Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Registrant Name | FIRST MAJESTIC SILVER CORP. |
Entity Central Index Key | 0001308648 |
Document Registration Statement | false |
Document Annual Report | true |
Entity File Number | 001-34984 |
Entity Incorporation, State or Country Code | Z4 |
Trading Symbol | AG |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Address, Address Line One | 925 West Georgia Street |
Entity Address, Address Line Two | Suite 1800 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6C 3L2 |
City Area Code | 604 |
Local Phone Number | 688-3033 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 274,491,698 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Title of 12(b) Security | Common Shares, no par value |
Security Exchange Name | NYSE |
ICFR Auditor Attestation Flag | true |
Auditor Name | Deloitte LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 1208 |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | National Registered Agents, Inc. |
Entity Address, Address Line One | 1090 Vermont Avenue N.W. |
Entity Address, Address Line Two | Suite 910 |
Entity Address, City or Town | Washington D.C. |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 20005 |
City Area Code | 202 |
Local Phone Number | 371-8090 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Revenues | $ 624,221 | $ 584,117 |
Mine operating costs | ||
Cost of sales | 471,687 | 366,085 |
Depletion, depreciation and amortization | 135,782 | 116,613 |
Expense arising from exploration evaluation production and extractive costs of mineral resources | 607,469 | 482,698 |
Mine operating earnings | 16,752 | 101,419 |
General and administrative expenses | 36,372 | 27,063 |
Share-based payments | 13,958 | 12,290 |
Mine Care Maintenance Costs | 11,930 | 12,056 |
Reversal of impairment | (2,651) | 0 |
Gain on sale of royalty portfolio | (4,301) | 0 |
Acquisition costs | 0 | 1,973 |
Foreign exchange loss (gain) | 637 | (1,165) |
Operating (loss) earnings | (39,193) | 49,202 |
Investment and other loss | (1,888) | (2,948) |
Finance costs | (20,323) | (21,004) |
(Loss) earnings before income taxes | (61,404) | 25,250 |
Income taxes | ||
Current income tax expense | 56,250 | 49,283 |
Deferred income tax recovery | (3,378) | (19,110) |
Total tax expense | 52,872 | 30,173 |
Net loss for the year | $ (114,276) | $ (4,923) |
Loss per common share | ||
Basic earnings (loss) per share | $ (0.43) | $ (0.02) |
Diluted earnings (loss) per share | $ (0.43) | $ (0.02) |
Weighted average shares outstanding | ||
Basic (in shares) | 263,122,252 | 244,749,772 |
Diluted (in shares) | 263,122,252 | 244,749,772 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Net loss for the year | $ (114,276) | $ (4,923) |
Items that will not be subsequently reclassified to net loss: | ||
Unrealized loss on fair value of investments in marketable securities, net of tax | (10,333) | (12,456) |
Realized gain (loss) on investments in marketable securities, net of tax | 482 | (1,439) |
Remeasurement of retirement benefit plan | 312 | 95 |
Other comprehensive loss | (9,539) | (13,800) |
Total comprehensive loss | $ (123,815) | $ (18,723) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | ||
Net loss for the year | $ (114,276) | $ (4,923) |
Adjustments for: | ||
Depletion, depreciation and amortization | 137,411 | 118,283 |
Share-based payments | 13,958 | 12,290 |
Income tax expense | 52,872 | 30,173 |
Finance costs | 20,323 | 21,004 |
Acquisition costs | 0 | 1,973 |
Loss on write-down of plant and equipment | 0 | 2,501 |
Unrealized loss from marketable securities and silver futures derivatives | 4,242 | 1,521 |
Gain on sale of royalty portfolio | (4,301) | 0 |
Reversal of impairment | (2,651) | 0 |
Other | 1,843 | (6,067) |
Operating cash flows before non-cash working capital and taxes | 109,421 | 176,755 |
Net change in non-cash working capital items | (27,686) | (31,504) |
Income taxes paid | (62,747) | (76,528) |
Cash provided by operating activities | 18,988 | 68,723 |
Investing Activities | ||
Restricted cash acquired on the acquisition of Jerritt Canyon | 0 | 30,000 |
Reclassification to restricted cash related to the acquisition of Jerritt Canyon | 0 | (12,574) |
Expenditures on mining interests | (157,975) | (132,409) |
Acquisition of property, plant and equipment | (59,705) | (56,558) |
Deposits paid for acquisition of non-current assets | (1,135) | (7,839) |
Jerritt Canyon acquisition costs, net of cash acquired | 0 | (948) |
Other | 5,018 | (425) |
Cash used in investing activities | (213,797) | (180,753) |
Financing Activities | ||
Proceeds from prospectus offering, net of share issue costs | 113,395 | 66,674 |
Proceeds from 2021 convertible debenture, net of transaction costs | 0 | 222,776 |
Payment for redemption of 2018 convertible debenture | 0 | (171,841) |
Proceeds from exercise of stock options | 4,664 | 21,793 |
Repayment of lease liabilities | (13,469) | (9,287) |
Finance costs paid | (3,172) | (4,326) |
Proceeds from debt facilities | 50,000 | 30,000 |
Repayment of debt facilities | (30,000) | (40,000) |
Dividends declared and paid | (6,867) | (3,930) |
Shares repurchased and cancelled | (665) | (42) |
Cash provided by financing activities | 113,886 | 111,817 |
Effect of exchange rate on cash and cash equivalents held in foreign currencies | (346) | (439) |
Decrease in cash and cash equivalents | (80,923) | (213) |
Cash and cash equivalents at beginning of period | 237,926 | 238,578 |
Cash and cash equivalent reclassified as held for sale | (5,219) | 0 |
Cash and cash equivalents at end of period | $ 151,438 | $ 237,926 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 151,438 | $ 237,926 |
Restricted cash | 0 | 12,570 |
Trade and other receivables | 8,598 | 7,729 |
Value added taxes receivable | 32,618 | 46,531 |
Inventories | 64,761 | 60,613 |
Other financial assets | 34,528 | 26,486 |
Prepaid expenses and other | 5,617 | 5,352 |
Assets held-for-sale | 72,729 | 0 |
Total current assets | 370,289 | 397,207 |
Non-current assets | ||
Mining interests | 1,061,124 | 1,048,530 |
Property, plant and equipment | 451,335 | 449,237 |
Right-of-use assets | 26,649 | 29,225 |
Long-term deposits | 6,003 | 10,949 |
Non-Current Restricted Cash | 125,193 | 115,012 |
Non-current value added taxes receivable | 12,354 | 572 |
Deferred tax assets | 57,062 | 74,257 |
Total assets | 2,110,009 | 2,124,989 |
Current liabilities | ||
Trade and other payables | 115,120 | 120,666 |
Unearned revenue | 3,383 | 12,226 |
Current portion of debt facilities | 551 | 125 |
Current lease liabilities | 13,827 | 11,825 |
Liabilities relating to assets held-for-sale | 16,278 | 0 |
Income taxes payable | 18,240 | 27,980 |
Total current liabilities | 167,399 | 172,822 |
Non-current liabilities [abstract] | ||
Debt facilities | 209,811 | 181,108 |
Lease liabilities | 23,756 | 28,036 |
Non-current provision for decommissioning, restoration and rehabilitation costs | 149,017 | 153,607 |
Other liabilities | 5,655 | 5,797 |
Non-current income taxes payable | 20,605 | 21,812 |
Deferred tax liabilities | 122,468 | 150,836 |
Total liabilities | 698,711 | 714,018 |
Equity | ||
Share capital | 1,781,280 | 1,659,781 |
Equity reserves | 98,914 | 98,943 |
Accumulated deficit | (468,896) | (347,753) |
Total equity | 1,411,298 | 1,410,971 |
Total liabilities and equity | $ 2,110,009 | $ 2,124,989 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Issued capital [Member] | Share Based Payments [Member] | Other comprehensive income (loss) [Member] | Equity component of convertible debenture [Member] | Total equity reserves [Member] | Retained earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 221,965,011 | ||||||
Balance at Dec. 31, 2020 | $ 1,087,139 | $ 75,420 | $ 7,413 | $ 19,164 | $ 101,997 | $ (338,900) | $ 850,236 |
Statement [Line Items] | |||||||
Net loss for the period | (4,923) | (4,923) | |||||
Other comprehensive loss | (13,800) | (13,800) | (13,800) | ||||
Total comprehensive income (loss) | (13,800) | (13,800) | (4,923) | (18,723) | |||
Share-based payments | 12,421 | 12,421 | 12,421 | ||||
Acquisition of Jerritt Canyon (in shares) | 26,719,727 | ||||||
Acquisition of Jerritt Canyon | $ 416,561 | 23,150 | 23,150 | 439,711 | |||
Sprott private placement (in shares) | 1,705,514 | ||||||
Sprott private placement | $ 26,589 | $ 26,589 | |||||
Prospectus offerings (in shares) | 4,225,000 | 4,225,000 | |||||
Prospectus offerings | $ 66,674 | $ 66,674 | |||||
Debt settlement (in shares) | 2,579,093 | ||||||
Debt settlement | $ 27,733 | (46,127) | (46,127) | (18,394) | |||
Exercise of stock options (in shares) | 2,502,234 | ||||||
Exercise of stock options | $ 30,436 | (8,643) | (8,643) | 21,793 | |||
Acquisition of Springpole Silver Stream (in shares) | 287,300 | ||||||
Acquisition of Springpole Silver Stream | $ 3,750 | 3,750 | |||||
Settlement of restricted and deferred share units (in shares) | 73,692 | ||||||
Settlement of restricted and deferred share units | $ 941 | (963) | (963) | (22) | |||
Equity component of convertible notes net of tax | 30,908 | 30,908 | 30,908 | ||||
Shares repurchased and cancelled (in shares) | (6,913) | ||||||
Shares repurchased and cancelled | $ (42) | (42) | |||||
Dividend declared | (3,930) | (3,930) | |||||
Balance (in shares) at Dec. 31, 2021 | 260,050,658 | ||||||
Balance at Dec. 31, 2021 | $ 1,659,781 | 101,385 | (6,387) | 3,945 | 98,943 | (347,753) | 1,410,971 |
Statement [Line Items] | |||||||
Net loss for the period | (114,276) | (114,276) | |||||
Other comprehensive loss | (9,539) | (9,539) | (9,539) | ||||
Total comprehensive income (loss) | (9,539) | (9,539) | (114,276) | (123,815) | |||
Share-based payments | 13,615 | 13,615 | $ 13,615 | ||||
Prospectus offerings (in shares) | 11,869,145 | 11,869,145 | |||||
Prospectus offerings | $ 113,395 | $ 113,395 | |||||
Exercise of stock options (in shares) | 609,623 | ||||||
Exercise of stock options | $ 6,872 | (2,208) | (2,208) | 4,664 | |||
Settlement of restricted and deferred share units (in shares) | 148,553 | ||||||
Settlement of restricted and deferred share units | $ 1,897 | (1,897) | (1,897) | ||||
Shares repurchased and cancelled (in shares) | (100,000) | ||||||
Shares repurchased and cancelled | $ (665) | (665) | |||||
Dividend declared | (6,867) | (6,867) | |||||
Balance (in shares) at Dec. 31, 2022 | 272,577,979 | ||||||
Balance at Dec. 31, 2022 | $ 1,781,280 | $ 110,895 | $ (15,926) | $ 3,945 | $ 98,914 | $ (468,896) | $ 1,411,298 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Nature Of Operations [Abstract] | |
NATURE OF OPERATIONS [Text Block] | 1. NATURE OF OPERATIONS First Majestic Silver Corp. (the “Company” or “First Majestic”) is in the business of production, development, exploration, and acquisition of mineral properties with a focus on silver and gold production in North America. The Company owns four producing mines, three mines in Mexico consisting of the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine and the Jerritt Canyon Gold Mine in Nevada, USA. In addition, the Company owns four mines in suspension: the San Martin Silver Mine, the Del Toro Silver Mine, the La Parrilla Silver Mine and the La Guitarra Silver/Gold Mine and several exploration stage projects. As at December 31, 2022 the La Guitarra Silver/Gold Mine and the La Parrilla Silver Mines were classified as assets held-for-sale (Note 15 ). 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 West Georgia Street, Suite 1800, Vancouver, British Columbia, Canada, V6C 3L2 . |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2022 | |
Basis Of Preparation [Abstract] | |
BASIS OF PRESENTATION [Text Block] | 2. BASIS OF PRESENTATION 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 of the consolidated financial statements and have been consistently applied throughout all periods presented. These audited consolidated financial statements have been prepared on an historical cost basis except for certain items that are measured at fair value such as other financial assets (Note 14 ). All dollar amounts presented are in thousands of United States dollars unless otherwise specified. 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 29 ). Intercompany balances, transactions, income and expenses are eliminated on consolidation. These audited consolidated financial statements of First Majestic Silver Corp. for the years ended December 31, 2022 and 2021 were approved and authorized for issue by the Board of Directors on February 22, 2023. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Accounting Policies And Estimates [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS [Text Block] | 3. SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS The Company’s management makes judgments in its process of applying the Company’s accounting policies in the preparation of its audited annual consolidated financial statements. In addition, the preparation of the financial data requires that the Company’s management to make assumptions and estimates of the impacts of uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively. New and amended IFRS standards that are effective for the current year In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board ("IASB") that were effective for annual periods that begin on or after January 1, 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16) The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. The amendments were applied effective January 1, 2022 and did not have a material impact on the Company's consolidated financial statements. Provisions, Contingent Liabilities and Contingent Assets (Amendment to IAS 37) The amendments clarify that the cost of fulfilling a contract when assessing whether a contract is onerous comprise both the incremental costs and an allocation of other costs that relate directly to fulfilling the contract. The amendments apply to contracts existing at the date when the amendments are first applied. On adoption of this amendment, there was no impact to the Company's consolidated financial statements. 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 also arise as a result of the requirement under IFRS to record a deferred tax liability on the excess of the fair value of the acquired assets over their corresponding tax bases, with the corresponding offset recorded as goodwill. Accounting Estimates and Judgments: Determination of a Business Determination of whether a set of assets acquired and liabilities assumed constitute a business may require the Company to make certain judgments, taking into account all facts and circumstances. A business consists of inputs, including non-current assets and processes, including operational processes, that when applied to those inputs have the ability to create outputs that provide a return to the Company and its shareholders. In 2021, the Company concluded that Jerritt Canyon Canada Ltd. ("Jerritt Canyon") met the definition of a business and, accordingly, the acquisition was accounted for as a business combination (Note 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. These provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, 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 measurement period ends as soon as the Company receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable and shall not exceed one year from the acquisition date. The fair value of assets acquired and liabilities assumed requires that management make judgments and estimates taking into account information available at the time of the acquisition about future events including, but not restricted to, estimates of mineral reserves and resources, exploration potential, future metal prices, future operating costs and capital expenditures and discount rates. 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 also recognize additional assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date and, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period ends as soon as the Company receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable and shall not exceed one year from the acquisition date. The fair value of assets acquired and liabilities assumed are subject to change for up to one year from the Acquisition Date. If new information arises which would impact management's assessment of the fair value at the Acquisition Date, any adjustments to the allocation of the purchase consideration will be recognized retrospectively and comparative information will be revised. Accounting Estimates and Judgments: Consideration for the acquisition of Jerritt Canyon 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. Management made judgments and estimates in calculating the value of the shares and warrants transferred, including but not limited to share price, volatility, rate of quarterly dividends and the discount rate. Accounting Estimates and Judgments: Determining what is part of the business combination in the acquisition of Jerritt Canyon The Company needs to assess if other arrangement(s) or transaction(s) shall be recognized as part of applying the acquisition method. To determine if the arrangement(s) or transaction(s), is(are) part of the business combination, the Company considers the following factors: (i) The reasons for the arrangement(s) or transaction(s); (ii) Who initiated the arrangement(s) or transaction(s); and (iii) The timing of the arrangement(s) or transaction(s). Management applied judgment based on the above criteria to determine if private placement shares included as part of the acquisition of Jerritt Canyon were a part of 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 be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss in the consolidated statements of earnings or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods. As at December 31, 2022, the Company had $ nil 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 involve certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment. Revenue Recognition ( Note 6 ) Accounting Policy: The Company's primary product is silver and gold. Other metals, such as lead and zinc, produced as part of the extraction process are considered to be by-products arising from the production of silver and gold. 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 limited to, whether: the Company has a present right to payment; the customer has legal title to the asset; the Company has transferred physical possession of the asset to the customer; and the customer has the significant risks and rewards of ownership of the asset. 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 month after delivery. 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 and doré. 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 been sold. 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 ounce incurred up to the point of stockpiling the ore and are removed at the weighted average cost per ounce. Stockpiled ore tonnage and head grades are 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, bullion 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 Potential, Exploration and Evaluation Expenditures ( Note 16 ) 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 accumulated transfers to producing mineral properties and impairment charges, if applicable. No amortization is charged during the exploration and evaluation phase as the asset is not available for use. Exploration and evaluation assets include exploration potential which represents the potential additional mineralization beyond the existing known reserves and resources of a producing mineral property which the Company gain access through acquiring the mineral rights and/or concessions. The exploration potential is recorded at cost less accumulated transfers to producing mineral properties and accumulated impairment losses, if any. No amortization is charged during the exploration and evaluation phase as the asset is not available for use. 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 qualify as producing mining interests until the aforementioned criteria are met. Exploration and evaluation expenditures are transferred to development or producing mining interests when the technical feasibility and commercial viability of a mineral resource has been demonstrated according to the above mentioned factors. Once the technical feasibility, commercial viability and a development decision have been established, the value of the exploration and evaluation asset is reclassified and accounted for in accordance with IAS 16, Property, Plant and Equipment (“IAS 16”). The exploration and evaluation asset is subject to an impairment test prior to reclassification in accordance with IFRS 6. It is subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. 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, exploration plans and results, accessible facilities and existing permits. Mining Interests ( Note 16 ) 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 relate to any specific property are expensed as incurred. 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 published reserves and resources are available, the Company may rely on internal estimates of economically recoverable mineralized material, prepared on a basis consistent with that used for determining reserves and resources, for purpose of determining depletion. 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 obligation or sale until exercised or expired and, accordingly, are recorded as mineral property costs or recoveries when the payments are made or received. 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 ("NI 43-101") Technical Report standards. There are numerous uncertainties inherent in estimating mineral reserves and mineral resources, including many factors beyond the Company’s control. Such estimation is a subjective process and the accuracy of any mineral reserve or mineral resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. Differences between management’s assumptions including economic assumptions such as metal prices and market conditions could have a material effect in the future on the Company’s financial position, results of operation and cash flows. 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. Stream Asset ( Note 16 ) Accounting Policy: A stream asset is a long-term metal purchase agreement for which settlement is called for in silver, the amount of which is based on production at a mine corresponding to the specific agreement. On acquisition of a stream asset, it is recorded at cost and is accounted for in accordance with IFRS 6, Exploration and Evaluation of Mineral Resources (“IFRS 6”). A stream asset where the mine corresponding to the specific agreement is an exploration and evaluation stage property is classified as exploration and evaluation asset and is assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount. Once the technical feasibility, commercial viability and a development decision have been established, the value of the stream asset is reclassified and accounted for in accordance with IAS 16, Property, Plant and Equipment (“IAS 16”). The exploration and evaluation asset is subject to an impairment test prior to reclassification in accordance with IFRS 6. It is subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. A producing stream asset is depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement. Property, Plant and Equipment ( Note 17 ) 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 reclassified 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 . 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 indicate that commercial production has commenced: • 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; • 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 determined 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, 2022 and 2021, the Company does not have any qualifying assets under construction. Right of Use Assets ( Note ) and Lease Liabilities ( Note 22 ) Accounting Policy: The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. 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. 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 accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. Accounting Policy: 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 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. 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 1 |
ACQUISITION OF JERRITT CANYON C
ACQUISITION OF JERRITT CANYON CANADA LTD. | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITION OF JERRITT CANYON CANADA LTD. [Text Block] | 4. ACQUISITION OF JERRITT CANYON CANADA LTD. Description of the Transaction On April 30, 2021, the Company completed the acquisition of 100% of the issued and outstanding shares of Jerritt Canyon Canada Ltd. from Sprott Mining Inc. ("Sprott Mining") in exchange for 26,719,727 common shares of First Majestic (the "Consideration Shares") and five million common share purchase warrants (the "Consideration Warrants"), each exercisable for one common share of the Company at a price of $20 per share for a period of three years from the date of acquisition on April 30, 2021 (the “Acquisition Date”). Concurrent with closing of the acquisition, Sprott Mining also completed a private placement consisting of $30.0 million at a price of $17.59 per share for a total of 1,705,514 common shares of the Company (the "Private Placement Shares") (together, the "Acquisition Agreement"). Pursuant to closing of the Acquisition Agreement, the Company deposited into escrow an aggregate of $60.0 million (the "Escrowed Funds"), including $30.0 million from First Majestic and $30.0 million proceeds from the Private Placement Shares, representing the estimated tax ("Triggered Tax") due by Jerritt Canyon Canada as a result of a reorganization completed prior to the acquisition of the Jerritt Canyon Gold Mine. Pursuant to the Acquisition Agreement, the Purchase Price is increased to the extent the Triggered Tax is less than $60 million (“Triggered Tax Adjustment”) and decreased to the extent the working capital (the “Working Capital Adjustment”) of Jerritt Canyon is less than zero. The amount of such tax liability was $45.2 million and has been paid from the Escrowed Funds. As of April 30, 2021, Jerritt Canyon had a preliminary negative working capital of $2.8 million. The parties have agreed to settle the Triggered Tax Adjustment by releasing the Escrow funds of $12.6 million to Sprott Mining and have agreed to settle the Working Capital Adjustment to $nil. These funds were released to Sprott Mining during the three months ended June 30, 2022 . Jerritt Canyon owns and operates the Jerritt Canyon Gold Mine located in Elko County, Nevada. Jerritt Canyon was discovered in 1972 and has been in production since 1981 having produced over 9.5 million ounces of gold over its 40-year production history. The mine currently operates as an underground mine and has one of three permitted gold processing plants in Nevada that uses roasting in its treatment of ore. This processing plant has a capacity of 4,000 tonnes per day (“tpd”) and is currently operating at an average rate of approximately 2,200 tpd. The property consists of a large, under explored land package consisting of 30,821 hectares (119 square miles). The acquisition was completed in order to support the Company's growth strategy by adding another cornerstone asset within a world class mining jurisdiction to the Company's portfolio. Management has concluded that Jerritt Canyon constitutes a business and, therefore, the acquisition is accounted for in accordance with IFRS 3 - Business Combinations. Given the delivery of the consideration and the fulfillment of the covenants as per the Acquisition Agreement, the transaction was deemed to be completed with First Majestic identified as the acquirer. Based on the April 30, 2021 opening share price of common shares, the total consideration of the Jerritt Canyon acquisition is $478.9 million. The Company began consolidating the operating results, cash flows and net assets of Jerritt Canyon from April 30, 2021 onwards. The determination of the fair value of assets acquired and liabilities assumed was previously reported based on preliminary estimates at the Acquisition Date. The Company has completed a full and detailed valuation of the fair value of the net assets of Jerritt Canyon acquired using income, market, and cost valuation methods with the assistance of an independent third party. As of the date of the audited annual consolidated financial statements, the allocation of purchase price with respect to the fair value increment of assets acquired and liabilities assumed was updated to reflect new information obtained which existed at the Acquisition Date. The fair value of assets acquired, and liabilities assumed are subject to change for up to one year from the Acquisition Date. The Company has finalized its full and detailed assessment of the fair value of the net assets of Jerritt Canyon acquired. As stated above, the Triggered Tax Adjustment and the Working Capital Adjustment, as well as any consequential impact on the deferred tax liabilities, were finalized at March 31, 2022. There were no changes to management's assessment of the fair value at the Acquisition Date that was reported at December 31, 2021. Consequently, the final allocation of the purchase price consideration did not result in material adjustments to the amounts shown in the audited consolidated financial statements for the year ended December 31, 2021. Total consideration for the acquisition was valued at $478.9 million on the Acquisition Date. The following table summarizes the consideration paid as part of the purchase price: Total Consideration 26,719,727 Consideration Shares issued to Sprott Mining with an accounting fair value of $15.59 per share (1) $416,561 1,705,514 Private Placement Shares issued to Sprott Mining with an accounting fair value of $15.59 per share (1) 26,589 5,000,000 Consideration Warrants issued to Sprott Mining with an accounting fair value of $4.63 per warrant (2) 23,150 Triggered Tax Adjustment 12,570 Total consideration $478,870 (1) Fair values of Consideration Shares and Private Placement Shares were estimated at $15.59 per share based on the opening price of First Majestic’s common share on the New York Stock Exchange on April 30, 2021, as compared to their deemed price of $17.59 according to the Acquisition Agreement. (2) The Consideration Warrants have an exercise price of $20 per share for a three-year term expiring on April 30, 2024. The fair value of Consideration Warrants were estimated using the Black-Scholes method at the Jerritt Canyon Acquisition Date, using the following assumptions: Stock price (as of opening on April 30, 2021) $15.59 Exercise price of Consideration Warrants $20.00 Term (years) 3 Volatility 55% Annual rate of quarterly dividends 0% Discount rate - bond equivalent yield 0.5% Total fair value of warrants $23,150 The following table summarizes the preliminary and revised purchase price allocated to the identifiable assets and liabilities based on their estimated fair values on the acquisition date: Allocation of Purchase Price Preliminary as reported June 30, 2021 Adjustments As reported Cash and cash equivalents $1,025 $ — $1,025 Inventories 19,304 — 19,304 Trade and other receivables 135 (63) 72 Other financial assets 3,581 — 3,581 Prepaid expenses 1,662 62 1,724 Restricted cash (1) 96,985 — 96,985 Mining interest 409,930 22,729 432,659 Property, plant and equipment 224,034 (48,307) 175,727 Deposit on non-current assets 128 — 128 Trade and other payables (27,159) 3,974 (23,185) Lease liabilities (3) (2,194) — (2,194) Income taxes payable (47,185) 1,866 (45,319) Contingent environmental provision (2) (17,900) 17,900 — Decommissioning liabilities (2) (87,705) 16,570 (71,135) Deferred tax liabilities (98,186) (12,316) (110,502) Net assets acquired $476,455 $2,415 $478,870 (1) Restricted cash includes $30.0 million proceeds from the issuance of Private Placement Shares which were deposited into the Escrowed Funds and $67.0 million in non-current environmental reclamation bonds. (2) Decommissioning liabilities include funds required to establish a trust agreement with the Nevada Division of Environmental Protection (“NDEP”) to cover post-closure water treatment costs at Jerritt Canyon, which were previously reported as a contingent environmental provision. (3) Lease liabilities are defined per Note 22. The Company used discounted cash flow models to determine the fair value of the depletable mining interest. The expected future cash flows are based on estimates of future gold prices, estimated quantities of ore reserves and mineral resources, expected future production costs and capital expenditures based on the life of mine plans at the acquisition date. The discounted future cash flow models used a 5.1% discount rate based on the Company’s assessment of country risk, project risk, and other potential risks specific to the acquired mining interest. The significant assumptions used in the determination of the fair value of the mining interests were as follows: Short-term and long-term gold price $1,750 Discount rate 5.1% Mine life (years) 11 Average gold grade over life of mine 6.0 g/t Average gold recovery rate 86% The Company used a market approach to determine the fair value of exploration potential by comparing the costs of other precedent market transactions within the industry on a dollar per square kilometres basis. Those amounts were used to determine the range of area-based resources multiples implied within the value of transactions by other market participants. Management made a significant assumption in the determination of the fair value of exploration potential by using an implied multiple of $298,524 per square kilometre for a total of $92.0 million. The Company accounted for exploration potential through inclusion within non-depletable mineral interest. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
SEGMENTED INFORMATION [Text Block] | 5. SEGMENTED INFORMATION All of the Company’s operations are within the mining industry and its major products are precious metals doré which are refined or smelted into pure silver and gold 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 parties. Coins and bullion cost of sales are based on transfer prices. A reporting segment is defined as a component of the Company that: • engages in business activities from which it may earn revenues and incur expenses; • 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, 2022, the Company's significant reporting segments includes its three operating mines in Mexico, the Jerritt Canyon Gold Mine in Nevada, United States and its "non-producing properties" in Mexico which include the La Parrilla, Del Toro, San Martin and La Guitarra mines, which have been placed on suspension. “Others” consists primarily of the Company’s corporate assets including cash and cash equivalents, other development and exploration properties (Note 16 ), debt facilities (Note 21 ), coins and bullion sales, and corporate expenses which are not allocated to operating segments. The Company’s chief operating decision maker (“CODM”) evaluates segment performance based on mine operating earnings. Therefore, other income and expense items are not allocated to the segments. Significant information relating to the Company’s reportable operating segments is summarized in the tables below: Year Ended December 31, 2022 and 2021 Revenue Cost of sales Depletion, depreciation, and amortization Mine operating earnings (loss) Capital expenditures Mexico San Dimas 2022 $228,701 $141,274 $47,613 $39,814 $47,363 2021 275,463 132,550 44,859 98,054 56,385 Santa Elena 2022 190,189 106,788 26,819 56,582 47,714 2021 117,303 77,126 17,536 22,641 67,453 La Encantada 2022 67,721 46,126 8,861 12,734 10,225 2021 81,738 45,350 8,123 28,265 11,355 Non-producing Properties 2022 — — 397 (397) 869 2021 — — 418 (418) 1,977 United States Jerritt Canyon 2022 130,219 173,341 49,229 (92,351) 94,776 2021 123,808 117,324 43,511 (37,027 ) 46,408 Others (1) 2022 11,706 6,747 2,863 2,096 28,530 2021 10,882 6,073 2,166 2,643 36,190 Intercompany elimination 2022 (4,315) (2,589) — (1,726) — 2021 (25,077) (12,338) — (12,739) — Consolidated 2022 $624,221 $471,687 $135,782 $16,752 $229,477 2021 $584,117 $366,085 $116,613 $101,419 $219,768 (1) The "Others" segment includes revenues of $11.6 million from coins and bullion sales of 444,576 silver ounces at an average price of $26.20 per ounce. During the year ended December 31, 2022, the Company had three (December 31, 2021 - three) customers that accounted for 97% (December 31, 2021 - 99%) of its sales revenue, with one major metal broker accounting for 92% of total revenue (December 31, 2021 - 93%). At December 31, 2022 and 2021 Mining Interests Property, plant and equipment Total mining assets Total assets Total liabilities Producing Exploration Mexico San Dimas 2022 $211,658 $38,831 $94,377 $344,866 $489,970 $76,835 2021 213,526 29,186 105,473 348,185 495,479 119,764 Santa Elena 2022 110,094 41,731 99,979 251,804 295,489 79,295 2021 97,271 31,067 64,843 193,181 257,244 66,795 La Encantada 2022 23,496 4,935 24,422 52,853 106,008 30,601 2021 25,827 4,640 20,680 51,147 114,634 35,245 Non-producing Properties 2022 62,414 13,781 18,195 94,390 206,796 33,391 2021 106,215 38,752 27,180 172,147 215,725 31,760 United States Jerritt Canyon 2022 425,158 93,680 166,778 685,616 756,062 226,814 2021 362,811 104,431 172,857 640,099 733,725 233,484 Others 2022 — 35,346 47,584 82,930 255,684 251,775 2021 — 34,804 58,204 93,008 308,182 226,970 Consolidated 2022 $832,820 $228,304 $451,335 $1,512,459 $2,110,009 $698,711 2021 $805,649 $242,881 $449,237 $1,497,767 $2,124,989 $714,018 |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Detailed Information About Revenues [Abstract] | |
REVENUES [Text Block] | 6. REVENUES The majority of the Company’s revenues are from the sale of precious metals contained in doré form. The Company’s primary products are precious metals of silver and gold. Revenues from the sale of metal, including by-products, are recorded net of smelting and refining costs. Revenues for the period are summarized as follows: Year Ended December 31, 2022 2021 Gross revenue from payable metals: Silver $237,107 38 % $307,304 52 % Gold 389,743 62 % 279,921 48 % Gross revenue 626,850 100 % 587,225 100 % Less: smelting and refining costs (2,629) (3,108) Revenues $624,221 $584,117 As at December 31, 2022, the Company had $3.4 million of unearned revenue (December 31, 2021 - $12.2 million) that has not satisfied performance obligations. (a) Gold Stream Agreement with Sandstorm Gold Ltd. The Santa Elena mine is subject to a gold streaming agreement with Sandstorm Gold Ltd. (“Sandstorm”), which requires the Company to sell 20% of its gold production over the life of mine from its leach pad and a designated area of its underground operations at the Santa Elena mine. The selling price to Sandstorm is the lesser of the prevailing market price or $450 per ounce, subject to a 1% annual inflation. During the year ended December 31, 2022, the Company delivered 2,433 ounces (2021 - 5,327 ounces) of gold to Sandstorm at an average price of $472 per ounce (2021 - $467 per ounce). (b) Net Smelter Royalty The Santa Elena mine has a net smelter royalty ("NSR") agreement with Orogen Royalties Inc. that requires a 2% NSR from the production of the Ermitaño property. In addition, there is an underlying NSR royalty where Osisko Gold Royalties Ltd. retains a 2% NSR from the sale of mineral products extracted from the Ermitaño property. For the year ended December 31, 2022 , the Company has incurred $5.8 million (December 31, 2021 - $1 million ) in NSR payments from the production of Ermitaño. (c) Gold Stream Agreement with Wheaton Precious Metals Corporation In 2018, the San Dimas mine entered into a purchase agreement with Wheaton Precious Metals International ("WPMI"), a wholly owned subsidiary of Wheaton Precious Metals Corp., which entitles WPMI to receive 25% of the gold equivalent production (based on a fixed exchange ratio of 70 silver ounces to 1 gold ounce) at San Dimas in exchange for ongoing payments equal to the lesser of $600 (subject to a 1% annual inflation adjustment) and the prevailing market price for each gold equivalent ounce delivered. Should the average gold to silver ratio over a six-month period exceed 90:1 or fall below 50:1, the fixed exchange ratio would be increased to 90:1 or decreased to 50:1, respectively. The fixed gold to silver exchange ratio as at December 31, 2022 was 70:1. During the year ended December 31, 2022, the Company delivered 41,841 ounces (2021 - 48,015 ounces) of gold to WPM at $623 per ounce (2021 - $617 per ounce). |
COST OF SALES
COST OF SALES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Cost Of Sales [Abstract] | |
COST OF SALES [Text Block] | 7. COST OF SALES 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, 2022 2021 Consumables and materials $112,620 $78,463 Labour costs 227,767 194,846 Energy 55,542 42,881 Maintenance 9,595 7,037 Assays and labwork 6,169 5,348 Insurance 4,875 3,351 Other costs (1) 15,792 11,276 Production costs $432,360 $343,201 Transportation and other selling costs 2,788 2,739 Workers participation costs 17,265 15,939 Environmental duties and royalties 11,063 5,835 Finished goods inventory changes 4,550 (2,304) Other (2) 3,661 675 Cost of Sales $471,687 $366,085 (1) Other costs include inventory write-downs, stockpile and work-in-process inventory changes, land access payments as well as services related to travel and medical testing. The inventory write-downs during the year totalled $23.8 million. (2) Other includes $3.1 million in costs that were incurred for the twelve months ended December 31, 2022 as a result of marginal ore material that was processed to keep the mill running at minimum feed requirements to perform government mandated air compliance test work at the Jerritt Canyon Gold mine during the second quarter of 2022. |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
Selling, general and administrative expense [abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES [Text Block] | 8. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses are incurred to support the administration of the business that are not directly related to production. Significant components of general and administrative expenses are comprised of the following: Year Ended December 31, 2022 2021 Corporate administration $9,001 $7,806 Salaries and benefits 16,387 11,636 Audit, legal and professional fees 7,683 4,619 Filing and listing fees 805 506 Directors fees and expenses 867 826 Depreciation 1,629 1,670 $36,372 $27,063 |
MINE HOLDING COSTS
MINE HOLDING COSTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Mine Holding Costs [Abstract] | |
MINE HOLDING COSTS [Text Block] | 9. MINE HOLDING COSTS The Company’s mine holding costs are primarily comprised of labour costs associated with care and maintenance staff, electricity, security, environmental and community support costs for the following mines which are currently under temporary suspension: Year Ended December 31, 2022 2021 La Parrilla (1) $3,320 $3,278 Del Toro 2,347 3,385 San Martin 3,609 2,597 La Guitarra (1) 2,654 2,796 $11,930 $12,056 (1) During the year ended December 31, 2022 , there was an announcement for the proposed sale of the La Guitarra and the La Parrilla mines (Note 15 ), upon which the mines were classified as assets held-for-sale ("AHFS"). |
INVESTMENT AND OTHER INCOME (LO
INVESTMENT AND OTHER INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Investment And Other Loss Income [Abstract] | |
INVESTMENT AND OTHER INCOME (LOSS) [Text Block] | 10. INVESTMENT AND OTHER INCOME (LOSS) The Company’s investment and other income (loss) are comprised of the following: Year Ended December 31, 2022 2021 (Loss) gain from investment in silver futures derivatives ($376) $532 Loss from investment in marketable securities (Note 14(a) ) (3,865) (2,054) Loss on write-down of plant and equipment (1)(2) — (2,501) Interest income and other 2,353 1,075 ($1,888) ($2,948) (1) In March 2021, the Company entered into an agreement with Condor Gold PLC ("Condor") to sell its AG Mill equipment for gross proceeds of $6.5 million, including $3.5 million in cash and $3.0 million in common shares of Condor. During the year ended December 31, 2021, the Company recognized a loss of $2.1 million, being the difference between the proceeds of disposal and the carrying amount of the project's net assets, as loss on write-down of assets held-for-sale. (2) In May 2021, the Company entered into an agreement with Capstone Mining Corp. to sell certain mill equipment for gross proceeds of $6.4 million in cash. No gain or loss was recognized as part of this transaction as the equipment was sold at net book value. |
FINANCE COSTS
FINANCE COSTS | 12 Months Ended |
Dec. 31, 2022 | |
Finance Costs [Abstract] | |
FINANCE COSTS [Text Block] | 11. FINANCE COSTS 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 periods are summarized as follows: Year Ended December 31, 2022 2021 Debt facilities (1) (Note 21 ) $10,810 $10,541 Accretion of decommissioning liabilities 6,102 3,228 Lease liabilities (Note 22 ) 2,131 2,013 Loss on settlement of senior convertible note (2) (Note 21 (a)) — 4,642 Silver sales and other 1,280 580 $20,323 $21,004 (1) During the year ended December 31, 2022, finance costs for debt facilities include non-cash accretion expense of $8.7 million (2021 - $7.2 million). (2) In December 2021, the Company closed an offering of $200.0 million aggregate principal amount of unsecured senior convertible notes plus an additional over-allotment option of $30 million which it used to repurchase the outstanding 2018 senior convertible notes. The repurchase generated a loss due to the difference between the cash paid to repurchase and cancel the 2018 senior convertible notes, compared to the carrying value of the notes on the date of settlement. |
EARNINGS OR LOSS PER SHARE
EARNINGS OR LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
EARNINGS OR LOSS PER SHARE [Text Block] | 12. EARNINGS OR LOSS PER SHARE 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 periods. Diluted net earnings or loss per share adjusts basic net earnings or loss 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, 2022 and 2021 are as follows: Year Ended December 31, 2022 2021 Net loss for the year ($114,276) ($4,923) Weighted average number of shares on issue - basic 263,122,252 244,749,772 Weighted average number of shares on issue - diluted (1) 263,122,252 244,749,772 Loss per share - basic and diluted ($0.43) ($0.02) (1) For the year ended December 31, 2022, diluted weighted average number of shares excluded 5,579,618 (2021 - 2,014,379) options, 5,000,000 (2021 - 5,000,000) warrants, 1,177,594 restricted and performance share units (2021 - 701,250), nil (2021 - 16,327,598) common shares issuable under the 2018 convertible debentures (Note 21(a) ) and 13,888,895 common shares issuable under the 2021 convertible debentures (2021- 13,888,895) (Note 21(a) ) that were anti-dilutive. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
INVENTORIES [Text Block] | 13. INVENTORIES 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. December 31, 2022 December 31, 2021 Finished goods - doré $5,561 $3,735 Work-in-process 9,176 6,409 Stockpile 4,825 9,015 Silver coins and bullion 8,001 10,790 Materials and supplies 37,198 30,664 $64,761 $60,613 The amount of inventories recognized as an expense during the period is equivalent to the total of cost of sales plus depletion, depreciation and amortization for the period. As at December 31, 2022, mineral inventories, which consist of stockpile, work-in-process and finished goods includes a $9.3 million write down (December 2021 - $7.5 million ) which was recognized in cost of sales during the year. |
OTHER FINANCIAL ASSETS
OTHER FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
OTHER FINANCIAL ASSETS [Text Block] | 14. OTHER FINANCIAL ASSETS As at December 31, 2022, other financial assets consists of the Company’s investment in marketable securities comprised of the following: December 31, 2022 December 31, 2021 FVTPL marketable securities (a) $6,657 $10,851 FVTOCI marketable securities (b) 27,871 15,635 Total other financial assets $34,528 $26,486 (a) Fair Value through Profit or Loss ("FVTPL") Marketable Securities Loss in marketable securities designated as FVTPL for the year ended December 31, 2022 was $3.9 million (2021 - loss of $2.1 million), and was recorded through profit or loss. (b) Fair Value through Other Comprehensive Income ("FVTOCI") Marketable Securities Changes in fair value of marketable securities designated as FVTOCI for the year ended December 31, 2022 was a loss of $9.9 million (2021 - loss of $13.9 million), net of tax, and were recorded through other comprehensive income and will not be transferred into earnings or loss upon disposition or impairment. |
DIVESTITURES
DIVESTITURES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of analysis of single amount of discontinued operations [abstract] | |
DIVESTITURES [Text Block] | 15. DIVESTITURES (a) La Guitarra Silver Mine On May 24, 2022, the Company announced that it entered into a share purchase agreement with Sierra Madre Gold and Silver Ltd. ("Sierra Madre"), to sell the the Company's subsidiary La Guitarra Compañia Minera S.A. de C.V. ("La Guitarra"), which owns the La Guitarra Silver Mine for total consideration of approximately $35 million, consisting of 69,063,076 Sierra Madre shares at a deemed price of $0.51 per share. The closing of the transaction is subject to customary closing conditions including approval of the Sierra Madre shareholders (which was obtained in December 2022), regulatory approval and that Sierra Madre raise a minimum of $7.7 million (CAD $10 million) in a private placement concurrent or prior to the sale. On June 30, 2022, the sale was considered highly probable; therefore, the assets and liabilities of La Guitarra were classified as assets and liabilities held for sale and presented separately under current assets and current liabilities, respectively. Immediately prior to the classification to asset and liabilities held for sale, the carrying amount of La Guitarra was remeasured to its recoverable amount, being its fair value less cost of disposal ("FVLCD"), based on the expected proceeds from the sale. At December 31, 2022, the sale continues to be considered highly probable; therefore the assets and liabilities are presented as assets and liabilities held for sale and presented separately under current assets and current liabilities. During the year-ended December 31, 2022, the Company has recorded a reversal of impairment loss related to the La Guitarra assets of $12.3 million based on the recoverable amount implied by the share purchase agreement. Out of the impairment reversal of $12.3 million related to La Guitarra, $8.2 million was allocated to depletable mining interest, $1.0 million was allocated to non-depletable mining interest with the remaining $3.1 million allocated to property, plant and equipment, resulting in an impairment reversal of $8.0 million, net of a $4.4 million adjustment to the deferred tax liability. The recoverable amount of La Guitarra, being its FVLCD, was $34.9 million based on the expected proceeds from the sale. (b) La Parrilla Silver Mine On December 7, 2022, the Company announced that it had entered into an asset purchase agreement with Golden Tag Resources Ltd. ("Golden Tag") to sell the La Parrilla Silver Mine for total consideration of up to $33.5 million, consisting of 143,673,684 Golden Tag shares at a deemed price of $0.14 per share, having an aggregate value as of the date of the sale agreement of $20 million, and up to $13.5 million in contingent consideration, in the form of three milestone payments payable in either cash or shares in Golden Tag. The Company has also agreed to purchase $2.7 million of Golden Tag securities in a future Golden Tag equity financing of up to CAD $9 million. Closing the transaction is pending and remains subject to customary closing conditions, including completion of such financing and receipt of all necessary regulatory approvals. At December 31, 2022, the sale was considered highly probable; therefore, the assets of La Parrilla were classified as assets held for sale and presented separately under current assets. Immediately prior to the classification to assets held for sale, the carrying amount of La Parrilla was remeasured to its recoverable amount, being its FVLCD, based on the $20 million initial payment, and the first milestone payment of $2.7 million. During the year-ended December 31, 2022, the Company has recorded an impairment loss related to the La Parrilla assets of $9.6 million based on the recoverable amount implied by the asset purchase agreement. Out of the impairment of $9.6 million related to La Parrilla, $5.7 million was allocated to depletable mining interest, $2.1 million was allocated to non-depletable mining interest with the remaining $1.7 million allocated to property, plant and equipment, resulting in an impairment of $9.6 million, net of a $nil adjustment to the deferred tax liability. The recoverable amount of La Parrilla, being its FVLCD, was $22.2 million, net of estimated transaction costs, based on the expected proceeds from the sale. The components of assets and liabilities held for sale relating to La Guitarra and La Parrilla are as follows: As at December 31, 2022 La Guitarra La Parrilla Assets: Cash and cash equivalents $5,218 $— Trade and other receivables 396 — Inventory 437 876 Prepaid expenses and other 51 — Current assets $6,102 $876 Non-Current Assets: Mineral Interests - depletable 30,193 13,758 Mineral Interests - non-depletable 3,917 5,252 Property, plant and equipment 4,004 7,821 Right of use assets 16 645 Deposits on long-term assets 26 117 Total assets held-for-sale $44,258 $28,469 Liabilities: Trade payables and accrued liabilities $141 $— Current portion of lease obligations 8 — Current Liabilities $149 $— Non-Current Liabilities: Deferred tax liabilities 6,894 1,667 Lease obligations 12 438 Decommissioning liabilities 2,951 4,167 Total liabilities relating to assets held-for-sale $10,006 $6,272 Net assets held for sale $34,252 $22,197 The La Guitarra and La Parrilla mines are presented in the non-producing properties reportable segment (Note 5 16 and 17 ). (c) Sale of Royalty Portfolio (continued) On December 21, 2022 the Company completed the sale of a portfolio of royalty interests to Metalla Royalty & Streaming Ltd. ("Metalla"), for total consideration of 4,168,056 Metalla shares with a fair value of $21.5 million based on a share price of $5.16 on the date of closing. Asset Owner Location Royalty Allocated Value Total La Encantada First Majestic Silver Corp. Coahuila, Mexico 100% Gold Royalty (1) $1,720,574 La Parrilla First Majestic Silver Corp. Durango, Mexico 2% Net Smelter Return $3,871,290 Del Toro First Majestic Silver Corp. Zacatecas, Mexico 2% Net Smelter Return $3,226,075 San Martin First Majestic Silver Corp. Jalisco, Mexico 2% Net Smelter Return $5,376,792 La Guitarra First Majestic Silver Corp. - undergoing a binding purchase agreement to Sierra Madre Gold & Silver Mexico, Mexico 2% Net Smelter Return $3,011,004 Plomosas GR Silver Mining Ltd. Sinaloa, Mexico 2% Net Smelter Return $4,301,434 La Luz First Majestic Silver Corp. San Luís Potosí, Mexico 2% Net Smelter Return $— La Joya First Majestic Silver Corp. - Optioned to Silver Dollar Resources Durango, Mexico 2% Net Smelter Return $— (1) Up to the first 1,000 payable ounces annually The value of the consideration received was credited to mining interests for each property, resulting in a $4.3 million gain derived from the disposal of the royalty in the Plomosas property, which had a carrying value of $nil. With the exception of La Encantada, all mines included within the royalty portfolio are presented in the non-producing properties reportable segment (Note 5 and 16 ). |
MINING INTERESTS
MINING INTERESTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Mining Interests [Abstract] | |
MINING INTERESTS [Text Block] | 16. MINING INTERESTS Mining interests primarily consist of acquisition, development, exploration and exploration potential 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, 2022 December 31, 2021 Depletable properties $832,820 $805,649 Non-depletable properties (exploration and evaluation costs, exploration potential) 228,304 242,881 $1,061,124 $1,048,530 Depletable properties are allocated as follows Depletable properties San Dimas Santa Elena La Encantada Jerritt Canyon Non-producing Properties (1) Total Cost At December 31, 2020 $250,093 $73,292 $118,312 $— $497,191 $938,888 Additions 34,894 16,150 2,546 16,618 — 70,208 Acquisition of Jerritt Canyon (Note 4 ) — — — 340,652 — 340,652 Change in decommissioning liabilities 1,209 2,177 584 28,799 (2,622) 30,147 Transfer from non-depletable properties — 34,302 1,293 — — 35,595 At December 31, 2021 $286,196 $125,921 $122,735 $386,069 $494,569 $1,415,490 Additions 30,733 23,957 2,507 58,728 — 115,925 Transfer to asset held-for-sale (Note 15 ) — — — — (279,399) (279,399) Change in decommissioning liabilities (Note 23 ) (1,800) 1,518 (879) 1,241 (2,332) (2,252) Disposal of royalty portfolio (Note 15 ) — — (1,721) — — (1,721) Transfer from non-depletable properties — — 2,098 30,503 — 32,601 At December 31, 2022 $315,129 $151,396 $124,740 $476,541 $212,838 $1,280,644 Accumulated depletion, amortization and impairment reversal At December 31, 2020 ($45,502) ($20,400) ($92,447) $— ($388,354) ($546,703) Depletion and amortization (27,169) (8,250) (4,461) (23,258) — (63,138) At December 31, 2021 ($72,671) ($28,650) ($96,908) ($23,258) ($388,354) ($609,841) Depletion and amortization (30,800) (12,652) (4,336) (28,125) — (75,913) Reversal of impairment (Note 15 ) — — — — 8,203 8,203 Transfer to asset held-for-sale (Note 15 ) — — — — 235,448 235,448 Impairment (Note 15 ) — — — — (5,721) (5,721) At December 31, 2022 ($103,471) ($41,302) ($101,244) ($51,383) ($150,424) ($447,824) Carrying values At December 31, 2021 $213,526 $97,271 $25,827 $362,811 $106,215 $805,649 At December 31, 2022 $211,658 $110,094 $23,496 $425,158 $62,414 $832,820 (1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines. The net book value of depletable mining interests for La Guitarra and La Parrilla that have been classified as assets held-for-sale are $30.2 million and $13.8 million, respectively. Non-depletable properties costs are allocated as follows: Non-depletable properties San Dimas (a) Santa Elena (b) La Encantada Jerritt Canyon (c) Non-producing Properties (1) Exploration Projects (2) Springpole Stream (d) Total At December 31, 2020 $17,179 $33,951 $2,955 $— $37,004 $22,099 $4,356 $117,545 Exploration and evaluation expenditures 12,007 31,418 2,978 12,424 1,748 985 7,500 69,060 Change in decommissioning liabilities (Note 23 ) — — — — — (136) — (136) Acquisition of Jerritt Canyon (Note 4 ) — — — 92,007 — — — 92,007 Transfer to depletable properties — (34,302) (1,293) — — — — (35,595) At December 31, 2021 $29,186 $31,067 $4,640 $104,431 $38,752 $22,948 $11,856 $242,881 Exploration and evaluation expenditures 9,645 10,664 2,393 19,752 771 694 — 43,919 Change in decommissioning liabilities — — — — — (153) — (153) Impairment (Note 15 ) — — — — (2,132) — (2,132) Reversal of impairment (Note 15 ) — — — — 1,044 — — 1,044 Disposal of royalty portfolio (Note 15 ) — — — — (15,485) — — (15,485) Transfer to asset held-for-sale (Note 15 ) — — — — (9,169) — — (9,169) Transfer to depletable properties — — (2,098) (30,503) — — — (32,601) At December 31, 2022 $38,831 $41,731 $4,935 $93,680 $13,781 $23,489 $11,856 $228,304 (1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines. The net book value of non-depletable mining interest for La Guitarra and La Parrilla that have been classified as assets held-for-sale are $3.9 million and $5.3 million, respectively. (2) Exploration projects include the La Luz, La Joya, Los Amoles, Jalisco Group of Properties and Jimenez del Tuel projects. (a) San Dimas Silver/Gold Mine, Durango State, Mexico The San Dimas Mine is subject to a gold and silver streaming agreement with WPMI which entitles WPMI to receive 25% of the gold equivalent production (based on a fixed exchange ratio of 70 silver ounces to 1 gold ounce) at San Dimas in exchange for ongoing payments equal to the lesser of $600 (subject to a 1% annual inflation adjustment commencing in May 2019) and the prevailing market price for each gold ounce delivered. Should the average gold to silver ratio over a six-month period exceed 90:1 or fall below 50:1, the fixed exchange ratio would be increased to 90:1 or decreased to 50:1, respectively. The fixed gold to silver exchange ratio as at December 31, 2022 was 70:1. (b) Santa Elena Silver/Gold Mine, Sonora State, Mexico The Santa Elena Mine is subject to a gold streaming agreement with Sandstorm, which requires the mine to sell 20% of its life of mine gold production from its leach pad and a designated area of its underground operations of the Santa Elena mine to Sandstorm. The selling price to Sandstorm is currently the lesser of $464 per ounce, subject to a 1% annual inflation increase every April, and the prevailing market price. The Santa Elena mine has a net smelter royalty ("NSR") agreement with Orogen Royalties Inc. that requires a 2% NSR from the production of the Ermitaño property. In addition, there is an underlying NSR royalty where Osisko Gold Royalties Ltd. retains a 2% NSR from the sale of mineral products extracted from the Ermitaño property. During the year ended December 31, 2022, the Company has incurred $5.8 million (December 31, 2021 - $1 million ) in NSR payments from the production of Ermitaño. (c) Jerritt Canyon Gold Mine, Nevada, United States The Jerritt Canyon Mine is subject to a 0.75% NSR royalty on production of gold and silver from the Jerritt Canyon mines and processing plant. The royalty is applied, at a fixed rate of 0.75%, against proceeds from gold and silver products after deducting treatment, refining, transportation, insurance, taxes and levies charges. The Jerritt Canyon Mine is also subject to a 2.5% to 5% NSR royalty relating to the production of gold and silver within specific boundary lines at certain mining areas. The royalty is applied, at a fixed rate of 2.5% to 5.0%, against proceeds from gold and silver products. As at December 31, 2022 , total NSR royalty accrual outstanding was $0.8 million (2021 - $0.1 million). (d) Springpole Silver Stream, Ontario, Canada In July 2020, the Company completed an agreement with First Mining Gold Corp. (“First Mining”) to purchase 50% of the life of mine payable silver produced from the Springpole Gold Project ("Springpole Silver Stream"), a development stage mining project located in Ontario, Canada. First Majestic agreed to pay First Mining consideration of $22.5 million in cash and shares, in three milestone payments, for the right to purchase silver at a price of 33% of the silver spot price per ounce, to a maximum of $7.50 per ounce (subject to annual inflation escalation of 2%, commencing at the start of the third anniversary of production). Commencing with its production of silver, First Mining must deliver 50% of the payable silver which it receives from the offtaker within five business days of the end of each quarter. Transaction consideration paid and payable by First Majestic is summarized as follows: • The first payment of $10.0 million, consisting of $2.5 million in cash and $7.5 million in First Majestic shares (805,698 common shares), was paid to First Mining on July 2, 2020; • The second payment, consisting of $3.75 million in cash and $3.75 million in First Majestic shares (287,300 common shares), was paid on January 21, 2021 upon the completion and public announcement by First Mining of the results of a Pre-Feasibility Study for Springpole; and • The third payment, consisting of $2.5 million in cash and $2.5 million in First Majestic shares (based on 20 days volume weighted average price), will be paid upon receipt by First Mining of a Federal or Provincial Environmental Assessment approval for Springpole, which has not yet been received. In connection with the agreement, First Mining also granted First Majestic 30 million common share purchase warrants, each of which will entitle the Company to purchase one common share of First Mining at CAD$0.40 over a period of five years. The fair value of the warrants was measured at $5.7 million using the Black-Scholes option pricing model. First Mining shall have the right to repurchase 50% of the silver stream for $22.5 million at any time prior to the commencement of production at Springpole leaving the Company with a reduced silver stream of 25% of life of mine payable silver production. First Mining is a related party with two independent board members who are also directors and/or officers of First Majestic. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT [Text Block] | 17. PROPERTY, PLANT AND EQUIPMENT 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 (2)(3) Other Total Cost At December 31, 2020 $199,329 $468,624 $55,669 $28,651 $752,273 Additions 34 2,974 77,151 341 80,500 Acquisition of Jerritt Canyon (Note 4 ) 32,992 137,219 4,337 1,179 175,727 Transfers and disposals 12,602 15,645 (46,706) 3,412 (15,047) At December 31, 2021 $244,957 $624,462 $90,451 $33,583 $993,453 Additions — 5,038 64,088 507 69,633 Reclassification to asset held-for-sale (Note 15 ) (30,903) (82,275) (176) (2,111) (115,465) Transfers and disposals 23,192 47,783 (80,436) 4,772 (4,689) At December 31, 2022 $237,246 $595,008 $73,927 $36,751 $942,932 Accumulated depreciation, amortization and impairment reversal At December 31, 2020 ($133,156) ($343,379) $— ($17,518) ($494,053) Depreciation and amortization (13,923) (33,137) — (2,899) (49,959) Transfers and disposals — 1,637 — 240 1,877 Loss on disposal of equipment — — — (2,081) (2,081) At December 31, 2021 ($147,079) ($374,879) $— ($22,258) ($544,216) Depreciation and amortization (12,016) (40,419) — (3,793) (56,228) Impairment (Note 15 ) (1,742) — — — (1,742) Impairment reversal (Note 15 ) 3,076 — — — 3,076 Reclassification to asset held-for-sale (Note 15 ) 20,774 80,964 — 1,902 103,640 Transfers and disposals — 3,606 — 267 3,873 At December 31, 2022 ($136,987) ($330,728) $— ($23,882) ($491,597) Carrying values At December 31, 2021 $97,878 $249,583 $90,451 $11,325 $449,237 At December 31, 2022 $100,259 $264,280 $73,927 $12,869 $451,335 (1) Included in land and buildings is $11.2 million (2021 - $11.2 million) of land which is not subject to depreciation. (2) Assets under construction includes certain innovation projects, such as high-intensity grinding ("HIG") mills and related modernization, the Santa Elena dual circuit project, plant improvements, other mine infrastructures and equipment overhauls. (3) Transfers and disposals in construction in progress during 2021 includes the sale of the AG mill and certain mill equipment to Condor Gold PLC and Capstone Mining Corp. as disclosed in Note 10 . 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 Jerritt Canyon Non-producing Properties (1) Other Total Cost At December 31, 2020 $146,728 $97,331 $143,510 $— $293,761 $70,943 $752,273 Additions 9,484 19,885 5,831 17,366 229 27,705 80,500 Acquisition of Jerritt Canyon (Note 4 ) — — — 175,727 — — 175,727 Transfers and disposals 2,316 5,381 1,377 (8) (8,184) (15,929) (15,047) At December 31, 2021 $158,528 $122,597 $150,718 $193,085 $285,806 $82,719 $993,453 Additions (2) 6,985 13,093 5,325 16,297 98 27,835 69,633 Reclassification to asset held-for-sale (Note 15 ) — — — — (115,465) — (115,465) Transfers and disposals (717) 31,852 1,880 367 (5,421) (32,650) (4,689) At December 31, 2022 $164,796 $167,542 $157,923 $209,749 $165,018 $77,904 $942,932 Accumulated depreciation, amortization and impairment At December 31, 2020 ($34,623) ($48,086) ($126,955) $— ($263,873) ($20,516) ($494,053) Depreciation and amortization (17,801) (6,997) (2,259) (20,228) (266) (2,408) (49,959) Transfers and disposals (631) (2,671) (824) — 5,513 490 1,877 Write-down on assets held-for-sale — — — — — (2,081) (2,081) At December 31, 2021 ($53,055) ($57,754) ($130,038) ($20,228) ($258,626) ($24,515) ($544,216) Depreciation and amortization (17,554) (10,058) (2,809) (22,747) (222) (2,838) (56,228) Impairment (Note 15 ) — — — — (1,742) — (1,742) Impairment reversal (Note 15 ) — — — — 3,076 — 3,076 Reclassification to asset held-for-sale (Note 15 ) — — — — 103,640 — 103,640 Transfers and disposals 190 249 (654) 4 7,051 (2,967) 3,873 At December 31, 2022 ($70,419) ($67,563) ($133,501) ($42,971) ($146,823) ($30,320) ($491,597) Carrying values At December 31, 2021 $105,473 $64,843 $20,680 $172,857 $27,180 $58,204 $449,237 At December 31, 2022 $94,377 $99,979 $24,422 $166,778 $18,195 $47,584 $451,335 (1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines. The net book value of of PPE for La Guitarra and La Parrilla classified as assets held-for-sale are $4.0 million and $7.8 million, respectively. (2) Additions classified in "Other" primarily consist of innovation projects and construction-in-progress. |
RIGHT-OF-USE ASSETS
RIGHT-OF-USE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
RIGHT-OF-USE ASSETS [Text Block] | 18. RIGHT-OF-USE ASSETS The Company entered into operating leases to use certain land, building, mining equipment and corporate equipment for its operations. The Company is required to recognize right-of-use assets representing its right to use these underlying leased asset over the lease term. Right-of-use assets are 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, 2020 $8,087 $6,234 $8 $14,330 Additions 1,294 17,560 — 18,854 Remeasurements 363 1,668 — 2,031 Depreciation and amortization (1,325) (4,520) (7) (5,851) Disposals (117) (23) — (139) At December 31, 2021 $8,302 $20,921 $2 $29,225 Additions 1,786 1,514 14 3,314 Remeasurements 578 2,239 (2) 2,815 Depreciation and amortization (1,608) (6,431) (5) (8,044) Transfer to asset held-for-sale (Note 15 ) (634) (27) — (661) At December 31, 2022 $8,424 $18,216 $9 $26,649 |
RESTRICTED CASH
RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Cash [Abstract] | |
RESTRICTED CASH [Text Block] | 19. RESTRICTED CASH Restricted cash is comprised of the following: December 31, 2022 December 31, 2021 Escrowed Funds for the acquisition of Jerritt Canyon $— $12,570 Current Restricted Cash $— $12,570 Nevada Division of Environmental Protection (1) $17,702 $39,727 Chartis Commutation Account (2) 28,365 27,275 SAT Primero tax dispute (3) 79,126 48,010 Non-Current Restricted Cash $125,193 $115,012 Total Restricted Cash $125,193 $127,582 1. During the second quarter of 2022, cash bonds held with the Nevada Division of Environmental Protection (“NDEP”) and the US Forestry Service (“USFS”) were replaced with surety bonds to fund ongoing reclamation and mine closure obligations, with a $5 million letter of credit provided as collateral for these bonds (Note 21 ). These funds were previously classified as non-current restricted cash until returned to the Company by the NDEP and USFS. During the third quarter of 2022, the NDEP and USFS have returned the cash bonds totaling $44.1 million and these amounts have been re-classified to cash and cash equivalents as at December 31, 2022. Additionally, on November 2, 2021, the Company executed an agreement with the NDEP relating to funds required to establish a trust agreement to cover post-closure water treatment cost at Jerritt Canyon. During the year, the Company funded $17.7 million into a trust; these amounts are included within non-current restricted cash as at December 31, 2022. 2. The Company owns an environmental risk transfer program (the "ERTP") for Jerritt Canyon from American Insurance Group ("AIG"). As part of the ERTP, $28.4 million is on deposit in an interest-bearing account with AIG (the "Commutation Account"). The Commutation Account principal plus interest earned on the principal is used to fund ongoing reclamation and mine closure obligations. The Company can elect to extinguish all rights under the policy, which would release AIG from reclamation cost and financial assurance liabilities, and substitute with replacement bonds. AIG would pay Jerritt Canyon the remaining balance in the Commutation Account. 3. In connection with the dispute between Primero Empresa Minera, S.A. de C.V. ("PEM") and the Servicio de Admistracion Tributaria ("SAT") in relation to the advanced pricing agreement (Note 28 ) , the tax authority has frozen a PEM bank account with funds of $79.1 million (1,532 million MXN) as a guarantee against certain disputed tax assessments. This balance consists of Value Added Tax ("VAT") refunds that the Company has received which were previously withheld by the tax authority. The Company does not agree with SAT's position and has challenged it through the relevant legal channels. |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
TRADE AND OTHER PAYABLES [Text Block] | 20. TRADE AND OTHER PAYABLES 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 to 90 days. Trade and other payables are comprised of the following items: December 31, 2022 December 31, 2021 Trade payables $40,782 $41,827 Trade related accruals 30,312 30,621 Payroll and related benefits 31,797 28,162 Estimated Triggered Tax Adjustment and Working Capital Adjustment payable, net (Note 4 ) — 12,570 NSR royalty liabilities (Notes 16(b)(c) ) 1,518 1,147 Environmental duty and net mineral sales proceeds tax 3,570 3,281 Other accrued liabilities 7,141 3,058 $115,120 $120,666 |
DEBT FACILITIES
DEBT FACILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
DEBT FACILITIES [Text Block] | 21. DEBT FACILITIES The movement in debt facilities during the year ended December 31, 2022 and year ended December 31, 2021, respectively, are comprised of the following: Convertible Debentures (a) Revolving Credit Facility (b) Total Balance at December 31, 2020 $142,825 $9,883 $152,708 Gross proceeds from debt financing $230,000 $— $230,000 Portion allocated to equity reserves from debt financing (42,340) — (42,340) Finance costs Interest expense 2,846 537 3,383 Accretion 6,809 349 7,158 Proceeds from drawdown of revolving credit facility — 30,000 30,000 Repayments of principal (125,576) (40,000) (165,576) Conversion of senior convertible notes to common shares (23,230) — (23,230) Transaction costs (7,224) (101) (7,325) Payments of finance costs (2,932) (612) (3,544) Balance at December 31, 2021 $181,178 $56 $181,234 Finance costs Interest expense 896 1,241 2,137 Accretion 8,673 — 8,673 Proceeds from drawdown of revolving credit facility — 50,000 50,000 Repayments of principal — (30,000) (30,000) Payments of finance costs (505) (1,177) (1,682) Balance at December 31, 2022 $190,242 $20,120 $210,362 Statements of Financial Position Presentation Current portion of debt facilities $69 $56 $125 Non-current portion of debt facilities 181,108 — 181,108 Balance at December 31, 2021 $181,178 $56 $181,234 Current portion of debt facilities $431 $120 $551 Non-current portion of debt facilities 189,811 20,000 209,811 Balance at December 31, 2022 $190,242 $20,120 $210,362 (a) Convertible Debentures Senior Convertible Debentures On December 2, 2021, the Company issued $230 million of unsecured senior convertible debentures (the “Notes”). The Company received net proceeds of $222.8 million after transaction costs of $7.2 million. The Notes mature on January 15, 2027 and bear an interest rate of 0.375% per annum, payable semi-annually in arrears in January and July of each year. The Notes are convertible into common shares of the Company at any time prior to maturity at a conversion rate of 60.3865 common shares per $1,000 principal amount of Notes converted, representing an initial conversion price of $16.56 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 January 20, 2025 except in the event of certain changes in Canadian tax law. At any time on or after January 20, 2025 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 in effect on each such trading day. 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 $222.8 million from the Notes were allocated into its debt and equity components. The fair value of the debt portion was estimated at $180.4 million using a discounted cash flow model method with an expected life of five years and a discount rate of 4.75%. This amount is recorded as a financial liability on an amortized cost basis using the effective interest method using an effective interest rate of 5.09% 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 $42.3 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 $11.4 million related to taxable temporary difference arising from the equity portion of the convertible debenture was recognized in equity reserves. Transaction costs of $7.2 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. A portion of the Notes proceeds received were used to redeem 125,231 of the 2018 Senior Convertible Notes ("Existing Notes") for total costs of $164.9 million. The total proceeds were allocated to the carrying value of the debt by $118.9 million and $41.8 million to equity reserves of these Existing Notes, resulting with a loss on the settlement of debt of $4.6 million. 24,219 of the remaining Existing Notes were converted to common shares by note holders at an adjusted conversion rate of 106.0528 common shares per $1,000 face value note, where $23.2 million were allocated to the carrying value of the debt and $4.1 million were transferred to share capital from equity reserves. Finally, 6,950 of the remaining notes were settled at par value with a payment in cash of $6.95 million; the cash paid was allocated to the carrying value of the debt by $6.6 million and $0.2 million to equity reserves. At December 31, 2022, the Existing Notes have been fully settled, with a remaining carrying value of $nil. (b) Revolving Credit Facility On March 31, 2022, the Company amended its senior secured revolving credit facility (the "Revolving Credit Facility") with the Bank of Nova Scotia, Bank of Montreal and Toronto Dominion Bank ("syndicate") by extending the maturity date from November 30, 2022 to March 31, 2025 and increasing the credit limit from $50.0 million to $100.0 million. Interest on the drawn balance will accrue at the Secured Overnight Financing Rate ("SOFR") plus an applicable range of 2.25% to 3.5% per annum while the undrawn portion is subject to a standby fee with an applicable range of 0.563% to 0.875% per annum, dependent on certain financial parameters of First Majestic. As at December 31, 2022, the applicable rates were 2.25% and 0.56250% per annum, 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 net indebtedness to rolling four quarters adjusted EBITDA of not more than 3.00 to 1.00; and (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. The debt facilities also provide for negative covenants customary for these types of facilities and allows the Company to enter into finance leases, excluding any leases that would have been classified as operating leases in effect immediately prior to the implementation of IFRS 16 - Leases, of up to $50.0 million. As at December 31, 2022 and December 31, 2021, the Company was in compliance with these covenants. During the year ended December 31, 2022, the Company replaced cash bonds held with the NDEP and USFS with surety bonds to fund ongoing reclamation and mine closure obligations (Note 19). The Company has provided the bond issuer with a $5 million letter of credit using the Revolving Credit Facility as collateral for these bonds. As at December 31, 2022 the undrawn portion of the Revolving Credit Facility totals $75.0 million (December 2021- nil). |
LEASE LIABILITIES
LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
LEASE LIABILITIES [Text Block] | 22. LEASE LIABILITIES 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 have ownership of the underlying right-of-use assets. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease liabilities are subsequently measured at amortized cost using the effective interest rate method. Certain lease agreements may contain lease and non-lease components, which are generally accounted for separately. For certain equipment leases, such as vehicles, the Company has elected to account for the lease and non-lease components as a single lease component. The movement in lease liabilities during the years ended December 31, 2022 and December 31, 2021 are comprised of the following: Finance Leases Operating Leases (a) Equipment Financing (b) Total Balance at December 31, 2020 $— $19,986 $589 $20,575 Acquisition of Jerritt Canyon 2,194 — — 2,194 Additions 4,001 18,854 — 22,855 Remeasurements — 2,031 — 2,031 Disposals — (150) — (150) Finance costs 89 1,915 9 2,013 Repayments of principal (942) (7,824) (521) (9,287) Payments of finance costs (89) — (13) (102) Foreign exchange gain — (268) — (268) Balance at December 31, 2021 $5,253 $34,544 $64 $39,861 Additions 3,109 3,314 — 6,423 Remeasurements — 2,815 — 2,815 Finance costs 237 1,894 — 2,131 Repayment of principals (2,446) (10,959) (64) (13,469) Repayments of finance costs (210) — — (210) Transfer to asset held-for-sale (Note 15 ) — (458) — (458) Foreign Exchange — 490 — 490 Balance at December 31, 2022 $5,943 $31,640 $— $37,583 Statements of Financial Position Presentation Current portion of lease liabilities $2,165 $9,596 $64 $11,825 Non-current portion of lease liabilities 3,088 24,948 — 28,036 Balance at December 31, 2021 $5,253 $34,544 $64 $39,861 Current portion of lease liabilities $2,801 $11,026 $— $13,827 Non-current portion of lease liabilities 3,142 20,614 — 23,756 Balance at December 31, 2022 $5,943 $31,640 $— $37,583 (a) Operating leases Operating leases primarily relate to equipment and building rental contracts, land easement contracts and service contracts that contain embedded leases for property, plant and equipment. These operating leases have remaining lease terms of one to ten years, some of which include options to terminate the leases within a year, with incremental borrowing rates ranging from 2.5% to 11.2% per annum . During the year ended December 31, 2022 and 2021, the amounts of lease payments recognized in the profit and loss are summarized as follows: Year Ended December 31, 2022 Year Ended December 31, 2021 Expenses relating to variable lease payments not included in $132,101 $109,565 Expenses relating to short-term leases 35,913 41,283 Expenses relating to low value leases 760 5 $168,774 $150,853 (b) Equipment financing During 2017, the Company entered into a $7.9 million credit facility with repayment terms ranging from 12 to 16 equal quarterly installments in principal plus related interest. The facility bears an interest rate of LIBOR plus 4.60%. Proceeds from the equipment financing were primarily used for the purchase and rehabilitation of property, plant and equipment. The equipment financing is secured by certain equipment of the Company and is subject to various covenants, including the requirement for First Majestic to maintain a leverage ratio based on total debt to rolling four quarters adjusted EBITDA. As of December 31, 2022 and December 31, 2021, the Company was in compliance with these covenants. As at December 31, 2022, the net book value of property, plant and equipment includes $nil (December 31, 2021 - $2.0 million) equipment pledged as security for the equipment financing. |
DECOMMISSIONING LIABILITIES
DECOMMISSIONING LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Decommissioning Liabilities [Abstract] | |
DECOMMISSIONING LIABILITIES [Text Block] | 23. DECOMMISSIONING LIABILITIES 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, 2022 and 2021 are allocated as follows: San Dimas Santa Elena La Encantada Jerritt Canyon Non-Operating Properties (1) Total Balance at December 31, 2020 $14,059 $6,150 $10,223 $— $21,039 $51,471 Movements during the year: Acquisition of Jerritt Canyon — — — 71,135 — 71,135 Change in rehabilitation provision 1,209 2,177 584 28,799 (2,759) 30,010 Reclamation costs incurred — — — (186) (420) (606) Interest or accretion expense 715 313 521 642 1,037 3,228 Foreign exchange loss (454) (199) (333) — (645) (1,631) Balance at December 31, 2021 $15,529 $8,441 $10,995 $100,390 $18,252 $153,607 Movements during the year: Transfer to liability held-for-sale (Note 15 ) — — — — (7,118) (7,118) Change in rehabilitation provision (1,800) 1,518 (879) 1,240 (2,488) (2,409) Reclamation costs incurred — (31) — (2,704) (223) (2,958) Interest or accretion expense 1,190 650 848 2,053 1,361 6,102 Foreign exchange gain 504 261 342 — 686 1,793 Balance at December 31, 2022 $15,423 $10,839 $11,306 $100,979 $10,470 $149,017 (1) Non-operating properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines, along with the La Luz project. The net book value of decommissioning liabilities for La Guitarra and La Parrilla that have been classified as assets held-for-sale are $3.0 million and $4.2 million, respectively. 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 used is 9.5% (2021 - 7.4% to 7.5%), while the inflation rate used is based on long-term expected inflation rate of 3.7% (2021 - 4.2%). At the Jerritt Canyon Gold Mine, the discount rate used is 3.8% (2021 - 1.5% to 1.6%), while the inflation rate is based on the long-term expected inflation rate of 2.8% in the U.S (2021 - 2.15%). The present value of reclamation liabilities may be subject to change based on changes to cost estimates, remediation technologies or applicable laws and regulations. Changes in decommissioning liabilities are recorded against mining interests. At December 31, 2022, the reclamation and closure cost obligation for the Jerritt Canyon Gold Mine totaled $101.0 million. This obligation is secured through long-term restricted cash of $28.4 million, and a surety bond held with the NDEP and the USFS, with a $5 million letter of credit as collateral for these bonds, to support various reclamation obligation bonding requirements (Note 19 (b)). Additionally, on November 2, 2021, the Company executed an agreement with the NDEP relating to funds required to establish a trust agreement to cover post-closure water treatment cost at Jerritt Canyon. The estimated costs are $17.6 million which are included in the decommissioning liabilities provision and were funded into a trust on October 31, 2022. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
INCOME TAXES [Text Block] | 24. INCOME TAXES 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, 2022 and 2021: Year Ended December 31, 2022 2021 (Loss) earnings before tax ($61,404) $25,250 Combined statutory tax rate 27 % 27 % Income tax (recovery) expense computed at statutory tax rate (16,579) 6,818 Reconciling items: Effect of different foreign statutory tax rates on earnings of subsidiaries 1,052 4,962 Impact of foreign exchange on deferred income tax assets and liabilities (20,238) (1,419) Change in unrecognized deferred income tax asset 2,097 14,100 7.5% mining royalty in Mexico 11,345 13,389 Other non-deductible expenses 16,941 15,491 Impact of inflationary adjustments (18,015) (13,504) Change in tax provision estimates (2,127) (945) Impact of divestitures and restructurings — 102 Value of losses forgone due to tax settlement 55,657 — Tax settlement 24,033 — Other (1,294) (8,821) Income tax expense $52,872 $30,173 Statements of Earnings Presentation Current income tax expense $56,250 $49,283 Deferred income tax recovery (3,378) (19,110) Income tax expense $52,872 $30,173 Effective tax rate (86 %) 119 % As at December 31, 2022 and 2021, the Company has the following income tax payable balances: Year Ended December 31, 2022 2021 Current income tax payable $18,240 $27,980 Non-current income tax payable 20,605 21,812 $38,845 $49,792 During the years ended December 31, 2022 and 2021, the movement in deferred tax assets and deferred tax liabilities is shown as follows: Deferred tax assets Losses Provisions Deferred tax asset not recognized Other Total At December 31, 2020 $147,799 $25,276 ($88,716) $9,301 $93,660 Benefit (expense) to statement of earnings 29,196 16,467 (12,891) 4,667 37,439 Acquired from Jerritt Canyon 10,275 — — 2,801 13,076 At December 31, 2021 $187,270 $41,743 ($101,607) $16,769 $144,175 (Expense) benefit to statement of earnings (5,451) 3,217 (5,449) 1,082 (6,601) Charge to equity (1,458) (1,458) Re-class to liabilities held-for-sale ($34,189) ($2,283) $36,340 ($399) (531) At December 31, 2022 $147,630 $42,677 ($70,716) $15,994 $135,585 Deferred tax liabilities Property, plant and equipment and mining interests Effect of Mexican tax deconsolidation Other Total At December 31, 2020 $56,884 $2,071 $13,790 $72,745 Expense to statement of earnings 12,186 84 6,059 18,329 Reclassed to current income taxes payable — (1,549) — (1,549) Acquired from Jerritt Canyon 123,578 — — 123,578 Benefit to equity — — 9,843 9,843 Translation and other — — (2,192) (2,192) At December 31, 2021 $192,648 $606 $27,500 $220,754 Benefit to statement of earnings (4,884) (5,095) (9,979) Reclassed to current income taxes payable (606) (606) Translation and other (393) (393) Re-class to liabilities held-for-sale ($8,773) ($12) (8,785) At December 31, 2022 $178,991 $— $22,000 $200,991 Statements of Financial Position Presentation Deferred tax assets $74,257 Deferred tax liabilities 150,836 At December 31, 2021 $76,579 Deferred tax assets $57,062 Deferred tax liabilities 122,468 At December 31, 2022 $65,406 At December 31, 2022, the Company recognized $57.1 million (2021 - $74.3 million) of net deferred tax assets in entities that have had a loss for tax purposes in either 2022 or 2021, or both. In evaluating whether it is probable that sufficient taxable income will be generated to realize the benefit of these deferred tax assets, the Company considered all available evidence, including approved budgets, forecasts and business plans and, in certain cases, tax planning opportunities. The aggregate amount of taxable temporary differences associated with investments in subsidiaries for which deferred taxes have not been recognized, as at December 31, 2022 was $187.2 million (2021 - $334.0 million). Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following: Year Ended December 31, 2022 2021 Non-capital losses $277,067 $239,175 Capital losses 26,592 10,619 Accrued expenses 888 78,754 Mineral properties, plant and equipment 45,264 44,300 Other 30,769 17,578 $380,580 $390,426 As at December 31, 2022 and 2021, the Company has available Canadian, US and Mexican non-capital tax losses, which if not utilized will expire as follows: Year of expiry Canadian non-capital losses US non-capital losses Mexican non-capital losses December 31, 2022 December 31, 2021 2023 $— $— $2,298 $2,298 $2,052 2024 — — 31,322 31,322 37,355 2025 — — 21,785 21,785 41,286 2026 — — 4,158 4,158 108,513 2027 — — 12,739 12,739 11,579 2028 — — 49,174 49,174 55,852 2029 — — 82,358 82,358 75,381 2030 — — 74,040 74,040 153,152 2031 — — 73,648 73,648 57,889 2032 and after 19,954 14,334 80,114 114,402 25,447 No expiry — 161,662 — 161,662 66,578 Total $19,954 $175,996 $431,636 $627,586 $635,084 Unrecognized losses $19,954 $— $257,113 $277,067 $254,293 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
SHARE CAPITAL [Text Block] | 25. SHARE CAPITAL (a) Authorized and issued capital The Company has unlimited authorized common shares with no par value. The movement in the Company’s issued and outstanding capital during the periods is summarized in the consolidated statements of changes in equity. Year Ended December 31, 2022 Year Ended December 31, 2021 Number of Shares Net Proceeds Number of Shares Net Proceeds ATM program (1) 11,869,145 $113,395 4,225,000 $ 66,674 11,869,145 $113,395 4,225,000 $ 66,674 (1) In May 2021, the Company filed prospectus supplements to its short form base shelf prospectus, pursuant to which the Company may, at its discretion and from time-to-time, sell common shares of the Company for aggregate gross proceeds of up to $100.0 million. The sale of common shares is to be made through “at-the-market distributions” ("ATM"), as defined in the Canadian Securities Administrators’ National Instrument 44-102 Shelf Distributions, directly on the New York Stock Exchange. During the year ended December 31, 2022, the Company completed $100 million of the May 2021 ATM program. In July 2022, the Company filed prospectus supplements to its short form base shelf prospectus, pursuant to which the Company may, at its discretion and from time-to-time, sell common shares of the Company for aggregate gross proceeds of up to $100.0 million through this ATM program. During the year ended December 31, 2022, the Company sold 11,869,145 (2021 - 4,225,000) common shares of the Company under the ATM program at an average price of $9.8 per common share (2021 - $16.24) for gross proceeds of $116.3 million (2021 - $68.6 million), or net proceeds of $113.4 million (2021 - $66.7 million) after costs. At December 31, 2022, the Company incurred $2.9 million (2021- $1.9 million) in transaction costs in relation to the ATM. (b) Stock options On May 26, 2022, a new Long-Term Incentive Plan was adopted ("LTIP"). Under the terms of the Company’s LTIP, the maximum number of shares reserved for issuance under the LTIP is 6% of the issued shares on a rolling basis. Options may be exercisable over periods of up to ten years as determined by the Board of Directors of the Company and the exercise price shall not be less than the closing price of the shares on the day preceding the award date, subject to regulatory approval. All stock options granted are subject to vesting with 25% vesting on first anniversary from the date of grant, and 25% vesting each six months thereafter. Any options granted prior to May 26, 2022 will be governed by the 2017 Option Plan and the 2019 Long-Term Incentive Plans, respectively ("2017 Plan" and "2019 LTIP"). The following table summarizes information about stock options outstanding as at December 31, 2022: Options Outstanding Options Exercisable Exercise prices (CAD$) Number of Options Weighted Average Exercise Price (CAD $/Share) Weighted Average Remaining Life (Years) Number of Options Weighted Average Exercise Price (CAD $/Share) Weighted Average Remaining Life (Years) 5.01 - 10.00 1,903,045 8.70 6.12 1,648,045 8.63 5.84 10.01 - 15.00 3,489,921 13.03 8.87 825,296 13.72 7.31 15.01 - 20.00 1,265,840 16.36 7.79 648,524 16.14 7.12 20.01 - 250.00 616,938 21.46 8.40 291,622 21.44 8.40 7,275,744 13.19 7.92 3,413,487 12.38 6.66 The movements in stock options issued for the year ended December 31, 2022 and year ended December 31, 2021 are summarized as follows: Year Ended Year Ended December 31, 2022 December 31, 2021 Number of Options Weighted Average Exercise Price (CAD $/Share) Number of Options Weighted Average Exercise Price (CAD $/Share) Balance, beginning of the period 5,638,383 13.29 7,074,092 12.07 Granted 3,107,500 12.96 1,400,000 18.98 Exercised (609,623) 9.76 (2,502,234) 10.87 Cancelled or expired (860,516) 15.44 (333,475) 29.45 Balance, end of the period 7,275,744 13.19 5,638,383 13.29 During the year ended December 31, 2022, the aggregate fair value of stock options granted was $14.7 million (December 31, 2021 - $9.9 million), or a weighted average fair value of $4.73 per stock option granted (December 31, 2021 - $7.04). During the year ended December 31, 2022, total share-based payments expense related to stock options was $9.0 million (December 31, 2021 - $8.8 million). 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, 2022 December 31, 2021 Risk-free interest rate (%) Yield curves on Canadian government zero- coupon bonds with a remaining term equal to the stock options’ expected life 2.16 1.04 Expected life (years) Average of the expected vesting term and expiry term of the option 5.91 5.93 Expected volatility (%) Historical and implied volatility of the precious metals mining sector 49.00 49.00 Expected dividend yield (%) Annualized dividend rate as of the date of grant 1.64% 0.10% The weighted average closing share price at date of exercise for the year ended December 31, 2022 was CAD$14.70 (December 31, 2021 - CAD$18.94). (c) Restricted Share Units On May 26, 2022, a new LTIP was adopted. The Company adopted the LTIP to allow the Company to grant to its directors, employees and consultants non-transferable Restricted Share Units ("RSU's") based on the value of the Company's share price at the date of grant. Unless otherwise stated, the awards typically have a graded vesting schedule over a three-year period and can be settled either in cash or equity upon vesting at the discretion of the Company. The Company intends to settle all RSU's in equity. Any RSU's granted prior to May 26, 2022 will be governed by the 2019 LTIP. The associated compensation cost is recorded as share-based payments expense against equity reserves. The following table summarizes the changes in RSU's for the year ended December 31, 2022 and the year ended December 31, 2021: Year Ended December 31, 2022 Year Ended December 31, 2021 Number of shares Weighted Average Fair Value (CAD$) Number of shares Weighted Average Fair Value (CAD$) Outstanding, beginning of the period 400,549 16.77 184,483 15.66 Granted 498,740 13.18 312,991 17.19 Settled (159,016) 16.57 (69,504) 15.79 Forfeited (87,934) 14.74 (27,421) 16.56 Outstanding, end of the period 652,339 14.35 400,549 16.77 During the year ended December 31, 2022, total share-based payments expense related to RSU's was $2.9 million (December 31, 2021 - $1.9 million). (d) Performance Share Units On May 26, 2022, a new LTIP was adopted. The Company adopted the LTIP to allow the Company to grant to its directors, employees and consultants non-transferable Performance Share Units ("PSU's"). The amount of units to be issued on the vesting date will vary from 0% to 200% of the number of PSU’s granted, depending on the Company’s total shareholder return compared to the return of a selected group of peer companies. Unless otherwise stated, the awards typically vest three years from the grant date. The fair value of a PSU is based on the value of the Company's share price at the date of grant and will be adjusted based on actual units issued on the vesting date. The Company intends to settle all PSU's in equity. Any PSU's granted prior to May 26, 2022 will be governed by the 2019 LTIP. The following table summarizes the changes in PSU's granted to employees and consultants for the year ended December 31, 2022 and the year ended December 31, 2021: Year Ended December 31, 2022 Year Ended December 31, 2021 Number of shares Weighted Average Fair Value (CAD$) Number of shares Weighted Average Fair Value (CAD$) Outstanding, beginning of the period 275,516 16.58 109,035 15.62 Granted 268,955 13.21 184,050 17.15 Forfeited (69,817) 15.55 (17,569) 16.56 Outstanding, end of the period 474,654 14.82 275,516 16.58 During the year ended December 31, 2022, total share-based payments expense related to PSU's was $1.5 million (year ended December 31, 2021 - $1.2 million). (e) Deferred Share Units The Company adopted the 2019 LTIP to allow the Company to grant to its directors, employees and consultants non-transferrable Deferred Share Units ("DSU's"), in addition to options, RSU's and PSU's. Unless otherwise stated, the DSU awards typically vest immediately at the grant date. The fair value of a DSU is based on the value of the Company's share price at the date of grant. The Company intends to settle all DSU's under the 2019 LTIP in equity. On March 23, 2022, a new DSU plan was adopted ("2022 DSU Plan"). All DSU's issued under the 2022 DSU Plan will be settled in cash. There were two grants made during the year ended December 31, 2022 resulting with a total expense of $0.1 million. The following table summarizes the changes in DSU's granted to directors for the year ended December 31, 2022 and the year ended December 31, 2021: Year Ended December 31, 2022 Year Ended December 31, 2021 Number of shares Weighted Average Fair Value (CAD$) Number of shares Weighted Average Fair Value (CAD$) Outstanding, beginning of the year 25,185 18.31 — — Granted 37,312 14.07 31,040 18.08 Settled (11,896) 15.55 (5,855) 17.08 Outstanding, end of the year 50,601 15.83 25,185 18.31 During the year ended December 31, 2022, total share-based payments expense related to DSU's was $0.3 million (year ended December 31, 2021 - $0.4 million). (f) Share Repurchase Program and Share Cancellation The Company has an ongoing share repurchase program to repurchase up to 10,000,000 of the Company’s issued and outstanding shares. The normal course issuer bid will be carried out through the facilities of the Toronto Stock Exchange and alternative Canadian marketplaces. All common shares, if any, purchased pursuant to the Share Repurchase will be cancelled. The Company believes that from time to time, the market price of its common shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that at such times, the purchase of common share would be in the best interest of the Company. During the year ended December 31, 2022, the Company repurchased an aggregate of 100,000 common shares at an average price of CDN $8.52 per share as part of the Share Repurchase Program (December 2021 - nil) for total proceeds of $0.7 million, net of transaction costs. During the year ended December 31, 2021, the Company cancelled 6,913 shares pursuant to section 4.4 of the plan of arrangement between Primero Mining Corp. ("Primero") and the Company with an effective date of May 10, 2018 that states that any former shareholder of Primero who does not surrender their shares on the third anniversary of the effective date would cease the right to any of the Company's shares and as such would automatically be cancelled. (g) Dividends The Company declared the following dividends during the year ended December 31, 2022: Declaration Date Record Date Dividend per Common Share March 10, 2022 March 21, 2022 $0.0079 May 12, 2022 May 25, 2022 $0.0060 August 4, 2022 August 16, 2022 $0.0061 November 9, 2022 November 22, 2022 $0.0061 February 23, 2023 (1) March 10, 2023 $0.0054 (1) These dividends were declared subsequent to the period end and have not been recognized as distributions to owners during the period presented. |
FINANCIAL INSTRUMENTS AND RELAT
FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT [Text Block] | 26. FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT 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: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: All inputs which have a significant effect on the fair value are observable, either directly or indirectly, for substantially the full contractual term. Level 3: Inputs which have a significant effect on the fair value are not based on observable market data. There were no transfers between levels 1, 2 and 3 during the year ended December 31, 2022 and year ended December 31, 2021. 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 Marketable securities - common shares Marketable securities and silver future derivatives are valued based on quoted market prices for identical assets in an active market (Level 1) as at the date of statements of financial position. Marketable securities - stock warrants are valued using the Black-Scholes model based on the observable market inputs (Level 2). Marketable securities - stock warrants Silver futures derivatives Financial Instruments Measured at Amortized Cost Valuation Method Cash and cash equivalents Approximated carrying value due to their short-term nature Restricted cash Trade and other receivables Trade and other payables Debt facilities Approximated 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, 2022 December 31, 2021 Fair value measurement Fair value measurement Carrying value Level 1 Level 2 Carrying value Level 1 Level 2 Financial assets Marketable securities (Note 14 ) $34,528 $33,426 $1,102 $26,486 $22,531 $3,955 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. In addition to the table above, during the period ended December 31, 2022, an impairment reversal and impairment was recorded for the La Guitarra and La Parrilla mines, respectively, bringing the carrying value of the asset to its recoverable amount, being its FVLCD. The valuation technique used in the calculation of this fair value is categorized as Level 2 as it is based on the implied selling price within the purchase agreement(Note 15 ) . (b) Capital risk management The Company monitors its capital structure and, based on changes in operations and economic conditions, may adjust the structure by repurchasing shares, issuing new shares, issuing new debt or retiring existing debt. The Company prepares annual budget and quarterly forecasts to facilitate the management of its capital requirements. The annual budget is approved by the Company’s Board of Directors. 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, 2022 December 31, 2021 Equity $1,411,298 $1,410,971 Debt facilities 210,362 181,233 Lease liabilities 37,583 39,861 Less: cash and cash equivalents (151,438) (237,926) $1,507,805 $1,394,139 The Company’s investment policy is to invest its cash in highly liquid short-term investments with maturities of 90 days or less, selected with regards to the expected timing of expenditures from operations. The Company expects that its available capital resources will be sufficient to carry out its development plans and operations for at least the next 12 months. The Company is not subject to any externally imposed capital requirements with the exception of complying with covenants under the debt facilities (Note 21(b) ) and lease liabilities (Note 22(b) ). As at December 31, 2022 and December 31, 2021, the Company was in compliance with these covenants. (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 include credit risk, liquidity risk, currency risk, commodity price risk, and interest rate risk. Where material, these risks are reviewed and monitored by the Board of Directors. 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 chartered banks, trade receivables in the ordinary course of business, value added taxes receivable and other receivables. As at December 31, 2022, VAT receivable was $44.9 million (December 31, 2021 - $47.1 million), of which $21.6 million (December 31, 2021 - $22.2 million) relates to Minera La Encantada S.A. de C.V. ("MLE") and $17.7 million (December 31, 2021 - $22.0 million) relates to PEM. The Company sells and receives payment upon delivery of its silver doré and by-products primarily through three international customers. All of the Company's customers have good ratings and payments of receivables are scheduled, routine and fully received within 60 days of submission; therefore, the balance of trade receivables owed to the Company in the ordinary course of business is not significant. 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 exposed to significant credit risk. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they arise. The Company manages liquidity risk by monitoring actual and projected cash flows and matching the maturity profile of financial assets and liabilities. Cash flow forecasting is performed regularly to ensure that there is sufficient capital in order to meet short-term business requirements, after taking into account cash flows from operations and our holdings of cash and cash equivalents. The following table summarizes the maturities of the Company’s financial liabilities as at December 31, 2022 based on the undiscounted contractual cash flows: Carrying Amount Contractual Cash Flows Less than 1 year 2 to 3 years 4 to 5 years After 5 years Trade and other payables $115,120 $115,120 $115,120 $— $— $— Debt facilities 210,362 254,838 1,847 22,955 230,036 — Lease liabilities 37,583 41,896 13,966 21,337 5,668 925 Other liabilities 5,655 6,956 — — — 6,956 Commitments 1,355 1,355 1,355 — — — $370,075 $420,165 $132,288 $44,292 $235,704 $7,881 At December 31, 2022, the Company had working capital of $202.9 million (December 31, 2021 – $224.4 million). Total available liquidity at December 31, 2022 was $277.9 million (December 31, 2021 - $274.4 million), including $75.0 million of undrawn revolving credit facility (December 31, 2021 - $50.0 million). The Company believes it has sufficient cash on hand, combined with cash flows from operations, to meet operating requirements as they arise for at least the next 12 months. If the Company needs additional liquidity to meet obligations, the Company may consider drawing on its debt facility, securing additional debt financing and/or equity financing. 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 occasionally enter into short-term foreign currency derivatives, such as forwards and options, to hedge its cash flows. The sensitivity of the Company’s net earnings or loss and comprehensive income or loss due to changes in the exchange rates of the Canadian dollar and the Mexican peso against the U.S. dollar is included in the table below: December 31, 2022 Cash and cash equivalents Restricted cash Value added taxes receivable Other financial assets Trade and other payables Net assets (liabilities) exposure Effect of +/- 10% change in currency Canadian dollar $29,956 $— $— $3,365 ($1,887) $31,434 $3,143 Mexican peso 24,036 79,126 41,152 — (55,629) 88,685 8,869 $53,992 $79,126 $41,152 $3,365 ($57,516) $120,119 $12,012 The Company utilizes certain derivatives to manage its foreign exchange exposures to the Mexican Peso. During the year ended December 31, 2022, the Company did no t have any gain or loss (2021 - $ ) on fair value adjustments to its foreign currency derivatives. As at December 31, 2022, the Company does not hold any foreign currency derivatives (2021 - $ ). Commodity Price Risk The Company is exposed to commodity price risk on silver and gold, 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 use long-term derivative instruments to hedge its commodity price risk to silver or gold. The following table summarizes the Company’s exposure to commodity price risk and their impact on net earnings: December 31, 2022 Effect of +/- 10% change in metal prices Silver Gold Total Metals in doré inventory $2,630 $859 $3,489 $2,630 $859 $3,489 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 entered into any derivative contracts to manage this risk. The Company’s interest bearing financial assets comprise of cash and cash equivalents which bear interest at a mixture of variable and fixed rates for pre-set periods of time. As at December 31, 2022, the Company’s exposure to interest rate risk on interest bearing liabilities is limited to its debt facilities and lease liabilities. Based on the Company’s interest rate exposure at December 31, 2022, a change of 100 basis points increase or decrease of market interest rate does not have a significant impact on net earnings or loss. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] | 27. SUPPLEMENTAL CASH FLOW INFORMATION Year Ended December 31, 2022 2021 Other adjustments to investing activities: Purchase of marketable securities ($1,728) ($3,522) Proceeds from disposal of marketable securities 2,739 2,564 Cash received on settlement of silver futures 4,007 533 $5,018 ($425) Net change in non-cash working capital items: (Increase) in trade and other receivables ($870) ($3,386) Decrease in value added taxes receivable 1,732 9,839 (Increase) in inventories (3,447) (8,956) (Increase) in prepaid expenses and other (316) (903) (Decrease) increase in income taxes payable (4,426) 3,332 (Decrease) increase in trade and other payables (22,748) 16,580 Decrease (increase) in restricted cash (Note 19 ) 2,389 (48,010) ($27,686) ($31,504) Non-cash investing and financing activities: Shares received from disposition of royalty portfolio $21,507 $— Disposition of mining claims in relation to sale of royalty portfolio (17,206) — Acquisition of Jerritt Canyon — 466,300 Transfer of share-based payments reserve upon settlement of RSU's 1,897 963 Transfer of share-based payments reserve upon exercise of options 2,208 8,643 Acquisition of mining interests — (3,750) Assets acquired by finance lease (3,109) (4,001) Conversion to common shares upon settlement of the convertible note — (23,230) $5,297 $444,925 As at December 31, 2022, cash and cash equivalents include $1.4 million (December 31, 2021 - $6.4 million) that are held in-trust as bonds for tax audits in Mexico. |
CONTINGENCIES AND OTHER MATTERS
CONTINGENCIES AND OTHER MATTERS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Contingencies And Other Matters [Abstract] | |
CONTINGENCIES AND OTHER MATTERS [Text Block] | 28. CONTINGENCIES AND OTHER MATTERS 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. (a) 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. Each of these matters is subject to various uncertainties and it is possible that some of these other matters may be resolved in a manner that is unfavourable to the Company which may result in a material adverse impact on the Company's financial performance, cash flow or results of operations. First Majestic carries liability insurance coverage and establishes provisions for matters that are probable and can be reasonably estimated, however there can be no guarantee that the amount of such coverage is sufficient to protect against all potential liabilities. In addition, the Company may in the future be subjected to regulatory investigations or other proceedings and may be involved in disputes with other parties in the future which may result in a significant impact on our financial condition, cash flow and results of operations. (b) Primero Tax Rulings When Primero, the previous owner of San Dimas acquired the San Dimas Mine in August 2010, it assumed the obligations under a Silver Purchase Agreement (“Old Stream Agreement”) that required its subsidiary PEM to sell exclusively to Wheaton Precious Metals ("WPMI") up to 6 million ounces silver produced from the San Dimas Mine, and 50% of silver produced thereafter, at the lower of: (i) the spot market price and (ii) $4.014 per ounce plus an annual increase of 1% (“PEM Realized Price”). In order to reflect the commercial terms and the effects of the Old Stream Agreement, for Mexican income tax purposes, PEM recognized the revenue on these silver sales based on the PEM Realized Price instead of at spot market prices. To obtain tax and legal assurance that the SAT would accept the PEM Realized Price as the transfer price to calculate Mexican income taxes payable by PEM, a mutually binding Advance Pricing Agreement (“APA”) was entered into with the SAT for taxation years 2010 to 2014. On October 4, 2012, the SAT confirmed that based on the terms of the APA, the PEM Realized Price could be used as PEM’s basis for calculating taxes owed for the silver sold under the Old Stream Agreement. In February 2016, the SAT initiated a legal process seeking to retroactively nullify the APA. In 2019, the SAT issued reassessments for the 2010 to 2012 tax years in the total amount of $253.4 million (4,919 million MXN) inclusive of interest, inflation, and penalties. In 2021, the SAT also issued a reassessment against PEM for the 2013 tax year in the total amount of $139.7 million (2,723 million MXN) (collectively, the "Reassessments"). The Company believes that the Reassessments violate the terms of the APA. The major items in the Reassessments include determination of revenue based on silver spot market prices, denial of the deductibility of interest expense and service fees, SAT technical error related to double counting of taxes, and interest and penalties. The Company continues to defend the APA in the Mexican legal proceedings, and also requested resolution of the transfer price dispute pursuant to the Mutual Agreement Procedure (“MAP”), under the relevant avoidance of double taxation treaties, between the competent tax authorities of Mexico, Canada, Luxembourg and Barbados. The SAT has refused to take the necessary steps under the MAP process contained in the three treaties. The Company believes that by its refusal, Mexico is in breach of its international obligations regarding double taxation treaties. Furthermore, the Company continues to believe that the APA remains valid and legally binding on the SAT. The Company continues to pursue all available domestic and international remedies under the laws of Mexico and under the relevant tax treaties. Furthermore, as discussed further below, it has also made claims against Mexico under Chapter 11 of the North American Free Trade Agreement (“NAFTA”) for violation of its international law obligations. Domestic Remedies In September 2020, the Company was served with a decision of the Federal Court seeking to nullify the APA granted to PEM. The Federal Court’s decision directs SAT to re-examine the evidence and basis for the issuance of the APA with retroactive effect, for the following key reasons: (i) SAT’s errors in analyzing PEM’s request for the APA and the evidence provided in support of the request; and (ii) SAT’s failure to request from PEM certain additional information before issuing the APA. The Company filed an appeal of the decision to the Mexican Circuit Courts on November 30, 2020. Since two writs of certiorari were filed before the Mexican Supreme Court of Justice, on April 15, 2021, the Plenary of the Supreme Court i) admitted one of those writs, ii) requested the Circuit Court to send the appeal file and iii) assigned such writ to the Second Chamber of the Supreme Court for issuing the corresponding decision. Both writs of certiorari were withdrawn in December 2022. The challenge filed by the Company has been returned to the Mexican Circuit Courts and a decision may be issued within the first quarter of 2023. The Company, in addition to challenging the SAT’s actions in the Mexican courts, is also pursuing resolution of its dispute through Mexico’s Federal Taxpayer Defense Attorney's Office (known as “PRODECON”). International Remedies On March 2, 2021, the Company submitted a Request for Arbitration to the International Centre for Settlement of Investment Disputes ("ICSID"), on its own behalf and on behalf of PEM, based on Chapter 11 of NAFTA. On March 31, 2021, the Notice of Registration of the Request for Arbitration was issued by the ICSID Secretariat. Once the NAFTA Arbitration Panel (the “Tribunal”) was fully constituted on August 20, 2021 by the appointment of all three panel members, the NAFTA Arbitration Proceedings (the “NAFTA Proceedings”) were deemed to have been fully commenced. The first session of the Tribunal was held by videoconference on September 24, 2021 to decide upon the procedural rules which will govern the NAFTA Proceedings. The Tribunal issued Procedural Order No. 1 on October 21, 2021. Thereafter, on April 26, 2022, the Company submitted its Claimant’s Memorial including expert reports and witness statements to the Tribunal, and on November 26, 2022, Mexico submitted its Counter-Memorial. If the SAT’s attempts to retroactively nullifying the APA are successful, the SAT can be expected to enforce its Reassessments for 2010 through 2014 against PEM in respect of its sales of silver pursuant to the Old Stream Agreement. Such an outcome would likely have a material adverse effect on the Company’s results of operations, financial condition and cash flows. Should the Company ultimately be required to pay tax on its silver revenues based on spot market prices without any mitigating adjustments, the incremental income tax for the years 2010-2019 would be approximately $257.3 million (4,995 million MXN), before taking into consideration interest or penalties. Based on the Company’s consultation with third party advisors, the Company believes PEM filed its tax returns in compliance with applicable Mexican law and, therefore, at this time no liability has been recognized in the financial statements. To the extent it is ultimately determined that the pricing for silver sales under the Old Stream Agreement is significantly different from the PEM Realized Price, and while PEM would have rights of appeal in connection with any reassessments, it is likely to have a materially adverse effect on the Company’s business, financial position and results of operations. (c) La Encantada Tax Re-assessments In December 2019, as part of the ongoing annual audits of the tax returns of Minera La Encantada S.A. de C.V. and Corporacion First Majestic S.A. de C.V., the SAT issued tax assessments for fiscal 2013 for corporate income tax in the amount of $4.9 million (95.5 million MXN) and $15.6 million (302 million MXN), respectively including interest, inflation and penalties. In December 2022, the SAT issued tax assessments to Minera La Encantada, S.A. de C.V. for fiscal years 2014 and 2015 for corporate income tax in the amount of $15.7 million (305.2 million MXN) and $204.4 million ( 3,968.0 million MXN). The major items relate to forward silver purchase agreement and denial of the deductibility of mine development costs and service fees. The Company continues to defend the validity of the forward silver purchase agreement and will vigorously dispute the assessments that have been issued. The Company, based on advice from legal and financial advisors believes MLE’s tax filings were appropriate and its tax filing position is correct, therefore no liability has been recognized in the financial statements. (d) Corporación First Majestic and First Majestic Plata Back-to-Back Loans In June 2022, following the completion of tax audits, conclusive agreements with the SAT were signed by Corporación First Majestic S.A. de C.V. (“CFM”) and First Majestic Plata S.A. de C.V. ("FMP") through Mexico’s Office of the Taxpayer Ombudsman (“PRODECON”) to settle an uncertain tax position concerning Mexican back-to-back loan provisions. The provisions were originally conceived from an anti-avoidance rule and a literal interpretation of the rules would convert most debt financing in Mexico into back-to-back loans. The back-to-back loan provisions establish that interest expense derived from back-to-back loans can be recharacterized as dividends resulting in significant changes to the tax treatment of interest, including withholding taxes. As a result of this recharacterization and in accordance with the conclusive agreement, CFM and FMP made one-time payments of approximately $21.3 million and $6.3 million in fiscal 2022 which have been recognized as current tax expense during the year. In addition to the payment made, CFM agreed to surrender certain tax loss carry forwards resulting in a deferred tax expense of approximately $55.7 million. First Silver litigation In April 2013, the Company received a positive judgment on the First Silver litigation from the Supreme Court of British Columbia (the “Court”), which awarded the sum of $93.8 million in favour of First Majestic against Hector Davila Santos (the “Defendant”). The Company received a sum of $14.1 million in June 2013 as partial payment of the judgment, leaving an unpaid amount of approximately $64.3 million (CAD$81.5 million). As part of the ruling, the Court granted orders restricting any transfer or encumbrance of the Bolaños Mine by the Defendant and limiting mining at the Bolaños Mine. The orders also require that the Defendant to preserve net cash flow from the Bolaños Mine in a holding account and periodically provide to the Company certain information regarding the Bolaños Mine. Although the Company is taking additional actions in Mexico and/or elsewhere to recover the balance, there can be no guarantee that the remainder of the judgment amount will be collected. Therefore, as at December 31, 2022, the Company has not accrued any of the remaining $64.3 million (CAD$81.5 million) unrecovered judgment in favour of the Company. |
SUBSIDIARIES
SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
SUBSIDIARIES [Text Block] | 29. SUBSIDIARIES The consolidated financial statements of the Company include the following significant subsidiaries as at December 31, 2022 and 2021 as follows: Name of subsidiary Operations and Projects Location 2022 % Ownership 2021 % 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% 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% Jerritt Canyon Canada Ltd. Holding company Canada 100% 100% Jerritt Canyon Gold LLC Jerritt Canyon Gold Mine United States 100% 100% FM Metal Trading (Barbados) Inc. Metals trading company Barbados 100% 100% FMS Trading AG Metals trading company Switzerland 100% 100% |
KEY MANAGEMENT COMPENSATION
KEY MANAGEMENT COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Key Management Compensation [Abstract] | |
KEY MANAGEMENT COMPENSATION [Text Block] | 30. KEY MANAGEMENT COMPENSATION Year Ended December 31, 2022 2021 Salaries, bonuses, fees and benefits Independent members of the Board of Directors $837 $868 Other members of key management 4,983 3,790 Share-based payments Independent members of the Board of Directors 713 769 Other members of key management 4,059 3,661 $10,592 $9,088 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS [Text Block] | 31. SUBSEQUENT EVENTS Declaration of Quarterly Dividend On February 23, 2023, the Company's board of directors approved the declaration of its quarterly common share dividend of $0.0054 per share, payable on or after March 24 2023, to common shareholders of record at the close of business on March 10, 2023. These dividends were declared subsequent to the year-end and have not been recognized as distributions to owners during the year ended December 31, 2022. At-the-Market Distributions ("ATM") Program On July 20, 2022, the Company entered into an equity distribution agreement and filed prospectus supplements to its short form base shelf prospectus, pursuant to which the Company may, at its discretion and from time-to-time, sell common shares of the Company for aggregate gross proceeds of up to $100.0 million. The sale of common shares is to be made through ATM distributions, as defined in Canadian Securities Administrator's National Instrument 44-102 Shelf Distributions, directly on the New York Stock Exchange. Subsequent to year-end, the Company sold a total of 1,719,634 common shares at an average price of $8.76 per share, for gross proceeds of $15.0 million. The Company completed distributions under the ATM on January 13, 2023. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Discloure Of Significant Accounting Policies Abstract | |
New and amended IFRS standards that are effective for the current year [Policy Text Block] | New and amended IFRS standards that are effective for the current year In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board ("IASB") that were effective for annual periods that begin on or after January 1, 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16) The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the cost of producing those items, in profit or loss. The amendments were applied effective January 1, 2022 and did not have a material impact on the Company's consolidated financial statements. Provisions, Contingent Liabilities and Contingent Assets (Amendment to IAS 37) The amendments clarify that the cost of fulfilling a contract when assessing whether a contract is onerous comprise both the incremental costs and an allocation of other costs that relate directly to fulfilling the contract. The amendments apply to contracts existing at the date when the amendments are first applied. On adoption of this amendment, there was no impact to the Company's consolidated financial statements. |
Business Combinations [Policy 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 also arise as a result of the requirement under IFRS to record a deferred tax liability on the excess of the fair value of the acquired assets over their corresponding tax bases, with the corresponding offset recorded as goodwill. Accounting Estimates and Judgments: Determination of a Business Determination of whether a set of assets acquired and liabilities assumed constitute a business may require the Company to make certain judgments, taking into account all facts and circumstances. A business consists of inputs, including non-current assets and processes, including operational processes, that when applied to those inputs have the ability to create outputs that provide a return to the Company and its shareholders. In 2021, the Company concluded that Jerritt Canyon Canada Ltd. ("Jerritt Canyon") met the definition of a business and, accordingly, the acquisition was accounted for as a business combination (Note 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. These provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, 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 measurement period ends as soon as the Company receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable and shall not exceed one year from the acquisition date. The fair value of assets acquired and liabilities assumed requires that management make judgments and estimates taking into account information available at the time of the acquisition about future events including, but not restricted to, estimates of mineral reserves and resources, exploration potential, future metal prices, future operating costs and capital expenditures and discount rates. 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 also recognize additional assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date and, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period ends as soon as the Company receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable and shall not exceed one year from the acquisition date. The fair value of assets acquired and liabilities assumed are subject to change for up to one year from the Acquisition Date. If new information arises which would impact management's assessment of the fair value at the Acquisition Date, any adjustments to the allocation of the purchase consideration will be recognized retrospectively and comparative information will be revised. Accounting Estimates and Judgments: Consideration for the acquisition of Jerritt Canyon 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. Management made judgments and estimates in calculating the value of the shares and warrants transferred, including but not limited to share price, volatility, rate of quarterly dividends and the discount rate. Accounting Estimates and Judgments: Determining what is part of the business combination in the acquisition of Jerritt Canyon The Company needs to assess if other arrangement(s) or transaction(s) shall be recognized as part of applying the acquisition method. To determine if the arrangement(s) or transaction(s), is(are) part of the business combination, the Company considers the following factors: (i) The reasons for the arrangement(s) or transaction(s); (ii) Who initiated the arrangement(s) or transaction(s); and (iii) The timing of the arrangement(s) or transaction(s). Management applied judgment based on the above criteria to determine if private placement shares included as part of the acquisition of Jerritt Canyon were a part of the business combination. |
Goodwill [Policy 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 be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss in the consolidated statements of earnings or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods. As at December 31, 2022, the Company had $ nil nil |
Foreign Currency [Policy 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 involve certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment. |
Revenue Recognition [Policy Text Block] | Revenue Recognition ( Note 6 ) Accounting Policy: The Company's primary product is silver and gold. Other metals, such as lead and zinc, produced as part of the extraction process are considered to be by-products arising from the production of silver and gold. 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 limited to, whether: the Company has a present right to payment; the customer has legal title to the asset; the Company has transferred physical possession of the asset to the customer; and the customer has the significant risks and rewards of ownership of the asset. 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 month after delivery. 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 and doré. |
Inventories [Policy 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 been sold. 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 ounce incurred up to the point of stockpiling the ore and are removed at the weighted average cost per ounce. Stockpiled ore tonnage and head grades are 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, bullion 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 Potential, Exploration and Evaluation Expenditures [Policy Text Block] | Exploration Potential, Exploration and Evaluation Expenditures ( Note 16 ) 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 accumulated transfers to producing mineral properties and impairment charges, if applicable. No amortization is charged during the exploration and evaluation phase as the asset is not available for use. Exploration and evaluation assets include exploration potential which represents the potential additional mineralization beyond the existing known reserves and resources of a producing mineral property which the Company gain access through acquiring the mineral rights and/or concessions. The exploration potential is recorded at cost less accumulated transfers to producing mineral properties and accumulated impairment losses, if any. No amortization is charged during the exploration and evaluation phase as the asset is not available for use. 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 qualify as producing mining interests until the aforementioned criteria are met. Exploration and evaluation expenditures are transferred to development or producing mining interests when the technical feasibility and commercial viability of a mineral resource has been demonstrated according to the above mentioned factors. Once the technical feasibility, commercial viability and a development decision have been established, the value of the exploration and evaluation asset is reclassified and accounted for in accordance with IAS 16, Property, Plant and Equipment (“IAS 16”). The exploration and evaluation asset is subject to an impairment test prior to reclassification in accordance with IFRS 6. It is subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. 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, exploration plans and results, accessible facilities and existing permits. |
Mining Interests [Policy Text Block] | Mining Interests ( Note 16 ) 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 relate to any specific property are expensed as incurred. 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 published reserves and resources are available, the Company may rely on internal estimates of economically recoverable mineralized material, prepared on a basis consistent with that used for determining reserves and resources, for purpose of determining depletion. 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 obligation or sale until exercised or expired and, accordingly, are recorded as mineral property costs or recoveries when the payments are made or received. 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 ("NI 43-101") Technical Report standards. There are numerous uncertainties inherent in estimating mineral reserves and mineral resources, including many factors beyond the Company’s control. Such estimation is a subjective process and the accuracy of any mineral reserve or mineral resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. Differences between management’s assumptions including economic assumptions such as metal prices and market conditions could have a material effect in the future on the Company’s financial position, results of operation and cash flows. 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. |
Stream Asset [Policy Text Block] | Stream Asset ( Note 16 ) Accounting Policy: A stream asset is a long-term metal purchase agreement for which settlement is called for in silver, the amount of which is based on production at a mine corresponding to the specific agreement. On acquisition of a stream asset, it is recorded at cost and is accounted for in accordance with IFRS 6, Exploration and Evaluation of Mineral Resources (“IFRS 6”). A stream asset where the mine corresponding to the specific agreement is an exploration and evaluation stage property is classified as exploration and evaluation asset and is assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount. Once the technical feasibility, commercial viability and a development decision have been established, the value of the stream asset is reclassified and accounted for in accordance with IAS 16, Property, Plant and Equipment (“IAS 16”). The exploration and evaluation asset is subject to an impairment test prior to reclassification in accordance with IFRS 6. It is subsequently measured at cost less accumulated depletion and accumulated impairment losses, if any. A producing stream asset is depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available information of proven and probable reserves and the portion of resources expected to be classified as mineral reserves at the mine corresponding to the specific agreement. |
Property, Plant and Equipment [Policy Text Block] | Property, Plant and Equipment ( Note 17 ) 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 reclassified 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 . 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 indicate that commercial production has commenced: • 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; • 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 determined 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 [Policy 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, 2022 and 2021, the Company does not have any qualifying assets under construction. |
Right of Use Assets and Lease Liabilities [Policy Text Block] | Right of Use Assets ( Note ) and Lease Liabilities ( Note 22 ) Accounting Policy: The Company assesses whether a contract is or contains a lease, at inception of the contract. The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. 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. 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 accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. Accounting Policy: 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 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. 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 [Policy Text Block] | Impairment of Non-Current Assets ( Note 15 ) 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 generate independent cash inflows, the Company estimates the recoverable amount of the cash generating unit (“CGU”) to which the asset belongs. 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 take into account future development. 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 exceed the carrying amount that would have been determined had no impairment been recognized for the asset or CGU in prior periods, adjusted for additional amortization which would have been recorded had the asset or CGU not been impaired. A reversal of an impairment loss is recognized as a gain in the statements of earnings or loss. 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 within its control and affect the recoverable amount of its property, plant and equipment and mining interests. Internal sources of information management considers includes the manner in which mining properties and plant and equipment are being used or are expected to be used and indications of economic performance of the assets. For exploration and evaluation assets, indications include but are not limited to expiration of the right to explore, substantive expenditure in the specific area is neither budgeted nor planned, and if the entity has decided to discontinue exploration activity in the specific area . 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 [Policy Text Block] | Share-based Payment Transactions ( Note 25(b)(c) ) Accounting Policy: Employees (including directors and officers) of the Company may receive a portion of their remuneration in the form of stock options which are share-based payment transactions (“share-based payments”). Stock options issued to employees are measured by reference to their fair value using the Black-Scholes model at the date on which they were granted. Forfeitures are estimated at grant date and adjusted prospectively based on actual forfeitures. Share-based payments expense, for stock options that are forfeited or cancelled prior to vesting, is reversed. The costs of share-based payments are recognized, together with a corresponding increase in the equity reserve, over the period in which the services and/or performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (“the vesting date”). On exercise by the employee, the associated option value in the equity reserve is reclassified to share capital. The Company adopted the 2022 LTIP to allow the Company to grant to its directors, employees and consultants non-transferable Restricted Share Units ("RSU's") based on the value of the Company's share price at the date of grant. Unless otherwise stated, the awards typically have a graded vesting schedule over a three-year period and can be settled either in cash or equity upon vesting at the discretion of the Company. The Company intends to settle all RSU's in equity. 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 [Policy Text Block] | Taxation ( Note 24 ) 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 reverse in the foreseeable future. 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 result in a payment that is materially different from the Company’s current estimate of the tax liabilities. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, an additional charge to expense would result. If the estimate of tax liabilities proves to be greater than the ultimate assessment, a tax benefit would result. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents ( Note ) 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 months or less at the date of purchase. Accounting Estimates and Judgments: Determination and classification of current and non-current restricted cash The Company determines if the funds on hand and held at banks meets the definition of cash or cash equivalents. When there is a restriction on those funds, the Company assesses the nature of the restriction and if it is applicable, excludes the related amounts from the cash and cash equivalents balance. The Company then assesses the classification of the restricted cash between current and non-current based on the following factors: • an asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the period; and • it expects to realize the asset within twelve months after the reporting period. The evaluation was performed based on the available information at the end of the reporting period; if there are changes in the circumstances the Company will reassess the classification. |
Financial Instruments [Policy 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. 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 held for trading as FVTOCI (Note 14 ). On initial recognition, the Company may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments that would otherwise be measured at fair value through profit or loss to present subsequent changes in fair value in other comprehensive income. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination. Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in OCI. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity instrument, instead, it is transferred to retained earnings. 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 also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. 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 part of a designated hedging relationship. Fair value is determined in the manner described in note 24 . The Company's financial assets at FVTPL include its account receivable arising from sales of metal contained in concentrates. 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 gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading or designated as FVTPL, are measured at amortized cost using the effective interest method. The Company's financial liabilities at amortized cost primarily include trade and other payables, debt facilities (Note 21 ) and lease liabilities (Note 22 ). |
Provisions [Policy Text Block] | Provisions ( Note 23 ) 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. |
Earnings or Loss per Share [Policy Text Block] | Earnings or Loss per Share ( Note 12 ) 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, restricted share units, convertible debt and share purchase warrants. Diluted earnings or loss per share is calculated using the treasury stock method and assumes the receipt of proceeds upon exercise of the options with exercise prices below the average market price to determine the number of shares assumed to be purchased at the average market price during the period. |
Assets Held-for-Sale [text block] | Assets Held-for-Sale ( Note 15 ) Accounting Policy: A non-current asset or disposal group of assets and liabilities ("disposal group") is classified as held-for-sale, if its carrying amount will be recovered principally through a sale transaction rather than through continuing use, and when the following criteria are met: (i) The non-current asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal groups; and (ii) The sale of the non-current asset or disposal group is highly probable. For the sale to be highly probable: • The appropriate level of management must be committed to a plan to sell the asset or disposal group; • An active program to locate a buyer and complete the plan must have been initiated; • The non-current asset or disposal group must be actively marketed for sale at a price that is reasonable in relation to its current fair value; • The sale should be expected to qualify for recognition as a completed sale within one year from the date of classification as held for sale (with certain exceptions); and • Actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Non-current assets and disposal groups are classified as held for sale from the date these criteria are met and are measured at the lower of the carrying amount and fair value less costs to sell ("FVLCTS"). If the FVLCTS is lower than the carrying amount, an impairment loss is recognized in net earnings. Upon classification as held for sale, non-current assets are no longer depreciated. Accounting Estimates and Judgments: Probability of Sale Completion Within One Year In determining the probability of the sale being completed within a year, management has considered a number of factors including necessary approvals from management, the Board of Directors, regulators and shareholders. |
Future Changes in Accounting Policies Not Yet Effective as at December 31, 2021 [Policy Text Block] | Future Changes in Accounting Policies Not Yet Effective as at December 31, 2022: At the date of authorization of these financial statements, the Group has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective. Management does not expect that the adoption of the Standards listed below will have a material impact on the financial statements of the Group in future periods, except if indicated. Classification of Liabilities as Current or Non-Current with Covenants (Amendments to IAS 1) The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. In addition, the amendment requires entities to disclose information to enable users of the financial statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months. The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2024, with early application permitted. This amendment is not expected to have a material impact on the Company’s financial statements. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgments—Disclosure of Accounting Policies The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term "significant accounting policies" with "material accounting policy information". Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The International Accounting Standards Board ("IASB") has also developed guidance and examples to explain and demonstrate the application of the ‘four-step materiality process’ described in IFRS Practice Statement 2. The amendments to IAS 1 are effective for annual periods beginning on or after January 1, 2023, with earlier application permitted and are applied prospectively. The amendments to IFRS Practice Statement 2 do not contain an effective date or transition requirements. This amendment is not expected to have a material impact on the Company's financial statements. Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors—Definition of Accounting Estimates The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. The definition of a change in accounting estimates was deleted. However, the Board retained the concept of changes in accounting estimates in the Standard with the following clarifications: • A change in accounting estimate that results from new information or new developments is not the correction of • The effects of a change in an input or a measurement technique used to develop an accounting estimate are The amendments are effective for annual periods beginning on or after January 1, 2023 to changes in accounting policies and changes in accounting estimates that occur on or after the beginning of that period, with earlier application permitted. This amendment is not expected to have a material impact on the Company's financial statements. Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) In May 2021, the International Accounting Standards Board issued targeted amendments to IAS 12, Income Taxes. The amendments are effective for annual periods beginning on or after January 1, 2023, although earlier application is permitted. With a view to reducing diversity in reporting, the amendments will clarify that companies are required to recognize deferred taxes on transactions where both assets and liabilities are recognized, such as with leases and decommissioning liabilities. This amendment is not expected to have a material impact on the Company's financial statements. Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) The amendments require a seller-lessee to subsequently measure lease liabilities arising from a leaseback in a way that it does not recognize any amount of the gain or loss that relates to the right of use it retains. The new requirements do not prevent a seller-lessee from recognizing in profit or loss any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies the amendments retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to sale and leaseback transactions entered into after the date of initial application. The amendments are effective for annual reporting periods beginning on or after January 1, 2024 although earlier application is permitted This amendment is not expected to have a material impact on the Company's financial statements. |
ACQUISITION OF JERRITT CANYON_2
ACQUISITION OF JERRITT CANYON CANADA LTD (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of detailed information about acquisition [Table Text Block] | Total Consideration 26,719,727 Consideration Shares issued to Sprott Mining with an accounting fair value of $15.59 per share (1) $416,561 1,705,514 Private Placement Shares issued to Sprott Mining with an accounting fair value of $15.59 per share (1) 26,589 5,000,000 Consideration Warrants issued to Sprott Mining with an accounting fair value of $4.63 per warrant (2) 23,150 Triggered Tax Adjustment 12,570 Total consideration $478,870 (1) Fair values of Consideration Shares and Private Placement Shares were estimated at $15.59 per share based on the opening price of First Majestic’s common share on the New York Stock Exchange on April 30, 2021, as compared to their deemed price of $17.59 according to the Acquisition Agreement. (2) The Consideration Warrants have an exercise price of $20 per share for a three-year term expiring on April 30, 2024. The fair value of Consideration Warrants were estimated using the Black-Scholes method at the Jerritt Canyon Acquisition Date, using the following assumptions: |
Disclosure of significant unobservable inputs used in fair value measurement of consideration warrants [Table Text Block] | Stock price (as of opening on April 30, 2021) $15.59 Exercise price of Consideration Warrants $20.00 Term (years) 3 Volatility 55% Annual rate of quarterly dividends 0% Discount rate - bond equivalent yield 0.5% Total fair value of warrants $23,150 |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [Table Text Block] | Allocation of Purchase Price Preliminary as reported June 30, 2021 Adjustments As reported Cash and cash equivalents $1,025 $ — $1,025 Inventories 19,304 — 19,304 Trade and other receivables 135 (63) 72 Other financial assets 3,581 — 3,581 Prepaid expenses 1,662 62 1,724 Restricted cash (1) 96,985 — 96,985 Mining interest 409,930 22,729 432,659 Property, plant and equipment 224,034 (48,307) 175,727 Deposit on non-current assets 128 — 128 Trade and other payables (27,159) 3,974 (23,185) Lease liabilities (3) (2,194) — (2,194) Income taxes payable (47,185) 1,866 (45,319) Contingent environmental provision (2) (17,900) 17,900 — Decommissioning liabilities (2) (87,705) 16,570 (71,135) Deferred tax liabilities (98,186) (12,316) (110,502) Net assets acquired $476,455 $2,415 $478,870 (1) Restricted cash includes $30.0 million proceeds from the issuance of Private Placement Shares which were deposited into the Escrowed Funds and $67.0 million in non-current environmental reclamation bonds. (2) Decommissioning liabilities include funds required to establish a trust agreement with the Nevada Division of Environmental Protection (“NDEP”) to cover post-closure water treatment costs at Jerritt Canyon, which were previously reported as a contingent environmental provision. (3) Lease liabilities are defined per Note 22. |
Disclosure of significant unobservable inputs used in fair value measurement of mining interests [Table Text Block] | Short-term and long-term gold price $1,750 Discount rate 5.1% Mine life (years) 11 Average gold grade over life of mine 6.0 g/t Average gold recovery rate 86% |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Disclosure of detailed information about entity reportable segments [Table Text Block] | Year Ended December 31, 2022 and 2021 Revenue Cost of sales Depletion, depreciation, and amortization Mine operating earnings (loss) Capital expenditures Mexico San Dimas 2022 $228,701 $141,274 $47,613 $39,814 $47,363 2021 275,463 132,550 44,859 98,054 56,385 Santa Elena 2022 190,189 106,788 26,819 56,582 47,714 2021 117,303 77,126 17,536 22,641 67,453 La Encantada 2022 67,721 46,126 8,861 12,734 10,225 2021 81,738 45,350 8,123 28,265 11,355 Non-producing Properties 2022 — — 397 (397) 869 2021 — — 418 (418) 1,977 United States Jerritt Canyon 2022 130,219 173,341 49,229 (92,351) 94,776 2021 123,808 117,324 43,511 (37,027 ) 46,408 Others (1) 2022 11,706 6,747 2,863 2,096 28,530 2021 10,882 6,073 2,166 2,643 36,190 Intercompany elimination 2022 (4,315) (2,589) — (1,726) — 2021 (25,077) (12,338) — (12,739) — Consolidated 2022 $624,221 $471,687 $135,782 $16,752 $229,477 2021 $584,117 $366,085 $116,613 $101,419 $219,768 (1) The "Others" segment includes revenues of $11.6 million from coins and bullion sales of 444,576 silver ounces at an average price of $26.20 per ounce. During the year ended December 31, 2022, the Company had three (December 31, 2021 - three) customers that accounted for 97% (December 31, 2021 - 99%) of its sales revenue, with one major metal broker accounting for 92% of total revenue (December 31, 2021 - 93%). At December 31, 2022 and 2021 Mining Interests Property, plant and equipment Total mining assets Total assets Total liabilities Producing Exploration Mexico San Dimas 2022 $211,658 $38,831 $94,377 $344,866 $489,970 $76,835 2021 213,526 29,186 105,473 348,185 495,479 119,764 Santa Elena 2022 110,094 41,731 99,979 251,804 295,489 79,295 2021 97,271 31,067 64,843 193,181 257,244 66,795 La Encantada 2022 23,496 4,935 24,422 52,853 106,008 30,601 2021 25,827 4,640 20,680 51,147 114,634 35,245 Non-producing Properties 2022 62,414 13,781 18,195 94,390 206,796 33,391 2021 106,215 38,752 27,180 172,147 215,725 31,760 United States Jerritt Canyon 2022 425,158 93,680 166,778 685,616 756,062 226,814 2021 362,811 104,431 172,857 640,099 733,725 233,484 Others 2022 — 35,346 47,584 82,930 255,684 251,775 2021 — 34,804 58,204 93,008 308,182 226,970 Consolidated 2022 $832,820 $228,304 $451,335 $1,512,459 $2,110,009 $698,711 2021 $805,649 $242,881 $449,237 $1,497,767 $2,124,989 $714,018 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Detailed Information About Revenues [Abstract] | |
Disclosure of detailed information about revenues [Table Text Block] | Year Ended December 31, 2022 2021 Gross revenue from payable metals: Silver $237,107 38 % $307,304 52 % Gold 389,743 62 % 279,921 48 % Gross revenue 626,850 100 % 587,225 100 % Less: smelting and refining costs (2,629) (3,108) Revenues $624,221 $584,117 |
COST OF SALES (Tables)
COST OF SALES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Cost Of Sales [Abstract] | |
Disclosure of detailed information about cost of sales [Table Text Block] | Year Ended December 31, 2022 2021 Consumables and materials $112,620 $78,463 Labour costs 227,767 194,846 Energy 55,542 42,881 Maintenance 9,595 7,037 Assays and labwork 6,169 5,348 Insurance 4,875 3,351 Other costs (1) 15,792 11,276 Production costs $432,360 $343,201 Transportation and other selling costs 2,788 2,739 Workers participation costs 17,265 15,939 Environmental duties and royalties 11,063 5,835 Finished goods inventory changes 4,550 (2,304) Other (2) 3,661 675 Cost of Sales $471,687 $366,085 (1) Other costs include inventory write-downs, stockpile and work-in-process inventory changes, land access payments as well as services related to travel and medical testing. The inventory write-downs during the year totalled $23.8 million. (2) Other includes $3.1 million in costs that were incurred for the twelve months ended December 31, 2022 as a result of marginal ore material that was processed to keep the mill running at minimum feed requirements to perform government mandated air compliance test work at the Jerritt Canyon Gold mine during the second quarter of 2022. |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Selling, general and administrative expense [abstract] | |
Disclosure of detailed information about expenses [Table Text Block] | Year Ended December 31, 2022 2021 Corporate administration $9,001 $7,806 Salaries and benefits 16,387 11,636 Audit, legal and professional fees 7,683 4,619 Filing and listing fees 805 506 Directors fees and expenses 867 826 Depreciation 1,629 1,670 $36,372 $27,063 |
MINE HOLDING COSTS (Tables)
MINE HOLDING COSTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Mine Holding Costs [Abstract] | |
Disclosure of detailed information about mine holding costs [Table Text Block] | Year Ended December 31, 2022 2021 La Parrilla (1) $3,320 $3,278 Del Toro 2,347 3,385 San Martin 3,609 2,597 La Guitarra (1) 2,654 2,796 $11,930 $12,056 (1) During the year ended December 31, 2022 , there was an announcement for the proposed sale of the La Guitarra and the La Parrilla mines (Note 15 ), upon which the mines were classified as assets held-for-sale ("AHFS"). |
INVESTMENT AND OTHER INCOME (_2
INVESTMENT AND OTHER INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Investment And Other Loss Income [Abstract] | |
Disclosure of finance income (cost) [Table Text Block] | Year Ended December 31, 2022 2021 (Loss) gain from investment in silver futures derivatives ($376) $532 Loss from investment in marketable securities (Note 14(a) ) (3,865) (2,054) Loss on write-down of plant and equipment (1)(2) — (2,501) Interest income and other 2,353 1,075 ($1,888) ($2,948) (1) In March 2021, the Company entered into an agreement with Condor Gold PLC ("Condor") to sell its AG Mill equipment for gross proceeds of $6.5 million, including $3.5 million in cash and $3.0 million in common shares of Condor. During the year ended December 31, 2021, the Company recognized a loss of $2.1 million, being the difference between the proceeds of disposal and the carrying amount of the project's net assets, as loss on write-down of assets held-for-sale. (2) In May 2021, the Company entered into an agreement with Capstone Mining Corp. to sell certain mill equipment for gross proceeds of $6.4 million in cash. No gain or loss was recognized as part of this transaction as the equipment was sold at net book value. |
FINANCE COSTS (Tables)
FINANCE COSTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance Costs [Abstract] | |
Disclosure of detailed information about interest expense [Table Text Block] | Year Ended December 31, 2022 2021 Debt facilities (1) (Note 21 ) $10,810 $10,541 Accretion of decommissioning liabilities 6,102 3,228 Lease liabilities (Note 22 ) 2,131 2,013 Loss on settlement of senior convertible note (2) (Note 21 (a)) — 4,642 Silver sales and other 1,280 580 $20,323 $21,004 (1) During the year ended December 31, 2022, finance costs for debt facilities include non-cash accretion expense of $8.7 million (2021 - $7.2 million). (2) In December 2021, the Company closed an offering of $200.0 million aggregate principal amount of unsecured senior convertible notes plus an additional over-allotment option of $30 million which it used to repurchase the outstanding 2018 senior convertible notes. The repurchase generated a loss due to the difference between the cash paid to repurchase and cancel the 2018 senior convertible notes, compared to the carrying value of the notes on the date of settlement. |
EARNINGS OR LOSS PER SHARE (Tab
EARNINGS OR LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Earnings per share [Table Text Block] | Year Ended December 31, 2022 2021 Net loss for the year ($114,276) ($4,923) Weighted average number of shares on issue - basic 263,122,252 244,749,772 Weighted average number of shares on issue - diluted (1) 263,122,252 244,749,772 Loss per share - basic and diluted ($0.43) ($0.02) (1) For the year ended December 31, 2022, diluted weighted average number of shares excluded 5,579,618 (2021 - 2,014,379) options, 5,000,000 (2021 - 5,000,000) warrants, 1,177,594 restricted and performance share units (2021 - 701,250), nil (2021 - 16,327,598) common shares issuable under the 2018 convertible debentures (Note 21(a) ) and 13,888,895 common shares issuable under the 2021 convertible debentures (2021- 13,888,895) (Note 21(a) ) that were anti-dilutive. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Classes of current inventories [abstract] | |
Disclosure of detailed information about inventories [Table Text Block] | December 31, 2022 December 31, 2021 Finished goods - doré $5,561 $3,735 Work-in-process 9,176 6,409 Stockpile 4,825 9,015 Silver coins and bullion 8,001 10,790 Materials and supplies 37,198 30,664 $64,761 $60,613 |
OTHER FINANCIAL ASSETS (Tables)
OTHER FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [abstract] | |
Disclosure of detailed information about fair value of financial instruments [Table Text Block] | December 31, 2022 December 31, 2021 FVTPL marketable securities (a) $6,657 $10,851 FVTOCI marketable securities (b) 27,871 15,635 Total other financial assets $34,528 $26,486 (a) Fair Value through Profit or Loss ("FVTPL") Marketable Securities Loss in marketable securities designated as FVTPL for the year ended December 31, 2022 was $3.9 million (2021 - loss of $2.1 million), and was recorded through profit or loss. (b) Fair Value through Other Comprehensive Income ("FVTOCI") Marketable Securities Changes in fair value of marketable securities designated as FVTOCI for the year ended December 31, 2022 was a loss of $9.9 million (2021 - loss of $13.9 million), net of tax, and were recorded through other comprehensive income and will not be transferred into earnings or loss upon disposition or impairment. |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of analysis of single amount of discontinued operations [abstract] | |
Disclosure of detailed information about components of assets and liabilities held for sale [Table Text Block] | As at December 31, 2022 La Guitarra La Parrilla Assets: Cash and cash equivalents $5,218 $— Trade and other receivables 396 — Inventory 437 876 Prepaid expenses and other 51 — Current assets $6,102 $876 Non-Current Assets: Mineral Interests - depletable 30,193 13,758 Mineral Interests - non-depletable 3,917 5,252 Property, plant and equipment 4,004 7,821 Right of use assets 16 645 Deposits on long-term assets 26 117 Total assets held-for-sale $44,258 $28,469 Liabilities: Trade payables and accrued liabilities $141 $— Current portion of lease obligations 8 — Current Liabilities $149 $— Non-Current Liabilities: Deferred tax liabilities 6,894 1,667 Lease obligations 12 438 Decommissioning liabilities 2,951 4,167 Total liabilities relating to assets held-for-sale $10,006 $6,272 Net assets held for sale $34,252 $22,197 |
Disclosure of detailed information about sale of a portfolio of royalty interests [Table Text Block] | Asset Owner Location Royalty Allocated Value Total La Encantada First Majestic Silver Corp. Coahuila, Mexico 100% Gold Royalty (1) $1,720,574 La Parrilla First Majestic Silver Corp. Durango, Mexico 2% Net Smelter Return $3,871,290 Del Toro First Majestic Silver Corp. Zacatecas, Mexico 2% Net Smelter Return $3,226,075 San Martin First Majestic Silver Corp. Jalisco, Mexico 2% Net Smelter Return $5,376,792 La Guitarra First Majestic Silver Corp. - undergoing a binding purchase agreement to Sierra Madre Gold & Silver Mexico, Mexico 2% Net Smelter Return $3,011,004 Plomosas GR Silver Mining Ltd. Sinaloa, Mexico 2% Net Smelter Return $4,301,434 La Luz First Majestic Silver Corp. San Luís Potosí, Mexico 2% Net Smelter Return $— La Joya First Majestic Silver Corp. - Optioned to Silver Dollar Resources Durango, Mexico 2% Net Smelter Return $— (1) Up to the first 1,000 payable ounces annually |
MINING INTERESTS (Tables)
MINING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Mining Interests [Line Items] | |
Disclosure of detailed information about mining interests [Table Text Block] | December 31, 2022 December 31, 2021 Depletable properties $832,820 $805,649 Non-depletable properties (exploration and evaluation costs, exploration potential) 228,304 242,881 $1,061,124 $1,048,530 |
Depletable properties [Member] | |
Disclosure Of Mining Interests [Line Items] | |
Disclosure of detailed information about mining interests producing properties and exploration properties [Table Text Block] | Depletable properties San Dimas Santa Elena La Encantada Jerritt Canyon Non-producing Properties (1) Total Cost At December 31, 2020 $250,093 $73,292 $118,312 $— $497,191 $938,888 Additions 34,894 16,150 2,546 16,618 — 70,208 Acquisition of Jerritt Canyon (Note 4 ) — — — 340,652 — 340,652 Change in decommissioning liabilities 1,209 2,177 584 28,799 (2,622) 30,147 Transfer from non-depletable properties — 34,302 1,293 — — 35,595 At December 31, 2021 $286,196 $125,921 $122,735 $386,069 $494,569 $1,415,490 Additions 30,733 23,957 2,507 58,728 — 115,925 Transfer to asset held-for-sale (Note 15 ) — — — — (279,399) (279,399) Change in decommissioning liabilities (Note 23 ) (1,800) 1,518 (879) 1,241 (2,332) (2,252) Disposal of royalty portfolio (Note 15 ) — — (1,721) — — (1,721) Transfer from non-depletable properties — — 2,098 30,503 — 32,601 At December 31, 2022 $315,129 $151,396 $124,740 $476,541 $212,838 $1,280,644 Accumulated depletion, amortization and impairment reversal At December 31, 2020 ($45,502) ($20,400) ($92,447) $— ($388,354) ($546,703) Depletion and amortization (27,169) (8,250) (4,461) (23,258) — (63,138) At December 31, 2021 ($72,671) ($28,650) ($96,908) ($23,258) ($388,354) ($609,841) Depletion and amortization (30,800) (12,652) (4,336) (28,125) — (75,913) Reversal of impairment (Note 15 ) — — — — 8,203 8,203 Transfer to asset held-for-sale (Note 15 ) — — — — 235,448 235,448 Impairment (Note 15 ) — — — — (5,721) (5,721) At December 31, 2022 ($103,471) ($41,302) ($101,244) ($51,383) ($150,424) ($447,824) Carrying values At December 31, 2021 $213,526 $97,271 $25,827 $362,811 $106,215 $805,649 At December 31, 2022 $211,658 $110,094 $23,496 $425,158 $62,414 $832,820 (1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines. The net book value of depletable mining interests for La Guitarra and La Parrilla that have been classified as assets held-for-sale are $30.2 million and $13.8 million, respectively. |
Non-depletable properties [Member] | |
Disclosure Of Mining Interests [Line Items] | |
Disclosure of detailed information about mining interests producing properties and exploration properties [Table Text Block] | Non-depletable properties San Dimas (a) Santa Elena (b) La Encantada Jerritt Canyon (c) Non-producing Properties (1) Exploration Projects (2) Springpole Stream (d) Total At December 31, 2020 $17,179 $33,951 $2,955 $— $37,004 $22,099 $4,356 $117,545 Exploration and evaluation expenditures 12,007 31,418 2,978 12,424 1,748 985 7,500 69,060 Change in decommissioning liabilities (Note 23 ) — — — — — (136) — (136) Acquisition of Jerritt Canyon (Note 4 ) — — — 92,007 — — — 92,007 Transfer to depletable properties — (34,302) (1,293) — — — — (35,595) At December 31, 2021 $29,186 $31,067 $4,640 $104,431 $38,752 $22,948 $11,856 $242,881 Exploration and evaluation expenditures 9,645 10,664 2,393 19,752 771 694 — 43,919 Change in decommissioning liabilities — — — — — (153) — (153) Impairment (Note 15 ) — — — — (2,132) — (2,132) Reversal of impairment (Note 15 ) — — — — 1,044 — — 1,044 Disposal of royalty portfolio (Note 15 ) — — — — (15,485) — — (15,485) Transfer to asset held-for-sale (Note 15 ) — — — — (9,169) — — (9,169) Transfer to depletable properties — — (2,098) (30,503) — — — (32,601) At December 31, 2022 $38,831 $41,731 $4,935 $93,680 $13,781 $23,489 $11,856 $228,304 (1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines. The net book value of non-depletable mining interest for La Guitarra and La Parrilla that have been classified as assets held-for-sale are $3.9 million and $5.3 million, respectively. (2) Exploration projects include the La Luz, La Joya, Los Amoles, Jalisco Group of Properties and Jimenez del Tuel projects. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment [Table Text Block] | Land and Buildings (1) Machinery and Equipment Assets under Construction (2)(3) Other Total Cost At December 31, 2020 $199,329 $468,624 $55,669 $28,651 $752,273 Additions 34 2,974 77,151 341 80,500 Acquisition of Jerritt Canyon (Note 4 ) 32,992 137,219 4,337 1,179 175,727 Transfers and disposals 12,602 15,645 (46,706) 3,412 (15,047) At December 31, 2021 $244,957 $624,462 $90,451 $33,583 $993,453 Additions — 5,038 64,088 507 69,633 Reclassification to asset held-for-sale (Note 15 ) (30,903) (82,275) (176) (2,111) (115,465) Transfers and disposals 23,192 47,783 (80,436) 4,772 (4,689) At December 31, 2022 $237,246 $595,008 $73,927 $36,751 $942,932 Accumulated depreciation, amortization and impairment reversal At December 31, 2020 ($133,156) ($343,379) $— ($17,518) ($494,053) Depreciation and amortization (13,923) (33,137) — (2,899) (49,959) Transfers and disposals — 1,637 — 240 1,877 Loss on disposal of equipment — — — (2,081) (2,081) At December 31, 2021 ($147,079) ($374,879) $— ($22,258) ($544,216) Depreciation and amortization (12,016) (40,419) — (3,793) (56,228) Impairment (Note 15 ) (1,742) — — — (1,742) Impairment reversal (Note 15 ) 3,076 — — — 3,076 Reclassification to asset held-for-sale (Note 15 ) 20,774 80,964 — 1,902 103,640 Transfers and disposals — 3,606 — 267 3,873 At December 31, 2022 ($136,987) ($330,728) $— ($23,882) ($491,597) Carrying values At December 31, 2021 $97,878 $249,583 $90,451 $11,325 $449,237 At December 31, 2022 $100,259 $264,280 $73,927 $12,869 $451,335 (1) Included in land and buildings is $11.2 million (2021 - $11.2 million) of land which is not subject to depreciation. (2) Assets under construction includes certain innovation projects, such as high-intensity grinding ("HIG") mills and related modernization, the Santa Elena dual circuit project, plant improvements, other mine infrastructures and equipment overhauls. (3) Transfers and disposals in construction in progress during 2021 includes the sale of the AG mill and certain mill equipment to Condor Gold PLC and Capstone Mining Corp. as disclosed in Note 10 . |
Disclosure of detailed information about property plant and equipment allocated by mine [Table Text Block] | San Dimas Santa Elena La Encantada Jerritt Canyon Non-producing Properties (1) Other Total Cost At December 31, 2020 $146,728 $97,331 $143,510 $— $293,761 $70,943 $752,273 Additions 9,484 19,885 5,831 17,366 229 27,705 80,500 Acquisition of Jerritt Canyon (Note 4 ) — — — 175,727 — — 175,727 Transfers and disposals 2,316 5,381 1,377 (8) (8,184) (15,929) (15,047) At December 31, 2021 $158,528 $122,597 $150,718 $193,085 $285,806 $82,719 $993,453 Additions (2) 6,985 13,093 5,325 16,297 98 27,835 69,633 Reclassification to asset held-for-sale (Note 15 ) — — — — (115,465) — (115,465) Transfers and disposals (717) 31,852 1,880 367 (5,421) (32,650) (4,689) At December 31, 2022 $164,796 $167,542 $157,923 $209,749 $165,018 $77,904 $942,932 Accumulated depreciation, amortization and impairment At December 31, 2020 ($34,623) ($48,086) ($126,955) $— ($263,873) ($20,516) ($494,053) Depreciation and amortization (17,801) (6,997) (2,259) (20,228) (266) (2,408) (49,959) Transfers and disposals (631) (2,671) (824) — 5,513 490 1,877 Write-down on assets held-for-sale — — — — — (2,081) (2,081) At December 31, 2021 ($53,055) ($57,754) ($130,038) ($20,228) ($258,626) ($24,515) ($544,216) Depreciation and amortization (17,554) (10,058) (2,809) (22,747) (222) (2,838) (56,228) Impairment (Note 15 ) — — — — (1,742) — (1,742) Impairment reversal (Note 15 ) — — — — 3,076 — 3,076 Reclassification to asset held-for-sale (Note 15 ) — — — — 103,640 — 103,640 Transfers and disposals 190 249 (654) 4 7,051 (2,967) 3,873 At December 31, 2022 ($70,419) ($67,563) ($133,501) ($42,971) ($146,823) ($30,320) ($491,597) Carrying values At December 31, 2021 $105,473 $64,843 $20,680 $172,857 $27,180 $58,204 $449,237 At December 31, 2022 $94,377 $99,979 $24,422 $166,778 $18,195 $47,584 $451,335 (1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines. The net book value of of PPE for La Guitarra and La Parrilla classified as assets held-for-sale are $4.0 million and $7.8 million, respectively. (2) Additions classified in "Other" primarily consist of innovation projects and construction-in-progress. |
RIGHT-OF-USE ASSETS (Tables)
RIGHT-OF-USE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Disclosure of detailed information about quantitative information about right-of-use assets [Table Text Block] | Land and Buildings Machinery and Equipment Other Total At December 31, 2020 $8,087 $6,234 $8 $14,330 Additions 1,294 17,560 — 18,854 Remeasurements 363 1,668 — 2,031 Depreciation and amortization (1,325) (4,520) (7) (5,851) Disposals (117) (23) — (139) At December 31, 2021 $8,302 $20,921 $2 $29,225 Additions 1,786 1,514 14 3,314 Remeasurements 578 2,239 (2) 2,815 Depreciation and amortization (1,608) (6,431) (5) (8,044) Transfer to asset held-for-sale (Note 15 ) (634) (27) — (661) At December 31, 2022 $8,424 $18,216 $9 $26,649 |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Cash [Abstract] | |
Disclosure of detailed information about non-current restricted cash [Table Text Block] | December 31, 2022 December 31, 2021 Escrowed Funds for the acquisition of Jerritt Canyon $— $12,570 Current Restricted Cash $— $12,570 Nevada Division of Environmental Protection (1) $17,702 $39,727 Chartis Commutation Account (2) 28,365 27,275 SAT Primero tax dispute (3) 79,126 48,010 Non-Current Restricted Cash $125,193 $115,012 Total Restricted Cash $125,193 $127,582 1. During the second quarter of 2022, cash bonds held with the Nevada Division of Environmental Protection (“NDEP”) and the US Forestry Service (“USFS”) were replaced with surety bonds to fund ongoing reclamation and mine closure obligations, with a $5 million letter of credit provided as collateral for these bonds (Note 21 ). These funds were previously classified as non-current restricted cash until returned to the Company by the NDEP and USFS. During the third quarter of 2022, the NDEP and USFS have returned the cash bonds totaling $44.1 million and these amounts have been re-classified to cash and cash equivalents as at December 31, 2022. Additionally, on November 2, 2021, the Company executed an agreement with the NDEP relating to funds required to establish a trust agreement to cover post-closure water treatment cost at Jerritt Canyon. During the year, the Company funded $17.7 million into a trust; these amounts are included within non-current restricted cash as at December 31, 2022. 2. The Company owns an environmental risk transfer program (the "ERTP") for Jerritt Canyon from American Insurance Group ("AIG"). As part of the ERTP, $28.4 million is on deposit in an interest-bearing account with AIG (the "Commutation Account"). The Commutation Account principal plus interest earned on the principal is used to fund ongoing reclamation and mine closure obligations. The Company can elect to extinguish all rights under the policy, which would release AIG from reclamation cost and financial assurance liabilities, and substitute with replacement bonds. AIG would pay Jerritt Canyon the remaining balance in the Commutation Account. 3. In connection with the dispute between Primero Empresa Minera, S.A. de C.V. ("PEM") and the Servicio de Admistracion Tributaria ("SAT") in relation to the advanced pricing agreement (Note 28 ) , the tax authority has frozen a PEM bank account with funds of $79.1 million (1,532 million MXN) as a guarantee against certain disputed tax assessments. This balance consists of Value Added Tax ("VAT") refunds that the Company has received which were previously withheld by the tax authority. The Company does not agree with SAT's position and has challenged it through the relevant legal channels. |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
Disclosure of detailed information about other current liabilities [Table Text Block] | December 31, 2022 December 31, 2021 Trade payables $40,782 $41,827 Trade related accruals 30,312 30,621 Payroll and related benefits 31,797 28,162 Estimated Triggered Tax Adjustment and Working Capital Adjustment payable, net (Note 4 ) — 12,570 NSR royalty liabilities (Notes 16(b)(c) ) 1,518 1,147 Environmental duty and net mineral sales proceeds tax 3,570 3,281 Other accrued liabilities 7,141 3,058 $115,120 $120,666 |
DEBT FACILITIES (Tables)
DEBT FACILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Disclosure of detailed information about movement in debt facilities [Table Text Block] | Convertible Debentures (a) Revolving Credit Facility (b) Total Balance at December 31, 2020 $142,825 $9,883 $152,708 Gross proceeds from debt financing $230,000 $— $230,000 Portion allocated to equity reserves from debt financing (42,340) — (42,340) Finance costs Interest expense 2,846 537 3,383 Accretion 6,809 349 7,158 Proceeds from drawdown of revolving credit facility — 30,000 30,000 Repayments of principal (125,576) (40,000) (165,576) Conversion of senior convertible notes to common shares (23,230) — (23,230) Transaction costs (7,224) (101) (7,325) Payments of finance costs (2,932) (612) (3,544) Balance at December 31, 2021 $181,178 $56 $181,234 Finance costs Interest expense 896 1,241 2,137 Accretion 8,673 — 8,673 Proceeds from drawdown of revolving credit facility — 50,000 50,000 Repayments of principal — (30,000) (30,000) Payments of finance costs (505) (1,177) (1,682) Balance at December 31, 2022 $190,242 $20,120 $210,362 Statements of Financial Position Presentation Current portion of debt facilities $69 $56 $125 Non-current portion of debt facilities 181,108 — 181,108 Balance at December 31, 2021 $181,178 $56 $181,234 Current portion of debt facilities $431 $120 $551 Non-current portion of debt facilities 189,811 20,000 209,811 Balance at December 31, 2022 $190,242 $20,120 $210,362 |
LEASE LIABILITIES (Tables)
LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Disclosure of detailed information about maturity analysis of operating lease payments [Table Text Block] | Finance Leases Operating Leases (a) Equipment Financing (b) Total Balance at December 31, 2020 $— $19,986 $589 $20,575 Acquisition of Jerritt Canyon 2,194 — — 2,194 Additions 4,001 18,854 — 22,855 Remeasurements — 2,031 — 2,031 Disposals — (150) — (150) Finance costs 89 1,915 9 2,013 Repayments of principal (942) (7,824) (521) (9,287) Payments of finance costs (89) — (13) (102) Foreign exchange gain — (268) — (268) Balance at December 31, 2021 $5,253 $34,544 $64 $39,861 Additions 3,109 3,314 — 6,423 Remeasurements — 2,815 — 2,815 Finance costs 237 1,894 — 2,131 Repayment of principals (2,446) (10,959) (64) (13,469) Repayments of finance costs (210) — — (210) Transfer to asset held-for-sale (Note 15 ) — (458) — (458) Foreign Exchange — 490 — 490 Balance at December 31, 2022 $5,943 $31,640 $— $37,583 Statements of Financial Position Presentation Current portion of lease liabilities $2,165 $9,596 $64 $11,825 Non-current portion of lease liabilities 3,088 24,948 — 28,036 Balance at December 31, 2021 $5,253 $34,544 $64 $39,861 Current portion of lease liabilities $2,801 $11,026 $— $13,827 Non-current portion of lease liabilities 3,142 20,614 — 23,756 Balance at December 31, 2022 $5,943 $31,640 $— $37,583 |
Disclosure of detailed information about lease payments recognized in the profit and loss [Table Text Block] | Year Ended December 31, 2022 Year Ended December 31, 2021 Expenses relating to variable lease payments not included in $132,101 $109,565 Expenses relating to short-term leases 35,913 41,283 Expenses relating to low value leases 760 5 $168,774 $150,853 |
DECOMMISSIONING LIABILITIES (Ta
DECOMMISSIONING LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Decommissioning Liabilities [Abstract] | |
Disclosure of detailed information about decommissioning liability [Table Text Block] | San Dimas Santa Elena La Encantada Jerritt Canyon Non-Operating Properties (1) Total Balance at December 31, 2020 $14,059 $6,150 $10,223 $— $21,039 $51,471 Movements during the year: Acquisition of Jerritt Canyon — — — 71,135 — 71,135 Change in rehabilitation provision 1,209 2,177 584 28,799 (2,759) 30,010 Reclamation costs incurred — — — (186) (420) (606) Interest or accretion expense 715 313 521 642 1,037 3,228 Foreign exchange loss (454) (199) (333) — (645) (1,631) Balance at December 31, 2021 $15,529 $8,441 $10,995 $100,390 $18,252 $153,607 Movements during the year: Transfer to liability held-for-sale (Note 15 ) — — — — (7,118) (7,118) Change in rehabilitation provision (1,800) 1,518 (879) 1,240 (2,488) (2,409) Reclamation costs incurred — (31) — (2,704) (223) (2,958) Interest or accretion expense 1,190 650 848 2,053 1,361 6,102 Foreign exchange gain 504 261 342 — 686 1,793 Balance at December 31, 2022 $15,423 $10,839 $11,306 $100,979 $10,470 $149,017 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Disclosure of detailed information about effective income tax expense (recovery) [Table Text Block] | Year Ended December 31, 2022 2021 (Loss) earnings before tax ($61,404) $25,250 Combined statutory tax rate 27 % 27 % Income tax (recovery) expense computed at statutory tax rate (16,579) 6,818 Reconciling items: Effect of different foreign statutory tax rates on earnings of subsidiaries 1,052 4,962 Impact of foreign exchange on deferred income tax assets and liabilities (20,238) (1,419) Change in unrecognized deferred income tax asset 2,097 14,100 7.5% mining royalty in Mexico 11,345 13,389 Other non-deductible expenses 16,941 15,491 Impact of inflationary adjustments (18,015) (13,504) Change in tax provision estimates (2,127) (945) Impact of divestitures and restructurings — 102 Value of losses forgone due to tax settlement 55,657 — Tax settlement 24,033 — Other (1,294) (8,821) Income tax expense $52,872 $30,173 Statements of Earnings Presentation Current income tax expense $56,250 $49,283 Deferred income tax recovery (3,378) (19,110) Income tax expense $52,872 $30,173 Effective tax rate (86 %) 119 % |
Disclosure of detailed information about tax receivables and payables [Table Text Block] | Year Ended December 31, 2022 2021 Current income tax payable $18,240 $27,980 Non-current income tax payable 20,605 21,812 $38,845 $49,792 |
Disclosure of detailed information about deferred taxes [Table Text Block] | Deferred tax assets Losses Provisions Deferred tax asset not recognized Other Total At December 31, 2020 $147,799 $25,276 ($88,716) $9,301 $93,660 Benefit (expense) to statement of earnings 29,196 16,467 (12,891) 4,667 37,439 Acquired from Jerritt Canyon 10,275 — — 2,801 13,076 At December 31, 2021 $187,270 $41,743 ($101,607) $16,769 $144,175 (Expense) benefit to statement of earnings (5,451) 3,217 (5,449) 1,082 (6,601) Charge to equity (1,458) (1,458) Re-class to liabilities held-for-sale ($34,189) ($2,283) $36,340 ($399) (531) At December 31, 2022 $147,630 $42,677 ($70,716) $15,994 $135,585 Deferred tax liabilities Property, plant and equipment and mining interests Effect of Mexican tax deconsolidation Other Total At December 31, 2020 $56,884 $2,071 $13,790 $72,745 Expense to statement of earnings 12,186 84 6,059 18,329 Reclassed to current income taxes payable — (1,549) — (1,549) Acquired from Jerritt Canyon 123,578 — — 123,578 Benefit to equity — — 9,843 9,843 Translation and other — — (2,192) (2,192) At December 31, 2021 $192,648 $606 $27,500 $220,754 Benefit to statement of earnings (4,884) (5,095) (9,979) Reclassed to current income taxes payable (606) (606) Translation and other (393) (393) Re-class to liabilities held-for-sale ($8,773) ($12) (8,785) At December 31, 2022 $178,991 $— $22,000 $200,991 Statements of Financial Position Presentation Deferred tax assets $74,257 Deferred tax liabilities 150,836 At December 31, 2021 $76,579 Deferred tax assets $57,062 Deferred tax liabilities 122,468 At December 31, 2022 $65,406 |
Disclosure of detailed information about deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets [Table Text Block] | Year Ended December 31, 2022 2021 Non-capital losses $277,067 $239,175 Capital losses 26,592 10,619 Accrued expenses 888 78,754 Mineral properties, plant and equipment 45,264 44,300 Other 30,769 17,578 $380,580 $390,426 |
Disclosure of detailed information about deferred tax assets expiration [Table Text Block] | Year of expiry Canadian non-capital losses US non-capital losses Mexican non-capital losses December 31, 2022 December 31, 2021 2023 $— $— $2,298 $2,298 $2,052 2024 — — 31,322 31,322 37,355 2025 — — 21,785 21,785 41,286 2026 — — 4,158 4,158 108,513 2027 — — 12,739 12,739 11,579 2028 — — 49,174 49,174 55,852 2029 — — 82,358 82,358 75,381 2030 — — 74,040 74,040 153,152 2031 — — 73,648 73,648 57,889 2032 and after 19,954 14,334 80,114 114,402 25,447 No expiry — 161,662 — 161,662 66,578 Total $19,954 $175,996 $431,636 $627,586 $635,084 Unrecognized losses $19,954 $— $257,113 $277,067 $254,293 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [line items] | |
Disclosure of detailed information about movement in issued and outstanding capital [Table Text Block] | Year Ended December 31, 2022 Year Ended December 31, 2021 Number of Shares Net Proceeds Number of Shares Net Proceeds ATM program (1) 11,869,145 $113,395 4,225,000 $ 66,674 11,869,145 $113,395 4,225,000 $ 66,674 (1) In May 2021, the Company filed prospectus supplements to its short form base shelf prospectus, pursuant to which the Company may, at its discretion and from time-to-time, sell common shares of the Company for aggregate gross proceeds of up to $100.0 million. The sale of common shares is to be made through “at-the-market distributions” ("ATM"), as defined in the Canadian Securities Administrators’ National Instrument 44-102 Shelf Distributions, directly on the New York Stock Exchange. During the year ended December 31, 2022, the Company completed $100 million of the May 2021 ATM program. In July 2022, the Company filed prospectus supplements to its short form base shelf prospectus, pursuant to which the Company may, at its discretion and from time-to-time, sell common shares of the Company for aggregate gross proceeds of up to $100.0 million through this ATM program. During the year ended December 31, 2022, the Company sold 11,869,145 (2021 - 4,225,000) common shares of the Company under the ATM program at an average price of $9.8 per common share (2021 - $16.24) for gross proceeds of $116.3 million (2021 - $68.6 million), or net proceeds of $113.4 million (2021 - $66.7 million) after costs. At December 31, 2022, the Company incurred $2.9 million (2021- $1.9 million) in transaction costs in relation to the ATM. |
Disclosure of detailed information about range of exercise prices of outstanding share options [Table Text Block] | Options Outstanding Options Exercisable Exercise prices (CAD$) Number of Options Weighted Average Exercise Price (CAD $/Share) Weighted Average Remaining Life (Years) Number of Options Weighted Average Exercise Price (CAD $/Share) Weighted Average Remaining Life (Years) 5.01 - 10.00 1,903,045 8.70 6.12 1,648,045 8.63 5.84 10.01 - 15.00 3,489,921 13.03 8.87 825,296 13.72 7.31 15.01 - 20.00 1,265,840 16.36 7.79 648,524 16.14 7.12 20.01 - 250.00 616,938 21.46 8.40 291,622 21.44 8.40 7,275,744 13.19 7.92 3,413,487 12.38 6.66 |
Disclosure of detailed information about number and weighted average exercise prices of share options [Table Text Block] | Year Ended Year Ended December 31, 2022 December 31, 2021 Number of Options Weighted Average Exercise Price (CAD $/Share) Number of Options Weighted Average Exercise Price (CAD $/Share) Balance, beginning of the period 5,638,383 13.29 7,074,092 12.07 Granted 3,107,500 12.96 1,400,000 18.98 Exercised (609,623) 9.76 (2,502,234) 10.87 Cancelled or expired (860,516) 15.44 (333,475) 29.45 Balance, end of the period 7,275,744 13.19 5,638,383 13.29 |
Disclosure of detailed information about options valuation assumptions [Table Text Block] | Year Ended Year Ended Assumption Based on December 31, 2022 December 31, 2021 Risk-free interest rate (%) Yield curves on Canadian government zero- coupon bonds with a remaining term equal to the stock options’ expected life 2.16 1.04 Expected life (years) Average of the expected vesting term and expiry term of the option 5.91 5.93 Expected volatility (%) Historical and implied volatility of the precious metals mining sector 49.00 49.00 Expected dividend yield (%) Annualized dividend rate as of the date of grant 1.64% 0.10% |
Disclosure of detailed information about dividend [Table Text Block] | Declaration Date Record Date Dividend per Common Share March 10, 2022 March 21, 2022 $0.0079 May 12, 2022 May 25, 2022 $0.0060 August 4, 2022 August 16, 2022 $0.0061 November 9, 2022 November 22, 2022 $0.0061 February 23, 2023 (1) March 10, 2023 $0.0054 (1) These dividends were declared subsequent to the period end and have not been recognized as distributions to owners during the period presented. |
Restricted share units [Member] | |
Disclosure of classes of share capital [line items] | |
Disclosure of detailed information about number and weighted average exercise prices of other equity instruments [Table Text Block] | Year Ended December 31, 2022 Year Ended December 31, 2021 Number of shares Weighted Average Fair Value (CAD$) Number of shares Weighted Average Fair Value (CAD$) Outstanding, beginning of the period 400,549 16.77 184,483 15.66 Granted 498,740 13.18 312,991 17.19 Settled (159,016) 16.57 (69,504) 15.79 Forfeited (87,934) 14.74 (27,421) 16.56 Outstanding, end of the period 652,339 14.35 400,549 16.77 |
Performance share units [Member] | |
Disclosure of classes of share capital [line items] | |
Disclosure of detailed information about number and weighted average exercise prices of other equity instruments [Table Text Block] | Year Ended December 31, 2022 Year Ended December 31, 2021 Number of shares Weighted Average Fair Value (CAD$) Number of shares Weighted Average Fair Value (CAD$) Outstanding, beginning of the period 275,516 16.58 109,035 15.62 Granted 268,955 13.21 184,050 17.15 Forfeited (69,817) 15.55 (17,569) 16.56 Outstanding, end of the period 474,654 14.82 275,516 16.58 |
Deferred share units [Member] | |
Disclosure of classes of share capital [line items] | |
Disclosure of detailed information about number and weighted average exercise prices of other equity instruments [Table Text Block] | Year Ended December 31, 2022 Year Ended December 31, 2021 Number of shares Weighted Average Fair Value (CAD$) Number of shares Weighted Average Fair Value (CAD$) Outstanding, beginning of the year 25,185 18.31 — — Granted 37,312 14.07 31,040 18.08 Settled (11,896) 15.55 (5,855) 17.08 Outstanding, end of the year 50,601 15.83 25,185 18.31 |
FINANCIAL INSTRUMENTS AND REL_2
FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of detailed information about financial instruments [Table Text Block] | December 31, 2022 December 31, 2021 Fair value measurement Fair value measurement Carrying value Level 1 Level 2 Carrying value Level 1 Level 2 Financial assets Marketable securities (Note 14 ) $34,528 $33,426 $1,102 $26,486 $22,531 $3,955 |
Disclosure of detailed information about capital risk management [Table Text Block] | December 31, 2022 December 31, 2021 Equity $1,411,298 $1,410,971 Debt facilities 210,362 181,233 Lease liabilities 37,583 39,861 Less: cash and cash equivalents (151,438) (237,926) $1,507,805 $1,394,139 |
Disclosure of detailed information about financial liabilities [Table 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 $115,120 $115,120 $115,120 $— $— $— Debt facilities 210,362 254,838 1,847 22,955 230,036 — Lease liabilities 37,583 41,896 13,966 21,337 5,668 925 Other liabilities 5,655 6,956 — — — 6,956 Commitments 1,355 1,355 1,355 — — — $370,075 $420,165 $132,288 $44,292 $235,704 $7,881 |
Disclosure of detailed information about currency risk [Table Text Block] | December 31, 2022 Cash and cash equivalents Restricted cash Value added taxes receivable Other financial assets Trade and other payables Net assets (liabilities) exposure Effect of +/- 10% change in currency Canadian dollar $29,956 $— $— $3,365 ($1,887) $31,434 $3,143 Mexican peso 24,036 79,126 41,152 — (55,629) 88,685 8,869 $53,992 $79,126 $41,152 $3,365 ($57,516) $120,119 $12,012 |
Disclosure of detailed information about price risk [Table Text Block] | December 31, 2022 Effect of +/- 10% change in metal prices Silver Gold Total Metals in doré inventory $2,630 $859 $3,489 $2,630 $859 $3,489 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Supplemental Cash Flow Information [Abstract] | |
Disclosure of detailed information about supplemental cash flow [Table Text Block] | Year Ended December 31, 2022 2021 Other adjustments to investing activities: Purchase of marketable securities ($1,728) ($3,522) Proceeds from disposal of marketable securities 2,739 2,564 Cash received on settlement of silver futures 4,007 533 $5,018 ($425) Net change in non-cash working capital items: (Increase) in trade and other receivables ($870) ($3,386) Decrease in value added taxes receivable 1,732 9,839 (Increase) in inventories (3,447) (8,956) (Increase) in prepaid expenses and other (316) (903) (Decrease) increase in income taxes payable (4,426) 3,332 (Decrease) increase in trade and other payables (22,748) 16,580 Decrease (increase) in restricted cash (Note 19 ) 2,389 (48,010) ($27,686) ($31,504) Non-cash investing and financing activities: Shares received from disposition of royalty portfolio $21,507 $— Disposition of mining claims in relation to sale of royalty portfolio (17,206) — Acquisition of Jerritt Canyon — 466,300 Transfer of share-based payments reserve upon settlement of RSU's 1,897 963 Transfer of share-based payments reserve upon exercise of options 2,208 8,643 Acquisition of mining interests — (3,750) Assets acquired by finance lease (3,109) (4,001) Conversion to common shares upon settlement of the convertible note — (23,230) $5,297 $444,925 |
SUBSIDIARIES (Tables)
SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of subsidiaries [Table Text Block] | Name of subsidiary Operations and Projects Location 2022 % Ownership 2021 % 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% 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% Jerritt Canyon Canada Ltd. Holding company Canada 100% 100% Jerritt Canyon Gold LLC Jerritt Canyon Gold Mine United States 100% 100% FM Metal Trading (Barbados) Inc. Metals trading company Barbados 100% 100% FMS Trading AG Metals trading company Switzerland 100% 100% |
KEY MANAGEMENT COMPENSATION (Ta
KEY MANAGEMENT COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Key Management Compensation [Abstract] | |
Disclosure of information about key management personnel [Table Text Block] | Year Ended December 31, 2022 2021 Salaries, bonuses, fees and benefits Independent members of the Board of Directors $837 $868 Other members of key management 4,983 3,790 Share-based payments Independent members of the Board of Directors 713 769 Other members of key management 4,059 3,661 $10,592 $9,088 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Accounting Policies And Estimates [Abstract] | ||
Goodwill at end of period |
ACQUISITION OF JERRITT CANYON_3
ACQUISITION OF JERRITT CANYON CANADA LTD. (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2021 USD ($) Share USD_per_SquareKilometre $ / shares $ / Warrant | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about business combination [line items] | |||
Working capital | $ 202,900 | $ 224,400 | |
Estimated triggered tax adjustment | 0 | 12,570 | |
Revenue | 624,221 | 584,117 | |
Net earnings for the year | $ (114,276) | $ (4,923) | |
Jerritt Canyon Canada Ltd [Member] | Sprott Mining Inc [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of voting equity interests acquired | 100% | ||
Estimated triggered tax adjustment | $ 12,570 | ||
Consideration transferred, acquisition-date fair value | $ 478,870 | ||
Discount rate applied to cash flow projections | 5.10% | ||
Fair value of exploration potential per square kilometer | USD_per_SquareKilometre | 298,524 | ||
Fair value of exploration potential included within mining interest | $ 92,000 | ||
Jerritt Canyon Canada Ltd [Member] | Sprott Mining Inc [Member] | Acquisition agreement [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Escrowed funds | 60,000 | ||
Triggered tax adjustment | 60,000 | ||
Tax liability as of acquisition date | 45,200 | ||
Working capital | (2,800) | ||
Estimated triggered tax adjustment | $ 12,600 | ||
Jerritt Canyon Canada Ltd [Member] | Sprott Mining Inc [Member] | Consideration shares [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of instruments or interests issued or issuable | Share | 26,719,727 | ||
Exercise price of Consideration Warrants | $ / Warrant | 20 | ||
Exercise period of Consideration Warrants | 3 years | ||
Equity interests of acquirer | $ 416,561 | ||
Fair value per share | $ / shares | $ 15.59 | ||
Jerritt Canyon Canada Ltd [Member] | Sprott Mining Inc [Member] | Consideration shares [Member] | Acquisition agreement [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Escrowed funds | $ 30,000 | ||
Jerritt Canyon Canada Ltd [Member] | Sprott Mining Inc [Member] | Consideration warrants [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of instruments or interests issued or issuable | Share | 5,000,000 | ||
Exercise price of Consideration Warrants | $ / Warrant | 20 | ||
Equity interests of acquirer | $ 23,150 | ||
Jerritt Canyon Canada Ltd [Member] | Sprott Mining Inc [Member] | Private placement shares [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of instruments or interests issued or issuable | Share | 1,705,514 | ||
Equity interests of acquirer | $ 26,589 | ||
Fair value per share | $ / shares | $ 15.59 | ||
Non current environmental reclamation bond | $ 67,000 | ||
Jerritt Canyon Canada Ltd [Member] | Sprott Mining Inc [Member] | Private placement shares [Member] | Acquisition agreement [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Fair value per share | $ / shares | $ 17.59 | ||
Escrowed funds | $ 30,000 |
ACQUISITION OF JERRITT CANYON_4
ACQUISITION OF JERRITT CANYON CANADA LTD. - Disclosure of Detailed Information About Consideration paid as part of purchase price (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | ||
Apr. 30, 2021 USD ($) Share $ / shares $ / Warrant | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about business combination [line items] | |||
Estimated triggered tax adjustment | $ 0 | $ 12,570 | |
Jerritt Canyon Canada Ltd [Member] | Sprott Mining Inc [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Estimated triggered tax adjustment | $ 12,570 | ||
Consideration transferred, acquisition-date fair value | $ 478,870 | ||
Jerritt Canyon Canada Ltd [Member] | Sprott Mining Inc [Member] | Consideration Shares [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of instruments or interests issued or issuable | Share | 26,719,727 | ||
Fair value per share | $ / shares | $ 15.59 | ||
Equity interests of acquirer | $ 416,561 | ||
Exercise price of consideration warrants | $ / Warrant | 20 | ||
Exercise period of consideration warrants | 3 years | ||
Jerritt Canyon Canada Ltd [Member] | Sprott Mining Inc [Member] | Private Placement Shares [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of instruments or interests issued or issuable | Share | 1,705,514 | ||
Fair value per share | $ / shares | $ 15.59 | ||
Equity interests of acquirer | $ 26,589 | ||
Jerritt Canyon Canada Ltd [Member] | Sprott Mining Inc [Member] | Consideration Warrants [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Number of instruments or interests issued or issuable | Share | 5,000,000 | ||
Fair value per warrant | $ / Warrant | 4.63 | ||
Equity interests of acquirer | $ 23,150 | ||
Exercise price of consideration warrants | $ / Warrant | 20 |
ACQUISITION OF JERRITT CANYON_5
ACQUISITION OF JERRITT CANYON CANADA LTD. - Disclosure of Detailed Information About Significant unobservable inputs used in fair value measurement of consideration warrants (Details) - Jerritt Canyon Canada Ltd [Member] - Sprott Mining Inc [Member] - Consideration Warrants [Member] $ / shares in Units, $ in Thousands | 1 Months Ended |
Apr. 30, 2021 USD ($) $ / shares | |
Disclosure of detailed information about business combination [line items] | |
Stock price (as of opening on April 30, 2021) | $ 15.59 |
Exercise price of consideration warrants | $ 20 |
Term (years) | 3 years |
Volatility | 55% |
Annual rate of quarterly dividends | 0% |
Discount rate - bond equivalent yield | 0.50% |
Total fair value of warrants | $ | $ 23,150 |
ACQUISITION OF JERRITT CANYON_6
ACQUISITION OF JERRITT CANYON CANADA LTD. - Disclosure of Detailed Information About Transactions recognised separately from acquisition of assets and assumption of liabilities in business combination (Details) - Jerritt Canyon Canada Ltd [Member] - Sprott Mining Inc [Member] $ in Thousands | Apr. 30, 2021 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | $ 1,025 |
Inventories | 19,304 |
Trade and other receivables | 72 |
Other financial assets | 3,581 |
Prepaid expenses | 1,724 |
Restricted cash | 96,985 |
Mining interest | 432,659 |
Property, plant and equipment | 175,727 |
Deposit on non-current assets | 128 |
Trade and other payables | (23,185) |
Lease liabilities | (2,194) |
Income taxes payable | (45,319) |
Contingent environmental provision | 0 |
Decommissioning liabilities | (71,135) |
Deferred tax liabilities | (110,502) |
Net assets acquired | 478,870 |
Preliminary as reported June 30, 2021[Member] | |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | 1,025 |
Inventories | 19,304 |
Trade and other receivables | 135 |
Other financial assets | 3,581 |
Prepaid expenses | 1,662 |
Restricted cash | 96,985 |
Mining interest | 409,930 |
Property, plant and equipment | 224,034 |
Deposit on non-current assets | 128 |
Trade and other payables | (27,159) |
Lease liabilities | (2,194) |
Income taxes payable | (47,185) |
Contingent environmental provision | (17,900) |
Decommissioning liabilities | (87,705) |
Deferred tax liabilities | (98,186) |
Net assets acquired | 476,455 |
Adjustments [Member] | |
Disclosure of detailed information about business combination [line items] | |
Cash and cash equivalents | 0 |
Inventories | 0 |
Trade and other receivables | (63) |
Other financial assets | 0 |
Prepaid expenses | 62 |
Restricted cash | 0 |
Mining interest | 22,729 |
Property, plant and equipment | (48,307) |
Deposit on non-current assets | 0 |
Trade and other payables | 3,974 |
Lease liabilities | 0 |
Income taxes payable | 1,866 |
Contingent environmental provision | 17,900 |
Decommissioning liabilities | 16,570 |
Deferred tax liabilities | (12,316) |
Net assets acquired | $ 2,415 |
ACQUISITION OF JERRITT CANYON_7
ACQUISITION OF JERRITT CANYON CANADA LTD. - Disclosure of Detailed Information About Significant unobservable inputs used in fair value measurement of mining interests (Details) - Jerritt Canyon Canada Ltd [Member] - Sprott Mining Inc [Member] $ in Thousands | 1 Months Ended |
Apr. 30, 2021 USD ($) | |
Disclosure of detailed information about business combination [line items] | |
Short-term and long-term gold price | $ 1,750 |
Discount rate | 5.10% |
Mine life (years) | 11 years |
Average gold grade over life of mine | 6.0 |
Average gold recovery rate | 86% |
SEGMENTED INFORMATION (Details
SEGMENTED INFORMATION (Details Textual) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) ounce Customer Mine $ / Ounce | Dec. 31, 2021 Customer | |
Disclosure of operating segments [line items] | ||
Number of operating mines | Mine | 3 | |
Other segment revenue coins and bullion | $ | $ 11.6 | |
Silver ounces sold in "Others" segment. | ounce | 444,576 | |
Sale of silver, average price per ounce | $ / Ounce | 26.2 | |
Number of customers | 3 | 3 |
Percentage of entity's revenue | 100% | 100% |
Three Customers [Member] | ||
Disclosure of operating segments [line items] | ||
Percentage of entity's revenue | 97% | 99% |
Major Meta Broker [Member] | ||
Disclosure of operating segments [line items] | ||
Number of customers | Customer | 1 | |
Percentage of entity's revenue | 92% | 93% |
SEGMENTED INFORMATION - Disclos
SEGMENTED INFORMATION - Disclosure of Detailed Information About Entity Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | ||
Revenue | $ 624,221 | $ 584,117 |
Costs of sales | 471,687 | 366,085 |
Depletion, depreciation, and amortization | 135,782 | 116,613 |
Mine operating earnings | 16,752 | 101,419 |
Capital expenditures | 229,477 | 219,768 |
Mining Interests | 1,061,124 | 1,048,530 |
Property, plant and equipment | 451,335 | 449,237 |
Total mining assets | 1,512,459 | 1,497,767 |
Total assets | 2,110,009 | 2,124,989 |
Total liabilities | 698,711 | 714,018 |
Producing Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 832,820 | 805,649 |
Exploration Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 228,304 | 242,881 |
Mexico - San Dimas [Member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 228,701 | 275,463 |
Costs of sales | 141,274 | 132,550 |
Depletion, depreciation, and amortization | 47,613 | 44,859 |
Mine operating earnings | 39,814 | 98,054 |
Capital expenditures | 47,363 | 56,385 |
Property, plant and equipment | 94,377 | 105,473 |
Total mining assets | 344,866 | 348,185 |
Total assets | 489,970 | 495,479 |
Total liabilities | 76,835 | 119,764 |
Mexico - San Dimas [Member] | Producing Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 211,658 | 213,526 |
Mexico - San Dimas [Member] | Exploration Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 38,831 | 29,186 |
Mexico - Santa Elena [Member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 190,189 | 117,303 |
Costs of sales | 106,788 | 77,126 |
Depletion, depreciation, and amortization | 26,819 | 17,536 |
Mine operating earnings | 56,582 | 22,641 |
Capital expenditures | 47,714 | 67,453 |
Property, plant and equipment | 99,979 | 64,843 |
Total mining assets | 251,804 | 193,181 |
Total assets | 295,489 | 257,244 |
Total liabilities | 79,295 | 66,795 |
Mexico - Santa Elena [Member] | Producing Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 110,094 | 97,271 |
Mexico - Santa Elena [Member] | Exploration Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 41,731 | 31,067 |
Mexico - La Encantada [Member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 67,721 | 81,738 |
Costs of sales | 46,126 | 45,350 |
Depletion, depreciation, and amortization | 8,861 | 8,123 |
Mine operating earnings | 12,734 | 28,265 |
Capital expenditures | 10,225 | 11,355 |
Property, plant and equipment | 24,422 | 20,680 |
Total mining assets | 52,853 | 51,147 |
Total assets | 106,008 | 114,634 |
Total liabilities | 30,601 | 35,245 |
Mexico - La Encantada [Member] | Producing Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 23,496 | 25,827 |
Mexico - La Encantada [Member] | Exploration Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 4,935 | 4,640 |
Mexico - Non-producing Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 0 | 0 |
Costs of sales | 0 | 0 |
Depletion, depreciation, and amortization | 397 | 418 |
Mine operating earnings | (397) | (418) |
Capital expenditures | 869 | 1,977 |
Property, plant and equipment | 18,195 | 27,180 |
Total mining assets | 94,390 | 172,147 |
Total assets | 206,796 | 215,725 |
Total liabilities | 33,391 | 31,760 |
Mexico - Non-producing Properties [Member] | Producing Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 62,414 | 106,215 |
Mexico - Non-producing Properties [Member] | Exploration Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 13,781 | 38,752 |
United States Jerritt Canyon [Member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 130,219 | 123,808 |
Costs of sales | 173,341 | 117,324 |
Depletion, depreciation, and amortization | 49,229 | 43,511 |
Mine operating earnings | (92,351) | 37,027 |
Capital expenditures | 94,776 | 46,408 |
Property, plant and equipment | 166,778 | 172,857 |
Total mining assets | 685,616 | 640,099 |
Total assets | 756,062 | 733,725 |
Total liabilities | 226,814 | 233,484 |
United States Jerritt Canyon [Member] | Producing Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 425,158 | 362,811 |
United States Jerritt Canyon [Member] | Exploration Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 93,680 | 104,431 |
Others [Member] | ||
Disclosure of operating segments [line items] | ||
Revenue | 11,706 | 10,882 |
Costs of sales | 6,747 | 6,073 |
Depletion, depreciation, and amortization | 2,863 | 2,166 |
Mine operating earnings | 2,096 | 2,643 |
Capital expenditures | 28,530 | 36,190 |
Property, plant and equipment | 47,584 | 58,204 |
Total mining assets | 82,930 | 93,008 |
Total assets | 255,684 | 308,182 |
Total liabilities | 251,775 | 226,970 |
Others [Member] | Producing Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 0 | 0 |
Others [Member] | Exploration Properties [Member] | ||
Disclosure of operating segments [line items] | ||
Mining Interests | 35,346 | 34,804 |
Intercompany elimination [Member] | ||
Disclosure of operating segments [line items] | ||
Revenue | (4,315) | (25,077) |
Costs of sales | (2,589) | (12,338) |
Depletion, depreciation, and amortization | 0 | 0 |
Mine operating earnings | (1,726) | (12,739) |
Capital expenditures | $ 0 | $ 0 |
REVENUES (Details Textual)
REVENUES (Details Textual) | 1 Months Ended | 12 Months Ended | ||
May 10, 2018 USD ($) | May 31, 2018 | Dec. 31, 2022 USD ($) oz | Dec. 31, 2021 USD ($) oz | |
Disclosure Of Revenue [Line Items] | ||||
Unearned revenue | $ 3,383,000 | $ 12,226,000 | ||
Per-ounce price of gold delivered during the period | 623 | 617 | ||
Mexico - Santa Elena [Member] | ||||
Disclosure Of Revenue [Line Items] | ||||
Accrued net smelter royalty | $ 5,800,000 | $ 1,000,000 | ||
Sandstorm Gold Ltd. [Member] | Mexico - Santa Elena [Member] | ||||
Disclosure Of Revenue [Line Items] | ||||
Percent of gold production required to be sold | 20% | |||
Gold, selling price, per ounce | $ 450 | |||
Purchase agreement, annual inflation increase, percent | 1% | |||
Gold sold during period (Ounce) | oz | 2,433 | 5,327 | ||
Gold sold during period, average price | $ 472 | $ 467 | ||
Orogen Royalties Inc [Member] | ||||
Disclosure Of Revenue [Line Items] | ||||
Net smelter royalty percentage | 2% | |||
Osisko Gold Royalties Ltd [Member] | ||||
Disclosure Of Revenue [Line Items] | ||||
Net smelter royalty percentage | 2% | |||
Wheaton Precious Metals International Ltd [Member] | ||||
Disclosure Of Revenue [Line Items] | ||||
New stream agreement, percentage of gold equivalent production, counter party | 25% | 25% | ||
New stream agreement, ongoing payments, upper range limit | $ 600,000 | $ 600,000 | ||
New stream agreement, percentage of annual inflation adjustment | 1% | 1% | ||
Ounces of gold delivered during period | 41,841 | 48,015 |
REVENUES - Disclosure of Detail
REVENUES - Disclosure of Detailed Information About Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Revenue [Line Items] | ||
Gross revenue | $ 626,850 | $ 587,225 |
Percentage of revenue | 100% | 100% |
Less: smelting and refining costs | $ (2,629) | $ (3,108) |
Revenues | 624,221 | 584,117 |
Silver [Member] | ||
Disclosure Of Revenue [Line Items] | ||
Silver | $ 237,107 | $ 307,304 |
Percentage of revenue | 38% | 52% |
Gold [Member] | ||
Disclosure Of Revenue [Line Items] | ||
Gold | $ 389,743 | $ 279,921 |
Percentage of revenue | 62% | 48% |
COST OF SALES (Details Textual)
COST OF SALES (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure Of Cost Of Sales [Line Items] | |
Inventory write-down | $ 23.8 |
Cost incurred for marginal ore material | $ 3.1 |
COST OF SALES - Disclosure of D
COST OF SALES - Disclosure of Detailed Information About Cost of Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Cost Of Sales [Abstract] | ||
Consumables and materials | $ 112,620 | $ 78,463 |
Labour costs | 227,767 | 194,846 |
Energy | 55,542 | 42,881 |
Maintenance | 9,595 | 7,037 |
Assays and labwork | 6,169 | 5,348 |
Insurance | 4,875 | 3,351 |
Other costs | 15,792 | 11,276 |
Production costs | 432,360 | 343,201 |
Transportation and other selling costs | 2,788 | 2,739 |
Workers participation costs | 17,265 | 15,939 |
Environmental duties and royalties | 11,063 | 5,835 |
Finished goods inventory changes | 4,550 | (2,304) |
Other | 3,661 | 675 |
Cost of Sales | $ 471,687 | $ 366,085 |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSES - Disclosure of Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Selling, general and administrative expense [abstract] | ||
Corporate administration | $ 9,001 | $ 7,806 |
Salaries and benefits | 16,387 | 11,636 |
Audit, legal and professional fees | 7,683 | 4,619 |
Filing and listing fees | 805 | 506 |
Directors fees and expenses | 867 | 826 |
Depreciation | 1,629 | 1,670 |
Total selling, general and administrative expense | $ 36,372 | $ 27,063 |
MINE HOLDING COSTS - Mine Holdi
MINE HOLDING COSTS - Mine Holding Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Mines Under Temporary Suspension [Line Items] | ||
Mine Care Maintenance Costs | $ 11,930 | $ 12,056 |
La Parrilla [Member] | ||
Disclosure Of Mines Under Temporary Suspension [Line Items] | ||
Mine Care Maintenance Costs | 3,320 | 3,278 |
Del Toro [Member] | ||
Disclosure Of Mines Under Temporary Suspension [Line Items] | ||
Mine Care Maintenance Costs | 2,347 | 3,385 |
San Martin [Member] | ||
Disclosure Of Mines Under Temporary Suspension [Line Items] | ||
Mine Care Maintenance Costs | 3,609 | 2,597 |
La Guitarra [Member] | ||
Disclosure Of Mines Under Temporary Suspension [Line Items] | ||
Mine Care Maintenance Costs | $ 2,654 | $ 2,796 |
INVESTMENT AND OTHER INCOME (_3
INVESTMENT AND OTHER INCOME (LOSS) (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment And Other (Loss) Income [Line Items] | ||||
Loss on write-down of plant and equipment | $ 0 | $ 2,501 | ||
Condor Gold PLC [Member] | ||||
Investment And Other (Loss) Income [Line Items] | ||||
Gross proceeds from sale of equipment | $ 6,500 | |||
Cash proceeds from sale of equipment | 3,500 | |||
Common shares received for sale of equipment | 3,000 | |||
Loss on write-down of plant and equipment | $ 2,100 | |||
Capstone Mining Corp [Member] | ||||
Investment And Other (Loss) Income [Line Items] | ||||
Gross proceeds from sale of equipment | $ 6,400 |
INVESTMENT AND OTHER INCOME (_4
INVESTMENT AND OTHER INCOME (LOSS) - Disclosure of Finance Income (Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Investment And Other Loss Income [Abstract] | ||
(Loss) gain from investment in silver futures derivatives | $ (376) | $ 532 |
Loss from investment in marketable securities | (3,865) | (2,054) |
Loss on write-down of plant and equipment | 0 | (2,501) |
Interest income and other | 2,353 | 1,075 |
Investment and other (loss) income | $ (1,888) | $ (2,948) |
FINANCE COSTS (Details Textual)
FINANCE COSTS (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information About Finance Cost [Line Items] | |||
Debt facilities, finance costs, noncash accretion expense | $ 8.7 | $ 7.2 | |
Unsecured Senior Convertible Notes [Member] | |||
Disclosure Of Detailed Information About Finance Cost [Line Items] | |||
Value of convertible debentures issued, excluding any over allotment option | $ 200 | $ 200 | |
Additional over-allotment option to purchase outstanding senior convertible notes | $ 30 |
FINANCE COSTS - Disclosure of I
FINANCE COSTS - Disclosure of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finance Costs [Abstract] | ||
Debt facilities | $ 10,810 | $ 10,541 |
Accretion of decommissioning liabilities | 6,102 | 3,228 |
Lease liabilities | 2,131 | 2,013 |
Loss on settlement of senior convertible note | 0 | 4,642 |
Silver sales and other | 1,280 | 580 |
Finance costs | $ 20,323 | $ 21,004 |
EARNINGS OR LOSS PER SHARE (Det
EARNINGS OR LOSS PER SHARE (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Instruments with potential future dilutive effect not included in calculation of diluted earnings per share, options | 5,579,618 | 2,014,379 |
Instruments with potential future dilutive effect not included in calculation of diluted earnings per share, warrants | 5,000,000 | 5,000,000 |
Instruments with potential future dilutive effect not included in calculation of diluted earnings per share, restricted share units | 1,177,594 | 701,250 |
Instruments with potential future dilutive effect not included in calculation of diluted earnings per share, common shares issuable under 2018 convertible debentures | 0 | 16,327,598 |
Instruments with potential future dilutive effect not included in calculation of diluted earnings per share, common shares issuable under 2021 convertible debentures | 13,888,895 | 13,888,895 |
EARNINGS OR LOSS PER SHARE - Ea
EARNINGS OR LOSS PER SHARE - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | ||
Net loss for the year | $ (114,276) | $ (4,923) |
Weighted average number of shares on issue - basic | 263,122,252 | 244,749,772 |
Weighted average number of shares on issue - diluted | 263,122,252 | 244,749,772 |
(Loss) earnings per share - basic (in dollars per share) | $ (0.43) | $ (0.02) |
(Loss) earnings per share - diluted (in dollars per share) | $ (0.43) | $ (0.02) |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Classes of current inventories [abstract] | ||
Inventory write-down | $ 9.3 | $ 7.5 |
INVENTORIES - Disclosure of Det
INVENTORIES - Disclosure of Detailed Information About Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Classes of current inventories [abstract] | ||
Finished goods - dore | $ 5,561 | $ 3,735 |
Work-in-process | 9,176 | 6,409 |
Stockpile | 4,825 | 9,015 |
Silver coins and bullion | 8,001 | 10,790 |
Materials and supplies | 37,198 | 30,664 |
Total current inventories | $ 64,761 | $ 60,613 |
OTHER FINANCIAL ASSETS (Details
OTHER FINANCIAL ASSETS (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [abstract] | ||
Gains (losses) on available-for-sale financial assets | $ (3.9) | $ (2.1) |
Other comprehensive income, net of tax, available-for-sale financial assets | $ (9.9) | $ (13.9) |
OTHER FINANCIAL ASSETS - Disclo
OTHER FINANCIAL ASSETS - Disclosure of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [abstract] | ||
FVTPL marketable securities | $ 6,657 | $ 10,851 |
FVTOCI marketable securities | 27,871 | 15,635 |
Total other financial assets | $ 34,528 | $ 26,486 |
DIVESTITURES (Details Textual)
DIVESTITURES (Details Textual) $ / shares in Units, $ in Thousands, $ in Millions | 12 Months Ended | |||||
Dec. 07, 2022 CAD ($) | Dec. 07, 2022 USD ($) Share $ / shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | May 24, 2022 CAD ($) Share | May 24, 2022 USD ($) Share $ / shares | |
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Reversal of impairment loss | $ 2,651 | $ 0 | ||||
La Guitarra Silver Mine [Member] | Sierra Madre Gold and Silver Ltd. [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Total consideration | $ 35,000 | |||||
Number of shares issued | Share | 69,063,076 | 69,063,076 | ||||
Deemed price per share | $ / shares | $ 0.51 | |||||
Customary closing condition | $ 10 | $ 7,700 | ||||
Reversal of impairment loss | 12,300 | |||||
Recoverable amount | 34,900 | |||||
La Guitarra Silver Mine [Member] | Sierra Madre Gold and Silver Ltd. [Member] | Depletable mining interest [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Reversal of impairment loss | 8,200 | |||||
La Guitarra Silver Mine [Member] | Sierra Madre Gold and Silver Ltd. [Member] | Non-depletable mining interest [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Reversal of impairment loss | 1,000 | |||||
La Guitarra Silver Mine [Member] | Sierra Madre Gold and Silver Ltd. [Member] | Property, plant and equipment [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Reversal of impairment loss | 3,100 | |||||
La Guitarra Silver Mine [Member] | Sierra Madre Gold and Silver Ltd. [Member] | Impairment [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Reversal of impairment loss | 8,000 | |||||
La Guitarra Silver Mine [Member] | Sierra Madre Gold and Silver Ltd. [Member] | Deferred tax liability [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Reversal of impairment loss | 4,400 | |||||
La Parrilla Silver Mine [Member] | Golden Tag Resources Ltd. [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Total consideration | $ 33,500 | |||||
Number of shares issued | Share | 143,673,684 | |||||
Deemed price per share | $ / shares | $ 0.14 | |||||
Equity interests of acquirer | $ 20,000 | |||||
Contingent consideration | 13,500 | |||||
Equity securities to be purchased in the future | 2,700 | |||||
Future equity financing | $ 9 | |||||
Initial payment | 20,000 | |||||
First milestone payment | 2,700 | |||||
Impairment loss | 9,600 | |||||
Recoverable amount | 22,200 | |||||
La Parrilla Silver Mine [Member] | Golden Tag Resources Ltd. [Member] | Depletable mining interest [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Impairment loss | 5,700 | |||||
La Parrilla Silver Mine [Member] | Golden Tag Resources Ltd. [Member] | Non-depletable mining interest [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Impairment loss | 2,100 | |||||
La Parrilla Silver Mine [Member] | Golden Tag Resources Ltd. [Member] | Property, plant and equipment [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Impairment loss | 1,700 | |||||
La Parrilla Silver Mine [Member] | Golden Tag Resources Ltd. [Member] | Impairment [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Impairment loss | 9,600 | |||||
La Parrilla Silver Mine [Member] | Golden Tag Resources Ltd. [Member] | Deferred tax liability [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Impairment loss | $ 0 | |||||
Plomosas [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Gain from disposal of the royalty interests | 4,300 | |||||
Carrying value of royalty interests | $ 0 | |||||
Metalla Royalty & Streaming Ltd [Member] | ||||||
Disposal Groups Classified As Held For Sale [Line Items] | ||||||
Number of shares received from sale of portfolio of royalty interests | shares | 4,168,056 | |||||
Shares received from sale of portfolio of royalty interests | $ 21,500 | |||||
Share price per share | $ / shares | $ 5.16 |
DIVESTITURES - Disclosure of de
DIVESTITURES - Disclosure of detailed information about components of assets and liabilities held for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | |||
Cash and cash equivalents | $ 5,219 | $ 0 | |
Trade and other receivables | 8,598 | 7,729 | |
Inventories | 64,761 | 60,613 | |
Prepaid expenses and other | 5,617 | 5,352 | |
Non-Current Assets: | |||
Property, plant and equipment | 451,335 | 449,237 | |
Right of use assets | 26,649 | 29,225 | $ 14,330 |
Deposits on long-term assets | 6,003 | 10,949 | |
Liabilities: | |||
Trade payables and accrued liabilities | 115,120 | 120,666 | |
Current portion of lease obligations | 13,827 | 11,825 | |
Non-Current Liabilities: | |||
Deferred tax liabilities | 122,468 | 150,836 | |
Lease liabilities | 23,756 | 28,036 | |
Decommissioning liabilities | 149,017 | 153,607 | $ 51,471 |
Total liabilities relating to assets held-for-sale | 16,278 | $ 0 | |
Divestitures [Member] | La Guitarra [Member] | |||
Assets: | |||
Cash and cash equivalents | 5,218 | ||
Trade and other receivables | 396 | ||
Inventories | 437 | ||
Prepaid expenses and other | 51 | ||
Current assets | 6,102 | ||
Non-Current Assets: | |||
Mineral Interests - depletable | 30,193 | ||
Mineral Interests - non-depletable | 3,917 | ||
Property, plant and equipment | 4,004 | ||
Right of use assets | 16 | ||
Deposits on long-term assets | 26 | ||
Total assets held-for-sale | 44,258 | ||
Liabilities: | |||
Trade payables and accrued liabilities | 141 | ||
Current portion of lease obligations | 8 | ||
Current Liabilities | 149 | ||
Non-Current Liabilities: | |||
Deferred tax liabilities | 6,894 | ||
Lease liabilities | 12 | ||
Decommissioning liabilities | 2,951 | ||
Total liabilities relating to assets held-for-sale | 10,006 | ||
Net assets held for sale | 34,252 | ||
Divestitures [Member] | La Parrilla [Member] | |||
Assets: | |||
Cash and cash equivalents | 0 | ||
Trade and other receivables | 0 | ||
Inventories | 876 | ||
Prepaid expenses and other | 0 | ||
Current assets | 876 | ||
Non-Current Assets: | |||
Mineral Interests - depletable | 13,758 | ||
Mineral Interests - non-depletable | 5,252 | ||
Property, plant and equipment | 7,821 | ||
Right of use assets | 645 | ||
Deposits on long-term assets | 117 | ||
Total assets held-for-sale | 28,469 | ||
Liabilities: | |||
Trade payables and accrued liabilities | 0 | ||
Current portion of lease obligations | 0 | ||
Current Liabilities | 0 | ||
Non-Current Liabilities: | |||
Deferred tax liabilities | 1,667 | ||
Lease liabilities | 438 | ||
Decommissioning liabilities | 4,167 | ||
Total liabilities relating to assets held-for-sale | 6,272 | ||
Net assets held for sale | $ 22,197 |
DIVESTITURES - Disclosure of _2
DIVESTITURES - Disclosure of detailed information about sale of a portfolio of royalty interests (Details) - Disposal groups classified as held for sale [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
La Encantada [Member] | First Majestic Silver Corp. [Member] | |
Disposal Groups Classified As Held For Sale [Line Items] | |
Gold Royalty | 100% |
Allocated Value Total | $ 1,720,574 |
La Parrilla [Member] | First Majestic Silver Corp. [Member] | |
Disposal Groups Classified As Held For Sale [Line Items] | |
Net Smelter Return | 2% |
Allocated Value Total | $ 3,871,290 |
Del Toro [Member] | First Majestic Silver Corp. [Member] | |
Disposal Groups Classified As Held For Sale [Line Items] | |
Net Smelter Return | 2% |
Allocated Value Total | $ 3,226,075 |
San Martin [Member] | First Majestic Silver Corp. [Member] | |
Disposal Groups Classified As Held For Sale [Line Items] | |
Net Smelter Return | 2% |
Allocated Value Total | $ 5,376,792 |
La Guitarra [Member] | First Majestic Silver Corp. [Member] | |
Disposal Groups Classified As Held For Sale [Line Items] | |
Net Smelter Return | 2% |
Allocated Value Total | $ 3,011,004 |
Plomosas [Member] | GR Silver Mining Ltd. [Member] | |
Disposal Groups Classified As Held For Sale [Line Items] | |
Net Smelter Return | 2% |
Allocated Value Total | $ 4,301,434 |
La Luz [Member] | First Majestic Silver Corp. [Member] | |
Disposal Groups Classified As Held For Sale [Line Items] | |
Net Smelter Return | 2% |
Allocated Value Total | $ 0 |
La Joya [Member] | First Majestic Silver Corp. [Member] | |
Disposal Groups Classified As Held For Sale [Line Items] | |
Net Smelter Return | 2% |
Allocated Value Total | $ 0 |
MINING INTERESTS (Details Text
MINING INTERESTS (Details Textual) | 1 Months Ended | 12 Months Ended | |||||||
Jul. 02, 2020 USD ($) $ / Ounce shares | May 10, 2018 USD ($) | Jan. 21, 2021 USD ($) shares | May 31, 2018 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 31, 2020 USD ($) | Jul. 02, 2020 $ / shares | |
Disclosure Of Mining Interests [Line Items] | |||||||||
Purchase of mining assets | $ 157,975,000 | $ 132,409,000 | |||||||
Other financial assets | 34,528,000 | 26,486,000 | |||||||
Assets arising from exploration for and evaluation of mineral resources | 1,061,124,000 | 1,048,530,000 | |||||||
Total assets | 2,110,009,000 | 2,124,989,000 | |||||||
Depletable properties [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Assets arising from exploration for and evaluation of mineral resources | 832,820,000 | 805,649,000 | |||||||
Non-depletable properties [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Transfer to asset held-for-sale | (9,169,000) | ||||||||
Assets arising from exploration for and evaluation of mineral resources | 228,304,000 | 242,881,000 | $ 117,545,000 | ||||||
La Guitarra [Member] | Depletable properties [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Transfer to asset held-for-sale | 30,200,000 | ||||||||
La Guitarra [Member] | Non-depletable properties [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Transfer to asset held-for-sale | 3,900,000 | ||||||||
La Parrilla [Member] | Depletable properties [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Transfer to asset held-for-sale | 13,800,000 | ||||||||
La Parrilla [Member] | Non-depletable properties [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Transfer to asset held-for-sale | 5,300,000 | ||||||||
Springpole Silver Stream [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Acquisition of mining interest, consideration transferred | $ 10,000,000 | ||||||||
Purchase of mining assets | 2,500,000 | $ 3,750,000 | 2,500,000 | ||||||
Acquisition of mining interest, shares issued, value | $ 7,500,000 | $ 3,750,000 | 2,500,000 | ||||||
Acquisition of mining interest, shares issued (in shares) | shares | 805,698 | 287,300 | |||||||
Mexico - Santa Elena [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Accrued amount in NSR | 5,800,000 | 1,000,000 | |||||||
Total assets | 295,489,000 | 257,244,000 | |||||||
Mexico - Santa Elena [Member] | Depletable properties [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Assets arising from exploration for and evaluation of mineral resources | 110,094,000 | 97,271,000 | |||||||
Mexico - Santa Elena [Member] | Non-depletable properties [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Transfer to asset held-for-sale | 0 | ||||||||
Assets arising from exploration for and evaluation of mineral resources | $ 41,731,000 | 31,067,000 | 33,951,000 | ||||||
Jerritt Canyon [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
NSR royalty rate on production of gold and silver | 0.75% | ||||||||
NSR royalty accrual outstanding | $ 800,000 | 100,000 | |||||||
Jerritt Canyon [Member] | Depletable properties [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Assets arising from exploration for and evaluation of mineral resources | 425,158,000 | 362,811,000 | |||||||
Jerritt Canyon [Member] | Non-depletable properties [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Transfer to asset held-for-sale | 0 | ||||||||
Assets arising from exploration for and evaluation of mineral resources | $ 93,680,000 | $ 104,431,000 | $ 0 | ||||||
Jerritt Canyon [Member] | Bottom of range [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
NSR royalty rate on production of gold and silver | 2.50% | ||||||||
Jerritt Canyon [Member] | Top of range [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
NSR royalty rate on production of gold and silver | 5% | ||||||||
Wheaton Precious Metals International Ltd [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
New stream agreement, percentage of gold equivalent production, counter party | 25% | 25% | |||||||
New stream agreement, ongoing payments, upper range limit | $ 600,000 | $ 600,000 | |||||||
New stream agreement, percentage of annual inflation adjustment | 1% | 1% | |||||||
First Mining Gold Corp [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Fair value of warrants | $ 5,700,000 | ||||||||
Class of warrants or rights, number of warrant purchased (in shares) | shares | 30,000,000 | ||||||||
Class of warrants or rights, exercise price (in CAD per share) | $ / shares | $ 0.4 | ||||||||
Class of warrants or rights, term (Year) | 5 years | ||||||||
First Mining Gold Corp [Member] | Springpole Silver Stream [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Percentage of life of mine payable silver produced | 50% | ||||||||
Acquisition of mining interest, price | $ 22,500,000 | ||||||||
Percentage of silver spot price | 33% | ||||||||
Purchase silver, price (in USD per Ounce) | $ / Ounce | 7.5 | ||||||||
Purchase price, annual inflation escalation | 2% | ||||||||
Sandstorm Gold Ltd. [Member] | Mexico - Santa Elena [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Percent of gold production required to be sold | 20% | ||||||||
Gold, selling price, per ounce | $ 450 | ||||||||
Purchase agreement, annual inflation increase, percent | 1% | ||||||||
Sandstorm Gold Ltd. [Member] | Mexico - Santa Elena [Member] | Top of range [Member] | |||||||||
Disclosure Of Mining Interests [Line Items] | |||||||||
Gold, selling price, per ounce | $ 464,000 |
MINING INTERESTS - Disclosure
MINING INTERESTS - Disclosure of Detailed Information About Mining Interests (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Mining Interests [Line Items] | |||
Mining Interests | $ 1,061,124 | $ 1,048,530 | |
Depletable properties [Member] | |||
Disclosure Of Mining Interests [Line Items] | |||
Mining Interests | 832,820 | 805,649 | |
Non-depletable properties [Member] | |||
Disclosure Of Mining Interests [Line Items] | |||
Mining Interests | $ 228,304 | $ 242,881 | $ 117,545 |
MINING INTERESTS - Disclosur_2
MINING INTERESTS - Disclosure of Detailed Information About Mining Interests, Depletable Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | $ 1,048,530 | |
Ending mining interests | 1,061,124 | $ 1,048,530 |
Depletable properties [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 805,649 | |
Ending mining interests | 832,820 | 805,649 |
Depletable properties [Member] | Gross carrying amount [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 1,415,490 | 938,888 |
Additions | 115,925 | 70,208 |
Acquisition of Jerritt Canyon | 340,652 | |
Transfer to asset held-for-sale | (279,399) | |
Change in decommissioning liabilities | (2,252) | 30,147 |
Disposal of royalty portfolio | (1,721) | |
Transfer from non-depletable properties | 32,601 | 35,595 |
Ending mining interests | 1,280,644 | 1,415,490 |
Depletable properties [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | (609,841) | (546,703) |
Depletion and amortization | (75,913) | (63,138) |
Reversal of impairment | 8,203 | |
Transfer to asset held-for-sale | 235,448 | |
Impairment | (5,721) | |
Ending mining interests | 447,824 | (609,841) |
Depletable properties [Member] | Mexico - San Dimas [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 213,526 | |
Ending mining interests | 211,658 | 213,526 |
Depletable properties [Member] | Mexico - San Dimas [Member] | Gross carrying amount [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 286,196 | 250,093 |
Additions | 30,733 | 34,894 |
Acquisition of Jerritt Canyon | 0 | |
Transfer to asset held-for-sale | 0 | |
Change in decommissioning liabilities | (1,800) | 1,209 |
Disposal of royalty portfolio | 0 | |
Transfer from non-depletable properties | 0 | 0 |
Ending mining interests | 315,129 | 286,196 |
Depletable properties [Member] | Mexico - San Dimas [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | (72,671) | (45,502) |
Depletion and amortization | (30,800) | (27,169) |
Reversal of impairment | 0 | |
Transfer to asset held-for-sale | 0 | |
Impairment | 0 | |
Ending mining interests | (103,471) | (72,671) |
Depletable properties [Member] | Mexico - Santa Elena [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 97,271 | |
Ending mining interests | 110,094 | 97,271 |
Depletable properties [Member] | Mexico - Santa Elena [Member] | Gross carrying amount [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 125,921 | 73,292 |
Additions | 23,957 | 16,150 |
Acquisition of Jerritt Canyon | 0 | |
Transfer to asset held-for-sale | 0 | |
Change in decommissioning liabilities | 1,518 | 2,177 |
Disposal of royalty portfolio | 0 | |
Transfer from non-depletable properties | 0 | 34,302 |
Ending mining interests | 151,396 | 125,921 |
Depletable properties [Member] | Mexico - Santa Elena [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | (28,650) | (20,400) |
Depletion and amortization | (12,652) | (8,250) |
Reversal of impairment | 0 | |
Transfer to asset held-for-sale | 0 | |
Impairment | 0 | |
Ending mining interests | (41,302) | (28,650) |
Depletable properties [Member] | Mexico - La Encantada [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 25,827 | |
Ending mining interests | 23,496 | 25,827 |
Depletable properties [Member] | Mexico - La Encantada [Member] | Gross carrying amount [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 122,735 | 118,312 |
Additions | 2,507 | 2,546 |
Acquisition of Jerritt Canyon | 0 | |
Transfer to asset held-for-sale | 0 | |
Change in decommissioning liabilities | (879) | 584 |
Disposal of royalty portfolio | (1,721) | |
Transfer from non-depletable properties | 2,098 | 1,293 |
Ending mining interests | 124,740 | 122,735 |
Depletable properties [Member] | Mexico - La Encantada [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | (96,908) | (92,447) |
Depletion and amortization | (4,336) | (4,461) |
Reversal of impairment | 0 | |
Transfer to asset held-for-sale | 0 | |
Impairment | 0 | |
Ending mining interests | (101,244) | (96,908) |
Depletable properties [Member] | Jerritt Canyon [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 362,811 | |
Ending mining interests | 425,158 | 362,811 |
Depletable properties [Member] | Jerritt Canyon [Member] | Gross carrying amount [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 386,069 | 0 |
Additions | 58,728 | 16,618 |
Acquisition of Jerritt Canyon | 340,652 | |
Transfer to asset held-for-sale | 0 | |
Change in decommissioning liabilities | 1,241 | 28,799 |
Disposal of royalty portfolio | 0 | |
Transfer from non-depletable properties | 30,503 | 0 |
Ending mining interests | 476,541 | 386,069 |
Depletable properties [Member] | Jerritt Canyon [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 23,258 | 0 |
Depletion and amortization | (28,125) | (23,258) |
Reversal of impairment | 0 | |
Transfer to asset held-for-sale | 0 | |
Impairment | 0 | |
Ending mining interests | (51,383) | 23,258 |
Depletable properties [Member] | Non Producing Properties [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 106,215 | |
Ending mining interests | 62,414 | 106,215 |
Depletable properties [Member] | Non Producing Properties [Member] | Gross carrying amount [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 494,569 | 497,191 |
Additions | 0 | 0 |
Acquisition of Jerritt Canyon | 0 | |
Transfer to asset held-for-sale | (279,399) | |
Change in decommissioning liabilities | (2,332) | 2,622 |
Disposal of royalty portfolio | 0 | |
Transfer from non-depletable properties | 0 | 0 |
Ending mining interests | 212,838 | 494,569 |
Depletable properties [Member] | Non Producing Properties [Member] | Accumulated depreciation, amortisation and impairment [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | (388,354) | (388,354) |
Depletion and amortization | 0 | 0 |
Reversal of impairment | 8,203 | |
Transfer to asset held-for-sale | 235,448 | |
Impairment | (5,721) | |
Ending mining interests | $ (150,424) | $ (388,354) |
MINING INTERESTS - Disclosur_3
MINING INTERESTS - Disclosure of Detailed Information About Mining Interests, Non-depletable Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | $ 1,048,530 | |
Ending mining interests | 1,061,124 | $ 1,048,530 |
Non-depletable properties [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 242,881 | 117,545 |
Exploration and evaluation expenditures | 43,919 | 69,060 |
Change in decommissioning liabilities | (153) | (136) |
Acquisition of Jerritt Canyon | 92,007 | |
Impairment | (2,132) | |
Reversal of impairment | 1,044 | |
Disposal of royalty portfolio | (15,485) | |
Transfer to asset held-for-sale | (9,169) | |
Transfer to depletable properties | (32,601) | (35,595) |
Ending mining interests | 228,304 | 242,881 |
Non-depletable properties [Member] | Mexico - San Dimas [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 29,186 | 17,179 |
Exploration and evaluation expenditures | 9,645 | 12,007 |
Change in decommissioning liabilities | 0 | 0 |
Acquisition of Jerritt Canyon | 0 | |
Impairment | 0 | |
Reversal of impairment | 0 | |
Disposal of royalty portfolio | 0 | |
Transfer to asset held-for-sale | 0 | |
Transfer to depletable properties | 0 | 0 |
Ending mining interests | 38,831 | 29,186 |
Non-depletable properties [Member] | Mexico - Santa Elena [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 31,067 | 33,951 |
Exploration and evaluation expenditures | 10,664 | 31,418 |
Change in decommissioning liabilities | 0 | 0 |
Acquisition of Jerritt Canyon | 0 | |
Impairment | 0 | |
Reversal of impairment | 0 | |
Disposal of royalty portfolio | 0 | |
Transfer to asset held-for-sale | 0 | |
Transfer to depletable properties | 0 | (34,302) |
Ending mining interests | 41,731 | 31,067 |
Non-depletable properties [Member] | Mexico - La Encantada [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 4,640 | 2,955 |
Exploration and evaluation expenditures | 2,393 | 2,978 |
Change in decommissioning liabilities | 0 | 0 |
Acquisition of Jerritt Canyon | 0 | |
Impairment | 0 | |
Reversal of impairment | 0 | |
Disposal of royalty portfolio | 0 | |
Transfer to asset held-for-sale | 0 | |
Transfer to depletable properties | (2,098) | (1,293) |
Ending mining interests | 4,935 | 4,640 |
Non-depletable properties [Member] | Jerritt Canyon [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 104,431 | 0 |
Exploration and evaluation expenditures | 19,752 | 12,424 |
Change in decommissioning liabilities | 0 | 0 |
Acquisition of Jerritt Canyon | 92,007 | |
Impairment | 0 | |
Reversal of impairment | 0 | |
Disposal of royalty portfolio | 0 | |
Transfer to asset held-for-sale | 0 | |
Transfer to depletable properties | (30,503) | 0 |
Ending mining interests | 93,680 | 104,431 |
Non-depletable properties [Member] | Non Producing Properties [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 38,752 | 37,004 |
Exploration and evaluation expenditures | 771 | 1,748 |
Change in decommissioning liabilities | 0 | 0 |
Acquisition of Jerritt Canyon | 0 | |
Impairment | (2,132) | |
Reversal of impairment | 1,044 | |
Disposal of royalty portfolio | (15,485) | |
Transfer to asset held-for-sale | (9,169) | |
Transfer to depletable properties | 0 | 0 |
Ending mining interests | 13,781 | 38,752 |
Non-depletable properties [Member] | Exploration Projects [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 22,948 | 22,099 |
Exploration and evaluation expenditures | 694 | 985 |
Change in decommissioning liabilities | (153) | (136) |
Acquisition of Jerritt Canyon | 0 | |
Impairment | 0 | |
Reversal of impairment | 0 | |
Disposal of royalty portfolio | 0 | |
Transfer to asset held-for-sale | 0 | |
Transfer to depletable properties | 0 | 0 |
Ending mining interests | 23,489 | 22,948 |
Non-depletable properties [Member] | Springpole Stream [Member] | ||
Disclosure Of Mining Interests [Line Items] | ||
Beginning mining interests | 11,856 | 4,356 |
Exploration and evaluation expenditures | 0 | 7,500 |
Change in decommissioning liabilities | 0 | 0 |
Acquisition of Jerritt Canyon | 0 | |
Reversal of impairment | 0 | |
Disposal of royalty portfolio | 0 | |
Transfer to asset held-for-sale | 0 | |
Transfer to depletable properties | 0 | 0 |
Ending mining interests | $ 11,856 | $ 11,856 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 451,335 | $ 449,237 |
Land not subject to depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 11,200 | $ 11,200 |
La Guitarra [Member] | Classification of assets as held for sale [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | 4,000 | |
La Parrilla [Member] | Classification of assets as held for sale [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment | $ 7,800 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Disclosure of Detailed Information About Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | $ 449,237 | |
Property, plant and equipment at end of period | 451,335 | $ 449,237 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 993,453 | 752,273 |
Additions | 69,633 | 80,500 |
Acquisition of Jerritt Canyon | 175,727 | |
Reclassification to asset held-for-sale | (115,465) | |
Transfers and disposals | (4,689) | (15,047) |
Property, plant and equipment at end of period | 942,932 | 993,453 |
Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (544,216) | (494,053) |
Depreciation and amortization | (56,228) | (49,959) |
Impairment | (1,742) | |
Impairment reversal | 3,076 | |
Reclassification to asset held-for-sale | (103,640) | |
Transfers and disposals | (3,873) | (1,877) |
Loss on disposal of equipment | (2,081) | |
Property, plant and equipment at end of period | (491,597) | (544,216) |
Land and buildings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 97,878 | |
Property, plant and equipment at end of period | 100,259 | 97,878 |
Land and buildings [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 244,957 | 199,329 |
Additions | 0 | 34 |
Acquisition of Jerritt Canyon | 32,992 | |
Reclassification to asset held-for-sale | (30,903) | |
Transfers and disposals | 23,192 | 12,602 |
Property, plant and equipment at end of period | 237,246 | 244,957 |
Land and buildings [Member] | Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (147,079) | (133,156) |
Depreciation and amortization | (12,016) | (13,923) |
Impairment | (1,742) | |
Impairment reversal | 3,076 | |
Reclassification to asset held-for-sale | (20,774) | |
Transfers and disposals | 0 | 0 |
Loss on disposal of equipment | 0 | |
Property, plant and equipment at end of period | (136,987) | (147,079) |
Machinery and Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 249,583 | |
Property, plant and equipment at end of period | 264,280 | 249,583 |
Machinery and Equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 624,462 | 468,624 |
Additions | 5,038 | 2,974 |
Acquisition of Jerritt Canyon | 137,219 | |
Reclassification to asset held-for-sale | (82,275) | |
Transfers and disposals | 47,783 | 15,645 |
Property, plant and equipment at end of period | 595,008 | 624,462 |
Machinery and Equipment [Member] | Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (374,879) | (343,379) |
Depreciation and amortization | (40,419) | (33,137) |
Impairment | 0 | |
Impairment reversal | 0 | |
Reclassification to asset held-for-sale | (80,964) | |
Transfers and disposals | (3,606) | (1,637) |
Loss on disposal of equipment | 0 | |
Property, plant and equipment at end of period | (330,728) | (374,879) |
Assets under construction [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 90,451 | |
Property, plant and equipment at end of period | 73,927 | 90,451 |
Assets under construction [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 90,451 | 55,669 |
Additions | 64,088 | 77,151 |
Acquisition of Jerritt Canyon | 4,337 | |
Reclassification to asset held-for-sale | (176) | |
Transfers and disposals | (80,436) | (46,706) |
Property, plant and equipment at end of period | 73,927 | 90,451 |
Assets under construction [Member] | Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Impairment | 0 | |
Impairment reversal | 0 | |
Reclassification to asset held-for-sale | 0 | |
Transfers and disposals | 0 | 0 |
Loss on disposal of equipment | 0 | |
Property, plant and equipment at end of period | 0 | 0 |
Other [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 11,325 | |
Property, plant and equipment at end of period | 12,869 | 11,325 |
Other [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 33,583 | 28,651 |
Additions | 507 | 341 |
Acquisition of Jerritt Canyon | 1,179 | |
Reclassification to asset held-for-sale | (2,111) | |
Transfers and disposals | 4,772 | 3,412 |
Property, plant and equipment at end of period | 36,751 | 33,583 |
Other [Member] | Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (22,258) | (17,518) |
Depreciation and amortization | (3,793) | (2,899) |
Impairment | 0 | |
Impairment reversal | 0 | |
Reclassification to asset held-for-sale | (1,902) | |
Transfers and disposals | (267) | (240) |
Loss on disposal of equipment | (2,081) | |
Property, plant and equipment at end of period | $ (23,882) | $ (22,258) |
PROPERTY, PLANT AND EQUIPMENT_3
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, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | $ 449,237 | |
Property, plant and equipment at end of period | 451,335 | $ 449,237 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 993,453 | 752,273 |
Additions | 69,633 | 80,500 |
Acquisition of Jerritt Canyon | 175,727 | |
Reclassification to asset held-for-sale | (115,465) | |
Transfers and disposals | (4,689) | (15,047) |
Property, plant and equipment at end of period | 942,932 | 993,453 |
Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (544,216) | (494,053) |
Depreciation and amortization | (56,228) | (49,959) |
Impairment | (1,742) | |
Impairment reversal | 3,076 | |
Reclassification to asset held-for-sale | (103,640) | |
Transfers and disposals | (3,873) | (1,877) |
Write-down on assets held-for-sale | (2,081) | |
Property, plant and equipment at end of period | (491,597) | (544,216) |
Mexico - San Dimas [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 105,473 | |
Property, plant and equipment at end of period | 94,377 | 105,473 |
Mexico - San Dimas [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 158,528 | 146,728 |
Additions | 6,985 | 9,484 |
Acquisition of Jerritt Canyon | 0 | |
Reclassification to asset held-for-sale | 0 | |
Transfers and disposals | (717) | 2,316 |
Property, plant and equipment at end of period | 164,796 | 158,528 |
Mexico - San Dimas [Member] | Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (53,055) | (34,623) |
Depreciation and amortization | (17,554) | (17,801) |
Impairment | 0 | |
Impairment reversal | 0 | |
Reclassification to asset held-for-sale | 0 | |
Transfers and disposals | (190) | 631 |
Write-down on assets held-for-sale | 0 | |
Property, plant and equipment at end of period | (70,419) | (53,055) |
Mexico - Santa Elena [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 64,843 | |
Property, plant and equipment at end of period | 99,979 | 64,843 |
Mexico - Santa Elena [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 122,597 | 97,331 |
Additions | 13,093 | 19,885 |
Acquisition of Jerritt Canyon | 0 | |
Reclassification to asset held-for-sale | 0 | |
Transfers and disposals | 31,852 | 5,381 |
Property, plant and equipment at end of period | 167,542 | 122,597 |
Mexico - Santa Elena [Member] | Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (57,754) | (48,086) |
Depreciation and amortization | (10,058) | (6,997) |
Impairment | 0 | |
Impairment reversal | 0 | |
Reclassification to asset held-for-sale | 0 | |
Transfers and disposals | (249) | 2,671 |
Write-down on assets held-for-sale | 0 | |
Property, plant and equipment at end of period | (67,563) | (57,754) |
Mexico - La Encantada [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 20,680 | |
Property, plant and equipment at end of period | 24,422 | 20,680 |
Mexico - La Encantada [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 150,718 | 143,510 |
Additions | 5,325 | 5,831 |
Acquisition of Jerritt Canyon | 0 | |
Reclassification to asset held-for-sale | 0 | |
Transfers and disposals | 1,880 | 1,377 |
Property, plant and equipment at end of period | 157,923 | 150,718 |
Mexico - La Encantada [Member] | Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (130,038) | (126,955) |
Depreciation and amortization | (2,809) | (2,259) |
Impairment | 0 | |
Impairment reversal | 0 | |
Reclassification to asset held-for-sale | 0 | |
Transfers and disposals | 654 | 824 |
Write-down on assets held-for-sale | 0 | |
Property, plant and equipment at end of period | (133,501) | (130,038) |
Jerritt Canyon [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 172,857 | |
Property, plant and equipment at end of period | 166,778 | 172,857 |
Jerritt Canyon [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 193,085 | 0 |
Additions | 16,297 | 17,366 |
Acquisition of Jerritt Canyon | 175,727 | |
Reclassification to asset held-for-sale | 0 | |
Transfers and disposals | 367 | (8) |
Property, plant and equipment at end of period | 209,749 | 193,085 |
Jerritt Canyon [Member] | Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (20,228) | 0 |
Depreciation and amortization | (22,747) | (20,228) |
Impairment | 0 | |
Impairment reversal | 0 | |
Reclassification to asset held-for-sale | 0 | |
Transfers and disposals | (4) | 0 |
Write-down on assets held-for-sale | 0 | |
Property, plant and equipment at end of period | (42,971) | (20,228) |
Non-producing Properties [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 27,180 | |
Property, plant and equipment at end of period | 18,195 | 27,180 |
Non-producing Properties [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 285,806 | 293,761 |
Additions | 98 | 229 |
Acquisition of Jerritt Canyon | 0 | |
Reclassification to asset held-for-sale | (115,465) | |
Transfers and disposals | (5,421) | (8,184) |
Property, plant and equipment at end of period | 165,018 | 285,806 |
Non-producing Properties [Member] | Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (258,626) | (263,873) |
Depreciation and amortization | (222) | (266) |
Impairment | (1,742) | |
Impairment reversal | 3,076 | |
Reclassification to asset held-for-sale | (103,640) | |
Transfers and disposals | (7,051) | (5,513) |
Write-down on assets held-for-sale | 0 | |
Property, plant and equipment at end of period | (146,823) | (258,626) |
Other [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 58,204 | |
Property, plant and equipment at end of period | 47,584 | 58,204 |
Other [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 82,719 | 70,943 |
Additions | 27,835 | 27,705 |
Acquisition of Jerritt Canyon | 0 | |
Reclassification to asset held-for-sale | 0 | |
Transfers and disposals | (32,650) | (15,929) |
Property, plant and equipment at end of period | 77,904 | 82,719 |
Other [Member] | Accumulated depreciation, amortization and impairment reversal [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (24,515) | (20,516) |
Depreciation and amortization | (2,838) | (2,408) |
Impairment | 0 | |
Impairment reversal | 0 | |
Reclassification to asset held-for-sale | 0 | |
Transfers and disposals | 2,967 | (490) |
Write-down on assets held-for-sale | (2,081) | |
Property, plant and equipment at end of period | $ (30,320) | $ (24,515) |
RIGHT-OF-USE ASSETS - Disclosur
RIGHT-OF-USE ASSETS - Disclosure of detailed information about right-of-use assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance | $ 29,225 | $ 14,330 |
Additions | 3,314 | 18,854 |
Remeasurements | 2,815 | 2,031 |
Depreciation and amortization | (8,044) | (5,851) |
Transfer to asset held-for-sale | (661) | |
Disposals | (139) | |
Balance | 26,649 | 29,225 |
Land and Buildings [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance | 8,302 | 8,087 |
Additions | 1,786 | 1,294 |
Remeasurements | 578 | 363 |
Depreciation and amortization | (1,608) | (1,325) |
Transfer to asset held-for-sale | (634) | |
Disposals | (117) | |
Balance | 8,424 | 8,302 |
Machinery and Equipment [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance | 20,921 | 6,234 |
Additions | 1,514 | 17,560 |
Remeasurements | 2,239 | 1,668 |
Depreciation and amortization | (6,431) | (4,520) |
Transfer to asset held-for-sale | (27) | |
Disposals | (23) | |
Balance | 18,216 | 20,921 |
Other [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance | 2 | 8 |
Additions | 14 | 0 |
Remeasurements | (2) | 0 |
Depreciation and amortization | (5) | (7) |
Transfer to asset held-for-sale | 0 | |
Disposals | 0 | |
Balance | $ 9 | $ 2 |
RESTRICTED CASH (Details Textua
RESTRICTED CASH (Details Textual) $ in Thousands, $ in Millions | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Disclosure Of Restricted Cash [Line Items] | |||||
Restricted cash in escrow | $ 151,438 | $ 237,926 | $ 238,578 | ||
Non-Current Restricted Cash | 125,193 | 115,012 | |||
Nevada Division of Environmental Protection bond [Member] | |||||
Disclosure Of Restricted Cash [Line Items] | |||||
Letter of credit | $ 5,000 | ||||
Restricted cash in escrow | 44,100 | ||||
Non-Current Restricted Cash | 17,702 | 39,727 | |||
Chartis Commutation Account [Member] | |||||
Disclosure Of Restricted Cash [Line Items] | |||||
Non-Current Restricted Cash | 28,365 | 27,275 | |||
SAT Primero tax dispute [Member] | |||||
Disclosure Of Restricted Cash [Line Items] | |||||
Non-Current Restricted Cash | $ 1,532 | $ 79,126 | $ 48,010 |
RESTRICTED CASH - Disclosure of
RESTRICTED CASH - Disclosure of Detailed Information About Restricted Cash (Details) $ in Thousands, $ in Millions | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Disclosure Of Restricted Cash [Line Items] | |||
Current Restricted Cash | $ 0 | $ 12,570 | |
Non-Current Restricted Cash | 125,193 | 115,012 | |
Total Restricted Cash | 125,193 | 127,582 | |
Jerritt Canyon [Member] | |||
Disclosure Of Restricted Cash [Line Items] | |||
Current Restricted Cash | 0 | 12,570 | |
Nevada Division of Environmental Protection bond [Member] | |||
Disclosure Of Restricted Cash [Line Items] | |||
Non-Current Restricted Cash | 17,702 | 39,727 | |
Chartis Commutation Account [Member] | |||
Disclosure Of Restricted Cash [Line Items] | |||
Non-Current Restricted Cash | 28,365 | 27,275 | |
SAT Primero tax dispute [Member] | |||
Disclosure Of Restricted Cash [Line Items] | |||
Non-Current Restricted Cash | $ 1,532 | $ 79,126 | $ 48,010 |
TRADE AND OTHER PAYABLES - Disc
TRADE AND OTHER PAYABLES - Disclosure of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other payables [abstract] | ||
Trade payables | $ 40,782 | $ 41,827 |
Trade related accruals | 30,312 | 30,621 |
Payroll and related benefits | 31,797 | 28,162 |
Estimated Triggered Tax Adjustment and Working Capital Adjustment payable, net | 0 | 12,570 |
NSR royalty liabilities | 1,518 | 1,147 |
Environmental duty and net mineral sales proceeds tax | 3,570 | 3,281 |
Other accrued liabilities | 7,141 | 3,058 |
Total trade and other current payables | $ 115,120 | $ 120,666 |
DEBT FACILITIES (Details Textua
DEBT FACILITIES (Details Textual) | 12 Months Ended | ||||
Dec. 02, 2021 USD ($) Note $ / shares shares | Dec. 31, 2022 USD ($) Note | Mar. 31, 2022 USD ($) | Mar. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||
Remaining carrying value of settled notes | $ 0 | ||||
Convertible Debentures [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Proceeds from issuing convertible debentures | $ 230,000,000 | ||||
Proceeds from issuing convertible debentures, net | 222,800,000 | ||||
Payments of transaction costs for borrowings | $ 7,200,000 | ||||
Borrowings, interest rate | 0.375% | ||||
Convertible debentures, conversion rate per $1000 (in shares) | shares | 60.3865 | ||||
Convertible debentures, conversion price per share (in dollars per share) | $ / shares | $ 16.56 | ||||
Convertible debentures, fair value of the debt portion | $ 180,400,000 | ||||
Convertible debentures, fair value of debt portion, discounted cash flow model method, expected life (Year) | 5 years | ||||
Convertible debentures, fair value of debt portion, discounted cash flow model method, discount rate | 4.75% | ||||
Convertible debentures, fair value component, effective interest rate | 5.09% | ||||
Reserve of equity component of convertible instruments | $ 42,300,000 | ||||
Reserve of equity component of convertible instruments, deferred tax liability | 11,400,000 | ||||
Amortizable transaction costs | $ 7,200,000 | ||||
Number of existing notes redeemed | Note | 125,231 | ||||
Remaining notes settled at par value | Note | 6,950 | ||||
Total costs of notes | $ 164,900,000 | $ 6,950,000 | |||
Proceeds allocated to carrying value of debt | 118,900,000 | 6,600,000 | |||
Proceeds allocated to equity reserves of notes | 41,800,000 | $ 200,000 | |||
Loss on the settlement of debt | $ 4,600,000 | ||||
Number of remaining notes converted to common shares by note holders | Note | 24,219 | ||||
Remaining notes conversion rate per $1,000 face value | shares | 106.0528 | ||||
Proceeds allocated to carrying value of remaining notes | $ 23,200,000 | ||||
Proceeds allocated to equity reserves of remaining notes | $ 4,100,000 | ||||
Convertible Debentures [Member] | Convertible debentures redeemption [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Convertible debentures, share price threshold | 130% | ||||
Revolving Credit Facility [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, interest rate | 2.25% | ||||
Borrowings available under line of credit | $ 100,000,000 | $ 50,000,000 | |||
Line of credit, standby fee, percentage of undrawn portion | 0.5625% | ||||
Covenant leverage ratio based on total debt to rolling four quarters adjusted EBITDA | 3 | ||||
Interest coverage ratio covenant | 4 | ||||
Information about restrictions or covenants imposed by leases on lessee | The debt facilities also provide for negative covenants customary for these types of facilities and allows the Company to enter into finance leases, excluding any leases that would have been classified as operating leases in effect immediately prior to the implementation of IFRS 16 - Leases, of up to $50.0 million. | ||||
Letter of credit used as collateral | $ 5,000,000 | ||||
Undrawn portion of revolving credit facility | $ 75,000,000 | $ 0 | |||
Revolving Credit Facility [Member] | Bottom of range [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 2.25% | ||||
Line of credit, standby fee, percentage of undrawn portion | 0.563% | ||||
Revolving Credit Facility [Member] | Top of range [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, adjustment to interest rate basis | 3.50% | ||||
Line of credit, standby fee, percentage of undrawn portion | 0.875% |
DEBT FACILITIES - Disclosure of
DEBT FACILITIES - Disclosure of Detailed Information About Debt Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||
Beginning debt facilities | $ 181,234 | $ 152,708 |
Gross proceeds from debt financing | 230,000 | |
Portion allocated to equity reserves from debt financing | (42,340) | |
Interest expense | 2,137 | 3,383 |
Accretion | 8,673 | 7,158 |
Proceeds from drawdown of revolving credit facility | 50,000 | 30,000 |
Repayments of principal | (30,000) | (165,576) |
Conversion of senior convertible notes to common shares | (23,230) | |
Transaction costs | (7,325) | |
Payments of finance costs | (1,682) | (3,544) |
Ending debt facilities | 210,362 | 181,234 |
Current portion of debt facilities | 551 | 125 |
Non-current portion of debt facilities | 209,811 | 181,108 |
Balance at December 31 | 210,362 | 181,234 |
Convertible Debentures [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Beginning debt facilities | 181,178 | 142,825 |
Gross proceeds from debt financing | 230,000 | |
Portion allocated to equity reserves from debt financing | (42,340) | |
Interest expense | 896 | 2,846 |
Accretion | 8,673 | 6,809 |
Proceeds from drawdown of revolving credit facility | 0 | 0 |
Repayments of principal | 0 | (125,576) |
Conversion of senior convertible notes to common shares | (23,230) | |
Transaction costs | (7,224) | |
Payments of finance costs | (505) | (2,932) |
Ending debt facilities | 190,242 | 181,178 |
Current portion of debt facilities | 431 | 69 |
Non-current portion of debt facilities | 189,811 | 181,108 |
Balance at December 31 | 190,242 | 181,178 |
Revolving Credit Facility [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Beginning debt facilities | 56 | 9,883 |
Gross proceeds from debt financing | 0 | |
Portion allocated to equity reserves from debt financing | 0 | |
Interest expense | 1,241 | 537 |
Accretion | 0 | 349 |
Proceeds from drawdown of revolving credit facility | 50,000 | 30,000 |
Repayments of principal | (30,000) | (40,000) |
Conversion of senior convertible notes to common shares | 0 | |
Transaction costs | (101) | |
Payments of finance costs | (1,177) | (612) |
Ending debt facilities | 20,120 | 56 |
Current portion of debt facilities | 120 | 56 |
Non-current portion of debt facilities | 20,000 | 0 |
Balance at December 31 | $ 20,120 | $ 56 |
LEASE LIABILITIES (Details Text
LEASE LIABILITIES (Details Textual) $ in Millions | 1 Months Ended | ||
Dec. 31, 2017 USD ($) Installment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Operating Leases [Member] | Bottom of range [Member] | |||
Disclosure Of Lease Liabilities [Line Items] | |||
Borrowings, adjustment to interest rate basis | 2.50% | ||
Operating Leases [Member] | Top of range [Member] | |||
Disclosure Of Lease Liabilities [Line Items] | |||
Borrowings, adjustment to interest rate basis | 11.20% | ||
Equipment Financing [Member] | |||
Disclosure Of Lease Liabilities [Line Items] | |||
Proceeds from equipment financing obligations | $ | $ 7.9 | ||
Borrowings, adjustment to interest rate basis | 4.60% | ||
Property, plant and equipment, pledged as security | $ | $ 0 | $ 2 | |
Equipment Financing [Member] | Bottom of range [Member] | |||
Disclosure Of Lease Liabilities [Line Items] | |||
Quarterly lease terms | Installment | 12 | ||
Equipment Financing [Member] | Top of range [Member] | |||
Disclosure Of Lease Liabilities [Line Items] | |||
Quarterly lease terms | Installment | 16 |
LEASE LIABILITIES - Disclosure
LEASE LIABILITIES - Disclosure of Detailed Information About Movement in Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Lease Liabilities [Line Items] | ||
Balance | $ 39,861 | $ 20,575 |
Acquisition of Jerritt Canyon | 2,194 | |
Additions | 6,423 | 22,855 |
Remeasurements | 2,815 | 2,031 |
Disposals | (150) | |
Finance costs | 2,131 | 2,013 |
Repayments of principal | (13,469) | (9,287) |
Payments of finance costs | (210) | (102) |
Transfer to asset held-for-sale | (458) | |
Foreign exchange gain | 490 | (268) |
Balance | 37,583 | 39,861 |
Current portion of lease liabilities | 13,827 | 11,825 |
Non-current portion of lease liabilities | 23,756 | 28,036 |
Finance Leases [Member] | ||
Disclosure Of Lease Liabilities [Line Items] | ||
Balance | 5,253 | 0 |
Acquisition of Jerritt Canyon | 2,194 | |
Additions | 3,109 | 4,001 |
Remeasurements | 0 | 0 |
Disposals | 0 | |
Finance costs | 237 | 89 |
Repayments of principal | (2,446) | (942) |
Payments of finance costs | (210) | 89 |
Transfer to asset held-for-sale | 0 | |
Foreign exchange gain | 0 | 0 |
Balance | 5,943 | 5,253 |
Current portion of lease liabilities | 2,801 | 2,165 |
Non-current portion of lease liabilities | 3,142 | 3,088 |
Operating Leases [Member] | ||
Disclosure Of Lease Liabilities [Line Items] | ||
Balance | 34,544 | 19,986 |
Acquisition of Jerritt Canyon | 0 | |
Additions | 3,314 | 18,854 |
Remeasurements | 2,815 | 2,031 |
Disposals | (150) | |
Finance costs | 1,894 | 1,915 |
Repayments of principal | (10,959) | (7,824) |
Payments of finance costs | 0 | 0 |
Transfer to asset held-for-sale | (458) | |
Foreign exchange gain | 490 | (268) |
Balance | 31,640 | 34,544 |
Current portion of lease liabilities | 11,026 | 9,596 |
Non-current portion of lease liabilities | 20,614 | 24,948 |
Equipment Financing [Member] | ||
Disclosure Of Lease Liabilities [Line Items] | ||
Balance | 64 | 589 |
Acquisition of Jerritt Canyon | 0 | |
Additions | 0 | 0 |
Remeasurements | 0 | 0 |
Disposals | 0 | |
Finance costs | 0 | 9 |
Repayments of principal | (64) | (521) |
Payments of finance costs | 0 | (13) |
Transfer to asset held-for-sale | 0 | |
Foreign exchange gain | 0 | 0 |
Balance | 0 | 64 |
Current portion of lease liabilities | 0 | 64 |
Non-current portion of lease liabilities | $ 0 | $ 0 |
LEASE LIABILITIES - Disclosur_2
LEASE LIABILITIES - Disclosure of Detailed Information About Lease Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities [abstract] | ||
Expenses relating to variable lease payments not included in the measurement of lease liability | $ 132,101 | $ 109,565 |
Expenses relating to short-term leases | 35,913 | 41,283 |
Expenses relating to low value leases | 760 | 5 |
Lease payments recognized in profit and loss | $ 168,774 | $ 150,853 |
DECOMMISSIONING LIABILITIES (De
DECOMMISSIONING LIABILITIES (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 02, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Decommissioning Liabilities [Line Items] | |||
Discount rate used in current estimate of value in use | 9.50% | ||
La Guitarra [Member] | |||
Decommissioning Liabilities [Line Items] | |||
Net book value of decommissioning liabilities classified as assets held-for-sale | $ 3 | ||
La Parrilla [Member] | |||
Decommissioning Liabilities [Line Items] | |||
Net book value of decommissioning liabilities classified as assets held-for-sale | $ 4.2 | ||
Bottom of range [Member] | |||
Decommissioning Liabilities [Line Items] | |||
Discount rate used in current estimate of value in use | 7.40% | ||
Top of range [Member] | |||
Decommissioning Liabilities [Line Items] | |||
Discount rate used in current estimate of value in use | 7.50% | ||
Long-term Expected Inflation Rate [Member] | |||
Decommissioning Liabilities [Line Items] | |||
Historical inflation rate | 3.70% | 4.20% | |
Jerritt Canyon Gold LLC [Member] | |||
Decommissioning Liabilities [Line Items] | |||
Discount rate used in current estimate of value in use | 3.80% | ||
Historical inflation rate | 2.80% | 2.15% | |
Reclamation and closure cost obligation | $ 101 | ||
Amount of obligation secured through cash | 28.4 | ||
Letter of credit used as collateral | $ 5 | ||
Estimated costs of decommissioning liabilities provision | $ 17.6 | ||
Jerritt Canyon Gold LLC [Member] | Bottom of range [Member] | |||
Decommissioning Liabilities [Line Items] | |||
Discount rate used in current estimate of value in use | 1.50% | ||
Jerritt Canyon Gold LLC [Member] | Top of range [Member] | |||
Decommissioning Liabilities [Line Items] | |||
Discount rate used in current estimate of value in use | 1.60% |
DECOMMISSIONING LIABILITIES - D
DECOMMISSIONING LIABILITIES - Disclosure of Detailed Information About Decommissioning Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Decommissioning Liabilities [Line Items] | ||
Beginning decommissioning liabilities | $ 153,607 | $ 51,471 |
Acquisition of Jerritt Canyon | 71,135 | |
Transfer to liability held-for-sale | (7,118) | |
Change in rehabilitation provision | (2,409) | 30,010 |
Reclamation costs incurred | (2,958) | (606) |
Interest or accretion expense | 6,102 | 3,228 |
Foreign exchange (loss) gain | 1,793 | (1,631) |
Ending decommissioning liabilities | 149,017 | 153,607 |
Mexico - San Dimas [Member] | ||
Decommissioning Liabilities [Line Items] | ||
Beginning decommissioning liabilities | 15,529 | 14,059 |
Acquisition of Jerritt Canyon | 0 | |
Transfer to liability held-for-sale | 0 | |
Change in rehabilitation provision | (1,800) | 1,209 |
Reclamation costs incurred | 0 | 0 |
Interest or accretion expense | 1,190 | 715 |
Foreign exchange (loss) gain | 504 | (454) |
Ending decommissioning liabilities | 15,423 | 15,529 |
Mexico - Santa Elena [Member] | ||
Decommissioning Liabilities [Line Items] | ||
Beginning decommissioning liabilities | 8,441 | 6,150 |
Acquisition of Jerritt Canyon | 0 | |
Transfer to liability held-for-sale | 0 | |
Change in rehabilitation provision | 1,518 | 2,177 |
Reclamation costs incurred | (31) | 0 |
Interest or accretion expense | 650 | 313 |
Foreign exchange (loss) gain | 261 | (199) |
Ending decommissioning liabilities | 10,839 | 8,441 |
Mexico - La Encantada [Member] | ||
Decommissioning Liabilities [Line Items] | ||
Beginning decommissioning liabilities | 10,995 | 10,223 |
Acquisition of Jerritt Canyon | 0 | |
Transfer to liability held-for-sale | 0 | |
Change in rehabilitation provision | (879) | 584 |
Reclamation costs incurred | 0 | 0 |
Interest or accretion expense | 848 | 521 |
Foreign exchange (loss) gain | 342 | (333) |
Ending decommissioning liabilities | 11,306 | 10,995 |
Jerritt Canyon [Member] | ||
Decommissioning Liabilities [Line Items] | ||
Beginning decommissioning liabilities | 100,390 | 0 |
Acquisition of Jerritt Canyon | 71,135 | |
Transfer to liability held-for-sale | 0 | |
Change in rehabilitation provision | 1,240 | 28,799 |
Reclamation costs incurred | (2,704) | (186) |
Interest or accretion expense | 2,053 | 642 |
Foreign exchange (loss) gain | 0 | 0 |
Ending decommissioning liabilities | 100,979 | 100,390 |
Non-Operating Properties [Member] | ||
Decommissioning Liabilities [Line Items] | ||
Beginning decommissioning liabilities | 18,252 | 21,039 |
Acquisition of Jerritt Canyon | 0 | |
Transfer to liability held-for-sale | (7,118) | |
Change in rehabilitation provision | (2,488) | (2,759) |
Reclamation costs incurred | (223) | (420) |
Interest or accretion expense | 1,361 | 1,037 |
Foreign exchange (loss) gain | 686 | (645) |
Ending decommissioning liabilities | $ 10,470 | $ 18,252 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | $ 57,062 | $ 74,257 |
Deductible temporary differences for which no deferred tax asset is recognised | 380,580 | 390,426 |
Entities that have had a loss for tax purposes in either current or previous year, or both [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 57,100 | 74,300 |
Deductible temporary differences for which no deferred tax asset is recognised | $ 187,200 | $ 334,000 |
INCOME TAXES - Disclosure of De
INCOME TAXES - Disclosure of Detailed Information About Effective Income Tax Expense (Recovery) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | ||
(Loss) earnings before tax | $ (61,404) | $ 25,250 |
Combined statutory tax rate | 27% | 27% |
Income tax (recovery) expense computed at statutory tax rate | $ (16,579) | $ 6,818 |
Reconciling items: | ||
Effect of different foreign statutory tax rates on earnings of subsidiaries | 1,052 | 4,962 |
Impact of foreign exchange on deferred income tax assets and liabilities | (20,238) | (1,419) |
Change in unrecognized deferred income tax asset | $ 2,097 | 14,100 |
Mining royalty in Mexico | 7.50% | |
7.5% mining royalty in Mexico | $ 11,345 | 13,389 |
Other non-deductible expenses | 16,941 | 15,491 |
Impact of inflationary adjustments | (18,015) | (13,504) |
Change in tax provision estimates | (2,127) | (945) |
Impact of divestitures and restructurings | 0 | 102 |
Value of losses forgone due to tax settlement | 55,657 | 0 |
Tax settlement | 24,033 | 0 |
Other | (1,294) | (8,821) |
Income tax expense | 52,872 | 30,173 |
Statements of Earnings Presentation | ||
Current income tax expense | 56,250 | 49,283 |
Deferred income tax recovery | (3,378) | (19,110) |
Income tax expense | $ 52,872 | $ 30,173 |
Effective tax rate | (86.00%) | 119% |
INCOME TAXES - Income Tax Recei
INCOME TAXES - Income Tax Receivable and Payable Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Major components of tax expense (income) [abstract] | ||
Current income tax payable | $ 18,240 | $ 27,980 |
Non-current income tax payable | 20,605 | 21,812 |
Current tax liabilities | $ 38,845 | $ 49,792 |
INCOME TAXES - Disclosure of _2
INCOME TAXES - Disclosure of Deferred Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets | ||
Deferred tax assets | $ 144,175 | $ 93,660 |
Benefit (expense) to statement of earnings | (6,601) | 37,439 |
Acquired from Jerritt Canyon | 13,076 | |
Charge to equity | (1,458) | |
Re-class to liabilities held-for-sale | (531) | |
Deferred tax assets | 135,585 | 144,175 |
Deferred tax liabilities | ||
Deferred tax liabilities | 220,754 | 72,745 |
Expense (Benefit) to statement of earnings | (9,979) | 18,329 |
Reclassed to current income taxes payable | (606) | 1,549 |
Acquired from Jerritt Canyon | 123,578 | |
Benefit to equity | 9,843 | |
Translation and other | (393) | (2,192) |
Re-class to liabilities held-for-sale | (8,785) | |
Deferred tax liabilities | 200,991 | 220,754 |
Statements Of Financial Position Presentation [Abstract] | ||
Net deferred tax assets | 57,062 | 74,257 |
Deferred tax liabilities | 122,468 | 150,836 |
Deferred tax (assets) liabilities | 65,406 | 76,579 |
Losses [Member] | ||
Deferred tax assets | ||
Deferred tax assets | 187,270 | 147,799 |
Benefit (expense) to statement of earnings | (5,451) | 29,196 |
Acquired from Jerritt Canyon | 10,275 | |
Re-class to liabilities held-for-sale | (34,189) | |
Deferred tax assets | 147,630 | 187,270 |
Provisions [Member] | ||
Deferred tax assets | ||
Deferred tax assets | 41,743 | 25,276 |
Benefit (expense) to statement of earnings | 3,217 | 16,467 |
Acquired from Jerritt Canyon | 0 | |
Re-class to liabilities held-for-sale | (2,283) | |
Deferred tax assets | 42,677 | 41,743 |
Deferred tax asset not recognized [Member] | ||
Deferred tax assets | ||
Deferred tax assets | (101,607) | (88,716) |
Benefit (expense) to statement of earnings | (5,449) | (12,891) |
Acquired from Jerritt Canyon | 0 | |
Re-class to liabilities held-for-sale | 36,340 | |
Deferred tax assets | (70,716) | (101,607) |
Other deferred tax assets [Member] | ||
Deferred tax assets | ||
Deferred tax assets | 16,769 | 9,301 |
Benefit (expense) to statement of earnings | 1,082 | 4,667 |
Acquired from Jerritt Canyon | 2,801 | |
Charge to equity | (1,458) | |
Re-class to liabilities held-for-sale | (399) | |
Deferred tax assets | 15,994 | 16,769 |
Property, plant and equipment and mining interests [Member] | ||
Deferred tax liabilities | ||
Deferred tax liabilities | 192,648 | 56,884 |
Expense (Benefit) to statement of earnings | (4,884) | 12,186 |
Reclassed to current income taxes payable | 0 | |
Acquired from Jerritt Canyon | 123,578 | |
Benefit to equity | 0 | |
Translation and other | 0 | |
Re-class to liabilities held-for-sale | (8,773) | |
Deferred tax liabilities | 178,991 | 192,648 |
Effect of Mexican tax deconsolidation [Member] | ||
Deferred tax liabilities | ||
Deferred tax liabilities | 606 | 2,071 |
Expense (Benefit) to statement of earnings | 84 | |
Reclassed to current income taxes payable | (606) | 1,549 |
Acquired from Jerritt Canyon | 0 | |
Benefit to equity | 0 | |
Translation and other | 0 | |
Deferred tax liabilities | 0 | 606 |
Other deferred tax liabilities [Member] | ||
Deferred tax liabilities | ||
Deferred tax liabilities | 27,500 | 13,790 |
Expense (Benefit) to statement of earnings | (5,095) | 6,059 |
Reclassed to current income taxes payable | 0 | |
Acquired from Jerritt Canyon | 0 | |
Benefit to equity | 9,843 | |
Translation and other | (393) | (2,192) |
Re-class to liabilities held-for-sale | (12) | |
Deferred tax liabilities | $ 22,000 | $ 27,500 |
INCOME TAXES - Disclosure of _3
INCOME TAXES - Disclosure of Detailed Information About Deductible Temporary Differences (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets | $ 380,580 | $ 390,426 |
Non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets | 277,067 | 239,175 |
Capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets | 26,592 | 10,619 |
Accrued expenses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets | 888 | 78,754 |
Mineral properties, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets | 45,264 | 44,300 |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets | $ 30,769 | $ 17,578 |
INCOME TAXES - Disclosure of _4
INCOME TAXES - Disclosure of Detailed Information About Deferred Tax Assets Expiration (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | $ 627,586 | $ 635,084 |
Unrecognized losses | 277,067 | 254,293 |
Expiration Year 2023 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 2,298 | 2,052 |
Expiration Year 2024 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 31,322 | 37,355 |
Expiration Year 2025 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 21,785 | 41,286 |
Expiration Year 2026 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 4,158 | 108,513 |
Expiration Year 2027 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 12,739 | 11,579 |
Expiration Year 2028 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 49,174 | 55,852 |
Expiration Year 2029 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 82,358 | 75,381 |
Expiration Year 2030 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 74,040 | 153,152 |
Expiration Year 2031 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 73,648 | 57,889 |
Expiration Year 2032 and After [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 114,402 | 25,447 |
No Expiry [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 161,662 | $ 66,578 |
Canadian non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 19,954 | |
Unrecognized losses | 19,954 | |
Canadian non-capital losses [Member] | Expiration Year 2023 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
Canadian non-capital losses [Member] | Expiration Year 2024 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
Canadian non-capital losses [Member] | Expiration Year 2025 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
Canadian non-capital losses [Member] | Expiration Year 2026 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
Canadian non-capital losses [Member] | Expiration Year 2027 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
Canadian non-capital losses [Member] | Expiration Year 2028 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
Canadian non-capital losses [Member] | Expiration Year 2029 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
Canadian non-capital losses [Member] | Expiration Year 2030 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
Canadian non-capital losses [Member] | Expiration Year 2031 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
Canadian non-capital losses [Member] | Expiration Year 2032 and After [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 19,954 | |
Canadian non-capital losses [Member] | No Expiry [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
US non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 175,996 | |
Unrecognized losses | 0 | |
US non-capital losses [Member] | Expiration Year 2023 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
US non-capital losses [Member] | Expiration Year 2024 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
US non-capital losses [Member] | Expiration Year 2025 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
US non-capital losses [Member] | Expiration Year 2026 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
US non-capital losses [Member] | Expiration Year 2027 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
US non-capital losses [Member] | Expiration Year 2028 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
US non-capital losses [Member] | Expiration Year 2029 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
US non-capital losses [Member] | Expiration Year 2030 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
US non-capital losses [Member] | Expiration Year 2031 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 0 | |
US non-capital losses [Member] | Expiration Year 2032 and After [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 14,334 | |
US non-capital losses [Member] | No Expiry [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 161,662 | |
Mexican non-capital losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 431,636 | |
Unrecognized losses | 257,113 | |
Mexican non-capital losses [Member] | Expiration Year 2023 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 2,298 | |
Mexican non-capital losses [Member] | Expiration Year 2024 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 31,322 | |
Mexican non-capital losses [Member] | Expiration Year 2025 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 21,785 | |
Mexican non-capital losses [Member] | Expiration Year 2026 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 4,158 | |
Mexican non-capital losses [Member] | Expiration Year 2027 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 12,739 | |
Mexican non-capital losses [Member] | Expiration Year 2028 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 49,174 | |
Mexican non-capital losses [Member] | Expiration Year 2029 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 82,358 | |
Mexican non-capital losses [Member] | Expiration Year 2030 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 74,040 | |
Mexican non-capital losses [Member] | Expiration Year 2031 [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 73,648 | |
Mexican non-capital losses [Member] | Expiration Year 2032 and After [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | 80,114 | |
Mexican non-capital losses [Member] | No Expiry [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Non-capital losses | $ 0 |
SHARE CAPITAL (Details Textual
SHARE CAPITAL (Details Textual) | 1 Months Ended | 12 Months Ended | ||||
May 26, 2022 | May 31, 2021 USD ($) | Dec. 31, 2022 CAD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CAD ($) shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Disclosure of classes of share capital [line items] | ||||||
Decrease through shares repurchased and cancelled | $ 665,000 | $ 42,000 | ||||
Sale of stock, maximum aggregate gross proceeds | $ 100,000,000 | |||||
Increase in number of shares outstanding at-the-market distributions (in shares) | shares | 11,869,145 | 11,869,145 | 4,225,000 | 4,225,000 | ||
Shares issued, price per share (in dollars per share) | $ / shares | $ 9.8 | $ 16.24 | ||||
Gross proceeds from issuing shares | $ 116,300,000 | $ 68,600,000 | ||||
Proceeds from issuing shares from ATM program, net | 113,395,000 | 66,674,000 | ||||
Transaction costs | 2,900,000 | 1,900,000 | ||||
Percent of shares reserved for issuance under share based compensation plan | 6% | |||||
Maximum term of options granted for share-based payment arrangement (Year) | 10 years | |||||
Fair value share options granted | 14,700,000 | 9,900,000 | ||||
Weighted average fair value at measurement date, share options granted | 4.73 | 7.04 | ||||
Expense from share-based payment transactions with employees | $ 13,958,000 | $ 12,290,000 | ||||
Weighted average share price, share options exercised | $ 14.7 | $ 18.94 | ||||
Maximum number of shares repurchaseable | shares | 10,000,000 | |||||
Repurchased common shares | shares | 100,000 | 100,000 | 0 | 0 | ||
Average price of repurchased shares | $ / shares | $ 8.52 | |||||
Proceeds from share repurchase program | $ 700,000 | |||||
Vesting on first anniversary [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vesting percentage for share-based payment arrangement | 25% | |||||
Vesting on each six months thereafter [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vesting percentage for share-based payment arrangement | 25% | |||||
Stock options [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Expense from share-based payment transactions with employees | 9,000,000 | $ 8,800,000 | ||||
Restricted share units [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Expense from share-based payment transactions with employees | 2,900,000 | 1,900,000 | ||||
Performance share units [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Expense from share-based payment transactions with employees | 1,500,000 | 1,200,000 | ||||
Performance share units [Member] | Bottom of range [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vesting percentage for share-based payment arrangement | 0% | |||||
Performance share units [Member] | Top of range [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vesting percentage for share-based payment arrangement | 200% | |||||
Deferred share units [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Transaction costs | 100,000 | |||||
Expense from share-based payment transactions with employees | 300,000 | 400,000 | ||||
Issued capital [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Decrease through shares repurchased and cancelled | $ 665,000 | $ 42,000 | ||||
Decrease in number of shares outstanding, shares repurchased and cancelled (in shares) | shares | 100,000 | 100,000 | 6,913 | 6,913 | ||
Number of shares cancelled | shares | 6,913 | 6,913 |
SHARE CAPITAL - Authorized and
SHARE CAPITAL - Authorized and Issued Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | ||
ATM program (Number of Shares) | 11,869,145 | 4,225,000 |
ATM program (Net Proceeds) | $ 113,395 | $ 66,674 |
Number of Shares | 11,869,145 | 4,225,000 |
Net Proceeds | $ 113,395 | $ 66,674 |
SHARE CAPITAL - Disclosure of
SHARE CAPITAL - Disclosure of Range of Exercise Prices of Outstanding Share Options (Details) | 12 Months Ended | ||
Dec. 31, 2022 Share $ / shares | Dec. 31, 2021 Share $ / shares | Dec. 31, 2020 Share $ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding in share-based payment arrangement | Share | 7,275,744 | 5,638,383 | 7,074,092 |
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) | $ 13.19 | $ 13.29 | $ 12.07 |
Weighted average remaining contractual life of outstanding share options (Year) | 7 years 11 months 1 day | ||
Options Exercisable Number of Options | Share | 3,413,487 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) | $ 12.38 | ||
Weighted Average Remaining Contractual Life Of Exercisable Share Options | 6 years 7 months 28 days | ||
5.01 - 10.00 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding in share-based payment arrangement | Share | 1,903,045 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) | $ 8.7 | ||
Weighted average remaining contractual life of outstanding share options (Year) | 6 years 1 month 13 days | ||
Options Exercisable Number of Options | Share | 1,648,045 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) | $ 8.63 | ||
Weighted Average Remaining Contractual Life Of Exercisable Share Options | 5 years 10 months 2 days | ||
5.01 - 10.00 [Member] | Bottom of range [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 5.01 | ||
5.01 - 10.00 [Member] | Top of range [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 10 | ||
10.01 - 15.00 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding in share-based payment arrangement | Share | 3,489,921 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) | $ 13.03 | ||
Weighted average remaining contractual life of outstanding share options (Year) | 8 years 10 months 13 days | ||
Options Exercisable Number of Options | Share | 825,296 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) | $ 13.72 | ||
Weighted Average Remaining Contractual Life Of Exercisable Share Options | 7 years 3 months 21 days | ||
10.01 - 15.00 [Member] | Bottom of range [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 10.01 | ||
10.01 - 15.00 [Member] | Top of range [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 15 | ||
15.01 - 20.00[Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding in share-based payment arrangement | Share | 1,265,840 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) | $ 16.36 | ||
Weighted average remaining contractual life of outstanding share options (Year) | 7 years 9 months 14 days | ||
Options Exercisable Number of Options | Share | 648,524 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) | $ 16.14 | ||
Weighted Average Remaining Contractual Life Of Exercisable Share Options | 7 years 1 month 13 days | ||
15.01 - 20.00[Member] | Bottom of range [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 15.01 | ||
15.01 - 20.00[Member] | Top of range [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 20 | ||
20.01 - 250.00 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options outstanding in share-based payment arrangement | Share | 616,938 | ||
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) | $ 21.46 | ||
Weighted average remaining contractual life of outstanding share options (Year) | 8 years 4 months 24 days | ||
Options Exercisable Number of Options | Share | 291,622 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share) | $ 21.44 | ||
Weighted Average Remaining Contractual Life Of Exercisable Share Options | 8 years 4 months 24 days | ||
20.01 - 250.00 [Member] | Bottom of range [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 20.01 | ||
20.01 - 250.00 [Member] | Top of range [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price of outstanding share options (in dollars per share) | $ 250 |
SHARE CAPITAL - Disclosure o_2
SHARE CAPITAL - Disclosure of Number and Weighted Average Exercise Prices of Share Options (Details) | 12 Months Ended | |
Dec. 31, 2022 Share $ / shares | Dec. 31, 2021 Share $ / shares | |
Disclosure of classes of share capital [abstract] | ||
Balance, beginning of the year | Share | 5,638,383 | 7,074,092 |
Balance, beginning of the year, weighted average exercise price | $ / shares | $ 13.29 | $ 12.07 |
Granted | Share | 3,107,500 | 1,400,000 |
Granted, weighted average exercise price | $ / shares | $ 12.96 | $ 18.98 |
Exercised | Share | (609,623) | (2,502,234) |
Exercised, weighted average exercise price | $ / shares | $ 9.76 | $ 10.87 |
Cancelled or expired | Share | (860,516) | (333,475) |
Cancelled or expired, weighted average exercise price | $ / shares | $ 15.44 | $ 29.45 |
Balance, end of the year | Share | 7,275,744 | 5,638,383 |
Balance, end of the year, weighted average exercise price | $ / shares | $ 13.19 | $ 13.29 |
SHARE CAPITAL - Disclosure o_3
SHARE CAPITAL - Disclosure of Detailed Information About Options, Valuation Assumptions (Details) - Years | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | ||
Risk-free interest rate (%) | 2.16% | 1.04% |
Expected life (years) | 5.91 | 5.93 |
Expected volatility (%) | 49% | 49% |
Expected dividend yield (%) | 1.64% | 0.10% |
SHARE CAPITAL - Disclosure o_4
SHARE CAPITAL - Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments (Details) | 12 Months Ended | |
Dec. 31, 2022 Share $ / shares | Dec. 31, 2021 Share $ / shares | |
Restricted share units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, beginning of the year, number of shares | Share | 400,549 | 184,483 |
Outstanding, beginning of the year, weighted average fair value | $ / shares | $ 16.77 | $ 15.66 |
Granted, number of shares | Share | 498,740 | 312,991 |
Granted, weighted average fair value | $ / shares | $ 13.18 | $ 17.19 |
Settled, number of shares | Share | (159,016) | (69,504) |
Settled, weighted average fair value | $ / shares | $ 16.57 | $ 15.79 |
Forfeited, number of shares | Share | (87,934) | (27,421) |
Forfeited, weighted average fair value | $ / shares | $ 14.74 | $ 16.56 |
Outstanding, end of the year, number of shares | Share | 652,339 | 400,549 |
Outstanding, end of the year, weighted average fair value | $ / shares | $ 14.35 | $ 16.77 |
Performance share units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, beginning of the year, number of shares | Share | 275,516 | 109,035 |
Outstanding, beginning of the year, weighted average fair value | $ / shares | $ 16.58 | $ 15.62 |
Granted, number of shares | Share | 268,955 | 184,050 |
Granted, weighted average fair value | $ / shares | $ 13.21 | $ 17.15 |
Forfeited, number of shares | Share | (69,817) | (17,569) |
Forfeited, weighted average fair value | $ / shares | $ 15.55 | $ 16.56 |
Outstanding, end of the year, number of shares | Share | 474,654 | 275,516 |
Outstanding, end of the year, weighted average fair value | $ / shares | $ 14.82 | $ 16.58 |
Deferred share units [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, beginning of the year, number of shares | Share | 25,185 | 0 |
Outstanding, beginning of the year, weighted average fair value | $ / shares | $ 18.31 | $ 0 |
Granted, number of shares | Share | 37,312 | 31,040 |
Granted, weighted average fair value | $ / shares | $ 14.07 | $ 18.08 |
Settled, number of shares | Share | (11,896) | (5,855) |
Settled, weighted average fair value | $ / shares | $ 15.55 | $ 17.08 |
Outstanding, end of the year, number of shares | Share | 50,601 | 25,185 |
Outstanding, end of the year, weighted average fair value | $ / shares | $ 15.83 | $ 18.31 |
SHARE CAPITAL - Disclosure of d
SHARE CAPITAL - Disclosure of dividend declared (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
March 10, 2022 [Member] | |
Disclosure of classes of share capital [line items] | |
Declaration Date | Mar. 10, 2022 |
Record Date | Mar. 21, 2022 |
Dividend per Common Share | $ 0.0079 |
May 12, 2022 [Member] | |
Disclosure of classes of share capital [line items] | |
Declaration Date | May 12, 2022 |
Record Date | May 25, 2022 |
Dividend per Common Share | $ 0.006 |
August 4, 2022 [Member] | |
Disclosure of classes of share capital [line items] | |
Declaration Date | Aug. 04, 2022 |
Record Date | Aug. 16, 2022 |
Dividend per Common Share | $ 0.0061 |
November 9, 2022 [Member] | |
Disclosure of classes of share capital [line items] | |
Declaration Date | Nov. 09, 2022 |
Record Date | Nov. 22, 2022 |
Dividend per Common Share | $ 0.0061 |
February 23, 2023 [Member] | |
Disclosure of classes of share capital [line items] | |
Declaration Date | Feb. 23, 2023 |
Record Date | Mar. 10, 2023 |
Dividend per Common Share | $ 0.0054 |
FINANCIAL INSTRUMENTS AND REL_3
FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Value added tax receivables | $ 47,100 | $ 44,900 |
Working capital | 224,400 | 202,900 |
Available liquidity | 274,400 | 277,900 |
Available liquidity, undrawn revolving credit facility | 50,000 | 75,000 |
Realised foreign exchange gains (losses) on fair value adjustments to foreign currency derivatives | 0 | |
Current value added tax receivables | 46,531 | 32,618 |
MLE [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value added tax receivables | 22,200 | 21,600 |
PEM [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value added tax receivables | 22,000 | $ 17,700 |
Foreign currency derivatives [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial assets | $ 0 |
FINANCIAL INSTRUMENTS AND REL_4
FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT - Disclosure of Detailed Information About Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | $ 34,528 | $ 26,486 |
Carrying value [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | 34,528 | 26,486 |
Level 1 of fair value hierarchy [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | 33,426 | 22,531 |
Level 2 of fair value hierarchy [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Marketable securities | $ 1,102 | $ 3,955 |
FINANCIAL INSTRUMENTS AND REL_5
FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT - Disclosure of Detailed Information About Capital Risk Management (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [abstract] | |||
Equity | $ 1,411,298 | $ 1,410,971 | $ 850,236 |
Debt facilities | 210,362 | 181,233 | |
Lease liabilities | 37,583 | 39,861 | 20,575 |
Less: cash and cash equivalents | (151,438) | (237,926) | $ (238,578) |
Capital | $ 1,507,805 | $ 1,394,139 |
FINANCIAL INSTRUMENTS AND REL_6
FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT - Disclosure of Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other current payables | $ 115,120 | $ 120,666 | |
Debt facilities | 210,362 | 181,233 | |
Lease liabilities | 37,583 | 39,861 | $ 20,575 |
Other liabilities | 5,655 | $ 5,797 | |
Capital commitments | 1,355 | ||
Total financial liabilities | 370,075 | ||
Contractual cash flows [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other current payables | 115,120 | ||
Debt facilities | 254,838 | ||
Lease liabilities | 41,896 | ||
Other liabilities | 6,956 | ||
Capital commitments | 1,355 | ||
Total financial liabilities | 420,165 | ||
Less than 1 year [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other current payables | 115,120 | ||
Debt facilities | 1,847 | ||
Lease liabilities | 13,966 | ||
Other liabilities | 0 | ||
Capital commitments | 1,355 | ||
Total financial liabilities | 132,288 | ||
From 2 To 3 Years [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other current payables | 0 | ||
Debt facilities | 22,955 | ||
Lease liabilities | 21,337 | ||
Other liabilities | 0 | ||
Capital commitments | 0 | ||
Total financial liabilities | 44,292 | ||
From 4 to 5 years [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other current payables | 0 | ||
Debt facilities | 230,036 | ||
Lease liabilities | 5,668 | ||
Other liabilities | 0 | ||
Capital commitments | 0 | ||
Total financial liabilities | 235,704 | ||
After 5 years [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other current payables | 0 | ||
Debt facilities | 0 | ||
Lease liabilities | 925 | ||
Other liabilities | 6,956 | ||
Capital commitments | 0 | ||
Total financial liabilities | $ 7,881 |
FINANCIAL INSTRUMENTS AND REL_7
FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT - Disclosure of Detailed Information About Currency Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | $ 151,438 | $ 237,926 | $ 238,578 |
Restricted cash | 125,193 | 127,582 | |
Value added taxes receivable | 32,618 | 46,531 | |
Other financial assets | 34,528 | 26,486 | |
Trade and other payables | (115,120) | (120,666) | |
Trade and other current receivables | 8,598 | $ 7,729 | |
Canadian dollar [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | 29,956 | ||
Restricted cash | 0 | ||
Value added taxes receivable | 0 | ||
Other financial assets | 3,365 | ||
Trade and other payables | (1,887) | ||
Net assets (liabilities) exposure | 31,434 | ||
Effect of +/- 10% change in currency | 3,143 | ||
Mexican peso [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | 24,036 | ||
Restricted cash | 79,126 | ||
Value added taxes receivable | 41,152 | ||
Other financial assets | 0 | ||
Trade and other payables | (55,629) | ||
Net assets (liabilities) exposure | 88,685 | ||
Effect of +/- 10% change in currency | 8,869 | ||
Amounts in foreign currencies [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | 53,992 | ||
Restricted cash | 79,126 | ||
Value added taxes receivable | 41,152 | ||
Other financial assets | 3,365 | ||
Trade and other payables | (57,516) | ||
Net assets (liabilities) exposure | 120,119 | ||
Effect of +/- 10% change in currency | $ 12,012 |
FINANCIAL INSTRUMENTS AND REL_8
FINANCIAL INSTRUMENTS AND RELATED RISK MANAGEMENT - Disclosure of Detailed Information About Price Risk (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |
Effect of a 10% change in metal prices | $ 3,489 |
Silver [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Effect of a 10% change in metal prices | 2,630 |
Gold [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Effect of a 10% change in metal prices | 859 |
Metals in dore inventory [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Effect of a 10% change in metal prices | 3,489 |
Metals in dore inventory [Member] | Silver [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Effect of a 10% change in metal prices | 2,630 |
Metals in dore inventory [Member] | Gold [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Effect of a 10% change in metal prices | $ 859 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Supplemental Cash Flow Information [Abstract] | ||
Cash and cash equivalents held in trust as bonds for tax audits | $ 1.4 | $ 6.4 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Disclosure of Detailed Information About Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other adjustments to investing activities: | ||
Purchase of marketable securities | $ (1,728) | $ (3,522) |
Proceeds from disposal of marketable securities | 2,739 | 2,564 |
Cash received on settlement of silver futures | 4,007 | 533 |
Other inflows (outflows) of cash | 5,018 | (425) |
Net change in non-cash working capital items: | ||
(Increase) in trade and other receivables | (870) | (3,386) |
Decrease in value added taxes receivable | 1,732 | 9,839 |
(Increase) in inventories | (3,447) | (8,956) |
(Increase) in prepaid expenses and other | (316) | (903) |
(Decrease) increase in income taxes payable | (4,426) | 3,332 |
(Decrease) increase in trade and other payables | (22,748) | 16,580 |
Decrease (increase) in restricted cash | 2,389 | (48,010) |
Increase (decrease) in working capital | (27,686) | (31,504) |
Non-cash investing and financing activities: | ||
Shares received from disposition of royalty portfolio | 21,507 | 0 |
Disposition of mining claims in relation to sale of royalty portfolio | (17,206) | 0 |
Acquisition of Jerritt Canyon | 466,300 | |
Transfer of share-based payments reserve upon settlement of RSU's | 1,897 | 963 |
Transfer of share-based payments reserve upon exercise of options | 2,208 | 8,643 |
Acquisition of mining interests | 0 | (3,750) |
Assets acquired by finance lease | (3,109) | (4,001) |
Conversion to common shares upon settlement of the convertible note | 0 | (23,230) |
Non-cash investing and financing activities | $ 5,297 | $ (444,925) |
CONTINGENCIES AND OTHER MATTE_2
CONTINGENCIES AND OTHER MATTERS (Details Textual) ounce in Millions, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2013 USD ($) | Apr. 30, 2013 USD ($) | Dec. 31, 2022 MXN ($) ounce | Dec. 31, 2022 USD ($) ounce | Dec. 31, 2021 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 MXN ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2013 CAD ($) | Jun. 30, 2013 USD ($) | |
Disclosure Of Contingencies And Other Matters [Line Items] | ||||||||||||
Gains on litigation settlements | $ 93,800,000 | |||||||||||
Proceeds from litigation settlement | $ 14,100,000 | |||||||||||
Estimated financial effect of contingent assets | $ 81.5 | $ 64,300,000 | $ 81.5 | $ 64,300,000 | ||||||||
Wheaton Precious Metals International Ltd [Member] | Mexico - San Dimas [Member] | ||||||||||||
Disclosure Of Contingencies And Other Matters [Line Items] | ||||||||||||
Maximum silver production required to be sold | ounce | 6 | 6 | ||||||||||
Percent of silver production required to be sold | 50% | 50% | ||||||||||
Silver, selling price, per ounce | $ 4.014 | |||||||||||
Purchase agreement, annual inflation increase, percent | 1% | 1% | ||||||||||
Tax Assessments By Sat Related To Audits Of 2010 To 2012 Tax Returns | $ 4,919 | $ 253,400,000 | ||||||||||
Tax assessments by SAT related to audits of 2013 tax return | $ 2,723 | $ 139,700,000 | ||||||||||
Potential incremental income tax before interest and penalties | $ 4,995 | $ 257,300,000 | ||||||||||
Minera La Encantada, S.A. de C.V. [Member] | ||||||||||||
Disclosure Of Contingencies And Other Matters [Line Items] | ||||||||||||
Tax assessments by SAT related to audits of 2013 tax return | 95.5 | 4,900,000 | ||||||||||
Tax assessments issued by SAT related to fiscal 2014 for corporate income tax | 305.2 | 15,700,000 | ||||||||||
Tax assessments issued by SAT related to fiscal 2015 for corporate income tax | $ 3,968 | 204,400,000 | ||||||||||
Corporacion First Majestic, S.A. de C.V. [Member] | ||||||||||||
Disclosure Of Contingencies And Other Matters [Line Items] | ||||||||||||
Tax assessments by SAT related to audits of 2013 tax return | $ 302 | $ 15,600,000 | ||||||||||
One-time payments | 21,300,000 | |||||||||||
Deferred tax expense | 55,700,000 | |||||||||||
First Majestic Plata, S.A. de C.V.[Member] | ||||||||||||
Disclosure Of Contingencies And Other Matters [Line Items] | ||||||||||||
One-time payments | $ 6,300,000 |
SUBSIDIARIES - Disclosure of Su
SUBSIDIARIES - Disclosure of Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
First Majestic Silver Corp. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Corporacion First Majestic, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Primero Empresa Minera, S.A de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Nusantara de Mexico, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Minera La Encantada, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
First Majestic Plata, S.A. de C.V.[Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Minera El Pilon, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
First Majestic Del Toro, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
La Guitarra Compañia Minera, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Majestic Services, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Jerritt Canyon Canada Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Jerritt Canyon Gold LLC [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
FM Metal Trading (Barbados) Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
FMS Trading AG [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
KEY MANAGEMENT COMPENSATION - D
KEY MANAGEMENT COMPENSATION - Disclosure of Information About Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Key Management Compensation [Line Items] | ||
Key management personnel compensation | $ 10,592 | $ 9,088 |
Independent members of the Board of Directors[Member] | ||
Disclosure Of Key Management Compensation [Line Items] | ||
Salaries, bonuses, fees and benefits | 837 | 868 |
Share-based payments | 713 | 769 |
Other members of key management [Member] | ||
Disclosure Of Key Management Compensation [Line Items] | ||
Salaries, bonuses, fees and benefits | 4,983 | 3,790 |
Share-based payments | $ 4,059 | $ 3,661 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 23, 2023 | Jul. 20, 2022 | May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Sale of stock, maximum aggregate gross proceeds | $ 100 | ||||
Number of shares issued in ATM program (in shares) | 11,869,145 | 4,225,000 | |||
Shares issued, price per share (in dollars per share) | $ 9.8 | $ 16.24 | |||
Gross proceeds from issuing shares | $ 116.3 | $ 68.6 | |||
At-the-Market Distributions ("ATM") Program [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Sale of stock, maximum aggregate gross proceeds | $ 100 | ||||
Number of shares issued in ATM program (in shares) | 1,719,634 | ||||
Shares issued, price per share (in dollars per share) | $ 8.76 | ||||
Gross proceeds from issuing shares | $ 15 | ||||
Subsequent events [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Dividends declared | $ 0.0054 |