Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Entity Registrant Name | First Majestic Silver Corp |
Entity Central Index Key | 0001308648 |
Trading Symbol | ag |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 199,264,637 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Title of 12(b) Security | Common Shares, no par value |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | |||
Revenue | $ 363,944 | $ 300,929 | |
Mine operating costs | |||
Cost of sales | 232,146 | 219,162 | |
Depletion, depreciation, and amortization | 65,584 | 93,667 | |
297,730 | 312,829 | ||
Mine operating earnings (loss) | 66,214 | (11,900) | |
General and administrative expenses | 26,800 | 21,428 | |
Share-based payments | 8,325 | 7,375 | |
Mine holding costs | 7,579 | 2,109 | |
Impairment of non-current assets | 58,739 | 199,688 | |
Acquisition costs | 4,893 | ||
Foreign exchange (gain) loss | (3,243) | 1,874 | |
Operating loss | (31,986) | (249,267) | |
Investment and other income (loss) | 8,109 | (744) | |
Finance costs | (15,147) | (13,036) | |
Loss before income taxes | (39,024) | (263,047) | |
Income taxes | |||
Current income tax expense | 16,423 | 2,148 | |
Deferred income tax recovery | (14,973) | (61,031) | |
Total tax expense (income) | 1,450 | (58,883) | |
Net loss for the year | $ (40,474) | $ (204,164) | |
Loss per common share | |||
Basic (in dollars per share) | $ (0.20) | $ (1.11) | |
Diluted (in dollars per share) | $ (0.20) | $ (1.11) | |
Weighted average shares outstanding | |||
Basic (in shares) | 201,615,489 | 183,650,405 | |
Diluted (in shares) | [1] | 201,615,489 | 183,650,405 |
[1] | For the year ended December 31, 2019, diluted weighted average number of shares excluded 7,583,439 (2018 - 6,644,542) options, 128,944 restricted share units (2018 - nil) and 16,327,598 (2018 - 16,327,598) common shares issuable under the convertible debentures (Note 20(a)) that were anti-dilutive. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Net loss for the year | $ (40,474) | $ (204,164) |
Items that will not be subsequently reclassified to net earnings (loss): | ||
Unrealized loss on fair value of investments in marketable securities | (255) | (510) |
Realized gain on investments in marketable securities | 572 | |
Remeasurement of retirement benefit plan | 665 | |
Other comprehensive income | 317 | 155 |
Total comprehensive loss | $ (40,157) | $ (204,009) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | ||
Net loss for the year | $ (40,474) | $ (204,164) |
Adjustments for: | ||
Depletion, depreciation and amortization | 67,220 | 94,522 |
Share-based payments | 8,325 | 7,375 |
Income tax expense (recovery) | 1,450 | (58,883) |
Finance costs | 15,147 | 13,036 |
Acquisition costs | 4,893 | |
Impairment of non-current assets | 58,739 | 199,688 |
Other | (1,492) | 5,094 |
Operating cash flows before movements in working capital and taxes | 108,915 | 61,561 |
Net change in non-cash working capital items | 37,327 | (21,167) |
Income taxes paid | (6,217) | (7,132) |
Cash generated by operating activities | 140,025 | 33,262 |
Investing Activities | ||
Expenditures on mining interests | (76,983) | (76,303) |
Acquisition of property, plant and equipment | (41,625) | (35,005) |
Deposits paid for acquisition of non-current assets | (1,748) | (2,942) |
Proceeds from disposal of marketable securities | 867 | |
Purchase of marketable securities and silver futures derivatives | (720) | |
Proceeds from settlement of silver futures | 2,555 | |
Primero acquisition costs, net of cash acquired | (1,022) | |
Cash used in investing activities | (116,934) | (117,041) |
Financing Activities | ||
Proceeds from ATM program, net of share issue costs | 81,916 | |
Proceeds from exercise of stock options | 16,663 | 3,943 |
Repayment of lease liabilities | (5,213) | (3,546) |
Finance costs paid | (5,686) | (4,471) |
Net proceeds from debt facilities | 34,006 | |
Repayment of debt facilities | (16,000) | |
Repayment of Primero's debt facilities | (106,110) | |
Net proceeds from convertible debentures | 151,079 | |
Repayment of Scotia debt facilities | (32,072) | |
Shares repurchased and cancelled | (1,386) | |
Cash provided by financing activities | 87,680 | 25,443 |
Effect of exchange rate on cash and cash equivalents held in foreign currencies | 1,225 | (2,792) |
Increase (decrease) in cash and cash equivalents | 110,771 | (58,336) |
Cash and cash equivalents, beginning of the year | 57,013 | 118,141 |
Cash and cash equivalents, end of year | 169,009 | 57,013 |
Cash | 161,268 | 40,352 |
Short-term investments | 7,741 | 16,661 |
Supplemental cash flow information |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 169,009 | $ 57,013 |
Trade and other receivables | 4,295 | 5,599 |
Value added taxes receivable | 29,637 | 59,665 |
Income taxes receivable | 982 | |
Inventories | 30,517 | 32,468 |
Other financial assets | 7,488 | 8,458 |
Prepaid expenses and other | 2,033 | 2,089 |
Total current assets | 242,979 | 166,274 |
Non-current assets | ||
Mining interests | 463,391 | 435,613 |
Property, plant and equipment | 236,639 | 251,084 |
Right-of-use assets | 12,034 | |
Deposits on non-current assets | 2,189 | 3,464 |
Non-current income taxes receivable | 19,551 | 18,737 |
Deferred tax assets | 51,141 | 50,938 |
Total assets | 1,027,924 | 926,110 |
Current liabilities | ||
Trade and other payables | 59,123 | 50,183 |
Unearned revenue | 4,486 | 3,769 |
Current portion of debt facilities | 1,175 | 1,281 |
Current portion of lease liabilities | 6,920 | 2,904 |
Income taxes payable | 149 | |
Total current liabilities | 71,853 | 58,137 |
Non-current liabilities | ||
Debt facilities | 154,643 | 148,231 |
Lease liabilities | 15,016 | 2,943 |
Decommissioning liabilities | 40,528 | 27,796 |
Other liabilities | 4,675 | 3,787 |
Deferred tax liabilities | 78,888 | 90,643 |
Total liabilities | 365,603 | 331,537 |
Equity | ||
Share capital | 933,182 | 827,622 |
Equity reserves | 90,692 | 88,030 |
Accumulated deficit | (361,553) | (321,079) |
Total equity | 662,321 | 594,573 |
Total liabilities and equity | $ 1,027,924 | $ 926,110 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Issued capital [member] | Share-based payments [member] | [1] | Other comprehensive income [Member] | [2] | Reserve of remeasurements of defined benefit plans [member] | [3] | Equity component of convertible debenture [Member] | Total equity reserves [member] | Retained earnings [member] | Total |
Balance (in shares) at Dec. 31, 2016 | 165,824,164 | ||||||||||
Balance at Dec. 31, 2016 | $ 636,672 | $ 65,307 | $ (3,004) | $ 62,303 | $ (116,490) | $ 582,485 | |||||
Statement Line Items [Line Items] | |||||||||||
Net loss for the year | (204,164) | (204,164) | |||||||||
Other comprehensive income | 155 | 155 | 155 | ||||||||
Total comprehensive (loss) income | 155 | 155 | (204,164) | (204,009) | |||||||
Share-based payments | 7,375 | 7,375 | 7,375 | ||||||||
Equity component of convertible debenture, net of tax (Note 20(a)) | 19,164 | 19,164 | 19,164 | ||||||||
Exercise of stock options (Note 24(b)) (in shares) | 973,948 | ||||||||||
Exercise of stock options (Note 24(b)) | $ 4,910 | (967) | (967) | 3,943 | |||||||
Acquisition of Primero (Note 4) (in shares) | 27,333,184 | ||||||||||
Acquisition of Primero (Note 4) | $ 186,959 | 186,959 | |||||||||
Settlement of liabilities (in shares) | 92,110 | ||||||||||
Settlement of liabilities | $ 500 | 500 | |||||||||
Shares cancelled (in shares) | (105,728) | ||||||||||
Shares cancelled | $ (458) | (458) | |||||||||
Shares repurchased and cancelled (in shares) | (230,000) | ||||||||||
Shares repurchased and cancelled | $ (899) | (390) | (1,289) | ||||||||
Shares repurchased for delisting from Bolsa (Note 24(d)) (in shares) | (14,343) | ||||||||||
Shares repurchased for delisting from Bolsa (Note 24(d)) | $ (62) | (35) | (97) | ||||||||
Balance (in shares) at Dec. 31, 2018 | 193,873,335 | ||||||||||
Balance at Dec. 31, 2018 | $ 827,622 | 71,715 | (2,849) | 19,164 | 88,030 | (321,079) | 594,573 | $ 594,573 | |||
Statement Line Items [Line Items] | |||||||||||
Net loss for the year | (40,474) | (40,474) | (40,474) | ||||||||
Other comprehensive income | 317 | 317 | 317 | 317 | |||||||
Total comprehensive (loss) income | 317 | 317 | (40,474) | (40,157) | (40,157) | ||||||
Share-based payments | 9,319 | 9,319 | 9,319 | ||||||||
Exercise of stock options (Note 24(b)) (in shares) | 2,918,518 | ||||||||||
Exercise of stock options (Note 24(b)) | $ 22,649 | (5,986) | (5,986) | 16,663 | |||||||
Shares cancelled (in shares) | 1,661 | ||||||||||
Shares cancelled | $ 7 | 7 | |||||||||
At-the-Market Distributions (Note 24(a)) (in shares) | 11,172,982 | ||||||||||
At-the-Market Distributions (Note 24(a)) | $ 81,916 | 81,916 | |||||||||
Settlement of restricted share units (Note 24(c)) (in shares) | 145,576 | ||||||||||
Settlement of restricted share units (Note 24(c)) | $ 988 | (988) | (988) | ||||||||
Balance (in shares) at Dec. 31, 2019 | 208,112,072 | ||||||||||
Balance at Dec. 31, 2019 | $ 933,182 | $ 74,060 | $ (2,532) | $ 19,164 | $ 90,692 | $ (361,553) | $ 662,321 | $ 662,321 | |||
[1] | Share-based payments reserve records the cumulative amount recognized under IFRS 2 share-based payments in respect of stock options granted, restricted share units and shares purchase warrants issued but not exercised or settled to acquire shares of the Company. | ||||||||||
[2] | Other comprehensive income reserve principally records the unrealized fair value gains or losses related to fair value through other comprehensive income ("FVTOCI") financial instruments and re-measurements arising from actuarial gains or losses and return on plan assets in relation to San Dimas' retirement benefit plan. | ||||||||||
[3] | Equity component of convertible debenture reserve represents the estimated fair value of its conversion option of $26.3 million, net of deferred tax effect of $7.1 million. This amount is not subsequently remeasured and will remain in equity until the conversion option is exercised, in which case, the balance recognized in equity will be transferred to share capital. Where the conversion option remains unexercised at the maturity date of the convertible note, the balance will remain in equity reserves. |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of nature of operations explanatory [text block] | 1. First Majestic Silver Corp. (the “Company” or “First Majestic”) is in the business of silver production, development, exploration, and acquisition of mineral properties with a focus on silver production in Mexico. The Company owns six September 2, 2019, 2020. January 2020, First Majestic is incorporated in Canada with limited liability under the legislation of the Province of British Columbia and is publicly listed on the New York Stock Exchange under the symbol “AG”, on the Toronto Stock Exchange under the symbol “FR” and on the Frankfurt Stock Exchange under the symbol “FMV”. The Company’s head office and principal address is located at 925 1800, V6C 3L2. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 2. These audited consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The significant accounting policies, estimates and judgments applied in preparing these consolidated financial statements are summarized in Note 3 These audited consolidated financial statements have been prepared on an historical cost basis except for certain items that are measured at fair value including derivative financial instruments (Note 25 14 These audited consolidated financial statements incorporate the financial statements of the Company and its controlled subsidiaries. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The consolidated financial statements include the accounts of the Company and its subsidiaries (see Note 28 These audited consolidated financial statements of First Majestic Silver Corp. for the years ended December 31, 2019 2018 February 18, 2020. |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies, Estimates and Judgments | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 3. The preparation of audited consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions about future events that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amounts, events or actions, actual results may New and amended IFRS standards that are effective for the current year Leases On January 1, 2019, 16 16" 17 16 16 The Company adopted IFRS 16 no $3.7 17 21 no The Company has elected to apply the available exemptions as permitted by IFRS 16 12 12 In transitioning to IFRS 16, 16, 16 5.8% 12.4%. December 31, 2019, $2.0 $0.8 16 $2.4 $2.4 no Uncertainty over Income Tax Treatments The Company has adopted IFRIC 23 23" January 1, 2019. 23 not In preparing the Company’s consolidated financial statements for the years ended December 31, 2019 2018, Business Combinations Accounting Policy: Acquisitions of businesses are accounted for using the acquisition method. The consideration of each business combination is measured, at the date of the exchange, as the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the Company to the former owners of the acquiree in exchange for control of the acquiree. Acquisition-related costs incurred for the business combination are expensed. The acquiree’s identifiable assets, liabilities and contingent liabilities are recognized at their fair value at the acquisition date. Goodwill arising on acquisition is recognized as an asset and initially measured at cost, being the excess of the consideration of the acquisition over the Company’s interest in the fair value of the net identifiable assets, liabilities and contingent liabilities recognized. If the Company’s interest in the fair value of the acquiree’s net identifiable assets, liabilities and contingent liabilities exceeds the cost of the acquisition, the excess is recognized in earnings or loss immediately. Goodwill may Accounting Estimates and Judgments: Determination of a Business Determination of whether a set of assets acquired and liabilities assumed constitute a business may In 2018, 4 Accounting Estimates and Judgments: Fair Value Estimates In business combinations, it generally requires time to obtain the information necessary to identify and measure the following as of the acquisition date: (i) The identifiable assets acquired and liabilities assumed; (ii) The consideration transferred in exchange for an interest in the acquiree; (iii) The resulting goodwill. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports in its consolidated financial statements provisional amounts for the items for which the accounting is incomplete. During the allowable measurement period, the Company will retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognized as of that date. The Company may not not one The purchase consideration for the acquisition of Primero was allocated based on management’s best estimates at the time of the acquisition and no Accounting Estimates and Judgments: Consideration for the Acquisition of Primero Acquisitions of businesses are accounted for using the acquisition method. The consideration of each business combination is measured, at the date of the exchange, as the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the Company to the former owners of the acquiree in exchange for control of the acquiree. In determining the total consideration for the acquisition of Primero, the Company included consideration issued to Wheaton Precious Metals Corp. ("WPM") on the basis that WPM is, in substance, an owner of Primero given the following: (i) The requirement of consent by WPM to a change in control for Primero; (ii) WPM was a guarantor of certain of Primero's debt facilities and also guarantees through the previous stream agreement which would have resulted in WPM having a significant interest in the residual assets of Primero in the event of a bankruptcy or default; and (iii) The plan of arrangement for the acquisition of Primero was contemplated together and neither transactions would have been economical without considering the other. Therefore, management included consideration issued to WPM for the restructuring of the New Stream as part of the consideration for the business combination. Goodwill Accounting Policy: Goodwill arising on the acquisition of a business is carried at cost as established at the date of the acquisition less accumulated impairment losses, if any. Goodwill is allocated to each of the Company’s cash-generating units that is expected to benefit from the synergies of the acquisition. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may first not December 31, 2019, $nil 2018 $nil Foreign Currency Accounting Policy: The consolidated financial statements are presented in U.S. dollars. The individual financial statements of each entity are presented in their functional currency, which is the currency of the primary economic environment in which the entity operates. Transactions in foreign currencies are translated into the entities’ functional currencies at the exchange rates at the date of the transactions. Monetary assets and liabilities of the Company’s operations denominated in a currency other than the U.S. dollar are translated using exchange rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates on the dates of the transactions. Revenue and expense items are translated at the exchange rates in effect at the date of the underlying transaction, except for depletion and depreciation related to non-monetary assets, which are translated at historical exchange rates. Exchange differences are recognized in the statements of earnings or loss in the period in which they arise. Accounting Estimates and Judgments: Determination of Functional Currency The functional currency for each of the Company’s subsidiaries is the currency of the primary economic environment in which the entity operates. The Company has determined that the functional currency of each entity is the U.S. dollar. Determination of functional currency may Revenue Recognition ( Note 6 ) Accounting Policy: The Company's primary product is silver. Other metals, such as gold, lead and zinc, produced as part of the extraction process are considered to be by-products arising from the production of silver. Smelting and refining charges are net against revenue from the sale of metals. Revenue relating to the sale of metals is recognized when control of the metal or related services are transferred to the customer in an amount that reflects the consideration the Company expects to receive in exchange for the metals. When considering whether the Company has satisfied its performance obligation, it considers the indicators of the transfer of control, which include, but are not Accounting Policy: (continued) Metals in doré sold are priced on date of transfer of control. Final weights and assays are adjusted on final settlement which is approximately one one three Revenue from the sale of coins, ingots and bullion is recorded when the products have been shipped and funds have been received. When cash was received from customers prior to shipping of the related finished goods, the amounts are recorded as unearned revenue until the products are shipped. Accounting Estimates and Judgments: Determination of Performance Obligations The Company applied judgment to determine if a good or service that is promised to a customer is distinct based on whether the customer can benefit from the good or service on its own or together with other readily available resources and whether the good or service is separately identifiable. Based on these criteria, the Company determined the primary performance obligation relating to its sales contracts is the delivery of the bullion, doré and concentrates. Shipping and insurance services arranged by the Company for its concentrate sales customers that occur after the transfer of control are also considered to be performance obligations. Accounting Estimates and Judgments: Variable Consideration Variable consideration should only be recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not not The Company applied judgment to determine the amount of variable consideration to be recognized during the period for which the likelihood of significant reversal is low. Inventories ( Note 13 ) Accounting Policy: Mineral inventories, including stockpiled ore, work in process and finished goods, are valued at the lower of weighted average cost and estimated net realizable value. Cost includes all direct costs incurred in production including direct labour and materials, freight, depreciation and amortization and directly attributable overhead costs. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and future metal prices less estimated future production costs to convert the inventories into saleable form. Any write-downs of inventory to net realizable value are recorded as cost of sales. If there is a subsequent increase in the value of inventories, the previous write-downs to net realizable value are reversed to the extent that the related inventory has not Accounting Policy: (continued) Stockpiled ore inventory represents ore that has been extracted from the mine and is available for further processing. Costs added to stockpiled ore inventory are valued based on current mining cost per tonne incurred up to the point of stockpiling the ore and are removed at the weighted average cost per tonne. Stockpiled ore tonnage is verified by periodic surveys and physical counts. Work in process inventory includes precipitates, inventories in tanks and in the milling process. Finished goods inventory includes metals in their final stage of production prior to sale, including primarily doré and dried concentrates at our operations and finished goods in-transit. Materials and supplies inventories are valued at the lower of weighted average cost and net realizable value. Costs include acquisition, freight and other directly attributable costs. Exploration and Evaluation Expenditures ( Note 15 ) Accounting Policy: Exploration and evaluation activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activity includes: • acquiring the rights to explore; • researching and analyzing historical exploration data; • gathering exploration data through topographical, geochemical and geophysical studies; • exploratory drilling, trenching and sampling; • determining and examining the volume and grade of the resource; • surveying transportation and infrastructure requirements; and • compiling pre-feasibility and feasibility studies. Capitalization of exploration and evaluation expenditures commences on acquisition of a beneficial interest or option in mineral rights. Capitalized costs are recorded as mining interests at cost less impairment charges, if applicable. No not The majority of the Company’s exploration and evaluation expenditures focus on mineral deposits in proximity to its existing mining operations. Where the Company is acquiring a new property, the Company makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. Exploration and evaluation expenditures are transferred to development or producing mining interests when technical feasibility and commercial viability of the mineral resource have been demonstrated. Factors taken into consideration include: • there is sufficient geological certainty of converting the mineral deposit into proven and probable reserves; • life of mine plan and economic modeling support the economic extraction of such reserves and resources; • for new properties, a scoping study and/or feasibility study demonstrates that the additional reserves and resources will generate a positive economic outcome; and • operating and environmental permits exist or are reasonably assured as obtainable. Exploration and evaluation expenditures remain as exploration mining interests and do not Accounting Estimates and Judgments: Economic recoverability and probability of future economic benefits of exploration, evaluation and development costs Management has determined that exploratory drilling, evaluation, development and related costs incurred which were capitalized have potential future economic benefits and are potentially economically recoverable, subject to impairment analysis. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefit including geologic and metallurgic information, history of conversion of mineral deposits to proven and probable reserves, scoping and feasibility studies, accessible facilities, existing permits and life of mine plans. Mining Interests ( Note 15 ) Accounting Policy: Exploration, development and field support costs directly related to mining interests are deferred until the property to which they directly relate is placed into production, sold, abandoned or subject to a condition of impairment. The deferred costs are amortized over the useful life of the ore body following commencement of production, or written off if the property is sold or abandoned. Administration costs and other exploration costs that do not Upon commencement of commercial production, mining interests are depleted on a units-of-production basis over the estimated economic life of the mine. In applying the units of production method, depletion is determined using quantity of material extracted from the mine in the period as a portion of total quantity of material to be extracted in current and future periods based on reserves and resources considered to be highly probable to be economically extracted over the life of mine. If no may From time to time, the Company acquires or disposes of properties pursuant to the terms of option agreements. Options are exercisable entirely at the discretion of the optionee with no Accounting Estimates and Judgments: Mineral Reserve and Resource Estimates Mineral reserve and resource estimates affect the determination of recoverable value used in impairment assessments, the depletion and depreciation rates for non-current assets using the units of production method and the expected timing of reclamation and closure expenditures. The figures for mineral reserves and mineral resources are determined in accordance with National Instrument 43 101 43 101" Accounting Estimates and Judgments: Depletion Rate for Mining Interests Depletion expenses are allocated based on estimated useful life of the asset. Should the expected asset life and associated depletion rate differ from the initial estimate, the change in estimate would be made prospectively in the consolidated statements of earnings or loss. Property, Plant and Equipment ( Note 16 ) Accounting Policy: Property, plant and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of property, plant and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and borrowing costs related to the acquisition or construction of qualifying assets. Property, plant and equipment are depreciated using either the straight-line or units-of-production method over the shorter of the estimated useful life of the asset or the expected life of mine. Where an item of property, plant and equipment comprises of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment. Assets under construction are recorded at cost and re-allocated to machinery and equipment when it becomes available for use. Depreciation commences when the asset is in the condition and location necessary for it to operate in the manner intended by management. Depreciation charges on assets that are directly related to mineral properties are allocated to those mineral properties. The Company conducts an annual review of residual balances, useful lives and depreciation methods utilized for property, plant and equipment. Any changes in estimate that arise from this review are accounted for prospectively. Accounting Estimates and Judgments: Commencement of Commercial Production Prior to reaching commercial production levels intended by management, costs incurred are capitalized as part of the related mine or mill and proceeds from mineral sales are offset against costs capitalized. Depletion of capitalized costs for mining properties and depreciation and amortization of property, plant and equipment begin when operating levels intended by management have been reached. Determining when a mine or mill is in the condition necessary for it to be capable of operating in the manner intended by management is a matter of judgment dependent on the specific facts and circumstances. The following factors may • substantially all major capital expenditures have been completed to bring the asset to the condition necessary to operate in the manner intended by management; • the mine or mill has reached a pre-determined percentage of design capacity; • the ability to sustain a pre-determined level of design capacity for a significant period of time (i.e. the ability to process ore continuously at a steady or increasing level); • the completion of a reasonable period of testing of the mine plant and equipment; • the ability to produce a saleable product (i.e. the ability to produce concentrate within required sellable specifications); • the mine or mill has been transferred to operating personnel from internal development groups or external contractors; and • mineral recoveries are at or near the expected production levels. Accounting Estimates and Judgments: Depreciation and Amortization Rates for Property, Plant and Equipment Depreciation and amortization expenses are allocated based on estimated useful life of the asset. Should the expected asset life and associated depreciation rates differ from the initial estimate, the change in estimate would be made prospectively in the consolidated statements of earnings or loss. Borrowing Costs Accounting Policy: Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset that takes a substantial period of time to get ready for its intended use are capitalized as part of the cost of the asset until the asset is substantially ready for its intended use. Other borrowing costs are recognized as an expense in the period incurred. As at December 31, 2019 2018, not Right of Use Assets (Note 17 Note 21 ) Accounting Policy: Effective January 1, 2019, 12 The lease liability is initially measured at the present value of the lease payments that are not Lease payments included in the measurement of the lease liability comprise: • fixed lease payments (including in-substance fixed payments), less any lease incentives receivable; • variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; • the amount expected to be payable by the lessee under residual value guarantees; • the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. Accounting Policy: The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: • the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. • the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). • a lease contract is modified and the lease modification is not The right-of-use assets comprise of the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. As a practical expedient, IFRS 16 not Prior to January 1, 2019, Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized in accordance with the Company’s general policy on borrowing costs. Impairment of Non-Current Assets ( Note 18 ) Accounting Policy: At each statement of financial position date, the Company reviews the carrying amounts of its non-current assets to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. Where the asset does not If the recoverable amount of the asset or CGU is determined to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and an impairment loss is recognized as an expense in the consolidated statements of earnings or loss. Recoverable amount is the higher of fair value less costs of disposal (“FVLCD”) and value in use (“VIU”). FVLCD is determined as the amount that would be obtained from the sale of the asset or CGU in an arm’s length transaction between knowledgeable and willing parties. The Company considers the use of a combination of its internal discounted cash flow economic models and in-situ value of reserves, resources and exploration potential of each CGU for estimation of its FVLCD. These cash flows are discounted by an appropriate post-tax discount rate to arrive at a net present value of the asset. VIU is determined as the present value of the estimated cash flows expected to arise from the continued use of the asset or CGU in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Company’s continued use and does not Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not no not Accounting Estimates and Judgments: Indications of Impairment and Reversal of Impairment Management considers both external and internal sources of information in assessing whether there are any indications that the Company’s property, plant and equipment and mining interests are impaired or previous impairments should be reversed. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not For exploration and evaluation assets, indications include but are not Fair Value Estimates In determining the recoverable amounts of the Company’s property, plant and equipment and mining interests, management makes estimates of the discounted future cash flows expected to be derived from the Company’s mining properties, costs of disposal of the mining properties and the appropriate discount rate. Reductions in metal price forecasts, increases in estimated future costs of production, increases in estimated future capital expenditures, reductions in the amount of recoverable reserves, resources, and exploration potential, and/or adverse current economics can result in an impairment of the carrying amounts of the Company’s non-current assets. Conversely, favourable changes to the aforementioned factors can result in a reversal of previous impairments. Share-based Payment Transactions ( Note 24 ) Accounting Policy: Employees (including directors and officers) of the Company may The Company adopted the 2019 three In situations where equity instruments are issued to non‐employees, the share-based payments are measured at the fair value of goods or services received. If some or all of the goods or services received by the Company as consideration cannot be specifically identified, they are measured at the fair value of the share‐based payment. Accounting Estimates and Judgments: Valuation of Share-based Payments The Company uses the Black-Scholes Option Pricing Model for valuation of share-based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s earnings and equity reserves. Taxation ( Note 23 ) Accounting Policy: Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case they are recognized in other comprehensive income or directly in equity. Current income tax is based on taxable earnings for the year. The tax rates and tax laws to compute the amount payable are those that are substantively enacted in each tax regime at the date of the statement of financial position. Deferred income tax is recognized, using the liability method, on temporary differences between the carrying value of assets and liabilities in the statement of financial position, unused tax losses, unused tax credits and the corresponding tax bases used in the computation of taxable earnings, based on tax rates and tax laws that are substantively enacted at the date of the statement of financial position and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, and interests in joint ventures, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not Deferred tax assets are recognized for all deductible temporary differences to the extent that the realization of the related tax benefit through future taxable earnings is probable. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the current tax assets against the current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Accounting Estimates and Judgments: Recognition of Deferred Income Tax Assets In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. Forecasted cash flows from operations are based on life of mine projections internally developed, reviewed by management and are consistent with the forecasts utilized for business planning and impairment testing purposes. Weight is attached to tax planning opportunities that are within the Company’s control, and are feasible and implementable without significant obstacles. The likelihood that tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on individual facts and circumstances of the relevant tax position evaluated in light of all available evidence. Where applicable tax laws and regulations are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can occur that materially affect the amounts of income tax assets recognized. At the end of each reporting period, the Company reassesses recognized and unrecognized income tax assets. Accounting Estimates and Judgments: Tax Contingencies The Company’s operations involve dealing with uncertainties and judgments in the application of tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with tax authorities in various jurisdictions and resolution of disputes arising from tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues based on its estimate of whether, and the extent to which, additional taxes will be due. The Company adjusts these liabilities in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may Cash and Cash Equivalents Accounting Policy: Cash in the statement of financial position includes cash on hand and held at banks and cash equivalents include short-term guaranteed investment certificates redeemable within three Financial Instruments Accounting Policy: Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, all financial assets and financial liabilities are recorded at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as at fair value through profit or loss (“FVTPL”). The directly attributable transaction costs of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities. Accounting Policy: (continued) Amortized cost Financial assets that meet the following conditions are measured subsequently at amortized cost: • the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal rep |
Note 4 - Acquisition of Primero
Note 4 - Acquisition of Primero Mining Corp. | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of business combinations [text block] | 4. Description of the Transaction On May 10, 2018, January 11, 2018. 6,418,594 0.03325 The Arrangement also provided for the issuance by First Majestic of an aggregate of 221,908 366,124 With this transaction First Majestic added the San Dimas Silver/Gold Mine, which is located approximately 130 40 2,500 Concurrently, in connection with the Arrangement, First Majestic terminated the pre-existing silver purchase agreement with Wheaton Precious Metals Corp. and its subsidiary, Wheaton Precious Metals International Ltd. (“WPMI”), relating to the San Dimas Mine and entered into a new precious metal purchase agreement (the “New Stream Agreement”) with WPMI and FM Metal Trading (Barbados) Inc., a wholly-owned subsidiary of First Majestic. Pursuant to the New Stream Agreement, WPMI is entitled to receive 25% 70 1 $600 1% 20,914,590 $143.1 May 9, 2018 $6.84. Consideration and Purchase Price Allocation Management has concluded that Primero constitutes a business and, therefore, the acquisition is accounted for in accordance with IFRS 3 $187.0 Total Consideration 6,418,594 First Majestic shares to Primero shareholders at $6.84 (CAD$8.80) per share $ 43,903 20,914,590 First Majestic shares to Wheaton Precious Metals Corp. at $6.84 (CAD$8.80) per share 143,056 $ 186,959 Allocation of Purchase Price Cash and cash equivalents $ 3,871 Value added taxes receivable 27,508 Inventories 15,628 Mining interests 178,183 Property, plant and equipment 122,815 Deposit on non-current assets 60 Non-current income taxes receivable 19,342 Other working capital items (23,792 ) Income taxes payable (2,888 ) Debt facilities (106,110 ) Decommissioning liabilities (4,095 ) Other non-current liabilities (4,678 ) Deferred tax liabilities (38,885 ) Net assets acquired $ 186,959 Total transaction costs of $4.9 December 31, 2018. |
Note 5 - Segmented Information
Note 5 - Segmented Information | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 5. All of the Company’s operations are within the mining industry and its major products are precious metals doré and precious and base metals concentrates which are refined or smelted into pure silver, gold, lead and zinc and sold to global metal brokers. Transfer prices between reporting segments are set on an arms-length basis in a manner similar to transactions with third A reporting segment is defined as a component of the Company that: • engages in business activities from which it may • whose operating results are reviewed regularly by the entity’s chief operating decision maker; and • for which discrete financial information is available. For the year ended December 31, 2019, six September 2, 2019 July 2019 Effective January 1, 2019, no August 3, 2018 December 31, 2019 2018. 15 20 not December 31, 2019 Management evaluates segment performance based on mine operating earnings. Therefore, other income and expense items are not Year Ended December 31, 2019 and 2018 Revenue Cost of sales Depletion, depreciation, and amortization Mine operating earnings (loss) Capital expenditures Mexico San Dimas 2019 $ 185,999 $ 100,120 $ 28,491 $ 57,388 $ 42,511 2018 102,515 60,762 19,052 22,701 20,485 Santa Elena 2019 94,378 53,605 12,204 28,569 23,004 2018 83,116 52,154 12,352 18,610 18,908 La Encantada 2019 50,867 36,609 11,648 2,610 13,225 2018 24,533 30,215 13,955 (19,637 ) 16,938 La Parrilla 2019 14,023 16,152 3,422 (5,551 ) 10,503 2018 29,908 26,758 24,944 (21,794 ) 14,191 Del Toro 2019 7,627 11,615 1,718 (5,706 ) 4,886 2018 17,923 19,170 8,612 (9,859 ) 11,620 San Martin 2019 10,554 13,143 7,022 (9,611 ) 4,869 2018 33,925 22,903 8,608 2,414 9,302 Others 2019 496 902 1,079 (1,485 ) 25,196 2018 9,009 7,200 6,144 (4,335 ) 15,743 Consolidated 2019 $ 363,944 $ 232,146 $ 65,584 $ 66,214 $ 124,194 2018 $ 300,929 $ 219,162 $ 93,667 $ (11,900 ) $ 107,187 During the year ended December 31, 2019, six December 31, 2018 eight 100% one 85% 2018 one 72% At December 31, 2019 and 2018 Mining Interests Property, plant Total Total Producing Exploration and mining assets assets Total liabilities Mexico San Dimas 2019 $ 193,433 $ 8,699 $ 116,556 $ 318,688 $ 375,359 $ 61,476 2018 182,434 3,705 120,218 306,357 368,460 59,990 Santa Elena 2019 45,046 18,592 47,787 111,425 134,666 23,867 2018 33,447 14,316 39,664 87,427 104,955 16,753 La Encantada 2019 23,091 1,104 14,736 38,931 71,255 21,563 2018 39,564 5,660 43,060 88,284 111,887 13,972 San Martin 2019 53,088 14,289 16,043 83,420 87,248 15,987 2018 50,406 12,538 18,373 81,317 92,835 23,386 La Parrilla 2019 20,065 7,348 7,723 35,136 56,270 8,384 2018 17,172 3,486 7,603 28,261 52,383 9,784 Del Toro 2019 11,129 5,566 6,002 22,697 37,546 7,899 2018 9,601 3,082 5,775 18,458 36,760 7,624 Others 2019 21,496 40,445 27,792 89,733 265,579 226,427 2018 21,027 39,175 16,391 76,593 158,830 200,028 Consolidated 2019 $ 367,348 $ 96,043 $ 236,639 $ 700,030 $ 1,027,924 $ 365,603 2018 $ 353,651 $ 81,962 $ 251,084 $ 686,697 $ 926,110 $ 331,537 |
Note 6 - Revenues
Note 6 - Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of revenue [text block] | 6. The Company sells metals in the form of doré and concentrates. The Company’s primary product is silver and other metals produced as part of the extraction process, such as gold, lead and zinc, are considered as by-products. Revenues from sale of metal, including by-products, are recorded net of smelting and refining costs. Revenues for the year are summarized as follows: Year Ended December 31, 2019 2018 Gross revenue by material: Doré $ 345,334 94 % $ 255,723 83 % Concentrate 23,501 6 % 52,697 17 % Gross revenue $ 368,835 100 % $ 308,420 100 % Gross revenue from payable metals: Silver $ 215,301 58 % $ 176,783 57 % Gold 143,029 39 % 111,058 36 % Lead 6,988 2 % 14,369 5 % Zinc 3,517 1 % 6,210 2 % Gross revenue 368,835 100 % 308,420 100 % Less: smelting and refining costs (4,891 ) (7,491 ) Revenues $ 363,944 $ 300,929 As at December 31, 2019, $4.5 not December 31, 2018 - $3.8 December 31, 2019, $0.1 2018 $0.8 (a) Gold Stream Agreement with Sandstorm Gold Ltd. The Santa Elena mine has a purchase agreement with Sandstorm Gold Ltd. (“Sandstorm”), which requires the Company to sell 20% $450 1% December 31, 2019, 9,164 2018 8,947 $458 2018 $453 (b) Gold Stream Agreement with Wheaton Precious Metals Corporation The San Dimas mine has a purchase agreement with WPMI, which entitles WPMI to receive 25% 70 1 $600 1% During the year ended December 31, 2019, 44,667 2018 21,962 $604 2018 $600 |
Note 7 - Cost of Sales
Note 7 - Cost of Sales | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of cost of sales [text block] | 7. Cost of sales excludes depletion, depreciation and amortization and are costs that are directly related to production and generation of revenues at the operating segments. Significant components of cost of sales are comprised of the following: Year Ended December 31, 2019 2018 Consumables and materials $ 45,947 $ 49,750 Labour costs 118,229 106,540 Energy 35,135 35,366 Other costs 13,243 13,300 Production costs $ 212,554 $ 204,956 Transportation and other selling costs 2,735 3,399 Workers participation costs 9,036 5,775 Environmental duties and royalties 1,438 1,288 Inventory changes 3,459 (3,776 ) (Cost recovery) writedowns related to Republic Metals Refining Corp. bankruptcy (1) (1,600 ) 7,520 Standby Costs (2) 2,879 — Restructuring costs (3) 1,645 — $ 232,146 $ 219,162 ( 1 In November 2018, one $7.5 September 2019, $1.6 no ( 2 Effective from July 2019, ( 3 Effective September 2019, |
Note 8 - General and Administra
Note 8 - General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of general and administrative expense [text block] | 8. General and administrative expenses are incurred to support the administration of the business that are not Year Ended December 31, 2019 2018 Corporate administration $ 5,202 $ 5,552 Salaries and benefits 13,797 10,412 Audit, legal and professional fees 4,943 3,421 Filing and listing fees 429 449 Directors fees and expenses 793 739 Depreciation 1,636 855 $ 26,800 $ 21,428 |
Note 9 - Investment and Other I
Note 9 - Investment and Other Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of finance income [text block] | 9. The Company’s investment and other income (loss) are comprised of the following: Year Ended December 31, 2019 2018 Gain (loss) from investment in marketable securities (Note 14(a)) $ 528 $ (4,704 ) Gain from investment in silver futures derivatives (Note 14(b)) 1,237 269 Interest income and other 6,344 3,691 $ 8,109 $ (744 ) |
Note 10 - Finance Costs
Note 10 - Finance Costs | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of finance cost [text block] | 10. Finance costs are primarily related to interest and accretion expense on the Company’s debt facilities, lease liabilities and accretion of decommissioning liabilities. The Company’s finance costs in the year are summarized as follows: Year Ended December 31, 2019 2018 Debt facilities (Note 20) $ 10,885 $ 10,389 Lease liabilities (Note 21) 1,142 524 Accretion of decommissioning liabilities (Note 22) 2,410 1,495 Silver sales and other 710 628 $ 15,147 $ 13,036 |
Note 11 - Loss Per Share
Note 11 - Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 11. Basic earnings or loss per share is the net earnings or loss available to common shareholders divided by the weighted average number of common shares outstanding during the year. Diluted net earnings or loss per share adjusts basic net earnings per share for the effects of potential dilutive common shares. The calculations of basic and diluted earnings or loss per share for the years ended December 31, 2019 2018 Year Ended December 31, 2019 2018 Net loss for the year $ (40,474 ) $ (204,164 ) Weighted average number of shares on issue - basic and diluted (1) 201,615,489 183,650,405 Loss per share - basic and diluted $ (0.20 ) $ (1.11 ) Loss per share - diluted $ (0.20 ) $ (1.11 ) ( 1 For the year ended December 31, 2019, 7,583,439 2018 6,644,542 128,944 2018 nil 16,327,598 2018 16,327,598 20 |
Note 12 - Trade and Other Recei
Note 12 - Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 12. Trade and other receivables of the Company are comprised of: December 31, December 31, 2018 Trade receivables $ 3,503 $ 4,671 Other 792 928 $ 4,295 $ 5,599 |
Note 13 - Inventories
Note 13 - Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of inventories [text block] | 13. Inventories consist primarily of materials and supplies and products of the Company’s operations, in varying stages of the production process, and are presented at the lower of weighted average cost or net realizable value. Inventories of the Company are comprised of: December 31, December 31, Finished goods - doré and concentrates $ 1,965 $ 2,538 Work-in-process 3,229 4,626 Stockpile 2,130 1,257 Silver coins and bullion 291 351 Materials and supplies 22,902 23,696 $ 30,517 $ 32,468 The amount of inventories recognized as an expense during the year is equivalent to the total of cost of sales plus depletion, depreciation and amortization for the period. As at December 31, 2019, $0.4 December 31, 2018 $3.0 |
Note 14 - Other Financial Asset
Note 14 - Other Financial Assets | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of other assets [text block] | 14. As at December 31, 2019, December 31, December 31, First Mining Gold Corp. (TSX: FF) $ 3,010 $ 2,753 Sprott Physical Silver Trust (NYSE: PSLV) 2,616 2,236 FVTPL marketable securities $ 5,626 $ 4,989 FVTOCI marketable securities 880 1,431 Total marketable securities $ 6,506 $ 6,420 Silver future derivatives — 2,038 Foreign exchange derivatives 982 — Total other financial assets $ 7,488 $ 8,458 (a) Marketable Securities Changes in fair value of marketable securities designated as fair value through profit or loss ("FVTPL") for the year ended December 31, 2019 $0.5 2018 $4.7 Changes in fair value of marketable securities designated as fair value through other comprehensive income ("FVTOCI") for the year ended December 31, 2019 $0.3 2018 $0.5 not (b) Silver Future Derivatives As at December 31, 2019, not December 31, 2018 ‐ $2.0 December 31, 2019, $1.2 2018 $0.3 (c) Foreign Exchange Derivatives The Company uses various foreign exchange derivatives to manage its foreign exchange exposures. As at December 31, 2019, $26.0 19.75 January April 2020, $1.0 19.50. December 31, 2019, $3.0 |
Note 15 - Mining Interests
Note 15 - Mining Interests | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of exploration and evaluation assets [text block] | 15. Mining interests primarily consist of acquisition, development and exploration costs directly related to the Company’s operations and projects. Upon commencement of commercial production, mining interests for producing properties are depleted on a units-of-production basis over the estimated economic life of the mine. In applying the units of production method, depletion is determined using quantity of material extracted from the mine in the period as a portion of total quantity of material, based on reserves and resources, considered to be highly probable to be economically extracted over the life of mine plan. The Company’s mining interests are comprised of the following: December 31, December 31, Producing properties $ 367,348 $ 353,651 Exploration properties (non-depletable) 96,043 81,962 $ 463,391 $ 435,613 Producing properties are allocated as follows: Producing properties San Dimas Santa Elena La Encantada La Parrilla Del Toro San Martin La Guitarra Total Cost At December 31, 2017 $ — $ 36,371 $ 88,627 $ 155,351 $ 104,635 $ 90,955 $ 106,691 $ 582,630 Additions 11,030 7,609 5,787 8,336 6,241 3,988 2,686 45,677 Acquisition of Primero (Note 4) 178,183 — — — — — — 178,183 Change in decommissioning liabilities (Note 22) 4,092 (633 ) 3,122 — — — — 6,581 Transfer from exploration properties — 1,694 1,900 — — — — 3,594 At December 31, 2018 $ 193,305 $ 45,041 $ 99,436 $ 163,687 $ 110,876 $ 94,943 $ 109,377 $ 816,665 Additions 24,596 6,813 5,995 5,262 1,735 2,091 — 46,492 Change in decommissioning liabilities (Note 22) 301 2,338 500 696 945 4,051 469 9,300 Transfer from exploration properties 2,456 7,462 5,659 — — — — 15,577 At December 31, 2019 $ 220,658 $ 61,654 $ 111,590 $ 169,645 $ 113,556 $ 101,085 $ 109,846 $ 888,034 Accumulated depletion, amortization and impairment At December 31, 2017 $ — $ (7,639 ) $ (55,564 ) $ (62,144 ) $ (67,154 ) $ (40,317 ) $ (62,594 ) $ (295,412 ) Depletion and amortization (10,871 ) (3,955 ) (4,308 ) (16,470 ) (4,850 ) (4,220 ) (3,102 ) (47,776 ) Impairment (Note 18) — — — (67,901 ) (29,271 ) — (22,654 ) (119,826 ) At December 31, 2018 $ (10,871 ) $ (11,594 ) $ (59,872 ) $ (146,515 ) $ (101,275 ) $ (44,537 ) $ (88,350 ) $ (463,014 ) Depletion and amortization (16,354 ) (5,014 ) (6,025 ) (3,065 ) (1,152 ) (3,460 ) — (35,070 ) Impairment (Note 18) — — (22,602 ) — — — — (22,602 ) At December 31, 2019 $ (27,225 ) $ (16,608 ) $ (88,499 ) $ (149,580 ) $ (102,427 ) $ (47,997 ) $ (88,350 ) $ (520,686 ) Carrying values At December 31, 2018 $ 182,434 $ 33,447 $ 39,564 $ 17,172 $ 9,601 $ 50,406 $ 21,027 $ 353,651 At December 31, 2019 $ 193,433 $ 45,046 $ 23,091 $ 20,065 $ 11,129 $ 53,088 $ 21,496 $ 367,348 Exploration properties are allocated as follows: Exploration properties San Dimas Santa Elena La Encantada La Parrilla Del Toro San Martin La Guitarra Other Total Cost At December 31, 2017 $ — $ 7,777 $ 5,221 $ 13,982 $ 10,117 $ 9,599 $ 10,385 $ 29,847 $ 86,928 Exploration and evaluation expenditures 3,705 8,233 2,339 3,291 2,363 2,939 1,337 3,593 27,800 Impairment — — — (13,787 ) (9,398 ) — (5,987 ) — (29,172 ) Transfer to producing properties — (1,694 ) (1,900 ) — — — — — (3,594 ) At December 31, 2018 $ 3,705 $ 14,316 $ 5,660 $ 3,486 $ 3,082 $ 12,538 $ 5,735 $ 33,440 $ 81,962 Exploration and evaluation expenditures 7,450 11,738 2,164 3,862 2,484 1,751 — 1,032 30,481 Change in decommissioning liabilities (Note 22) — — — — — — — 238 238 Impairment (Note 18) — — (1,061 ) — — — — — (1,061 ) Transfer to producing properties (2,456 ) (7,462 ) (5,659 ) — — — — — (15,577 ) At December 31, 2019 $ 8,699 $ 18,592 $ 1,104 $ 7,348 $ 5,566 $ 14,289 $ 5,735 $ 34,710 $ 96,043 (a) San Dimas Silver/Gold Mine, Durango State The San Dimas Mine has a gold and silver streaming agreement with WPMI which entitles WPMI to receive 25% 70 1 $600 1% May 2019) (b) Santa Elena Silver/Gold Mine, Sonora State The Santa Elena Mine has a gold streaming agreement with Sandstorm, which requires the mine to sell 20% $450 1% April 2018, In December 2016, 5,802 $1.6 four 2.5% $1.4 $0.7 $0.7 December 2020. December 31, 2019, $0.9 |
Note 16 - Property, Plant and E
Note 16 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 16. The majority of the Company's property, plant and equipment is used in the Company's operating mine segments. Property, plant and equipment is depreciated using either the straight-line or units-of-production method over the shorter of the estimated useful life of the asset or the expected life of mine. Where an item of property, plant and equipment comprises of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment. Assets under construction are recorded at cost and re-allocated to land and buildings, machinery and equipment or other when they become available for use. Property, plant and equipment are comprised of the following: Land and Buildings (1) Machinery and Equipment Assets under Construction Other Total Cost At December 31, 2017 $ 134,398 $ 341,899 $ 21,949 $ 14,711 $ 512,957 Additions 9 4,411 28,669 621 33,710 Acquisition of Primero (Note 4) 40,404 70,064 7,169 5,178 122,815 Transfers and disposals 3,053 14,488 (22,114 ) 2,900 (1,673 ) At December 31, 2018 $ 177,864 $ 430,862 $ 35,673 $ 23,410 $ 667,809 Additions — 1,991 44,709 521 47,221 Transfers and disposals 20,548 23,802 (52,737 ) 507 (7,880 ) At December 31, 2019 $ 198,412 $ 456,655 $ 27,645 $ 24,438 $ 707,150 Accumulated depreciation, amortization and impairment At December 31, 2017 $ (86,404 ) $ (223,353 ) $ — $ (11,148 ) $ (320,905 ) Depreciation and amortization (8,215 ) (36,650 ) — (1,777 ) (46,642 ) Transfers and disposals — 1,464 — 48 1,512 Impairment (Note 18) (16,639 ) (33,420 ) — (631 ) (50,690 ) At December 31, 2018 $ (111,258 ) $ (291,959 ) $ — $ (13,508 ) $ (416,725 ) Depreciation and amortization (4,980 ) (23,829 ) — (2,122 ) (30,931 ) Transfers and disposals 271 5,189 — 459 5,919 Impairment (Note 18) (13,073 ) (15,701 ) — — (28,774 ) At December 31, 2019 $ (129,040 ) $ (326,300 ) $ — $ (15,171 ) $ (470,511 ) Carrying values At December 31, 2018 $ 66,606 $ 138,903 $ 35,673 $ 9,902 $ 251,084 At December 31, 2019 $ 69,372 $ 130,355 $ 27,645 $ 9,267 $ 236,639 ( 1 $11.5 December 31, 2018 $11.5 not Property, plant and equipment, including land and buildings, machinery and equipment, assets under construction and other assets above are allocated by mine as follow: San Dimas Santa Elena La Encantada La Parrilla Del Toro San Martin La Guitarra Other Total Cost At December 31, 2017 $ — $ 73,684 $ 124,198 $ 96,491 $ 117,201 $ 47,541 $ 28,115 $ 25,727 $ 512,957 Additions 5,750 3,066 8,812 2,564 3,016 2,375 1,296 6,831 33,710 Acquisition of Primero (Note 4) 122,815 — — — — — — — 122,815 Transfers and disposals (802 ) (79 ) (864 ) (9 ) 1,311 1,784 (2,648 ) (366 ) (1,673 ) At December 31, 2018 $ 127,763 $ 76,671 $ 132,146 $ 99,046 $ 121,528 $ 51,700 $ 26,763 $ 32,192 $ 667,809 Additions 10,465 4,453 5,066 1,379 667 1,027 — 24,164 47,221 Transfers and disposals (1,925 ) 9,638 90 (4,104 ) (47 ) (409 ) (310 ) (10,813 ) (7,880 ) At December 31, 2019 $ 136,303 $ 90,762 $ 137,302 $ 96,321 $ 122,148 $ 52,318 $ 26,453 $ 45,543 $ 707,150 Accumulated depreciation, amortization and impairment At December 31, 2017 $ — $ (28,898 ) $ (80,269 ) $ (52,984 ) $ (93,579 ) $ (27,789 ) $ (21,654 ) $ (15,732 ) $ (320,905 ) Depreciation and amortization (8,179 ) (8,397 ) (9,646 ) (8,489 ) (3,761 ) (4,388 ) (2,161 ) (1,621 ) (46,642 ) Transfers and disposals 634 288 829 92 (804 ) (1,150 ) 1,546 77 1,512 Impairment (Note 18) — — — (30,062 ) (17,609 ) — (3,019 ) — (50,690 ) At December 31, 2018 $ (7,545 ) $ (37,007 ) $ (89,086 ) $ (91,443 ) $ (115,753 ) $ (33,327 ) $ (25,288 ) $ (17,276 ) $ (416,725 ) Depreciation and amortization (12,355 ) (6,989 ) (5,278 ) (561 ) (458 ) (3,359 ) — (1,931 ) (30,931 ) Transfers and disposals 153 1,021 572 3,406 65 411 117 174 5,919 Impairment (Note 18) — — (28,774 ) — — — — — (28,774 ) At December 31, 2019 $ (19,747 ) $ (42,975 ) $ (122,566 ) $ (88,598 ) $ (116,146 ) $ (36,275 ) $ (25,171 ) $ (19,033 ) $ (470,511 ) Carrying values At December 31, 2018 $ 120,218 $ 39,664 $ 43,060 $ 7,603 $ 5,775 $ 18,373 $ 1,475 $ 14,916 $ 251,084 At December 31, 2019 $ 116,556 $ 47,787 $ 14,736 $ 7,723 $ 6,002 $ 16,043 $ 1,282 $ 26,510 $ 236,639 |
Note 17 - Right-of-use Assets
Note 17 - Right-of-use Assets | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of right-of-use assets [text block] | 17. The Company entered into operating leases to use certain land, building, mining equipment and corporate equipment for its operations. Upon the adoption of IFRS 16, January 1, 2019 ( 2 Right-of-use asset is initially measured at cost, equivalent to its obligation for payments over the term of the leases, and subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation is recorded on a straight-line basis over the shorter period of lease term and useful life of the underlying asset. Right-of-use assets are comprised of the following: Land and Buildings Machinery and Equipment Other Total At December 31, 2018 $ — $ — $ — $ — Initial adoption of IFRS 16 (Note 3) 2,624 1,036 22 3,682 Additions 571 14,132 — 14,703 Remeasurements 1,686 232 — 1,918 Depreciation and amortization (674 ) (1,286 ) (7 ) (1,967 ) Impairment (Note 18) — (6,302 ) — (6,302 ) At December 31, 2019 $ 4,207 $ 7,812 $ 15 $ 12,034 |
Note 18 - Impairment of Non-cur
Note 18 - Impairment of Non-current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of impairment of assets [text block] | 18. During the year ended December 31, 2019, • La Encantada - a decrease in economics of the roaster project and mine plan; • San Martin - a decrease in Reserves and Resources and suspension of operations due to security concerns; and • Del Toro - management's decision in January 2020 Based on the Company’s assessment, the Company concluded that the La Encantada mine had estimated recoverable value, based on its FVLCD, below its carrying value and impairment charge was required: Year Ended December 31, 2019 2018 La Encantada Silver Mine $ 58,739 $ — La Parrilla Silver Mine — 111,750 Del Toro Silver Mine — 56,278 La Guitarra Silver Mine — 31,660 Impairment of non-current assets $ 58,739 $ 199,688 Deferred income tax recovery (6,300 ) (48,588 ) Impairment of non-current assets, net of tax $ 52,439 $ 151,100 The impairment charge recognized for the year ended December 31, 2019 Mining interests Producing Exploration Right of use assets Property, plant and equipment Total La Encantada Silver Mine $ 22,602 $ 1,061 $ 6,302 $ 28,774 $ 58,739 Impairment of non-current assets $ 22,602 $ 1,061 $ 6,302 $ 28,774 $ 58,739 The impairment charge recognized for the year ended December 31, 2018 Mining interests Producing Exploration Property, plant and equipment Total La Parrilla $ 67,901 $ 13,787 $ 30,062 $ 111,750 Del Toro Silver Mine 29,271 9,398 17,609 56,278 La Guitarra Silver Mine 22,654 5,987 3,019 31,660 Impairment of non-current assets $ 119,826 $ 29,172 $ 50,690 $ 199,688 Recoverable values are determined based on fair market value of the asset and estimated using internal discounted cash flow economic models projected using management’s best estimate of recoverable mineral reserves and resources, future operating costs, capital expenditures and long-term foreign exchange rates. Metal price assumptions used to determine the recoverable amounts for the years ended December 31, 2019 2018 December 31, 2019 December 31, 2018 Commodity Prices 2020-2023 Average Long-term 2019-2022 Long-term Silver (per ounce) $ 18.84 $ 19.50 $ 17.23 $ 18.50 Gold (per ounce) $ 1,536 $ 1,416 $ 1,318 $ 1,350 Lead (per pound) n/a n/a $ 0.99 $ 1.00 Zinc (per pound) n/a n/a $ 1.19 $ 1.19 A discount rate of 4.5% 2018 6.5% December 31, 2019 The internal discounted cash flow economic models used to determine FVLCD are significantly affected by changes in key assumptions for future metal prices, capital expenditures, production cost estimates, discount rates and price to net asset value multiples. Management’s estimate of FVLCD is classified as level 3 no December 31, 2019. |
Note 19 - Trade and Other Payab
Note 19 - Trade and Other Payables | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 19. The Company’s trade and other payables are primarily comprised of amounts outstanding for purchases relating to mining operations, exploration and evaluation activities and corporate expenses. The normal credit period for these purchases is usually between 30 90 Trade and other payables are comprised of the following items: December 31, December 31, Trade payables $ 23,984 $ 26,420 Trade related accruals 12,314 9,351 Payroll and related benefits 19,059 11,255 Environmental duty 1,483 1,536 Other accrued liabilities 2,283 1,621 $ 59,123 $ 50,183 |
Note 20 - Debt Facilities
Note 20 - Debt Facilities | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of debt instruments [text block] | 20. The movement in debt facilities during the years ended December 31, 2019 2018, Convertible Debentures (a) Revolving Credit Facility (b) Scotia Debt Facilities Primero Debt Facilities Total Balance at December 31, 2017 $ — $ — $ 31,769 $ — $ 31,769 Net proceeds from convertible debentures 151,079 — — — 151,079 Portion allocated to equity reserves (26,252 ) — — — (26,252 ) Net proceeds from revolving credit facility — 34,006 — — 34,006 Acquisition of Primero (Note 4) — — — 106,111 106,111 Finance costs Interest expense 2,738 1,170 529 — 4,437 Accretion 4,978 419 555 — 5,952 Repayments of principal — (16,000 ) (32,072 ) (106,111 ) (154,183 ) Payments of finance costs (1,736 ) (890 ) (781 ) — (3,407 ) Balance at December 31, 2018 $ 130,807 $ 18,705 $ — $ — $ 149,512 Finance costs Interest expense 2,975 1,498 — — 4,473 Accretion 5,758 654 — — 6,412 Payments of finance costs (2,933 ) (1,646 ) — — (4,579 ) Balance at December 31, 2019 $ 136,607 $ 19,211 $ — $ — $ 155,818 Statements of Financial Position Presentation Current portion of debt facilities $ 1,002 $ 279 $ — $ — $ 1,281 Debt facilities 129,805 18,426 — — 148,231 Balance at December 31, 2018 $ 130,807 $ 18,705 $ — $ — $ 149,512 Current portion of debt facilities $ 1,043 $ 132 $ — $ — $ 1,175 Debt facilities 135,564 19,079 — — 154,643 Balance at December 31, 2019 $ 136,607 $ 19,211 $ — $ — $ 155,818 (a) Convertible Debentures During the first 2018, $156.5 $151.1 $5.4 March 1, 2023 1.875% March September The Notes are convertible into common shares of the Company at any time prior to maturity at a conversion rate of 104.3297 $1,000 $9.59 may The Company may not March 6, 2021 March 6, 2021 may 20 30 130% 100% The Company is required to offer to purchase for cash all of the outstanding Notes upon a fundamental change, at a cash purchase price equal to 100% The component parts of the convertible debentures, a compound instrument, are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. A conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company's own equity instrument is an equity instrument. At initial recognition, net proceeds of $151.1 $124.8 five 6.14%. 6.47% The conversion option is classified as equity and was estimated based on the residual value of $26.3 not $7.1 Transaction costs of $5.4 (b) Revolving Credit Facility On May 10, 2018, $75.0 third 2.25% 3.5% 0.5625% 0.875%, December 31, 2019, 4.5% 0.6875%, These debt facilities are guaranteed by certain subsidiaries of the Company and are also secured by a first first The Revolving Credit Facility includes financial covenants, to be tested quarterly on a consolidated basis, requiring First Majestic to maintain the following: (a) a leverage ratio based on total debt to rolling four not 3.00 1.00; four not 4.00 1.00; not $563.5 50% June 30, 2018. $30.0 December 31, 2019 December 31, 2018, |
Note 21 - Lease Liabilities
Note 21 - Lease Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of leases liabilities [text block] | 21. The Company has finance leases, operating leases and equipment financing liabilities for various mine and plant equipment, office space and land. Finance leases and equipment financing obligations require underlying assets to be pledged as security against the obligations and all of the risks and rewards incidental to ownership of the underlying asset being transferred to the Company. For operating leases, the Company controls but does not Lease liabilities are initially measured at the present value of the lease payments that are not Certain lease agreements may The movement in lease liabilities during the years ended December 31, 2019 2018 Finance Leases (a) Operating Leases (b) Equipment Financing (c) Total Balance at December 31, 2017 $ 2,109 $ — $ 7,196 $ 9,305 Finance costs 80 — 444 524 Repayments of principal (1,700 ) — (1,846 ) (3,546 ) Payments of finance costs (80 ) — (356 ) (436 ) Balance at December 31, 2018 $ 409 $ — $ 5,438 $ 5,847 Initial adoption of IFRS 16 (Note 2) — 3,682 — 3,682 Additions — 14,706 — 14,706 Remeasurements — 1,918 — 1,918 Finance costs 18 789 335 1,142 Repayments of principal (359 ) (2,395 ) (2,459 ) (5,213 ) Payments of finance costs (18 ) — (379 ) (397 ) Foreign exchange loss — 251 — 251 Balance at December 31, 2019 $ 50 $ 18,951 $ 2,935 $ 21,936 Statements of Financial Position Presentation Current portion of lease liabilities $ 352 $ — $ 2,552 $ 2,904 Lease liabilities 57 — 2,886 2,943 Balance at December 31, 2018 $ 409 $ — $ 5,438 $ 5,847 Current portion of lease liabilities $ 50 $ 4,518 $ 2,352 $ 6,920 Lease liabilities — 14,433 583 15,016 Balance at December 31, 2019 $ 50 $ 18,951 $ 2,935 $ 21,936 (a) Finance Leases From time to time, the Company purchases equipment under finance leases, with terms ranging from 24 48 6.9% 7.5%. As at December 31, 2019, $0.3 December 31, 2018 $0.6 (b) Operating Leases Upon the adoption of IFRS 16, $3.7 January 1, 2019, During the year ended December 31, 2019, Year Ended December 31, 2019 Expenses relating to short-term leases $ 42,994 Expenses relating to variable lease payments not included in the measurement of lease liability 14,241 $ 57,235 These operating leases have remaining lease terms of one ten 5.8% 11.2%. (c) Equipment Financing During 2017, $7.9 12 16 4.60%. four December 31, 2019 December 31, 2018, As at December 31, 2019, $3.3 December 31, 2018 $4.6 |
Note 22 - Decommissioning Liabi
Note 22 - Decommissioning Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of decommissioning liability explanatory [text block] | 22. The Company has an obligation to undertake decommissioning, restoration, rehabilitation and environmental work when environmental disturbance is caused by the development and ongoing production of a mining operation. Movements in decommissioning liabilities during the years ended December 31, 2019 2018 San Dimas Santa Elena La Encantada San Martin La Parrilla Del Toro La Guitarra La Luz Total Balance at December 31, 2017 $ — $ 2,730 $ 3,317 $ 2,488 $ 3,002 $ 2,545 $ 1,692 $ 302 $ 16,076 Movements during the year: Acquisition of Primero 4,095 — — — — — — — 4,095 Change in rehabilitation provision 4,092 (633 ) 3,122 — — — — — 6,581 Reclamation costs incurred — — — — (2 ) (259 ) (203 ) — (464 ) Interest or accretion expense 225 221 269 204 243 208 125 — 1,495 Foreign exchange loss — 3 1 2 2 4 1 — 13 Balance at December 31, 2018 $ 8,412 $ 2,321 $ 6,709 $ 2,694 $ 3,245 $ 2,498 $ 1,615 $ 302 $ 27,796 Movements during the year: Change in rehabilitation provision 301 2,338 500 4,051 696 945 469 238 9,538 Reclamation costs incurred — — — — — — (104 ) — (104 ) Interest or accretion expense 744 207 592 237 282 219 129 — 2,410 Foreign exchange loss (15 ) 105 311 121 114 107 69 76 888 Balance at December 31, 2019 $ 9,442 $ 4,971 $ 8,112 $ 7,103 $ 4,337 $ 3,769 $ 2,178 $ 616 $ 40,528 A provision for decommissioning liabilities is estimated based on current regulatory requirements and is recognized at the present value of such costs. The expected timing of cash flows in respect of the provision is based on the estimated life of the Company's mining operations. The discount rate is a risk-free rate determined based on Mexican pesos default swap rates ranging between 6.6% 6.8% 2018 8.6% 9.3% The inflation rate used is based on historical Mexican inflation rate of 4.0% 2018 3.8% may |
Note 23 - Income Taxes
Note 23 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 23. The following is a reconciliation of income taxes calculated at the combined Canadian federal and provincial statutory tax rate to the income tax expense for the year ended December 31, 2019 2018: Year Ended December 31, 2019 2018 Loss before tax $ (39,024 ) $ (263,047 ) Combined statutory tax rate 27.00 % 27.00 % Income tax recovery computed at statutory tax rate (10,536 ) (71,023 ) Reconciling items: Effect of different foreign statutory tax rates on earnings of subsidiaries (24,320 ) (15,309 ) Impact of foreign exchange on deferred income tax assets and liabilities (10,194 ) 13,807 Change in unrecognized deferred income tax asset 30,399 39,765 7.5% mining royalty in Mexico (814 ) (8,225 ) Other non-deductible expenses 3,256 834 Impact of inflationary adjustments (2,412 ) 51 Change in tax provision estimates 23,987 8,258 Impact of post acquisition Primero restructure — (20,024 ) Other (7,916 ) (7,017 ) Income tax expense (recovery) $ 1,450 $ (58,883 ) Statements of (Loss) Earnings Presentation Current income tax expense $ 16,423 $ 2,148 Deferred income tax recovery (14,973 ) (61,031 ) Income tax expense (recovery) $ 1,450 $ (58,883 ) Effective tax rate (4 %) 22 % During the years ended December 31, 2019 2018, Deferred tax assets Losses Provisions Deferred tax asset not recognized Other Total At December 31, 2017 $ 86,552 $ 10,115 $ (29,036 ) $ 815 $ 68,446 Benefit (expense) to income statement 17,702 6,393 (39,312 ) 2,741 (12,476 ) Acquisition of Primero (Note 4) 14,139 — — — 14,139 At December 31, 2018 $ 118,393 $ 16,508 $ (68,348 ) $ 3,556 $ 70,109 Benefit (expense) to income statement 8,079 6,379 (32,156 ) 4,295 (13,403 ) Charged to equity — — — 994 994 At December 31, 2019 $ 126,472 $ 22,887 $ (100,504 ) $ 8,845 $ 57,700 Deferred tax liabilities Property, plant and equipment and mining interests Effect of Mexican tax deconsolidation Non-current portion of income taxes payable Other Total At December 31, 2017 $ 95,696 $ 9,544 $ — $ 22,884 $ 128,124 (Benefit) expense to income statement (63,314 ) 488 1,752 (14,077 ) (75,151 ) Acquisition of Primero (Note 4) 33,000 — — 20,024 53,024 Charged to equity — — — 7,105 7,105 Reclassed to current income taxes payable — (3,288 ) — — (3,288 ) At December 31, 2018 $ 65,382 $ 6,744 $ 1,752 $ 35,936 $ 109,814 (Benefit) expense to income statement (32,381 ) 498 13,220 (2,891 ) (21,554 ) Reclassed to current income taxes payable — (2,813 ) — — (2,813 ) At December 31, 2019 $ 33,001 $ 4,429 $ 14,972 $ 33,045 $ 85,447 Statements of Financial Position Presentation Deferred tax assets $ 50,938 Deferred tax liabilities 90,643 At December 31, 2018 $ 39,705 Deferred tax assets $ 51,141 Deferred tax liabilities 78,888 At December 31, 2019 $ 27,747 At December 31, 2019, $51.1 2018 $50.9 2019 2018, The aggregate amount of taxable temporary differences associated with investments in subsidiaries for which deferred taxes have not December 31, 2019 $379.3 2018 $142.3 As at December 31, 2019 2018, not Year of expiry Canadian non-capital losses Swiss non-capital losses Mexican non-capital losses December 31, 2019 December 31, 2018 2019 $ — $ — $ — $ — $ 1,726 2020 — — 544 544 274 2021 — 3,166 4,659 7,825 10,402 2022 — — 4,060 4,060 3,719 2023 — — 2,213 2,213 1,763 2024 — — 39,319 39,319 36,214 2025 — — 51,911 51,911 91,844 2026 — — 113,630 113,630 105,683 2027 — — 56,760 56,760 52,654 2028 — — 99,315 99,315 68,546 2029 and after 22,209 — 89,754 111,963 18,263 Total $ 22,209 $ 3,166 $ 462,165 $ 487,540 $ 391,088 Unrecognized losses $ — $ — $ 208,253 $ 208,253 $ 147,697 |
Note 24 - Share Capital
Note 24 - Share Capital | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of issued capital [text block] | 24. (a) Authorized and issued capital The Company has unlimited authorized common shares with no In May 2018, 27,333,363 $6.84 CAD$8.80 4 In December 2018, August 2019, may, $100.0 44 102 December 31, 2019, 11,172,982 $7.55 $84.4 $81.9 1,277,838 $10.81 $13.8 (b) Stock options Under the terms of the Company’s 2019 8% may ten not 25% first 25% six The following table summarizes information about stock options outstanding as at December 31, 2019: Options Outstanding Options Exercisable Exercise prices (CAD$) Number of Weighted Average Exercise Price (CAD $/Share) Weighted Average Remaining Life (Years) Number of Weighted Average Exercise Price (CAD $/Share) Weighted Average Remaining Life (Years) 4.69 - 5.00 906,082 4.79 1.01 906,082 4.79 1.01 5.01 - 10.00 3,795,640 8.38 8.08 719,766 8.55 6.53 10.01 - 15.00 2,585,602 11.26 3.37 2,148,102 11.10 2.11 15.01 - 20.00 100,000 16.06 1.65 100,000 16.06 1.65 20.01 - 126.01 196,115 72.69 1.28 196,115 72.69 1.28 7,583,439 10.70 5.37 4,070,065 12.33 2.60 The movements in stock options issued during the years ended December 31, 2019 2018 Year Ended Year Ended December 31, 2019 December 31, 2018 Number of Options Weighted Average Exercise Price (CAD $/Share) Number of Weighted Average Exercise Price (CAD $/Share) Balance, beginning of the year 9,266,098 10.76 9,431,737 9.35 Granted 2,601,680 8.83 2,552,796 15.95 Exercised (2,918,518 ) 7.54 (973,948 ) 5.28 Cancelled or expired (1,365,821 ) 14.31 (1,744,487 ) 13.78 Balance, end of the year 7,583,439 10.70 9,266,098 10.76 During the year ended December 31, 2019, $8.5 December 31, 2018 $7.8 $3.26 December 31, 2018 - $3.07 The following weighted average assumptions were used in estimating the fair value of stock options granted using the Black-Scholes Option Pricing Model: Year Ended Year Ended Assumption Based on December 31, 2019 December 31, 2018 Risk-free interest rate (%) Yield curves on Canadian government zero- coupon bonds with a remaining term equal to the stock options’ expected life 2.01 1.87 Expected life (years) Average of the expected vesting term and expiry term of the option 5.80 5.40 Expected volatility (%) Historical and implied volatility of the precious metals mining sector 51.29 58.70 Expected dividend yield (%) Annualized dividend rate as of the date of grant — — The weighted average closing share price at date of exercise for the year ended December 31, 2019 CAD$12.81 December 31, 2018 CAD$8.86 (c) Restricted Share Units The Company adopted the 2019 three The associated compensation cost is recorded as share-based payments expense against equity reserves. The following table summarizes the changes in RSU's for the year ended December 31, 2019: Year Ended December 31, 2019 Number of shares Weighted Outstanding, beginning of the year — $ — Granted 274,520 7.29 Settled (145,576 ) 7.29 Forfeited — — Outstanding, end of the year 128,944 $ 7.29 (d) Delisting from the Mexican Stock Exchange On February 21, 2018, December 31, 2018, 14,343 $0.1 |
Note 25 - Financial Instruments
Note 25 - Financial Instruments and Related Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of financial risk management [text block] | 25. The Company’s financial instruments and related risk management objectives, policies, exposures and sensitivity related to financial risks are summarized below. (a) Fair value and categories of financial instruments Financial instruments included in the consolidated statements of financial position are measured either at fair value or amortized cost. Estimated fair values for financial instruments are designed to approximate amounts for which the instruments could be exchanged in an arm’s-length transaction between knowledgeable and willing parties. The Company uses various valuation techniques in determining the fair value of financial assets and liabilities based on the extent to which the fair value is observable. The following fair value hierarchy is used to categorize and disclose the Company’s financial assets and liabilities held at fair value for which a valuation technique is used: Level 1: Level 2: Level 3: not The table below summarizes the valuation methods used to determine the fair value of each financial instrument: Financial Instruments Measured at Fair Value Valuation Method Trade receivables (related to concentrate sales) Receivables that are subject to provisional pricing and final price adjustment at the end of the quotational period are estimated based on observable forward price of metal per London Metal Exchange (Level 2 Marketable securities Based on quoted market prices for identical assets in an active market (Level 1 Silver futures derivatives Foreign exchange derivatives Financial Instruments Measured at Amortized Cost Valuation Method Cash and cash equivalents Approximated carrying value due to their short-term nature Trade and other receivables Trade and other payables Debt facilities Assumed to approximate carrying value as discount rate on these instruments approximate the Company's credit risk. The following table presents the Company’s fair value hierarchy for financial assets and financial liabilities that are measured at fair value: December 31, 2019 December 31, 2018 Fair value measurement Fair value measurement Carrying value Level 1 Level 2 Carrying value Level 1 Level 2 Financial assets Trade receivables $ 1,182 $ — $ 1,182 $ 2,559 $ — $ 2,559 Marketable securities (Note 14) 6,506 6,506 — 6,420 6,420 — Silver futures derivatives (Note 14) — — — 2,038 2,038 — Foreign exchange derivatives 982 982 — — — — There were no 1, 2 3 December 31, 2019 2018. (b) Capital risk management The Company’s objectives when managing capital are to maintain financial flexibility to continue as a going concern while optimizing growth and maximizing returns of investments from shareholders. The Company monitors its capital structure and, based on changes in operations and economic conditions, may (b) Capital risk management The capital of the Company consists of equity (comprising of issued capital, equity reserves and retained earnings or accumulated deficit), debt facilities, lease liabilities, net of cash and cash equivalents as follows: December 31, December 31, Equity $ 662,321 $ 594,573 Debt facilities 155,818 149,512 Lease liabilities 21,936 5,847 Less: cash and cash equivalents (169,009 ) (57,013 ) $ 671,066 $ 692,919 The Company’s investment policy is to invest its cash in highly liquid short-term investments with maturities of 90 12 The Company is not 20 21 December 31, 2019 December 31, 2018, (c) Financial risk management The Company thoroughly examines the various financial instruments and risks to which it is exposed and assesses the impact and likelihood of those risks. These risks may Credit Risk Credit risk is the risk of financial loss if a customer or counterparty fails to meet its contractual obligations. The Company’s credit risk relates primarily to trade receivables in the ordinary course of business, value added taxes receivable and other receivables. As at December 31, 2019, $29.6 2018 $59.7 2019. three six The Company sells and receives payment upon delivery of its silver doré and by-products primarily through three three 60 not The carrying amount of financial assets recorded in the consolidated financial statements represents the Company’s maximum exposure to credit risk. With the exception to the above, the Company believes it is not Liquidity Risk Liquidity risk is the risk that the Company will not The following table summarizes the maturities of the Company’s financial liabilities as at December 31, 2019 Carrying Amount Contractual Cash Flows Less than 1 year 2 to 3 years 4 to 5 years After 5 years Trade and other payables $ 59,123 $ 59,123 $ 59,123 $ — $ — $ — Debt facilities 155,818 188,439 4,209 26,263 157,967 — Lease liabilities 21,936 22,561 6,829 7,778 7,954 — Other liabilities 4,675 4,405 — — — 4,405 $ 241,552 $ 274,528 $ 70,161 $ 34,041 $ 165,921 $ 4,405 At December 31, 2019, $171.1 December 31, 2018 $108.1 December 31, 2019 $226.2 $55.0 12 Currency Risk The Company is exposed to foreign exchange risk primarily relating to financial instruments that are denominated in Canadian dollars or Mexican pesos, which would impact the Company’s net earnings or loss. To manage foreign exchange risk, the Company may The sensitivity of the Company’s net earnings or loss and comprehensive income or loss due to changes in the exchange rate between the Canadian dollar and the Mexican peso against the U.S. dollar is included in the table below: December 31, 2019 Cash and cash equivalents Trade and other receivables Value added taxes receivable Other financial assets Trade and other payables Foreign exchange derivative Net assets (liabilities) exposure Effect of +/- 10% change in currency Canadian dollar $ 14,182 $ 56 $ — $ 3,010 $ (1,529 ) $ — $ 15,719 $ 1,572 Mexican peso 9,000 — 20,700 — (33,635 ) 27,000 23,065 2,307 $ 23,182 $ 56 $ 20,700 $ 3,010 $ (35,164 ) $ 27,000 $ 38,784 $ 3,878 Commodity Price Risk The Company is exposed to commodity price risk on silver, gold, lead and zinc, which have a direct and immediate impact on the value of its related financial instruments and net earnings. The Company’s revenues are directly dependent on commodity prices that have shown volatility and are beyond the Company’s control. The Company does not The following table summarizes the Company’s exposure to commodity price risk and their impact on net earnings: December 31, 2019 Effect of +/- 10% change in metal prices Silver Gold Lead Total Metals subject to provisional price adjustments $ 65 $ — $ 38 $ 103 Metals in doré and concentrates inventory 90 238 6 334 $ 155 $ 238 $ 44 $ 437 Interest Rate Risk The Company is exposed to interest rate risk on its short-term investments, debt facilities and lease liabilities. The Company monitors its exposure to interest rates and has not As at December 31, 2019, Based on the Company’s interest rate exposure at December 31, 2019, 25 not |
Note 26 - Supplemental Cash Flo
Note 26 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of cash flow statement [text block] | 26. Year Ended December 31, Note 2019 2018 Adjustments to reconcile net earnings to operating cash flows before movements in working capital: Unrealized foreign exchange loss and other $ 273 $ 659 Unrealized (gain) loss from marketable securities and silver futures derivatives (1,765 ) 4,435 $ (1,492 ) $ 5,094 Net change in non-cash working capital items: Decrease in trade and other receivables $ 1,304 $ 771 Decrease (increase) in value added taxes receivable 30,028 (17,173 ) Decrease in inventories 2,829 2,015 Decrease in prepaid expenses and other 776 549 Decrease in income taxes payable (6,569 ) (941 ) Increase (decrease) in trade and other payables 8,959 (6,388 ) $ 37,327 $ (21,167 ) Non-cash investing and financing activities: Transfer of share-based payments reserve upon settlement of RSUs $ 988 $ — Transfer of share-based payments reserve upon exercise of options $ 5,986 $ 967 Settlement of liabilities $ — $ (500 ) As at December 31, 2019, $5.2 2018 $4.9 12 |
Note 27 - Contingencies and Oth
Note 27 - Contingencies and Other Matters | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of contingent liabilities [text block] | 27. Due to the size, complexity and nature of the Company’s operations, various legal and tax matters arise in the ordinary course of business. The Company accrues for such items when a liability is probable and the amount can be reasonably estimated. In the opinion of management, these matters will not Claims and Legal Proceedings Risks The Company is subject to various claims and legal proceedings covering a wide range of matters that arise in the ordinary course of business activities. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may may may may Although the Company has taken steps to verify ownership and legal title to mineral properties in which it has an interest, according to the usual industry standards for the stage of mining, development and exploration of such properties, these procedures do not may may not Primero Tax Rulings Since Primero acquired the San Dimas Mine in August 2010, 100% 6 50% $4.04 1%. In order to reflect commercial realities and the effects of the Old Stream Agreement, for Mexican income tax purposes, PEM recognized the revenue on these silver sales based on its actual realized revenue (“PEM Realized Price”) instead of at spot market prices. To obtain assurances that the Servicio de Administración Tributaria ("SAT") would accept the PEM Realized Price as the proper price to use to calculate Mexican income taxes, Primero applied for and received an Advanced Pricing Agreement (“APA”) from the SAT. The APA confirmed that the PEM Realized Price would be used as Primero’s basis for calculating taxes owed by Primero on the silver sold under the Old Stream Agreement. Primero believed that the function of an APA was to provide tax certainty and as a result made significant investments in Mexico based on that certainty. On October 4, 2012, five 2010 2014. In February 2016, not may 2010 2014. 2010 2018 $188.3 In 2019, 2010 2012 $260.9 third no While the Company continues to vigorously defend the validity of the APA and its transfer pricing position, it is also engaging in various proceedings with the SAT seeking to resolve matters and bring tax certainty through a negotiated solution. Since January 1, 2015, not may one $19.6 December 31, 2019 not To the extent the SAT determines that the appropriate price of silver sales under the Silver Purchase Agreement is significantly different from the realized price and while PEM would have rights of appeal in connection with any reassessments, it is likely to have a material effect on the Company’s business, financial position and results of operations. La Encantada Tax Re-assessments In December 2019, 2012 2013 $8.2 $6.7 no Primero Class Action Suit In July 2016, January 30, 2017. February 27, 2017. July 14, 2017 September 8, 2017. September 17, 2019, 11 29 October 24, 2019. First Silver litigation In April 2013, $93.8 $14.1 June 2013 $62.8 CAD$81.5 no December 31, 2019, not $62.8 CAD$81.5 |
Note 28 - Subsidiaries
Note 28 - Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of basis of consolidation [text block] | 28. The consolidated financial statements of the Company include the following significant subsidiaries as at December 31, 2019 2018 Name of subsidiary Operations and Projects Location 2019 % Ownership 2018 % Ownership First Majestic Silver Corp. Parent company and bullion sales Canada 100 % 100 % Corporación First Majestic, S.A. de C.V. Holding company Mexico 100 % 100 % Primero Empresa Minera, S.A de C.V. San Dimas Silver/Gold Mine Mexico 100 % 100 % Nusantara de Mexico, S.A. de C.V. Santa Elena Silver/Gold Mine Mexico 100 % 100 % Minera La Encantada, S.A. de C.V. La Encantada Silver Mine Mexico 100 % 100 % La Encantada Procesadora de Minerales, S.A. de C.V. La Encantada Silver Mine Mexico 100 % 100 % First Majestic Plata, S.A. de C.V. La Parrilla Silver Mine Mexico 100 % 100 % Minera El Pilón, S.A. de C.V. San Martin Silver Mine Mexico 100 % 100 % First Majestic Del Toro, S.A. de C.V. Del Toro Silver Mine Mexico 100 % 100 % La Guitarra Compañia Minera, S.A. de C.V. La Guitarra Silver Mine Mexico 100 % 100 % Majestic Services, S.A. de C.V. Service company Mexico 100 % 100 % Santa Elena Oro y Plata, S.A. de C.V. Service company Mexico 100 % 100 % FM Metal Trading (Barbados) Ltd. Metals trading company Barbados 100 % 100 % Silver Trading (Barbados) Ltd. Metals trading company Barbados 100 % 100 % FMS Trading AG Metals trading company Switzerland 100 % 100 % |
Note 29 - Key Management Compen
Note 29 - Key Management Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | 29. Year Ended December 31, 2019 2018 Salaries, bonuses, fees and benefits Independent members of the Board of Directors $ 790 $ 702 Other members of key management 4,267 3,212 Share-based payments Independent members of the Board of Directors 439 306 Other members of key management 2,975 2,587 $ 8,471 $ 6,807 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for new and amended IFRS standards [text block] | New and amended IFRS standards that are effective for the current year Leases On January 1, 2019, 16 16" 17 16 16 The Company adopted IFRS 16 no $3.7 17 21 no The Company has elected to apply the available exemptions as permitted by IFRS 16 12 12 In transitioning to IFRS 16, 16, 16 5.8% 12.4%. December 31, 2019, $2.0 $0.8 16 $2.4 $2.4 no Uncertainty over Income Tax Treatments The Company has adopted IFRIC 23 23" January 1, 2019. 23 not In preparing the Company’s consolidated financial statements for the years ended December 31, 2019 2018, |
Description of accounting policy for business combinations, explanatory [text block] | Business Combinations Accounting Policy: Acquisitions of businesses are accounted for using the acquisition method. The consideration of each business combination is measured, at the date of the exchange, as the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the Company to the former owners of the acquiree in exchange for control of the acquiree. Acquisition-related costs incurred for the business combination are expensed. The acquiree’s identifiable assets, liabilities and contingent liabilities are recognized at their fair value at the acquisition date. Goodwill arising on acquisition is recognized as an asset and initially measured at cost, being the excess of the consideration of the acquisition over the Company’s interest in the fair value of the net identifiable assets, liabilities and contingent liabilities recognized. If the Company’s interest in the fair value of the acquiree’s net identifiable assets, liabilities and contingent liabilities exceeds the cost of the acquisition, the excess is recognized in earnings or loss immediately. Goodwill may Accounting Estimates and Judgments: Determination of a Business Determination of whether a set of assets acquired and liabilities assumed constitute a business may In 2018, 4 Accounting Estimates and Judgments: Fair Value Estimates In business combinations, it generally requires time to obtain the information necessary to identify and measure the following as of the acquisition date: (i) The identifiable assets acquired and liabilities assumed; (ii) The consideration transferred in exchange for an interest in the acquiree; (iii) The resulting goodwill. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports in its consolidated financial statements provisional amounts for the items for which the accounting is incomplete. During the allowable measurement period, the Company will retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognized as of that date. The Company may not not one The purchase consideration for the acquisition of Primero was allocated based on management’s best estimates at the time of the acquisition and no Accounting Estimates and Judgments: Consideration for the Acquisition of Primero Acquisitions of businesses are accounted for using the acquisition method. The consideration of each business combination is measured, at the date of the exchange, as the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the Company to the former owners of the acquiree in exchange for control of the acquiree. In determining the total consideration for the acquisition of Primero, the Company included consideration issued to Wheaton Precious Metals Corp. ("WPM") on the basis that WPM is, in substance, an owner of Primero given the following: (i) The requirement of consent by WPM to a change in control for Primero; (ii) WPM was a guarantor of certain of Primero's debt facilities and also guarantees through the previous stream agreement which would have resulted in WPM having a significant interest in the residual assets of Primero in the event of a bankruptcy or default; and (iii) The plan of arrangement for the acquisition of Primero was contemplated together and neither transactions would have been economical without considering the other. Therefore, management included consideration issued to WPM for the restructuring of the New Stream as part of the consideration for the business combination. |
Description of accounting policy for goodwill [text block] | Goodwill Accounting Policy: Goodwill arising on the acquisition of a business is carried at cost as established at the date of the acquisition less accumulated impairment losses, if any. Goodwill is allocated to each of the Company’s cash-generating units that is expected to benefit from the synergies of the acquisition. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may first not December 31, 2019, $nil 2018 $nil |
Description of accounting policy for functional currency [text block] | Foreign Currency Accounting Policy: The consolidated financial statements are presented in U.S. dollars. The individual financial statements of each entity are presented in their functional currency, which is the currency of the primary economic environment in which the entity operates. Transactions in foreign currencies are translated into the entities’ functional currencies at the exchange rates at the date of the transactions. Monetary assets and liabilities of the Company’s operations denominated in a currency other than the U.S. dollar are translated using exchange rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates on the dates of the transactions. Revenue and expense items are translated at the exchange rates in effect at the date of the underlying transaction, except for depletion and depreciation related to non-monetary assets, which are translated at historical exchange rates. Exchange differences are recognized in the statements of earnings or loss in the period in which they arise. Accounting Estimates and Judgments: Determination of Functional Currency The functional currency for each of the Company’s subsidiaries is the currency of the primary economic environment in which the entity operates. The Company has determined that the functional currency of each entity is the U.S. dollar. Determination of functional currency may |
Description of accounting policy for recognition of revenue [text block] | Revenue Recognition ( Note 6 ) Accounting Policy: The Company's primary product is silver. Other metals, such as gold, lead and zinc, produced as part of the extraction process are considered to be by-products arising from the production of silver. Smelting and refining charges are net against revenue from the sale of metals. Revenue relating to the sale of metals is recognized when control of the metal or related services are transferred to the customer in an amount that reflects the consideration the Company expects to receive in exchange for the metals. When considering whether the Company has satisfied its performance obligation, it considers the indicators of the transfer of control, which include, but are not Accounting Policy: (continued) Metals in doré sold are priced on date of transfer of control. Final weights and assays are adjusted on final settlement which is approximately one one three Revenue from the sale of coins, ingots and bullion is recorded when the products have been shipped and funds have been received. When cash was received from customers prior to shipping of the related finished goods, the amounts are recorded as unearned revenue until the products are shipped. Accounting Estimates and Judgments: Determination of Performance Obligations The Company applied judgment to determine if a good or service that is promised to a customer is distinct based on whether the customer can benefit from the good or service on its own or together with other readily available resources and whether the good or service is separately identifiable. Based on these criteria, the Company determined the primary performance obligation relating to its sales contracts is the delivery of the bullion, doré and concentrates. Shipping and insurance services arranged by the Company for its concentrate sales customers that occur after the transfer of control are also considered to be performance obligations. Accounting Estimates and Judgments: Variable Consideration Variable consideration should only be recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not not The Company applied judgment to determine the amount of variable consideration to be recognized during the period for which the likelihood of significant reversal is low. |
Description of accounting policy for measuring inventories [text block] | Inventories ( Note 13 ) Accounting Policy: Mineral inventories, including stockpiled ore, work in process and finished goods, are valued at the lower of weighted average cost and estimated net realizable value. Cost includes all direct costs incurred in production including direct labour and materials, freight, depreciation and amortization and directly attributable overhead costs. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and future metal prices less estimated future production costs to convert the inventories into saleable form. Any write-downs of inventory to net realizable value are recorded as cost of sales. If there is a subsequent increase in the value of inventories, the previous write-downs to net realizable value are reversed to the extent that the related inventory has not Accounting Policy: (continued) Stockpiled ore inventory represents ore that has been extracted from the mine and is available for further processing. Costs added to stockpiled ore inventory are valued based on current mining cost per tonne incurred up to the point of stockpiling the ore and are removed at the weighted average cost per tonne. Stockpiled ore tonnage is verified by periodic surveys and physical counts. Work in process inventory includes precipitates, inventories in tanks and in the milling process. Finished goods inventory includes metals in their final stage of production prior to sale, including primarily doré and dried concentrates at our operations and finished goods in-transit. Materials and supplies inventories are valued at the lower of weighted average cost and net realizable value. Costs include acquisition, freight and other directly attributable costs. |
Description of accounting policy for exploration and evaluation expenditures [text block] | Exploration and Evaluation Expenditures ( Note 15 ) Accounting Policy: Exploration and evaluation activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activity includes: • acquiring the rights to explore; • researching and analyzing historical exploration data; • gathering exploration data through topographical, geochemical and geophysical studies; • exploratory drilling, trenching and sampling; • determining and examining the volume and grade of the resource; • surveying transportation and infrastructure requirements; and • compiling pre-feasibility and feasibility studies. Capitalization of exploration and evaluation expenditures commences on acquisition of a beneficial interest or option in mineral rights. Capitalized costs are recorded as mining interests at cost less impairment charges, if applicable. No not The majority of the Company’s exploration and evaluation expenditures focus on mineral deposits in proximity to its existing mining operations. Where the Company is acquiring a new property, the Company makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. Exploration and evaluation expenditures are transferred to development or producing mining interests when technical feasibility and commercial viability of the mineral resource have been demonstrated. Factors taken into consideration include: • there is sufficient geological certainty of converting the mineral deposit into proven and probable reserves; • life of mine plan and economic modeling support the economic extraction of such reserves and resources; • for new properties, a scoping study and/or feasibility study demonstrates that the additional reserves and resources will generate a positive economic outcome; and • operating and environmental permits exist or are reasonably assured as obtainable. Exploration and evaluation expenditures remain as exploration mining interests and do not Accounting Estimates and Judgments: Economic recoverability and probability of future economic benefits of exploration, evaluation and development costs Management has determined that exploratory drilling, evaluation, development and related costs incurred which were capitalized have potential future economic benefits and are potentially economically recoverable, subject to impairment analysis. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefit including geologic and metallurgic information, history of conversion of mineral deposits to proven and probable reserves, scoping and feasibility studies, accessible facilities, existing permits and life of mine plans. |
Description of accounting policy for mining assets [text block] | Mining Interests ( Note 15 ) Accounting Policy: Exploration, development and field support costs directly related to mining interests are deferred until the property to which they directly relate is placed into production, sold, abandoned or subject to a condition of impairment. The deferred costs are amortized over the useful life of the ore body following commencement of production, or written off if the property is sold or abandoned. Administration costs and other exploration costs that do not Upon commencement of commercial production, mining interests are depleted on a units-of-production basis over the estimated economic life of the mine. In applying the units of production method, depletion is determined using quantity of material extracted from the mine in the period as a portion of total quantity of material to be extracted in current and future periods based on reserves and resources considered to be highly probable to be economically extracted over the life of mine. If no may From time to time, the Company acquires or disposes of properties pursuant to the terms of option agreements. Options are exercisable entirely at the discretion of the optionee with no Accounting Estimates and Judgments: Mineral Reserve and Resource Estimates Mineral reserve and resource estimates affect the determination of recoverable value used in impairment assessments, the depletion and depreciation rates for non-current assets using the units of production method and the expected timing of reclamation and closure expenditures. The figures for mineral reserves and mineral resources are determined in accordance with National Instrument 43 101 43 101" Accounting Estimates and Judgments: Depletion Rate for Mining Interests Depletion expenses are allocated based on estimated useful life of the asset. Should the expected asset life and associated depletion rate differ from the initial estimate, the change in estimate would be made prospectively in the consolidated statements of earnings or loss. |
Description of accounting policy for property, plant and equipment [text block] | Property, Plant and Equipment ( Note 16 ) Accounting Policy: Property, plant and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of property, plant and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and borrowing costs related to the acquisition or construction of qualifying assets. Property, plant and equipment are depreciated using either the straight-line or units-of-production method over the shorter of the estimated useful life of the asset or the expected life of mine. Where an item of property, plant and equipment comprises of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment. Assets under construction are recorded at cost and re-allocated to machinery and equipment when it becomes available for use. Depreciation commences when the asset is in the condition and location necessary for it to operate in the manner intended by management. Depreciation charges on assets that are directly related to mineral properties are allocated to those mineral properties. The Company conducts an annual review of residual balances, useful lives and depreciation methods utilized for property, plant and equipment. Any changes in estimate that arise from this review are accounted for prospectively. Accounting Estimates and Judgments: Commencement of Commercial Production Prior to reaching commercial production levels intended by management, costs incurred are capitalized as part of the related mine or mill and proceeds from mineral sales are offset against costs capitalized. Depletion of capitalized costs for mining properties and depreciation and amortization of property, plant and equipment begin when operating levels intended by management have been reached. Determining when a mine or mill is in the condition necessary for it to be capable of operating in the manner intended by management is a matter of judgment dependent on the specific facts and circumstances. The following factors may • substantially all major capital expenditures have been completed to bring the asset to the condition necessary to operate in the manner intended by management; • the mine or mill has reached a pre-determined percentage of design capacity; • the ability to sustain a pre-determined level of design capacity for a significant period of time (i.e. the ability to process ore continuously at a steady or increasing level); • the completion of a reasonable period of testing of the mine plant and equipment; • the ability to produce a saleable product (i.e. the ability to produce concentrate within required sellable specifications); • the mine or mill has been transferred to operating personnel from internal development groups or external contractors; and • mineral recoveries are at or near the expected production levels. Accounting Estimates and Judgments: Depreciation and Amortization Rates for Property, Plant and Equipment Depreciation and amortization expenses are allocated based on estimated useful life of the asset. Should the expected asset life and associated depreciation rates differ from the initial estimate, the change in estimate would be made prospectively in the consolidated statements of earnings or loss. |
Description of accounting policy for borrowing costs [text block] | Borrowing Costs Accounting Policy: Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset that takes a substantial period of time to get ready for its intended use are capitalized as part of the cost of the asset until the asset is substantially ready for its intended use. Other borrowing costs are recognized as an expense in the period incurred. As at December 31, 2019 2018, not |
Description of accounting policy for leases [text block] | Right of Use Assets (Note 17 Note 21 ) Accounting Policy: Effective January 1, 2019, 12 The lease liability is initially measured at the present value of the lease payments that are not Lease payments included in the measurement of the lease liability comprise: • fixed lease payments (including in-substance fixed payments), less any lease incentives receivable; • variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; • the amount expected to be payable by the lessee under residual value guarantees; • the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. Accounting Policy: The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: • the lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. • the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). • a lease contract is modified and the lease modification is not The right-of-use assets comprise of the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. As a practical expedient, IFRS 16 not Prior to January 1, 2019, Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized in accordance with the Company’s general policy on borrowing costs. |
Description of accounting policy for impairment of assets [text block] | Impairment of Non-Current Assets ( Note 18 ) Accounting Policy: At each statement of financial position date, the Company reviews the carrying amounts of its non-current assets to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. Where the asset does not If the recoverable amount of the asset or CGU is determined to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and an impairment loss is recognized as an expense in the consolidated statements of earnings or loss. Recoverable amount is the higher of fair value less costs of disposal (“FVLCD”) and value in use (“VIU”). FVLCD is determined as the amount that would be obtained from the sale of the asset or CGU in an arm’s length transaction between knowledgeable and willing parties. The Company considers the use of a combination of its internal discounted cash flow economic models and in-situ value of reserves, resources and exploration potential of each CGU for estimation of its FVLCD. These cash flows are discounted by an appropriate post-tax discount rate to arrive at a net present value of the asset. VIU is determined as the present value of the estimated cash flows expected to arise from the continued use of the asset or CGU in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Company’s continued use and does not Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not no not Accounting Estimates and Judgments: Indications of Impairment and Reversal of Impairment Management considers both external and internal sources of information in assessing whether there are any indications that the Company’s property, plant and equipment and mining interests are impaired or previous impairments should be reversed. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not For exploration and evaluation assets, indications include but are not Fair Value Estimates In determining the recoverable amounts of the Company’s property, plant and equipment and mining interests, management makes estimates of the discounted future cash flows expected to be derived from the Company’s mining properties, costs of disposal of the mining properties and the appropriate discount rate. Reductions in metal price forecasts, increases in estimated future costs of production, increases in estimated future capital expenditures, reductions in the amount of recoverable reserves, resources, and exploration potential, and/or adverse current economics can result in an impairment of the carrying amounts of the Company’s non-current assets. Conversely, favourable changes to the aforementioned factors can result in a reversal of previous impairments. |
Description of accounting policy for share-based payment transactions [text block] | Share-based Payment Transactions ( Note 24 ) Accounting Policy: Employees (including directors and officers) of the Company may The Company adopted the 2019 three In situations where equity instruments are issued to non‐employees, the share-based payments are measured at the fair value of goods or services received. If some or all of the goods or services received by the Company as consideration cannot be specifically identified, they are measured at the fair value of the share‐based payment. Accounting Estimates and Judgments: Valuation of Share-based Payments The Company uses the Black-Scholes Option Pricing Model for valuation of share-based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s earnings and equity reserves. |
Description of accounting policy for income tax [text block] | Taxation ( Note 23 ) Accounting Policy: Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case they are recognized in other comprehensive income or directly in equity. Current income tax is based on taxable earnings for the year. The tax rates and tax laws to compute the amount payable are those that are substantively enacted in each tax regime at the date of the statement of financial position. Deferred income tax is recognized, using the liability method, on temporary differences between the carrying value of assets and liabilities in the statement of financial position, unused tax losses, unused tax credits and the corresponding tax bases used in the computation of taxable earnings, based on tax rates and tax laws that are substantively enacted at the date of the statement of financial position and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, and interests in joint ventures, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not Deferred tax assets are recognized for all deductible temporary differences to the extent that the realization of the related tax benefit through future taxable earnings is probable. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the current tax assets against the current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Accounting Estimates and Judgments: Recognition of Deferred Income Tax Assets In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. Forecasted cash flows from operations are based on life of mine projections internally developed, reviewed by management and are consistent with the forecasts utilized for business planning and impairment testing purposes. Weight is attached to tax planning opportunities that are within the Company’s control, and are feasible and implementable without significant obstacles. The likelihood that tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on individual facts and circumstances of the relevant tax position evaluated in light of all available evidence. Where applicable tax laws and regulations are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can occur that materially affect the amounts of income tax assets recognized. At the end of each reporting period, the Company reassesses recognized and unrecognized income tax assets. Accounting Estimates and Judgments: Tax Contingencies The Company’s operations involve dealing with uncertainties and judgments in the application of tax regulations in multiple jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with tax authorities in various jurisdictions and resolution of disputes arising from tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues based on its estimate of whether, and the extent to which, additional taxes will be due. The Company adjusts these liabilities in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may |
Description of accounting policy for determining components of cash and cash equivalents [text block] | Cash and Cash Equivalents Accounting Policy: Cash in the statement of financial position includes cash on hand and held at banks and cash equivalents include short-term guaranteed investment certificates redeemable within three |
Description of accounting policy for financial instruments [text block] | Financial Instruments Accounting Policy: Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, all financial assets and financial liabilities are recorded at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as at fair value through profit or loss (“FVTPL”). The directly attributable transaction costs of financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Subsequent measurement of financial assets and liabilities depends on the classifications of such assets and liabilities. Accounting Policy: (continued) Amortized cost Financial assets that meet the following conditions are measured subsequently at amortized cost: • the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income is recognized using the effective interest method. The Company's financial assets at amortized cost primarily include cash and cash equivalents, trade and other receivables and value added taxes receivable included in other current and non-current financial assets in the Consolidated Statement of Financial Position. Fair value through other comprehensive income ("FVTOCI") Financial assets that meet the following conditions are measured at FVTOCI: • The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company has designated certain investments in marketable securities that are not 14 On initial recognition, the Company may not not Financial assets measured subsequently at fair value through profit or loss (“FVTPL”) By default, all other financial assets, including derivatives, are measured subsequently at FVTPL. The Company, at initial recognition, may Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss to the extent they are not 25. Accounting Policy: Financial liabilities and equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No Financial liabilities that are not The Company's financial liabilities at amortized cost primarily include trade and other payables, debt facilities (note 20 21 |
Description of accounting policy for provisions [text block] | Provisions ( Note 22 ) Accounting Policy: Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate of the obligation can be made. The amount recognized as a provision is the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as finance costs. Accounting Estimates and Judgments: Estimated Reclamation and Closure Costs The Company’s provision for decommissioning liabilities represents management’s best estimate of the present value of the future cash outflows required to settle estimated reclamation and closure costs at the end of the mine’s life. The provision reflects estimates of future costs, inflation, movements in foreign exchange rates and assumptions of risks associated with the future cash outflows, and the applicable risk-free interest rates for discounting the future cash outflows. Changes in the above factors can result in a change to the provision recognized by the Company. Changes to reclamation and closure cost obligations are recorded with a corresponding change to the carrying amounts of related mining properties. Adjustments to the carrying amounts of related mining properties can result in a change to future depletion expense. |
Description of accounting policy for earnings per share [text block] | Earnings or Loss per Share ( Note 11 ) Accounting Policy: Basic earnings or loss per share for the period is calculated by dividing the earnings or loss attributable to equity holders of the Company by the weighted average number of shares outstanding during the reporting period. Diluted earnings or loss per share is calculated by adjusting the weighted average number of shares outstanding to assume conversion of all potentially dilutive share equivalents, such as stock options and share purchase warrants, and assumes the receipt of proceeds upon exercise of the options to determine the number of shares assumed to be purchased at the average market price during the period. |
Disclosure of expected impact of initial application of new standards or interpretations [text block] | Future Changes in Accounting Policies Not December 31, 2019 Amendments to IFRS 3 The amendments clarify that while businesses usually have outputs, outputs are not Additional guidance is provided that helps to determine whether a substantive process has been acquired. The amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not not The amendments are applied prospectively to all business combinations and asset acquisitions for which the acquisition date is on or after the first January 1, 2020, Amendments to IAS 1 8 The amendments are intended to make the definition of material in IAS 1 not The threshold for materiality influencing users has been changed from could influence to could reasonably be expected to influence. The definition of material in IAS 8 1. The amendments are applied prospectively for annual periods beginning on or after January 1, 2020, Amendments to References to the Conceptual Framework in IFRS Standards Together with the revised Conceptual Framework, which became effective upon publication on March 29, 2018, 2, 3, 6, 14, 1, 8, 34, 37, 38, 12, 19, 20, 22, 32. Not 2001, 2010, 2018 not The amendments, where they actually are updates, are effective for annual periods beginning on or after January 1, 2020, |
Note 4 - Acquisition of Prime_2
Note 4 - Acquisition of Primero Mining Corp. (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combination [text block] | Total Consideration 6,418,594 First Majestic shares to Primero shareholders at $6.84 (CAD$8.80) per share $ 43,903 20,914,590 First Majestic shares to Wheaton Precious Metals Corp. at $6.84 (CAD$8.80) per share 143,056 $ 186,959 Allocation of Purchase Price Cash and cash equivalents $ 3,871 Value added taxes receivable 27,508 Inventories 15,628 Mining interests 178,183 Property, plant and equipment 122,815 Deposit on non-current assets 60 Non-current income taxes receivable 19,342 Other working capital items (23,792 ) Income taxes payable (2,888 ) Debt facilities (106,110 ) Decommissioning liabilities (4,095 ) Other non-current liabilities (4,678 ) Deferred tax liabilities (38,885 ) Net assets acquired $ 186,959 |
Note 5 - Segmented Information
Note 5 - Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about entity reportable segments, explanatory [text block] | Year Ended December 31, 2019 and 2018 Revenue Cost of sales Depletion, depreciation, and amortization Mine operating earnings (loss) Capital expenditures Mexico San Dimas 2019 $ 185,999 $ 100,120 $ 28,491 $ 57,388 $ 42,511 2018 102,515 60,762 19,052 22,701 20,485 Santa Elena 2019 94,378 53,605 12,204 28,569 23,004 2018 83,116 52,154 12,352 18,610 18,908 La Encantada 2019 50,867 36,609 11,648 2,610 13,225 2018 24,533 30,215 13,955 (19,637 ) 16,938 La Parrilla 2019 14,023 16,152 3,422 (5,551 ) 10,503 2018 29,908 26,758 24,944 (21,794 ) 14,191 Del Toro 2019 7,627 11,615 1,718 (5,706 ) 4,886 2018 17,923 19,170 8,612 (9,859 ) 11,620 San Martin 2019 10,554 13,143 7,022 (9,611 ) 4,869 2018 33,925 22,903 8,608 2,414 9,302 Others 2019 496 902 1,079 (1,485 ) 25,196 2018 9,009 7,200 6,144 (4,335 ) 15,743 Consolidated 2019 $ 363,944 $ 232,146 $ 65,584 $ 66,214 $ 124,194 2018 $ 300,929 $ 219,162 $ 93,667 $ (11,900 ) $ 107,187 At December 31, 2019 and 2018 Mining Interests Property, plant Total Total Producing Exploration and mining assets assets Total liabilities Mexico San Dimas 2019 $ 193,433 $ 8,699 $ 116,556 $ 318,688 $ 375,359 $ 61,476 2018 182,434 3,705 120,218 306,357 368,460 59,990 Santa Elena 2019 45,046 18,592 47,787 111,425 134,666 23,867 2018 33,447 14,316 39,664 87,427 104,955 16,753 La Encantada 2019 23,091 1,104 14,736 38,931 71,255 21,563 2018 39,564 5,660 43,060 88,284 111,887 13,972 San Martin 2019 53,088 14,289 16,043 83,420 87,248 15,987 2018 50,406 12,538 18,373 81,317 92,835 23,386 La Parrilla 2019 20,065 7,348 7,723 35,136 56,270 8,384 2018 17,172 3,486 7,603 28,261 52,383 9,784 Del Toro 2019 11,129 5,566 6,002 22,697 37,546 7,899 2018 9,601 3,082 5,775 18,458 36,760 7,624 Others 2019 21,496 40,445 27,792 89,733 265,579 226,427 2018 21,027 39,175 16,391 76,593 158,830 200,028 Consolidated 2019 $ 367,348 $ 96,043 $ 236,639 $ 700,030 $ 1,027,924 $ 365,603 2018 $ 353,651 $ 81,962 $ 251,084 $ 686,697 $ 926,110 $ 331,537 |
Note 6 - Revenues (Tables)
Note 6 - Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about revenues [text block] | Year Ended December 31, 2019 2018 Gross revenue by material: Doré $ 345,334 94 % $ 255,723 83 % Concentrate 23,501 6 % 52,697 17 % Gross revenue $ 368,835 100 % $ 308,420 100 % Gross revenue from payable metals: Silver $ 215,301 58 % $ 176,783 57 % Gold 143,029 39 % 111,058 36 % Lead 6,988 2 % 14,369 5 % Zinc 3,517 1 % 6,210 2 % Gross revenue 368,835 100 % 308,420 100 % Less: smelting and refining costs (4,891 ) (7,491 ) Revenues $ 363,944 $ 300,929 |
Note 7 - Cost of Sales (Tables)
Note 7 - Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about cost of sales [text block] | Year Ended December 31, 2019 2018 Consumables and materials $ 45,947 $ 49,750 Labour costs 118,229 106,540 Energy 35,135 35,366 Other costs 13,243 13,300 Production costs $ 212,554 $ 204,956 Transportation and other selling costs 2,735 3,399 Workers participation costs 9,036 5,775 Environmental duties and royalties 1,438 1,288 Inventory changes 3,459 (3,776 ) (Cost recovery) writedowns related to Republic Metals Refining Corp. bankruptcy (1) (1,600 ) 7,520 Standby Costs (2) 2,879 — Restructuring costs (3) 1,645 — $ 232,146 $ 219,162 |
Note 8 - General and Administ_2
Note 8 - General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of expenses [text block] | Year Ended December 31, 2019 2018 Corporate administration $ 5,202 $ 5,552 Salaries and benefits 13,797 10,412 Audit, legal and professional fees 4,943 3,421 Filing and listing fees 429 449 Directors fees and expenses 793 739 Depreciation 1,636 855 $ 26,800 $ 21,428 |
Note 9 - Investment and Other_2
Note 9 - Investment and Other Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of finance income (cost) [text block] | Year Ended December 31, 2019 2018 Gain (loss) from investment in marketable securities (Note 14(a)) $ 528 $ (4,704 ) Gain from investment in silver futures derivatives (Note 14(b)) 1,237 269 Interest income and other 6,344 3,691 $ 8,109 $ (744 ) |
Note 10 - Finance Costs (Tables
Note 10 - Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of interest expense [text block] | Year Ended December 31, 2019 2018 Debt facilities (Note 20) $ 10,885 $ 10,389 Lease liabilities (Note 21) 1,142 524 Accretion of decommissioning liabilities (Note 22) 2,410 1,495 Silver sales and other 710 628 $ 15,147 $ 13,036 |
Note 11 - Loss Per Share (Table
Note 11 - Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | Year Ended December 31, 2019 2018 Net loss for the year $ (40,474 ) $ (204,164 ) Weighted average number of shares on issue - basic and diluted (1) 201,615,489 183,650,405 Loss per share - basic and diluted $ (0.20 ) $ (1.11 ) Loss per share - diluted $ (0.20 ) $ (1.11 ) |
Note 12 - Trade and Other Rec_2
Note 12 - Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other receivables explanatory [text block] | December 31, December 31, 2018 Trade receivables $ 3,503 $ 4,671 Other 792 928 $ 4,295 $ 5,599 |
Note 13 - Inventories (Tables)
Note 13 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about inventories explanatory [text block] | December 31, December 31, Finished goods - doré and concentrates $ 1,965 $ 2,538 Work-in-process 3,229 4,626 Stockpile 2,130 1,257 Silver coins and bullion 291 351 Materials and supplies 22,902 23,696 $ 30,517 $ 32,468 |
Note 14 - Other Financial Ass_2
Note 14 - Other Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of fair value of financial instruments [text block] | December 31, December 31, First Mining Gold Corp. (TSX: FF) $ 3,010 $ 2,753 Sprott Physical Silver Trust (NYSE: PSLV) 2,616 2,236 FVTPL marketable securities $ 5,626 $ 4,989 FVTOCI marketable securities 880 1,431 Total marketable securities $ 6,506 $ 6,420 Silver future derivatives — 2,038 Foreign exchange derivatives 982 — Total other financial assets $ 7,488 $ 8,458 |
Note 15 - Mining Interests (Tab
Note 15 - Mining Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about mining interests [text block] | December 31, December 31, Producing properties $ 367,348 $ 353,651 Exploration properties (non-depletable) 96,043 81,962 $ 463,391 $ 435,613 |
Exploration properties [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about mining interests producing properties and exploration properties [text block] | Exploration properties San Dimas Santa Elena La Encantada La Parrilla Del Toro San Martin La Guitarra Other Total Cost At December 31, 2017 $ — $ 7,777 $ 5,221 $ 13,982 $ 10,117 $ 9,599 $ 10,385 $ 29,847 $ 86,928 Exploration and evaluation expenditures 3,705 8,233 2,339 3,291 2,363 2,939 1,337 3,593 27,800 Impairment — — — (13,787 ) (9,398 ) — (5,987 ) — (29,172 ) Transfer to producing properties — (1,694 ) (1,900 ) — — — — — (3,594 ) At December 31, 2018 $ 3,705 $ 14,316 $ 5,660 $ 3,486 $ 3,082 $ 12,538 $ 5,735 $ 33,440 $ 81,962 Exploration and evaluation expenditures 7,450 11,738 2,164 3,862 2,484 1,751 — 1,032 30,481 Change in decommissioning liabilities (Note 22) — — — — — — — 238 238 Impairment (Note 18) — — (1,061 ) — — — — — (1,061 ) Transfer to producing properties (2,456 ) (7,462 ) (5,659 ) — — — — — (15,577 ) At December 31, 2019 $ 8,699 $ 18,592 $ 1,104 $ 7,348 $ 5,566 $ 14,289 $ 5,735 $ 34,710 $ 96,043 |
Producing properties [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about mining interests producing properties and exploration properties [text block] | Producing properties San Dimas Santa Elena La Encantada La Parrilla Del Toro San Martin La Guitarra Total Cost At December 31, 2017 $ — $ 36,371 $ 88,627 $ 155,351 $ 104,635 $ 90,955 $ 106,691 $ 582,630 Additions 11,030 7,609 5,787 8,336 6,241 3,988 2,686 45,677 Acquisition of Primero (Note 4) 178,183 — — — — — — 178,183 Change in decommissioning liabilities (Note 22) 4,092 (633 ) 3,122 — — — — 6,581 Transfer from exploration properties — 1,694 1,900 — — — — 3,594 At December 31, 2018 $ 193,305 $ 45,041 $ 99,436 $ 163,687 $ 110,876 $ 94,943 $ 109,377 $ 816,665 Additions 24,596 6,813 5,995 5,262 1,735 2,091 — 46,492 Change in decommissioning liabilities (Note 22) 301 2,338 500 696 945 4,051 469 9,300 Transfer from exploration properties 2,456 7,462 5,659 — — — — 15,577 At December 31, 2019 $ 220,658 $ 61,654 $ 111,590 $ 169,645 $ 113,556 $ 101,085 $ 109,846 $ 888,034 Accumulated depletion, amortization and impairment At December 31, 2017 $ — $ (7,639 ) $ (55,564 ) $ (62,144 ) $ (67,154 ) $ (40,317 ) $ (62,594 ) $ (295,412 ) Depletion and amortization (10,871 ) (3,955 ) (4,308 ) (16,470 ) (4,850 ) (4,220 ) (3,102 ) (47,776 ) Impairment (Note 18) — — — (67,901 ) (29,271 ) — (22,654 ) (119,826 ) At December 31, 2018 $ (10,871 ) $ (11,594 ) $ (59,872 ) $ (146,515 ) $ (101,275 ) $ (44,537 ) $ (88,350 ) $ (463,014 ) Depletion and amortization (16,354 ) (5,014 ) (6,025 ) (3,065 ) (1,152 ) (3,460 ) — (35,070 ) Impairment (Note 18) — — (22,602 ) — — — — (22,602 ) At December 31, 2019 $ (27,225 ) $ (16,608 ) $ (88,499 ) $ (149,580 ) $ (102,427 ) $ (47,997 ) $ (88,350 ) $ (520,686 ) Carrying values At December 31, 2018 $ 182,434 $ 33,447 $ 39,564 $ 17,172 $ 9,601 $ 50,406 $ 21,027 $ 353,651 At December 31, 2019 $ 193,433 $ 45,046 $ 23,091 $ 20,065 $ 11,129 $ 53,088 $ 21,496 $ 367,348 |
Note 16 - Property, Plant and_2
Note 16 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Land and Buildings (1) Machinery and Equipment Assets under Construction Other Total Cost At December 31, 2017 $ 134,398 $ 341,899 $ 21,949 $ 14,711 $ 512,957 Additions 9 4,411 28,669 621 33,710 Acquisition of Primero (Note 4) 40,404 70,064 7,169 5,178 122,815 Transfers and disposals 3,053 14,488 (22,114 ) 2,900 (1,673 ) At December 31, 2018 $ 177,864 $ 430,862 $ 35,673 $ 23,410 $ 667,809 Additions — 1,991 44,709 521 47,221 Transfers and disposals 20,548 23,802 (52,737 ) 507 (7,880 ) At December 31, 2019 $ 198,412 $ 456,655 $ 27,645 $ 24,438 $ 707,150 Accumulated depreciation, amortization and impairment At December 31, 2017 $ (86,404 ) $ (223,353 ) $ — $ (11,148 ) $ (320,905 ) Depreciation and amortization (8,215 ) (36,650 ) — (1,777 ) (46,642 ) Transfers and disposals — 1,464 — 48 1,512 Impairment (Note 18) (16,639 ) (33,420 ) — (631 ) (50,690 ) At December 31, 2018 $ (111,258 ) $ (291,959 ) $ — $ (13,508 ) $ (416,725 ) Depreciation and amortization (4,980 ) (23,829 ) — (2,122 ) (30,931 ) Transfers and disposals 271 5,189 — 459 5,919 Impairment (Note 18) (13,073 ) (15,701 ) — — (28,774 ) At December 31, 2019 $ (129,040 ) $ (326,300 ) $ — $ (15,171 ) $ (470,511 ) Carrying values At December 31, 2018 $ 66,606 $ 138,903 $ 35,673 $ 9,902 $ 251,084 At December 31, 2019 $ 69,372 $ 130,355 $ 27,645 $ 9,267 $ 236,639 |
Disclosure of detailed information about property plant and equipment allocated by mine explanatory [text block] | San Dimas Santa Elena La Encantada La Parrilla Del Toro San Martin La Guitarra Other Total Cost At December 31, 2017 $ — $ 73,684 $ 124,198 $ 96,491 $ 117,201 $ 47,541 $ 28,115 $ 25,727 $ 512,957 Additions 5,750 3,066 8,812 2,564 3,016 2,375 1,296 6,831 33,710 Acquisition of Primero (Note 4) 122,815 — — — — — — — 122,815 Transfers and disposals (802 ) (79 ) (864 ) (9 ) 1,311 1,784 (2,648 ) (366 ) (1,673 ) At December 31, 2018 $ 127,763 $ 76,671 $ 132,146 $ 99,046 $ 121,528 $ 51,700 $ 26,763 $ 32,192 $ 667,809 Additions 10,465 4,453 5,066 1,379 667 1,027 — 24,164 47,221 Transfers and disposals (1,925 ) 9,638 90 (4,104 ) (47 ) (409 ) (310 ) (10,813 ) (7,880 ) At December 31, 2019 $ 136,303 $ 90,762 $ 137,302 $ 96,321 $ 122,148 $ 52,318 $ 26,453 $ 45,543 $ 707,150 Accumulated depreciation, amortization and impairment At December 31, 2017 $ — $ (28,898 ) $ (80,269 ) $ (52,984 ) $ (93,579 ) $ (27,789 ) $ (21,654 ) $ (15,732 ) $ (320,905 ) Depreciation and amortization (8,179 ) (8,397 ) (9,646 ) (8,489 ) (3,761 ) (4,388 ) (2,161 ) (1,621 ) (46,642 ) Transfers and disposals 634 288 829 92 (804 ) (1,150 ) 1,546 77 1,512 Impairment (Note 18) — — — (30,062 ) (17,609 ) — (3,019 ) — (50,690 ) At December 31, 2018 $ (7,545 ) $ (37,007 ) $ (89,086 ) $ (91,443 ) $ (115,753 ) $ (33,327 ) $ (25,288 ) $ (17,276 ) $ (416,725 ) Depreciation and amortization (12,355 ) (6,989 ) (5,278 ) (561 ) (458 ) (3,359 ) — (1,931 ) (30,931 ) Transfers and disposals 153 1,021 572 3,406 65 411 117 174 5,919 Impairment (Note 18) — — (28,774 ) — — — — — (28,774 ) At December 31, 2019 $ (19,747 ) $ (42,975 ) $ (122,566 ) $ (88,598 ) $ (116,146 ) $ (36,275 ) $ (25,171 ) $ (19,033 ) $ (470,511 ) Carrying values At December 31, 2018 $ 120,218 $ 39,664 $ 43,060 $ 7,603 $ 5,775 $ 18,373 $ 1,475 $ 14,916 $ 251,084 At December 31, 2019 $ 116,556 $ 47,787 $ 14,736 $ 7,723 $ 6,002 $ 16,043 $ 1,282 $ 26,510 $ 236,639 |
Note 17 - Right-of-use Assets (
Note 17 - Right-of-use Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of quantitative information about right-of-use assets [text block] | Land and Buildings Machinery and Equipment Other Total At December 31, 2018 $ — $ — $ — $ — Initial adoption of IFRS 16 (Note 3) 2,624 1,036 22 3,682 Additions 571 14,132 — 14,703 Remeasurements 1,686 232 — 1,918 Depreciation and amortization (674 ) (1,286 ) (7 ) (1,967 ) Impairment (Note 18) — (6,302 ) — (6,302 ) At December 31, 2019 $ 4,207 $ 7,812 $ 15 $ 12,034 |
Note 18 - Impairment of Non-c_2
Note 18 - Impairment of Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of impairment loss and reversal of impairment loss [text block] | Year Ended December 31, 2019 2018 La Encantada Silver Mine $ 58,739 $ — La Parrilla Silver Mine — 111,750 Del Toro Silver Mine — 56,278 La Guitarra Silver Mine — 31,660 Impairment of non-current assets $ 58,739 $ 199,688 Deferred income tax recovery (6,300 ) (48,588 ) Impairment of non-current assets, net of tax $ 52,439 $ 151,100 |
Disclosure of impairment loss in respect of each operating segment or project explanatory [text block] | Mining interests Producing Exploration Right of use assets Property, plant and equipment Total La Encantada Silver Mine $ 22,602 $ 1,061 $ 6,302 $ 28,774 $ 58,739 Impairment of non-current assets $ 22,602 $ 1,061 $ 6,302 $ 28,774 $ 58,739 Mining interests Producing Exploration Property, plant and equipment Total La Parrilla $ 67,901 $ 13,787 $ 30,062 $ 111,750 Del Toro Silver Mine 29,271 9,398 17,609 56,278 La Guitarra Silver Mine 22,654 5,987 3,019 31,660 Impairment of non-current assets $ 119,826 $ 29,172 $ 50,690 $ 199,688 |
Explanation of inputs, assumptions and estimation techniques used to apply impairment requirements [text block] | December 31, 2019 December 31, 2018 Commodity Prices 2020-2023 Average Long-term 2019-2022 Long-term Silver (per ounce) $ 18.84 $ 19.50 $ 17.23 $ 18.50 Gold (per ounce) $ 1,536 $ 1,416 $ 1,318 $ 1,350 Lead (per pound) n/a n/a $ 0.99 $ 1.00 Zinc (per pound) n/a n/a $ 1.19 $ 1.19 |
Note 19 - Trade and Other Pay_2
Note 19 - Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of other current liabilities [text block] | December 31, December 31, Trade payables $ 23,984 $ 26,420 Trade related accruals 12,314 9,351 Payroll and related benefits 19,059 11,255 Environmental duty 1,483 1,536 Other accrued liabilities 2,283 1,621 $ 59,123 $ 50,183 |
Note 20 - Debt Facilities (Tabl
Note 20 - Debt Facilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about debt activity explanatory [text block] | Convertible Debentures (a) Revolving Credit Facility (b) Scotia Debt Facilities Primero Debt Facilities Total Balance at December 31, 2017 $ — $ — $ 31,769 $ — $ 31,769 Net proceeds from convertible debentures 151,079 — — — 151,079 Portion allocated to equity reserves (26,252 ) — — — (26,252 ) Net proceeds from revolving credit facility — 34,006 — — 34,006 Acquisition of Primero (Note 4) — — — 106,111 106,111 Finance costs Interest expense 2,738 1,170 529 — 4,437 Accretion 4,978 419 555 — 5,952 Repayments of principal — (16,000 ) (32,072 ) (106,111 ) (154,183 ) Payments of finance costs (1,736 ) (890 ) (781 ) — (3,407 ) Balance at December 31, 2018 $ 130,807 $ 18,705 $ — $ — $ 149,512 Finance costs Interest expense 2,975 1,498 — — 4,473 Accretion 5,758 654 — — 6,412 Payments of finance costs (2,933 ) (1,646 ) — — (4,579 ) Balance at December 31, 2019 $ 136,607 $ 19,211 $ — $ — $ 155,818 Statements of Financial Position Presentation Current portion of debt facilities $ 1,002 $ 279 $ — $ — $ 1,281 Debt facilities 129,805 18,426 — — 148,231 Balance at December 31, 2018 $ 130,807 $ 18,705 $ — $ — $ 149,512 Current portion of debt facilities $ 1,043 $ 132 $ — $ — $ 1,175 Debt facilities 135,564 19,079 — — 154,643 Balance at December 31, 2019 $ 136,607 $ 19,211 $ — $ — $ 155,818 |
Note 21 - Lease Liabilities (Ta
Note 21 - Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of movement in lease liabilities [text block] | Finance Leases (a) Operating Leases (b) Equipment Financing (c) Total Balance at December 31, 2017 $ 2,109 $ — $ 7,196 $ 9,305 Finance costs 80 — 444 524 Repayments of principal (1,700 ) — (1,846 ) (3,546 ) Payments of finance costs (80 ) — (356 ) (436 ) Balance at December 31, 2018 $ 409 $ — $ 5,438 $ 5,847 Initial adoption of IFRS 16 (Note 2) — 3,682 — 3,682 Additions — 14,706 — 14,706 Remeasurements — 1,918 — 1,918 Finance costs 18 789 335 1,142 Repayments of principal (359 ) (2,395 ) (2,459 ) (5,213 ) Payments of finance costs (18 ) — (379 ) (397 ) Foreign exchange loss — 251 — 251 Balance at December 31, 2019 $ 50 $ 18,951 $ 2,935 $ 21,936 Statements of Financial Position Presentation Current portion of lease liabilities $ 352 $ — $ 2,552 $ 2,904 Lease liabilities 57 — 2,886 2,943 Balance at December 31, 2018 $ 409 $ — $ 5,438 $ 5,847 Current portion of lease liabilities $ 50 $ 4,518 $ 2,352 $ 6,920 Lease liabilities — 14,433 583 15,016 Balance at December 31, 2019 $ 50 $ 18,951 $ 2,935 $ 21,936 |
Disclosure of lease payments [text block] | Year Ended December 31, 2019 Expenses relating to short-term leases $ 42,994 Expenses relating to variable lease payments not included in the measurement of lease liability 14,241 $ 57,235 |
Note 22 - Decommissioning Lia_2
Note 22 - Decommissioning Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about decommissioning liability explanatory [text block] | San Dimas Santa Elena La Encantada San Martin La Parrilla Del Toro La Guitarra La Luz Total Balance at December 31, 2017 $ — $ 2,730 $ 3,317 $ 2,488 $ 3,002 $ 2,545 $ 1,692 $ 302 $ 16,076 Movements during the year: Acquisition of Primero 4,095 — — — — — — — 4,095 Change in rehabilitation provision 4,092 (633 ) 3,122 — — — — — 6,581 Reclamation costs incurred — — — — (2 ) (259 ) (203 ) — (464 ) Interest or accretion expense 225 221 269 204 243 208 125 — 1,495 Foreign exchange loss — 3 1 2 2 4 1 — 13 Balance at December 31, 2018 $ 8,412 $ 2,321 $ 6,709 $ 2,694 $ 3,245 $ 2,498 $ 1,615 $ 302 $ 27,796 Movements during the year: Change in rehabilitation provision 301 2,338 500 4,051 696 945 469 238 9,538 Reclamation costs incurred — — — — — — (104 ) — (104 ) Interest or accretion expense 744 207 592 237 282 219 129 — 2,410 Foreign exchange loss (15 ) 105 311 121 114 107 69 76 888 Balance at December 31, 2019 $ 9,442 $ 4,971 $ 8,112 $ 7,103 $ 4,337 $ 3,769 $ 2,178 $ 616 $ 40,528 |
Note 23 - Income Taxes (Tables)
Note 23 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about effective income tax expense recovery explanatory [text block] | Year Ended December 31, 2019 2018 Loss before tax $ (39,024 ) $ (263,047 ) Combined statutory tax rate 27.00 % 27.00 % Income tax recovery computed at statutory tax rate (10,536 ) (71,023 ) Reconciling items: Effect of different foreign statutory tax rates on earnings of subsidiaries (24,320 ) (15,309 ) Impact of foreign exchange on deferred income tax assets and liabilities (10,194 ) 13,807 Change in unrecognized deferred income tax asset 30,399 39,765 7.5% mining royalty in Mexico (814 ) (8,225 ) Other non-deductible expenses 3,256 834 Impact of inflationary adjustments (2,412 ) 51 Change in tax provision estimates 23,987 8,258 Impact of post acquisition Primero restructure — (20,024 ) Other (7,916 ) (7,017 ) Income tax expense (recovery) $ 1,450 $ (58,883 ) Statements of (Loss) Earnings Presentation Current income tax expense $ 16,423 $ 2,148 Deferred income tax recovery (14,973 ) (61,031 ) Income tax expense (recovery) $ 1,450 $ (58,883 ) Effective tax rate (4 %) 22 % |
Disclosure of deferred taxes [text block] | Deferred tax assets Losses Provisions Deferred tax asset not recognized Other Total At December 31, 2017 $ 86,552 $ 10,115 $ (29,036 ) $ 815 $ 68,446 Benefit (expense) to income statement 17,702 6,393 (39,312 ) 2,741 (12,476 ) Acquisition of Primero (Note 4) 14,139 — — — 14,139 At December 31, 2018 $ 118,393 $ 16,508 $ (68,348 ) $ 3,556 $ 70,109 Benefit (expense) to income statement 8,079 6,379 (32,156 ) 4,295 (13,403 ) Charged to equity — — — 994 994 At December 31, 2019 $ 126,472 $ 22,887 $ (100,504 ) $ 8,845 $ 57,700 Deferred tax liabilities Property, plant and equipment and mining interests Effect of Mexican tax deconsolidation Non-current portion of income taxes payable Other Total At December 31, 2017 $ 95,696 $ 9,544 $ — $ 22,884 $ 128,124 (Benefit) expense to income statement (63,314 ) 488 1,752 (14,077 ) (75,151 ) Acquisition of Primero (Note 4) 33,000 — — 20,024 53,024 Charged to equity — — — 7,105 7,105 Reclassed to current income taxes payable — (3,288 ) — — (3,288 ) At December 31, 2018 $ 65,382 $ 6,744 $ 1,752 $ 35,936 $ 109,814 (Benefit) expense to income statement (32,381 ) 498 13,220 (2,891 ) (21,554 ) Reclassed to current income taxes payable — (2,813 ) — — (2,813 ) At December 31, 2019 $ 33,001 $ 4,429 $ 14,972 $ 33,045 $ 85,447 Statements of Financial Position Presentation Deferred tax assets $ 50,938 Deferred tax liabilities 90,643 At December 31, 2018 $ 39,705 Deferred tax assets $ 51,141 Deferred tax liabilities 78,888 At December 31, 2019 $ 27,747 |
Disclosure of detailed information about deferred tax assets expiration explanatory [text block] | Year of expiry Canadian non-capital losses Swiss non-capital losses Mexican non-capital losses December 31, 2019 December 31, 2018 2019 $ — $ — $ — $ — $ 1,726 2020 — — 544 544 274 2021 — 3,166 4,659 7,825 10,402 2022 — — 4,060 4,060 3,719 2023 — — 2,213 2,213 1,763 2024 — — 39,319 39,319 36,214 2025 — — 51,911 51,911 91,844 2026 — — 113,630 113,630 105,683 2027 — — 56,760 56,760 52,654 2028 — — 99,315 99,315 68,546 2029 and after 22,209 — 89,754 111,963 18,263 Total $ 22,209 $ 3,166 $ 462,165 $ 487,540 $ 391,088 Unrecognized losses $ — $ — $ 208,253 $ 208,253 $ 147,697 |
Note 24 - Share Capital (Tables
Note 24 - Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of range of exercise prices of outstanding share options [text block] | Options Outstanding Options Exercisable Exercise prices (CAD$) Number of Weighted Average Exercise Price (CAD $/Share) Weighted Average Remaining Life (Years) Number of Weighted Average Exercise Price (CAD $/Share) Weighted Average Remaining Life (Years) 4.69 - 5.00 906,082 4.79 1.01 906,082 4.79 1.01 5.01 - 10.00 3,795,640 8.38 8.08 719,766 8.55 6.53 10.01 - 15.00 2,585,602 11.26 3.37 2,148,102 11.10 2.11 15.01 - 20.00 100,000 16.06 1.65 100,000 16.06 1.65 20.01 - 126.01 196,115 72.69 1.28 196,115 72.69 1.28 7,583,439 10.70 5.37 4,070,065 12.33 2.60 |
Disclosure of number and weighted average exercise prices of share options [text block] | Year Ended Year Ended December 31, 2019 December 31, 2018 Number of Options Weighted Average Exercise Price (CAD $/Share) Number of Weighted Average Exercise Price (CAD $/Share) Balance, beginning of the year 9,266,098 10.76 9,431,737 9.35 Granted 2,601,680 8.83 2,552,796 15.95 Exercised (2,918,518 ) 7.54 (973,948 ) 5.28 Cancelled or expired (1,365,821 ) 14.31 (1,744,487 ) 13.78 Balance, end of the year 7,583,439 10.70 9,266,098 10.76 |
Disclosure of detailed information about options valuation assumptions explanatory [text block] | Year Ended Year Ended Assumption Based on December 31, 2019 December 31, 2018 Risk-free interest rate (%) Yield curves on Canadian government zero- coupon bonds with a remaining term equal to the stock options’ expected life 2.01 1.87 Expected life (years) Average of the expected vesting term and expiry term of the option 5.80 5.40 Expected volatility (%) Historical and implied volatility of the precious metals mining sector 51.29 58.70 Expected dividend yield (%) Annualized dividend rate as of the date of grant — — |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | Year Ended December 31, 2019 Number of shares Weighted Outstanding, beginning of the year — $ — Granted 274,520 7.29 Settled (145,576 ) 7.29 Forfeited — — Outstanding, end of the year 128,944 $ 7.29 |
Note 25 - Financial Instrumen_2
Note 25 - Financial Instruments and Related Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | December 31, 2019 December 31, 2018 Fair value measurement Fair value measurement Carrying value Level 1 Level 2 Carrying value Level 1 Level 2 Financial assets Trade receivables $ 1,182 $ — $ 1,182 $ 2,559 $ — $ 2,559 Marketable securities (Note 14) 6,506 6,506 — 6,420 6,420 — Silver futures derivatives (Note 14) — — — 2,038 2,038 — Foreign exchange derivatives 982 982 — — — — |
Disclosure of detailed information about capital risk management explanatory [text block] | December 31, December 31, Equity $ 662,321 $ 594,573 Debt facilities 155,818 149,512 Lease liabilities 21,936 5,847 Less: cash and cash equivalents (169,009 ) (57,013 ) $ 671,066 $ 692,919 |
Disclosure of financial liabilities [text block] | Carrying Amount Contractual Cash Flows Less than 1 year 2 to 3 years 4 to 5 years After 5 years Trade and other payables $ 59,123 $ 59,123 $ 59,123 $ — $ — $ — Debt facilities 155,818 188,439 4,209 26,263 157,967 — Lease liabilities 21,936 22,561 6,829 7,778 7,954 — Other liabilities 4,675 4,405 — — — 4,405 $ 241,552 $ 274,528 $ 70,161 $ 34,041 $ 165,921 $ 4,405 |
Disclosure of detailed information about currency risk explanatory [text block] | December 31, 2019 Cash and cash equivalents Trade and other receivables Value added taxes receivable Other financial assets Trade and other payables Foreign exchange derivative Net assets (liabilities) exposure Effect of +/- 10% change in currency Canadian dollar $ 14,182 $ 56 $ — $ 3,010 $ (1,529 ) $ — $ 15,719 $ 1,572 Mexican peso 9,000 — 20,700 — (33,635 ) 27,000 23,065 2,307 $ 23,182 $ 56 $ 20,700 $ 3,010 $ (35,164 ) $ 27,000 $ 38,784 $ 3,878 |
Disclosure of detailed information about price risk explanatory [text block] | December 31, 2019 Effect of +/- 10% change in metal prices Silver Gold Lead Total Metals subject to provisional price adjustments $ 65 $ — $ 38 $ 103 Metals in doré and concentrates inventory 90 238 6 334 $ 155 $ 238 $ 44 $ 437 |
Note 26 - Supplemental Cash F_2
Note 26 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about supplemental cash flow [text block] | Year Ended December 31, Note 2019 2018 Adjustments to reconcile net earnings to operating cash flows before movements in working capital: Unrealized foreign exchange loss and other $ 273 $ 659 Unrealized (gain) loss from marketable securities and silver futures derivatives (1,765 ) 4,435 $ (1,492 ) $ 5,094 Net change in non-cash working capital items: Decrease in trade and other receivables $ 1,304 $ 771 Decrease (increase) in value added taxes receivable 30,028 (17,173 ) Decrease in inventories 2,829 2,015 Decrease in prepaid expenses and other 776 549 Decrease in income taxes payable (6,569 ) (941 ) Increase (decrease) in trade and other payables 8,959 (6,388 ) $ 37,327 $ (21,167 ) Non-cash investing and financing activities: Transfer of share-based payments reserve upon settlement of RSUs $ 988 $ — Transfer of share-based payments reserve upon exercise of options $ 5,986 $ 967 Settlement of liabilities $ — $ (500 ) |
Note 28 - Subsidiaries (Tables)
Note 28 - Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of subsidiaries [text block] | Name of subsidiary Operations and Projects Location 2019 % Ownership 2018 % Ownership First Majestic Silver Corp. Parent company and bullion sales Canada 100 % 100 % Corporación First Majestic, S.A. de C.V. Holding company Mexico 100 % 100 % Primero Empresa Minera, S.A de C.V. San Dimas Silver/Gold Mine Mexico 100 % 100 % Nusantara de Mexico, S.A. de C.V. Santa Elena Silver/Gold Mine Mexico 100 % 100 % Minera La Encantada, S.A. de C.V. La Encantada Silver Mine Mexico 100 % 100 % La Encantada Procesadora de Minerales, S.A. de C.V. La Encantada Silver Mine Mexico 100 % 100 % First Majestic Plata, S.A. de C.V. La Parrilla Silver Mine Mexico 100 % 100 % Minera El Pilón, S.A. de C.V. San Martin Silver Mine Mexico 100 % 100 % First Majestic Del Toro, S.A. de C.V. Del Toro Silver Mine Mexico 100 % 100 % La Guitarra Compañia Minera, S.A. de C.V. La Guitarra Silver Mine Mexico 100 % 100 % Majestic Services, S.A. de C.V. Service company Mexico 100 % 100 % Santa Elena Oro y Plata, S.A. de C.V. Service company Mexico 100 % 100 % FM Metal Trading (Barbados) Ltd. Metals trading company Barbados 100 % 100 % Silver Trading (Barbados) Ltd. Metals trading company Barbados 100 % 100 % FMS Trading AG Metals trading company Switzerland 100 % 100 % |
Note 29 - Key Management Comp_2
Note 29 - Key Management Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of information about key management personnel [text block] | Year Ended December 31, 2019 2018 Salaries, bonuses, fees and benefits Independent members of the Board of Directors $ 790 $ 702 Other members of key management 4,267 3,212 Share-based payments Independent members of the Board of Directors 439 306 Other members of key management 2,975 2,587 $ 8,471 $ 6,807 |
Note 3 - Significant Accounti_2
Note 3 - Significant Accounting Policies, Estimates and Judgments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Right-of-use assets | $ 12,034 | |||
Total lease liabilities | 21,936 | 5,847 | $ 9,305 | |
Depreciation expense | 1,636 | 855 | ||
Finance costs | 15,147 | 13,036 | ||
Net cash flows from (used in) operating activities | 140,025 | 33,262 | ||
Net cash flows from (used in) financing activities | 87,680 | 25,443 | ||
Goodwill at end of period | $ 0 | $ 0 | ||
Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 5.80% | |||
Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 11.20% | |||
IFRS 16 [Member] | ||||
Statement Line Items [Line Items] | ||||
Right-of-use assets | $ 3,700 | |||
Total lease liabilities | $ 3,700 | |||
Depreciation expense | $ 2,000 | |||
Finance costs | 800 | |||
Net cash flows from (used in) operating activities | 2,400 | |||
Net cash flows from (used in) financing activities | $ 2,400 | |||
IFRS 16 [Member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 5.80% | |||
IFRS 16 [Member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 12.40% |
Note 4 - Acquisition of Prime_3
Note 4 - Acquisition of Primero Mining Corp. (Details Textual) | May 10, 2018USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | May 09, 2018$ / shares |
Statement Line Items [Line Items] | ||||
Share price | $ / shares | $ 6.84 | |||
Wheaton Precious Metals International Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
New stream agreement, percentage of gold equivalent production, counter party | 25.00% | |||
New stream agreement, ongoing payments, upper range limit | $ 600 | |||
New stream agreement, percentage of annual inflation adjustment | 1.00% | |||
Primero Mining Corp. [member] | ||||
Statement Line Items [Line Items] | ||||
Business combination consideration transferred, share exchange ratio | 0.03325 | |||
Number of replacement stock options issued | shares | 221,908 | |||
Number of replacement warrants issued | shares | 366,124 | |||
Total consideration transferred, acquisition-date fair value | $ 187,000,000 | $ 186,959,000 | ||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | $ 4,900,000 | |||
Primero Mining Corp. [member] | Primero shareholders [member] | ||||
Statement Line Items [Line Items] | ||||
Number of instruments or interests issued or issuable | 6,418,594 | 6,418,594 | ||
Total consideration transferred, acquisition-date fair value | $ 43,903,000 | |||
Primero Mining Corp. [member] | Wheaton Precious Metals International Ltd. [member] | ||||
Statement Line Items [Line Items] | ||||
Number of instruments or interests issued or issuable | 20,914,590 | 20,914,590 | ||
Total consideration transferred, acquisition-date fair value | $ 143,100,000 | $ 143,056,000 |
Note 4 - Acquisition of Prime_4
Note 4 - Acquisition of Primero Mining Corp. - Consideration and Purchase Price Allocation (Details) - Primero Mining Corp. [member] - USD ($) | Dec. 31, 2019 | May 10, 2018 |
Statement Line Items [Line Items] | ||
Equity interest | $ 186,959,000 | $ 187,000,000 |
Allocation of Purchase Price | ||
Cash and cash equivalents | 3,871,000 | |
Value added taxes receivable | 27,508,000 | |
Inventories | 15,628,000 | |
Mining interests | 178,183,000 | |
Property, plant and equipment | 122,815,000 | |
Deposit on non-current assets | 60,000 | |
Non-current income taxes receivable | 19,342,000 | |
Other working capital items | (23,792,000) | |
Income taxes payable | (2,888,000) | |
Debt facilities | (106,110,000) | |
Decommissioning liabilities | (4,095,000) | |
Other non-current liabilities | (4,678,000) | |
Deferred tax liabilities | (38,885,000) | |
Net assets acquired | 186,959,000 | |
Primero shareholders [member] | ||
Statement Line Items [Line Items] | ||
Equity interest | 43,903,000 | |
Wheaton Precious Metals International Ltd. [member] | ||
Statement Line Items [Line Items] | ||
Equity interest | $ 143,056,000 | $ 143,100,000 |
Note 4 - Acquisition of Prime_5
Note 4 - Acquisition of Primero Mining Corp. - Consideration and Purchase Price Allocation (Details) (Parentheticals) | 1 Months Ended | 12 Months Ended | |||
May 31, 2018$ / shares | May 31, 2018$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2019$ / shares | May 10, 2018 | |
Statement Line Items [Line Items] | |||||
Weighted average share price | (per share) | $ 8.80 | $ 6.84 | |||
Primero Mining Corp. [member] | Primero shareholders [member] | |||||
Statement Line Items [Line Items] | |||||
Number of instruments or interests issued or issuable | 6,418,594 | 6,418,594 | 6,418,594 | ||
Weighted average share price | (per share) | $ 8.80 | $ 6.84 | |||
Primero Mining Corp. [member] | Wheaton Precious Metals International Ltd. [member] | |||||
Statement Line Items [Line Items] | |||||
Number of instruments or interests issued or issuable | 20,914,590 | 20,914,590 | 20,914,590 | ||
Weighted average share price | (per share) | $ 8.80 | $ 6.84 |
Note 5 - Segmented Informatio_2
Note 5 - Segmented Information (Details Textual) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Number of operating mines | 6 | |
Number of customers that account for one hundred percent of sales revenue | 8 | |
Percentage of entity's revenue | 100.00% | 100.00% |
One major customer [member] | ||
Statement Line Items [Line Items] | ||
Percentage of entity's revenue | 85.00% | 72.00% |
Note 5 - Segmented Informatio_3
Note 5 - Segmented Information - Disclosure of Detailed Information About Entity Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Revenue | $ 363,944 | $ 300,929 | |
Cost of sales | 232,146 | 219,162 | |
Depletion, depreciation, and amortization | 65,584 | 93,667 | |
Mine operating earnings | 66,214 | (11,900) | |
Capital expenditures | 124,194 | 107,187 | |
Mining Interests Producing | 463,391 | 435,613 | |
Property, plant and equipment | 236,639 | 251,084 | |
Total mining assets | 700,030 | 686,697 | |
Total assets | 1,027,924 | 926,110 | |
Total liabilities | 365,603 | 331,537 | |
Producing properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 367,348 | 353,651 | |
Exploration properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 96,043 | 81,962 | $ 86,928 |
Mexico - San Dimas [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 185,999 | 102,515 | |
Cost of sales | 100,120 | 60,762 | |
Depletion, depreciation, and amortization | 28,491 | 19,052 | |
Mine operating earnings | 57,388 | 22,701 | |
Capital expenditures | 42,511 | 20,485 | |
Property, plant and equipment | 116,556 | 120,218 | |
Total mining assets | 318,688 | 306,357 | |
Total assets | 375,359 | 368,460 | |
Total liabilities | 61,476 | 59,990 | |
Mexico - San Dimas [member] | Producing properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 193,433 | 182,434 | |
Mexico - San Dimas [member] | Exploration properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 8,699 | 3,705 | |
Mexico - Santa Elena [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 94,378 | 83,116 | |
Cost of sales | 53,605 | 52,154 | |
Depletion, depreciation, and amortization | 12,204 | 12,352 | |
Mine operating earnings | 28,569 | 18,610 | |
Capital expenditures | 23,004 | 18,908 | |
Property, plant and equipment | 47,787 | 39,664 | |
Total mining assets | 111,425 | 87,427 | |
Total assets | 134,666 | 104,955 | |
Total liabilities | 23,867 | 16,753 | |
Mexico - Santa Elena [member] | Producing properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 45,046 | 33,447 | |
Mexico - Santa Elena [member] | Exploration properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 18,592 | 14,316 | 7,777 |
Mexico - La Encantada [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 50,867 | 24,533 | |
Cost of sales | 36,609 | 30,215 | |
Depletion, depreciation, and amortization | 11,648 | 13,955 | |
Mine operating earnings | 2,610 | (19,637) | |
Capital expenditures | 13,225 | 16,938 | |
Property, plant and equipment | 14,736 | 43,060 | |
Total mining assets | 38,931 | 88,284 | |
Total assets | 71,255 | 111,887 | |
Total liabilities | 21,563 | 13,972 | |
Mexico - La Encantada [member] | Producing properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 23,091 | 39,564 | |
Mexico - La Encantada [member] | Exploration properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 1,104 | 5,660 | 5,221 |
Mexico - La Parrilla [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 14,023 | 29,908 | |
Cost of sales | 16,152 | 26,758 | |
Depletion, depreciation, and amortization | 3,422 | 24,944 | |
Mine operating earnings | (5,551) | (21,794) | |
Capital expenditures | 10,503 | 14,191 | |
Property, plant and equipment | 7,723 | 7,603 | |
Total mining assets | 35,136 | 28,261 | |
Total assets | 56,270 | 52,383 | |
Total liabilities | 8,384 | 9,784 | |
Mexico - La Parrilla [member] | Producing properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 20,065 | 17,172 | |
Mexico - La Parrilla [member] | Exploration properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 7,348 | 3,486 | 13,982 |
Mexico - San Martin [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 10,554 | 33,925 | |
Cost of sales | 13,143 | 22,903 | |
Depletion, depreciation, and amortization | 7,022 | 8,608 | |
Mine operating earnings | (9,611) | 2,414 | |
Capital expenditures | 4,869 | 9,302 | |
Property, plant and equipment | 16,043 | 18,373 | |
Total mining assets | 83,420 | 81,317 | |
Total assets | 87,248 | 92,835 | |
Total liabilities | 15,987 | 23,386 | |
Mexico - San Martin [member] | Producing properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 53,088 | 50,406 | |
Mexico - San Martin [member] | Exploration properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 14,289 | 12,538 | 9,599 |
Mexico - Del Toro [member] | |||
Statement Line Items [Line Items] | |||
Revenue | 7,627 | 17,923 | |
Cost of sales | 11,615 | 19,170 | |
Depletion, depreciation, and amortization | 1,718 | 8,612 | |
Mine operating earnings | (5,706) | (9,859) | |
Capital expenditures | 4,886 | 11,620 | |
Property, plant and equipment | 6,002 | 5,775 | |
Total mining assets | 22,697 | 18,458 | |
Total assets | 37,546 | 36,760 | |
Total liabilities | 7,899 | 7,624 | |
Mexico - Del Toro [member] | Producing properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 11,129 | 9,601 | |
Mexico - Del Toro [member] | Exploration properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 5,566 | 3,082 | $ 10,117 |
All other segments and La Guitarra [Member] | |||
Statement Line Items [Line Items] | |||
Revenue | 496 | 9,009 | |
Cost of sales | 902 | 7,200 | |
Depletion, depreciation, and amortization | 1,079 | 6,144 | |
Mine operating earnings | (1,485) | (4,335) | |
Capital expenditures | 25,196 | 15,743 | |
Property, plant and equipment | 27,792 | 16,391 | |
Total mining assets | 89,733 | 76,593 | |
Total assets | 265,579 | 158,830 | |
Total liabilities | 226,427 | 200,028 | |
All other segments and La Guitarra [Member] | Producing properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | 21,496 | 21,027 | |
All other segments and La Guitarra [Member] | Exploration properties [member] | |||
Statement Line Items [Line Items] | |||
Mining Interests Producing | $ 40,445 | $ 39,175 |
Note 6 - Revenues (Details Text
Note 6 - Revenues (Details Textual) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2018 | Dec. 31, 2019USD ($)g | Dec. 31, 2018USD ($)oz | |
Statement Line Items [Line Items] | |||
Deferred income | $ 4,486,000 | $ 3,769,000 | |
Increase (decrease) through cumulative catch-up adjustments to revenue arising from change in estimate of transaction price, contract liabilities | 100,000 | 800,000 | |
Per-ounce price of gold delivered during the period | $ 604 | $ 600 | |
Sandstorm Gold Ltd. [member] | Mexico - Santa Elena [member] | |||
Statement Line Items [Line Items] | |||
Percent of gold production required to be sold | 20.00% | 20.00% | |
Gold sold during period | 9,164 | 8,947 | |
Gold sold during period, average price | $ 458 | $ 453 | |
Sandstorm Gold Ltd. [member] | Mexico - Santa Elena [member] | Annual inflation [member] | |||
Statement Line Items [Line Items] | |||
Purchase agreement, annual inflation increase, percent | 1.00% | 1.00% | |
Wheaton Precious Metals International Ltd. [member] | |||
Statement Line Items [Line Items] | |||
New stream agreement, percentage of gold equivalent production, counter party | 25.00% | ||
New stream agreement, ongoing payments, upper range limit | $ 600 | ||
New stream agreement, percentage of annual inflation adjustment | 1.00% | ||
Ounces of gold delivered during period | 44,667 | 21,962 |
Note 6 - Revenues - Disclosure
Note 6 - Revenues - Disclosure of Detailed Information About Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Doré | $ 345,334 | $ 255,723 |
Percentage of revenue | 100.00% | 100.00% |
Concentrate | $ 23,501 | $ 52,697 |
Gross revenue | 368,835 | 308,420 |
Silver | 215,301 | 176,783 |
Gold | 143,029 | 111,058 |
Lead | 6,988 | 14,369 |
Zinc | 3,517 | 6,210 |
Gross revenue | 368,835 | 308,420 |
Less: smelting and refining costs | (4,891) | (7,491) |
Revenues | $ 363,944 | $ 300,929 |
Doré [member] | ||
Statement Line Items [Line Items] | ||
Percentage of revenue | 94.00% | 83.00% |
Concentrate [member] | ||
Statement Line Items [Line Items] | ||
Percentage of revenue | 6.00% | 17.00% |
Silver [member] | ||
Statement Line Items [Line Items] | ||
Percentage of revenue | 58.00% | 57.00% |
Gold [member] | ||
Statement Line Items [Line Items] | ||
Percentage of revenue | 39.00% | 36.00% |
Lead [member] | ||
Statement Line Items [Line Items] | ||
Percentage of revenue | 2.00% | 5.00% |
Zinc [member] | ||
Statement Line Items [Line Items] | ||
Percentage of revenue | 1.00% | 2.00% |
Note 7 - Cost of Sales (Details
Note 7 - Cost of Sales (Details Textual) - USD ($) $ in Millions | 1 Months Ended | |
Sep. 30, 2019 | Nov. 30, 2018 | |
Statement Line Items [Line Items] | ||
Inventory write-down | $ 7.5 | |
Partial litigation settlement | $ 1.6 |
Note 7 - Cost of Sales - Disclo
Note 7 - Cost of Sales - Disclosure of Detailed Information About Cost of Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | |||
Consumables and materials | $ 45,947 | $ 49,750 | |
Labour costs | 118,229 | 106,540 | |
Energy | 35,135 | 35,366 | |
Other costs | 13,243 | 13,300 | |
Production costs | 212,554 | 204,956 | |
Transportation and other selling costs | 2,735 | 3,399 | |
Workers participation costs | 9,036 | 5,775 | |
Environmental duties and royalties | 1,438 | 1,288 | |
Inventory changes | 3,459 | (3,776) | |
(Cost recovery) writedowns related to Republic Metals Refining Corp. bankruptcy(1) | [1] | (1,600) | 7,520 |
Standby Costs(2) | [2] | 2,879 | |
Restructuring costs(3) | [3] | 1,645 | |
$ 232,146 | $ 219,162 | ||
[1] | In November 2018, one of the refineries used by the Company, Republic Metals Refining Corp. ("Republic"), announced it filed for bankruptcy. As a result, the Company wrote off $7.5 million in inventory that were in Republic's possession for refining. In September 2019, the Company reached a partial litigation settlement for $1.6 million. The Company continues to pursue legal and insurance channels to recover the remaining balance of inventory, but there is no assurance that this inventory is recoverable. | ||
[2] | Effective from July 2019, the Company temporarily suspended all mining and processing activities at the San Martin operation due to a growing insecurity in the area and safety concerns for our workforce. The Company is working with authorities to secure the area and uncertain of a restart date. | ||
[3] | Effective September 2019, the Company has temporarily suspended milling operations at the La Parrilla mine. Restructuring costs reflect estimated costs, such as severance and plant closure costs, incurred or to be incurred for re-organizing the operation. |
Note 8 - General and Administ_3
Note 8 - General and Administrative Expenses - Disclosure of Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Corporate administration | $ 5,202 | $ 5,552 |
Salaries and benefits | 13,797 | 10,412 |
Audit, legal and professional fees | 4,943 | 3,421 |
Filing and listing fees | 429 | 449 |
Directors fees and expenses | 793 | 739 |
Depreciation | 1,636 | 855 |
$ 26,800 | $ 21,428 |
Note 9 - Investment and Other_3
Note 9 - Investment and Other Income (Loss) - Disclosure of Finance Income (Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Gain (loss) from investment in marketable securities (Note 14(a)) | $ 528 | $ (4,704) |
Gain from investment in silver futures derivatives (Note 14(b)) | 1,237 | 269 |
Interest income and other | 6,344 | 3,691 |
$ 8,109 | $ (744) |
Note 10 - Finance Costs - Discl
Note 10 - Finance Costs - Disclosure of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Debt facilities (Note 20) | $ 10,885 | $ 10,389 |
Finance costs | 1,142 | 524 |
Accretion of decommissioning liabilities (Note 22) | 2,410 | 1,495 |
Silver sales and other | 710 | 628 |
$ 15,147 | $ 13,036 |
Note 11 - Loss Per Share (Detai
Note 11 - Loss Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Instruments with potential future dilutive effect not included in calculation of diluted earnings per share, options | 7,583,439 | 6,644,542 |
Instruments with potential future dilutive effect not included in calculation of diluted earnings per share, restricted share units | 128,944 | |
Instruments with potential future dilutive effect not included in calculation of diluted earnings per share, common shares issuable under convertible debentures | 16,327,598 | 16,327,598 |
Note 11 - Loss Per Share - Earn
Note 11 - Loss Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | |||
Net loss for the year | $ (40,474) | $ (204,164) | |
Weighted average number of shares on issue - basic and diluted(1) (in shares) | [1] | 201,615,489 | 183,650,405 |
Loss per share - basic and diluted (in dollars per share) | $ (0.20) | $ (1.11) | |
Loss per share - diluted (in dollars per share) | $ (0.20) | $ (1.11) | |
[1] | For the year ended December 31, 2019, diluted weighted average number of shares excluded 7,583,439 (2018 - 6,644,542) options, 128,944 restricted share units (2018 - nil) and 16,327,598 (2018 - 16,327,598) common shares issuable under the convertible debentures (Note 20(a)) that were anti-dilutive. |
Note 12 - Trade and Other Rec_3
Note 12 - Trade and Other Receivables - Disclosure of Detailed Information About Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Trade receivables | $ 3,503 | $ 4,671 |
Other | 792 | 928 |
$ 4,295 | $ 5,599 |
Note 13 - Inventories (Details
Note 13 - Inventories (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Net write-downs (reversals of write-downs) of inventories | $ 0.4 | $ 3 |
Note 13 - Inventories - Disclos
Note 13 - Inventories - Disclosure of Detailed Information About Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Finished goods - doré and concentrates | $ 1,965 | $ 2,538 |
Work-in-process | 3,229 | 4,626 |
Stockpile | 2,130 | 1,257 |
Silver coins and bullion | 291 | 351 |
Materials and supplies | 22,902 | 23,696 |
$ 30,517 | $ 32,468 |
Note 14 - Other Financial Ass_3
Note 14 - Other Financial Assets (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Statement Line Items [Line Items] | ||
Gains (losses) on available-for-sale financial assets | $ 500 | $ 4,700 |
Other comprehensive income, net of tax, available-for-sale financial assets | (300) | (500) |
Net gains (losses) on change in fair value of derivatives | 1,200 | 300 |
Futures contract [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | 0 | 2,000 |
Foreign exchange derivatives, Mexican pesos [member] | ||
Statement Line Items [Line Items] | ||
Notional amount | $ 26,000 | |
Average exercise rate | 19.75 | |
Foreign exchange swaps, Mexican pesos [member] | ||
Statement Line Items [Line Items] | ||
Notional amount | $ 1,000 | |
Average exercise rate | 19.5 | |
Foreign exchange derivatives [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | $ 982 | |
Net gains (losses) on change in fair value of derivatives | $ 3,000 |
Note 14 - Other Financial Ass_4
Note 14 - Other Financial Assets - Disclosure of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
FVTPL marketable securities | $ 5,626 | $ 4,989 |
FVTOCI marketable securities | 880 | 1,431 |
Total marketable securities | 6,506 | 6,420 |
Total other financial assets | 7,488 | 8,458 |
First Mining Gold Corp. (TSX FF) [member] | ||
Statement Line Items [Line Items] | ||
FVTPL marketable securities | 3,010 | 2,753 |
Sprott Physical Silver Trust (NYSE PSLV) [member] | ||
Statement Line Items [Line Items] | ||
FVTPL marketable securities | 2,616 | 2,236 |
Silver future derivatives [member] | ||
Statement Line Items [Line Items] | ||
Derivatives | 2,038 | |
Foreign exchange derivatives [member] | ||
Statement Line Items [Line Items] | ||
Derivatives | $ 982 |
Note 15 - Mining Interests (Det
Note 15 - Mining Interests (Details Textual) | May 10, 2018USD ($) | Apr. 30, 2018 | Dec. 31, 2016USD ($)ha | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Mexico - Santa Elena [member] | |||||
Statement Line Items [Line Items] | |||||
Area of mining concessions | ha | 5,802 | ||||
Exploration costs to be incurred | $ 1,600,000 | ||||
NSR royalty on related concessions | 2.50% | ||||
Liabilities related to option payments | $ 1,400,000 | $ 700,000 | |||
Cash outflow for option payments | 700,000 | ||||
Mexico - Del Toro [member] | |||||
Statement Line Items [Line Items] | |||||
Expense arising from exploration for and evaluation of mineral resources | $ 900,000 | ||||
Sandstorm Gold Ltd. [member] | Mexico - Santa Elena [member] | |||||
Statement Line Items [Line Items] | |||||
Percent of gold production required to be sold | 20.00% | 20.00% | |||
Gold, selling price, per ounce | $ 450 | ||||
Sandstorm Gold Ltd. [member] | Mexico - Santa Elena [member] | Annual inflation [member] | |||||
Statement Line Items [Line Items] | |||||
Purchase agreement, annual inflation increase, percent | 1.00% | 1.00% | |||
Wheaton Precious Metals International Ltd. [member] | |||||
Statement Line Items [Line Items] | |||||
New stream agreement, percentage of gold equivalent production, counter party | 25.00% | ||||
New stream agreement, ongoing payments, upper range limit | $ 600 | ||||
New stream agreement, percentage of annual inflation adjustment | 1.00% |
Note 15 - Mining Interests - Di
Note 15 - Mining Interests - Disclosure of Detailed Information About Mining Interests (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Mining interests | $ 463,391 | $ 435,613 | |
Producing properties [member] | |||
Statement Line Items [Line Items] | |||
Mining interests | 367,348 | 353,651 | |
Exploration properties [member] | |||
Statement Line Items [Line Items] | |||
Mining interests | $ 96,043 | $ 81,962 | $ 86,928 |
Note 15 - Mining Interests - _2
Note 15 - Mining Interests - Disclosure of Detailed Information About Mining Interests, Producing Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Beginning mining interests | $ 435,613 | |
Ending mining interests | 463,391 | $ 435,613 |
Producing properties [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 353,651 | |
Ending mining interests | 367,348 | 353,651 |
Producing properties [member] | Mexico - San Dimas [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 182,434 | |
Ending mining interests | 193,433 | 182,434 |
Producing properties [member] | Mexico - Santa Elena [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 33,447 | |
Ending mining interests | 45,046 | 33,447 |
Producing properties [member] | Mexico - La Encantada [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 39,564 | |
Ending mining interests | 23,091 | 39,564 |
Producing properties [member] | Mexico - La Parrilla [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 17,172 | |
Ending mining interests | 20,065 | 17,172 |
Producing properties [member] | Mexico - Del Toro [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 9,601 | |
Ending mining interests | 11,129 | 9,601 |
Producing properties [member] | Mexico - San Martin [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 50,406 | |
Ending mining interests | 53,088 | 50,406 |
Producing properties [member] | Mexico - La Guitarra [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 21,027 | |
Ending mining interests | 21,496 | 21,027 |
Producing properties [member] | Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 816,665 | 582,630 |
Additions | 46,492 | 45,677 |
Acquisition of Primero (Note 4) | 178,183 | |
Change in decommissioning liabilities (Note 22) | 9,300 | 6,581 |
Transfer from exploration properties | 15,577 | 3,594 |
Ending mining interests | 888,034 | 816,665 |
Producing properties [member] | Gross carrying amount [member] | Mexico - San Dimas [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 193,305 | |
Additions | 24,596 | 11,030 |
Acquisition of Primero (Note 4) | 178,183 | |
Change in decommissioning liabilities (Note 22) | 301 | 4,092 |
Transfer from exploration properties | 2,456 | |
Ending mining interests | 220,658 | 193,305 |
Producing properties [member] | Gross carrying amount [member] | Mexico - Santa Elena [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 45,041 | 36,371 |
Additions | 6,813 | 7,609 |
Acquisition of Primero (Note 4) | ||
Change in decommissioning liabilities (Note 22) | 2,338 | (633) |
Transfer from exploration properties | 7,462 | 1,694 |
Ending mining interests | 61,654 | 45,041 |
Producing properties [member] | Gross carrying amount [member] | Mexico - La Encantada [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 99,436 | 88,627 |
Additions | 5,995 | 5,787 |
Acquisition of Primero (Note 4) | ||
Change in decommissioning liabilities (Note 22) | 500 | 3,122 |
Transfer from exploration properties | 5,659 | 1,900 |
Ending mining interests | 111,590 | 99,436 |
Producing properties [member] | Gross carrying amount [member] | Mexico - La Parrilla [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 163,687 | 155,351 |
Additions | 5,262 | 8,336 |
Acquisition of Primero (Note 4) | ||
Change in decommissioning liabilities (Note 22) | 696 | |
Transfer from exploration properties | ||
Ending mining interests | 169,645 | 163,687 |
Producing properties [member] | Gross carrying amount [member] | Mexico - Del Toro [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 110,876 | 104,635 |
Additions | 1,735 | 6,241 |
Acquisition of Primero (Note 4) | ||
Change in decommissioning liabilities (Note 22) | 945 | |
Transfer from exploration properties | ||
Ending mining interests | 113,556 | 110,876 |
Producing properties [member] | Gross carrying amount [member] | Mexico - San Martin [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 94,943 | 90,955 |
Additions | 2,091 | 3,988 |
Acquisition of Primero (Note 4) | ||
Change in decommissioning liabilities (Note 22) | 4,051 | |
Transfer from exploration properties | ||
Ending mining interests | 101,085 | 94,943 |
Producing properties [member] | Gross carrying amount [member] | Mexico - La Guitarra [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 109,377 | 106,691 |
Additions | 2,686 | |
Acquisition of Primero (Note 4) | ||
Change in decommissioning liabilities (Note 22) | 469 | |
Transfer from exploration properties | ||
Ending mining interests | 109,846 | 109,377 |
Producing properties [member] | Accumulated depreciation, amortisation and impairment [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | (463,014) | (295,412) |
Depletion and amortization | (35,070) | (47,776) |
Impairment (Note 18) | (22,602) | (119,826) |
Ending mining interests | (520,686) | (463,014) |
Producing properties [member] | Accumulated depreciation, amortisation and impairment [member] | Mexico - San Dimas [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | (10,871) | |
Depletion and amortization | (16,354) | (10,871) |
Impairment (Note 18) | ||
Ending mining interests | (27,225) | (10,871) |
Producing properties [member] | Accumulated depreciation, amortisation and impairment [member] | Mexico - Santa Elena [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | (11,594) | (7,639) |
Depletion and amortization | (5,014) | (3,955) |
Impairment (Note 18) | ||
Ending mining interests | (16,608) | (11,594) |
Producing properties [member] | Accumulated depreciation, amortisation and impairment [member] | Mexico - La Encantada [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | (59,872) | (55,564) |
Depletion and amortization | (6,025) | (4,308) |
Impairment (Note 18) | (22,602) | |
Ending mining interests | (88,499) | (59,872) |
Producing properties [member] | Accumulated depreciation, amortisation and impairment [member] | Mexico - La Parrilla [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | (146,515) | (62,144) |
Depletion and amortization | (3,065) | (16,470) |
Impairment (Note 18) | (67,901) | |
Ending mining interests | (149,580) | (146,515) |
Producing properties [member] | Accumulated depreciation, amortisation and impairment [member] | Mexico - Del Toro [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | (101,275) | (67,154) |
Depletion and amortization | (1,152) | (4,850) |
Impairment (Note 18) | (29,271) | |
Ending mining interests | (102,427) | (101,275) |
Producing properties [member] | Accumulated depreciation, amortisation and impairment [member] | Mexico - San Martin [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | (44,537) | (40,317) |
Depletion and amortization | (3,460) | (4,220) |
Impairment (Note 18) | ||
Ending mining interests | (47,997) | (44,537) |
Producing properties [member] | Accumulated depreciation, amortisation and impairment [member] | Mexico - La Guitarra [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | (88,350) | (62,594) |
Depletion and amortization | (3,102) | |
Impairment (Note 18) | (22,654) | |
Ending mining interests | $ (88,350) | $ (88,350) |
Note 15 - Mining Interests - _3
Note 15 - Mining Interests - Disclosure of Detailed Information About Mining Interests, Exploration Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Beginning mining interests | $ 435,613 | |
Ending mining interests | 463,391 | $ 435,613 |
Exploration properties [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 81,962 | 86,928 |
Exploration and evaluation expenditures | 30,481 | 27,800 |
Impairment (Note 18) | (1,061) | (29,172) |
Transfer from exploration properties | (15,577) | (3,594) |
Change in decommissioning liabilities (Note 22) | 238 | |
Ending mining interests | 96,043 | 81,962 |
Exploration properties [member] | Mexico - San Dimas [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 3,705 | |
Exploration and evaluation expenditures | 7,450 | 3,705 |
Impairment (Note 18) | ||
Transfer from exploration properties | (2,456) | |
Change in decommissioning liabilities (Note 22) | ||
Ending mining interests | 8,699 | 3,705 |
Exploration properties [member] | Mexico - Santa Elena [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 14,316 | 7,777 |
Exploration and evaluation expenditures | 11,738 | 8,233 |
Impairment (Note 18) | ||
Transfer from exploration properties | (7,462) | (1,694) |
Change in decommissioning liabilities (Note 22) | ||
Ending mining interests | 18,592 | 14,316 |
Exploration properties [member] | Mexico - La Encantada [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 5,660 | 5,221 |
Exploration and evaluation expenditures | 2,164 | 2,339 |
Impairment (Note 18) | (1,061) | |
Transfer from exploration properties | (5,659) | (1,900) |
Change in decommissioning liabilities (Note 22) | ||
Ending mining interests | 1,104 | 5,660 |
Exploration properties [member] | Mexico - La Parrilla [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 3,486 | 13,982 |
Exploration and evaluation expenditures | 3,862 | 3,291 |
Impairment (Note 18) | (13,787) | |
Transfer from exploration properties | ||
Change in decommissioning liabilities (Note 22) | ||
Ending mining interests | 7,348 | 3,486 |
Exploration properties [member] | Mexico - Del Toro [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 3,082 | 10,117 |
Exploration and evaluation expenditures | 2,484 | 2,363 |
Impairment (Note 18) | (9,398) | |
Transfer from exploration properties | ||
Change in decommissioning liabilities (Note 22) | ||
Ending mining interests | 5,566 | 3,082 |
Exploration properties [member] | Mexico - San Martin [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 12,538 | 9,599 |
Exploration and evaluation expenditures | 1,751 | 2,939 |
Impairment (Note 18) | ||
Transfer from exploration properties | ||
Change in decommissioning liabilities (Note 22) | ||
Ending mining interests | 14,289 | 12,538 |
Exploration properties [member] | Mexico - La Guitarra [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 5,735 | 10,385 |
Exploration and evaluation expenditures | 1,337 | |
Impairment (Note 18) | (5,987) | |
Transfer from exploration properties | ||
Change in decommissioning liabilities (Note 22) | ||
Ending mining interests | 5,735 | 5,735 |
Exploration properties [member] | All other segments [member] | ||
Statement Line Items [Line Items] | ||
Beginning mining interests | 33,440 | 29,847 |
Exploration and evaluation expenditures | 1,032 | 3,593 |
Impairment (Note 18) | ||
Transfer from exploration properties | ||
Change in decommissioning liabilities (Note 22) | 238 | |
Ending mining interests | $ 34,710 | $ 33,440 |
Note 16 - Property, Plant and_3
Note 16 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Total property, plant and equipment | $ 236,639 | $ 251,084 |
Land not subject to depreciation [member] | ||
Statement Line Items [Line Items] | ||
Total property, plant and equipment | $ 11,500 | $ 11,500 |
Note 16 - Property, Plant, and
Note 16 - Property, Plant, and Equipment - Disclosure of Detailed Information About Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | $ 251,084 | ||
Ending property, plant and equipment | 236,639 | $ 251,084 | |
Land and buildings [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | [1] | 66,606 | |
Ending property, plant and equipment | [1] | 69,372 | 66,606 |
Machinery and Equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | 138,903 | ||
Ending property, plant and equipment | 130,355 | 138,903 | |
Assets under construction [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | 35,673 | ||
Ending property, plant and equipment | 27,645 | 35,673 | |
Other property, plant and equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | 9,902 | ||
Ending property, plant and equipment | 9,267 | 9,902 | |
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | 667,809 | 512,957 | |
Additions | 47,221 | 33,710 | |
Acquisition of Primero (Note 4) | 122,815 | ||
Transfers and disposals | (7,880) | (1,673) | |
Ending property, plant and equipment | 707,150 | 667,809 | |
Gross carrying amount [member] | Land and buildings [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | [1] | 177,864 | 134,398 |
Additions | [1] | 9 | |
Acquisition of Primero (Note 4) | [1] | 40,404 | |
Transfers and disposals | [1] | 20,548 | 3,053 |
Ending property, plant and equipment | [1] | 198,412 | 177,864 |
Gross carrying amount [member] | Machinery and Equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | 430,862 | 341,899 | |
Additions | 1,991 | 4,411 | |
Acquisition of Primero (Note 4) | 70,064 | ||
Transfers and disposals | 23,802 | 14,488 | |
Ending property, plant and equipment | 456,655 | 430,862 | |
Gross carrying amount [member] | Assets under construction [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | 35,673 | 21,949 | |
Additions | 44,709 | 28,669 | |
Acquisition of Primero (Note 4) | 7,169 | ||
Transfers and disposals | (52,737) | (22,114) | |
Ending property, plant and equipment | 27,645 | 35,673 | |
Gross carrying amount [member] | Other property, plant and equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | 23,410 | 14,711 | |
Additions | 521 | 621 | |
Acquisition of Primero (Note 4) | 5,178 | ||
Transfers and disposals | 507 | 2,900 | |
Ending property, plant and equipment | 24,438 | 23,410 | |
Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | (416,725) | (320,905) | |
Transfers and disposals | 5,919 | 1,512 | |
Depreciation and amortization | (30,931) | (46,642) | |
Impairment (Note 18) | (28,774) | (50,690) | |
Ending property, plant and equipment | (470,511) | (416,725) | |
Accumulated depreciation, amortisation and impairment [member] | Land and buildings [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | [1] | (111,258) | (86,404) |
Transfers and disposals | [1] | 271 | |
Depreciation and amortization | [1] | (4,980) | (8,215) |
Impairment (Note 18) | [1] | (13,073) | (16,639) |
Ending property, plant and equipment | [1] | (129,040) | (111,258) |
Accumulated depreciation, amortisation and impairment [member] | Machinery and Equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | (291,959) | (223,353) | |
Transfers and disposals | 5,189 | 1,464 | |
Depreciation and amortization | (23,829) | (36,650) | |
Impairment (Note 18) | (15,701) | (33,420) | |
Ending property, plant and equipment | (326,300) | (291,959) | |
Accumulated depreciation, amortisation and impairment [member] | Assets under construction [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | |||
Transfers and disposals | |||
Depreciation and amortization | |||
Impairment (Note 18) | |||
Ending property, plant and equipment | |||
Accumulated depreciation, amortisation and impairment [member] | Other property, plant and equipment [member] | |||
Statement Line Items [Line Items] | |||
Beginning property, plant and equipment | (13,508) | (11,148) | |
Transfers and disposals | 459 | 48 | |
Depreciation and amortization | (2,122) | (1,777) | |
Impairment (Note 18) | (631) | ||
Ending property, plant and equipment | $ (15,171) | $ (13,508) | |
[1] | Included in land and buildings is $11.5 million ( December 31, 2018 - $11.5 million) of land which is not subject to depreciation. |
Note 16 - Property, Plant and_4
Note 16 - Property, Plant and Equipment - Disclosure of Detailed Information About Property, Plant and Equipment, Allocated By Mine (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | $ 251,084 | |
Ending property, plant and equipment | 236,639 | $ 251,084 |
Mexico - San Dimas [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 120,218 | |
Ending property, plant and equipment | 116,556 | 120,218 |
Mexico - Santa Elena [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 39,664 | |
Ending property, plant and equipment | 47,787 | 39,664 |
Mexico - La Encantada [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 43,060 | |
Ending property, plant and equipment | 14,736 | 43,060 |
Mexico - La Parrilla [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 7,603 | |
Ending property, plant and equipment | 7,723 | 7,603 |
Mexico - Del Toro [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 5,775 | |
Ending property, plant and equipment | 6,002 | 5,775 |
Mexico - San Martin [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 18,373 | |
Ending property, plant and equipment | 16,043 | 18,373 |
Mexico - La Guitarra [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 1,475 | |
Ending property, plant and equipment | 1,282 | 1,475 |
All other segments [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 14,916 | |
Ending property, plant and equipment | 26,510 | 14,916 |
Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 667,809 | 512,957 |
Additions | 47,221 | 33,710 |
Acquisition of Primero (Note 4) | 122,815 | |
Transfers and disposals | (7,880) | (1,673) |
Transfers and disposals | (7,880) | (1,673) |
Ending property, plant and equipment | 707,150 | 667,809 |
Gross carrying amount [member] | Mexico - San Dimas [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 127,763 | |
Additions | 10,465 | 5,750 |
Acquisition of Primero (Note 4) | 122,815 | |
Transfers and disposals | (1,925) | (802) |
Transfers and disposals | (1,925) | (802) |
Ending property, plant and equipment | 136,303 | 127,763 |
Gross carrying amount [member] | Mexico - Santa Elena [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 76,671 | 73,684 |
Additions | 4,453 | 3,066 |
Acquisition of Primero (Note 4) | ||
Transfers and disposals | 9,638 | (79) |
Transfers and disposals | 9,638 | (79) |
Ending property, plant and equipment | 90,762 | 76,671 |
Gross carrying amount [member] | Mexico - La Encantada [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 132,146 | 124,198 |
Additions | 5,066 | 8,812 |
Acquisition of Primero (Note 4) | ||
Transfers and disposals | 90 | (864) |
Transfers and disposals | 90 | (864) |
Ending property, plant and equipment | 137,302 | 132,146 |
Gross carrying amount [member] | Mexico - La Parrilla [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 99,046 | 96,491 |
Additions | 1,379 | 2,564 |
Acquisition of Primero (Note 4) | ||
Transfers and disposals | (4,104) | (9) |
Transfers and disposals | (4,104) | (9) |
Ending property, plant and equipment | 96,321 | 99,046 |
Gross carrying amount [member] | Mexico - Del Toro [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 121,528 | 117,201 |
Additions | 667 | 3,016 |
Acquisition of Primero (Note 4) | ||
Transfers and disposals | (47) | 1,311 |
Transfers and disposals | (47) | 1,311 |
Ending property, plant and equipment | 122,148 | 121,528 |
Gross carrying amount [member] | Mexico - San Martin [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 51,700 | 47,541 |
Additions | 1,027 | 2,375 |
Acquisition of Primero (Note 4) | ||
Transfers and disposals | (409) | 1,784 |
Transfers and disposals | (409) | 1,784 |
Ending property, plant and equipment | 52,318 | 51,700 |
Gross carrying amount [member] | Mexico - La Guitarra [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 26,763 | 28,115 |
Additions | 1,296 | |
Acquisition of Primero (Note 4) | ||
Transfers and disposals | (310) | (2,648) |
Transfers and disposals | (310) | (2,648) |
Ending property, plant and equipment | 26,453 | 26,763 |
Gross carrying amount [member] | All other segments [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | 32,192 | 25,727 |
Additions | 24,164 | 6,831 |
Acquisition of Primero (Note 4) | ||
Transfers and disposals | (10,813) | (366) |
Transfers and disposals | (10,813) | (366) |
Ending property, plant and equipment | 45,543 | 32,192 |
Accumulated depreciation, amortisation and impairment [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | (416,725) | (320,905) |
Transfers and disposals | 5,919 | 1,512 |
Depreciation and amortization | (30,931) | (46,642) |
Transfers and disposals | 5,919 | 1,512 |
Impairment (Note 18) | (28,774) | (50,690) |
Ending property, plant and equipment | (470,511) | (416,725) |
Accumulated depreciation, amortisation and impairment [member] | Mexico - San Dimas [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | (7,545) | |
Transfers and disposals | 153 | 634 |
Depreciation and amortization | (12,355) | (8,179) |
Transfers and disposals | 153 | 634 |
Impairment (Note 18) | ||
Ending property, plant and equipment | (19,747) | (7,545) |
Accumulated depreciation, amortisation and impairment [member] | Mexico - Santa Elena [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | (37,007) | (28,898) |
Transfers and disposals | 1,021 | 288 |
Depreciation and amortization | (6,989) | (8,397) |
Transfers and disposals | 1,021 | 288 |
Impairment (Note 18) | ||
Ending property, plant and equipment | (42,975) | (37,007) |
Accumulated depreciation, amortisation and impairment [member] | Mexico - La Encantada [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | (89,086) | (80,269) |
Transfers and disposals | 572 | 829 |
Depreciation and amortization | (5,278) | (9,646) |
Transfers and disposals | 572 | 829 |
Impairment (Note 18) | (28,774) | |
Ending property, plant and equipment | (122,566) | (89,086) |
Accumulated depreciation, amortisation and impairment [member] | Mexico - La Parrilla [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | (91,443) | (52,984) |
Transfers and disposals | 3,406 | 92 |
Depreciation and amortization | (561) | (8,489) |
Transfers and disposals | 3,406 | 92 |
Impairment (Note 18) | (30,062) | |
Ending property, plant and equipment | (88,598) | (91,443) |
Accumulated depreciation, amortisation and impairment [member] | Mexico - Del Toro [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | (115,753) | (93,579) |
Transfers and disposals | 65 | (804) |
Depreciation and amortization | (458) | (3,761) |
Transfers and disposals | 65 | (804) |
Impairment (Note 18) | (17,609) | |
Ending property, plant and equipment | (116,146) | (115,753) |
Accumulated depreciation, amortisation and impairment [member] | Mexico - San Martin [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | (33,327) | (27,789) |
Transfers and disposals | 411 | (1,150) |
Depreciation and amortization | (3,359) | (4,388) |
Transfers and disposals | 411 | (1,150) |
Impairment (Note 18) | ||
Ending property, plant and equipment | (36,275) | (33,327) |
Accumulated depreciation, amortisation and impairment [member] | Mexico - La Guitarra [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | (25,288) | (21,654) |
Transfers and disposals | 117 | 1,546 |
Depreciation and amortization | (2,161) | |
Transfers and disposals | 117 | 1,546 |
Impairment (Note 18) | (3,019) | |
Ending property, plant and equipment | (25,171) | (25,288) |
Accumulated depreciation, amortisation and impairment [member] | All other segments [member] | ||
Statement Line Items [Line Items] | ||
Beginning property, plant and equipment | (17,276) | (15,732) |
Transfers and disposals | 174 | 77 |
Depreciation and amortization | (1,931) | (1,621) |
Transfers and disposals | 174 | 77 |
Impairment (Note 18) | ||
Ending property, plant and equipment | $ (19,033) | $ (17,276) |
Note 17 - Right-of-use Assets -
Note 17 - Right-of-use Assets - Right-of-use Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Statement Line Items [Line Items] | |
At December 31, 2018 | |
Initial adoption of IFRS 16 (Note 3) | 3,682 |
Additions | 14,703 |
Remeasurements | 1,918 |
Depreciation and amortization | (1,967) |
Impairment (Note 18) | (6,302) |
At December 31, 2019 | 12,034 |
Land and buildings [member] | |
Statement Line Items [Line Items] | |
At December 31, 2018 | |
Initial adoption of IFRS 16 (Note 3) | 2,624 |
Additions | 571 |
Remeasurements | 1,686 |
Depreciation and amortization | (674) |
Impairment (Note 18) | |
At December 31, 2019 | 4,207 |
Machinery and Equipment [member] | |
Statement Line Items [Line Items] | |
At December 31, 2018 | |
Initial adoption of IFRS 16 (Note 3) | 1,036 |
Additions | 14,132 |
Remeasurements | 232 |
Depreciation and amortization | (1,286) |
Impairment (Note 18) | (6,302) |
At December 31, 2019 | 7,812 |
Other property, plant and equipment [member] | |
Statement Line Items [Line Items] | |
At December 31, 2018 | |
Initial adoption of IFRS 16 (Note 3) | 22 |
Additions | |
Remeasurements | |
Depreciation and amortization | (7) |
Impairment (Note 18) | |
At December 31, 2019 | $ 15 |
Note 18 - Impairment of Non-c_3
Note 18 - Impairment of Non-current Assets (Details Textual) | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Discount rate applied to cash flow projections | 4.50% | 6.50% |
Note 18 - Impairment of Non-c_4
Note 18 - Impairment of Non-current Assets - Disclosure of Impairment Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Impairment of non-current assets | $ 58,739 | $ 199,688 |
Deferred income tax recovery | (6,300) | (48,588) |
Impairment of non-current assets, net of tax | 52,439 | 151,100 |
Mexico - La Encantada [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 58,739 | |
Mexico - La Parrilla [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 111,750 | |
Mexico - Del Toro [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 56,278 | |
Mexico - La Guitarra [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | $ 31,660 |
Note 18 - Impairment of Non-c_5
Note 18 - Impairment of Non-current Assets - Disclosure of Impairment Loss In Respect of Each Operating Segment Or Project (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Impairment of non-current assets | $ 58,739 | $ 199,688 |
Right-of-use assets [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 6,302 | |
Producing properties [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 22,602 | 119,826 |
Exploration properties [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 1,061 | 29,172 |
Property, plant and equipment other than mining interests [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 28,774 | 50,690 |
Mexico - La Encantada [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 58,739 | |
Mexico - La Encantada [member] | Right-of-use assets [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 6,302 | |
Mexico - La Encantada [member] | Producing properties [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 22,602 | |
Mexico - La Encantada [member] | Exploration properties [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 1,061 | |
Mexico - La Encantada [member] | Property, plant and equipment other than mining interests [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 28,774 | |
Mexico - La Parrilla [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 111,750 | |
Mexico - La Parrilla [member] | Producing properties [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 67,901 | |
Mexico - La Parrilla [member] | Exploration properties [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 13,787 | |
Mexico - La Parrilla [member] | Property, plant and equipment other than mining interests [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 30,062 | |
Mexico - Del Toro [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 56,278 | |
Mexico - Del Toro [member] | Producing properties [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 29,271 | |
Mexico - Del Toro [member] | Exploration properties [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 9,398 | |
Mexico - Del Toro [member] | Property, plant and equipment other than mining interests [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 17,609 | |
Mexico - La Guitarra [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 31,660 | |
Mexico - La Guitarra [member] | Producing properties [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 22,654 | |
Mexico - La Guitarra [member] | Exploration properties [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | 5,987 | |
Mexico - La Guitarra [member] | Property, plant and equipment other than mining interests [member] | ||
Statement Line Items [Line Items] | ||
Impairment of non-current assets | $ 3,019 |
Note 18 - Impairment of Non-c_6
Note 18 - Impairment of Non-current Assets - Explanation of Inputs, Assumptions and Estimation Techniques Used to Apply Impairment Requirements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
The 2019 to 2022 average [member] | Silver (per ounce) [member] | ||
Statement Line Items [Line Items] | ||
Average commodity price | $ 18.84 | |
The 2019 to 2022 average [member] | Gold (per ounce) [member] | ||
Statement Line Items [Line Items] | ||
Average commodity price | 1,536 | |
Long-term [member] | Silver (per ounce) [member] | ||
Statement Line Items [Line Items] | ||
Average commodity price | 19.50 | $ 18.50 |
Long-term [member] | Gold (per ounce) [member] | ||
Statement Line Items [Line Items] | ||
Average commodity price | $ 1,416 | 1,350 |
Long-term [member] | Lead (per pound) [member] | ||
Statement Line Items [Line Items] | ||
Average commodity price | 1 | |
Long-term [member] | Zinc (per pound) [member] | ||
Statement Line Items [Line Items] | ||
Average commodity price | 1.19 | |
The 2018-2021 average [member] | Silver (per ounce) [member] | ||
Statement Line Items [Line Items] | ||
Average commodity price | 17.23 | |
The 2018-2021 average [member] | Gold (per ounce) [member] | ||
Statement Line Items [Line Items] | ||
Average commodity price | 1,318 | |
The 2018-2021 average [member] | Lead (per pound) [member] | ||
Statement Line Items [Line Items] | ||
Average commodity price | 0.99 | |
The 2018-2021 average [member] | Zinc (per pound) [member] | ||
Statement Line Items [Line Items] | ||
Average commodity price | $ 1.19 |
Note 19 - Trade and Other Pay_3
Note 19 - Trade and Other Payables - Disclosure of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Trade payables | $ 23,984 | $ 26,420 |
Trade related accruals | 12,314 | 9,351 |
Payroll and related benefits | 19,059 | 11,255 |
Environmental duty | 1,483 | 1,536 |
Other accrued liabilities | 2,283 | 1,621 |
$ 59,123 | $ 50,183 |
Note 20 - Debt Facilities (Deta
Note 20 - Debt Facilities (Details Textual) $ / shares in Units, $ in Millions | May 10, 2018USD ($) | Mar. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2019 |
Statement Line Items [Line Items] | |||
Equipment financing obligations, maximum available | $ 30 | ||
Five year convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Proceeds from issuing convertible debentures | $ 156.5 | ||
Proceeds from issuing convertible debentures, net | 151.1 | ||
Payments of transaction costs for borrowings | $ 5.4 | ||
Borrowings, interest rate | 1.875% | ||
Convertible debentures, conversion rate per $1000 | shares | 104.3297 | ||
Convertible debentures, conversion price per share | $ / shares | $ 9.59 | ||
Convertible debentures, share price threshold | 130.00% | ||
Convertible debentures, fair value of the debt portion | $ 124.8 | ||
Convertible debentures, fair value of debt portion, discounted cash flow model method, expected life | 5 years | ||
Convertible debentures, fair value of debt portion, discounted cash flow model method, discount rate | 6.14% | ||
Convertible debentures, fair value component, effective interest rate | 6.47% | ||
Reserve of equity component of convertible instruments | $ 26.3 | ||
Reserve of equity component of convertible instruments, deferred tax liability | 7.1 | ||
Amortizable transaction costs | $ 5.4 | ||
Borrowings, maturity | March 1, 2023 | ||
Convertible debentures, earliest redemption date | Mar. 6, 2021 | ||
Revolving credit facility with three lenders [member] | |||
Statement Line Items [Line Items] | |||
Borrowings available under line of credit | $ 75 | ||
Line of credit, term | 3 years | ||
Line of credit, standby fee, percentage of undrawn portion | 0.6875% | ||
Covenant leverage ratio based on total debt to rolling four quarters adjusted EBITDA | 3 | ||
Interest Coverage Ratio Covenant | 4 | ||
Tangible Net worth threshold covenants | $ 563.5 | ||
Tangible net worth threshold, covenants, percentage of positive earnings added to tangible net worth | 50.00% | ||
Revolving credit facility with three lenders [member] | Floating interest rate [member] | |||
Statement Line Items [Line Items] | |||
Borrowings, interest rate | 4.50% | ||
Revolving credit facility with three lenders [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Borrowings, adjustment to interest rate basis | 2.25% | ||
Line of credit, standby fee, percentage of undrawn portion | 0.5625% | ||
Revolving credit facility with three lenders [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Borrowings, adjustment to interest rate basis | 3.50% | ||
Line of credit, standby fee, percentage of undrawn portion | 0.875% |
Note 20 - Debt Facilities - Dis
Note 20 - Debt Facilities - Disclosure of Detailed Information About Debt Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Statement Line Items [Line Items] | |||||
Debt facilities, balance | $ 155,818 | $ 149,512 | $ 31,769 | ||
Net proceeds from convertible debentures | 151,079 | ||||
Portion allocated to equity reserves | (26,252) | ||||
Net proceeds from revolving credit facility | 34,006 | ||||
Acquisition of Primero (Note 4) | 106,111 | ||||
Interest and accretion expense | 4,473 | 4,437 | |||
Accretion | 6,412 | 5,952 | |||
Repayments of principal | (154,183) | ||||
Payments of finance costs | (4,579) | (3,407) | |||
Current portion of debt facilities | 1,175 | 1,281 | |||
Debt facilities | 154,643 | 148,231 | |||
Five year convertible debentures [member] | |||||
Statement Line Items [Line Items] | |||||
Debt facilities, balance | [1] | 136,607 | 130,807 | ||
Net proceeds from convertible debentures | [1] | 151,079 | |||
Portion allocated to equity reserves | [1] | (26,252) | |||
Net proceeds from revolving credit facility | [1] | ||||
Acquisition of Primero (Note 4) | [1] | ||||
Interest and accretion expense | [1] | 2,975 | 2,738 | ||
Accretion | [1] | 5,758 | 4,978 | ||
Repayments of principal | [1] | ||||
Payments of finance costs | [1] | (2,933) | (1,736) | ||
Current portion of debt facilities | [1] | 1,043 | 1,002 | ||
Debt facilities | [1] | 135,564 | 129,805 | ||
Revolving credit facility with three lenders [member] | |||||
Statement Line Items [Line Items] | |||||
Debt facilities, balance | [2] | 19,211 | 18,705 | ||
Net proceeds from convertible debentures | [2] | ||||
Portion allocated to equity reserves | [2] | ||||
Net proceeds from revolving credit facility | [2] | 34,006 | |||
Acquisition of Primero (Note 4) | [2] | ||||
Interest and accretion expense | [2] | 1,498 | 1,170 | ||
Accretion | [2] | 654 | 419 | ||
Repayments of principal | [2] | (16,000) | |||
Payments of finance costs | [2] | (1,646) | (890) | ||
Current portion of debt facilities | [2] | 132 | 279 | ||
Debt facilities | 19,079 | 18,426 | |||
Scotia Debt Facilities [Member] | |||||
Statement Line Items [Line Items] | |||||
Debt facilities, balance | [3] | 31,769 | |||
Net proceeds from convertible debentures | |||||
Portion allocated to equity reserves | |||||
Net proceeds from revolving credit facility | |||||
Acquisition of Primero (Note 4) | |||||
Interest and accretion expense | 529 | ||||
Accretion | 555 | ||||
Repayments of principal | (32,072) | ||||
Payments of finance costs | (781) | ||||
Current portion of debt facilities | |||||
Debt facilities | |||||
Primero Debt Facilities [Member] | |||||
Statement Line Items [Line Items] | |||||
Debt facilities, balance | [4] | ||||
Net proceeds from convertible debentures | |||||
Portion allocated to equity reserves | |||||
Net proceeds from revolving credit facility | |||||
Acquisition of Primero (Note 4) | 106,111 | ||||
Interest and accretion expense | |||||
Accretion | |||||
Repayments of principal | (106,111) | ||||
Payments of finance costs | |||||
Current portion of debt facilities | |||||
Debt facilities | |||||
[1] | During the first quarter of 2018, the Company issued $156.5 million of unsecured senior convertible debentures (the "Notes"). The Company received net proceeds of $151.1 million after transaction costs of $5.4 million. The Notes mature on March 1, 2023 and bear an interest rate of 1.875% per annum, payable semi-annually in arrears in March and September of each year. The Notes are convertible into common shares of the Company at any time prior to maturity at a conversion rate of 104.3297 common shares per $1,000 principal amount of Notes converted, representing an initial conversion price of $9.59 per common share, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the Notes may be entitled to an increased conversion rate. The Company may not redeem the Notes before March 6, 2021, except in the event of certain changes in Canadian tax law. At any time on or after March 6, 2021 and until maturity, the Company may redeem all or part of the Notes for cash if the last reported share price of the Company's common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price. The redemption price is equal to the sum of: (i) 100% of the principal amount of the notes to be redeemed and (ii) accrued and unpaid interest, if any, to the redemption date. The Company is required to offer to purchase for cash all of the outstanding Notes upon a fundamental change, at a cash purchase price equal to 100% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest, if any, to the fundamental change purchase date. The component parts of the convertible debentures, a compound instrument, are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. A conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company's own equity instrument is an equity instrument. At initial recognition, net proceeds of $151.1 million from the Notes were allocated into its debt and equity components. The fair value of the debt portion was estimated at $124.8 million using a discounted cash flow model method with an expected life of five years and a discount rate of 6.14%. This amount is recorded as a financial liability on an amortized cost basis using the effective interest method using an effective interest rate of 6.47% until extinguished upon conversion or at its maturity date. The conversion option is classified as equity and was estimated based on the residual value of $26.3 million. This amount is not subsequently remeasured and will remain in equity until the conversion option is exercised, in which case, the balance recognized in equity will be transferred to share capital. Where the conversion option remains unexercised at the maturity date of the convertible note, the balance will remain in equity reserves. Deferred tax liability of $7.1 million related to taxable temporary difference arising from the equity portion of the convertible debenture was recognized in equity reserves. Transaction costs of $5.4 million that relate to the issuance of the convertible debentures were allocated to the liability and equity components in proportion to the allocation of the gross proceeds. Transaction costs relating to the equity component are recognized directly in equity. Transaction costs relating to the liability component are included in the carrying amount of the liability component and are amortized over the life of the convertible debentures using the effective interest method. | ||||
[2] | On May 10, 2018, the Company entered into a $75.0 million senior secured revolving credit facility ("Revolving Credit Facility") with the Bank of Nova Scotia, Bank of Montreal and Investec Bank PLC, as lenders. The Revolving Credit Facility will mature on its third anniversary date. Interest on the drawn balance will accrue at LIBOR plus an applicable range of 2.25% to 3.5% while the undrawn portion is subject to a standby fee with an applicable range of 0.5625% to 0.875%, dependent on certain financial parameters of First Majestic. As at December 31, 2019, the applicable rates were 4.5% and 0.6875%, respectively. These debt facilities are guaranteed by certain subsidiaries of the Company and are also secured by a first priority charge against the assets of the Company, and a first priority pledge of shares of the Company's subsidiaries. The Revolving Credit Facility includes financial covenants, to be tested quarterly on a consolidated basis, requiring First Majestic to maintain the following: (a) a leverage ratio based on total debt to rolling four quarters adjusted EBITDA of not more than 3.00 to 1.00; (b) an interest coverage ratio, based on rolling four quarters adjusted EBITDA divided by interest payments, of not less than 4.00 to 1.00; and (c) tangible net worth of not less than $563.5 million plus 50% of its positive earnings subsequent to June 30, 2018. The debt facilities also provide for negative covenants customary for these types of facilities and allows the Company to enter into finance leases up to $30.0 million. As at December 31, 2019 and December 31, 2018, the Company was in compliance with these covenants. | ||||
[3] | In February 2016, the Company entered into an agreement with The Bank of Nova Scotia and Investec Bank PLC for a senior secured debt facility consisting of a $35.0 million term loan and a $25.0 million revolving credit facility (together, "Scotia Debt Facilities"). The $35.0 million term loan was repayable in 11 equal quarterly instalments of $3.2 million in principal plus related interest, with the final instalment due in February 2019. The term loan bears an interest rate of LIBOR plus a range from 3.25% to 4.00%, depending on certain financial parameters of the Company. The $25.0 million revolving credit facility was to mature in three years on February 8, 2019 and bears the same interest rate as the term loan plus a relevant standby fee from 0.81% to 1.00% from the undrawn portion of the facility. In connection with the acquisition of Primero (Note 4), First Majestic restructured its debt by entering into a Revolving Credit Facility (Note 19(b)) which was used to repay the remaining balance of the Scotia Debt Facilities on May 10, 2018. | ||||
[4] | As part of the acquisition of Primero (Note 4), First Majestic assumed $106.1 million in outstanding debt facilities owed by Primero, consisting of $75.8 million in convertible debentures and a $30.2 million revolving credit facility (together, "Primero Debt Facilities"). In connection with the Plan of Arrangement for the acquisition of Primero (Note 4), in March 2018, the debentureholders of Primero's $75.8 million convertible debentures voted to approve an amendment to the maturity date of the debentures from February 28, 2020 to the next business day following the closing date of the business combination with First Majestic. As a result, these convertible debentures were fully repaid by the Company on May 11, 2018. The $30.2 million revolving credit facility was fully repaid by the Company on May 10, 2018. |
Note 21 - Lease Liabilities (De
Note 21 - Lease Liabilities (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Statement Line Items [Line Items] | ||||
Total lease liabilities | $ 21,936 | $ 9,305 | $ 5,847 | |
IFRS 16 [Member] | ||||
Statement Line Items [Line Items] | ||||
Total lease liabilities | $ 3,700 | |||
Finance leases [member] | ||||
Statement Line Items [Line Items] | ||||
Property, plant and equipment, pledged as security | 300 | 600 | ||
Equipment Financing [member] | ||||
Statement Line Items [Line Items] | ||||
Property, plant and equipment, pledged as security | $ 3,300 | $ 4,600 | ||
Proceeds from equipment financing obligations | $ 7,900 | |||
Borrowings, adjustment to interest rate basis | 4.60% | |||
Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Finance leases term | 2 years | |||
Operating leases remaning lease term | 1 year | |||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 5.80% | |||
Bottom of range [member] | IFRS 16 [Member] | ||||
Statement Line Items [Line Items] | ||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 5.80% | |||
Bottom of range [member] | Finance leases [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, interest rate | 6.90% | |||
Bottom of range [member] | Equipment Financing [member] | ||||
Statement Line Items [Line Items] | ||||
Quarterly lease terms | 12 | |||
Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Finance leases term | 4 years | |||
Operating leases remaning lease term | 10 years | |||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 11.20% | |||
Top of range [member] | IFRS 16 [Member] | ||||
Statement Line Items [Line Items] | ||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 12.40% | |||
Top of range [member] | Finance leases [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, interest rate | 7.50% | |||
Top of range [member] | Equipment Financing [member] | ||||
Statement Line Items [Line Items] | ||||
Quarterly lease terms | 16 |
Note 21 - Lease Liabilities - M
Note 21 - Lease Liabilities - Movement in Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Balance | $ 21,936 | $ 5,847 | $ 9,305 |
Finance costs | 1,142 | 524 | |
Repayments of principal | (5,213) | (3,546) | |
Payments of finance costs | (397) | (436) | |
Initial adoption of IFRS 16 (Note 2) | 3,682 | ||
Additions | 14,706 | ||
Remeasurements | 1,918 | ||
Foreign exchange loss | 251 | ||
Current portion of lease liabilities | 6,920 | 2,904 | |
Lease liabilities | 15,016 | 2,943 | |
Finance leases [member] | |||
Statement Line Items [Line Items] | |||
Balance | 50 | 409 | 2,109 |
Finance costs | 18 | 80 | |
Repayments of principal | (359) | (1,700) | |
Payments of finance costs | (18) | (80) | |
Initial adoption of IFRS 16 (Note 2) | |||
Additions | |||
Remeasurements | |||
Foreign exchange loss | |||
Current portion of lease liabilities | 50 | 352 | |
Lease liabilities | 57 | ||
Operating leases [member] | |||
Statement Line Items [Line Items] | |||
Balance | 18,951 | ||
Finance costs | 789 | ||
Repayments of principal | (2,395) | ||
Payments of finance costs | |||
Initial adoption of IFRS 16 (Note 2) | 3,682 | ||
Additions | 14,706 | ||
Remeasurements | 1,918 | ||
Foreign exchange loss | 251 | ||
Current portion of lease liabilities | 4,518 | ||
Lease liabilities | 14,433 | ||
Equipment Financing [member] | |||
Statement Line Items [Line Items] | |||
Balance | 2,935 | 5,438 | $ 7,196 |
Finance costs | 335 | 444 | |
Repayments of principal | (2,459) | (1,846) | |
Payments of finance costs | (379) | (356) | |
Initial adoption of IFRS 16 (Note 2) | |||
Additions | |||
Remeasurements | |||
Foreign exchange loss | |||
Current portion of lease liabilities | 2,352 | 2,552 | |
Lease liabilities | $ 583 | $ 2,886 |
Note 21 - Lease Liabilities - L
Note 21 - Lease Liabilities - Lease Payments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Statement Line Items [Line Items] | |
Expenses relating to short-term leases | $ 42,994 |
Expenses relating to variable lease payments not included in the measurement of lease liability | 14,241 |
$ 57,235 |
Note 22 - Decommissioning Lia_3
Note 22 - Decommissioning Liabilities (Details Textual) | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Historical inflation rate | 4.00% | 3.80% |
Bottom of range [member] | ||
Statement Line Items [Line Items] | ||
Discount rate used in current estimate of value in use | 6.60% | 8.60% |
Top of range [member] | ||
Statement Line Items [Line Items] | ||
Discount rate used in current estimate of value in use | 6.80% | 9.30% |
Note 22 - Decommissioning Lia_4
Note 22 - Decommissioning Liabilities - Disclosure of Detailed Information About Decommissioning Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Beginning decommissioning liabilities | $ 27,796 | $ 16,076 |
Acquisition of Primero | 4,095 | |
Change in rehabilitation provision | 9,538 | 6,581 |
Reclamation costs incurred | (104) | (464) |
Interest or accretion expense | 2,410 | 1,495 |
Foreign exchange loss | 888 | 13 |
Ending decommissioning liabilities | 40,528 | 27,796 |
Mexico - San Dimas [member] | ||
Statement Line Items [Line Items] | ||
Beginning decommissioning liabilities | 8,412 | |
Acquisition of Primero | 4,095 | |
Change in rehabilitation provision | 301 | 4,092 |
Reclamation costs incurred | ||
Interest or accretion expense | 744 | 225 |
Foreign exchange loss | (15) | |
Ending decommissioning liabilities | 9,442 | 8,412 |
Mexico - Santa Elena [member] | ||
Statement Line Items [Line Items] | ||
Beginning decommissioning liabilities | 2,321 | 2,730 |
Acquisition of Primero | ||
Change in rehabilitation provision | 2,338 | (633) |
Reclamation costs incurred | ||
Interest or accretion expense | 207 | 221 |
Foreign exchange loss | 105 | 3 |
Ending decommissioning liabilities | 4,971 | 2,321 |
Mexico - La Encantada [member] | ||
Statement Line Items [Line Items] | ||
Beginning decommissioning liabilities | 6,709 | 3,317 |
Acquisition of Primero | ||
Change in rehabilitation provision | 500 | 3,122 |
Reclamation costs incurred | ||
Interest or accretion expense | 592 | 269 |
Foreign exchange loss | 311 | 1 |
Ending decommissioning liabilities | 8,112 | 6,709 |
Mexico - San Martin [member] | ||
Statement Line Items [Line Items] | ||
Beginning decommissioning liabilities | 2,694 | 2,488 |
Acquisition of Primero | ||
Change in rehabilitation provision | 4,051 | |
Reclamation costs incurred | ||
Interest or accretion expense | 237 | 204 |
Foreign exchange loss | 121 | 2 |
Ending decommissioning liabilities | 7,103 | 2,694 |
Mexico - La Parrilla [member] | ||
Statement Line Items [Line Items] | ||
Beginning decommissioning liabilities | 3,245 | 3,002 |
Acquisition of Primero | ||
Change in rehabilitation provision | 696 | |
Reclamation costs incurred | (2) | |
Interest or accretion expense | 282 | 243 |
Foreign exchange loss | 114 | 2 |
Ending decommissioning liabilities | 4,337 | 3,245 |
Mexico - Del Toro [member] | ||
Statement Line Items [Line Items] | ||
Beginning decommissioning liabilities | 2,498 | 2,545 |
Acquisition of Primero | ||
Change in rehabilitation provision | 945 | |
Reclamation costs incurred | (259) | |
Interest or accretion expense | 219 | 208 |
Foreign exchange loss | 107 | 4 |
Ending decommissioning liabilities | 3,769 | 2,498 |
Mexico - La Guitarra [member] | ||
Statement Line Items [Line Items] | ||
Beginning decommissioning liabilities | 1,615 | 1,692 |
Acquisition of Primero | ||
Change in rehabilitation provision | 469 | |
Reclamation costs incurred | (104) | (203) |
Interest or accretion expense | 129 | 125 |
Foreign exchange loss | 69 | 1 |
Ending decommissioning liabilities | 2,178 | 1,615 |
La Luz [member] | ||
Statement Line Items [Line Items] | ||
Beginning decommissioning liabilities | 302 | 302 |
Acquisition of Primero | ||
Change in rehabilitation provision | 238 | |
Reclamation costs incurred | ||
Interest or accretion expense | ||
Foreign exchange loss | 76 | |
Ending decommissioning liabilities | $ 616 | $ 302 |
Note 23 - Income Taxes (Details
Note 23 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Net deferred tax assets | $ 51,141 | $ 50,938 |
Entities that have had a loss for tax purposes in either 2016 or 2015, or both [member] | ||
Statement Line Items [Line Items] | ||
Net deferred tax assets | 51,100 | 50,900 |
Deductible temporary differences for which no deferred tax asset is recognised | $ 379,300 | $ 142,300 |
Note 23 - Income Taxes - Disclo
Note 23 - Income Taxes - Disclosure of Detailed Information About Effective Income Tax Expense Recovery (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Loss before tax | $ (39,024) | $ (263,047) |
Combined statutory tax rate | 27.00% | 27.00% |
Income tax recovery computed at statutory tax rate | $ (10,536) | $ (71,023) |
Effect of different foreign statutory tax rates on earnings of subsidiaries | (24,320) | (15,309) |
Impact of foreign exchange on deferred income tax assets and liabilities | (10,194) | 13,807 |
Change in unrecognized deferred income tax asset | 30,399 | 39,765 |
Tax effect of mining in Mexico | (814) | (8,225) |
Other non-deductible expenses | 3,256 | 834 |
Impact of inflationary adjustments | (2,412) | 51 |
Change in tax provision estimates | 23,987 | 8,258 |
Impact of post acquisition Primero restructure | (20,024) | |
Other | (7,916) | (7,017) |
Income tax expense (recovery) | 1,450 | (58,883) |
Current income tax expense | 16,423 | 2,148 |
Deferred income tax recovery | $ (14,973) | $ (61,031) |
Effective tax rate | (4.00%) | 22.00% |
Note 23 - Income Taxes - Disc_2
Note 23 - Income Taxes - Disclosure of Detailed Information About Effective Income Tax Expense Recovery (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
7.5% mining royalty in Mexico | 7.50% | 7.50% |
Note 23 - Income Taxes - Disc_3
Note 23 - Income Taxes - Disclosure of Deferred Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Deferred tax assets | $ 70,109 | $ 68,446 |
Benefit (expense) to income statement | (13,403) | (12,476) |
Acquisition of Primero (Note 4) | 14,139 | |
Charged to equity | 994 | |
Deferred tax assets | 57,700 | 70,109 |
Deferred tax liabilities | 109,814 | 128,124 |
(Benefit) expense to income statement | (21,554) | (75,151) |
Acquisition of Primero (Note 4) | 53,024 | |
Charged to equity | 7,105 | |
Reclassed to current income taxes payable | (2,813) | (3,288) |
Deferred tax liabilities | 85,447 | 109,814 |
Deferred tax assets | 51,141 | 50,938 |
Deferred tax liabilities | 78,888 | 90,643 |
Deferred tax (assets) liabilities | 27,747 | 39,705 |
Losses [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets | 118,393 | 86,552 |
Benefit (expense) to income statement | 8,079 | 17,702 |
Acquisition of Primero (Note 4) | 14,139 | |
Charged to equity | ||
Deferred tax assets | 126,472 | 118,393 |
Property, plant and equipment and mining interests [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax liabilities | 65,382 | 95,696 |
(Benefit) expense to income statement | (32,381) | (63,314) |
Acquisition of Primero (Note 4) | 33,000 | |
Charged to equity | ||
Reclassed to current income taxes payable | ||
Deferred tax liabilities | 33,001 | 65,382 |
Provisions [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets | 16,508 | 10,115 |
Benefit (expense) to income statement | 6,379 | 6,393 |
Acquisition of Primero (Note 4) | ||
Charged to equity | ||
Deferred tax assets | 22,887 | 16,508 |
Effect of Mexican tax deconsolidation [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax liabilities | 6,744 | 9,544 |
(Benefit) expense to income statement | 498 | 488 |
Acquisition of Primero (Note 4) | ||
Charged to equity | ||
Reclassed to current income taxes payable | (2,813) | (3,288) |
Deferred tax liabilities | 4,429 | 6,744 |
Deferred tax asset not recognized [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets | (68,348) | (29,036) |
Benefit (expense) to income statement | (32,156) | (39,312) |
Deferred tax assets | (100,504) | (68,348) |
Non-current portion of income taxes payable [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax liabilities | 1,752 | |
(Benefit) expense to income statement | 13,220 | 1,752 |
Acquisition of Primero (Note 4) | ||
Charged to equity | ||
Reclassed to current income taxes payable | ||
Deferred tax liabilities | 14,972 | 1,752 |
Other deferred tax assets [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets | 3,556 | 815 |
Benefit (expense) to income statement | 4,295 | 2,741 |
Acquisition of Primero (Note 4) | ||
Charged to equity | 994 | |
Deferred tax assets | 8,845 | 3,556 |
Other deferred tax liabilities [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax liabilities | 35,936 | 22,884 |
(Benefit) expense to income statement | (2,891) | (14,077) |
Acquisition of Primero (Note 4) | 20,024 | |
Charged to equity | 7,105 | |
Reclassed to current income taxes payable | ||
Deferred tax liabilities | 33,045 | 35,936 |
Deferred tax assets | ||
Deferred tax liabilities | ||
Deferred tax (assets) liabilities |
Note 23 - Income Taxes - Disc_4
Note 23 - Income Taxes - Disclosure of Detailed Information About Deferred Tax Assets Expiration (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Non-capital losses | $ 487,540 | $ 391,088 |
Unrecognized losses | 208,253 | 147,697 |
The 2019 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 1,726 | |
The 2020 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 544 | 274 |
The 2021 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 7,825 | 10,402 |
The 2022 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 4,060 | 3,719 |
The 2023 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 2,213 | 1,763 |
The 2024 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 39,319 | 36,214 |
The 2025 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 51,911 | 91,844 |
The 2026 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 113,630 | 105,683 |
The 2027 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 56,760 | 52,654 |
The 2028 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 99,315 | 68,546 |
The 2029 and after expiration years [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 111,963 | $ 18,263 |
CANADA | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 22,209 | |
Unrecognized losses | ||
CANADA | The 2019 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
CANADA | The 2020 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
CANADA | The 2021 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
CANADA | The 2022 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
CANADA | The 2023 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
CANADA | The 2024 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
CANADA | The 2025 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
CANADA | The 2026 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
CANADA | The 2027 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
CANADA | The 2028 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
CANADA | The 2029 and after expiration years [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 22,209 | |
SWITZERLAND | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 3,166 | |
Unrecognized losses | ||
SWITZERLAND | The 2019 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
SWITZERLAND | The 2020 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
SWITZERLAND | The 2021 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 3,166 | |
SWITZERLAND | The 2022 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
SWITZERLAND | The 2023 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
SWITZERLAND | The 2024 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
SWITZERLAND | The 2025 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
SWITZERLAND | The 2026 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
SWITZERLAND | The 2027 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
SWITZERLAND | The 2028 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
SWITZERLAND | The 2029 and after expiration years [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
MEXICO | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 462,165 | |
Unrecognized losses | 208,253 | |
MEXICO | The 2019 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | ||
MEXICO | The 2020 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 544 | |
MEXICO | The 2021 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 4,659 | |
MEXICO | The 2022 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 4,060 | |
MEXICO | The 2023 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 2,213 | |
MEXICO | The 2024 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 39,319 | |
MEXICO | The 2025 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 51,911 | |
MEXICO | The 2026 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 113,630 | |
MEXICO | The 2027 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 56,760 | |
MEXICO | The 2028 expiration year [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | 99,315 | |
MEXICO | The 2029 and after expiration years [member] | ||
Statement Line Items [Line Items] | ||
Non-capital losses | $ 89,754 |
Note 24 - Share Capital (Detail
Note 24 - Share Capital (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||
Aug. 31, 2019USD ($) | May 31, 2018$ / sharesshares | May 31, 2018$ / sharesshares | Mar. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CAD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018CAD ($)shares | Dec. 31, 2018USD ($)shares | |
Statement Line Items [Line Items] | |||||||||
Par value per share | $ / shares | $ 0 | ||||||||
Total increase (decrease) in number of shares outstanding | shares | 27,333,363 | 27,333,363 | |||||||
Weighted average share price | (per share) | $ 8.80 | $ 6.84 | |||||||
Sale of stock, maximum aggregate gross proceeds | $ 100,000,000 | ||||||||
Share issued, price per share | $ / shares | $ 7.55 | ||||||||
Gross proceeds from issuing shares | $ 84,400,000 | ||||||||
Proceeds from issuing shares | $ 81,916,000 | ||||||||
Percent of shares reserved for issuance under share based compensation plan | 8.00% | 8.00% | |||||||
Maximum term of options granted for share-based payment arrangement | 10 years | 10 years | |||||||
Fair value share options granted | $ 8,500,000 | 7,800,000 | |||||||
Weighted average fair value at measurement date, share options granted | $ 3.26 | $ 3.07 | $ 3.07 | ||||||
Weighted average share price share options exercised | $ 12.81 | $ 8.86 | |||||||
Decrease in number of shares outstanding shares repurchased for delisting | shares | 14,343 | 14,343 | |||||||
Decrease through shares repurchased for delisting | $ 100,000 | ||||||||
Vesting on first anniversary [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Vesting percentage for share-based payment arrangement | 25.00% | 25.00% | |||||||
Vesting on each six months thereafter [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Vesting percentage for share-based payment arrangement | 25.00% | 25.00% | |||||||
Major ordinary share transactions [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Share issued, price per share | $ / shares | $ 10.81 | ||||||||
Gross proceeds from issuing shares | $ 13,800,000 | ||||||||
Issued capital [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Increase (decrease) in number of shares outstanding at-the-market distributions | shares | 11,172,982 | 11,172,982 | |||||||
Decrease in number of shares outstanding shares repurchased for delisting | shares | 14,343 | ||||||||
Decrease through shares repurchased for delisting | $ 62,000 | ||||||||
Issued capital [member] | Major ordinary share transactions [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Increase (decrease) in number of shares outstanding at-the-market distributions | shares | 1,277,838 |
Note 24 - Share Capital - Discl
Note 24 - Share Capital - Disclosure of Range of Exercise Prices of Outstanding Share Options (Details) | 12 Months Ended | ||
Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares | |
Statement Line Items [Line Items] | |||
Number of options outstanding in share-based payment arrangement | 7,583,439 | 9,266,098 | 9,431,737 |
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) | $ 10.70 | $ 10.76 | $ 9.35 |
Weighted average remaining contractual life of outstanding share options (Year) | 5 years 135 days | ||
Number of share options exercisable in share-based payment arrangement | 4,070,065 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) | $ 12.33 | ||
Weighted average remaining contractual life of exercisable share options | 2.6 | ||
Range 1 [member] | |||
Statement Line Items [Line Items] | |||
Number of options outstanding in share-based payment arrangement | 906,082 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) | $ 4.79 | ||
Weighted average remaining contractual life of outstanding share options (Year) | 1 year 3 days | ||
Number of share options exercisable in share-based payment arrangement | 906,082 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) | $ 4.79 | ||
Weighted average remaining contractual life of exercisable share options | 1.01 | ||
Range 1 [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 4.69 | ||
Range 1 [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 5 | ||
Range 2 [member] | |||
Statement Line Items [Line Items] | |||
Number of options outstanding in share-based payment arrangement | 3,795,640 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) | $ 8.38 | ||
Weighted average remaining contractual life of outstanding share options (Year) | 8 years 29 days | ||
Number of share options exercisable in share-based payment arrangement | 719,766 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) | $ 8.55 | ||
Weighted average remaining contractual life of exercisable share options | 6.53 | ||
Range 2 [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 5.01 | ||
Range 2 [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 10 | ||
Range 3 [member] | |||
Statement Line Items [Line Items] | |||
Number of options outstanding in share-based payment arrangement | 2,585,602 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) | $ 11.26 | ||
Weighted average remaining contractual life of outstanding share options (Year) | 3 years 135 days | ||
Number of share options exercisable in share-based payment arrangement | 2,148,102 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) | $ 11.10 | ||
Weighted average remaining contractual life of exercisable share options | 2.11 | ||
Range 3 [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 10.01 | ||
Range 3 [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 15 | ||
Range 4 [member] | |||
Statement Line Items [Line Items] | |||
Number of options outstanding in share-based payment arrangement | 100,000 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) | $ 16.06 | ||
Weighted average remaining contractual life of outstanding share options (Year) | 1 year 237 days | ||
Number of share options exercisable in share-based payment arrangement | 100,000 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) | $ 16.06 | ||
Weighted average remaining contractual life of exercisable share options | 1.65 | ||
Range 4 [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 15.01 | ||
Range 4 [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 20 | ||
Range 5 [member] | |||
Statement Line Items [Line Items] | |||
Number of options outstanding in share-based payment arrangement | 196,115 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) | $ 72.69 | ||
Weighted average remaining contractual life of outstanding share options (Year) | 1 year 102 days | ||
Number of share options exercisable in share-based payment arrangement | 196,115 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) | $ 72.69 | ||
Weighted average remaining contractual life of exercisable share options | 1.28 | ||
Range 5 [member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 20.01 | ||
Range 5 [member] | Top of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 126.01 |
Note 24 - Share Capital - Dis_2
Note 24 - Share Capital - Disclosure of Number and Weighted Average Exercise Prices of Share Options (Details) | 12 Months Ended | ||
Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | ||
Statement Line Items [Line Items] | |||
Balance, beginning of the year | 9,266,098 | 9,431,737 | |
Balance, beginning of the year, weighted average exercise price (in dollars per share) | $ 10.76 | $ 9.35 | |
Granted | [1] | 2,601,680 | 2,552,796 |
Granted, weighted average exercise price (in dollars per share) | [1] | $ 8.83 | $ 15.95 |
Exercised | (2,918,518) | (973,948) | |
Exercised, weighted average exercise price (in dollars per share) | $ 7.54 | $ 5.28 | |
Cancelled or expired | (1,365,821) | (1,744,487) | |
Cancelled or expired, weighted average exercise price (in dollars per share) | $ 14.31 | $ 13.78 | |
Balance, end of the year | 7,583,439 | 9,266,098 | |
Balance, end of the year, weighted average exercise price (in dollars per share) | $ 10.70 | $ 10.76 | |
[1] | Includes 221,908 stock options issued to replace pre-existing stock options of Primero in accordance with the Primero arrangement (see Note 4) with a nominal fair value. |
Note 24 - Share Capital - Dis_3
Note 24 - Share Capital - Disclosure of Detailed Information About Options, Valuation Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Risk-free interest rate (%) | 2.01% | 1.87% |
Expected life (years) | 5.8 | 5.4 |
Expected volatility (%) | 51.29% | 58.70% |
Expected dividend yield (%) |
Note 24 - Share Capital - Dis_4
Note 24 - Share Capital - Disclosure of Number and Weighted Average Exercise Prices of Restricted Share Units (Details) - Restricted share units [member] | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Statement Line Items [Line Items] | |
Outstanding, beginning of the year, number of shares | |
Outstanding, beginning of the year, weighted average fair value (in dollars per share) | |
Granted, number of shares | 274,520 |
Granted, weighted average fair value (in dollars per share) | $ 7.29 |
Settled, number of shares | (145,576) |
Settled, weighted average fair value (in dollars per share) | $ 7.29 |
Forfeited, number of shares | |
Forfeited, weighted average fair value (in dollars per share) | |
Outstanding, end of the year, number of shares | 128,944 |
Outstanding, end of the year, weighted average fair value (in dollars per share) | $ 7.29 |
Note 25 - Financial Instrumen_3
Note 25 - Financial Instruments and Related Risk Management (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Current value added tax receivables | $ 29,637 | $ 59,665 |
Working capital | 171,100 | 108,100 |
Available liquidity, undrawn revolving credit facility | $ 226,200 | $ 55,000 |
Market risk [member] | ||
Statement Line Items [Line Items] | ||
Interest Rate Risk Sensitivity | 0.25% |
Note 25 - Financial Instrumen_4
Note 25 - Financial Instruments and Related Risk Management - Disclosure of Detailed Information About Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Trade receivables | $ 3,503 | $ 4,671 |
Other financial assets | 7,488 | 8,458 |
Silver future derivatives [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange derivative | 2,038 | |
Foreign exchange derivatives [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange derivative | 982 | |
Carrying value [member] | ||
Statement Line Items [Line Items] | ||
Trade receivables | 1,182 | 2,559 |
Other financial assets | 6,506 | 6,420 |
Carrying value [member] | Silver future derivatives [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange derivative | 2,038 | |
Carrying value [member] | Foreign exchange derivatives [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange derivative | 982 | |
Level 1 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Trade receivables | ||
Other financial assets | 6,506 | 6,420 |
Level 1 of fair value hierarchy [member] | Silver future derivatives [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange derivative | 2,038 | |
Level 1 of fair value hierarchy [member] | Foreign exchange derivatives [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange derivative | 982 | |
Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Trade receivables | 1,182 | 2,559 |
Other financial assets | ||
Level 2 of fair value hierarchy [member] | Silver future derivatives [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange derivative | ||
Level 2 of fair value hierarchy [member] | Foreign exchange derivatives [member] | ||
Statement Line Items [Line Items] | ||
Foreign exchange derivative |
Note 25 - Financial Instrumen_5
Note 25 - Financial Instruments and Related Risk Management - Disclosure of Detailed Information About Capital Risk Management (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Equity | $ 662,321 | $ 594,573 | |
Debt facilities | 155,818 | 149,512 | $ 31,769 |
Lease liabilities | 21,936 | 5,847 | 9,305 |
Less: cash and cash equivalents | (169,009) | (57,013) | $ (118,141) |
$ 671,066 | $ 692,919 |
Note 25 - Financial Instrumen_6
Note 25 - Financial Instruments and Related Risk Management - Disclosure of Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Trade and other payables | $ 59,123 | $ 50,183 | |
Debt facilities | 155,818 | 149,512 | $ 31,769 |
Lease liabilities | 21,936 | 5,847 | $ 9,305 |
Other liabilities | 4,675 | $ 3,787 | |
241,552 | |||
Contractual cash flows [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables | 59,123 | ||
Debt facilities | 188,439 | ||
Lease liabilities | 22,561 | ||
Other liabilities | 4,405 | ||
274,528 | |||
Less than 1 year [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables | 59,123 | ||
Debt facilities | 4,209 | ||
Lease liabilities | 6,829 | ||
Other liabilities | |||
70,161 | |||
From 1 to 3 years [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables | |||
Debt facilities | 26,263 | ||
Lease liabilities | 7,778 | ||
Other liabilities | |||
34,041 | |||
From 4 to 5 years [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables | |||
Debt facilities | 157,967 | ||
Lease liabilities | 7,954 | ||
Other liabilities | |||
165,921 | |||
After 5 years [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables | |||
Debt facilities | |||
Lease liabilities | |||
Other liabilities | 4,405 | ||
$ 4,405 |
Note 25 - Financial Instrumen_7
Note 25 - Financial Instruments and Related Risk Management - Disclosure of Detailed Information About Currency Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Cash and cash equivalents | $ 169,009 | $ 57,013 | $ 118,141 |
Trade and other receivables | 4,295 | 5,599 | |
Value added taxes receivable | 29,637 | 59,665 | |
Other financial assets | 7,488 | 8,458 | |
Trade and other payables | (59,123) | $ (50,183) | |
Canada, Dollars | |||
Statement Line Items [Line Items] | |||
Cash and cash equivalents | 14,182 | ||
Trade and other receivables | 56 | ||
Value added taxes receivable | |||
Other financial assets | 3,010 | ||
Trade and other payables | (1,529) | ||
Foreign exchange derivative | |||
Net assets (liabilities) exposure | 15,719 | ||
Effect of 10% change in currency | 1,572 | ||
Mexico, Pesos | |||
Statement Line Items [Line Items] | |||
Cash and cash equivalents | 9,000 | ||
Trade and other receivables | |||
Value added taxes receivable | 20,700 | ||
Other financial assets | |||
Trade and other payables | (33,635) | ||
Foreign exchange derivative | 27,000 | ||
Net assets (liabilities) exposure | 23,065 | ||
Effect of 10% change in currency | 2,307 | ||
Amounts in foreign currencies [member] | |||
Statement Line Items [Line Items] | |||
Cash and cash equivalents | 23,182 | ||
Trade and other receivables | 56 | ||
Value added taxes receivable | 20,700 | ||
Other financial assets | 3,010 | ||
Trade and other payables | (35,164) | ||
Foreign exchange derivative | 27,000 | ||
Net assets (liabilities) exposure | 38,784 | ||
Effect of 10% change in currency | $ 3,878 |
Note 25 - Financial Instrumen_8
Note 25 - Financial Instruments and Related Risk Management - Disclosure of Detailed Information About Price Risk (Details) - Commodity price risk [member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Silver [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | $ 155 |
Gold [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | 238 |
Lead [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | 44 |
Zinc [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | 437 |
Metals subject to provisional price adjustments [member] | Silver [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | 65 |
Metals subject to provisional price adjustments [member] | Gold [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | |
Metals subject to provisional price adjustments [member] | Lead [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | 38 |
Metals subject to provisional price adjustments [member] | Zinc [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | 103 |
Metals in dore and concentrates inventory [member] | Silver [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | 90 |
Metals in dore and concentrates inventory [member] | Gold [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | 238 |
Metals in dore and concentrates inventory [member] | Lead [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | 6 |
Metals in dore and concentrates inventory [member] | Zinc [member] | |
Statement Line Items [Line Items] | |
Effect of a 10% change in metal prices | $ 334 |
Note 26 - Supplemental Cash F_3
Note 26 - Supplemental Cash Flow Information (Details Textual) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Cash and cash equivalents held in trust as bonds for tax audits | $ 5.2 | $ 4.9 |
Note 26 - Supplemental Cash F_4
Note 26 - Supplemental Cash Flow Information - Disclosure of Detailed Information About Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Unrealized foreign exchange loss and other | $ 273 | $ 659 |
Unrealized (gain) loss from marketable securities and silver futures derivatives | (1,765) | 4,435 |
(1,492) | 5,094 | |
Decrease in trade and other receivables | 1,304 | 771 |
Decrease (increase) in value added taxes receivable | 30,028 | (17,173) |
Decrease in inventories | 2,829 | 2,015 |
Decrease in prepaid expenses and other | 776 | 549 |
Decrease in income taxes payable | (6,569) | (941) |
Increase (decrease) in trade and other payables | 8,959 | (6,388) |
37,327 | (21,167) | |
Transfer of share-based payments reserve upon settlement of RSUs | 988 | |
Transfer of share-based payments reserve upon exercise of options | $ 5,986 | 967 |
Settlement of liabilities | $ (500) |
Note 27 - Contingencies and O_2
Note 27 - Contingencies and Other Matters (Details Textual) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | 100 Months Ended | |||||
Dec. 31, 2019USD ($) | Feb. 29, 2016USD ($) | Jun. 30, 2013USD ($) | Apr. 30, 2013USD ($) | Aug. 31, 2010 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2013CAD ($) | |
Statement Line Items [Line Items] | ||||||||
Non-current income taxes receivable | $ 19,551 | $ 19,551 | $ 18,737 | |||||
Gains on litigation settlements | $ 93,800 | |||||||
Proceeds from litigation settlement | $ 14,100 | |||||||
Estimated financial effect of contingent assets | $ 62,800 | $ 81.5 | ||||||
Minera La Encantada, S.A. de C.V. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Tax assessments by SAT related to audits of 2012 tax return | 8,200 | |||||||
Tax assessments by SAT related to audits of 2013 tax return | $ 6,700 | |||||||
Mexico - San Dimas [member] | Wheaton Precious Metals International Ltd. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Percent of silver production required to be sold | 100.00% | 50.00% | ||||||
Maximum silver production required to be sold | 6,000,000 | |||||||
Silver, selling price, per ounce | 4.04 | |||||||
Purchase agreement, annual inflation increase, percent | 1.00% | |||||||
Potential incremental income tax before interest and penalties | $ 188,300 | |||||||
Potential incremental income tax liabilities inclusive interest and penalties | $ 260,900 |
Note 28 - Subsidiaries - Disclo
Note 28 - Subsidiaries - Disclosure of Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
First Majestic Silver Corp. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Corporacion First Majestic, S.A. de C.V [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Primero Empresa Minera, S.A de C.V. [Member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Nusantara de Mexico, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Minera La Encantada, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
La Encantada Procesadora de Minerales, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
First Majestic Plata, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Minera El Pilon, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
First Majestic Del Toro, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
La Guitarra Compania Minera, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Majestic Services, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Santa Elena Oro y Plata, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
FM Metal Trading (Barbados) Ltd [Member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Silver Trading (Barbados) Ltd. [Member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
FMS Trading AG [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Note 29 - Key Management Comp_3
Note 29 - Key Management Compensation - Disclosure of Information About Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
$ 8,471 | $ 6,807 | |
Independent members of the board of directors [member] | ||
Statement Line Items [Line Items] | ||
Salaries, bonuses, fees and benefits | 790 | 702 |
Share-based payments | 439 | 306 |
Other members of key management [member] | ||
Statement Line Items [Line Items] | ||
Salaries, bonuses, fees and benefits | 4,267 | 3,212 |
Share-based payments | $ 2,975 | $ 2,587 |