Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Statements Line Items | |
Document Type | 40-F |
Amendment Flag | false |
Entity Registrant Name | ENDEAVOUR SILVER CORP |
Trading Symbol | exk |
Entity Central Index Key | 1,277,866 |
Document Period End Date | Dec. 31, 2018 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 130,781,052 |
Entity Current Reporting Status | Yes |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 33,376 | $ 38,277 |
Restricted cash | 1,000 | |
Other investments | 88 | 168 |
Accounts receivable | 26,947 | 34,012 |
Inventories | 14,894 | 13,131 |
Prepaid expenses | 2,704 | 1,911 |
Total current assets | 78,009 | 88,499 |
Non-current deposits | 1,114 | 610 |
Deferred income tax asset | 9,147 | 655 |
Mineral properties, plant and equipment | 88,777 | 88,816 |
Total assets | 177,047 | 178,580 |
Current liabilities | ||
Accounts payable and accrued liabilities | 19,470 | 19,068 |
Income taxes payable | 4,050 | 3,185 |
Total current liabilities | 23,520 | 22,253 |
Deferred lease inducement | 217 | 236 |
Provision for reclamation and rehabilitation | 8,195 | 7,982 |
Deferred income tax liability | 335 | 1,592 |
Total liabilities | 32,267 | 32,063 |
Shareholders' equity | ||
Common shares, unlimited shares authorized, no par value, issued and outstanding 130,781,052 shares (Dec 31, 2017 - 127,488,410 shares) | 459,109 | 450,740 |
Contributed surplus | 9,676 | 8,747 |
Accumulated other comprehensive income (loss) | 127 | |
Retained earnings (deficit) | (324,005) | (313,097) |
Total shareholders' equity | 144,780 | 146,517 |
Total liabilities and shareholders' equity | $ 177,047 | $ 178,580 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parentheticals) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statements Line Items | ||
Number of shares issued | 130,781,052 | 127,488,410 |
Number of shares outstanding | 130,781,052 | 127,488,410 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Revenue | $ 150,509 | $ 150,499 |
Cost of sales: | ||
Direct production costs | 105,003 | 103,330 |
Royalties | 1,653 | 1,740 |
Share-based payments | (93) | 202 |
Depreciation and depletion | 38,412 | 16,582 |
Write down of inventory to net realizable value | 2,026 | 166 |
Cost of sales | 147,001 | 122,020 |
Mine operating earnings (loss) | 3,508 | 28,479 |
Expenses: | ||
Exploration | 12,383 | 12,898 |
General and administrative | 8,626 | 7,914 |
Operating expenses | 21,009 | 20,812 |
Operating earnings (loss) | (17,501) | 7,667 |
Finance costs | 211 | 715 |
Other income (expense): | ||
Write down of inventory to net realizable value | (650) | |
Write off of IVA receivable | (194) | |
Foreign exchange | (81) | 433 |
Investment and other | 926 | 502 |
Total other income (expense) | 1 | 935 |
Earnings (loss) before income taxes | (17,711) | 7,887 |
Income tax expense (recovery): | ||
Current income tax expense | 4,477 | 4,650 |
Deferred income tax expense (recovery) | (9,749) | (6,447) |
Total income tax expense (recovery) | (5,272) | (1,797) |
Net earnings (loss) for the year | (12,439) | 9,684 |
Other comprehensive income (loss), net of tax | ||
Reclassification for realized (gain) loss on other investments | (72) | |
Unrealized gain (loss) on other investments | 155 | |
Total other comprehensive income (loss) for the year | 83 | |
Comprehensive income (loss) for the year | $ (12,439) | $ 9,767 |
Basic earnings (loss) per share based on net earnings (in dollars per share) | $ (0.10) | $ 0.08 |
Diluted earnings (loss) per share based on net earnings (in dollars per share) | $ (0.10) | $ 0.08 |
Basic weighted average number of shares outstanding (in shares) | 128,600,421 | 127,340,834 |
Diluted weighted average number of shares outstanding (in shares) | 128,600,421 | 127,957,573 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - USD ($) $ in Thousands | Share Capital [Member] | Contributed Surplus [Member] | Accumulated Comprehensive Income (Loss) [Member] | Retained Earnings (Deficit) [Member] | Total |
Beginning Balance at Dec. 31, 2016 | $ 449,594 | $ 6,689 | $ 44 | $ (323,068) | $ 133,259 |
Beginning Balance (shares) at Dec. 31, 2016 | 127,080,264 | ||||
Statements Line Items | |||||
Exercise of options | $ 207 | (65) | 142 | ||
Exercise of options (shares) | 60,000 | ||||
Issued for performance share units | $ 439 | (439) | |||
Issued for performance share units (shares) | 193,825 | ||||
Issued on acquistion of mineral properties, net | $ 500 | 500 | |||
Issued on acquistion of mineral properties, net (shares) | 154,321 | ||||
Share based compensation | 2,849 | 2,849 | |||
Unrealized gain (loss) on other investments | 155 | 155 | |||
Realized (gain) loss on other investments | (72) | (72) | |||
Expiry and forfeiture of options | (287) | 287 | |||
Earnings (loss) for the year | 9,684 | 9,684 | |||
Ending Balance at Dec. 31, 2017 | $ 450,740 | 8,747 | 127 | (313,097) | $ 146,517 |
Ending Balance (shares) at Dec. 31, 2017 | 127,488,410 | 127,488,410 | |||
Statements Line Items | |||||
Public equity offerings, net of issuance costs | $ 7,982 | $ 7,982 | |||
Public equity offerings, net of issuance costs (shares) | 3,165,642 | ||||
Exercise of options | $ 387 | (131) | 256 | ||
Exercise of options (shares) | 127,000 | ||||
Share based compensation | 2,426 | 2,426 | |||
Unrealized gain (loss) on other investments tranferred to retained earnings | $ (127) | 127 | |||
Expiry and forfeiture of options | (1,404) | 1,404 | |||
Realloction of performance share unit liability | 38 | 38 | |||
Earnings (loss) for the year | (12,439) | (12,439) | |||
Ending Balance at Dec. 31, 2018 | $ 459,109 | $ 9,676 | $ (324,005) | $ 144,780 | |
Ending Balance (shares) at Dec. 31, 2018 | 130,781,052 | 130,781,052 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | ||
Net earnings (loss) for the year | $ (12,439) | $ 9,684 |
Items not affecting cash: | ||
Share-based compensation | 2,426 | 2,861 |
Depreciation and depletion | 38,777 | 16,990 |
Deferred income tax expense (recovery) | (9,749) | (6,425) |
Unrealized foreign exchange loss (gain) | 41 | (403) |
Finance costs | 150 | 715 |
Write off of IVA receivable | 194 | |
Write off of mineral properties | 0 | 233 |
Write down of inventory to net realizable value | 2,676 | |
(Gain) loss on available for sale assets | (72) | |
Unrealized loss (gain) on other investments | 80 | |
Net changes in non-cash working capital | 4,492 | (7,993) |
Cash from operating activities | 26,648 | 15,590 |
Investing activites | ||
Property, plant and equipment expenditures | (40,398) | (39,835) |
Proceeds from disposition of other investments | 72 | |
Redemption of (investment in) non-current deposits | 1 | 49 |
Cash used in investing activities | (40,397) | (39,714) |
Financing activities | ||
Repayment of credit facility | (9,000) | |
Restricted cash | 1,000 | (1,000) |
Interest paid | (461) | |
Public equity offerings | 8,273 | |
Exercise of options | 256 | 142 |
Share issuance costs | (640) | |
Cash from (used in) financing activites | 8,889 | (10,319) |
Effect of exchange rate change on cash and cash equivalents | (41) | 403 |
Increase (decrease) in cash and cash equivalents | (4,860) | (34,443) |
Cash and cash equivalents, beginning of the year | 38,277 | 72,317 |
Cash and cash equivalents, end of the year | $ 33,376 | $ 38,277 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
CORPORATE INFORMATION [Text Block] | 1. CORPORATE INFORMATION Endeavour Silver Corp. (the “Company” or “Endeavour Silver”) is a corporation governed by the Business Corporations Act (British Columbia). The Company is engaged in silver mining in Mexico and related activities including acquisition, exploration, development, extraction, processing, refining and reclamation. The Company is also engaged in exploration activities in Chile. The address of the registered office is #1130 – 609 Granville Street, Vancouver, B.C., V7Y 1G5. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
BASIS OF PRESENTATION [Text Block] | 2. BASIS OF PRESENTATION These consolidated financial statements have been prepared in accordance with and using accounting policies in full compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and Interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”), effective for the Company’s reporting period for the year ended December 31, 2018. The Board of Directors approved the consolidated financial statements for issue on February 22, 2019. The preparation of consolidated financial statements 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. These consolidated financial statements are presented in the Company’s functional currency of US dollars and include the accounts of the Company and its wholly owned subsidiaries: Endeavour Management Corp., Endeavour Zilver SARL, Endeavour Gold Corporation S.A. de C.V., EDR Silver de Mexico S.A. de C.V. SOFOM , Minera Santa Cruz Y Garibaldi S.A de C.V., Metalurgica Guanaceví S.A. de C.V., Minera Plata Adelante S.A. de C.V., Refinadora Plata Guanaceví S.A. de C. V., Minas Bolañitos S. A. de C.V., Guanaceví Mining Services S.A. de C.V., Recursos Humanos Guanaceví S.A. de C.V., Recursos Villalpando S.A. de C.V., Servicios Administrativos Varal S.A. de C.V., Minera Plata Carina SPA, MXRT Holding Ltd., Compania Minera del Cubo S.A. de C.V., Minas Lupycal S.A. de C.V., Metales Interamericanos S.A. de C.V., Oro Silver Resources Ltd., Minera Oro Silver de Mexico S.A. de C.V., Terronera Mining Company and Terronera Precious Metals S.A. de C.V. All intercompany transactions and balances have been eliminated upon consolidation of these subsidiaries. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 3. SIGNIFICANT ACCOUNTING POLICIES The accounting policies below have been applied consistently to all years presented and by all subsidiaries in the group except for new accounting standards adopted during the year, which were adopted either on a prospective basis or on a retrospective basis, without restatement of comparative periods as described in Note 3(o). (a) Currency Translation The functional and reporting currency of the Company and its subsidiaries is the US dollar. Transactions in currencies other than an entity’s functional currency are recorded at the rates of exchange prevailing on the transaction dates. Monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at each reporting date. Non- monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date the fair value was determined. Non-monetary items that are measured in terms of historical costs in a foreign currency are not retranslated. Foreign currency translation differences are recognized in profit or loss. (b) Use of estimates and judgments The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on management’s knowledge of the relevant facts and circumstances at the time, having regard to prior experience, and are continually evaluated. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Actual results could differ materially from those estimates. Significant areas requiring the use of management judgment relate to the determination of mineralized reserves, plant and equipment useful lives, estimating the fair values of financial instruments and derivatives, impairment of non-current assets, reclamation and rehabilitation provisions, recognition of deferred tax assets, valuations in business combinations and assumptions used in determining the fair value of share-based compensation. Significant areas requiring the use of management estimates relate to the valuation of accounts receivable, inventory, mineral property, plant and equipment, impairment of non-current assets, provision for reclamation and rehabilitation, share capital and income taxes. Critical judgments and estimates in applying policies that have the most significant effect on the amounts recognized in the consolidated financial statements include the following: Determination of ore reserves and resources Changes in the judgments surrounding proven and probable reserves may impact the carrying value of mineral properties, plant and equipment (Note 9), reclamation and rehabilitation provisions (Note 12), recognition of deferred income tax amounts (Note 20), and depreciation and depletion (Note 9). Reserves are estimates of the amount of product that can be economically and legally extracted from the Company’s properties. Estimating the quantity and /or grade of reserves requires the size, shape and depth of ore bodies or fields to be determined by analyzing geological data such as drilling samples. Following this, the quantity of ore that can be extracted in an economical manner is calculated using data regarding the life of mine plans and forecast sales prices (based on current and long-term historical average price trends). Changes in estimates can be the result of actual future production differing from current forecasts of future production, expansion of mineral reserves through exploration activities, differences between estimated and actual costs of mining and differences in the commodity price used in the estimation of mineral reserves. Assessment of impairment factors (accounting policy Note 3g) Achievement of commercial production (accounting policy Note 3f) Estimation of the amount and timing of reclamation and rehabilitation costs (accounting policy Note 3i) Taxes (Note 20) Judgment is required in determining the recognition and measurement of deferred income tax assets and liabilities on the balance sheet. In the normal course of business, the Company is subject to assessment by taxation authorities in various jurisdictions. These authorities may have different interpretations of tax legislation or tax agreements than those applied by the Company in computing current and deferred income taxes. These different interpretations may alter the timing or amounts of taxable income or deductions. Final taxes payable and receivable are dependent on many factors, including outcomes of tax litigation and resolution of disputes. The resolution of these uncertainties may result in adjustments to the Company’s tax assets and liabilities. Management assesses the likelihood and timing of taxable earnings in future periods in recognizing deferred income tax assets. Estimates of future taxable income is based on forecasted cash flows using life of mine projections and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the net deferred income tax assets recorded at the balance sheet date could be impacted. In addition, future changes to tax laws could limit the ability of the Company to obtain tax deductions in future periods from deferred income tax assets. Deferred income tax assets are disclosed in Note 20. Inventory (Note 7) (c) Cash and cash equivalents (d) Marketable securities (e) Inventories (f) Mineral properties, plant and equipment Development costs relating to specific properties are capitalized once management determines a property will be developed. A development decision is made based upon consideration of project economics, including future metal prices, reserves and resources, and estimated operating and capital costs. Capitalization of costs incurred and proceeds received during the development phase ceases when the property is capable of operating at levels intended by management. Exploration and evaluation costs are those costs required to find a mineral property and determine commercial feasibility. These costs include costs to establish an initial mineral resource and determine whether inferred mineral resources can be upgraded to measured and indicated mineral resources and whether measured and indicated mineral resources can be converted to proven and probable reserves. The Company recognizes acquisition costs for exploration and evaluation properties as assets when acquired as part of a business combination or asset purchase. All other exploration and evaluation costs are expensed as incurred until the technical feasibility or commercial viability of the property has been established and a development decision has been made. Capitalized exploration and evaluation costs for a project are classified as such until the project demonstrates technical feasibility and commercial viability. Upon demonstrating technical feasibility and commercial viability, and subject to an impairment analysis, capitalized exploration and evaluation costs are transferred to mineral property costs within mineral properties, plant and equipment. Technical feasibility and commercial viability generally coincide with the establishment of proven and probable reserves; however, this determination may be impacted by management’s assessment of certain modifying factors. Where an item of plant and equipment comprises major components with different useful lives, the components are accounted for as separate items of plant and equipment and amortized separately over their useful lives. Plant and equipment is recorded at cost and amortized using the straight-line method at rates varying from 5% to 30% annually. The accumulated costs of mineral properties that are developed to the stage of commercial production are amortized using the units of production method, based on proven and probable reserves (as defined by National Instrument 43-101). The Company conducts an annual assessment of the residual balances, useful lives and depreciation methods being used for mineral properties, plant and equipment and any changes arising from the assessment are applied by the Company prospectively. (g) Impairment of Non-Current Assets The recoverable amount is the greater of fair value less costs to sell and value in use. 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 an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Management periodically reviews the carrying values of its exploration and evaluation assets with internal and external mining related professionals. A decision to abandon, reduce or expand a specific project is based upon many factors including general and specific assessments of reserves, forecast future metal prices, forecast future costs of exploring, developing and operating a producing mine, expiration term and ongoing expense of maintaining leased mineral properties and the general likelihood that the Company will continue exploration. The Company does not set a pre-determined holding period for properties with unproven reserves. However, properties which have not demonstrated suitable mineral concentrations at the conclusion of each phase of an exploration program are re-evaluated to determine if future exploration is warranted and their carrying values are recoverable. If any area of interest is abandoned or it is determined that its carrying value cannot be supported by future production or sale, the related costs are recognized in the statement of comprehensive income in the period of abandonment or determination that the carrying value exceeds its fair value. The amounts recorded as mineral properties represent costs incurred to date and do not necessarily reflect present or future values. (h) Deferred Lease Inducement (i) Provision for Reclamation and Rehabilitation In subsequent periods, the liability is adjusted for any changes in the amount or timing of the estimated future cash costs, changes in the discount or inflation rates and for the accretion of discounted underlying future cash flows. The unwinding of the effect of discounting the provision is recorded as a finance cost in profit or loss for the period. (j) Revenue recognition (k) Share-based payments Share-based compensation expense relating to cash-settled awards, including deferred share units and share appreciation rights, which are described in Note 13(d) and Note 13(e), is recognized over the vesting period of the units based on the fair market value of the units. As these awards will be settled in cash, the expense and liability are adjusted each reporting period for changes in the fair value. (l) Income taxes (m) Earnings per share (n) Business combinations Determination of the fair value of assets acquired and liabilities assumed and resulting goodwill, if any, requires that management make estimates based on the information provided by the acquiree. Changes to the provisional values of assets acquired and liabilities assumed, deferred income taxes and resulting goodwill, if any, will be adjusted when the final measurements are determined (within one year of the acquisition date). When purchase consideration is contingent on future events, the initial cost of the acquisition recorded includes an estimate of the fair value of the contingent amounts expected to be payable in the future. When the fair value of contingent consideration as at the date of acquisition is finalized and before the end of the twelve month measurement period, the adjustment is allocated to the identifiable assets acquired and liabilities assumed. Changes to the estimated fair value of contingent consideration subsequent to the acquisition date are recorded in the consolidated statement of comprehensive income. (o) Accounting standards adopted during the year Amendments to IFRS 2, Share-based Payment (“IFRS 2”) The amendments apply for annual periods beginning on or after January 1, 2018. As a practical simplification, the amendments can be applied prospectively. Retrospective or early application is permitted if information is available without the use of hindsight. The Company has adopted the amendments to IFRS 2 in its financial statements for the annual period beginning on January 1, 2018 on a prospective basis. The Company has Performance Share Units (“PSU”) with a net settlement feature, which permits cash settlement for withholding tax obligations. The expense for the PSUs has previously been bifurcated with the cash settlement portion of the expense recognized as a liability until settlement, and the remaining expense allocated to Contributed Surplus. Upon adoption of the amendments to IFRS 2, the PSU liability at January 1, 2018 of $38 was reallocated to Contributed Surplus. IFRS 9 Financial Instruments (“IFRS 9”) Financial Instruments: Recognition and Measurement IFRS 9 amends some of the requirements of IFRS 7, Financial Instruments: Disclosures As a result of the adoption of IFRS 9, the Company has changed its accounting policy for financial instruments retrospectively. The change did not result in a change in carrying value of any of the Company’s financial instruments on transition date. IFRS 9 introduced a single expected credit loss impairment model, which is based on changes in credit quality since initial recognition. The adoption of the expected credit loss impairment model did not have a significant impact on the Company’s financial statements. The Company’s financial instruments are accounted for as follows under IFRS 9 as compared to the Company’s previous policy in accordance with IAS 39. January 1, 2018 IAS 39 IFRS 9 Assets Cash and cash equivalents Amortized cost Amortized cost Restricted cash Amortized cost Amortized cost Trade and other receivables (other than derivatives) Amortized cost Amortized cost Trade receivables (derivative component) Fair value through profit or loss Fair value through profit or loss Marketable securities Fair value through other comprehensive income Fair value through profit or loss Liabilities Accounts payable and accrued liabilities Amortized cost Amortized cost Performan share units and Deferred share units Fair value through profit or loss Fair value through profit or loss Under IFRS 9, the Company’s equity marketable securities are designated as financial assets at fair value through profit or loss. For equity instruments not held for trading, the Company may make an irrevocable election at initial recognition to recognize changes in fair value through other comprehensive income rather than profit or loss. The Company did not make any such election upon adoption of IFRS 9. IFRS 9 does not require restatement of comparative periods. Accordingly, the Company has reflected the retrospective impact of the adoption of IFRS 9 due to the change in accounting policy for marketable securities as an adjustment to opening components of equity as at January 1, 2018. The fair value of marketable securities is $168 under both IAS 39 and IFRS 9 as at January 1, 2018, the date of initial application of IFRS 9, and is presented in Other Investments in the consolidated balance sheet. On adoption, the unrealized gain in fair value of $127, previously recognized in accumulated other comprehensive income has been reallocated to retained earnings. As a result of the adoption of IFRS 9, the Company’s accounting policy for financial instruments has been updated as follows: Financial Instruments The Company classifies and measures financial assets (excluding derivatives) on initial recognition as described below: • Cash and equivalents and restricted cash include cash and term deposits with original maturities of less than 90 days are classified as financial assets at fair value through profit and loss and are measured at fair value. Unrealized gains and losses related to changes in fair value are reported in income; • Trade and other receivables are classified as and measured at amortized cost using the effective interest method, less impairment allowance, in any; • Investments in equity instruments are designated as financial assets through profit or loss and are recorded at fair value on settlement date, net of transaction costs. Subsequent to initial recognition, changes in fair value are recognized in income. Derivative financial instruments, including embedded derivatives in trade receivables measured at amortized cost, are recorded in the consolidated balance sheets at fair value. Subsequent to initial recognition, changes in estimated fair value at each reporting date are recognized through profit or loss. A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expired. For financial liabilities, IFRS 9 retains most of the IAS 39 requirements and since the Company did not have any financial liabilities designated at fair value through profit or loss, the adoption of IFRS 9 did not impact our accounting policies for financial liabilities. IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) Construction Contracts Revenue Customer Loyalty Programmes Agreements for the Construction of Real Estate Transfer of Assets from Customers Revenue – Barter Transactions Involving Advertising Services The standard contains a single model that applies to contracts with customers and two approaches to recognizing revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much and when revenue is recognized. New estimates and judgmental thresholds have also been introduced, which may affect the amount and/or timing of revenue recognized. On April 12, 2016 the IASB issued Clarifications to IFRS 15, Revenue from Contracts with Customers The Company adopted IFRS 15 and the clarifications effective January 1, 2018 with no impact on the measurement of revenue in the consolidated financial statements. Dore sales Concentrate sales (p) Changes in IFRS not yet adopted IFRS 16, Leases (“IFRS 16”) Leases Leases Upon the adoption of IFRS 16, the Company anticipates it will record a material balance of lease assets and associated lease liabilities related to leases with a term of 12 months or more on the Consolidated Balance Sheet at January 1, 2019. Due to the recognition of additional lease assets and liabilities, a higher amount of depreciation expense and interest on lease liabilities will be recognized under IFRS 16 as compared to the current standard. Additionally, a reduction in production and/or corporate administration costs is expected. Lastly, the Company expects a reduction in operating cash outflows with a corresponding increase in financing cash outflows under IFRS 16. The Company is currently quantifying the effect of this standard on our financial statements. During the fourth quarter, management has continued the scoping of contracts across our operations, has continued a detailed review of contracts and commenced quantification of the qualifying leases. At this time, the quantitative estimate of the effects of the new standard range between $2,000 and $3,000. The Company expects the time frame to complete the implemenation of the accounting policies, estimates and processes will continue into the early part of 2019. IFRIC 23, Uncertainty over Income Tax Treatments (“IFRIC 23”) On June 7, 2017, the IASB issued IFRIC Interpretation 23 Uncertainty over Income Tax Treatments. The Interpretation requires an entity to contemplate whether uncertain tax treatments should be considered separately, or together as a group, based on which approach provides better predictions of the resolution and if it is probable that the tax authorities will accept the uncertain tax treatment. If estimated that it is not probable that the uncertain tax treatment will be accepted by authorities, the tax uncertainty would be measured based on the most likely amount or expected value, depending on whichever method better predicts the resolution of the uncertainty. The Company intends to adopt the Interpretation in its financial statements for the annual period beginning on January 1, 2019. The Company does not expect the adoption of the Interpretation to have a material impact on the financial statements. |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
CASH AND CASH EQUIVALENTS [Text Block] | 4. CASH, CASH EQUIVALENTS AND RESTRICTED CASH Cash and cash equivalents of the Company are comprised of bank balances and highly liquid investments that are readily convertible to cash with an original maturity of 90 days or less at the date of purchase. December 31 December 31 2018 2017 Bank balances $ 33,376 $ 38,782 Short-term deposits - 495 $ 33,376 $ 39,277 The Company issued a letter of credit which was guaranteed by cash deposits, classified as restricted cash on the balance sheet at December 31, 2017 of $1.0 million. Under the terms of the Las Torres processing facility lease, which was acquired with the El Cubo mine, the Company was required to provide financial guarantees to the owner of the Las Torres Facility as security against any damages. In March 2018 a payment was made to the owner of the Las Torres Facility for $0.5 million and the letter of credit was removed. |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
INVESTMENTS [Text Block] | 5. OTHER INVESTMENTS December 31 December 31 2018 2017 Investment in marketable securities, at cost $ 41 $ 41 Unrealized gain (loss) on marketable securities 47 127 $ 88 $ 168 Marketable securities are classified as Level 1 in the fair value hierarchy (Note 21) and as available-for-sale financial assets. The fair values of available-for-sale investments are determined based on a market approach reflecting the closing price of each particular security at the reporting date. The closing price is a quoted market price obtained from the exchange that is the principal active market for the particular security, being the market with the greatest volume and level of activity for the assets. Changes in fair value on marketable securities are recognized in profit or loss. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
ACCOUNTS RECEIVABLE [Text Block] | 6. ACCOUNTS RECEIVABLE December 31 December 31 Note 2018 2017 Trade receivables (1) $ 5,627 $ 8,114 IVA receivables (2) 15,353 19,989 Income taxes recoverable 5,587 5,549 Due from related parties 8 1 2 Other receivables 379 358 $ 26,947 $ 34,012 (1) (2) The trade receivables consist of receivables from provisional silver and gold sales from the Bolañitos, El Cubo and El Compas mines. The fair value of receivables arising from concentrate sales contracts that contain provisional pricing mechanisms is determined using the appropriate quoted one-month forward price on the measurement date from the exchange that is the principal active market for the particular metal. As such, these receivables, which meet the definition of an embedded derivative, are classified within Level 2 of the fair value hierarchy (Note 21). The Company’s Mexican subsidiaries pay value added tax, Impuesto al Valor Agregado (“IVA”), on the purchase and sale of goods and services. The net amount paid is recoverable but is subject to review and assessment by the tax authorities. The Company regularly files the required IVA returns and all supporting documentation with the tax authorities, however, the Company has been advised that certain IVA amounts receivable from the tax authorities are being withheld pending completion of the authorities’ audit of certain of the Company’s third-party suppliers. Under Mexican law the Company has legal rights to those IVA refunds and the results of the third party audits should have no impact on refunds. A smaller portion of IVA refund requests are from time to time improperly denied based on the alleged lack of compliance of certain formal requirements and information returns by the Company’s third-party suppliers. The Company takes necessary legal action on the delayed refunds as well as any improperly denied refunds. These improper delays and denials have occurred within Compania Minera del Cubo (“El Cubo”) and Refinadora Plata Guanacevi S.A. de C.V. (“Guanaceví,”). At December 31, 2018, El Cubo holds $4,888 and Guanaceví holds $6,957 in IVA receivables which the Company and its advisors deem to be recoverable from tax authorities (December 31, 2017 – $10,392 and $8,812 respectively). The Company is in regular contact with the tax authorities in respect of its IVA filings and believes the full amount of its IVA receivables will ultimately be received; however, the timing of recovery of these amounts and the nature and extent of any adjustments to the Company’s IVA receivables remains uncertain. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
INVENTORIES [Text Block] | 7. INVENTORIES December 31 December 31 2018 2017 Warehouse inventory $ 8,638 $ 7,809 Stockpile inventory (4) 1,564 - Work in process inventory (3) 322 496 Finished goods inventory (1)(2) 4,370 4,826 $ 14,894 $ 13,131 (1) The Company held 199,897 silver ounces and 1,956 gold ounces as of December 31, 2018 (December 31, 2017 – 241,321 and 1,226, respectively). These ounces are carried at the lower of cost and net realizable value. As at December 31, 2018, the quoted market value of the silver ounces was $3,091 (December 31, 2017 - $4,070) and the quoted market value of the gold ounces was $2,507 (December 31, 2017 - $1,590). (2) The finished goods inventory balance at December 31, 2018 is net of a write down to net realizable value of $1,635 for finished goods inventory held at the Guanaceví mine. Of this amount $1,106 is comprised of cash costs and $529 relates to depreciation and depletion and was expensed in the period. The finished goods inventory balance at December 31, 2018 is net of a write down to net realizable value of $189 for finished goods inventory held at the El Compas mine. Of this amount $139 is comprised of cash costs and $50 relates to depreciation and depletion and was expensed to Other income (expenses).. (3) The work in process inventory balance at December 31, 2018 is net of a write down to net realizable value of $390 for work in process inventory held at the Guanaceví mine. Of this amount $252 is comprised of cash costs and $139 relates to depreciation and depletion and was expensed in the period. (4) The stockpile inventory balance at December 31, 2018 is net of a write down to net realizable value of $461 for stockpile inventory held at the El Compas mine. Of this amount $320 is comprised of cash costs and $141 relates to depreciation and depletion and was expensed to Other income (expenses).. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
RELATED PARTY TRANSACTIONS [Text Block] | 8. RELATED PARTY TRANSACTIONS The Company shares common administrative services and office space with a company related by virtue of a common director and from time to time will incur third party costs on behalf of related parties on a full cost recovery basis. The charges for these costs totaled $16 for the year ended December 31, 2018 (December 31, 2017 - $24). The Company has a $1 net receivable related to these costs as of December 31, 2018 (December 31, 2017 – $2). The Company was charged $189 for legal services for the year ended December 31, 2018 by a legal firm in which the Company’s corporate secretary is a partner (December 31, 2017 - $60). The Company has $5 payable to the legal firm as at December 31, 2018 (December 31, 2017 - $Nil). Key management personnel The key management of the Company comprises executive and non-executive directors, members of executive management and the Company’s corporate secretary. Compensation of key management personnel was as follows: December 31 December 31 2018 2017 Salaries and short-term employee benefits $ 2,754 $ 2,793 Non-executive director's fees 194 204 Non-executive director's deferred share units 87 (484 ) Share-based payments 2,108 2,588 $ 5,143 $ 5,101 The non-executive directors’ deferred share units are cash settled. The recognized expense (recovery) includes the fair value of new issuances of deferred share units during the period and the change in fair value of all outstanding deferred share units during the reporting period. During the year ended December 31, 2018, the Company granted 103,884 (December 31, 2017 – 37,832) deferred share units with a fair value of $297 (December 31, 2017 - $115) at the date of grant. At December 31, 2018, there were 652,276 cash settled deferred share units outstanding with a fair value of $1,407 (December 31, 2017 – 548,392 outstanding with a market value of $1,320). The amount disclosed for share-based payments is the expense for the year calculated in accordance with IFRS 2, Share-based payments for share options and performance share units (Notes 13(c) and (f)). The fair values of these share-based payments are recognized as an expense over the vesting period of the award. Therefore, the compensation expense in the current year comprises a portion of current year awards and those of preceding years that vested within the current year. |
MINERAL PROPERTIES, PLANT AND E
MINERAL PROPERTIES, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
MINERAL PROPERTY, PLANT AND EQUIPMENT [Text Block] | 9. MINERAL PROPERTIES, PLANT AND EQUIPMENT (a) Mineral properties, plant and equipment comprise: Mineral Machinery & Transport & properties Plant equipment Building office equipment Total Cost Balance at December 31, 2016 $ 457,401 $ 94,871 $ 61,812 $ 10,671 $ 9,595 $ 634,350 Additions 28,682 3,177 5,386 1,191 2,038 40,474 Disposals (233 ) (27 ) (4,354 ) - (1,100 ) (5,714 ) Balance at December 31, 2017 485,850 98,021 62,844 11,862 10,533 669,110 Additions 30,377 4,480 3,411 482 1,701 40,451 Disposals - - - - - - Balance at December 31, 2018 $ 516,227 $ 102,501 $ 66,255 $ 12,344 $ 12,234 $ 709,561 Accumulated amortization and impairment Balance at December 31, 2016 $ 419,320 $ 85,563 $ 46,196 $ 9,214 $ 7,819 $ 568,112 Amortization 12,161 1,672 2,682 188 947 17,650 Disposals - (26 ) (4,353 ) - (1,089 ) (5,468 ) Balance at December 31, 2017 431,481 87,209 44,525 9,402 7,677 580,294 Amortization 34,420 1,289 3,288 272 1,221 40,490 Disposals - - - - - - Balance at December 31, 2018 $ 465,901 $ 88,498 $ 47,813 $ 9,674 $ 8,898 $ 620,784 Net book value At December 31, 2017 $ 54,369 $ 10,812 $ 18,319 $ 2,460 $ 2,856 $ 88,816 At December 31, 2018 $ 50,326 $ 14,003 $ 18,442 $ 2,670 $ 3,336 $ 88,777 Included in Mineral properties is $11,246 in acquisition costs for exploration and evaluation properties (December 31, 2017 – $11,334). As of December 31, 2018, the Company has $140 committed to capital equipment purchases. (b) Guanaceví, Mexico These properties and subsequently acquired property concessions in the Guanaceví district are maintained with nominal property tax payments to the Mexican government. (c) Bolañitos, Mexico The Company holds various property concessions in the Guanajuato District that it maintains with nominal property tax payments to the Mexican government (d) El Cubo, Mexico The Company holds various property concessions in the Guanajuato District that it maintains with nominal property tax payments to the Mexican government. (e) El Compas, Mexico The 3,990 hectare El Compas project located in Zacatecas, Mexico consists of 28 concessions fully permitted for mining with 22 concessions subject to a 1.5% net smelter return royalty and six concessions subject to a 3.0% net smelter return royalty. In 2018, the Company expensed $29 in royalties on these properties (2017 - $Nil). Minera Oro Silver also holds a five-year operating lease, renewable for an additional five years, on a 500 tonne per day ore processing plant located in Zacatecas, Mexico for a total annual lease cost of 1,632,000 Mexican Pesos (approximately $90), adjusted annually for inflation. At acquisition, the plant was not operational and required significant capital investment to restore to an operational state. During 2018, the Company refurbished and commenced commissioning of the processing plant. Acquisition of Veta Grande Properties On April 24, 2017, the Company entered into a definitive agreement with Impact Silver Corp. (“Impact Silver”) to acquire a 100% interest in Impact Silver’s Veta Grande properties, located in the Zacatecas state, Mexico (“the agreement”). On June 5, 2017, Endeavour paid $500 in Endeavour common shares, being 154,321 common shares at $3.24 per share, representing the 10-day volume weighted average closing price of Endeavour’s shares on the New York Stock Exchange (“NYSE”) prior to the date of the agreement. Acquisition of Calicanto Properties On July 21, 2016, the Company entered into a definitive agreement with Compania Minera Estrella de Plata SA de CV. (“Compania Minera Estrella”) to acquire a 100% interest, subject to a 3% NSR, in Compania Minera Estrella’s Calicanto properties, located in the Zacatecas state, Mexico. On February 1, 2017, Endeavour completed the purchase with a payment of $400 and in 2018 exercised an option to purchase the 3% NSR for $45 (f) Terronera, Mexico These properties and subsequently acquired property concessions in the Terronera district are maintained with nominal property tax payments to the Mexican government. (g) Acquisition of Parral Properties On October 31, 2016, Endeavour paid $5,300 in Endeavour common shares, being 1,198,083 common shares at $4.39 per share, representing the closing price of Endeavour’s shares on the New York Stock Exchange (“NYSE”) prior to the date of closing the acquisition. In addition, the Company committed to spending $2,000 (completed in 2018) in exploration on two of the properties (the San Patricio and La Palmilla properties) over the two-year period following the closing of the transaction. Upon completing this exploration expenditure, Endeavour has one year to deliver a National Instrument 43-101 (“NI 43-101”) technical report, including a resource estimate, and issue an additional $200 in common shares to Silver Standard for each one million ounces of silver delineated in measured and indicated resources on the San Patricio and La Palmilla properties, based on the 10-day average closing price of Endeavour’s common shares on the NYSE prior to the earlier of delivery of the NI 43-101 report and the third anniversary of the initial closing date under the Agreement. Silver Standard will also retain a 1% net smelter returns royalty on production from the San Patricio and La Palmilla properties. As of December 31, 2018, the Company has reported an insignificant amount of measured and indicated resources on the San Patricio and La Palmilla properties. (h) Guadalupe Y Calvo, Mexico In 2014, the Company acquired the La Bufa exploration property, which is adjacent to the Company’s Guadalupe y Calvo exploration property in Chihuahua, Mexico. The property is subject to a 2% net smelter return (“NSR”) royalty on mineral production. These properties and subsequently acquired property concessions acquired by the Company in the district are maintained with nominal property tax payments to the Mexican government. (i) Mineral property contingencies The Company has entered into other non-material option agreements on exploration properties in Mexico and Chile. Management believes the Company has diligently investigated rights of ownership of all its mineral properties to a level which is acceptable by prevailing industry standards with respect to the current stage of development of each property in which it has an interest and, to the best of its knowledge, all agreements relating to such ownership rights are in good standing. However, all properties may be subject to prior claims, agreements or transfers, and rights of ownership may be affected by undetected defects. |
IMPAIRMENT OF NON-CURRENT ASSET
IMPAIRMENT OF NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
IMPAIRMENT OF NON-CURRENT ASSETS [Text Block] | 10. IMPAIRMENT OF NON-CURRENT ASSETS The recoverable amounts of the Company’s CGUs, which include mining properties, plant and equipment are determined at the end of each reporting period, if impairment indicators are identified. In previous years, commodity price declines led the Company to determine there were impairment indicators and assessed the recoverable amounts of its CGUs. The recoverable amounts were based on each CGUs future cash flows expected to be derived from the Company’s mining properties and represent each CGU’s value in use. The cash flows were determined based on the life-of-mine after-tax cash flow forecast which incorporates management’s best estimates of future metal prices, production based on current estimates of recoverable reserves and resources, exploration potential, future operating costs and non-expansionary capital expenditures discounted at risk adjusted rates based on the CGUs weighted average cost of capital. In previous years, the carrying values of the Guanaceví, El Cubo and Bolañitos CGUs, including associated deferred income tax estimates, were greater than their estimated recoverable amounts calculated on a discounted cash flow basis and impairments charges were recorded. For the previously impaired CGU's any modest decrease in any one key assumption in isolation could cause the estimated recoverable amount to be less than or equal to the net carrying value. Other than timing of production based on the revised mine plans and associated changes in per-unit costs, Management’s long-term estimates have not significantly changed from the previous years. As at December 31, 2018, the Company tested the recoverability of the Guanacevi CGU due to 2018 operational challenges and determined that no additional impairment was required. As at December 31, 2018, the Company tested the recoverability of the El Compas mine CGU due to changes in resource estimates and determined that no impairment was required. |
CREDIT FACILITY
CREDIT FACILITY | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
CREDIT FACILITY [Text Block] | 11. CREDIT FACILITY In 2016, the Company signed an amended and restated credit facility (“the Amended Facility”) which became effective April 1, 2016 to convert the remaining outstanding balance under an existing revolving credit facility into a two year term loan amortized quarterly maturing on December 31, 2017. The interest rate margin on the Amended Facility was 4.5% over LIBOR and the Company paid a fee of $300 upon signing. The Amended Facility was subject to various qualitative and quantitative covenants, including a debt to EBITDA leverage ratio, an interest service coverage ratio, a tangible net worth calculation, capital and exploration expenditure limits. At December 31, 2017, the Amended Facility was fully repaid. The Company recognized $629 of interest expense and deferred commitment fees and legal costs during 2017 in finance costs. |
PROVISON FOR RECLAMATION AND RE
PROVISON FOR RECLAMATION AND REHABILITATION | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
PROVISON FOR RECLAMATION AND REHABILITATION [Text Block] | 12. PROVISION FOR RECLAMATION AND REHABILITATION The Company’s environmental permit requires that it reclaim certain land it disturbs during mining operations. Significant reclamation and closure activities include land rehabilitation, decommissioning of buildings and mine facilities, ongoing care and maintenance and other costs. Although the ultimate amount of the reclamation and rehabilitation costs to be incurred cannot be predicted with certainty, the total undiscounted amount of probability weighted estimated cash flows required to settle the Company’s estimated obligations is $2,280 for the Guanaceví mine, $1,921 for the Bolañitos mine, $4,326 for the El Cubo mine and $162 for the El Compas development project. The timing of cash flows has been estimated based on the mine lives using current reserves and the present value of the probability weighted future cash flows. The model assumes a risk-free rate specific to the liability of 2.6% for Guanaceví, 2.5% for Bolañitos and El Cubo and 8.5% for El Compas and with an inflation rate of 2.0% for all sites except El Compas which estimates an inflation rate of 4.3%. Guanaceví Bolañitos El Cubo El Compas Total Balance at December 31, 2016 2,058 1,755 4,033 - 7,846 Accretion 28 17 41 - 86 Disturbance incurred during the year - - - 50 50 Balance at December 31, 2017 $ 2,086 $ 1,772 $ 4,074 $ 50 $ 7,982 Accretion 43 32 74 1 150 Disturbance incurred during the year - - - 63 63 Balance at December 31, 2018 $ 2,129 $ 1,804 $ 4,148 $ 114 $ 8,195 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
SHARE CAPITAL [Text Block] | 13. SHARE CAPITAL (a) Management of Capital The Company considers the items included in the consolidated statement of changes in equity as capital. The Company’s objective when managing capital is to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders. The Company manages the 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 new shares through private placements, convertible debentures, asset acquisitions or return capital to shareholders. As at December 31, 2018, the Company is not subject to externally imposed capital requirements. (b) Public Offerings In April 2018, the Company filed a short form base shelf prospectus that qualifies for the distribution of up to CAN$150 million of common shares, debt securities, warrants or units of the Company comprising any combination of common shares and warrants (the “Securities”). The Company filed a corresponding registration statement in the United States registering the Securities under United States federal securities laws. The distribution of Securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, at market prices prevailing at the time of sale, or at prices related to such prevailing market prices to be negotiated with purchasers and as set forth in an accompanying prospectus supplement, including transactions that are deemed to be “At- The-Market” (“ATM”) distributions. On June 13, 2018, the Company entered into an ATM equity facility with BMO Capital Markets (the lead agent), CIBC Capital Markets, H.C. Wainwright & Co., HSBC and TD Securities (together, the “Agents”). Under the terms of this ATM facility, the Company may, from time to time, sell common stock having an aggregate offering value of up to $35.7 million on the New York Stock Exchange. The Company determines, at its sole discretion, the timing and number of shares to be sold under the ATM facility. During the year ended December 31, 2018, the Company issued 3,165,642 common shares under the ATM facility at an average price of $2.61 per share for gross proceeds of $8,273, less commission of $186. During the year ended December 31, 2018, the Company also recognized $105 of additional deferred transaction costs, related to the ATM financing as share issuance costs, which have been presented net of share capital. Subsequent to December 31, 2018, the Company issued 635,171 common shares under the ATM facility at an average price of $2.23 per share for gross proceeds of $1,419, less commission of $32. (c) Purchase Options Options to purchase common shares have been granted to directors, officers, employees and consultants pursuant to the Company’s current stock option plan, approved by the Company’s shareholders in fiscal 2009 and re-ratified in 2018, at exercise prices determined by reference to the market value on the date of grant. The stock option plan allows for, with approval by the Board, granting of options to its directors, officers, employees and consultants to acquire up to 7.0% of the issued and outstanding shares at any time. The following table summarizes the status of the Company’s stock option plan and changes during the year: Expressed in Canadian dollars Year Ended Year Ended December 31, 2018 December 31, 2017 Weighted Number Weighted average Number average of shares exercise price of shares exercise price Outstanding, beginning of year 5,792,800 $4.00 4,458,050 $3.93 Granted 1,262,500 $3.80 1,572,000 $4.32 Exercised (127,000 ) $2.65 (60,000 ) $3.03 Cancelled (940,500 ) $4.15 (177,250 ) $5.49 Outstanding, end of the period 5,987,800 $3.96 5,792,800 $4.00 Options exercisable at the end of the period 4,946,300 $3.96 4,509,600 $3.91 The following table summarizes the information about stock options outstanding at December 31, 2018: Expressed in Canadian dollars Options Outstanding Options exercisable Number Weighted Average Weighted Number Weighted Outstanding Remaining Average Exercisable Average Price as at Contractual Life Exercise as at Exercise Intervals December 31, 2018 (Number of Years) Price December 31, 2018 Price $2.00 - $2.99 1,009,500 1.4 $2.65 1,009,500 $2.65 $3.00 - $3.99 1,250,500 4.4 $3.80 478,400 $3.80 $4.00 - $4.99 3,727,800 2.4 $4.37 3,458,400 $4.37 5,987,800 2.6 $3.96 4,946,300 $3.96 During the year ended December 31, 2018, the Company recognized share-based compensation expense of $1,976 (December 31, 2017 - $2,759) based on the fair value of the vested portion of options granted in the current and prior years. The weighted-average fair values of stock options granted and the assumptions used to calculate the related compensation expense have been estimated using the Black-Scholes Option Pricing Model with the following assumptions: Year Ended Year Ended December 31, 2018 December 31, 2017 Weighted-average fair value of option in CAN$ $1.96 $2.30 Risk-free interest rate 2.05% 0.85% Expected dividend yield 0% 0% Expected stock price volatility 69% 73% Expected option life in years 3.79 3.86 Option pricing models require the input of highly subjective assumptions. The expected life of the options considered such factors as the average length of time similar option grants in the past have remained outstanding prior to exercise, expiry or cancellation and the vesting period of options granted. Volatility was estimated based on average daily volatility based on historical share price observations over the expected term of the option grant. Changes in the subjective input assumptions can materially affect the estimated fair value of the options. The Company amortizes the fair value of stock options on a graded basis over the respective vesting period of each tranche of stock options awarded. As at December 31, 2018, the unvested share option expense not yet recognized was $643 (December 31, 2017 - $841) which is expected to be recognized over the next 20 months (d) Deferred Share Units The Company has a Deferred Share Unit (“DSU”) plan whereby deferred share units may be granted to independent directors of the Company in lieu of compensation in cash or share purchase options. The DSUs vest immediately and are redeemable for cash based on the market value of the units at the time of a director’s retirement. Expressed in Canadian dollars Year Ended Year Ended December 31, 2018 December 31, 2017 Weighted Weighted Number Average Grant Number Average Grant of units Price of units Price Outstanding, beginning of year 548,392 $3.44 510,560 $3.39 Granted 103,884 $3.68 37,832 $4.11 Redeemed - - - - Outstanding, end of period 652,276 $3.48 548,392 $3.44 Fair value at period end 652,276 $2.94 548,392 $3.02 During the year ended December 31, 2018, the Company recognized an expense on director’s compensation related to DSUs, which is included in general and administrative salaries, wages and benefits, of $88 (December 31, 2017 – recovery of $484 based on the fair value of new grants and the change in the fair value of the DSUs granted in the current and prior years. As of December 31, 2018, there are 652,276 deferred share units outstanding (December 31, 2017 – 548,392) with a fair market value of $1,407 (December 31, 2017 - $1,319) recognized in accounts payable and accrued liabilities. (e) Share Appreciation Rights As part of the Company’s bonus program, the Company grants share appreciation rights (“SARs”) to its employees in Mexico and Chile. The SARs are subject to vesting conditions and, when exercised, constitute a cash bonus based on the value of the appreciation of the Company’s common shares between the SARs grant date and the exercise date. Year Ended Year Ended December 31, 2018 December 31, 2017 Weighted Weighted Number Average Grant Number Average Grant of units Price of units Price Outstanding, beginning of year 911,993 $3.80 579,660 $4.20 Granted - - 489,000 $3.30 Exercised (96,661 ) $2.21 (46,668 ) $2.21 Cancelled (121,332 ) $3.96 (109,999 ) $4.38 Outstanding, end of period 694,000 $3.99 911,993 $3.80 Exercisable at the end of the period 553,679 $4.16 212,672 $3.69 During the year ended December 31, 2018, the Company recognized a recovery related to SARs, which is included in operation and exploration salaries, wages and benefits, of $245 (December 31, 2017 – recovery of $139) based on the fair value of new grants and the change in the fair value of the SARs granted in the current and prior years. As of December 31, 2018, there are 694,000 SARs outstanding (December 31, 2017 – 911,993) with a fair market value of $72 (December 31, 2017 - $341) recognized in accounts payable and accrued liabilities. The SARs are valued using an option pricing model, which requires the input of highly subjective assumptions. The expected life of the SARs considered such factors as the average length of time similar grants in the past have remained outstanding prior to exercise, expiry or cancellation and the vesting period of SARs granted. Volatility was estimated based on average daily volatility based on historical share price observations over the expected term of the SAR grant. Changes in the subjective input assumptions can materially affect the estimated fair value of the SARs. The Company amortizes the fair value of SARs on a graded basis over the respective vesting period of each tranche of SARs awarded. (f) Performance Share Units Plan The Company has a Performance Share Unit (“PSU”) plan whereby performance share units may be granted to employees of the Company. Once performance conditions have been met, a PSU is redeemable into one common share entitling the holder to receive the common share for no additional consideration. The maximum number of common shares authorized for issuance from treasury under the PSU plan is 1,000,000. Year Ended Year Ended December 31, 2018 December 31, 2017 Number of units Number of units Outstanding, beginning of year 200,000 325,000 Granted 446,000 200,000 Cancelled (30,000 ) - Settled for shares - (193,825 ) Settled for cash - (131,175 ) Outstanding, end of period 616,000 200,000 There were 446,000 PSUs granted during the year ended December 31, 2018 (December 31, 2017 – 200,000). The PSUs vest at the end of a three-year period if certain pre-determined performance and vesting criteria are achieved. Performance criteria is based on the Company’s share price performance relative to a representative group of other mining companies. 170,000 PSUs vest on May 3, 2020 and 446,000 PSUs vest on May 3, 2021. During the year ended December 31, 2018, the Company recognized share-based compensation expense of $450 related to the PSUs (December 31, 2017 –$101). On April 12, 2017, 193,825 common shares were issued and $449 was paid in cash in settlement of 325,000 vested PSUs granted in 2016. (g) Diluted Earnings per Share Year Ended December 31, December 31, 2018 2017 Net earnings (loss) $ (12,439 ) $ 9,684 Basic weighted average number of shares outstanding 128,600,421 127,340,834 Effect of dilutive securities: Stock options - 416,739 Performance share units - 200,000 Diluted weighted average number of share outstanding 128,600,421 127,957,573 Diluted earnings (loss) per share $ (0.10 ) $ 0.08 As of December 31, 2018, there are 4,978,300 anti-dilutive stock options (December 31, 2017 – 3,905,800 stock options). |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [abstract] | |
REVENUE [text block] | 14. REVENUE Year Ended December 31, December 31, Revenue by product 2018 2017 Concentrate sales $ 111,052 $ 105,203 Provisional pricing adjustments 228 1,925 Total revenue from concentrate sales 111,280 107,128 Dore sales 39,229 43,371 Total revenue $ 150,509 $ 150,499 Provisional pricing adjustments on sales of concentrates consist of provisional and final pricing adjustments made prior to the finalization of the sales contract. The Company’s sales contracts are provisionally priced with provisional pricing periods lasting typically one to three months with provisional pricing adjustments recorded to revenue as market prices vary. As at December 31, 2018, a 10% change to the underlying metals prices would result in a change in revenue and accounts receivable of $904 based on the total quantities of metals in sales contracts for which the provisional pricing periods were not yet closed. |
EXPLORATION
EXPLORATION | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
EXPLORATION [Text Block] | 15. EXPLORATION December 31 December 31 2018 2017 Depreciation and depletion $ 111 $ 126 Share-based compensation 340 252 Salaries, wages and benefits 2,690 2,568 Direct exploration expenditures 9,242 9,952 $ 12,383 $ 12,898 |
GENERAL AND ADMINISTRATIVE
GENERAL AND ADMINISTRATIVE | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
GENERAL AND ADMINISTRATIVE [Text Block] | 16. GENERAL AND ADMINISTRATIVE December 31 December 31 2018 2017 Depreciation and depletion $ 254 $ 282 Share-based compensation 2,179 2,407 Salaries, wages and benefits 3,038 2,240 Direct general and administrative 3,155 2,985 $ 8,626 $ 7,914 Included in salaries, wages and benefits is an $88 expense of directors’ deferred share units for the year ended December 31, 2018 (December 31, 2017 – recovery of $484). |
FINANCE COSTS
FINANCE COSTS | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
FINANCE COSTS [Text Block] | 17. FINANCE COSTS December 31 December 31 2018 2017 Accretion on provision for reclamation and rehabilitation $ 150 $ 86 Credit facility finance costs - 629 Other financing costs 61 - $ 211 $ 715 |
SUPPLEMENTAL DISCLOSURE WITH RE
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS [Text Block] | 18. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS Year ended December 31, December 31, 2018 2017 Net changes in non-cash working capital: Accounts receivable $ 7,303 $ (8,520 ) Inventories (3,304 ) 884 Prepaid expenses (793 ) 126 Accounts payable and accrued liabilities 421 963 Income taxes payable 865 (1,446 ) $ 4,492 $ (7,993 ) Non-cash financing and investing activities: Reclamation included in mineral property, plant and equipment 63 50 Fair value of exercised options allocated to share capital 131 65 Fair value of performance share units allocated to share capital - 439 Fair value of shares issued on property acquisition - 500 Other cash disbursements: Income taxes paid 3,449 8,015 Special mining duty paid 1,012 2,020 |
SEGMENT DISCLOSURES
SEGMENT DISCLOSURES | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
SEGMENT DISCLOSURES [Text Block] | 19. SEGMENT DISCLOSURES The Company’s operating segments are based on internal management reports that are reviewed by the Company’s executives (the chief operating decision makers) in assessing performance. The Company has four operating mining segments, Guanaceví, Bolañitos, El Cubo and El Compas, which are located in Mexico, as well as Exploration and Corporate segments. The Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile. December 31, 2018 Corporate Exploration Guanaceví Bolanitos El Cubo El Compas Total Cash and cash equivalents $ 14,477 $ 765 $ 3,947 $ 4,776 $ 8,863 $ 548 $ 33,376 Other Investments 88 - - - - - 88 Accounts receivables 176 1,924 9,386 2,760 8,996 3,705 26,947 Inventories - - 6,310 3,736 2,939 1,909 14,894 Prepaid expenses 1,666 75 706 26 129 102 2,704 Non-current deposits 76 - 308 151 74 505 1,114 Deferred income tax asset - - 6,782 1,549 816 - 9,147 Mineral property, plant and equipment 573 11,791 34,933 9,348 11,323 20,809 88,777 Total assets $ 17,056 $ 14,555 $ 62,372 $ 22,346 $ 33,140 $ 27,578 $ 177,047 Accounts payable and accrued liabilities $ 6,045 $ 287 $ 5,528 $ 1,872 $ 4,347 $ 1,391 $ 19,470 Income taxes payable 1,028 - 926 878 1,218 - 4,050 Deferred lease inducement 217 - - - - - 217 Provision for reclamation and rehabilitation - - 2,128 1,805 4,148 114 8,195 Deferred income tax liability - - - 36 - 299 335 Total liabilities $ 7,290 $ 287 $ 8,582 $ 4,591 $ 9,713 $ 1,804 $ 32,267 December 31, 2017 Corporate Exploration Guanaceví Bolanitos El Cubo El Compas Total Cash and cash equivalents $ 20,884 $ 1,034 $ 6,212 $ 2,360 $ 7,594 $ 193 $ 38,277 Restricted cash 1,000 - - - - - 1,000 Other Investments 168 - - - - - 168 Accounts receivables 341 893 12,115 4,100 15,602 961 34,012 Inventories - - 8,476 2,178 2,477 - 13,131 Prepaid expenses 1,090 128 125 77 176 315 1,911 Non-current deposits 76 - 316 144 74 - 610 Deferred income tax asset - - - 655 - - 655 Mineral property, plant and equipment 691 11,285 42,264 6,766 15,929 11,881 88,816 Total assets $ 24,250 $ 13,340 $ 69,508 $ 16,280 $ 41,852 $ 13,350 $ 178,580 Accounts payable and accrued liabilities $ 5,965 $ 225 $ 4,484 $ 1,774 $ 5,721 $ 899 $ 19,068 Income taxes payable 727 - 1,499 940 19 - 3,185 Deferred lease inducement 236 - - - - - 236 Provision for reclamation and rehabilitation - - 2,086 1,772 4,074 50 7,982 Deferred income tax liability - 200 528 637 227 - 1,592 Total liabilities $ 6,928 $ 425 $ 8,597 $ 5,123 $ 10,041 $ 949 $ 32,063 Corporate Exploration Guanaceví Bolanitos El Cubo El Compas Total Year ended December 31, 2018 Silver revenue $ - $ - $ 32,267 $ 14,310 $ 38,903 $ - $ 85,480 Gold revenue - - 6,962 25,495 32,572 - 65,029 Total revenue $ - $ - $ 39,229 $ 39,805 $ 71,475 $ - $ 150,509 Salaries, wages and benefits: mining $ - $ - $ 5,382 $ 5,102 $ 9,309 $ - $ 19,793 processing - - 1,644 1,065 2,201 - 4,910 administrative - - 2,580 2,360 3,116 - 8,056 stock based compensation - - (31 ) (31 ) (31 ) - (93 ) change in inventory - - 662 (383 ) (42 ) - 237 Total salaries, wages and benefits - - 10,237 8,113 14,553 - 32,903 Direct costs: mining - - 20,332 10,716 13,197 - 44,245 processing - - 6,783 6,590 8,211 - 21,584 administrative - - 1,886 1,670 2,336 - 5,892 change in inventory - - 1,021 (815 ) 80 - 286 Total direct production costs - - 30,022 18,161 23,824 - 72,007 Depreciation and depletion: depreciation and depletion - - 22,352 931 14,609 - 37,892 change in inventory - - 765 (70 ) (175 ) - 520 Total depreciation and depletion - - 23,117 861 14,434 - 38,412 Royalties - - 1,123 190 340 - 1,653 Write down of inventory to NRV - - 2,026 - - - 2,026 Total cost of sales $ - $ - $ 66,525 $ 27,325 $ 53,151 $ - $ 147,001 Earnings (loss) before taxes $ (8,079 ) $ (12,258 ) $ (27,296 ) $ 12,480 $ 18,324 $ (882 ) $ (17,711 ) Current income tax expense (recovery) - - 642 2,507 1,328 - 4,477 Deferred income tax expense (recovery) - - (7,475 ) (1,530 ) (1,043 ) 299 (9,749 ) Total income tax expense (recovery) - - (6,833 ) 977 285 299 (5,272 ) Net earnings (loss) $ (8,079 ) $ (12,258 ) $ (20,463 ) $ 11,503 $ 18,039 $ (1,181 ) $ (12,439 ) The Exploration segment included $777 of costs incurred in Chile for the year ended December 31, 2018 (December 31, 2017 - $448). Corporate Exploration Guanaceví Bolanitos El Cubo El Compas Total Year ended December 31, 2017 Silver revenue $ - $ - $ 37,161 $ 15,265 $ 31,934 $ - $ 84,360 Gold revenue - - 6,210 33,154 26,775 - 66,139 Total revenue $ - $ - $ 43,371 $ 48,419 $ 58,709 $ - $ 150,499 Salaries, wages and benefits: mining $ - $ - $ 6,027 $ 5,023 $ 8,798 $ - $ 19,848 processing - - 1,951 978 1,765 - 4,694 administrative - - 2,948 2,419 3,023 - 8,390 stock based compensation - - 68 67 67 - 202 change in inventory - - 209 (91 ) 36 - 154 Total salaries, wages and benefits - - 11,203 8,396 13,689 - 33,288 Direct costs: mining - - 12,567 11,777 15,900 - 40,244 processing - - 6,709 6,921 8,742 - 22,372 administrative - - 2,164 1,893 2,906 - 6,963 change in inventory - - 833 (227 ) 59 - 665 Total direct production costs - - 22,273 20,364 27,607 - 70,244 Depreciation and depletion: depreciation and depletion - - 13,934 1,900 1,332 - 17,166 change in inventory - - (569 ) (6 ) (9 ) - (584 ) Total depreciation and depletion - - 13,365 1,894 1,323 - 16,582 Royalties - - 1,239 228 273 - 1,740 Write down of inventory to NRV - - 166 - - - 166 Total cost of sales $ - $ - $ 48,246 $ 30,882 $ 42,892 $ - $ 122,020 Earnings (loss) before taxes $ (7,694 ) $ (10,564 ) $ (4,875 ) $ 17,537 $ 15,817 $ (2,334 ) $ 7,887 Current income tax expense (recovery) (10 ) - 676 3,981 3 - 4,650 Deferred income tax expense (recovery) - 200 (5,589 ) (1,473 ) 415 - (6,447 ) Total income tax expense (recovery) (10 ) 200 (4,913 ) 2,508 418 - (1,797 ) Net earnings (loss) $ (7,684 ) $ (10,764 ) $ 38 $ 15,029 $ 15,399 $ (2,334 ) $ 9,684 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
INCOME TAXES [Text Block] | 20. INCOME TAXES (a) Tax Assessments Minera Santa Cruz y Garibaldi SA de CV (“MSCG”), a subsidiary of the Company, received a MXN 238 million assessment on October 12, 2010 by Mexican fiscal authorities for failure to provide the appropriate support for certain expense deductions taken in MSCG’s 2006 tax return, failure to provide appropriate support for loans made to MSCG from affiliated companies, and deemed an unrecorded distribution of dividends to shareholders, among other individually immaterial items. MSCG immediately initiated a Nullity action and filed an administrative attachment to dispute the assessment. In June 2015, the Superior Court ruled in favour of MSCG on a number of the matters under appeal; however, the Superior Court ruled against MSCG for failure to provide appropriate support for certain deductions taken in MSCG’s 2006 tax return. In June 2016, the Company received a MXN 122.9 million ($6,200) tax assessment based on the June 2015 ruling. The 2016 tax assessment comprised of MXN 41.8 million in taxes owed ($2,100), MXN 17.7 million ($900) in inflationary charges, MXN 40.4 million ($2,000) in interest and MXN 23.0 million ($1,200) in penalties. The 2016 tax assessment was issued for failure to provide the appropriate support for certain expense deductions taken in MSCG’s 2006 tax return, failure to provide appropriate support for loans made to MSCG from affiliated companies. The MXN 123 million assessment includes interest and penalties. If MSCG agrees to pay the tax assessment, or a lesser settled amount, it is eligible to apply for forgiveness of 100% of the penalties and 50% of the interest. The Company filed an appeal against the June 2016 tax assessment on the basis certain items rejected by the courts were included in the new tax assessment, while a number of deficiencies exist within the assessment. Since issuance of the assessment interest charges of MXN 6.3 million ($500) and inflationary charges of MXN 9.5 million ($500) has accumulated. Included in the Company’s consolidated financial statements, are net assets of $595, including $42 in cash, held by MSCG. Following the Tax Court’s rulings, MSCG is in discussions with the tax authorities with regards to the shortfall of assets within MSCG to settle its estimated tax liability. An alternative settlement option would be to transfer the shares and assets of MSCG to the tax authorities. As of December 31, 2018, the Company has recognized an allowance for transferring the shares and assets of MSCG amounting to $595. The Company is currently assessing MSCG’s settlement options based on on-going court proceedings and discussion with the tax authorities. (b) Deferred Income Tax December 31, December 31, Mexico operations 2018 2017 Deferred income tax assets: Tax loss carryforwards $ 13,709 $ 9,326 Provision for reclamation and rehabilitation 2,823 2,754 Other 3,774 1,959 Deferred income tax liabilities: Inventories (1,838 ) (1,816 ) Mineral properties, plant and equipment (9,621 ) (12,523 ) Other (35 ) (637 ) Deferred income tax assets (liabilities), net $ 8,812 $ (937 ) As at December 31, 2018, the Company had available for deduction against future taxable income in Mexico non-capital losses of approximately $149,924 (2017 – $142,494). These losses, if unutilized, expire between 2019 to 2028. As at December 31, 2018, the Company had $1,962 non-capital losses in Canada (2017 –$6,175), which expire between 2025 to 2027, and capital losses of $12,002 (2017 – $15,570), which do not expire. When circumstances cause a change in management’s judgment about the recoverability of deferred tax assets, the impact of the change will be reflected in current income. (c) Income Tax Expense December 31, December 31, 2018 2017 Current income tax expense (recovery): Current income tax expense in respect of current year $ 2,559 $ 3,779 Special mining duty 1,850 844 Adjustments recognized in the current year in relation to prior years 68 27 Deferred income tax expense (recovery): Deferred tax expense recognized in the current year (10,745 ) (4,375 ) Special mining duty 1,315 586 Adjustments recognized in the current year in relation to prior years (319 ) (2,658 ) Total income tax expense (recovery) $ (5,272 ) $ (1,797 ) The reconciliation of the income tax provision computed at statutory tax rates to the reported income tax provision is as follows: December 31, December 31, 2018 2017 Canadian statutory tax rates 27.00% 26.00% Income tax expense computed at Canadian statutory rates $ (4,782 ) $ 2,050 Foreign tax rates different from statutory rate (5,018 ) (3,412 ) Change in tax rates 291 - Withholding taxes, net of tax credits 665 678 Stock-based compensation 541 743 Foreign exchange 3,738 (2,381 ) Inflationary adjustment 3,710 2,539 Other items 1,259 956 Adjustments recognized in the current year in relation to prior years (319 ) (61 ) Current year losses not recognized 4,212 2,612 Special mining duty Mexican tax 535 1,430 Recognition of previously unrecognized losses (10,104 ) (6,951 ) Income tax expense $ (5,272 ) $ (1,797 ) |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Text Block] | 21. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (a) Financial assets and liabilities As at December 31, 2018, the carrying and fair values of the Company’s financial instruments by category are as follows: Fair value through profit or Amortized Carrying loss cost value Fair value $ $ $ $ Financial assets: Cash and cash equivalents - 33,376 33,376 33,376 Investments 88 - 88 88 Trade and other receivables 6,007 - 6,007 6,007 Total financial assets 6,095 33,376 39,471 39,471 Financial liabilities: Accounts payable and accrued liabilites 1,479 17,991 19,470 19,470 Total financial liabilities 1,479 17,991 19,470 19,470 Fair value measurements Fair value hierarchy 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. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. Level 1: Deferred share units are determined based on a market approach reflecting the Company’s closing share price. Level 2: The Company determines the fair value of the SARs liability using an option-pricing model. Level 3: There were no transfers between levels 1, 2 and 3 during the year ended December 31, 2018. Assets and liabilities as at December 31, 2018 measured at fair value on a recurring basis include: Total Level 1 Level 2 Level 3 $ $ $ $ Financial assets: Investments 88 88 - - Trade receivables 5,627 - 5,627 - Total financial assets 5,715 88 5,627 - Financial liabilities: Deferred share units 1,407 1,407 - - Share appreciation rights 72 - 72 - Total financial liabilities 1,479 1,407 72 - (b) Financial Instrument Risk Exposure and Risk Management The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board approves and monitors the risk management process. The types of risk exposure and the manner in which such exposures are managed is outlined as follows: Credit Risk The Company is exposed to credit risk on its bank accounts, investments, and accounts receivable. Credit risk exposure on bank accounts and short-term investments is limited through maintaining the Company’s balances with high-credit quality financial institutions, maintaining investment policies, assessing institutional exposure and continual discussion with external advisors. Value added tax (“IVA”) receivables are generated on the purchase of supplies and services to produce silver and gold, which are refundable from the Mexican government. Trade receivables are generated on the sale of concentrate inventory to reputable metal traders. The carrying amount of financial assets represents the Company’s maximum credit exposure. Below is an aged analysis of the Company’s receivables: Carrying Gross Carrying Gross amount impairment amount impairment December 31, 2018 December 31, 2017 Less than 1 month $ 9,211 $ - $ 13,799 $ - 1 to 3 months 4,284 - 3,943 - 4 to 6 months 1,039 - 3,282 - Over 6 months 12,413 194 12,988 2,212 Total accounts receivable $ 26,947 194 $ 34,012 $ 2,212 At December 31, 2018, 99% of the receivables that were outstanding greater than one month were comprised of IVA and tax receivables in Mexico (December 31, 2017 – 98%) and 1% of the receivables outstanding greater than one month are pending finalizations of concentrate sales. At December 31, 2018, an impairment loss of $194 relates to IVA receivable claims from prior years (December 31, 2017 - $2,212). Liquidity Risk The Company ensures that there is sufficient capital in order to meet short term business requirements. The Company’s policy is to invest cash at floating rates of interest, while cash reserves are maintained in cash equivalents in order to maintain liquidity after taking into account the Company’s holdings of cash equivalents, money market investments, marketable securities and receivables. The Company believes that these sources, operating cash flows and its policies will be sufficient to cover the likely short-term cash requirements and commitments. In the normal course of business, the Company enters into contracts that give rise to future minimum payments. The following table summarizes the remaining contractual maturities of the Company’s financial liabilities and operating and capital commitments at December 31, 2018: Less than 1 to 3 4 to 5 Over 5 1 year years years years Total $ $ $ $ $ Accounts payable and accrued liabilities 19,470 - - - 19,470 Income taxes payable 4,050 - - - 4,050 Provision for reclamation and rehabilitation - 6,066 2,129 - 8,195 Capital expenditure commitments 140 - - - 140 Operating leases 394 720 542 1,184 2,840 Total contractual obligations 24,054 6,786 2,671 1,184 34,695 Market Risk Significant market related risks to which the Company is exposed consist of foreign currency risk, commodity price risk and equity price risk. Foreign Currency Risk The US dollar equivalents of financial assets and liabilities denominated in currencies other than the US dollar as at December 31 are as follows: December 31, 2018 December 31, 2017 Canadian Dollar Mexican Peso Canadian Dollar Mexican Peso Financial assets $ 721 $ 26,969 $ 1,484 $ 29,502 Financial liabilities (2,767 ) (15,438 ) (2,984 ) (17,586 ) Net financial assets (liabilities) $ (2,046 ) $ 11,531 $ (1,500 ) $ 11,916 Of the financial assets listed above, $26 (2017 – $441) represents cash and cash equivalents held in Canadian dollars and $4,522 (2017 - $3,192) represents cash held in Mexican Pesos. The remaining cash balance is held in US dollars. As at December 31, 2018, with other variables unchanged, a 5% strengthening of the US dollar against the Canadian dollar would increase net earnings by $97 due to these financial assets and liabilities. As at December 31, 2018, with other variables unchanged, a 5% strengthening of the US dollar against the Mexican peso would decrease net earnings by $547 due to these financial assets and liabilities. Commodity Price Risk |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Currency Translation [Policy Text Block] | (a) Currency Translation The functional and reporting currency of the Company and its subsidiaries is the US dollar. Transactions in currencies other than an entity’s functional currency are recorded at the rates of exchange prevailing on the transaction dates. Monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at each reporting date. Non- monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date the fair value was determined. Non-monetary items that are measured in terms of historical costs in a foreign currency are not retranslated. Foreign currency translation differences are recognized in profit or loss. |
Use of estimates and judgments [Policy Text Block] | (b) Use of estimates and judgments The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on management’s knowledge of the relevant facts and circumstances at the time, having regard to prior experience, and are continually evaluated. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Actual results could differ materially from those estimates. Significant areas requiring the use of management judgment relate to the determination of mineralized reserves, plant and equipment useful lives, estimating the fair values of financial instruments and derivatives, impairment of non-current assets, reclamation and rehabilitation provisions, recognition of deferred tax assets, valuations in business combinations and assumptions used in determining the fair value of share-based compensation. Significant areas requiring the use of management estimates relate to the valuation of accounts receivable, inventory, mineral property, plant and equipment, impairment of non-current assets, provision for reclamation and rehabilitation, share capital and income taxes. Critical judgments and estimates in applying policies that have the most significant effect on the amounts recognized in the consolidated financial statements include the following: Determination of ore reserves and resources Judgments about the amount of product that can be economically and legally extracted from the Company’s properties are made by management using a range of geological, technical and economic factors, history of conversion of mineral deposits to proven and probable reserves as well as data regarding quantities, grades, production techniques, recovery rates,production costs, commodity prices and exchange rates. This process may require complex and difficult geological judgments to interpret the data. The Company uses qualified persons (as defined by the Canadian Securities Administrator’s National Instrument 43-101) to compile this data. Changes in the judgments surrounding proven and probable reserves may impact the carrying value of mineral properties, plant and equipment (Note 9), reclamation and rehabilitation provisions (Note 12), recognition of deferred income tax amounts (Note 20), and depreciation and depletion (Note 9). Reserves are estimates of the amount of product that can be economically and legally extracted from the Company’s properties. Estimating the quantity and /or grade of reserves requires the size, shape and depth of ore bodies or fields to be determined by analyzing geological data such as drilling samples. Following this, the quantity of ore that can be extracted in an economical manner is calculated using data regarding the life of mine plans and forecast sales prices (based on current and long-term historical average price trends). Changes in estimates can be the result of actual future production differing from current forecasts of future production, expansion of mineral reserves through exploration activities, differences between estimated and actual costs of mining and differences in the commodity price used in the estimation of mineral reserves. Assessment of impairment factors (accounting policy Note 3g) Management applies significant judgment in assessing each cash-generating unit and assets for the existence of indicators of impairment at the reporting date. Internal and external factors are considered in assessing whether indicators of impairment are present that would necessitate impairment testing. Significant assumptions regarding commodity prices, operating costs, capital expenditures and discount rates are used in determining whether there are any indicators of impairment. These assumptions are reviewed regularly by senior management and compared, when applicable, to relevant market consensus views. Achievement of commercial production (accounting policy Note 3f) Once a mine reaches the operating levels intended by management, depreciation of capitalized costs begins. Significant judgment is required to determine when certain of the Company’s assets reach this level. Management considers several factors including: completion of a reasonable period of commissioning; consistent operating results achieved at a predetermined level of design capacity and indications exist that his level will continue; mineral recoveries at or near expected levels; and the transfer of operations from development personnel to operational personnel has been completed. Estimation of the amount and timing of reclamation and rehabilitation costs (accounting policy Note 3i) Accounting for restoration requires management to make estimates of the future costs the Company will occur to complete the reclamation and rehabilitation work required to comply with existing laws, regulations and agreements in place at each mining operation and any environmental and social principles the Company is in compliance with. The calculation of the present value of these costs also includes assumptions regarding the timing of reclamation and rehabilitation work, applicable risk-free interest rate for discounting those future cash flows, inflation and foreign exchange rates and assumptions relating to probabilities of alternative estimates of future cash flows. Actual costs incurred may differ from those amounts estimated. Also, future changes to environmental laws and regulations could increase the extent of reclamation and rehabilitation on work required to be performed by the Company. Increase in future costs could materially impact the amounts charged to operations for reclamation and rehabilitation. Taxes (Note 20) Judgment is required in determining the recognition and measurement of deferred income tax assets and liabilities on the balance sheet. In the normal course of business, the Company is subject to assessment by taxation authorities in various jurisdictions. These authorities may have different interpretations of tax legislation or tax agreements than those applied by the Company in computing current and deferred income taxes. These different interpretations may alter the timing or amounts of taxable income or deductions. Final taxes payable and receivable are dependent on many factors, including outcomes of tax litigation and resolution of disputes. The resolution of these uncertainties may result in adjustments to the Company’s tax assets and liabilities. Management assesses the likelihood and timing of taxable earnings in future periods in recognizing deferred income tax assets. Estimates of future taxable income is based on forecasted cash flows using life of mine projections and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the net deferred income tax assets recorded at the balance sheet date could be impacted. In addition, future changes to tax laws could limit the ability of the Company to obtain tax deductions in future periods from deferred income tax assets. Deferred income tax assets are disclosed in Note 20. Inventory (Note 7) In valuing inventories at the lower of cost and net realizable value, the Company makes estimates in determining the net realizable price and in quantifying the contained metal in finished goods and work in progress. |
Cash and cash equivalents [Policy Text Block] | (c) Cash and cash equivalents Cash and cash equivalents consist of deposits in banks and highly liquid investments with an original maturity at the date of the purchase of no more than ninety days, or that are readily convertible into cash. |
Marketable securities [Policy Text Block] | (d) Marketable securities Marketable securities include investments in shares of companies and other investments capable of reasonably prompt liquidation. Share investments are measured at fair value through profit and loss and carried at fair value. Unrealized gains and losses are recognized in profit or loss. |
Inventories [Policy Text Block] | (e) Inventories Production inventories are valued at the lower of production cost and net realizable value. Work-in-process inventories, including ore stockpiles, are valued at the lower of production cost and net realizable value, after an allowance for further processing costs. Finished goods inventory, characterized as dore bars or concentrate, is valued at the lower of production cost and net realizable value. Materials and supplies are valued at the lower of cost and replacement cost. Similar inventories within the consolidated group are measured using the same method, and the reversal of previous write-downs to net realizable value is required when there is a subsequent increase in the value of inventories. |
Mineral properties, plant and equipment [Policy Text Block] | (f) Mineral properties, plant and equipment Mineral properties, plant and equipment are stated at cost less accumulated depreciation, depletion and accumulated impairment losses. The cost of mineral properties, plant or equipment items consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Mineral properties include direct costs of acquiring properties (including option payments) and costs incurred directly in the development of properties once the technical feasibility and commercial viability has been established. Development costs relating to specific properties are capitalized once management determines a property will be developed. A development decision is made based upon consideration of project economics, including future metal prices, reserves and resources, and estimated operating and capital costs. Capitalization of costs incurred and proceeds received during the development phase ceases when the property is capable of operating at levels intended by management. Exploration and evaluation costs are those costs required to find a mineral property and determine commercial feasibility. These costs include costs to establish an initial mineral resource and determine whether inferred mineral resources can be upgraded to measured and indicated mineral resources and whether measured and indicated mineral resources can be converted to proven and probable reserves. The Company recognizes acquisition costs for exploration and evaluation properties as assets when acquired as part of a business combination or asset purchase. All other exploration and evaluation costs are expensed as incurred until the technical feasibility or commercial viability of the property has been established and a development decision has been made. Capitalized exploration and evaluation costs for a project are classified as such until the project demonstrates technical feasibility and commercial viability. Upon demonstrating technical feasibility and commercial viability, and subject to an impairment analysis, capitalized exploration and evaluation costs are transferred to mineral property costs within mineral properties, plant and equipment. Technical feasibility and commercial viability generally coincide with the establishment of proven and probable reserves; however, this determination may be impacted by management’s assessment of certain modifying factors. Where an item of plant and equipment comprises major components with different useful lives, the components are accounted for as separate items of plant and equipment and amortized separately over their useful lives. Plant and equipment is recorded at cost and amortized using the straight-line method at rates varying from 5% to 30% annually. The accumulated costs of mineral properties that are developed to the stage of commercial production are amortized using the units of production method, based on proven and probable reserves (as defined by National Instrument 43-101). The Company conducts an annual assessment of the residual balances, useful lives and depreciation methods being used for mineral properties, plant and equipment and any changes arising from the assessment are applied by the Company prospectively. |
Impairment of Non-Current Assets [Policy Text Block] | (g) Impairment of Non-Current Assets The recoverable amount is the greater of fair value less costs to sell and value in use. 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 an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Management periodically reviews the carrying values of its exploration and evaluation assets with internal and external mining related professionals. A decision to abandon, reduce or expand a specific project is based upon many factors including general and specific assessments of reserves, forecast future metal prices, forecast future costs of exploring, developing and operating a producing mine, expiration term and ongoing expense of maintaining leased mineral properties and the general likelihood that the Company will continue exploration. The Company does not set a pre-determined holding period for properties with unproven reserves. However, properties which have not demonstrated suitable mineral concentrations at the conclusion of each phase of an exploration program are re-evaluated to determine if future exploration is warranted and their carrying values are recoverable. If any area of interest is abandoned or it is determined that its carrying value cannot be supported by future production or sale, the related costs are recognized in the statement of comprehensive income in the period of abandonment or determination that the carrying value exceeds its fair value. The amounts recorded as mineral properties represent costs incurred to date and do not necessarily reflect present or future values. |
Deferred Lease Inducement [Policy Text Block] | (h) Deferred Lease Inducement |
Provision for Reclamation and Rehabilitation [Policy Text Block] | (i) Provision for Reclamation and Rehabilitation In subsequent periods, the liability is adjusted for any changes in the amount or timing of the estimated future cash costs, changes in the discount or inflation rates and for the accretion of discounted underlying future cash flows. The unwinding of the effect of discounting the provision is recorded as a finance cost in profit or loss for the period. |
Revenue recognition [Policy Text Block] | (j) Revenue recognition Revenue relating to the sale of metals is recognized when control of the metal is transferred to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those products. In determining whether the Company has satisfied a performance obligation, it considers the indicators of the transfer of control, which include, but are not limited to, whether: the Company has a present right to payment; the customer has a legal title to the asset; the Company has transferred physical possession of the asset to the customer; and the customer has significant risks and rewards of ownership of the asset. Revenue from the sale of concentrates is based on prevailing market prices and estimated mineral content which is subject to adjustment upon final settlement based on metal prices, weights and assays. For each reporting period until final settlement, estimates of metal prices are used to record sales. Variations between the sales price recorded at the initial recognition date and the actual final sales price at the settlement date, caused by changes in market metal prices, results in an embedded derivative in the related trade accounts receivable balance. The embedded derivative is recorded at fair value each period until final settlement occurs, with changes in fair value classified as an adjustment to revenue. Revenue is recorded in the consolidated statement of comprehensive income, gross of treatment and refining costs paid to counterparties under the terms of the sales agreements. |
Share-based payments [Policy Text Block] | (k) Share-based payments Share-based compensation expense relating to cash-settled awards, including deferred share units and share appreciation rights, which are described in Note 13(d) and Note 13(e), is recognized over the vesting period of the units based on the fair market value of the units. As these awards will be settled in cash, the expense and liability are adjusted each reporting period for changes in the fair value. |
Income taxes [Policy Text Block] | (l) Income taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and tax losses carried forward. Deferred tax assets and liabilities are measured using substantively enacted or enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of comprehensive income in the period that includes the substantive enactment date. Deferred tax assets are recognized to the extent their recovery is considered probable based on their term to expiry and estimates of future taxable income. |
Earnings per share [Policy Text Block] | (m) Earnings per share Basic earnings per share is computed by dividing the net earnings (loss) available to common shareholders by the weighted average number of shares |
Business combinations [Policy Text Block] | (n) Business combinations Determination of the fair value of assets acquired and liabilities assumed and resulting goodwill, if any, requires that management make estimates based on the information provided by the acquiree. Changes to the provisional values of assets acquired and liabilities assumed, deferred income taxes and resulting goodwill, if any, will be adjusted when the final measurements are determined (within one year of the acquisition date). When purchase consideration is contingent on future events, the initial cost of the acquisition recorded includes an estimate of the fair value of the contingent amounts expected to be payable in the future. When the fair value of contingent consideration as at the date of acquisition is finalized and before the end of the twelve month measurement period, the adjustment is allocated to the identifiable assets acquired and liabilities assumed. Changes to the estimated fair value of contingent consideration subsequent to the acquisition date are recorded in the consolidated statement of comprehensive income. |
Accounting standards adopted during the year [Policy Text Block] | (o) Accounting standards adopted during the year Amendments to IFRS 2, Share-based Payment (“IFRS 2”) On June 20, 2016, the IASB issued amendments to IFRS 2 clarifying how to account for certain types of share-based payment transactions. The amendments provide requirements on the accounting for: the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments; share-based transactions with a net settlement feature for withholding tax obligations; and a modification to the terms and conditions of a share-based payment that changes the classification of a transaction from cash-settled to equity settled. The amendments apply for annual periods beginning on or after January 1, 2018. As a practical simplification, the amendments can be applied prospectively. Retrospective or early application is permitted if information is available without the use of hindsight. The Company has adopted the amendments to IFRS 2 in its financial statements for the annual period beginning on January 1, 2018 on a prospective basis. The Company has Performance Share Units (“PSU”) with a net settlement feature, which permits cash settlement for withholding tax obligations. The expense for the PSUs has previously been bifurcated with the cash settlement portion of the expense recognized as a liability until settlement, and the remaining expense allocated to Contributed Surplus. Upon adoption of the amendments to IFRS 2, the PSU liability at January 1, 2018 of $38 was reallocated to Contributed Surplus. IFRS 9 Financial Instruments (“IFRS 9”) Financial Instruments: Recognition and Measurement IFRS 9 amends some of the requirements of IFRS 7, Financial Instruments: Disclosures As a result of the adoption of IFRS 9, the Company has changed its accounting policy for financial instruments retrospectively. The change did not result in a change in carrying value of any of the Company’s financial instruments on transition date. IFRS 9 introduced a single expected credit loss impairment model, which is based on changes in credit quality since initial recognition. The adoption of the expected credit loss impairment model did not have a significant impact on the Company’s financial statements. The Company’s financial instruments are accounted for as follows under IFRS 9 as compared to the Company’s previous policy in accordance with IAS 39. January 1, 2018 IAS 39 IFRS 9 Assets Cash and cash equivalents Amortized cost Amortized cost Restricted cash Amortized cost Amortized cost Trade and other receivables (other than derivatives) Amortized cost Amortized cost Trade receivables (derivative component) Fair value through profit or loss Fair value through profit or loss Marketable securities Fair value through other comprehensive income Fair value through profit or loss Liabilities Accounts payable and accrued liabilities Amortized cost Amortized cost Performan share units and Deferred share units Fair value through profit or loss Fair value through profit or loss Under IFRS 9, the Company’s equity marketable securities are designated as financial assets at fair value through profit or loss. For equity instruments not held for trading, the Company may make an irrevocable election at initial recognition to recognize changes in fair value through other comprehensive income rather than profit or loss. The Company did not make any such election upon adoption of IFRS 9. IFRS 9 does not require restatement of comparative periods. Accordingly, the Company has reflected the retrospective impact of the adoption of IFRS 9 due to the change in accounting policy for marketable securities as an adjustment to opening components of equity as at January 1, 2018. The fair value of marketable securities is $168 under both IAS 39 and IFRS 9 as at January 1, 2018, the date of initial application of IFRS 9, and is presented in Other Investments in the consolidated balance sheet. On adoption, the unrealized gain in fair value of $127, previously recognized in accumulated other comprehensive income has been reallocated to retained earnings. As a result of the adoption of IFRS 9, the Company’s accounting policy for financial instruments has been updated as follows: Financial Instruments The Company classifies and measures financial assets (excluding derivatives) on initial recognition as described below: • Cash and equivalents and restricted cash include cash and term deposits with original maturities of less than 90 days are classified as financial assets at fair value through profit and loss and are measured at fair value. Unrealized gains and losses related to changes in fair value are reported in income; • Trade and other receivables are classified as and measured at amortized cost using the effective interest method, less impairment allowance, in any; • Investments in equity instruments are designated as financial assets through profit or loss and are recorded at fair value on settlement date, net of transaction costs. Subsequent to initial recognition, changes in fair value are recognized in income. Derivative financial instruments, including embedded derivatives in trade receivables measured at amortized cost, are recorded in the consolidated balance sheets at fair value. Subsequent to initial recognition, changes in estimated fair value at each reporting date are recognized through profit or loss. A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expired. For financial liabilities, IFRS 9 retains most of the IAS 39 requirements and since the Company did not have any financial liabilities designated at fair value through profit or loss, the adoption of IFRS 9 did not impact our accounting policies for financial liabilities. IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) On May 28, 2014, the IASB issued IFRS 15. The new standard is effective for annual periods beginning on or after January 1, 2018 with early adoption permitted. IFRS 15 replaces IAS 11 Construction Contracts Revenue Customer Loyalty Programmes Agreements for the Construction of Real Estate Transfer of Assets from Customers Revenue – Barter Transactions Involving Advertising Services The standard contains a single model that applies to contracts with customers and two approaches to recognizing revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much and when revenue is recognized. New estimates and judgmental thresholds have also been introduced, which may affect the amount and/or timing of revenue recognized. On April 12, 2016 the IASB issued Clarifications to IFRS 15, Revenue from Contracts with Customers The Company adopted IFRS 15 and the clarifications effective January 1, 2018 with no impact on the measurement of revenue in the consolidated financial statements. Dore sales IFRS 15 requires that revenue from contracts with customers be recognized upon the transfer of control over goods or services to the customer. The recognition of revenue upon transfer of control to the customer is consistent with the Company’s revenue recognition policy as set out in Note 3(j) of the 2017 Annual Financial Statements, as the condition is generally satisfied when title transfers to the customer. As such, upon adoption, this requirement under IFRS 15 resulted in no impact to the Company’s financial statements as the timing of revenue recognition on dore sales is unchanged. Concentrate sales The Company assessed all of its existing concentrate sales agreements and determined that there is no change in the timing of revenue recognition, as control transfers to the smelting companies at the time of delivery, consistent with the Company’s current accounting policy as set out in Note 3(j) of the 2017 Annual Financial Statements. |
Changes in IFRS not yet adopted [Policy Text Block] | (p) Changes in IFRS not yet adopted IFRS 16, Leases (“IFRS 16”) On January 13, 2016, the IASB published a new standard, IFRS 16, Leases Leases Upon the adoption of IFRS 16, the Company anticipates it will record a material balance of lease assets and associated lease liabilities related to leases with a term of 12 months or more on the Consolidated Balance Sheet at January 1, 2019. Due to the recognition of additional lease assets and liabilities, a higher amount of depreciation expense and interest on lease liabilities will be recognized under IFRS 16 as compared to the current standard. Additionally, a reduction in production and/or corporate administration costs is expected. Lastly, the Company expects a reduction in operating cash outflows with a corresponding increase in financing cash outflows under IFRS 16. The Company is currently quantifying the effect of this standard on our financial statements. During the fourth quarter, management has continued the scoping of contracts across our operations, has continued a detailed review of contracts and commenced quantification of the qualifying leases. At this time, the quantitative estimate of the effects of the new standard range between $2,000 and $3,000. The Company expects the time frame to complete the implemenation of the accounting policies, estimates and processes will continue into the early part of 2019. IFRIC 23, Uncertainty over Income Tax Treatments (“IFRIC 23”) On June 7, 2017, the IASB issued IFRIC Interpretation 23 Uncertainty over Income Tax Treatments. The Interpretation requires an entity to contemplate whether uncertain tax treatments should be considered separately, or together as a group, based on which approach provides better predictions of the resolution and if it is probable that the tax authorities will accept the uncertain tax treatment. If estimated that it is not probable that the uncertain tax treatment will be accepted by authorities, the tax uncertainty would be measured based on the most likely amount or expected value, depending on whichever method better predicts the resolution of the uncertainty. The Company intends to adopt the Interpretation in its financial statements for the annual period beginning on January 1, 2019. The Company does not expect the adoption of the Interpretation to have a material impact on the financial statements. |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of detailed information about cash and cash equivalents [Table Text Block] | December 31 December 31 2018 2017 Bank balances $ 33,376 $ 38,782 Short-term deposits - 495 $ 33,376 $ 39,277 |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of detailed information about investments [Table Text Block] | December 31 December 31 2018 2017 Investment in marketable securities, at cost $ 41 $ 41 Unrealized gain (loss) on marketable securities 47 127 $ 88 $ 168 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of detailed information about trade and other receivables [Table Text Block] | December 31 December 31 Note 2018 2017 Trade receivables (1) $ 5,627 $ 8,114 IVA receivables (2) 15,353 19,989 Income taxes recoverable 5,587 5,549 Due from related parties 8 1 2 Other receivables 379 358 $ 26,947 $ 34,012 (1) The trade receivables consist of receivables from provisional silver and gold sales from the Bolañitos, El Cubo and El Compas mines. The fair value of receivables arising from concentrate sales contracts that contain provisional pricing mechanisms is determined using the appropriate quoted one-month forward price on the measurement date from the exchange that is the principal active market for the particular metal. As such, these receivables, which meet the definition of an embedded derivative, are classified within Level 2 of the fair value hierarchy (Note 21). (2) The Company’s Mexican subsidiaries pay value added tax, Impuesto al Valor Agregado (“IVA”), on the purchase and sale of goods and services. The net amount paid is recoverable but is subject to review and assessment by the tax authorities. The Company regularly files the required IVA returns and all supporting documentation with the tax authorities, however, the Company has been advised that certain IVA amounts receivable from the tax authorities are being withheld pending completion of the authorities’ audit of certain of the Company’s third-party suppliers. Under Mexican law the Company has legal rights to those IVA refunds and the results of the third party audits should have no impact on refunds. A smaller portion of IVA refund requests are from time to time improperly denied based on the alleged lack of compliance of certain formal requirements and information returns by the Company’s third-party suppliers. The Company takes necessary legal action on the delayed refunds as well as any improperly denied refunds. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of detailed information about inventories [Table Text Block] | December 31 December 31 2018 2017 Warehouse inventory $ 8,638 $ 7,809 Stockpile inventory (4) 1,564 - Work in process inventory (3) 322 496 Finished goods inventory (1)(2) 4,370 4,826 $ 14,894 $ 13,131 (1) The Company held 199,897 silver ounces and 1,956 gold ounces as of December 31, 2018 (December 31, 2017 – 241,321 and 1,226, respectively). These ounces are carried at the lower of cost and net realizable value. As at December 31, 2018, the quoted market value of the silver ounces was $3,091 (December 31, 2017 - $4,070) and the quoted market value of the gold ounces was $2,507 (December 31, 2017 - $1,590). (2) The finished goods inventory balance at December 31, 2018 is net of a write down to net realizable value of $1,635 for finished goods inventory held at the Guanaceví mine. Of this amount $1,106 is comprised of cash costs and $529 relates to depreciation and depletion and was expensed in the period. The finished goods inventory balance at December 31, 2018 is net of a write down to net realizable value of $189 for finished goods inventory held at the El Compas mine. Of this amount $139 is comprised of cash costs and $50 relates to depreciation and depletion and was expensed to Other income (expenses).. (3) The work in process inventory balance at December 31, 2018 is net of a write down to net realizable value of $390 for work in process inventory held at the Guanaceví mine. Of this amount $252 is comprised of cash costs and $139 relates to depreciation and depletion and was expensed in the period. (4) The stockpile inventory balance at December 31, 2018 is net of a write down to net realizable value of $461 for stockpile inventory held at the El Compas mine. Of this amount $320 is comprised of cash costs and $141 relates to depreciation and depletion and was expensed to Other income (expenses).. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of information about key management personnel [text block] [Table Text Block] | December 31 December 31 2018 2017 Salaries and short-term employee benefits $ 2,754 $ 2,793 Non-executive director's fees 194 204 Non-executive director's deferred share units 87 (484 ) Share-based payments 2,108 2,588 $ 5,143 $ 5,101 |
MINERAL PROPERTIES, PLANT AND_2
MINERAL PROPERTIES, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of detailed information about property, plant and equipment [Table Text Block] | Mineral Machinery & Transport & properties Plant equipment Building office equipment Total Cost Balance at December 31, 2016 $ 457,401 $ 94,871 $ 61,812 $ 10,671 $ 9,595 $ 634,350 Additions 28,682 3,177 5,386 1,191 2,038 40,474 Disposals (233 ) (27 ) (4,354 ) - (1,100 ) (5,714 ) Balance at December 31, 2017 485,850 98,021 62,844 11,862 10,533 669,110 Additions 30,377 4,480 3,411 482 1,701 40,451 Disposals - - - - - - Balance at December 31, 2018 $ 516,227 $ 102,501 $ 66,255 $ 12,344 $ 12,234 $ 709,561 Accumulated amortization and impairment Balance at December 31, 2016 $ 419,320 $ 85,563 $ 46,196 $ 9,214 $ 7,819 $ 568,112 Amortization 12,161 1,672 2,682 188 947 17,650 Disposals - (26 ) (4,353 ) - (1,089 ) (5,468 ) Balance at December 31, 2017 431,481 87,209 44,525 9,402 7,677 580,294 Amortization 34,420 1,289 3,288 272 1,221 40,490 Disposals - - - - - - Balance at December 31, 2018 $ 465,901 $ 88,498 $ 47,813 $ 9,674 $ 8,898 $ 620,784 Net book value At December 31, 2017 $ 54,369 $ 10,812 $ 18,319 $ 2,460 $ 2,856 $ 88,816 At December 31, 2018 $ 50,326 $ 14,003 $ 18,442 $ 2,670 $ 3,336 $ 88,777 |
PROVISON FOR RECLAMATION AND _2
PROVISON FOR RECLAMATION AND REHABILITATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of detailed information about provision for reclamation and rehabilitation [Table Text Block] | Guanaceví Bolañitos El Cubo El Compas Total Balance at December 31, 2016 2,058 1,755 4,033 - 7,846 Accretion 28 17 41 - 86 Disturbance incurred during the year - - - 50 50 Balance at December 31, 2017 $ 2,086 $ 1,772 $ 4,074 $ 50 $ 7,982 Accretion 43 32 74 1 150 Disturbance incurred during the year - - - 63 63 Balance at December 31, 2018 $ 2,129 $ 1,804 $ 4,148 $ 114 $ 8,195 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Expressed in Canadian dollars Year Ended Year Ended December 31, 2018 December 31, 2017 Weighted Number Weighted average Number average of shares exercise price of shares exercise price Outstanding, beginning of year 5,792,800 $4.00 4,458,050 $3.93 Granted 1,262,500 $3.80 1,572,000 $4.32 Exercised (127,000 ) $2.65 (60,000 ) $3.03 Cancelled (940,500 ) $4.15 (177,250 ) $5.49 Outstanding, end of the period 5,987,800 $3.96 5,792,800 $4.00 Options exercisable at the end of the period 4,946,300 $3.96 4,509,600 $3.91 |
Disclosure of range of exercise prices of outstanding share options [Table Text Block] | Expressed in Canadian dollars Options Outstanding Options exercisable Number Weighted Average Weighted Number Weighted Outstanding Remaining Average Exercisable Average Price as at Contractual Life Exercise as at Exercise Intervals December 31, 2018 (Number of Years) Price December 31, 2018 Price $2.00 - $2.99 1,009,500 1.4 $2.65 1,009,500 $2.65 $3.00 - $3.99 1,250,500 4.4 $3.80 478,400 $3.80 $4.00 - $4.99 3,727,800 2.4 $4.37 3,458,400 $4.37 5,987,800 2.6 $3.96 4,946,300 $3.96 |
Disclosure of detailed information about options, valuation assumptions [Table Text Block] | Year Ended Year Ended December 31, 2018 December 31, 2017 Weighted-average fair value of option in CAN$ $1.96 $2.30 Risk-free interest rate 2.05% 0.85% Expected dividend yield 0% 0% Expected stock price volatility 69% 73% Expected option life in years 3.79 3.86 |
Disclosure of deferred share units [Table Text Block] | Expressed in Canadian dollars Year Ended Year Ended December 31, 2018 December 31, 2017 Weighted Weighted Number Average Grant Number Average Grant of units Price of units Price Outstanding, beginning of year 548,392 $3.44 510,560 $3.39 Granted 103,884 $3.68 37,832 $4.11 Redeemed - - - - Outstanding, end of period 652,276 $3.48 548,392 $3.44 Fair value at period end 652,276 $2.94 548,392 $3.02 |
Disclosure of share appreciation rights [Table Text Block] | Year Ended Year Ended December 31, 2018 December 31, 2017 Weighted Weighted Number Average Grant Number Average Grant of units Price of units Price Outstanding, beginning of year 911,993 $3.80 579,660 $4.20 Granted - - 489,000 $3.30 Exercised (96,661 ) $2.21 (46,668 ) $2.21 Cancelled (121,332 ) $3.96 (109,999 ) $4.38 Outstanding, end of period 694,000 $3.99 911,993 $3.80 Exercisable at the end of the period 553,679 $4.16 212,672 $3.69 |
Disclosure of performance share units plan [Table Text Block] | Year Ended Year Ended December 31, 2018 December 31, 2017 Number of units Number of units Outstanding, beginning of year 200,000 325,000 Granted 446,000 200,000 Cancelled (30,000 ) - Settled for shares - (193,825 ) Settled for cash - (131,175 ) Outstanding, end of period 616,000 200,000 |
Disclosure of detailed information about diluted earnings per share [Table Text Block] | Year Ended December 31, December 31, 2018 2017 Net earnings (loss) $ ( ) $ 9,684 Basic weighted average number of shares outstanding 128,600,421 127,340,834 Effect of dilutive securities: Stock options - 416,739 Performance share units - 200,000 Diluted weighted average number of share outstanding 128,600,421 127,957,573 Diluted earnings (loss) per share $ (0.10 ) $ 0.08 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [abstract] | |
Disclosure of disaggregation of revenue from contracts with customers [Table text block] | Year Ended December 31, December 31, Revenue by product 2018 2017 Concentrate sales $ 111,052 $ 105,203 Provisional pricing adjustments 228 1,925 Total revenue from concentrate sales 111,280 107,128 Dore sales 39,229 43,371 Total revenue $ 150,509 $ 150,499 |
EXPLORATION (Tables)
EXPLORATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of detailed information about exploration expenditures [Table Text Block] | December 31 December 31 2018 2017 Depreciation and depletion $ 111 $ 126 Share-based compensation 340 252 Salaries, wages and benefits 2,690 2,568 Direct exploration expenditures 9,242 9,952 $ 12,383 $ 12,898 |
GENERAL AND ADMINISTRATIVE (Tab
GENERAL AND ADMINISTRATIVE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of detailed information about general and administrative expenses [Table Text Block] | December 31 December 31 2018 2017 Depreciation and depletion $ 254 $ 282 Share-based compensation 2,179 2,407 Salaries, wages and benefits 3,038 2,240 Direct general and administrative 3,155 2,985 $ 8,626 $ 7,914 |
FINANCE COSTS (Tables)
FINANCE COSTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of finance income (cost) [Table Text Block] | December 31 December 31 2018 2017 Accretion on provision for reclamation and rehabilitation $ 150 $ 86 Credit facility finance costs - 629 Other financing costs 61 - $ 211 $ 715 |
SUPPLEMENTAL DISCLOSURE WITH _2
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of detailed information about cash flows [Table Text Block] | Year ended December 31, December 31, 2018 2017 Net changes in non-cash working capital: Accounts receivable $ 7,303 $ (8,520 ) Inventories (3,304 ) 884 Prepaid expenses (793 ) 126 Accounts payable and accrued liabilities 421 963 Income taxes payable 865 (1,446 ) $ 4,492 $ (7,993 ) Non-cash financing and investing activities: Reclamation included in mineral property, plant and equipment 63 50 Fair value of exercised options allocated to share capital 131 65 Fair value of performance share units allocated to share capital - 439 Fair value of shares issued on property acquisition - 500 Other cash disbursements: Income taxes paid 3,449 8,015 Special mining duty paid 1,012 2,020 |
SEGMENT DISCLOSURES (Tables)
SEGMENT DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of detailed information about entity reportable segments, assets and liabilities [Table Text Block] | December 31, 2018 Corporate Exploration Guanaceví Bolanitos El Cubo El Compas Total Cash and cash equivalents $ 14,477 $ 765 $ 3,947 $ 4,776 $ 8,863 $ 548 $ 33,376 Other Investments 88 - - - - - 88 Accounts receivables 176 1,924 9,386 2,760 8,996 3,705 26,947 Inventories - - 6,310 3,736 2,939 1,909 14,894 Prepaid expenses 1,666 75 706 26 129 102 2,704 Non-current deposits 76 - 308 151 74 505 1,114 Deferred income tax asset - - 6,782 1,549 816 - 9,147 Mineral property, plant and equipment 573 11,791 34,933 9,348 11,323 20,809 88,777 Total assets $ 17,056 $ 14,555 $ 62,372 $ 22,346 $ 33,140 $ 27,578 $ 177,047 Accounts payable and accrued liabilities $ 6,045 $ 287 $ 5,528 $ 1,872 $ 4,347 $ 1,391 $ 19,470 Income taxes payable 1,028 - 926 878 1,218 - 4,050 Deferred lease inducement 217 - - - - - 217 Provision for reclamation and rehabilitation - - 2,128 1,805 4,148 114 8,195 Deferred income tax liability - - - 36 - 299 335 Total liabilities $ 7,290 $ 287 $ 8,582 $ 4,591 $ 9,713 $ 1,804 $ 32,267 December 31, 2017 Corporate Exploration Guanaceví Bolanitos El Cubo El Compas Total Cash and cash equivalents $ 20,884 $ 1,034 $ 6,212 $ 2,360 $ 7,594 $ 193 $ 38,277 Restricted cash 1,000 - - - - - 1,000 Other Investments 168 - - - - - 168 Accounts receivables 341 893 12,115 4,100 15,602 961 34,012 Inventories - - 8,476 2,178 2,477 - 13,131 Prepaid expenses 1,090 128 125 77 176 315 1,911 Non-current deposits 76 - 316 144 74 - 610 Deferred income tax asset - - - 655 - - 655 Mineral property, plant and equipment 691 11,285 42,264 6,766 15,929 11,881 88,816 Total assets $ 24,250 $ 13,340 $ 69,508 $ 16,280 $ 41,852 $ 13,350 $ 178,580 Accounts payable and accrued liabilities $ 5,965 $ 225 $ 4,484 $ 1,774 $ 5,721 $ 899 $ 19,068 Income taxes payable 727 - 1,499 940 19 - 3,185 Deferred lease inducement 236 - - - - - 236 Provision for reclamation and rehabilitation - - 2,086 1,772 4,074 50 7,982 Deferred income tax liability - 200 528 637 227 - 1,592 Total liabilities $ 6,928 $ 425 $ 8,597 $ 5,123 $ 10,041 $ 949 $ 32,063 |
Disclosure of detailed information about entity reportable segments, income and expenditures [Table Text Block] | Corporate Exploration Guanaceví Bolanitos El Cubo El Compas Total Year ended December 31, 2018 Silver revenue $ - $ - $ 32,267 $ 14,310 $ 38,903 $ - $ 85,480 Gold revenue - - 6,962 25,495 32,572 - 65,029 Total revenue $ - $ - $ 39,229 $ 39,805 $ 71,475 $ - $ 150,509 Salaries, wages and benefits: mining $ - $ - $ 5,382 $ 5,102 $ 9,309 $ - $ 19,793 processing - - 1,644 1,065 2,201 - 4,910 administrative - - 2,580 2,360 3,116 - 8,056 stock based compensation - - (31 ) (31 ) (31 ) - (93 ) change in inventory - - 662 (383 ) (42 ) - 237 Total salaries, wages and benefits - - 10,237 8,113 14,553 - 32,903 Direct costs: mining - - 20,332 10,716 13,197 - 44,245 processing - - 6,783 6,590 8,211 - 21,584 administrative - - 1,886 1,670 2,336 - 5,892 change in inventory - - 1,021 (815 ) 80 - 286 Total direct production costs - - 30,022 18,161 23,824 - 72,007 Depreciation and depletion: depreciation and depletion - - 22,352 931 14,609 - 37,892 change in inventory - - 765 (70 ) (175 ) - 520 Total depreciation and depletion - - 23,117 861 14,434 - 38,412 Royalties - - 1,123 190 340 - 1,653 Write down of inventory to NRV - - 2,026 - - - 2,026 Total cost of sales $ - $ - $ 66,525 $ 27,325 $ 53,151 $ - $ 147,001 Earnings (loss) before taxes $ (8,079 ) $ (12,258 ) $ (27,296 ) $ 12,480 $ 18,324 $ (882 ) $ (17,711 ) Current income tax expense (recovery) - - 642 2,507 1,328 - 4,477 Deferred income tax expense (recovery) - - (7,475 ) (1,530 ) (1,043 ) 299 (9,749 ) Total income tax expense (recovery) - - (6,833 ) 977 285 299 (5,272 ) Net earnings (loss) $ (8,079 ) $ (12,258 ) $ (20,463 ) $ 11,503 $ 18,039 $ (1,181 ) $ (12,439 ) Corporate Exploration Guanaceví Bolanitos El Cubo El Compas Total Year ended December 31, 2017 Silver revenue $ - $ - $ 37,161 $ 15,265 $ 31,934 $ - $ 84,360 Gold revenue - - 6,210 33,154 26,775 - 66,139 Total revenue $ - $ - $ 43,371 $ 48,419 $ 58,709 $ - $ 150,499 Salaries, wages and benefits: mining $ - $ - $ 6,027 $ 5,023 $ 8,798 $ - $ 19,848 processing - - 1,951 978 1,765 - 4,694 administrative - - 2,948 2,419 3,023 - 8,390 stock based compensation - - 68 67 67 - 202 change in inventory - - 209 (91 ) 36 - 154 Total salaries, wages and benefits - - 11,203 8,396 13,689 - 33,288 Direct costs: mining - - 12,567 11,777 15,900 - 40,244 processing - - 6,709 6,921 8,742 - 22,372 administrative - - 2,164 1,893 2,906 - 6,963 change in inventory - - 833 (227 ) 59 - 665 Total direct production costs - - 22,273 20,364 27,607 - 70,244 Depreciation and depletion: depreciation and depletion - - 13,934 1,900 1,332 - 17,166 change in inventory - - (569 ) (6 ) (9 ) - (584 ) Total depreciation and depletion - - 13,365 1,894 1,323 - 16,582 Royalties - - 1,239 228 273 - 1,740 Write down of inventory to NRV - - 166 - - - 166 Total cost of sales $ - $ - $ 48,246 $ 30,882 $ 42,892 $ - $ 122,020 Earnings (loss) before taxes $ (7,694 ) $ (10,564 ) $ (4,875 ) $ 17,537 $ 15,817 $ (2,334 ) $ 7,887 Current income tax expense (recovery) (10 ) - 676 3,981 3 - 4,650 Deferred income tax expense (recovery) - 200 (5,589 ) (1,473 ) 415 - (6,447 ) Total income tax expense (recovery) (10 ) 200 (4,913 ) 2,508 418 - (1,797 ) Net earnings (loss) $ (7,684 ) $ (10,764 ) $ 38 $ 15,029 $ 15,399 $ (2,334 ) $ 9,684 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of deferred taxes [Table Text Block] | December 31, December 31, Mexico operations 2018 2017 Deferred income tax assets: Tax loss carryforwards $ 13,709 $ 9,326 Provision for reclamation and rehabilitation 2,823 2,754 Other 3,774 1,959 Deferred income tax liabilities: Inventories (1,838 ) (1,816 ) Mineral properties, plant and equipment (9,621 ) (12,523 ) Other (35 ) (637 ) Deferred income tax assets (liabilities), net $ 8,812 $ (937 ) |
Disclosure of detailed information about effective income tax expense [Table Text Block] | December 31, December 31, 2018 2017 Current income tax expense (recovery): Current income tax expense in respect of current year $ 2,559 $ 3,779 Special mining duty 1,850 844 Adjustments recognized in the current year in relation to prior years 68 27 Deferred income tax expense (recovery): Deferred tax expense recognized in the current year (10,745 ) (4,375 ) Special mining duty 1,315 586 Adjustments recognized in the current year in relation to prior years (319 ) (2,658 ) Total income tax expense (recovery) $ (5,272 ) $ (1,797 ) |
Disclosure of detailed information about reconciliation of income tax computed at statutory tax rates [Table Text Block] | December 31, December 31, 2018 2017 Canadian statutory tax rates 27.00% 26.00% Income tax expense computed at Canadian statutory rates $ (4,782 ) $ 2,050 Foreign tax rates different from statutory rate (5,018 ) (3,412 ) Change in tax rates 291 - Withholding taxes, net of tax credits 665 678 Stock-based compensation 541 743 Foreign exchange 3,738 (2,381 ) Inflationary adjustment 3,710 2,539 Other items 1,259 956 Adjustments recognized in the current year in relation to prior years (319 ) (61 ) Current year losses not recognized 4,212 2,612 Special mining duty Mexican tax 535 1,430 Recognition of previously unrecognized losses (10,104 ) (6,951 ) Income tax expense $ (5,272 ) $ (1,797 ) |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statements Line Items | |
Disclosure of financial assets [Table Text Block] | Fair value through profit or Amortized Carrying loss cost value Fair value $ $ $ $ Financial assets: Cash and cash equivalents - 33,376 33,376 33,376 Investments 88 - 88 88 Trade and other receivables 6,007 - 6,007 6,007 Total financial assets 6,095 33,376 39,471 39,471 Financial liabilities: Accounts payable and accrued liabilites 1,479 17,991 19,470 19,470 Total financial liabilities 1,479 17,991 19,470 19,470 |
Disclosure of detailed information about financial assets, by fair value hierarchy [Table Text Block] | Total Level 1 Level 2 Level 3 $ $ $ $ Financial assets: Investments 88 88 - - Trade receivables 5,627 - 5,627 - Total financial assets 5,715 88 5,627 - Financial liabilities: Deferred share units 1,407 1,407 - - Share appreciation rights 72 - 72 - Total financial liabilities 1,479 1,407 72 - |
Disclosure of credit risk exposure [Table Text Block] | Carrying Gross Carrying Gross amount impairment amount impairment December 31, 2018 December 31, 2017 Less than 1 month $ 9,211 $ - $ 13,799 $ - 1 to 3 months 4,284 - 3,943 - 4 to 6 months 1,039 - 3,282 - Over 6 months 12,413 194 12,988 2,212 Total accounts receivable $ 26,947 194 $ 34,012 $ 2,212 |
Disclosure of liquidity risk [Table Text Block] | Less than 1 to 3 4 to 5 Over 5 1 year years years years Total $ $ $ $ $ Accounts payable and accrued liabilities 19,470 - - - 19,470 Income taxes payable 4,050 - - - 4,050 Provision for reclamation and rehabilitation - 6,066 2,129 - 8,195 Capital expenditure commitments 140 - - - 140 Operating leases 394 720 542 1,184 2,840 Total contractual obligations 24,054 6,786 2,671 1,184 34,695 |
Disclosure of market risk [Table Text Block] | December 31, 2018 December 31, 2017 Canadian Dollar Mexican Peso Canadian Dollar Mexican Peso Financial assets $ 721 $ 26,969 $ 1,484 $ 29,502 Financial liabilities (2,767 ) (15,438 ) (2,984 ) (17,586 ) Net financial assets (liabilities) $ (2,046 ) $ 11,531 $ (1,500 ) $ 11,916 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Statements Line Items | |
Useful lives or depreciation rates, property, plant and equipment | Plant and equipment is recorded at cost and amortized using the straight-line method at rates varying from 5% to 30% annually. |
Performance Share Units (PSU) liability reallocated to Contributed Surplus | $ 38 |
Fair value of marketable securities | 168 |
Unrealized gain in fair value | 127 |
Bottom of range [member] | |
Statements Line Items | |
Lease | 2,000 |
Top of range [member] | |
Statements Line Items | |
Lease | $ 3,000 |
CASH AND CASH EQUIVALENTS (Narr
CASH AND CASH EQUIVALENTS (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Restricted cash | $ 1,000 | |
Payment of letter of credit to owner of Las Torres Facility | $ 500 |
ACCOUNTS RECEIVABLE (Narrative)
ACCOUNTS RECEIVABLE (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements Line Items | ||
IVA receivables | $ 15,353 | $ 19,989 |
El Cubo [Member] | ||
Statements Line Items | ||
IVA receivables | 4,888 | 10,392 |
Guanacevi [Member] | ||
Statements Line Items | ||
IVA receivables | $ 6,957 | $ 8,812 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)oz | Dec. 31, 2017USD ($)oz | |
Statements Line Items | ||
Inventory, ounces of silver | oz | 199,897 | 241,321 |
Inventory, ounces of gold | oz | 1,956 | 1,226 |
Inventory, quoted market value of silver | $ 3,091 | $ 4,070 |
Inventory, quoted market value of gold | 2,507 | $ 1,590 |
Guanacevi, Mexico [Member] | ||
Statements Line Items | ||
Inventory write-down | 1,635 | |
Inventory cash costs | 1,106 | |
Inventory depreciation and depletion | 529 | |
Work in process inventory write-down | 390 | |
Work in process cash costs | 252 | |
Work in process depreciation and depletion | 139 | |
El Compas, Mexico [Member] | ||
Statements Line Items | ||
Inventory write-down | 189 | |
Inventory cash costs | 139 | |
Inventory depreciation and depletion | 50 | |
Stockpile inventory write-down | 461 | |
Stockpile inventory cash cost | 320 | |
Stockpile inventory depreciation and depletion | $ 141 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)Share | Dec. 31, 2017USD ($)Share | |
Statements Line Items | ||
Number of units granted in share-based payment arrangement | Share | 103,884 | 37,832 |
Value of units granted in share-based payment arrangement | $ 297 | $ 115 |
Number of units outstanding | Share | 652,276 | 548,392 |
Value of units outstanding | $ 1,407 | $ 1,320 |
Shared common administrative services and office space [Member] | ||
Statements Line Items | ||
Expenses from related party transactions | 16 | 24 |
Amounts receivable, related party transactions | 1 | 2 |
Legal services [Member] | ||
Statements Line Items | ||
Expenses from related party transactions | 189 | 60 |
Amounts payable, related party transactions | $ 5 | $ 0 |
MINERAL PROPERTIES, PLANT AND_3
MINERAL PROPERTIES, PLANT AND EQUIPMENT (Narrative) (Details) | Jun. 05, 2017USD ($)shares | Feb. 01, 2017USD ($) | Oct. 31, 2016USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016haozshares | Dec. 31, 2018MXN ($) | Apr. 24, 2017 | Sep. 13, 2016 | Jul. 21, 2016 | Dec. 31, 2014 | Feb. 28, 2013 |
Statements Line Items | ||||||||||||
Acquisition costs for exploration and evaluation properties | $ 11,246,000 | $ 11,334,000 | ||||||||||
Capital expenditure commitments | 140,000 | |||||||||||
Royalty expense | 1,653,000 | 1,740,000 | ||||||||||
Issued on acquistion of mineral properties, net | 500,000 | |||||||||||
Share issuance costs | $ 640,000 | |||||||||||
Parral Properties [Member] | ||||||||||||
Statements Line Items | ||||||||||||
Issued on acquistion of mineral properties, net | $ 5,300,000 | |||||||||||
Issued on acquistion of mineral properties, net (shares) | shares | 1,198,083 | |||||||||||
Share price | $ 4.39 | |||||||||||
Percentage of interests acquired | 100.00% | |||||||||||
Net smelter royalty | 1.00% | 1.00% | ||||||||||
Exploration commitments | $ 2,000,000 | |||||||||||
Commitment, value of shares to be issued per million ounces of silver delineated | $ 200,000 | |||||||||||
Guanacevi, Mexico [Member] | ||||||||||||
Statements Line Items | ||||||||||||
Net proceeds royalty | 3.00% | 3.00% | ||||||||||
Royalty expense | $ 926,000 | 1,022,000 | ||||||||||
El Cubo, Mexico [Member] | Oro Silver Resources Ltd [Member] | ||||||||||||
Statements Line Items | ||||||||||||
Issued on acquistion of mineral properties, net (shares) | shares | 2,147,239 | |||||||||||
Percentage of interests acquired | 100.00% | |||||||||||
El Compas, Mexico [Member] | ||||||||||||
Statements Line Items | ||||||||||||
Assumed obligation, troy ounces of gold | oz | 165 | |||||||||||
Lease liabilities | $ 90,000 | $ 1,632,000 | ||||||||||
El Compas, Mexico [Member] | Veta Grande Properties [Member] | ||||||||||||
Statements Line Items | ||||||||||||
Issued on acquistion of mineral properties, net | $ 500,000 | |||||||||||
Issued on acquistion of mineral properties, net (shares) | shares | 154,321 | |||||||||||
Share price | $ 3.24 | |||||||||||
Percentage of interests acquired | 100.00% | |||||||||||
El Compas, Mexico [Member] | Calicanto Properties [Member] | ||||||||||||
Statements Line Items | ||||||||||||
Percentage of interests acquired | 100.00% | |||||||||||
Net smelter royalty | 3.00% | 3.00% | 3.00% | |||||||||
Payments for exploration and evaluation | $ 400,000 | $ 45,000 | ||||||||||
El Compas, Mexico - 22 concessions [Member] | ||||||||||||
Statements Line Items | ||||||||||||
Net smelter royalty | 1.50% | 1.50% | ||||||||||
El Compas, Mexico - six concessions [Member] | ||||||||||||
Statements Line Items | ||||||||||||
Net smelter royalty | 3.00% | 3.00% | ||||||||||
Terronera (formerly San Sebastian), Mexico [Member] | ||||||||||||
Statements Line Items | ||||||||||||
Percentage of interests acquired | 100.00% | |||||||||||
Net smelter royalty | 2.00% | |||||||||||
Guadalupe Y Calvo, Mexico [Member] | ||||||||||||
Statements Line Items | ||||||||||||
Net smelter royalty | 2.00% | |||||||||||
El Compas - Zacatecas Mexico [Member] | ||||||||||||
Statements Line Items | ||||||||||||
Royalty expense | $ 29,000 | |||||||||||
Area of El compas project | ha | 3,990 |
CREDIT FACILITY (Narrative) (De
CREDIT FACILITY (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 19, 2016 | Dec. 31, 2017 | Apr. 01, 2016 | |
Statements Line Items | |||
Revolving credit facity, interest rate margin over LIBOR | 4.50% | ||
Payments for revolving credit facility | $ 300 | ||
Revolving credit facility, interest expense | $ 629 |
PROVISON FOR RECLAMATION AND _3
PROVISON FOR RECLAMATION AND REHABILITATION (Narrative) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Guanacevi, Mexico [Member] | |
Statements Line Items | |
Provision for reclamation and rehabilitation, undiscounted amount | $ 2,280 |
Present value of the probability weighted future cash flows, risk free rate | 2.60% |
Inflation rate | 2.00% |
Bolanitos, Mexico [Member] | |
Statements Line Items | |
Provision for reclamation and rehabilitation, undiscounted amount | $ 1,921 |
Present value of the probability weighted future cash flows, risk free rate | 2.50% |
Inflation rate | 2.00% |
El Cubo, Mexico [Member] | |
Statements Line Items | |
Provision for reclamation and rehabilitation, undiscounted amount | $ 4,326 |
Present value of the probability weighted future cash flows, risk free rate | 2.50% |
Inflation rate | 2.00% |
El Compas, Mexico [Member] | |
Statements Line Items | |
Provision for reclamation and rehabilitation, undiscounted amount | $ 162 |
Present value of the probability weighted future cash flows, risk free rate | 8.50% |
Inflation rate | 4.30% |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | Jun. 13, 2018USD ($)shares | Apr. 12, 2017USD ($)shares | Feb. 15, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Apr. 30, 2018CAD ($) | Dec. 31, 2016shares |
Statements Line Items | |||||||
Short form base shelf prospectus | $ 150,000,000 | ||||||
Public equity offerings, net of issuance costs | $ 35,700,000 | $ 7,982,000 | |||||
Increase (decrease) in number of shares outstanding | shares | 3,165,642 | ||||||
Equity issuance, price per share | $ 2.61 | ||||||
Proceeds from issuing shares | 8,273,000 | ||||||
Commission | $ 186,000 | ||||||
Additional transaction costs | $ 105,000 | ||||||
Maximum percentage of ownership of issued and outstanding shares | 7.00% | ||||||
Share-based compensation expense | $ 1,976,000 | $ 2,759,000 | |||||
Unvested share option expense not yet recognized | 643,000 | 841,000 | |||||
Expense (recovery) on directors compensation related to deferred share units | $ (88,000) | $ 484,000 | |||||
Deferred share units outstanding | shares | 652,276 | 548,392 | 510,560 | ||||
Deferred share units outstanding, fair market value | $ 1,407,000 | $ 1,319,000 | |||||
Expense (recovery) related to share appreciation rights | $ (245,000) | $ 139,000 | |||||
Share appreciation rights, outstanding | shares | 694,000 | 911,993 | 579,660 | ||||
Share appreciation rights outstanding, fair market value | $ 72,000 | $ 341,000 | |||||
Preferred share units, authorized | shares | 1,000,000 | ||||||
Preferred share units granted | shares | 446,000 | 200,000 | |||||
Preferred Share Units Vested | shares | 325,000 | ||||||
Performance share units, outstanding | shares | 616,000 | 200,000 | 325,000 | ||||
Share based compensation expense related to performance share units | $ 450,000 | $ 101,000 | |||||
Increase in number of shares outstanding, settlement of preferred share units | shares | 193,825 | ||||||
Payments for settlement of performance share units | $ 449,000 | ||||||
Description of instruments with potential future dilutive effect not included in calculation of diluted earnings per share | As of December 31, 2018, there are 4,978,300 anti-dilutive stock options (December 31, 2017 3,905,800 stock options). | ||||||
May 3, 2020 [Member] | |||||||
Statements Line Items | |||||||
Preferred Share Units Vested | shares | 170,000 | ||||||
May 3, 2021 [Member] | |||||||
Statements Line Items | |||||||
Preferred Share Units Vested | shares | 446,000 | ||||||
Events After Reporting Period [Member] | |||||||
Statements Line Items | |||||||
Increase (decrease) in number of shares outstanding | shares | 635,171 | ||||||
Equity issuance, price per share | $ 2.23 | ||||||
Proceeds from issuing shares | 1,419,000 | ||||||
Commission | $ 32,000 |
REVENUE (Narrative) (Details)
REVENUE (Narrative) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Revenue [abstract] | |
Confidence level used to determine risk adjustment | 10.00% |
Value at risk | $ 904 |
GENERAL AND ADMINISTRATIVE (Nar
GENERAL AND ADMINISTRATIVE (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Expense (recovery) on directors compensation related to deferred share units | $ 88 | $ (484) |
SEGMENT DISCLOSURES (Narrative)
SEGMENT DISCLOSURES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Exploration [Member] | ||
Statements Line Items | ||
Costs incurred in Chile | $ 777 | $ 448 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018USD ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016MXN ($) | Oct. 12, 2010MXN ($) | |
Minera Santa Cruz y Garibaldi SA de CV [Member] | ||||||
Statements Line Items | ||||||
Tax Assessments | $ 6,200 | $ 122.9 | $ 238 | |||
Tax Assessments, taxes owed | 2,100 | 41.8 | ||||
Tax Assessments , inflationary charges | 900 | 17.7 | ||||
Tax Assessments , interest | 2,000 | 40.4 | ||||
Tax Assessments , penalties | $ 1,200 | 23 | ||||
Tax Assessments interest and penalties | $ 123 | |||||
Tax Assessment forgiveness percentage of penalties | 100.00% | 100.00% | ||||
Tax Assessment forgiveness percentage of interest | 50.00% | 50.00% | ||||
Tax Assessments , increase in interest charges | $ 500 | $ 6.3 | ||||
Tax Assessments , increase in inflationary charges | 500 | $ 9.5 | ||||
Net assets | 595 | |||||
Cash | 42 | |||||
Allowance for transferring the shares and assets | 595 | |||||
Mexico operations [Member] | Non-capital losses [Member] | ||||||
Statements Line Items | ||||||
Unused tax losses for which no deferred tax asset recognised | 149,924 | $ 142,494 | ||||
Canada operations [Member] | Non-capital losses [Member] | ||||||
Statements Line Items | ||||||
Unused tax losses for which no deferred tax asset recognised | 1,962 | 6,175 | ||||
Canada operations [Member] | Capital losses [Member] | ||||||
Statements Line Items | ||||||
Unused tax losses for which no deferred tax asset recognised | $ 12,002 | $ 15,570 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)oz | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Statements Line Items | |||
Percentage of receivables comprised of IVA and tax receivables in Mexico | 99.00% | 98.00% | |
Percentage of receivables pending finalizations of concentrate sales | 1.00% | ||
Impairment loss recognised in profit or loss, trade receivables | $ 194 | $ 2,212 | |
Cash and cash equivalents | $ 33,376 | 38,277 | $ 72,317 |
Confidence level used to determine risk adjustment | 10.00% | ||
Value at risk | $ 904 | ||
Foreign Currency Risk [Member] | Canadian Dollar [Member] | |||
Statements Line Items | |||
Cash and cash equivalents | $ 26 | 441 | |
Confidence level used to determine risk adjustment | 5.00% | ||
Value at risk | $ 97 | ||
Foreign Currency Risk [Member] | Mexican Peso [Member] | |||
Statements Line Items | |||
Cash and cash equivalents | $ 4,522 | $ 3,192 | |
Confidence level used to determine risk adjustment | 5.00% | ||
Value at risk | $ 547 | ||
Commodity Price Risk [Member] | |||
Statements Line Items | |||
Confidence level used to determine risk adjustment | 10.00% | ||
Value at risk | $ 900 | ||
Ounces of silver without a final settlement price | oz | 274,033 | ||
Ounces of gold without a final settlement price | oz | 3,770 |
Disclosure of detailed informat
Disclosure of detailed information about cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements Line Items | ||
Bank balances | $ 33,376 | $ 38,782 |
Short-term deposits | 0 | 495 |
Cash, cash equivalents and restricted cash | $ 33,376 | $ 39,277 |
Disclosure of detailed inform_2
Disclosure of detailed information about other investments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements Line Items | ||
Other Investments | $ 88 | $ 168 |
At Cost [Member] | ||
Statements Line Items | ||
Other Investments | 41 | 41 |
Unrealized gain (loss) [Member] | ||
Statements Line Items | ||
Other Investments | $ 47 | $ 127 |
Disclosure of detailed inform_3
Disclosure of detailed information about trade and other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements Line Items | ||
Trade receivables | $ 5,627 | $ 8,114 |
IVA receivables | 15,353 | 19,989 |
Income taxes recoverable | 5,587 | 5,549 |
Due from related parties | 1 | 2 |
Other receivables | 379 | 358 |
Accounts receivable | $ 26,947 | $ 34,012 |
Disclosure of detailed inform_4
Disclosure of detailed information about inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements Line Items | ||
Warehouse inventory | $ 8,638 | $ 7,809 |
Stockpile inventory | 1,564 | 0 |
Work in process inventory | 322 | 496 |
Finished goods inventory | 4,370 | 4,826 |
Inventories | $ 14,894 | $ 13,131 |
Disclosure of information about
Disclosure of information about key management personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Salaries and short-term employee benefits | $ 2,754 | $ 2,793 |
Non-executive directors' fees | 194 | 204 |
Non-executive directors' deferred share units | 87 | (484) |
Share-based payments | 2,108 | 2,588 |
Key management personnel compensation | $ 5,143 | $ 5,101 |
Disclosure of detailed inform_5
Disclosure of detailed information about property, plant and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | $ 88,816 | |
Mineral properties, plant and equipment at end of period | 88,777 | $ 88,816 |
Gross carrying amount [member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 669,110 | 634,350 |
Additions | 40,451 | 40,474 |
Disposals | 0 | (5,714) |
Mineral properties, plant and equipment at end of period | 709,561 | 669,110 |
Accumulated amortization and impairment [Member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 580,294 | 568,112 |
Amortization | 40,490 | 17,650 |
Disposals | 0 | (5,468) |
Mineral properties, plant and equipment at end of period | 620,784 | 580,294 |
Mineral properties [Member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 54,369 | |
Mineral properties, plant and equipment at end of period | 50,326 | 54,369 |
Mineral properties [Member] | Gross carrying amount [member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 485,850 | 457,401 |
Additions | 30,377 | 28,682 |
Disposals | 0 | (233) |
Mineral properties, plant and equipment at end of period | 516,227 | 485,850 |
Mineral properties [Member] | Accumulated amortization and impairment [Member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 431,481 | 419,320 |
Amortization | 34,420 | 12,161 |
Disposals | 0 | 0 |
Mineral properties, plant and equipment at end of period | 465,901 | 431,481 |
Plant [Member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 10,812 | |
Mineral properties, plant and equipment at end of period | 14,003 | 10,812 |
Plant [Member] | Gross carrying amount [member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 98,021 | 94,871 |
Additions | 4,480 | 3,177 |
Disposals | 0 | (27) |
Mineral properties, plant and equipment at end of period | 102,501 | 98,021 |
Plant [Member] | Accumulated amortization and impairment [Member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 87,209 | 85,563 |
Amortization | 1,289 | 1,672 |
Disposals | 0 | (26) |
Mineral properties, plant and equipment at end of period | 88,498 | 87,209 |
Machinery & equipment and assets under finance lease [Member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 18,319 | |
Mineral properties, plant and equipment at end of period | 18,442 | 18,319 |
Machinery & equipment and assets under finance lease [Member] | Gross carrying amount [member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 62,844 | 61,812 |
Additions | 3,411 | 5,386 |
Disposals | 0 | (4,354) |
Mineral properties, plant and equipment at end of period | 66,255 | 62,844 |
Machinery & equipment and assets under finance lease [Member] | Accumulated amortization and impairment [Member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 44,525 | 46,196 |
Amortization | 3,288 | 2,682 |
Disposals | 0 | (4,353) |
Mineral properties, plant and equipment at end of period | 47,813 | 44,525 |
Building [Member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 2,460 | |
Mineral properties, plant and equipment at end of period | 2,670 | 2,460 |
Building [Member] | Gross carrying amount [member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 11,862 | 10,671 |
Additions | 482 | 1,191 |
Disposals | 0 | 0 |
Mineral properties, plant and equipment at end of period | 12,344 | 11,862 |
Building [Member] | Accumulated amortization and impairment [Member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 9,402 | 9,214 |
Amortization | 272 | 188 |
Disposals | 0 | 0 |
Mineral properties, plant and equipment at end of period | 9,674 | 9,402 |
Transport & office equipment [Member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 2,856 | |
Mineral properties, plant and equipment at end of period | 3,336 | 2,856 |
Transport & office equipment [Member] | Gross carrying amount [member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 10,533 | 9,595 |
Additions | 1,701 | 2,038 |
Disposals | 0 | (1,100) |
Mineral properties, plant and equipment at end of period | 12,234 | 10,533 |
Transport & office equipment [Member] | Accumulated amortization and impairment [Member] | ||
Statements Line Items | ||
Mineral properties, plant and equipment at beginning of period | 7,677 | 7,819 |
Amortization | 1,221 | 947 |
Disposals | 0 | (1,089) |
Mineral properties, plant and equipment at end of period | $ 8,898 | $ 7,677 |
Disclosure of detailed inform_6
Disclosure of detailed information about provision for reclamation and rehabilitation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Provision for reclamation and rehabilitation, beginning balance | $ 7,982 | $ 7,846 |
Accretion | 150 | 86 |
Disturbance incurred during the year | 63 | 50 |
Provision for reclamation and rehabilitation, ending balance | 8,195 | 7,982 |
Guanacevi, Mexico [Member] | ||
Statements Line Items | ||
Provision for reclamation and rehabilitation, beginning balance | 2,086 | 2,058 |
Accretion | 43 | 28 |
Disturbance incurred during the year | 0 | 0 |
Provision for reclamation and rehabilitation, ending balance | 2,129 | 2,086 |
Bolanitos, Mexico [Member] | ||
Statements Line Items | ||
Provision for reclamation and rehabilitation, beginning balance | 1,772 | 1,755 |
Accretion | 32 | 17 |
Disturbance incurred during the year | 0 | 0 |
Provision for reclamation and rehabilitation, ending balance | 1,804 | 1,772 |
El Cubo, Mexico [Member] | ||
Statements Line Items | ||
Provision for reclamation and rehabilitation, beginning balance | 4,074 | 4,033 |
Accretion | 74 | 41 |
Disturbance incurred during the year | 0 | 0 |
Provision for reclamation and rehabilitation, ending balance | 4,148 | 4,074 |
El Compas, Mexico [Member] | ||
Statements Line Items | ||
Provision for reclamation and rehabilitation, beginning balance | 50 | 0 |
Accretion | 1 | 0 |
Disturbance incurred during the year | 63 | 50 |
Provision for reclamation and rehabilitation, ending balance | $ 114 | $ 50 |
Disclosure of number and weight
Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2018CAD ($)Share | Dec. 31, 2017CAD ($)Share | |
Statements Line Items | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | Share | 5,792,800 | 4,458,050 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ | $ 4 | $ 3.93 |
Number of share options granted in share-based payment arrangement | Share | 1,262,500 | 1,572,000 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ | $ 3.80 | $ 4.32 |
Number of share options exercised in share-based payment arrangement | Share | (127,000) | (60,000) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ | $ 2.65 | $ 3.03 |
Number of share options forfeited in share-based payment arrangement | Share | (940,500) | (177,250) |
Weighted average exercise price of share options forfeited in share-based payment arrangement | $ | $ 4.15 | $ 5.49 |
Number of share options outstanding in share-based payment arrangement at end of period | Share | 5,987,800 | 5,792,800 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ | $ 3.96 | $ 4 |
Number of share options exercisable in share-based payment arrangement | Share | 4,946,300 | 4,509,600 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ | $ 3.96 | $ 3.91 |
Disclosure of range of exercise
Disclosure of range of exercise prices of outstanding share options (Details) | Dec. 31, 2018CAD ($)ShareYear | Dec. 31, 2017CAD ($)Share | Dec. 31, 2016CAD ($)Share |
Statements Line Items | |||
Number of share options outstanding in share-based payment arrangement | Share | 5,987,800 | 5,792,800 | 4,458,050 |
Weighted average remaining contractual life of outstanding share options | Year | 2.6 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 3.96 | $ 4 | $ 3.93 |
Number of share options exercisable in share-based payment arrangement | Share | 4,946,300 | 4,509,600 | |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 3.96 | $ 3.91 | |
Options exercise price range 1 [Member] | |||
Statements Line Items | |||
Number of share options outstanding in share-based payment arrangement | Share | 1,009,500 | ||
Weighted average remaining contractual life of outstanding share options | Year | 1.4 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 2.65 | ||
Number of share options exercisable in share-based payment arrangement | Share | 1,009,500 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 2.65 | ||
Options exercise price range 1 [Member] | Minimum [Member] | |||
Statements Line Items | |||
Exercise price of outstanding share options | 2 | ||
Options exercise price range 1 [Member] | Maximum [Member] | |||
Statements Line Items | |||
Exercise price of outstanding share options | $ 2.99 | ||
Options exercise price range 2 [Member] | |||
Statements Line Items | |||
Number of share options outstanding in share-based payment arrangement | Share | 1,250,500 | ||
Weighted average remaining contractual life of outstanding share options | Year | 4.4 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 3.80 | ||
Number of share options exercisable in share-based payment arrangement | Share | 478,400 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 3.80 | ||
Options exercise price range 2 [Member] | Minimum [Member] | |||
Statements Line Items | |||
Exercise price of outstanding share options | 3 | ||
Options exercise price range 2 [Member] | Maximum [Member] | |||
Statements Line Items | |||
Exercise price of outstanding share options | $ 3.99 | ||
Options Exercise Price Range 3 [Member] | |||
Statements Line Items | |||
Number of share options outstanding in share-based payment arrangement | Share | 3,727,800 | ||
Weighted average remaining contractual life of outstanding share options | Year | 2.4 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement | $ 4.37 | ||
Number of share options exercisable in share-based payment arrangement | Share | 3,458,400 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 4.37 | ||
Options Exercise Price Range 3 [Member] | Minimum [Member] | |||
Statements Line Items | |||
Exercise price of outstanding share options | 4 | ||
Options Exercise Price Range 3 [Member] | Maximum [Member] | |||
Statements Line Items | |||
Exercise price of outstanding share options | $ 4.99 |
Disclosure of detailed inform_7
Disclosure of detailed information about options, valuation assumptions (Details) | 12 Months Ended | |
Dec. 31, 2018CAD ($)Year | Dec. 31, 2017CAD ($)Year | |
Statements Line Items | ||
Weighted average fair value of options granted during the year | $ | $ 1.96 | $ 2.30 |
Risk-free interest rate | 2.05% | 0.85% |
Expected dividend yield | 0.00% | 0.00% |
Expected stock price volatility | 69.00% | 73.00% |
Expected option life in years | Year | 3.79 | 3.86 |
Disclosure of deferred share un
Disclosure of deferred share units (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Deferred share units outstanding, beginning of period | 548,392 | 510,560 |
Deferred share units outstanding, weighted average grant price, beginning of period | $ 3.44 | $ 3.39 |
Deferred share units, granted | 103,884 | 37,832 |
Deferred share units, granted, weighted average grant price | $ 3.68 | $ 4.11 |
Deferred share units, redeemed | 0 | 0 |
Deferred share units, redeemed, weighted average grant price | $ 0 | $ 0 |
Deferred share units outstanding, end of period | 652,276 | 548,392 |
Deferred share units outstanding, weighted average grant price, end of period | $ 3.48 | $ 3.44 |
Deferred share units, fair value | 652,276 | 548,392 |
Deferred share units, fair value, weighted average grant price | $ 2.94 | $ 3.02 |
Disclosure of share appreciatio
Disclosure of share appreciation rights (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Share appreciation rights, outstanding, beginning of period | 911,993 | 579,660 |
Share appreciation rights, weighted average grant price, beginning of period | $ 3.80 | $ 4.20 |
Share appreciation rights, granted | 0 | 489,000 |
Share appreciation rights, granted, weighted average grant price | $ 0 | $ 3.30 |
Share appreciation rights, exercised | (96,661) | (46,668) |
Share appreciation rights, exercised, weighted average grant price | $ 2.21 | $ 2.21 |
Share appreciation rights, cancelled | (121,332) | (109,999) |
Share appreciation rights, cancelled, weighted average grant price | $ 3.96 | $ 4.38 |
Share appreciation rights, outstanding, end of period | 694,000 | 911,993 |
Share appreciation rights, weighted average grant price, end of period | $ 3.99 | $ 3.80 |
Share appreciation rights, exercisable | 553,679 | 212,672 |
Share appreciation rights, exercisable, weighted average grant price | $ 4.16 | $ 3.69 |
Disclosure of performance share
Disclosure of performance share units plan (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Performance share units, outstanding, beginning of period | 200,000 | 325,000 |
Granted | 446,000 | 200,000 |
Cancelled | (30,000) | 0 |
Settled for shares | 0 | (193,825) |
Settled for cash | 0 | (131,175) |
Performance share units, outstanding, end of period | 616,000 | 200,000 |
Disclosure of detailed inform_8
Disclosure of detailed information about diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Net earnings | $ (12,439) | $ 9,684 |
Basic weighted average number of shares outstanding | 128,600,421 | 127,340,834 |
Effect of dilutive securities - Stock options | 0 | 416,739 |
Effect of dilutive securities - Performance share units | 0 | 200,000 |
Diluted weighted average number of shares outstanding | 128,600,421 | 127,957,573 |
Diluted earnings (loss) per share | $ (0.10) | $ 0.08 |
Disclosure of disaggregation of
Disclosure of disaggregation of revenue from contracts with customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of products and services [line items] | ||
Total revenue from concentrate sales | $ 111,280 | $ 107,128 |
Total revenue | 150,509 | 150,499 |
Concentrate Sales [Member] | ||
Disclosure of products and services [line items] | ||
Total revenue from concentrate sales | 111,052 | 105,203 |
Provisional Pricing Adjustments [Member] | ||
Disclosure of products and services [line items] | ||
Total revenue from concentrate sales | 228 | 1,925 |
Dore Sales [Member] | ||
Disclosure of products and services [line items] | ||
Total revenue | $ 39,229 | $ 43,371 |
Disclosure of detailed inform_9
Disclosure of detailed information about exploration expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Exploration | $ 12,383 | $ 12,898 |
Depreciation and depletion [Member] | ||
Statements Line Items | ||
Exploration | 111 | 126 |
Share-based compensation [Member] | ||
Statements Line Items | ||
Exploration | 340 | 252 |
Salaries, wages and benefits [Member] | ||
Statements Line Items | ||
Exploration | 2,690 | 2,568 |
Direct exploration expenditures [Member] | ||
Statements Line Items | ||
Exploration | $ 9,242 | $ 9,952 |
Disclosure of detailed infor_10
Disclosure of detailed information about general and administrative expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
General and administrative | $ 8,626 | $ 7,914 |
Depreciation and depletion [Member] | ||
Statements Line Items | ||
General and administrative | 254 | 282 |
Share-based compensation [Member] | ||
Statements Line Items | ||
General and administrative | 2,179 | 2,407 |
Salaries, wages and benefits [Member] | ||
Statements Line Items | ||
General and administrative | 3,038 | 2,240 |
Direct general and administrative [Member] | ||
Statements Line Items | ||
General and administrative | $ 3,155 | $ 2,985 |
Disclosure of finance income (c
Disclosure of finance income (cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Finance costs | $ 211 | $ 715 |
Accretion on provision for reclamation and rehabilitation [Member] | ||
Statements Line Items | ||
Finance costs | 150 | 86 |
Credit facility finance costs [Member] | ||
Statements Line Items | ||
Finance costs | 0 | 629 |
Other Financing Costs [Member] | ||
Statements Line Items | ||
Finance costs | $ 61 | $ 0 |
Disclosure of detailed infor_11
Disclosure of detailed information about cash flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Accounts receivable | $ 7,303 | $ (8,520) |
Inventories | (3,304) | 884 |
Prepaid expenses | (793) | 126 |
Accounts payable and accrued liabilities | 421 | 963 |
Income taxes payable | 865 | (1,446) |
Net changes in non-cash working capital | 4,492 | (7,993) |
Reclamation included in mineral property, plant and equipment | 63 | 50 |
Fair value of exercised options allocated to share capital | 131 | 65 |
Fair value of performance share units allocated to share capital | 0 | 439 |
Fair value of shares issued on property acquisition | 0 | 500 |
Income taxes paid | 3,449 | 8,015 |
Special mining duty paid | $ 1,012 | $ 2,020 |
Disclosure of detailed infor_12
Disclosure of detailed information about entity reportable segments, assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statements Line Items | |||
Cash and cash equivalents | $ 33,376 | $ 38,277 | $ 72,317 |
Restricted cash | 1,000 | ||
Other Investments | 88 | 168 | |
Accounts receivable | 26,947 | 34,012 | |
Inventories | 14,894 | 13,131 | |
Prepaid expenses | 2,704 | 1,911 | |
Non-current deposits | 1,114 | 610 | |
Deferred income tax asset | 9,147 | 655 | |
Mineral property, plant and equipment | 88,777 | 88,816 | |
Total assets | 177,047 | 178,580 | |
Accounts payable and accrued liabilities | 19,470 | 19,068 | |
Income taxes payable | 4,050 | 3,185 | |
Deferred lease inducement | 217 | 236 | |
Provision for reclamation and rehabilitation | 8,195 | 7,982 | |
Deferred income tax liability | 335 | 1,592 | |
Total liabilities | 32,267 | 32,063 | |
Corporate [Member] | |||
Statements Line Items | |||
Cash and cash equivalents | 14,477 | 20,884 | |
Restricted cash | 1,000 | ||
Other Investments | 88 | 168 | |
Accounts receivable | 176 | 341 | |
Inventories | 0 | 0 | |
Prepaid expenses | 1,666 | 1,090 | |
Non-current deposits | 76 | 76 | |
Deferred income tax asset | 0 | 0 | |
Mineral property, plant and equipment | 573 | 691 | |
Total assets | 17,056 | 24,250 | |
Accounts payable and accrued liabilities | 6,045 | 5,965 | |
Income taxes payable | 1,028 | 727 | |
Deferred lease inducement | 217 | 236 | |
Provision for reclamation and rehabilitation | 0 | 0 | |
Deferred income tax liability | 0 | 0 | |
Total liabilities | 7,290 | 6,928 | |
Exploration [Member] | |||
Statements Line Items | |||
Cash and cash equivalents | 765 | 1,034 | |
Restricted cash | 0 | ||
Other Investments | 0 | 0 | |
Accounts receivable | 1,924 | 893 | |
Inventories | 0 | 0 | |
Prepaid expenses | 75 | 128 | |
Non-current deposits | 0 | 0 | |
Deferred income tax asset | 0 | 0 | |
Mineral property, plant and equipment | 11,791 | 11,285 | |
Total assets | 14,555 | 13,340 | |
Accounts payable and accrued liabilities | 287 | 225 | |
Income taxes payable | 0 | 0 | |
Deferred lease inducement | 0 | 0 | |
Provision for reclamation and rehabilitation | 0 | 0 | |
Deferred income tax liability | 0 | 200 | |
Total liabilities | 287 | 425 | |
Guanacevi [Member] | |||
Statements Line Items | |||
Cash and cash equivalents | 3,947 | 6,212 | |
Restricted cash | 0 | ||
Other Investments | 0 | 0 | |
Accounts receivable | 9,386 | 12,115 | |
Inventories | 6,310 | 8,476 | |
Prepaid expenses | 706 | 125 | |
Non-current deposits | 308 | 316 | |
Deferred income tax asset | 6,782 | 0 | |
Mineral property, plant and equipment | 34,933 | 42,264 | |
Total assets | 62,372 | 69,508 | |
Accounts payable and accrued liabilities | 5,528 | 4,484 | |
Income taxes payable | 926 | 1,499 | |
Deferred lease inducement | 0 | 0 | |
Provision for reclamation and rehabilitation | 2,128 | 2,086 | |
Deferred income tax liability | 0 | 528 | |
Total liabilities | 8,582 | 8,597 | |
Bolanitos [Member] | |||
Statements Line Items | |||
Cash and cash equivalents | 4,776 | 2,360 | |
Restricted cash | 0 | ||
Other Investments | 0 | 0 | |
Accounts receivable | 2,760 | 4,100 | |
Inventories | 3,736 | 2,178 | |
Prepaid expenses | 26 | 77 | |
Non-current deposits | 151 | 144 | |
Deferred income tax asset | 1,549 | 655 | |
Mineral property, plant and equipment | 9,348 | 6,766 | |
Total assets | 22,346 | 16,280 | |
Accounts payable and accrued liabilities | 1,872 | 1,774 | |
Income taxes payable | 878 | 940 | |
Deferred lease inducement | 0 | 0 | |
Provision for reclamation and rehabilitation | 1,805 | 1,772 | |
Deferred income tax liability | 36 | 637 | |
Total liabilities | 4,591 | 5,123 | |
El Cubo [Member] | |||
Statements Line Items | |||
Cash and cash equivalents | 8,863 | 7,594 | |
Restricted cash | 0 | ||
Other Investments | 0 | 0 | |
Accounts receivable | 8,996 | 15,602 | |
Inventories | 2,939 | 2,477 | |
Prepaid expenses | 129 | 176 | |
Non-current deposits | 74 | 74 | |
Deferred income tax asset | 816 | 0 | |
Mineral property, plant and equipment | 11,323 | 15,929 | |
Total assets | 33,140 | 41,852 | |
Accounts payable and accrued liabilities | 4,347 | 5,721 | |
Income taxes payable | 1,218 | 19 | |
Deferred lease inducement | 0 | 0 | |
Provision for reclamation and rehabilitation | 4,148 | 4,074 | |
Deferred income tax liability | 0 | 227 | |
Total liabilities | 9,713 | 10,041 | |
El Compas [Member] | |||
Statements Line Items | |||
Cash and cash equivalents | 548 | 193 | |
Restricted cash | 0 | ||
Other Investments | 0 | 0 | |
Accounts receivable | 3,705 | 961 | |
Inventories | 1,909 | 0 | |
Prepaid expenses | 102 | 315 | |
Non-current deposits | 505 | 0 | |
Deferred income tax asset | 0 | 0 | |
Mineral property, plant and equipment | 20,809 | 11,881 | |
Total assets | 27,578 | 13,350 | |
Accounts payable and accrued liabilities | 1,391 | 899 | |
Income taxes payable | 0 | 0 | |
Deferred lease inducement | 0 | 0 | |
Provision for reclamation and rehabilitation | 114 | 50 | |
Deferred income tax liability | 299 | 0 | |
Total liabilities | $ 1,804 | $ 949 |
Disclosure of detailed infor_13
Disclosure of detailed information about entity reportable segments, income and expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Revenue | $ 150,509 | $ 150,499 |
Salaries, wages and benefits | 32,903 | 33,288 |
Direct costs | 72,007 | 70,244 |
Depreciation and depletion | 38,412 | 16,582 |
Royalties | 1,653 | 1,740 |
Write down of inventory to NRV | 2,026 | 166 |
Total cost of sales | 147,001 | 122,020 |
Earnings (loss) before taxes | (17,711) | 7,887 |
Current income tax expense (recovery) | 4,477 | 4,650 |
Deferred income tax expense (recovery) | (9,749) | (6,447) |
Total income tax expense (recovery) | (5,272) | (1,797) |
Net earnings (loss) | (12,439) | 9,684 |
Silver revenue [Member] | ||
Statements Line Items | ||
Revenue | 85,480 | 84,360 |
Gold revenue [Member] | ||
Statements Line Items | ||
Revenue | 65,029 | 66,139 |
mining [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 19,793 | 19,848 |
Direct costs | 44,245 | 40,244 |
processing [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 4,910 | 4,694 |
Direct costs | 21,584 | 22,372 |
administrative [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 8,056 | 8,390 |
Direct costs | 5,892 | 6,963 |
stock based compensation [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | (93) | 202 |
depreciation and depletion [Member] | ||
Statements Line Items | ||
Depreciation and depletion | 37,892 | 17,166 |
change in inventory [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 237 | 154 |
Direct costs | 286 | 665 |
Depreciation and depletion | 520 | (584) |
Corporate [Member] | ||
Statements Line Items | ||
Revenue | 0 | 0 |
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Depreciation and depletion | 0 | 0 |
Royalties | 0 | 0 |
Write down of inventory to NRV | 0 | 0 |
Total cost of sales | 0 | 0 |
Earnings (loss) before taxes | (8,079) | (7,694) |
Current income tax expense (recovery) | 0 | (10) |
Deferred income tax expense (recovery) | 0 | 0 |
Total income tax expense (recovery) | 0 | (10) |
Net earnings (loss) | (8,079) | (7,684) |
Corporate [Member] | Silver revenue [Member] | ||
Statements Line Items | ||
Revenue | 0 | 0 |
Corporate [Member] | Gold revenue [Member] | ||
Statements Line Items | ||
Revenue | 0 | 0 |
Corporate [Member] | mining [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Corporate [Member] | processing [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Corporate [Member] | administrative [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Corporate [Member] | stock based compensation [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Corporate [Member] | depreciation and depletion [Member] | ||
Statements Line Items | ||
Depreciation and depletion | 0 | 0 |
Corporate [Member] | change in inventory [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Depreciation and depletion | 0 | 0 |
Exploration [Member] | ||
Statements Line Items | ||
Revenue | 0 | 0 |
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Depreciation and depletion | 0 | 0 |
Royalties | 0 | 0 |
Write down of inventory to NRV | 0 | 0 |
Total cost of sales | 0 | 0 |
Earnings (loss) before taxes | (12,258) | (10,564) |
Current income tax expense (recovery) | 0 | 0 |
Deferred income tax expense (recovery) | 0 | 200 |
Total income tax expense (recovery) | 0 | 200 |
Net earnings (loss) | (12,258) | (10,764) |
Exploration [Member] | Silver revenue [Member] | ||
Statements Line Items | ||
Revenue | 0 | 0 |
Exploration [Member] | Gold revenue [Member] | ||
Statements Line Items | ||
Revenue | 0 | 0 |
Exploration [Member] | mining [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Exploration [Member] | processing [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Exploration [Member] | administrative [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Exploration [Member] | stock based compensation [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Exploration [Member] | depreciation and depletion [Member] | ||
Statements Line Items | ||
Depreciation and depletion | 0 | 0 |
Exploration [Member] | change in inventory [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Depreciation and depletion | 0 | 0 |
Guanacevi [Member] | ||
Statements Line Items | ||
Revenue | 39,229 | 43,371 |
Salaries, wages and benefits | 10,237 | 11,203 |
Direct costs | 30,022 | 22,273 |
Depreciation and depletion | 23,117 | 13,365 |
Royalties | 1,123 | 1,239 |
Write down of inventory to NRV | 2,026 | 166 |
Total cost of sales | 66,525 | 48,246 |
Earnings (loss) before taxes | (27,296) | (4,875) |
Current income tax expense (recovery) | 642 | 676 |
Deferred income tax expense (recovery) | (7,475) | (5,589) |
Total income tax expense (recovery) | (6,833) | (4,913) |
Net earnings (loss) | (20,463) | 38 |
Guanacevi [Member] | Silver revenue [Member] | ||
Statements Line Items | ||
Revenue | 32,267 | 37,161 |
Guanacevi [Member] | Gold revenue [Member] | ||
Statements Line Items | ||
Revenue | 6,962 | 6,210 |
Guanacevi [Member] | mining [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 5,382 | 6,027 |
Direct costs | 20,332 | 12,567 |
Guanacevi [Member] | processing [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 1,644 | 1,951 |
Direct costs | 6,783 | 6,709 |
Guanacevi [Member] | administrative [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 2,580 | 2,948 |
Direct costs | 1,886 | 2,164 |
Guanacevi [Member] | stock based compensation [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | (31) | 68 |
Guanacevi [Member] | depreciation and depletion [Member] | ||
Statements Line Items | ||
Depreciation and depletion | 22,352 | 13,934 |
Guanacevi [Member] | change in inventory [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 662 | 209 |
Direct costs | 1,021 | 833 |
Depreciation and depletion | 765 | (569) |
Bolanitos [Member] | ||
Statements Line Items | ||
Revenue | 39,805 | 48,419 |
Salaries, wages and benefits | 8,113 | 8,396 |
Direct costs | 18,161 | 20,364 |
Depreciation and depletion | 861 | 1,894 |
Royalties | 190 | 228 |
Write down of inventory to NRV | 0 | 0 |
Total cost of sales | 27,325 | 30,882 |
Earnings (loss) before taxes | 12,480 | 17,537 |
Current income tax expense (recovery) | 2,507 | 3,981 |
Deferred income tax expense (recovery) | (1,530) | (1,473) |
Total income tax expense (recovery) | 977 | 2,508 |
Net earnings (loss) | 11,503 | 15,029 |
Bolanitos [Member] | Silver revenue [Member] | ||
Statements Line Items | ||
Revenue | 14,310 | 15,265 |
Bolanitos [Member] | Gold revenue [Member] | ||
Statements Line Items | ||
Revenue | 25,495 | 33,154 |
Bolanitos [Member] | mining [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 5,102 | 5,023 |
Direct costs | 10,716 | 11,777 |
Bolanitos [Member] | processing [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 1,065 | 978 |
Direct costs | 6,590 | 6,921 |
Bolanitos [Member] | administrative [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 2,360 | 2,419 |
Direct costs | 1,670 | 1,893 |
Bolanitos [Member] | stock based compensation [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | (31) | 67 |
Bolanitos [Member] | depreciation and depletion [Member] | ||
Statements Line Items | ||
Depreciation and depletion | 931 | 1,900 |
Bolanitos [Member] | change in inventory [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | (383) | (91) |
Direct costs | (815) | (227) |
Depreciation and depletion | (70) | (6) |
El Cubo [Member] | ||
Statements Line Items | ||
Revenue | 71,475 | 58,709 |
Salaries, wages and benefits | 14,553 | 13,689 |
Direct costs | 23,824 | 27,607 |
Depreciation and depletion | 14,434 | 1,323 |
Royalties | 340 | 273 |
Write down of inventory to NRV | 0 | 0 |
Total cost of sales | 53,151 | 42,892 |
Earnings (loss) before taxes | 18,324 | 15,817 |
Current income tax expense (recovery) | 1,328 | 3 |
Deferred income tax expense (recovery) | (1,043) | 415 |
Total income tax expense (recovery) | 285 | 418 |
Net earnings (loss) | 18,039 | 15,399 |
El Cubo [Member] | Silver revenue [Member] | ||
Statements Line Items | ||
Revenue | 38,903 | 31,934 |
El Cubo [Member] | Gold revenue [Member] | ||
Statements Line Items | ||
Revenue | 32,572 | 26,775 |
El Cubo [Member] | mining [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 9,309 | 8,798 |
Direct costs | 13,197 | 15,900 |
El Cubo [Member] | processing [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 2,201 | 1,765 |
Direct costs | 8,211 | 8,742 |
El Cubo [Member] | administrative [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 3,116 | 3,023 |
Direct costs | 2,336 | 2,906 |
El Cubo [Member] | stock based compensation [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | (31) | 67 |
El Cubo [Member] | depreciation and depletion [Member] | ||
Statements Line Items | ||
Depreciation and depletion | 14,609 | 1,332 |
El Cubo [Member] | change in inventory [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | (42) | 36 |
Direct costs | 80 | 59 |
Depreciation and depletion | (175) | (9) |
El Compas [Member] | ||
Statements Line Items | ||
Revenue | 0 | 0 |
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Depreciation and depletion | 0 | 0 |
Royalties | 0 | 0 |
Write down of inventory to NRV | 0 | 0 |
Total cost of sales | 0 | 0 |
Earnings (loss) before taxes | (882) | (2,334) |
Current income tax expense (recovery) | 0 | 0 |
Deferred income tax expense (recovery) | 299 | 0 |
Total income tax expense (recovery) | 299 | 0 |
Net earnings (loss) | (1,181) | (2,334) |
El Compas [Member] | Silver revenue [Member] | ||
Statements Line Items | ||
Revenue | 0 | 0 |
El Compas [Member] | Gold revenue [Member] | ||
Statements Line Items | ||
Revenue | 0 | 0 |
El Compas [Member] | mining [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
El Compas [Member] | processing [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
El Compas [Member] | administrative [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
El Compas [Member] | stock based compensation [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
El Compas [Member] | depreciation and depletion [Member] | ||
Statements Line Items | ||
Depreciation and depletion | 0 | 0 |
El Compas [Member] | change in inventory [Member] | ||
Statements Line Items | ||
Salaries, wages and benefits | 0 | 0 |
Direct costs | 0 | 0 |
Depreciation and depletion | $ 0 | $ 0 |
Disclosure of deferred taxes (D
Disclosure of deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements Line Items | ||
Deferred income tax asset | $ 9,147 | $ 655 |
Deferred income tax liabilities | (335) | (1,592) |
Mexico operations [Member] | ||
Statements Line Items | ||
Deferred income tax assets (liabilities), net | 8,812 | (937) |
Tax loss carryforwards [Member] | Mexico operations [Member] | ||
Statements Line Items | ||
Deferred income tax asset | 13,709 | 9,326 |
Provision for reclamation and rehabilitation [Member] | Mexico operations [Member] | ||
Statements Line Items | ||
Deferred income tax asset | 2,823 | 2,754 |
Inventory Member | Mexico operations [Member] | ||
Statements Line Items | ||
Deferred income tax liabilities | (1,838) | (1,816) |
Mineral properties, plant and equipment [Member] | Mexico operations [Member] | ||
Statements Line Items | ||
Deferred income tax liabilities | (9,621) | (12,523) |
Other [Member] | Mexico operations [Member] | ||
Statements Line Items | ||
Deferred income tax asset | 3,774 | 1,959 |
Deferred income tax liabilities | $ (35) | $ (637) |
Disclosure of detailed infor_14
Disclosure of detailed information about effective income tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Current income tax expense (recovery) | $ 4,477 | $ 4,650 |
Deferred income tax expense (recovery) | (9,749) | (6,447) |
Total income tax expense (recovery) | (5,272) | (1,797) |
Current year [Member] | ||
Statements Line Items | ||
Current income tax expense (recovery) | 2,559 | 3,779 |
Deferred income tax expense (recovery) | (10,745) | (4,375) |
Special mining duty [Member] | ||
Statements Line Items | ||
Current income tax expense (recovery) | 1,850 | 844 |
Deferred income tax expense (recovery) | 1,315 | 586 |
Adjustments recognized in the current year in relation to prior years [Member] | ||
Statements Line Items | ||
Current income tax expense (recovery) | 68 | 27 |
Deferred income tax expense (recovery) | $ (319) | $ (2,658) |
Disclosure of detailed infor_15
Disclosure of detailed information about reconciliation of income tax computed at statutory tax rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Line Items | ||
Canadian statutory tax rates | 27.00% | 26.00% |
Income tax expense computed at Canadian statutory rates | $ (4,782) | $ 2,050 |
Foreign tax rates different from statutory rate | (5,018) | (3,412) |
Change in tax rates | 291 | 0 |
Withholding taxes, net of tax credits | 665 | 678 |
Stock-based compensation | 541 | 743 |
Foreign exchange | 3,738 | (2,381) |
Inflationary adjustment | 3,710 | 2,539 |
Other items | 1,259 | 956 |
Adjustments recognized in the current year in relation to prior years | (319) | (61) |
Current year losses not recognized | 4,212 | 2,612 |
Special mining duty Mexican tax | 535 | 1,430 |
Recognition of previously unrecognized losses | (10,104) | (6,951) |
Total income tax expense (recovery) | $ (5,272) | $ (1,797) |
Disclosure of financial assets
Disclosure of financial assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statements Line Items | |||
Cash and cash equivalents | $ 33,376 | $ 38,277 | $ 72,317 |
Investments | 88 | 168 | |
Trade and other receivables | 26,947 | 34,012 | |
Total financial assets | 5,715 | ||
Accounts payable and accrued liabilities | 19,470 | $ 19,068 | |
Total financial liabilities | 1,479 | ||
Gross carrying amount [member] | |||
Statements Line Items | |||
Cash and cash equivalents | 33,376 | ||
Investments | 88 | ||
Trade and other receivables | 6,007 | ||
Total financial assets | 39,471 | ||
Accounts payable and accrued liabilities | 19,470 | ||
Total financial liabilities | 19,470 | ||
At fair value [member] | |||
Statements Line Items | |||
Cash and cash equivalents | 33,376 | ||
Investments | 88 | ||
Trade and other receivables | 6,007 | ||
Total financial assets | 39,471 | ||
Accounts payable and accrued liabilities | 19,470 | ||
Total financial liabilities | 19,470 | ||
Financial liabilities at fair value through profit or loss, category [member] | |||
Statements Line Items | |||
Accounts payable and accrued liabilities | 1,479 | ||
Total financial liabilities | 1,479 | ||
Financial liabilities at amortised cost, category [member] | |||
Statements Line Items | |||
Accounts payable and accrued liabilities | 17,991 | ||
Total financial liabilities | 17,991 | ||
Financial assets at fair value through profit or loss, category [member] | |||
Statements Line Items | |||
Cash and cash equivalents | 0 | ||
Investments | 88 | ||
Trade and other receivables | 6,007 | ||
Total financial assets | 6,095 | ||
Financial assets at amortised cost, category [member] | |||
Statements Line Items | |||
Cash and cash equivalents | 33,376 | ||
Investments | 0 | ||
Trade and other receivables | 0 | ||
Total financial assets | $ 33,376 |
Disclosure of detailed infor_16
Disclosure of detailed information about financial assets, by fair value hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements Line Items | ||
Investments | $ 88 | $ 168 |
Trade receivables | 5,627 | 8,114 |
Total financial assets | 5,715 | |
Deferred share units | 1,407 | 1,319 |
Share appreciation rights | 72 | $ 341 |
Total financial liabilities | 1,479 | |
Level 1 [Member] | ||
Statements Line Items | ||
Investments | 88 | |
Trade receivables | 0 | |
Total financial assets | 88 | |
Deferred share units | 1,407 | |
Share appreciation rights | 0 | |
Total financial liabilities | 1,407 | |
Level 2 [Member] | ||
Statements Line Items | ||
Investments | 0 | |
Trade receivables | 5,627 | |
Total financial assets | 5,627 | |
Deferred share units | 0 | |
Share appreciation rights | 72 | |
Total financial liabilities | 72 | |
Level 3 [Member] | ||
Statements Line Items | ||
Investments | 0 | |
Trade receivables | 0 | |
Total financial assets | 0 | |
Deferred share units | 0 | |
Share appreciation rights | 0 | |
Total financial liabilities | $ 0 |
Disclosure of credit risk expos
Disclosure of credit risk exposure (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements Line Items | ||
Accounts receivable | $ 26,947 | $ 34,012 |
Carrying amount [Member] | ||
Statements Line Items | ||
Accounts receivable | 6,007 | |
Carrying amount [Member] | Less than 1 month [Member] | ||
Statements Line Items | ||
Accounts receivable | 9,211 | 13,799 |
Carrying amount [Member] | 1 to 3 months [Member] | ||
Statements Line Items | ||
Accounts receivable | 4,284 | 3,943 |
Carrying amount [Member] | 4 to 6 months [Member] | ||
Statements Line Items | ||
Accounts receivable | 1,039 | 3,282 |
Carrying amount [Member] | Over 6 months [Member] | ||
Statements Line Items | ||
Accounts receivable | 12,413 | 12,988 |
Gross impairment [Member] | ||
Statements Line Items | ||
Accounts receivable | 194 | 2,212 |
Gross impairment [Member] | Less than 1 month [Member] | ||
Statements Line Items | ||
Accounts receivable | 0 | 0 |
Gross impairment [Member] | 1 to 3 months [Member] | ||
Statements Line Items | ||
Accounts receivable | 0 | 0 |
Gross impairment [Member] | 4 to 6 months [Member] | ||
Statements Line Items | ||
Accounts receivable | 0 | 0 |
Gross impairment [Member] | Over 6 months [Member] | ||
Statements Line Items | ||
Accounts receivable | $ 194 | $ 2,212 |
Disclosure of liquidity risk (D
Disclosure of liquidity risk (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements Line Items | ||
Accounts payable and accrued liabilities | $ 19,470 | $ 19,068 |
Income taxes payable | 4,050 | 3,185 |
Provision for reclamation and rehabilitation | 8,195 | $ 7,982 |
Capital expenditure commitments | 140 | |
Operating leases | 2,840 | |
Total contractual obligations | 34,695 | |
Less than 1 year [Member] | ||
Statements Line Items | ||
Accounts payable and accrued liabilities | 19,470 | |
Income taxes payable | 4,050 | |
Provision for reclamation and rehabilitation | 0 | |
Capital expenditure commitments | 140 | |
Operating leases | 394 | |
Total contractual obligations | 24,054 | |
1 to 3 years [Member] | ||
Statements Line Items | ||
Accounts payable and accrued liabilities | 0 | |
Income taxes payable | 0 | |
Provision for reclamation and rehabilitation | 6,066 | |
Capital expenditure commitments | 0 | |
Operating leases | 720 | |
Total contractual obligations | 6,786 | |
4 to 5 years [Member] | ||
Statements Line Items | ||
Accounts payable and accrued liabilities | 0 | |
Income taxes payable | 0 | |
Provision for reclamation and rehabilitation | 2,129 | |
Capital expenditure commitments | 0 | |
Operating leases | 542 | |
Total contractual obligations | 2,671 | |
Over 5 years [Member] | ||
Statements Line Items | ||
Accounts payable and accrued liabilities | 0 | |
Income taxes payable | 0 | |
Provision for reclamation and rehabilitation | 0 | |
Capital expenditure commitments | 0 | |
Operating leases | 1,184 | |
Total contractual obligations | $ 1,184 |
Disclosure of market risk (Deta
Disclosure of market risk (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statements Line Items | ||
Financial assets | $ 5,715 | |
Financial liabilities | (1,479) | |
Canadian Dollar [Member] | ||
Statements Line Items | ||
Financial assets | 721 | $ 1,484 |
Financial liabilities | (2,767) | (2,984) |
Net financial assets (liabilities) | (2,046) | (1,500) |
Mexican Peso [Member] | ||
Statements Line Items | ||
Financial assets | 26,969 | 29,502 |
Financial liabilities | (15,438) | (17,586) |
Net financial assets (liabilities) | $ 11,531 | $ 11,916 |