options (thousands) Average price Outstanding at January 1, 2021 8,969 1.19 Granted 2,402 1.60 Exercised (2,777 ) 0.93 Expired (324 ) 2.86 Outstanding at January 1, 2022 8,270 1.33 Granted 2,113 2.58 Exercised (735 ) 0.99 Cancelled/forfeited (176 ) 2.24 Expired (184 ) 1.50 Outstanding at December 31, 2022 9,288 1.62 Exercisable at December 31, 2022 7,234 1.45 During the year ended December 31, 2022, the Company granted 2,113,000 (2021 - 2,402,000) share options to directors, executives and employees, exercisable at an average exercise price of $2.58 per common share (2021 - $1.60 per common share) over a five year period. The total fair value of options granted was $2,979 (2021 - $2,114) based on a weighted average grant-date fair value of $1.41 (2021 - $0.88) per option. Range of exercise price Options (thousands) Average life $0.69 to $0.75 1,345 1.71 $0.76 to $1.00 2,186 1.03 $1.01 to $1.86 2,520 3.01 $1.87 to $2.72 2,071 4.02 $2.73 to $2.86 1,166 0.00 9,288 1.79 The fair value of options was measured at the grant date using the Black-Scholes formula. Expected volatility is estimated by considering historic average share price volatility. The inputs used in the Black-Scholes formula are as follows: 2022 2021 Expected term (years) 5.0 5.0 Forfeiture rate 0% 0% Volatility 64% 67% Dividend yield 0% 0% Risk-free interest rate 1.7% 0.4% Weighted-average fair value per option $ 1.41 $ 0.88 (b) Deferred Share Units and Performance Share Units The Company has adopted a Deferred Share Unit ("DSU") Plan (the "DSU Plan") that provides for an annual grant of DSUs to each non-employee director of the Company, or an equivalent cash payment in lieu thereof, which participants have agreed would in the first instance be used to assist in complying with the Company's share ownership guidelines. DSUs vest immediately upon grant and are paid out in cash when a participant ceases to be a director of the Company. A long-term financial liability of $3,877 has been recorded at December 31, 2022 (2021 - $4,643), representing the fair value of the liability, which is based on the Company's stock price at the reporting period date. The Company has established a Performance Share Unit ("PSU") Plan (the "PSU Plan") whereby PSUs are issued to executives as long-term incentive compensation. PSUs issued under the PSU Plan entitle the holder to a cash or equity payment (as determined by the Board of Directors) at the end of a three-year performance period equal to the number of PSU's granted, adjusted for a performance factor and multiplied by the quoted market value of a Taseko common share on the completion of the performance period. The performance factor can range from 0% to 250% and is determined by comparing the Company's total shareholder return to those achieved by a peer group of companies. DSUs (thousands) PSUs (thousands) Outstanding at January 1, 2021 2,123 2,650 Granted 198 530 Settled (535 ) (400 ) Outstanding at January 1, 2022 1,786 2,780 Granted 172 595 Settled - (875 ) Outstanding at December 31, 2022 1,958 2,500 During the year ended December 31, 2022, 172,000 DSUs were issued to directors (2021 - 198,000) and 595,000 PSUs to senior executives (2021 - 530,000). The fair value of DSUs and PSUs granted was $2,532 (2021 - $1,235), with a weighted average fair value at the grant date of $2.58 per unit for the DSUs (2021 - $1.58 per unit) and $3.51 per unit for the PSUs (2021 - $1.74 per unit). (c) Share-based compensation expenses Share based compensation expense is comprised as follows: Year ended December 31, 2022 2021 Share options - amortization 2,693 2,142 Performance share units - amortization 2,226 1,151 Change in fair value of deferred share units (767 ) 2,469 4,152 5,762 |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
EARNINGS (LOSS) PER SHARE [Text Block] | 22. EARNINGS (LOSS) PER SHARE Earnings (loss) per share, calculated on a basic and diluted basis, is as follows: Year ended December 31, 2022 2021 Net income (loss) attributable to common shareholders - basic and diluted (25,971 ) 36,472 (in thousands of common shares) Weighted-average number of common shares 286,236 283,593 Effect of dilutive securities: Stock options - 3,911 Weighted-average number of diluted common shares 286,236 287,504 Earnings (loss) per common share Basic earnings (loss) per share (0.09 ) 0.13 Diluted earnings (loss) per share (0.09 ) 0.13 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES [text block] | 23. COMMITMENTS AND CONTINGENCIES (a) Commitments The Company is a party to certain contracts relating to service and supply agreements. Future minimum payments under these agreements as at December 31, 2022 are presented in the following table: 2023 11,661 2024 11,661 2025 4,686 2026 823 2027 - 2028 and thereafter - Total commitments 28,831 As at December 31, 2022, the Company had commitments to incur capital expenditures of $9,265 (2021 - $37,944) for Florence Copper and $2,795 (2021 - $471) for the Gibraltar joint venture. (b) Contingencies The Company has guaranteed 100% of certain capital lease and equipment loans entered into by the Gibraltar joint venture in which it holds a 75% interest. As a result, the Company has guaranteed the joint venture partner's 25% share of this debt which amounted to $13,983 as at December 31, 2022. The Company has also indemnified 100% of a surety bond issued by the Gibraltar joint venture to the Province of British Columbia. As a result, the Company has indemnified the joint venture partner's 25% share of this obligation, which amounted to $14,625 as at December 31, 2022. |
SUPPLEMENTARY CASH FLOW INFORMA
SUPPLEMENTARY CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of supplementary cash flow information [abstract] | |
SUPPLEMENTARY CASH FLOW INFORMATION [Text Block] | 24. SUPPLEMENTARY CASH FLOW INFORMATION For the year ended December 31, 2022 2021 Change in non-cash working capital items Accounts receivable (3,602 ) (2,915 ) Inventories (14,035 ) (16,713 ) Prepaids (1,835 ) (1,921 ) Accounts payable and accrued liabilities 1 14,704 (12,984 ) Advance payment on product sales 1,159 5,297 Interest payable 100 65 Mineral tax payable (1,937 ) (2,800 ) (5,446 ) (31,971 ) Non-cash investing and financing activities Assets acquired under capital lease 489 1,644 Right-of-use assets 11,893 4,398 1 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Risk Management [Abstract] | |
FINANCIAL RISK MANAGEMENT [Text Block] | 25. FINANCIAL RISK MANAGEMENT (a) Overview In the normal course of business, the Company is inherently exposed to market, liquidity and credit risk through its use of financial instruments. The timeframe and manner in which the Company manages these risks varies based upon management's assessment of the risk and available alternatives for mitigating risk. The Board approves and monitors risk management processes, including treasury policies, counterparty limits, controlling and reporting structures. (b) Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: commodity price risk; interest rate risk; and currency risk. Financial instruments affected by market risk include: cash and equivalents; accounts receivable; marketable securities; subscription receipts; reclamation deposits; accounts payable and accrued liabilities; debt and derivatives. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Company buys copper put options in order to reduce commodity price risk. The derivative instruments employed by the Company are considered to be economic hedges but are not designated as hedges for accounting purposes. Commodity price risk The Company is exposed to the risk of fluctuations in prevailing market commodity prices on the metals it produces. The Company enters into copper put option contracts to reduce the risk of short-term copper price volatility. The amount and duration of the hedge position is based on an assessment of business-specific risk elements combined with the copper pricing outlook. Copper put option contracts are typically extended adding incremental quarters at established put strike prices to provide the necessary price protection. Provisional pricing mechanisms embedded within the Company's sales arrangements have the character of a commodity derivative and are carried at fair value as part of accounts receivable. The table below summarizes the impact on revenue and receivables for changes in commodity prices on the provisionally invoiced sales volumes. As at December 31, 2022 2021 Copper increase/decrease by US$0.10 per pound 1 511 1,143 1 The sensitivities in the above tables have been determined with foreign currency exchange rates held constant. The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange can impact commodity prices. The sensitivities should therefore be used with care. Interest rate risk The Company is exposed to interest rate risk on its outstanding debt and investments, including cash and cash equivalents, from the possibility that changes in market interest rates will affect future cash flows or the fair value of fixed-rate interest-bearing financial instruments. The table below summarizes the impact on earnings after tax and equity for a change of 100 basis points in interest rates at the reporting date. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. This assumes that the change in interest rates is effective from the beginning of the financial year and balances are constant over the year. However, interest rates and balances of the Company may not remain constant in the coming financial year and therefore such sensitivity analysis should be used with care. As at December 31, 2022 2021 Fair value sensitivity for fixed-rate instruments Senior secured notes (3,800 ) (2,371 ) Lease liabilities (130 ) (157 ) Lease related obligations (67 ) (65 ) Secured equipment loans (65 ) (117 ) (4,062 ) (2,710 ) Cash flow sensitivity for variable-rate instruments Cash and equivalents 826 1,602 Currency risk The Canadian dollar is the functional currency of the Company and, as a result, currency exposure arises from transactions and balances in currencies other than the Canadian dollar, primarily the US dollar. The Company's potential currency exposures comprise translational exposure in respect of non-functional currency monetary items, and transactional exposure in respect of non-functional currency revenues and expenditures. The following table demonstrates the sensitivity to a 10% strengthening in the CAD against the USD. With all other variables held constant, the Company's shareholders equity and earnings after tax would both increase/(decrease) due to changes in the carrying value of monetary assets and liabilities. A weakening in the CAD against the USD would have had the equal but opposite effect to the amounts shown below. Years ended December 31, 2022 2021 Cash and equivalents (7,425 ) (13,656 ) Accounts receivable (832 ) (847 ) Accounts payable and accrued liabilities 1,972 1,522 Senior secured notes 40,587 37,992 Equipment loans 2,425 266 Lease liabilities 69 20 The Company's financial asset and liability profile may not remain constant and, therefore, these sensitivities should be used with care. (c) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages liquidity risk by holding sufficient cash and equivalents and scheduling long-term obligations based on estimated cash inflows. There were no defaults on loans payable during the year. (d) Credit risk Credit risk is the risk of potential loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is exposed to credit risk from its receivables, marketable securities and investments, and derivatives. In general, the Company manages its credit exposure by transacting only with reputable counterparties. The Company monitors the financial condition of its customers and counterparties to contracts. The Company deals with a limited number of counterparties for its metal sales. The Company had two significant customers in 2022 that represented 95% of gross copper concentrate revenues (2021: two customers accounted for 82% of gross copper concentrate revenues). The trade receivable balance at December 31, 2022 is comprised of four customers (2021: three customers). There are no impairments recognized on the trade receivables. (e) Fair values of financial instruments The fair values of the senior secured notes is $477,854 and the carrying value is $534,118 at December 31, 2022. The fair value of all other financial assets and liabilities approximates their carrying value. The Company uses the fair value hierarchy described in Note 2.4(c) for determining the fair value of instruments that are measured at fair value. Level 1 Level 2 Level 3 Total December 31, 2022 Financial assets designated as FVPL Derivative asset copper put and call options - 6,184 - 6,184 - 6,184 - 6,184 Financial assets designated as FVOCI Marketable securities 2,568 - - 2,568 Investment in private companies - - 1,200 1,200 Reclamation deposits 434 - - 434 3,002 - 1,200 4,202 December 31, 2021 Financial assets designated as FVPL Derivative asset copper put and call options - 3,904 - 3,904 - 3,904 - 3,904 Financial assets designated as FVOCI Marketable securities 3,110 - - 3,110 Investment in private companies - - 1,200 1,200 Reclamation deposits 434 - - 434 3,544 - 1,200 4,744 There have been no transfers between fair value levels during the reporting period. The carrying value of cash and equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value as at December 31, 2022. The fair value of the senior secured notes, a Level 1 instrument, is determined based upon publicly available information. The Company's metal concentrate sales contracts are subject to provisional pricing with the selling price adjusted at the end of the quotational period. At each reporting date, the Company's settlement receivable on these contracts are marked-to-market based on a quoted forward price for which there exists an active commodity market. At December 31, 2022, the Company had net settlement payables of $209 (2021 - settlement receivables of $4,885). The investment in private companies, a Level 3 instrument, are valued based on a management estimate. As this is an investment in a private exploration and development company, there are no observable market data inputs. At December 31, 2022 the determination of the estimated fair value of the investment includes comparison to the market capitalization of comparable public companies. (f) Capital management The Company's primary objective when managing capital is to ensure that the Company is able to continue its operations and that it has sufficient ability to satisfy its capital obligations and ongoing operational expenses, as well as to have sufficient liquidity available to fund suitable business opportunities as they arise. The Company considers the components of shareholders' equity, as well as its cash and equivalents, credit facilities and debt as capital. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue or buy back equity, issue, buy back or repay debt, sell assets, or return capital to shareholders. As at December 31, 2022 2021 Cash (120,858 ) (236,767 ) Current portion of long-term debt 18,409 18,305 Long-term debt 568,160 513,444 Net debt 465,711 294,982 Shareholders' equity 356,409 358,518 In order to facilitate the management of its capital requirements, the Company prepares annual operating budgets that are approved by the Board of Directors. Management also actively monitors the covenants on its long-term debt to ensure compliance. The Company's investment policy is to invest cash in highly liquid interest-bearing investments that are readily convertible to known amounts of cash. There were no changes to the Company's approach to capital management during the year ended December 31, 2022. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTIES [Text Block] | 26. RELATED PARTIES (a) Principal Subsidiaries Ownership interest as at December 31, 2022 2021 Gibraltar Mines Ltd. 100 % 100 % Curis Holdings (Canada) Ltd. 100 % 100 % Florence Holdings Inc. 100 % 100 % Florence Copper Holdings Inc. 100 % - FC-ISR Holdings Inc. 100 % - Florence Copper LLC 1 100 % 100 % Aley Corporation 100 % 100 % Yellowhead Mining Inc. 100 % 100 % 1 (b) Key management personnel compensation Key management personnel include the members of the Board of Directors and executive officers of the Company. The Company contributes to a post-employment defined contribution pension plan on behalf of certain key management personnel. This retirement compensation arrangement ("RCA Trust") was established to provide benefits to certain executive officers on or after retirement in recognition of their long service. Upon retirement, the participant is entitled to the distribution of the accumulated value of the contributions under the RCA Trust. Obligations for contributions to the defined contribution pension plan are recognized as compensation expense in profit or loss in the periods during which services are rendered by the executive officers. Certain executive officers are entitled to termination and change in control benefits. In the event of termination without cause, other than a change in control, these executive officers are entitled to an amount ranging from Executive officers and directors also participate in the Company's share option program (Note 21). Compensation for key management personnel (includes all members of the Board of Directors and executive officers) is as follows: Year ended December 31, 2022 2021 Salaries and benefits 7,380 6,252 Post-employment benefits 730 1,672 Share-based compensation expense 2,358 5,011 10,468 12,935 (c) Related party transactions Under the terms of the joint venture operating agreement, the Gibraltar joint venture pays the Company a management fee for services rendered by the Company as operator of Gibraltar. Net management fee income in 2022 was $1,162 (2021: $1,227). In addition, the Company pays certain expenses on behalf of the Gibraltar joint venture and invoices the joint venture for these expenses. In 2022, net reimbursable compensation expenses and third party costs of $1,370 (2021: $343) were charged to the joint venture. |
MITSUI TRANSACTION
MITSUI TRANSACTION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Mitsui Transaction [Abstract] | |
MITSUI TRANSACTION [Text Block] | 27. MITSUI TRANSACTION On December 19, 2022, the Company signed agreements with Mitsui & Co. (U.S.A.) Inc. ("Mitsui") to form a strategic partnership to develop the Company's Florence Copper project (the "Project"). Mitsui has committed to an initial investment of US$50 million conditional on receipt of the final Underground Injection Control permit from the Environmental Protection Agency, with proceeds to be used for construction of the commercial production facility. The initial investment will be in the form of a copper stream agreement (the "Copper Stream") on 2.67% of the copper produced at Florence Copper and Mitsui to pay a delivery price equal to 25% of the market price of copper delivered under the contract. In addition, Mitsui has acquired an option to invest an additional US$50 million for a 10% equity interest in Florence Copper (the "Equity Option"). The Equity Option is exercisable by Mitsui at any time up to three-years following completion of construction of the commercial production facility. If Mitsui elects to exercise its Equity Option, the Copper Stream will terminate. If the Equity Option is not exercised by Mitsui by its expiry date, the Company will have the right to buy-back 100% of the Copper Stream, otherwise, it will terminate when 40 million pounds of copper have been delivered under the agreement. As part of the arrangement, Taseko and Mitsui have entered into an offtake contract for 81% of the copper cathode produced at Florence during the initial years of production. The initial offtake agreement will cease and be replaced with a marketing agency agreement if the Equity Option is exercised by Mitsui. . Mitsui's offtake entitlement would also reduce to 30% if the Equity Option is not exercised by its expiry date until the Copper Stream deposit has been reduced to nil. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENT [Text Block] | 28. SUBSEQUENT EVENT On February 22, 2023, the Company announced that it had signed a definitive agreement to acquire an additional 12.5% interest in Gibraltar from Sojitz Corporation. Under the terms of the Agreement, Taseko will acquire Sojitz's 50% interest in Cariboo. The acquisition price consists of a minimum amount of $60 million payable over a five-year period and potential contingent payments depending on Gibraltar mine copper revenues and copper prices over the next five years. An initial payment of $10 million is due on closing and the remaining minimum amounts are payable annually in $10 million instalments. There is no interest payable on the minimum amounts. The contingent payments are payable annually over the five-year period only if the average LME copper price exceeds US$3.50 per pound in a year. The payments will be calculated by multiplying Gibraltar mine copper revenue by a price factor, which is based on a sliding scale ranging from 0.35% at US$3.50 per pound copper to a maximum of 2.13% at US$5.00 per pound copper or above. Total contingent payments cannot exceed $57 million over the five-year period, limiting the total acquisition cost to a maximum of $117 million. |
BASIS OF PREPARATION (Policies)
BASIS OF PREPARATION (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Basis Of Preparation [Abstract] | |
Revenue recognition [Policy Text Block] | (a) Revenue recognition Under IFRS 15, Revenue Contracts with Customers Under the terms of the Company's concentrate sales contracts, the final sales amount is based on final assay results and quoted market prices which may be in a period subsequent to the date of sale. Revenues for these sales, net of treatment and refining charges are recorded when the customer obtains control of the concentrate, based on an estimate of metal contained using initial assay results and forward market prices for the expected date that final sales prices will be fixed. The period between provisional pricing and final settlement can be up to four months. This settlement receivable is recorded at fair value each reporting period by reference to forward market prices until the date of final pricing, with the changes in fair value recorded as an adjustment to revenue. |
Cash and equivalents [Policy Text Block] | (b) Cash and equivalents Cash and equivalents consist of cash and highly-liquid investments having terms of three months or less from the date of acquisition and that are readily convertible to known amounts of cash. Cash and equivalents exclude cash subject to restrictions. |
Financial instruments [Policy Text Block] | (c) Financial instruments Financial assets and liabilities are recognized on the balance sheet when the Company becomes party to the contractual provisions of the instrument. The classification of financial instruments dictates how these assets and liabilities are measured subsequently in the Company's consolidated financial statements. A financial asset is classified as measured at fair value and subsequently at either: amortized cost; Fair Value through Other Comprehensive Income (FVOCI); or Fair Value through Profit or Loss (FVPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost if: (i) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and (ii) its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding; and (iii) it is not designated as FVPL. This category of financial assets is subsequently measured at amortized cost using the effective interest method, and reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis. Equity investments measured at FVOCI are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset as FVPL if doing so significantly reduces an accounting mismatch that would otherwise arise. Financial assets classified as FVPL are subsequently measured at fair value, with net gains and losses, including any interest or dividend income, recognized in profit or loss. Financial assets at amortized cost Financial assets at amortized cost are financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, these financial assets are recorded at amortized cost using the effective interest method, except for short-term receivables when the recognition of interest would be immaterial. Accounts receivable are assessed for evidence of impairment at each reporting date, with any impairment recognized in earnings for the period. Financial assets in this category include cash and cash equivalents and accounts receivables. Financial assets at fair value through other comprehensive income (FVOCI) Marketable securities, investment in subscription receipts and reclamation deposits are designated as FVOCI and recorded at fair value. All financial assets not classified as measured at amortized cost or FVOCI are measured at fair value through profit or loss (FVPL). Derivative financial instruments that are not designated and effective as hedging instruments are classified as FVPL. Financial instruments classified as FVPL are stated at fair value with any changes in fair value recognized in earnings for the period. Financial assets in this category include derivative financial instruments that the Company acquires to manage exposure to commodity price fluctuations. These instruments are non-hedge derivative instruments. Financial liabilities Financial liabilities are initially recorded at fair value, net of transaction costs, and are subsequently measured at amortized cost using the effective interest method. The Company has accounted for accounts payable and accrued liabilities and long-term debt under this method. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value, by reference to the reliability of the inputs used to estimate the fair values. Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
Exploration and evaluation and development costs [Policy Text Block] | (d) Exploration and evaluation and development costs Exploration and evaluation expenditures relate to the initial search for a mineral deposit and the subsequent evaluation to determine the economic potential of the mineral deposit. The exploration and evaluation stage commences when the Company obtains the legal right or license to begin exploration. Exploration and evaluation expenditures are recognized in earnings in the period in which they are incurred. Capitalization of development costs as mineral property, plant and equipment commences once the technical feasibility and commercial viability of the extraction of mineral reserve and resources associated with the Company's evaluation properties are established and management has made a decision to proceed with development. |
Inventories [Policy Text Block] | (e) Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined on a weighted average basis and includes direct labour and materials; non-capitalized stripping costs; depreciation and amortization; freight; and overhead costs. Net realizable value is determined with reference to relevant market prices, less applicable variable selling costs and estimated remaining costs of completion to bring the inventories into saleable form. Ore stockpiles represent stockpiled ore that have not yet completed the production process, and are not yet in a saleable form. Finished goods inventories represent metals in saleable form that have not yet been sold. Materials and supplies inventories represent consumables used in the production process, as well as spare parts and other maintenance supplies that are not classified as capital items. The quantity of recoverable metal in stockpiled ore and in the processing circuits is an estimate which is based on the tons of ore added and removed, expected grade and recovery. The quantity of recoverable metal in concentrate is an estimate using initial assay results. |
Property, plant and equipment [Policy Text Block] | (f) Property, plant and equipment Land, buildings, plant and equipment Land, buildings, plant and equipment are recorded at cost, including all expenditures incurred to prepare an asset for its intended use. Repairs and maintenance costs are charged to expense as incurred, except when these repairs significantly extend the life of an asset or result in an operating improvement. In these instances, the portion of these repairs relating to the betterment is capitalized as part of plant and equipment. Depreciation is based on the cost of the asset less residual value. Where an item of plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items and depreciated separately. Depreciation commences when an asset is available for use. Estimates of remaining useful lives and residual values are reviewed annually. Changes in estimates are accounted for prospectively. The depreciation rates of the major asset categories are as follows: Land Not depreciated Buildings Straight-line basis over 10-25 years Plant and equipment Units-of-production basis Mining equipment Straight-line basis over 5-20 years Light vehicles and other mobile equipment Straight-line basis over 2-5 years Furniture, computer and office equipment Straight-line basis over 2-3 years Mineral properties Mineral properties consist of the cost of acquiring, permitting and developing mineral properties. Once in production, mineral properties are amortized on a units-of-production basis over the component of the ore body to which the capitalized costs relate. Property acquisition costs arise either as an individual asset purchase or as part of a business combination, and may represent a combination of either proven and probable reserves, resources, or future exploration potential. When management has not made a determination that technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the entire amount is considered property acquisition costs and not amortized. When such property moves into development, the property acquisition cost asset is transferred to mineral properties within property, plant and equipment. Mineral property development costs include: stripping costs incurred in order to provide initial access to the ore body; stripping costs incurred during production that generate a future economic benefit by increasing the productive capacity, extending the productive life of the mine or allowing access to a mineable reserve; capitalized project development costs; and capitalized interest. Construction in progress Construction in progress includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for its intended use. Construction in progress includes advances on long-lead items. Construction in progress is not depreciated. Once the asset is complete and available for use, the costs of construction are transferred to the appropriate category of property, plant and equipment, and depreciation commences. Capitalized interest Interest is capitalized for qualifying assets. Qualifying assets are assets that require a substantial period of time to prepare for their intended use. Capitalization ceases when the asset is substantially complete or if construction is interrupted for an extended period. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. Leased assets The Company has adopted IFRS 16, Leases The ROU asset is initially measured based on the present value of lease payments, lease payments made at or before the commencement date, and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset and is subject to testing for impairment if there is an indicator of impairment. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments include fixed payments less any lease incentives, and any variable lease payments where variability depends on an index or rate. When the lease contains an extension or purchase option that the Company considers reasonably certain to be exercised, the cost of the option is included in the lease payments. ROU assets are included in property, plant, and equipment (Note 14) and the lease liability is included in debt in the consolidated balance sheet (Note 17). Impairment The carrying amounts of the Company's non-financial assets are reviewed for impairment whenever circumstances suggest that the carrying value may not be recoverable. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. These assessments require the use of estimates and assumptions such as long-term commodity prices, discount rates, future capital requirements, exploration potential and operating performance. The recoverable amount of an asset or cash generating unit (CGU) is the higher of fair value less costs of disposal and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's-length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows that are largely independent of the cash flows of other assets or CGU's. If the recoverable amount of an asset or its related CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and the impairment loss is recognized in earnings for the period. Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but not to an amount that exceeds the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years. A reversal of an impairment loss is recognized immediately in earnings. The carrying amount of the CGU to which goodwill has been allocated is tested annually for impairment or when there is an indication that the goodwill may be impaired. Any goodwill impairment is recognized as an expense in the profit or loss. Should there be a recovery in the value of a CGU, any impairment of goodwill previously recorded is not subsequently reversed. |
Income taxes [Policy Text Block] | (g) Income taxes Income tax on the earnings for the periods presented comprises current and deferred tax. Income tax is recognized in earnings except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Income tax is calculated using tax rates enacted or substantively enacted at the reporting date applicable to the period of expected realization or settlement. Current tax expense is the expected tax payable on the taxable income for the year, adjusted for amendments to tax payable with regards to previous years. Deferred tax is determined using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of assets or liabilities acquired (not in a business combination) that affect neither accounting nor taxable profit on acquisition; and differences relating to investments in subsidiaries, associates, and joint ventures to the extent that they are not probable to reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent it is no longer probable that the related tax benefit will be realized. |
Share-based compensation [Policy Text Block] | (h) Share-based compensation The fair-value method is used for the Company's share-based payment transactions. Under this method, the cost of share options and equity-settled performance share units is recorded based on their estimated fair value at the grant date, including an estimate of the forfeiture rate. The fair value of the share options and performance share units is expensed on a graded amortization basis over the vesting period of the awards, with a corresponding increase in equity. Share-based compensation expense relating to cash-settled awards, including deferred share units, is recognized based on the quoted market value of the Company's common shares on the date of grant. The related liability is re-measured to fair value each reporting period to reflect changes in the market value of the Company's common shares, with changes in fair value recorded in net profit (loss). |
Provisions [Policy Text Block] | (i) Provisions Environmental rehabilitation The Company records the present value of estimated costs of legal and constructive obligations required to retire an asset in the period in which the obligation occurs. Environmental rehabilitation activities include facility decommissioning and dismantling; removal and treatment of waste materials, including water treatment; site and land rehabilitation, including compliance with and monitoring of environmental regulations; and related costs required to perform this work and/or operate equipment designed to reduce or eliminate environmental effects. The provision for environmental rehabilitation ("PER") is adjusted each period for new disturbances, and changes in regulatory requirements, the estimated amount of future cash flows required to discharge the liability, the timing of such cash flows and the pre-tax discount rate specific to the liability. The unwinding of the discount is recognized in earnings as a finance cost. When a PER is initially recognized, the corresponding cost is capitalized increasing the carrying amount of the related asset, and is amortized to earnings on a unit-of-production basis. Costs are only capitalized to the extent that the amount meets the definition of an asset and represents future economic benefits to the operation. Significant estimates and assumptions are made in determining the provision for environmental rehabilitation as there are a number of factors that will affect the ultimate liability. These factors include estimation of the extent and cost of rehabilitation activities; timing of future cash flows, changes in discount rates; inflation rate; and regulatory requirements. Other provisions Other provisions are recognized when the Company has a present obligation (legal or constructive) that has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. Where the effect is material, the provision is discounted using a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the obligation. The accretion expense is included in finance expense. |
Finance income and expenses [Policy Text Block] | (j) Finance income and expenses Finance income comprises interest income on funds invested, gains on the disposal of marketable securities, and changes in the fair value of derivatives included in cash and equivalents and marketable securities. Interest income is recognized as it accrues in earnings, using the effective interest method. Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, the finance component on deferred revenue, losses on the disposal of marketable securities, changes in the fair value of derivatives included in cash and cash equivalents and marketable securities, and impairment losses recognized on financial assets. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in earnings using the effective interest method. |
Earnings (loss) per share [Policy Text Block] | (k) Earnings (loss) per share The Company presents basic and diluted earnings (loss) per share data for its common shares, calculated by dividing the earnings (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by adjusting the earnings attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, which comprise warrants and share options granted. There is no dilution impact when the Company incurs a loss. |
Interests in joint arrangements [Policy Text Block] | (l) Interests in joint arrangements IFRS defines a joint arrangement as one over which two or more parties have joint control, which is the contractually agreed sharing of control over an arrangement. This exists only when the decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require the unanimous consent of the parties sharing control. A joint operation is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. In relation to its interests in joint operations, the Company recognizes its: • Assets, including its share of any assets held jointly; • Liabilities, including its share of any liabilities incurred jointly; • Revenue from the sale of its share of the output arising from the joint operation; and • Expenses, including its share of any expenses incurred jointly. |
New accounting standards and interpretations [Policy Text Block] | 2.5 New accounting standards and interpretations Several new accounting standards, amendments to existing standards and interpretations have been published by the IASB. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the new standard. New standards, amendments and pronouncements that became effective for the period covered by these statements have not been disclosed as they did not have a material impact on the Company's audited consolidated financial statements. |
BASIS OF PREPARATION (Tables)
BASIS OF PREPARATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Basis Of Preparation [Abstract] | |
Disclosure of depreciation rates of major asset categories [Table Text Block] | Land Not depreciated Buildings Straight-line basis over 10-25 years Plant and equipment Units-of-production basis Mining equipment Straight-line basis over 5-20 years Light vehicles and other mobile equipment Straight-line basis over 2-5 years Furniture, computer and office equipment Straight-line basis over 2-3 years |
INTEREST IN GIBRALTAR JOINT V_2
INTEREST IN GIBRALTAR JOINT VENTURE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of joint ventures [abstract] | |
Disclosure of joint venture financial information [Table Text Block] | As at December 31, 2022 2021 Cash and equivalents 82,408 43,387 Other current assets 142,479 119,833 Current assets 224,887 163,220 Non-current assets 1,046,997 959,828 Accounts payable and accrued liabilities 59,186 43,409 Other current financial liabilities 33,143 31,500 Current liabilities 92,329 74,909 Long-term debt 45,100 21,343 Provision for environmental rehabilitation 143,256 108,916 Non-current liabilities 188,356 130,259 Years ended December 31, 2022 2021 Revenues 512,950 578,736 Production costs (380,523 ) (271,364 ) Depletion and amortization (76,484 ) (102,209 ) Other operating expense (4,458 ) (4,349 ) Interest expense (4,935 ) (4,379 ) Interest income 336 40 Foreign exchange gain (loss) 919 (1,042 ) Comprehensive income for joint arrangement 47,805 195,433 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Revenue [Abstract] | |
Disclosure of information about revenue [Table Text Block] | Years ended December 31, 2022 2021 Copper contained in concentrate 380,700 401,514 Copper price adjustments on settlement (5,060 ) 8,098 Molybdenum concentrate 19,973 28,862 Molybdenum price adjustments on settlement 3,752 2,580 Silver (Note 18) 5,456 5,010 Total gross revenue 404,821 446,064 Less: Treatment and refining costs (13,212 ) (12,786 ) Revenue 391,609 433,278 |
COST OF SALES (Tables)
COST OF SALES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Sales [abstract] | |
Disclosure of cost of sales [Table Text Block] | Years ended December 31, 2022 2021 Site operating costs 269,822 201,964 Transportation costs 22,472 17,845 Changes in inventories of finished goods 7,726 (11,795 ) Changes in inventories of ore stockpiles (14,628 ) (5,128 ) Production costs 285,392 202,886 Depletion and amortization 51,982 66,587 Cost of sales 337,374 269,473 |
COMPENSATION EXPENSE (Tables)
COMPENSATION EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of compensation expense [Table Text Block] | Years ended December 31, 2022 2021 Wages, salaries and benefits 79,935 82,345 Post-employment benefits 893 1,765 Share-based compensation expense (Note 21c) 4,152 5,762 84,980 89,872 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of (gains) losses associated with derivative instruments [Table Text Block] | Years ended December 31, 2022 2021 Net realized (gain) loss on settled copper options (13,550 ) 14,511 Net unrealized gain on outstanding copper options (3,999 ) (1,064 ) Realized (gain) loss on fuel call options 472 (470 ) Unrealized loss on fuel call options 803 31 (16,274 ) 13,008 |
Disclosure of outstanding copper price option contracts [Table Text Block] | Quantity Strike price Period Cost Fair value Copper collar contracts 30 million lbs US$3.75/per lb H1 2023 2,975 6,184 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income [Abstract] | |
Disclosure of other income [Table Text Block] | Years ended December 31, 2022 2021 Management fee income 1,163 1,180 Other operating income, net 595 303 1,758 1,483 |
FINANCE EXPENSES (Tables)
FINANCE EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Finance Cost [Abstract] | |
Disclosure of finance expenses [Table Text Block] | Years ended December 31, 2022 2021 Interest expense 41,825 38,853 Amortization of financing fees 2,523 2,040 Finance expense - deferred revenue (Note 18) 5,711 5,549 Accretion on PER (Note 19) 367 373 Less: interest expense capitalized (3,419 ) - Finance income (1,798 ) (678 ) Loss on settlement of long-term debt - 5,798 45,209 51,935 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax [Abstract] | |
Disclosure of income tax expense (recovery) [Table Text Block] | Years ended December 31, 2022 2021 Current income tax: Current expense 1,156 3,203 Current tax adjustments related to prior periods (264 ) - Current income tax expense 892 3,203 Deferred income tax: Origination and reversal of temporary differences 5,405 31,129 Deferred tax adjustments related to prior periods 535 9 Deferred income tax expense 5,940 31,138 Income tax expense 6,832 34,341 |
Disclosure of effective tax rate reconciliation [Table Text Block] | Years ended December 31, 2022 2021 Income tax expense (recovery) at Canadian statutory rate of 36.5% (6,984 ) 25,840 Permanent differences 10,136 13,110 Foreign tax rate differential 64 96 Unrecognized tax benefits 3,344 (4,714 ) Deferred tax adjustments related to prior periods 272 9 Income tax expense 6,832 34,341 |
Disclosure of deferred tax assets and liabilities [Table Text Block] | As at December 31, 2022 2021 Property, plant and equipment (226,123 ) (190,768 ) Other financial assets 8,222 6,156 Provisions 29,721 22,746 Tax loss carry forwards 111,925 91,680 Deferred tax liability (76,255 ) (70,186 ) |
Disclosure of unrecognized deferred tax assets and liabilities [Table Text Block] | As at December 31, 2022 2021 Deductible temporary differences: Debt 86,745 56,921 Losses and tax pools 28,082 30,523 Other financial assets 14,078 13,879 Deferred tax asset: Debt 11,658 7,655 Losses and tax pools 7,582 8,241 Other financial assets 1,900 1,873 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current receivables [abstract] | |
Disclosure of accounts receivable [Table Text Block] | As at December 31, 2022 2021 Trade and settlement receivables 11,401 5,859 Goods and services tax receivable 1,257 1,099 Other receivables 565 2,646 13,223 9,604 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
Disclosure of Inventories [Table Text Block] | As at December 31, 2022 2021 Ore stockpiles 45,306 31,845 Copper contained in concentrate 12,105 19,831 Molybdenum concentrate 417 310 Materials and supplies 35,018 27,885 92,846 79,871 |
OTHER FINANCIAL ASSETS (Tables)
OTHER FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
Disclosure of other financial assets [Table Text Block] | As at December 31, 2022 2021 Current: Marketable securities 2,568 3,110 Copper price options (Note 7) 6,184 3,904 Fuel call options (Note 7) 261 - 9,013 7,014 Long-term: Investment in private companies 1,200 1,200 Reclamation deposits 434 434 Restricted cash 1,355 1,268 2,989 2,902 |
PROPERTY, PLANT & EQUIPMENT (Ta
PROPERTY, PLANT & EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of property, plant & equipment [Table Text Block] | Cost Property Mineral Plant and Construction Total At January 1, 2021 109,895 456,185 754,686 8,454 1,329,220 Additions - 92,536 19,629 52,457 164,622 Changes in rehabilitation cost asset - 12,087 - - 12,087 Disposals - - (13,283 ) - (13,283 ) Foreign exchange translation (369 ) (186 ) (255 ) - (810 ) Transfers between categories - - 17,944 (17,944 ) - At December 31, 2021 109,526 560,622 778,721 42,967 1,491,836 Additions - 67,536 19,401 115,523 202,460 Changes in rehabilitation cost asset - 28,164 - - 28,164 Disposals - (289 ) (13,558 ) - (13,847 ) Foreign exchange translation 5,916 5,235 2,947 2,900 16,998 Transfers between categories - - 15,672 (15,672 ) - At December 31, 2022 115,442 661,268 803,183 145,718 1,725,611 Accumulated depreciation At January 1, 2021 - 290,654 295,947 - 586,601 Depletion and amortization - 34,979 44,144 - 79,123 Disposals - - (11,727 ) - (11,727 ) At December 31, 2021 - 325,633 328,364 - 653,997 Depletion and amortization - 11,415 44,316 - 55,731 Disposals - - (13,357 ) - (13,357 ) At December 31, 2022 - 337,048 359,323 - 696,371 Net book value At December 31, 2021 109,526 234,989 450,357 42,967 837,839 At December 31, 2022 115,442 324,220 443,860 145,718 1,029,240 |
Disclosure of additions and other items in net book value of property, plant & equipment [Table Text Block] | As at December 31, 2022 2021 Net book value beginning of period 837,839 742,619 Additions: Gibraltar capitalized stripping costs 36,312 69,228 Gibraltar sustaining capital expenditures 20,015 25,238 Gibraltar capital expenditures 29,551 4,013 Florence Copper development costs 103,072 58,667 Yellowhead development costs 698 2,603 Aley development costs 557 455 Other items: Right of use assets 12,254 4,418 Rehabilitation costs asset 28,164 12,087 Disposals (200 ) (1,556 ) Foreign exchange translation and other 16,709 (810 ) Depletion and amortization (55,731 ) (79,123 ) Net book value at December 31 1,029,240 837,839 |
Disclosure of net book value of property, plant & equipment [Table Text Block] | Net book value Gibraltar Florence Yellowhead Aley Other Total At December 31, 2021 539,641 260,934 21,252 14,316 1,696 837,839 Net additions 97,611 103,393 698 557 (289 ) 201,970 Changes in rehabilitation cost asset (Note 19) 28,164 - - - - 28,164 Depletion and amortization (55,017 ) (338 ) - - (376 ) (55,731 ) Foreign exchange translation - 16,998 - - - 16,998 At December 31, 2022 610,399 380,987 21,950 14,873 1,031 1,029,240 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Payable And Accrued Liabilities [Abstract] | |
Disclosure of accounts payable and accrued liabilities [Table Text Block] | As at December 31, 2022 2021 Trade payables 31,719 30,100 Accrued liabilities 34,997 25,560 66,716 55,660 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Disclosure of borrowings [Table Text Block] | As at December 31, 2022 2021 Current: Lease liabilities (d) 7,613 9,625 Secured equipment loans (e) 8,489 6,539 Lease related obligations (f) 2,307 2,141 18,409 18,305 Long-term: Senior secured notes (a) 534,118 497,388 Revolving credit deferred financing fees (b) (925 ) (1,352 ) Lease liabilities (d) 7,408 6,067 Secured equipment loans (e) 24,550 6,025 Lease related obligations (f) 3,009 5,316 568,160 513,444 Total debt 586,569 531,749 |
Disclosure of continuity of total debt [Table Text Block] | 2022 2021 Total debt as at January 1 531,749 363,404 Lease additions 12,382 6,042 Equipment loans net proceeds 31,770 - Lease liabilities and equipment loans repayments (26,443 ) (19,737 ) Unrealized foreign exchange (gain) loss 34,490 (488 ) Amortization of deferred financing charges 2,621 2,156 Settlement of 2022 Notes - (317,225 ) Foreign exchange gain - (1,075 ) Write-off of deferred financing charges - 4,025 Issuance of 2026 Notes - 507,560 Deferred financing charges - (12,913 ) Total debt as at December 31 586,569 531,749 |
DEFERRED REVENUE (Tables)
DEFERRED REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Deferred Income [Abstract] | |
Disclosure of deferred revenue [Table Text Block] | As at December 31, 2022 2021 Current: Customer advance payments (a) 6,456 5,297 Osisko - silver stream agreement (b) 5,609 8,144 Current portion of deferred revenue 12,065 13,441 Long-term portion of deferred revenue (b) 47,620 45,356 Total deferred revenue 59,685 58,797 |
Disclosure of changes in deferred revenue [Table Text Block] | Balance at January 1, 2021 52,758 Finance expense (Note 9) 5,549 Amortization of deferred revenue (4,807 ) Balance at December 31, 2021 53,500 Finance expense (Note 9) 5,711 Amortization of deferred revenue (5,982 ) Balance at December 31, 2022 53,229 |
PROVISION FOR ENVIRONMENTAL R_2
PROVISION FOR ENVIRONMENTAL REHABILITATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Provision For Environmental Rehabilitation [Abstract] | |
Disclosure of provision for environmental rehabilitation [Table Text Block] | 2022 2021 Beginning balance at January 1 87,571 78,983 Change in estimates 28,163 12,087 Accretion 367 373 Settlements (2,775 ) (3,846 ) Foreign exchange differences 399 (26 ) Ending balance at December 31 113,725 87,571 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [abstract] | |
Disclosure of equity [Table Text Block] | Common shares (thousands) Common shares outstanding at January 1, 2021 282,115 Exercise of share options 2,777 Common shares outstanding at December 31, 2021 284,892 Common shares issued 866 Exercise of share options 735 Common shares outstanding at December 31, 2022 286,493 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Options (thousands) Average price Outstanding at January 1, 2021 8,969 1.19 Granted 2,402 1.60 Exercised (2,777 ) 0.93 Expired (324 ) 2.86 Outstanding at January 1, 2022 8,270 1.33 Granted 2,113 2.58 Exercised (735 ) 0.99 Cancelled/forfeited (176 ) 2.24 Expired (184 ) 1.50 Outstanding at December 31, 2022 9,288 1.62 Exercisable at December 31, 2022 7,234 1.45 |
Disclosure of options and average life [Table Text Block] | Range of exercise price Options (thousands) Average life $0.69 to $0.75 1,345 1.71 $0.76 to $1.00 2,186 1.03 $1.01 to $1.86 2,520 3.01 $1.87 to $2.72 2,071 4.02 $2.73 to $2.86 1,166 0.00 9,288 1.79 |
Disclosure of inputs used in measurement of fair value at grant date [Table Text Block] | 2022 2021 Expected term (years) 5.0 5.0 Forfeiture rate 0% 0% Volatility 64% 67% Dividend yield 0% 0% Risk-free interest rate 1.7% 0.4% Weighted-average fair value per option $ 1.41 $ 0.88 |
Disclosure of DSU's and PSU's issued and outstanding [Table Text Block] | DSUs (thousands) PSUs (thousands) Outstanding at January 1, 2021 2,123 2,650 Granted 198 530 Settled (535 ) (400 ) Outstanding at January 1, 2022 1,786 2,780 Granted 172 595 Settled - (875 ) Outstanding at December 31, 2022 1,958 2,500 |
Disclosure of share based compensation expense (recovery) [Table Text Block] | Year ended December 31, 2022 2021 Share options - amortization 2,693 2,142 Performance share units - amortization 2,226 1,151 Change in fair value of deferred share units (767 ) 2,469 4,152 5,762 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Disclosure of earnings (loss) per share, calculated on a basic and diluted basis [Table Text Block] | Year ended December 31, 2022 2021 Net income (loss) attributable to common shareholders - basic and diluted (25,971 ) 36,472 (in thousands of common shares) Weighted-average number of common shares 286,236 283,593 Effect of dilutive securities: Stock options - 3,911 Weighted-average number of diluted common shares 286,236 287,504 Earnings (loss) per common share Basic earnings (loss) per share (0.09 ) 0.13 Diluted earnings (loss) per share (0.09 ) 0.13 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies [Abstract] | |
Disclosure of commitments and contingencies [Table Text Block] | 2023 11,661 2024 11,661 2025 4,686 2026 823 2027 - 2028 and thereafter - Total commitments 28,831 |
SUPPLEMENTARY CASH FLOW INFOR_2
SUPPLEMENTARY CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of supplementary cash flow information [abstract] | |
Disclosure of supplements cash flow information [Table Text Block] | For the year ended December 31, 2022 2021 Change in non-cash working capital items Accounts receivable (3,602 ) (2,915 ) Inventories (14,035 ) (16,713 ) Prepaids (1,835 ) (1,921 ) Accounts payable and accrued liabilities 1 14,704 (12,984 ) Advance payment on product sales 1,159 5,297 Interest payable 100 65 Mineral tax payable (1,937 ) (2,800 ) (5,446 ) (31,971 ) Non-cash investing and financing activities Assets acquired under capital lease 489 1,644 Right-of-use assets 11,893 4,398 1 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Risk Management [Abstract] | |
Disclosure of exposure to commodity price risk [Table Text Block] | As at December 31, 2022 2021 Copper increase/decrease by US$0.10 per pound 1 511 1,143 1 |
Disclosure of impact on earnings after tax and equity [Table Text Block] | As at December 31, 2022 2021 Fair value sensitivity for fixed-rate instruments Senior secured notes (3,800 ) (2,371 ) Lease liabilities (130 ) (157 ) Lease related obligations (67 ) (65 ) Secured equipment loans (65 ) (117 ) (4,062 ) (2,710 ) Cash flow sensitivity for variable-rate instruments Cash and equivalents 826 1,602 |
Disclosure of changes in assets and liabilities on basis of strengthening CAD against USD [Table Text Block] | Years ended December 31, 2022 2021 Cash and equivalents (7,425 ) (13,656 ) Accounts receivable (832 ) (847 ) Accounts payable and accrued liabilities 1,972 1,522 Senior secured notes 40,587 37,992 Equipment loans 2,425 266 Lease liabilities 69 20 |
Disclosure of fair value measurement of assets [Table Text Block] | Level 1 Level 2 Level 3 Total December 31, 2022 Financial assets designated as FVPL Derivative asset copper put and call options - 6,184 - 6,184 - 6,184 - 6,184 Financial assets designated as FVOCI Marketable securities 2,568 - - 2,568 Investment in private companies - - 1,200 1,200 Reclamation deposits 434 - - 434 3,002 - 1,200 4,202 December 31, 2021 Financial assets designated as FVPL Derivative asset copper put and call options - 3,904 - 3,904 - 3,904 - 3,904 Financial assets designated as FVOCI Marketable securities 3,110 - - 3,110 Investment in private companies - - 1,200 1,200 Reclamation deposits 434 - - 434 3,544 - 1,200 4,744 |
Disclosure of capital management [Table Text Block] | As at December 31, 2022 2021 Cash (120,858 ) (236,767 ) Current portion of long-term debt 18,409 18,305 Long-term debt 568,160 513,444 Net debt 465,711 294,982 Shareholders' equity 356,409 358,518 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of interests in subsidiaries [Table Text Block] | Ownership interest as at December 31, 2022 2021 Gibraltar Mines Ltd. 100 % 100 % Curis Holdings (Canada) Ltd. 100 % 100 % Florence Holdings Inc. 100 % 100 % Florence Copper Holdings Inc. 100 % - FC-ISR Holdings Inc. 100 % - Florence Copper LLC 1 100 % 100 % Aley Corporation 100 % 100 % Yellowhead Mining Inc. 100 % 100 % |
Disclosure of compensation for key management personnel [Table Text Block] | Year ended December 31, 2022 2021 Salaries and benefits 7,380 6,252 Post-employment benefits 730 1,672 Share-based compensation expense 2,358 5,011 10,468 12,935 |
REPORTING ENTITY (Narrative) (D
REPORTING ENTITY (Narrative) (Details) | 1 Months Ended | 12 Months Ended |
Mar. 31, 2010 | Dec. 31, 2022 | |
Gibraltar Joint Venture [Member] | ||
Disclosure Of Reporting Entity [Line Items] | ||
Ownership interest in joint venture | 75% | 75% |
BASIS OF PREPARATION - Disclosu
BASIS OF PREPARATION - Disclosure of depreciation rates of major asset categories (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Land [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Not depreciated |
Buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Straight-line basis over 10-25 years |
Plant and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Units-of-production basis |
Mineral properties [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Straight-line basis over 5-20 years |
Light vehicles and other mobile equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Straight-line basis over 2-5 years |
Furniture, computer and office equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates of major asset categories | Straight-line basis over 2-3 years |
INTEREST IN GIBRALTAR JOINT V_3
INTEREST IN GIBRALTAR JOINT VENTURE (Narrative) (Details) - CAD ($) | 1 Months Ended | 12 Months Ended |
Mar. 31, 2010 | Dec. 31, 2022 | |
Cariboo Copper Corp [Member] | ||
Disclosure of joint ventures [line items] | ||
Amount contributed for purchase of remaining proportion of ownership interest in joint venture | $ 186,800 | |
Remaining portion of ownership interest in joint venture | 25% | |
Gibraltar Joint Venture [Member] | ||
Disclosure of joint ventures [line items] | ||
Ownership interest in joint venture | 75% | 75% |
Remaining portion of ownership interest in joint venture | 25% |
INTEREST IN GIBRALTAR JOINT V_4
INTEREST IN GIBRALTAR JOINT VENTURE - Disclosure of joint venture financial information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of joint ventures [line items] | |||
Cash and equivalents | $ 120,858 | $ 236,767 | $ 85,110 |
Total current assets | 240,871 | 337,227 | |
Total current liabilities | 112,638 | 103,477 | |
Long-term debt | 568,160 | 513,444 | |
Provision for environmental rehabilitation | 113,725 | 87,571 | |
Revenues | 391,609 | 433,278 | |
Production costs | (285,392) | (202,886) | |
Depletion and amortization | (51,982) | (66,587) | |
Interest expense | (41,825) | (38,853) | |
Foreign exchange gain (loss) | (29,791) | (555) | |
Comprehensive income for joint arrangement | (5,828) | 35,447 | |
Gibraltar Joint Venture [Member] | |||
Disclosure of joint ventures [line items] | |||
Cash and equivalents | 82,408 | 43,387 | |
Other current assets | 142,479 | 119,833 | |
Total current assets | 224,887 | 163,220 | |
Non-current assets | 1,046,997 | 959,828 | |
Accounts payable and accrued liabilities | 59,186 | 43,409 | |
Other current financial liabilities | 33,143 | 31,500 | |
Total current liabilities | 92,329 | 74,909 | |
Long-term debt | 45,100 | 21,343 | |
Provision for environmental rehabilitation | 143,256 | 108,916 | |
Non-current liabilities | 188,356 | 130,259 | |
Revenues | 512,950 | 578,736 | |
Production costs | (380,523) | (271,364) | |
Depletion and amortization | (76,484) | (102,209) | |
Other operating expense | (4,458) | (4,349) | |
Interest expense | (4,935) | (4,379) | |
Interest income | 336 | 40 | |
Foreign exchange gain (loss) | 919 | (1,042) | |
Comprehensive income for joint arrangement | $ 47,805 | $ 195,433 |
REVENUE - Disclosure of revenue
REVENUE - Disclosure of revenue (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Revenue [Abstract] | ||
Copper contained in concentrate | $ 380,700 | $ 401,514 |
Copper price adjustments on settlement | (5,060) | 8,098 |
Molybdenum concentrate | 19,973 | 28,862 |
Molybdenum price adjustments on settlement | 3,752 | 2,580 |
Silver | 5,456 | 5,010 |
Total gross revenue | 404,821 | 446,064 |
Less: Treatment and refining costs | (13,212) | (12,786) |
Total revenue | $ 391,609 | $ 433,278 |
COST OF SALES - Disclosure of c
COST OF SALES - Disclosure of cost of sales (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cost Of Sales [abstract] | ||
Site operating costs | $ 269,822 | $ 201,964 |
Transportation costs | 22,472 | 17,845 |
Changes in inventories of finished goods | 7,726 | (11,795) |
Changes in inventories of ore stockpiles | (14,628) | (5,128) |
Production costs | 285,392 | 202,886 |
Depletion and amortization | 51,982 | 66,587 |
Cost of sales | $ 337,374 | $ 269,473 |
COMPENSATION EXPENSE - Disclosu
COMPENSATION EXPENSE - Disclosure of compensation expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Wages, salaries and benefits | $ 79,935 | $ 82,345 |
Post-employment benefits | 893 | 1,765 |
Share-based compensation expense | 4,152 | 5,762 |
Compensation expense | $ 84,980 | $ 89,872 |
DERIVATIVE INSTRUMENTS (Narrati
DERIVATIVE INSTRUMENTS (Narrative) (Details) $ in Thousands, lb in Millions, l in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
Jan. 31, 2023 CAD ($) lb $ / Pound l | Jul. 30, 2022 CAD ($) lb $ / Pound | Jun. 30, 2022 CAD ($) lb $ / Pound | May 31, 2021 CAD ($) lb $ / Pound | Feb. 28, 2022 CAD ($) lb $ / Pound | Dec. 31, 2022 CAD ($) lb $ / Pound l | Dec. 31, 2021 CAD ($) lb $ / Pound | |
Disclosure of detailed information about financial instruments [line items] | |||||||
Purchase of put options | $ | $ 7,269 | $ 15,837 | |||||
Proceeds from diesel fuel call options | $ | $ 22,539 | $ 0 | |||||
Copper put option contracts one [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Number of pounds of copper for which put options were purchased | lb | 41 | ||||||
Purchase of put options | $ | $ 11,143 | ||||||
Strike price | 3.75 | ||||||
Copper put option contracts one [Member] | Bottom of range [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | from July 2021 | ||||||
Copper put option contracts one [Member] | Top of range [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | to December 2021 | ||||||
Copper put option contracts two [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Number of pounds of copper for which put options were purchased | lb | 43 | ||||||
Purchase of put options | $ | $ 4,693 | ||||||
Strike price | 4 | ||||||
Ceiling price | 5.6 | ||||||
Copper put option contracts two [Member] | Bottom of range [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | from January 2022 | ||||||
Copper put option contracts two [Member] | Top of range [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | to June 2022 | ||||||
Copper Collar Contracts [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Number of pounds of copper for which put options were purchased | lb | 30 | 42 | 30 | ||||
Purchase of put options | $ | $ 2,975 | $ 4,295 | |||||
Maturity date | H1 2023 | ||||||
Strike price | 3.75 | 4 | |||||
Ceiling price | 4.72 | 5.4 | |||||
Fuel call options outstanding at fair value | $ | $ 6,184 | ||||||
Copper Collar Contracts [Member] | Bottom of range [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | from January 2023 | from July 2022 | |||||
Strike price | 3.75 | ||||||
Copper Collar Contracts [Member] | Top of range [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | to June 2023 | to December 2022 | |||||
Strike price | 4.72 | ||||||
Copper price collar contracts [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Number of pounds of copper for which put options were purchased | lb | 35 | ||||||
Purchase of put options | $ | $ 9,880 | $ 22,539 | |||||
Copper price collar contracts [Member] | Bottom of range [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Strike price | 3.75 | ||||||
Copper price collar contracts [Member] | Top of range [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Strike price | 4 | ||||||
Diesel fuel call options [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Purchase of put options | $ | $ 260 | $ 717 | |||||
Fuel call options [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Number of pounds of copper for which put options were purchased | lb | 27 | ||||||
Purchase of put options | $ | $ 1,796 | ||||||
Number of litres of fuel call options | l | 12 | ||||||
Fuel call options [Member] | Subsequent Events [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Purchase of put options | $ | $ 941 | ||||||
Number of litres of fuel call options | l | 12 | ||||||
Fuel call options [Member] | Bottom of range [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | from April 2022 | ||||||
Fuel call options [Member] | Bottom of range [Member] | Subsequent Events [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | from July 2023 | ||||||
Fuel call options [Member] | Top of range [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | to June 2023 | ||||||
Fuel call options [Member] | Top of range [Member] | Subsequent Events [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | to December 2023 | ||||||
Zero cost copper collar contracts [Member] | Subsequent Events [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Number of pounds of copper for which put options were purchased | lb | 42 | ||||||
Strike price | 3.75 | ||||||
Ceiling price | 4.7 | ||||||
Zero cost copper collar contracts [Member] | Bottom of range [Member] | Subsequent Events [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | from July 2022 | ||||||
Zero cost copper collar contracts [Member] | Top of range [Member] | Subsequent Events [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Maturity date | to December 2023 |
DERIVATIVE INSTRUMENTS - Disclo
DERIVATIVE INSTRUMENTS - Disclosure of (gains) losses associated with derivative instruments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Losses associated with derivatives | $ (16,274) | $ 13,008 |
Copper put option contracts [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Realized (gain) loss on options | (13,550) | 14,511 |
Unrealized (gain) loss on options | (3,999) | (1,064) |
Fuel call options [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Realized (gain) loss on options | 472 | (470) |
Unrealized (gain) loss on options | $ 803 | $ 31 |
DERIVATIVE INSTRUMENTS - Detail
DERIVATIVE INSTRUMENTS - Details of the outstanding copper price option contracts (Details) - Copper Collar Contracts [Member] $ in Thousands, lb in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended |
Jun. 30, 2022 lb $ / Pound | Feb. 28, 2022 lb $ / Pound | Dec. 31, 2022 CAD ($) lb $ / Pound | |
Disclosure of detailed information about financial instruments [line items] | |||
Quantity | lb | 30 | 42 | 30 |
Strike price | 3.75 | 4 | |
Period | H1 2023 | ||
Cost | $ | $ 2,975 | ||
Fair value | $ | $ 6,184 | ||
Bottom of range [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Strike price | 3.75 | ||
Period | from January 2023 | from July 2022 | |
Top of range [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Strike price | 4.72 | ||
Period | to June 2023 | to December 2022 |
OTHER INCOME - Disclosure of ot
OTHER INCOME - Disclosure of other income (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income [Abstract] | ||
Management fee income | $ 1,163 | $ 1,180 |
Other operating income, net | 595 | 303 |
Other income | $ 1,758 | $ 1,483 |
FINANCE EXPENSES (Narrative) (D
FINANCE EXPENSES (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 03, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Finance Cost [Abstract] | |||
Lease liabilities and lease related obligations | $ 1,599 | $ 1,728 | |
Development costs capitalzed | 3,419 | ||
Redemption of senior secured debt | $ 250,000 | ||
Loss on settlement of long-term debt | 0 | 5,798 | |
Write-off of deferred financing charges | 0 | 4,025 | |
Additional interest costs paid over call period | 1,773 | ||
Amount of redemption call premium | $ 0 | $ 6,941 |
FINANCE EXPENSES - Disclosure o
FINANCE EXPENSES - Disclosure of finance expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Finance Cost [Abstract] | ||
Interest expense | $ 41,825 | $ 38,853 |
Amortization of financing fees | 2,523 | 2,040 |
Finance expense - deferred revenue | 5,711 | 5,549 |
Accretion on PER | 367 | 373 |
Less: interest expense capitalized | (3,419) | 0 |
Finance income | (1,798) | (678) |
Loss on settlement of long-term debt | 0 | 5,798 |
Finance expenses | $ 45,209 | $ 51,935 |
INCOME TAX (Narrative) (Details
INCOME TAX (Narrative) (Details) - Canada [Member] - Non-capital losses [Member] - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses and tax pools | $ 28,082 | $ 30,523 |
Bottom of range [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carry forwards expiration year | 2027 | |
Top of range [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carry forwards expiration year | 2039 |
INCOME TAX - Disclosure of inco
INCOME TAX - Disclosure of income tax expense (recovery) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current income tax: | ||
Current expense | $ 1,156 | $ 3,203 |
Current tax adjustments related to prior periods | (264) | 0 |
Current income tax expense | 892 | 3,203 |
Deferred income tax: | ||
Origination and reversal of temporary differences | 5,405 | 31,129 |
Deferred tax adjustments related to prior periods | 535 | 9 |
Deferred income tax expense | 5,940 | 31,138 |
Income tax expense | $ 6,832 | $ 34,341 |
INCOME TAX - Disclosure of effe
INCOME TAX - Disclosure of effective tax rate reconciliation (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax [Abstract] | ||
Applicable tax rate | 36.50% | 36.50% |
Income tax at Canadian statutory rate | $ (6,984) | $ 25,840 |
Permanent differences | 10,136 | 13,110 |
Foreign tax rate differential | 64 | 96 |
Unrecognized tax benefits | 3,344 | (4,714) |
Deferred tax adjustments related to prior periods | 272 | 9 |
Income tax expense | $ 6,832 | $ 34,341 |
INCOME TAX - Disclosure of defe
INCOME TAX - Disclosure of deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax [Abstract] | ||
Property, plant and equipment | $ (226,123) | $ (190,768) |
Other financial assets | 8,222 | 6,156 |
Provisions | 29,721 | 22,746 |
Tax loss carry forwards | 111,925 | 91,680 |
Deferred tax liability | $ (76,255) | $ (70,186) |
INCOME TAX - Disclosure of unre
INCOME TAX - Disclosure of unrecognized deferred tax assets and liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences | $ 86,745 | $ 56,921 |
Deferred tax asset | 11,658 | 7,655 |
Losses and tax pools [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences | 28,082 | 30,523 |
Deferred tax asset | 7,582 | 8,241 |
Other financial assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences | 14,078 | 13,879 |
Deferred tax asset | $ 1,900 | $ 1,873 |
ACCOUNTS RECEIVABLE - Disclosur
ACCOUNTS RECEIVABLE - Disclosure of accounts receivable (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other current receivables [abstract] | ||
Trade and settlement receivables | $ 11,401 | $ 5,859 |
Goods and services tax receivable | 1,257 | 1,099 |
Other receivables | 565 | 2,646 |
Total trade and other current receivables | $ 13,223 | $ 9,604 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Inventories [Line Items] | ||
Impairment of inventories | $ 0 | $ 4,561 |
Depletion and amortization [Member] | ||
Inventories [Line Items] | ||
Impairment of inventories | $ 0 | $ 1,510 |
INVENTORIES - Disclosure of Inv
INVENTORIES - Disclosure of Inventories (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Classes of current inventories [abstract] | ||
Ore stockpiles | $ 45,306 | $ 31,845 |
Copper contained in concentrate | 12,105 | 19,831 |
Molybdenum concentrate | 417 | 310 |
Materials and supplies | 35,018 | 27,885 |
Total current inventories | $ 92,846 | $ 79,871 |
OTHER FINANCIAL ASSETS - Disclo
OTHER FINANCIAL ASSETS - Disclosure of other financial assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Other current financial assets | $ 9,013 | $ 7,014 |
Other non current financial assets | 2,989 | 2,902 |
Marketable securities [Member] | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 2,568 | 3,110 |
Copper price options [Member] | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 6,184 | 3,904 |
Fuel call options [Member] | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 261 | 0 |
Investment in private companies [Member] | ||
Disclosure of financial assets [line items] | ||
Other non current financial assets | 1,200 | 1,200 |
Reclamation deposits [Member] | ||
Disclosure of financial assets [line items] | ||
Other non current financial assets | 434 | 434 |
Restricted cash [Member] | ||
Disclosure of financial assets [line items] | ||
Other non current financial assets | $ 1,355 | $ 1,268 |
PROPERTY, PLANT & EQUIPMENT (Na
PROPERTY, PLANT & EQUIPMENT (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | 74 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Development costs capitalzed | $ 3,419 | |||
Depreciation, right-of-use assets | 6,492 | $ 3,941 | ||
Florence copper project [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Capitalized stripping costs | 103,072 | 58,667 | ||
Development costs capitalzed | 3,419 | $ 276,000 | ||
Mineral properties [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation on non-cash additions of mining assets | $ 4,294 | $ 9,364 | ||
Development costs capitalzed | $ 5,710 |
PROPERTY, PLANT & EQUIPMENT - D
PROPERTY, PLANT & EQUIPMENT - Disclosure of property, plant & equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 837,839 | $ 742,619 |
Additions | 201,970 | |
Depletion and amortization | 55,731 | 79,123 |
Disposals | (200) | (1,556) |
Foreign exchange translation | 16,998 | |
Ending balance | 1,029,240 | 837,839 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,491,836 | 1,329,220 |
Additions | 202,460 | 164,622 |
Changes in rehabilitation cost asset | 28,164 | 12,087 |
Disposals | (13,847) | (13,283) |
Foreign exchange translation | 16,998 | (810) |
Transfers between categories | 0 | 0 |
Ending balance | 1,725,611 | 1,491,836 |
Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (653,997) | (586,601) |
Depletion and amortization | 55,731 | 79,123 |
Disposals | 13,357 | 11,727 |
Ending balance | (696,371) | (653,997) |
Property acquisition costs [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 109,526 | |
Ending balance | 115,442 | 109,526 |
Property acquisition costs [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 109,526 | 109,895 |
Additions | 0 | 0 |
Changes in rehabilitation cost asset | 0 | 0 |
Disposals | 0 | 0 |
Foreign exchange translation | 5,916 | (369) |
Transfers between categories | 0 | 0 |
Ending balance | 115,442 | 109,526 |
Property acquisition costs [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 0 | 0 |
Depletion and amortization | 0 | 0 |
Disposals | 0 | 0 |
Ending balance | 0 | 0 |
Mineral properties [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 234,989 | |
Ending balance | 324,220 | 234,989 |
Mineral properties [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 560,622 | 456,185 |
Additions | 67,536 | 92,536 |
Changes in rehabilitation cost asset | 28,164 | 12,087 |
Disposals | (289) | 0 |
Foreign exchange translation | 5,235 | (186) |
Transfers between categories | 0 | 0 |
Ending balance | 661,268 | 560,622 |
Mineral properties [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (325,633) | (290,654) |
Depletion and amortization | 11,415 | 34,979 |
Disposals | 0 | 0 |
Ending balance | (337,048) | (325,633) |
Plant and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 450,357 | |
Ending balance | 443,860 | 450,357 |
Plant and equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 778,721 | 754,686 |
Additions | 19,401 | 19,629 |
Changes in rehabilitation cost asset | 0 | 0 |
Disposals | (13,558) | (13,283) |
Foreign exchange translation | 2,947 | (255) |
Transfers between categories | 15,672 | 17,944 |
Ending balance | 803,183 | 778,721 |
Plant and equipment [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (328,364) | (295,947) |
Depletion and amortization | 44,316 | 44,144 |
Disposals | 13,357 | 11,727 |
Ending balance | (359,323) | (328,364) |
Construction in progress [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 42,967 | |
Ending balance | 145,718 | 42,967 |
Construction in progress [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 42,967 | 8,454 |
Additions | 115,523 | 52,457 |
Changes in rehabilitation cost asset | 0 | 0 |
Disposals | 0 | 0 |
Foreign exchange translation | 2,900 | 0 |
Transfers between categories | (15,672) | (17,944) |
Ending balance | 145,718 | 42,967 |
Construction in progress [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 0 | 0 |
Depletion and amortization | 0 | 0 |
Disposals | 0 | 0 |
Ending balance | $ 0 | $ 0 |
PROPERTY, PLANT & EQUIPMENT -_2
PROPERTY, PLANT & EQUIPMENT - Disclosure of additions and other items in net book value of property, plant & equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | ||
Beginning balance | $ 837,839 | $ 742,619 |
Additions: | ||
Sustaining capital expenditures | (18,108) | (23,850) |
Development costs | 3,419 | |
Other items: | ||
Right of use assets | 12,254 | 4,418 |
Rehabilitation costs asset | 28,164 | 12,087 |
Disposals | (200) | (1,556) |
Foreign exchange translation and other | 16,709 | (810) |
Depletion and amortization | (55,731) | (79,123) |
Ending balance | 1,029,240 | 837,839 |
Gibraltar Mines [Member] | ||
Disclosure of subsidiaries [line items] | ||
Beginning balance | 539,641 | |
Additions: | ||
Capitalized stripping costs | 36,312 | 69,228 |
Sustaining capital expenditures | 20,015 | 25,238 |
Capital expenditures | 29,551 | 4,013 |
Other items: | ||
Rehabilitation costs asset | 28,164 | |
Depletion and amortization | (55,017) | |
Ending balance | 610,399 | 539,641 |
Florence Copper [Member] | ||
Disclosure of subsidiaries [line items] | ||
Beginning balance | 260,934 | |
Additions: | ||
Development costs | 103,072 | 58,667 |
Other items: | ||
Rehabilitation costs asset | 0 | |
Depletion and amortization | (338) | |
Ending balance | 380,987 | 260,934 |
Yellowhead [Member] | ||
Disclosure of subsidiaries [line items] | ||
Beginning balance | 21,252 | |
Additions: | ||
Development costs | 698 | 2,603 |
Other items: | ||
Rehabilitation costs asset | 0 | |
Depletion and amortization | 0 | |
Ending balance | 21,950 | 21,252 |
Aley [Member] | ||
Disclosure of subsidiaries [line items] | ||
Beginning balance | 14,316 | |
Additions: | ||
Development costs | 557 | 455 |
Other items: | ||
Rehabilitation costs asset | 0 | |
Depletion and amortization | 0 | |
Ending balance | $ 14,873 | $ 14,316 |
PROPERTY, PLANT & EQUIPMENT -_3
PROPERTY, PLANT & EQUIPMENT - Disclosure of net book value of property, plant & equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | ||
Beginning balance | $ 837,839 | $ 742,619 |
Net additions | 201,970 | |
Changes in rehabilitation cost asset | 28,164 | 12,087 |
Depletion and amortization | (55,731) | (79,123) |
Foreign exchange translation | 16,998 | |
Ending balance | 1,029,240 | 837,839 |
Gibraltar Mines [Member] | ||
Disclosure of subsidiaries [line items] | ||
Beginning balance | 539,641 | |
Net additions | 97,611 | |
Changes in rehabilitation cost asset | 28,164 | |
Depletion and amortization | (55,017) | |
Foreign exchange translation | 0 | |
Ending balance | 610,399 | 539,641 |
Florence Copper [Member] | ||
Disclosure of subsidiaries [line items] | ||
Beginning balance | 260,934 | |
Net additions | 103,393 | |
Changes in rehabilitation cost asset | 0 | |
Depletion and amortization | (338) | |
Foreign exchange translation | 16,998 | |
Ending balance | 380,987 | 260,934 |
Yellowhead [Member] | ||
Disclosure of subsidiaries [line items] | ||
Beginning balance | 21,252 | |
Net additions | 698 | |
Changes in rehabilitation cost asset | 0 | |
Depletion and amortization | 0 | |
Foreign exchange translation | 0 | |
Ending balance | 21,950 | 21,252 |
Aley [Member] | ||
Disclosure of subsidiaries [line items] | ||
Beginning balance | 14,316 | |
Net additions | 557 | |
Changes in rehabilitation cost asset | 0 | |
Depletion and amortization | 0 | |
Foreign exchange translation | 0 | |
Ending balance | 14,873 | 14,316 |
Other [Member] | ||
Disclosure of subsidiaries [line items] | ||
Beginning balance | 1,696 | |
Net additions | (289) | |
Changes in rehabilitation cost asset | 0 | |
Depletion and amortization | (376) | |
Foreign exchange translation | 0 | |
Ending balance | $ 1,031 | $ 1,696 |
GOODWILL (Narrative) (Details)
GOODWILL (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2014 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Decrease in goodwill as a result of foreign currency translation | $ 357 | |
Florence copper project [Member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Percentage of voting equity interests acquired | 100% |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES - Disclosure of accounts payable and accrued liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Payable And Accrued Liabilities [Abstract] | ||
Trade payables | $ 31,719 | $ 30,100 |
Accrued liabilities | 34,997 | 25,560 |
Total trade and other current payables | $ 66,716 | $ 55,660 |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Oct. 06, 2021 USD ($) | Feb. 10, 2021 CAD ($) | Feb. 10, 2021 USD ($) | Feb. 01, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | Apr. 08, 2022 USD ($) | Dec. 31, 2020 CAD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Credit facility | $ 586,569 | $ 531,749 | $ 363,404 | |||||
Proceeds from equipment financings | 31,770 | 0 | ||||||
Repayment of equipment loans | 26,443 | 19,737 | ||||||
Gibraltar Mines [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Proceeds from equipment financings | 31,770 | |||||||
Repayment of equipment loans | 6,075 | |||||||
Repayment of lease liabilities | 606 | |||||||
2026 Senior Secured Notes [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Notes issued | $ 400 | |||||||
Interest rate | 7% | |||||||
Remaining proceeds of borrowings available for capital expenditure | $ 167,000 | $ 131 | ||||||
Maximum amount of first lien secured debt to be issued | 145 | |||||||
Maximum amount of debt for equipment financing | $ 50 | |||||||
Description of notes redemption price percentage | The Company may redeem some or all of the 2026 Notes at any time on or after February 15, 2023, at redemption prices ranging from 103.5% to 100%, plus accrued and unpaid interest to the date of redemption. Prior to February 15, 2023, all or part of the notes may be redeemed at 100%, plus a make-whole premium, plus accrued and unpaid interest to the date of redemption. Until February 15, 2023, the Company may redeem up to 10% of the aggregate principal amount of the notes, at a redemption price of 103%, plus accrued and unpaid interest to the date of redemption. On a change of control, the 2026 Notes are redeemable at the option of the holder at a price of 101%. | The Company may redeem some or all of the 2026 Notes at any time on or after February 15, 2023, at redemption prices ranging from 103.5% to 100%, plus accrued and unpaid interest to the date of redemption. Prior to February 15, 2023, all or part of the notes may be redeemed at 100%, plus a make-whole premium, plus accrued and unpaid interest to the date of redemption. Until February 15, 2023, the Company may redeem up to 10% of the aggregate principal amount of the notes, at a redemption price of 103%, plus accrued and unpaid interest to the date of redemption. On a change of control, the 2026 Notes are redeemable at the option of the holder at a price of 101%. | ||||||
2022 Notes [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Amount of outstanding borrowings redeemed | $ 250 | |||||||
Interest rate | 8.75% | |||||||
Revolving Credit Facility [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Closing amount of line of credit facility | $ 50 | |||||||
Revolving Credit Facility [Member] | Events after reporting period [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Maturity date | On February 1, 2023, the Company entered into an agreement to extend the maturity date of the Facility by an additional year to July 2, 2026. | |||||||
Line of credit facility increased borrowing capacity | $ 30 | |||||||
Credit facility maximum borrowing capacity | $ 80 | |||||||
Line of credit facility interest rate descriptions | Amounts outstanding under the facility bear interest at the Adjusted Term SOFR rate plus an applicable margin and have a standby fee of 1.00%. | |||||||
Letter of Credit Facilities [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Credit facility | 15,000 | |||||||
Issued and outstanding credit facility | 3,750 | |||||||
Closed credit facility for issuing LC | $ 4 | |||||||
Lease liabilities [Member] | IFRS 16 [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Carrying amount of leased assets | $ 34,051 | $ 28,823 | ||||||
Lease liabilities [Member] | IFRS 16 [Member] | Bottom of range [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Lease Term | 12 months | |||||||
Lease liabilities [Member] | IFRS 16 [Member] | Top of range [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Lease Term | 84 months | |||||||
Secured equipment loans [Member] | Bottom of range [Member] | Gibraltar Mines [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Lease Term | 48 months | |||||||
Interest rate | 6.40% | |||||||
Secured equipment loans [Member] | Top of range [Member] | Gibraltar Mines [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Interest rate | 8.90% |
DEBT - Disclosure of borrowings
DEBT - Disclosure of borrowings (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current borrowings and current portion of non-current borrowings [abstract] | |||
Current portion of non-current borrowings | $ 18,409 | $ 18,305 | |
Non-current portion of non-current borrowings, by type [abstract] | |||
Non-current portion of non-current borrowings | 568,160 | 513,444 | |
Total debt | 586,569 | 531,749 | $ 363,404 |
Lease liabilities [Member] | |||
Current borrowings and current portion of non-current borrowings [abstract] | |||
Current portion of non-current borrowings | 7,613 | 9,625 | |
Non-current portion of non-current borrowings, by type [abstract] | |||
Non-current portion of non-current borrowings | 7,408 | 6,067 | |
Secured equipment loans [Member] | |||
Current borrowings and current portion of non-current borrowings [abstract] | |||
Current portion of non-current borrowings | 8,489 | 6,539 | |
Non-current portion of non-current borrowings, by type [abstract] | |||
Non-current portion of non-current borrowings | 24,550 | 6,025 | |
Lease related obligations [Member] | |||
Current borrowings and current portion of non-current borrowings [abstract] | |||
Current portion of non-current borrowings | 2,307 | 2,141 | |
Non-current portion of non-current borrowings, by type [abstract] | |||
Non-current portion of non-current borrowings | 3,009 | 5,316 | |
Senior secured notes [Member] | |||
Non-current portion of non-current borrowings, by type [abstract] | |||
Non-current portion of non-current borrowings | 534,118 | 497,388 | |
Revolving credit deferred financing fees [Member] | |||
Non-current portion of non-current borrowings, by type [abstract] | |||
Non-current portion of non-current borrowings | $ (925) | $ (1,352) |
DEBT - Disclosure of continuity
DEBT - Disclosure of continuity of total debt (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | ||
Total debt as at January 1 | $ 531,749 | $ 363,404 |
Lease additions | 12,382 | 6,042 |
Equipment loans net proceeds | 31,770 | 0 |
Lease liabilities and equipment loans repayments | (26,443) | (19,737) |
Unrealized foreign exchange (gain) loss | 34,490 | (488) |
Amortization of deferred financing charges | 2,621 | 2,156 |
Settlement of 2022 Notes | 0 | (317,225) |
Foreign exchange gain | 0 | (1,075) |
Write-off of deferred financing charges | 0 | 4,025 |
Issuance of 2026 Notes | 0 | 507,560 |
Deferred financing charges | 0 | (12,913) |
Total debt as at December 31 | $ 586,569 | $ 531,749 |
DEFERRED REVENUE (Narrative) (D
DEFERRED REVENUE (Narrative) (Details) oz in Millions, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |
Mar. 03, 2017 USD ($) oz | Mar. 31, 2010 | Dec. 31, 2022 CAD ($) | |
Disclosure Of Deferred Income [Line Items] | |||
Advance payments from customer | $ 2 | ||
Gibraltar Joint Venture [Member] | |||
Disclosure Of Deferred Income [Line Items] | |||
Proportion of ownership interest in joint venture | 75% | 75% | |
Osisko Gold Royalties Ltd [Member] | |||
Disclosure Of Deferred Income [Line Items] | |||
Upfront cash deposit received | $ 52.7 | ||
Quantity of silver deliverable | oz | 5.9 | ||
Percentage of production to be delivered after threshold | 35% |
DEFERRED REVENUE - Disclosure o
DEFERRED REVENUE - Disclosure of deferred revenue (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Deferred Income [Line Items] | ||
Current portion of deferred revenue | $ 12,065 | $ 13,441 |
Long-term portion of deferred revenue | 47,620 | 45,356 |
Total deferred revenue | 59,685 | 58,797 |
Customer advance payments [Member] | ||
Disclosure Of Deferred Income [Line Items] | ||
Current portion of deferred revenue | 6,456 | 5,297 |
Osisko - silver stream agreement [Member] | ||
Disclosure Of Deferred Income [Line Items] | ||
Current portion of deferred revenue | $ 5,609 | $ 8,144 |
DEFERRED REVENUE - Disclosure_2
DEFERRED REVENUE - Disclosure of changes in deferred revenue (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Deferred Income [Line Items] | ||
Beginning balance | $ 58,797 | |
Finance expense | 5,711 | $ 5,549 |
Ending balance | 59,685 | 58,797 |
Osisko Gold Royalties Ltd [Member] | ||
Disclosure Of Deferred Income [Line Items] | ||
Beginning balance | 53,500 | 52,758 |
Finance expense | 5,711 | 5,549 |
Amortization of deferred revenue | (5,982) | (4,807) |
Ending balance | $ 53,229 | $ 53,500 |
PROVISION FOR ENVIRONMENTAL R_3
PROVISION FOR ENVIRONMENTAL REHABILITATION (Narrative) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Gibraltar Joint Venture [Member] | ||
Disclosure of other provisions [line items] | ||
Amount of letters of credit and surety bonds | $ 81.4 | |
Florence copper project [Member] | ||
Disclosure of other provisions [line items] | ||
Amount of letters of credit and surety bonds | $ 13.3 | |
Bottom of range [member] | ||
Disclosure of other provisions [line items] | ||
Inflation rate | 2.02% | 1.82% |
Top of range [Member] | ||
Disclosure of other provisions [line items] | ||
Inflation rate | 1.80% | 1.50% |
Provision for decommissioning, restoration and rehabilitation costs [Member] | ||
Disclosure of other provisions [line items] | ||
Risk-free discount rate | 3.31% | 1.79% |
Nominal Risk-Free Rate | 4.41% | 2.61% |
Provision for decommissioning, restoration and rehabilitation costs [Member] | Bottom of range [member] | ||
Disclosure of other provisions [line items] | ||
Investment grade corporate bonds | 50 years | |
Long-term inflation rate period of nominal cash flow estimates | 30 years | |
Provision for decommissioning, restoration and rehabilitation costs [Member] | Top of range [Member] | ||
Disclosure of other provisions [line items] | ||
Beyond current mine life | 100 years | |
Investment grade corporate bonds | 100 years | |
Long-term inflation rate period of nominal cash flow estimates | 100 years |
PROVISION FOR ENVIRONMENTAL R_4
PROVISION FOR ENVIRONMENTAL REHABILITATION - Disclosure of provision for environmental rehabilitation (Details) - Provision for decommissioning, restoration and rehabilitation costs [Member] - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other provisions [line items] | ||
Beginning balance at January 1 | $ 87,571 | $ 78,983 |
Change in estimates | 28,163 | 12,087 |
Accretion | 367 | 373 |
Settlements | (2,775) | (3,846) |
Foreign exchange differences | 399 | (26) |
Ending balance at December 31 | $ 113,725 | $ 87,571 |
EQUITY (Narrative) (Details)
EQUITY (Narrative) (Details) - shares | 1 Months Ended | 12 Months Ended |
Jan. 31, 2022 | Dec. 31, 2021 | |
Equity [abstract] | ||
Common shares issued | 866,028 | 866,000 |
EQUITY - Disclosure of Equity (
EQUITY - Disclosure of Equity (Details) Share in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2022 shares | Dec. 31, 2022 Share shares | Dec. 31, 2021 Share shares | |
Equity [abstract] | |||
Common shares outstanding beginning balance | 284,892,000 | 284,892,000 | 282,115,000 |
Exercise of share options | Share | 735 | 2,777 | |
Common shares issued under PSU plan | 866,028 | 866,000 | |
Common shares outstanding ending balance | 286,493,000 | 284,892,000 |
SHARE-BASED COMPENSATION (Narra
SHARE-BASED COMPENSATION (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 CAD ($) Share $ / shares | Dec. 31, 2021 CAD ($) Share $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options granted | Share | 2,113,000 | 2,402,000 |
Share options granted, average exercise price | $ 2.58 | $ 1.6 |
Weighted average grant-date fair value | $ 1.41 | $ 0.88 |
Weighted average fair value at measurement date share options granted | $ | $ 2,532 | $ 1,235 |
Top of range [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Maximum allowable under the plan | 9.50% | |
Directors, executives and employees [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options granted | Share | 2,113,000 | 2,402,000 |
Share options granted, average exercise price | $ 2.58 | $ 1.6 |
Total fair value of options granted | $ | $ 2,979 | $ 2,114 |
Weighted average grant-date fair value | $ 1.41 | $ 0.88 |
Independent directors [Member] | Top of range [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Maximum allowable under the plan for independent directors | 1% | |
Options exercise period | 5 years | |
Deferred Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Long-term financial liability | $ | $ 3,877 | $ 4,643 |
Number of units granted in share-based payment arrangement | Share | 172,000 | 198,000 |
Weighted average fair value at measurement date share awards granted per share | $ 2.58 | $ 1.58 |
Performance Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of units granted in share-based payment arrangement | Share | 595,000 | 530,000 |
Weighted average fair value at measurement date share awards granted per share | $ 3.51 | $ 1.74 |
Performance Share Units [Member] | Bottom of range [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Percentage of performance factor | 0% | |
Performance Share Units [Member] | Top of range [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Percentage of performance factor | 250% | |
Performance Share Units [Member] | Senior Executives [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of units granted in share-based payment arrangement | Share | 595,000 | 530,000 |
SHARE-BASED COMPENSATION - Disc
SHARE-BASED COMPENSATION - Disclosure of changes in number of share options and average price (Details) shares in Thousands, Share in Thousands | 12 Months Ended | |||
Dec. 31, 2022 Share $ / shares | Dec. 31, 2022 Share $ / shares | Dec. 31, 2022 Share shares $ / shares | Dec. 31, 2021 Share $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||
Outstanding , beginning balance | Share | 8,270 | 8,969 | ||
Granted | Share | 2,113 | 2,402 | ||
Exercised | Share | (735) | (2,777) | ||
Cancelled/forfeited | Share | (176) | |||
Expired | Share | (184) | (324) | ||
Outstanding, ending balance | 9,288 | 9,288 | 8,270 | |
Options, Exercisable | Share | 7,234 | 7,234 | 7,234 | |
Average price, Outstanding beginning balance | $ 1.33 | $ 1.19 | ||
Granted | 2.58 | 1.6 | ||
Exercised | 0.99 | 0.93 | ||
Cancelled/forfeited | 2.24 | |||
Expired | 1.5 | 2.86 | ||
Average price, Outstanding ending balance | 1.62 | $ 1.33 | ||
Average price, Exercisable | $ 1.45 | $ 1.45 | $ 1.45 |
SHARE-BASED COMPENSATION - Di_2
SHARE-BASED COMPENSATION - Disclosure of share options and average life (Details) shares in Thousands, Share in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 $ / shares | Dec. 31, 2022 Share | Dec. 31, 2022 shares | Dec. 31, 2021 Share | Dec. 31, 2020 Share | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price, option | 9,288 | 9,288 | 8,270 | 8,969 | |
Exercise price, Average life (years) | 1 year 9 months 14 days | ||||
$0.69 to $0.75 [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price, option | shares | 1,345 | ||||
Exercise price, Average life (years) | 1 year 8 months 15 days | ||||
$0.69 to $0.75 [Member] | Bottom of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 0.69 | ||||
$0.69 to $0.75 [Member] | Top of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 0.75 | ||||
$0.76 to $1.00 [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price, option | shares | 2,186 | ||||
Exercise price, Average life (years) | 1 year 10 days | ||||
$0.76 to $1.00 [Member] | Bottom of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 0.76 | ||||
$0.76 to $1.00 [Member] | Top of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 1 | ||||
$1.01 to $1.86 [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price, option | shares | 2,520 | ||||
Exercise price, Average life (years) | 3 years 3 days | ||||
$1.01 to $1.86 [Member] | Bottom of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 1.01 | ||||
$1.01 to $1.86 [Member] | Top of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 1.86 | ||||
$1.87 to $2.72 [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price, option | shares | 2,071 | ||||
Exercise price, Average life (years) | 4 years 7 days | ||||
$1.87 to $2.72 [Member] | Bottom of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 1.87 | ||||
$1.87 to $2.72 [Member] | Top of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 2.72 | ||||
$2.73 to $2.86 [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price, option | shares | 1,166 | ||||
Exercise price, Average life (years) | 0 years | ||||
$2.73 to $2.86 [Member] | Bottom of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 2.73 | ||||
$2.73 to $2.86 [Member] | Top of range [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Exercise price | $ 2.86 |
SHARE-BASED COMPENSATION - Di_3
SHARE-BASED COMPENSATION - Disclosure of fair value of options (Details) | 12 Months Ended | |
Dec. 31, 2022 Year $ / shares | Dec. 31, 2021 Year $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Expected term (years) | Year | 5 | 5 |
Forfeiture rate | 0% | 0% |
Volatility | 64% | 67% |
Dividend yield | 0% | 0% |
Risk-free interest rate | 1.70% | 0.40% |
Weighted-average fair value per option | $ / shares | $ 1.41 | $ 0.88 |
SHARE-BASED COMPENSATION - Di_4
SHARE-BASED COMPENSATION - Disclosure of DSUs and PSUs issued and outstanding (Details) - Share | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at beginning balance | 1,786,000 | 2,123,000 |
Granted | 172,000 | 198,000 |
Settled | 0 | (535,000) |
Outstanding at ending balance | 1,958,000 | 1,786,000 |
Performance Share Units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding at beginning balance | 2,780,000 | 2,650,000 |
Granted | 595,000 | 530,000 |
Settled | (875,000) | (400,000) |
Outstanding at ending balance | 2,500,000 | 2,780,000 |
SHARE-BASED COMPENSATION - Di_5
SHARE-BASED COMPENSATION - Disclosure of share based compensation expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | $ 4,152 | $ 5,762 |
Share options - amortization [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | 2,693 | 2,142 |
Performance share units - amortization [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | 2,226 | 1,151 |
Change in fair value of deferred share units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expense from share-based payment transactions | $ (767) | $ 2,469 |
EARNINGS (LOSS) PER SHARE - Dis
EARNINGS (LOSS) PER SHARE - Disclosure of earnings (loss) per share (Details) - CAD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | ||
Net income (loss) attributable to common shareholders - basic and diluted | $ (25,971) | $ 36,472 |
Weighted-average number of common shares | 286,236 | 283,593 |
Effect of dilutive securities: | ||
Stock options | 0 | 3,911 |
Weighted-average number of diluted common shares | 286,236 | 287,504 |
Earnings (loss) per common share | ||
Basic earnings (loss) per share | $ (0.09) | $ 0.13 |
Diluted earnings (loss) per share | $ (0.09) | $ 0.13 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2010 | Dec. 31, 2022 | Dec. 31, 2021 | |
Florence Copper [Member] | |||
Disclosure Of Commitments And Contingent Liabilities [Line Items] | |||
Capital commitments | $ 9,265 | $ 37,944 | |
Gibraltar Joint Venture [Member] | |||
Disclosure Of Commitments And Contingent Liabilities [Line Items] | |||
Capital commitments | $ 2,795 | $ 471 | |
Capital lease and equipment loans | 100% | ||
Ownership interest in joint venture | 75% | 75% | |
Remaining portion of ownership interest in joint venture | 25% | ||
JV partner's portion of capital lease and equipment loans | $ 13,983 | ||
Indemnity percentage of surety bond issued | 100% | ||
Obligations | $ 14,625 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Disclosure of future minimum payments (Details) $ in Thousands | Dec. 31, 2022 CAD ($) |
Disclosure Of Commitments [Line Items] | |
Commitments | $ 28,831 |
2023 [Member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | 11,661 |
2024 [Member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | 11,661 |
2025 [member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | 4,686 |
2026 [member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | 823 |
2027 [Member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | 0 |
2028 and thereafter [Member] | |
Disclosure Of Commitments [Line Items] | |
Commitments | $ 0 |
SUPPLEMENTARY CASH FLOW INFOR_3
SUPPLEMENTARY CASH FLOW INFORMATION - Disclosure of supplementary cash flow information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of supplementary cash flow information [abstract] | ||
Accounts receivable | $ (3,602) | $ (2,915) |
Inventories | (14,035) | (16,713) |
Prepaids | (1,835) | (1,921) |
Accounts payable and accrued liabilities | 14,704 | (12,984) |
Advance payment on product sales | 1,159 | 5,297 |
Interest payable | 100 | 65 |
Mineral tax payable | (1,937) | (2,800) |
Net change in working capital | (5,446) | (31,971) |
Non-cash investing and financing activities | ||
Assets acquired under capital lease | 489 | 1,644 |
Right-of-use assets | $ 11,893 | $ 4,398 |
FINANCIAL RISK MANAGEMENT (Narr
FINANCIAL RISK MANAGEMENT (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Financial Risk Management [Line Items] | ||
Percentage CAD strengthening against USD | 10% | |
Fair value of senior secured notes | $ 477,854 | |
Carrying value | 534,118 | |
Settlement receivables | $ 209 | $ 4,885 |
Commodity Derivatives [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Interest rate basis points | 100 basis points | |
Two Customers [Member] | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Revenue from significant customers | 95% | 82% |
FINANCIAL RISK MANAGEMENT - Dis
FINANCIAL RISK MANAGEMENT - Disclosure of exposure to commodity price risk (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commodity price risk [Member] | ||
Disclosure Of Commodity Price Risk For Financial Instruments [Line Items] | ||
Copper increase/decrease by US$0.10 per pound | $ 511 | $ 1,143 |
FINANCIAL RISK MANAGEMENT - D_2
FINANCIAL RISK MANAGEMENT - Disclosure of exposure to commodity price risk (Parentheticals) (Details) lb in Millions | 12 Months Ended | |
Dec. 31, 2022 lb lb | Dec. 31, 2021 lb | |
Disclosure Of Commodity Price Risk For Financial Instruments [Line Items] | ||
Copper in concentrate exposed to price movements | 3.8 | 12 |
USD [Member] | ||
Disclosure Of Commodity Price Risk For Financial Instruments [Line Items] | ||
US dollar increase in commodity price per lb of copper | 0.1 | |
Closing exchange rate | 1.35 | 1.27 |
FINANCIAL RISK MANAGEMENT - D_3
FINANCIAL RISK MANAGEMENT - Disclosure of impact on earnings after tax and equity (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Fair value sensitivity for fixed-rate instruments | $ (4,062) | $ (2,710) |
Senior secured notes [Member] | ||
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Fair value sensitivity for fixed-rate instruments | (3,800) | (2,371) |
Lease liabilities [Member] | ||
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Fair value sensitivity for fixed-rate instruments | (130) | (157) |
Lease related obligations [Member] | ||
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Fair value sensitivity for fixed-rate instruments | (67) | (65) |
Secured equipment loans [Member] | ||
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Fair value sensitivity for fixed-rate instruments | (65) | (117) |
Cash and cash equivalents [Member] | ||
Schedule Of Interest Rate Sensitivity Analysis [Line Items] | ||
Cash flow sensitivity for variable-rate instruments | $ 826 | $ 1,602 |
FINANCIAL RISK MANAGEMENT - D_4
FINANCIAL RISK MANAGEMENT - Disclosure of changes in assets and liabilities on basis of strengthening CAD against USD (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | $ (7,425) | $ (13,656) |
Accounts receivable [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | (832) | (847) |
Accounts payable and accrued liabilities [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | 1,972 | 1,522 |
Senior secured notes [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | 40,587 | 37,992 |
Equipment loans [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | 2,425 | 266 |
Lease liabilities [Member] | ||
Disclosure Foreign Currency Sensitivity Analysis [Line Items] | ||
Change in financial assets and liabilities due to exchange rate | $ 69 | $ 20 |
FINANCIAL RISK MANAGEMENT - D_5
FINANCIAL RISK MANAGEMENT - Disclosure of fair value measurement of assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets at fair value through profit or loss, category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset copper put and call options | $ 6,184 | $ 3,904 |
Financial assets designated at fair value | 6,184 | 3,904 |
Financial assets at fair value through profit or loss, category [Member] | Level 1 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset copper put and call options | 0 | 0 |
Financial assets designated at fair value | 0 | 0 |
Financial assets at fair value through profit or loss, category [Member] | Level 2 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset copper put and call options | 6,184 | 3,904 |
Financial assets designated at fair value | 6,184 | 3,904 |
Financial assets at fair value through profit or loss, category [Member] | Level 3 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset copper put and call options | 0 | 0 |
Financial assets designated at fair value | 0 | 0 |
Financial assets at fair value through other comprehensive income, category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | 2,568 | 3,110 |
Investment in private companies | 1,200 | 1,200 |
Reclamation deposits | 434 | 434 |
Financial assets designated at fair value | 4,202 | 4,744 |
Financial assets at fair value through other comprehensive income, category [Member] | Level 1 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | 2,568 | 3,110 |
Investment in private companies | 0 | 0 |
Reclamation deposits | 434 | 434 |
Financial assets designated at fair value | 3,002 | 3,544 |
Financial assets at fair value through other comprehensive income, category [Member] | Level 2 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | 0 | 0 |
Investment in private companies | 0 | 0 |
Reclamation deposits | 0 | 0 |
Financial assets designated at fair value | 0 | 0 |
Financial assets at fair value through other comprehensive income, category [Member] | Level 3 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | 0 | 0 |
Investment in private companies | 1,200 | 1,200 |
Reclamation deposits | 0 | 0 |
Financial assets designated at fair value | $ 1,200 | $ 1,200 |
FINANCIAL RISK MANAGEMENT - D_6
FINANCIAL RISK MANAGEMENT - Disclosure of capital management (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Financial Risk Management [Abstract] | |||
Cash | $ (120,858) | $ (236,767) | $ (85,110) |
Current portion of long-term debt | 18,409 | 18,305 | |
Long-term debt | 568,160 | 513,444 | |
Net debt | 465,711 | 294,982 | |
Shareholders equity | $ 356,409 | $ 358,518 | $ 317,372 |
RELATED PARTIES (Narrative) (De
RELATED PARTIES (Narrative) (Details) - Gibraltar Joint Venture [Member] - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | ||
Management fee income | $ 1,162 | $ 1,227 |
Reimbursable compensation expenses and third party costs | $ 1,370 | $ 343 |
RELATED PARTIES - Disclosure of
RELATED PARTIES - Disclosure of ownership Interest of subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Gibraltar Mines Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Curis Holdings Canada Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Florence Holdings Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Florence Copper Holdings Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 0% |
FC-ISR Holdings Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 0% |
Florence Copper LLC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Aley Corporation [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Yellow Head Mining Inc [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
RELATED PARTIES - Disclosure _2
RELATED PARTIES - Disclosure of compensation for key management personnel (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | ||
Salaries and benefits | $ 7,380 | $ 6,252 |
Post-employment benefits | 730 | 1,672 |
Share-based compensation expense | 2,358 | 5,011 |
Key management personnel compensation | $ 10,468 | $ 12,935 |
MITSUI TRANSACTION (Narrative)
MITSUI TRANSACTION (Narrative) (Details) - Mitsui & Co. (U.S.A.) Inc. [Member] lb in Millions, $ in Millions | 1 Months Ended |
Dec. 19, 2022 USD ($) lb | |
Florence Copper Project [member] | |
Strategic Partnership Transaction [Line Items] | |
Conditional initial investment | $ 50 |
Percentage of copper produced | 2.67% |
Percentage of delivery price equal to the market price of copper delivered | 25% |
Additional equity investment acquired | $ 50 |
Percentage of equity interests acquired | 10% |
Percentage of right to buy-back of Copper Stream | 100% |
Threshold amount of copper to be deliver for termination of Copper Stream | lb | 40 |
Description of offtake contract | Mitsui's offtake entitlement would also reduce to 30% if the Equity Option is not exercised by its expiry date until the Copper Stream deposit has been reduced to nil. |
Offtake Contract [Member] | |
Strategic Partnership Transaction [Line Items] | |
Percentage of copper cathode produced | 81% |
SUBSEQUENT EVENT (Narrative) (D
SUBSEQUENT EVENT (Narrative) (Details) - Major business combination [Member] $ in Millions | 1 Months Ended |
Feb. 22, 2023 CAD ($) | |
Gibraltar Joint Venture [Member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Acquisition price | $ 60 |
Amount of initial payment | 10 |
Remaining minimum amounts payable annually in instalments | $ 10 |
Description of contingent payments | The contingent payments are payable annually over the five-year period only if the average LME copper price exceeds US$3.50 per pound in a year. The payments will be calculated by multiplying Gibraltar mine copper revenue by a price factor, which is based on a sliding scale ranging from 0.35% at US$3.50 per pound copper to a maximum of 2.13% at US$5.00 per pound copper or above. |
Sojitz Corporation [Member] | Gibraltar Joint Venture [Member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Percentage of ownership interests acquired | 12.50% |
Acquisition price payable period | 5 years |
Maximum amount of contingent payments over the five-year period | $ 57 |
Maximum amount of acquisition cost | $ 117 |
Sojitz Corporation [Member] | Cariboo Copper Corp [Member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Percentage of ownership interests acquired | 50% |