Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2023 shares | |
Document Information Line Items | |
Entity Registrant Name | SILVERCORP METALS INC |
Trading Symbol | SVM |
Document Type | 40-F |
Current Fiscal Year End Date | --03-31 |
Entity Common Stock, Shares Outstanding | 176,945,688 |
Amendment Flag | false |
Entity Central Index Key | 0001340677 |
Entity Current Reporting Status | Yes |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Auditor Name | Deloitte LLP |
Auditor Location | Vancouver, Canada |
Document Registration Statement | false |
Document Annual Report | true |
Entity File Number | 001-34184 |
Entity Incorporation, State or Country Code | Z4 |
Entity Primary SIC Number | 1041 |
Entity Tax Identification Number | 00-0000000 |
Entity Address, Address Line One | Suite 1750 |
Entity Address, Address Line Two | 1066 West Hastings Street |
Entity Address, City or Town | Vancouver |
Entity Address, Postal Zip Code | V6E 3X1 |
Entity Address, Country | CA |
City Area Code | (604) |
Local Phone Number | 669-9397 |
Title of 12(b) Security | Common Shares, without par value |
Security Exchange Name | NYSEAMER |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Interactive Data Current | Yes |
Auditor Firm ID | 1208 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | 84 State Street |
Entity Address, City or Town | Boston |
Entity Address, Postal Zip Code | 02109 |
City Area Code | 617 |
Local Phone Number | 227-9590 |
Contact Personnel Name | Corporation Service Company |
Entity Address, State or Province | MA |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Profit or loss [abstract] | ||
Revenue | $ 208,129 | $ 217,923 |
Cost of mine operations | ||
Production costs | 91,769 | 88,537 |
Depreciation and amortization | 27,607 | 25,082 |
Mineral resource taxes | 5,095 | 5,952 |
Government fees and other taxes | 2,388 | 2,643 |
General and administrative | 10,487 | 11,408 |
Cost of sales | 137,346 | 133,622 |
Income from mine operations | 70,783 | 84,301 |
Corporate general and administrative | 13,249 | 14,181 |
Property evaluation and business development | 438 | 921 |
Foreign exchange gain | (4,842) | (267) |
Loss on equity investments designed as FVTPL | 2,318 | 3,485 |
Share of loss in associates | 2,901 | 2,188 |
Dilution loss on investment in associate | 107 | |
Loss on disposal of plant and equipment | 444 | 210 |
Impairment of mineral rights and properties | 20,211 | |
Other expense | 2,210 | 1,018 |
Income from operations | 33,747 | 62,565 |
Finance income | 4,654 | 5,217 |
Finance costs | (3,258) | (10,710) |
Income before income taxes | 35,143 | 57,072 |
Income tax expense | 14,043 | 13,788 |
Net income | 21,100 | 43,284 |
Attributable to: | ||
Equity holders of the Company | 20,608 | 30,634 |
Non-controlling interests | $ 492 | $ 12,650 |
Earnings per share attributable to the equity holders of the Company | ||
Basic earnings per share (in Dollars per share) | $ 0.12 | $ 0.17 |
Diluted earnings per share (in Dollars per share) | $ 0.12 | $ 0.17 |
Weighted Average Number of Shares Outstanding - Basic (in Shares) | 176,862,877 | 176,534,501 |
Weighted Average Number of Shares Outstanding - Diluted (in Shares) | 178,989,549 | 178,323,968 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net income | $ 21,100 | $ 43,284 |
Items that may subsequently be reclassified to net income or loss: | ||
Currency translation adjustment, net of tax of $nil | (45,644) | 13,649 |
Share of other comprehensive (loss) income in associate | (886) | 95 |
Items that will not subsequently be reclassified to net income or loss: | ||
Change in fair value on equity investments designated as FVTOCI, net of tax of $nil | (1,312) | (1,526) |
Income tax effect | 389 | |
Other comprehensive (loss) income, net of taxes | (47,842) | 12,607 |
Attributable to: | ||
Equity holders of the Company | (41,290) | 10,597 |
Non-controlling interests | (6,552) | 2,010 |
Other comprehensive loss, net of taxes | (47,842) | 12,607 |
Total comprehensive (loss) income | (26,742) | 55,891 |
Attributable to: | ||
Equity holders of the Company | (20,682) | 41,231 |
Non-controlling interests | (6,060) | 14,660 |
Total comprehensive income | $ (26,742) | $ 55,891 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 145,692 | $ 113,302 |
Short-term investments | 57,631 | 99,623 |
Trade and other receivables | 1,806 | 3,615 |
Current portion of lease receivable | 182 | |
Inventories | 8,343 | 9,124 |
Due from related parties | 88 | 66 |
Income tax receivable | 582 | 928 |
Prepaids and deposits | 4,906 | 5,468 |
Current Assets, Total | 219,048 | 232,308 |
Non-current Assets | ||
Long-term prepaids and deposits | 871 | 974 |
Reclamation deposits | 6,981 | 8,876 |
Other investments | 15,540 | 17,768 |
Investment in associates | 50,695 | 56,841 |
Plant and equipment | 80,059 | 79,418 |
Mineral rights and properties | 303,426 | 326,448 |
Deferred income tax assets | 179 | 905 |
TOTAL ASSETS | 676,799 | 723,538 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 36,737 | 39,667 |
Current portion of lease obligation | 269 | 649 |
Deposits received | 4,090 | 5,445 |
Income tax payable | 144 | 277 |
Current Liabilities, Total | 41,240 | 46,038 |
Non-current Liabilities | ||
Long-term portion of lease obligation | 314 | 614 |
Deferred income tax liabilities | 48,096 | 48,033 |
Environmental rehabilitation | 7,318 | 8,739 |
Total Liabilities | 96,968 | 103,424 |
Equity | ||
Share capital | 255,684 | 255,444 |
Equity reserves | 3,484 | 43,250 |
Retained earnings | 229,885 | 213,702 |
Total equity attributable to the equity holders of the Company | 489,053 | 512,396 |
Non-controlling interests | 90,778 | 107,718 |
Total Equity | 579,831 | 620,114 |
TOTAL LIABILITIES AND EQUITY | $ 676,799 | $ 723,538 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net income | $ 21,100 | $ 43,284 |
Add (deduct) items not affecting cash: | ||
Finance costs | 3,258 | 10,710 |
Income tax expense | 14,043 | 13,788 |
Depreciation, amortization and depletion | 29,370 | 27,028 |
Loss on equity investments designed as FVTPL | 2,318 | 3,485 |
Share of loss in associates | 2,901 | 2,188 |
Dilution loss on investment in associate | 107 | |
Impairment of mineral rights and properties | 20,211 | |
Loss on disposal of plant and equipment | 444 | 210 |
Share-based compensation | 3,842 | 6,096 |
Reclamation expenditures | (361) | (251) |
Income taxes paid | (9,537) | (5,512) |
Interest paid | (43) | (72) |
Changes in non-cash operating working capital | (2,010) | 6,424 |
Net cash provided by operating activities | 85,643 | 107,378 |
Plant and equipment | ||
Additions | (13,293) | (10,729) |
Proceeds on disposals | 215 | 74 |
Mineral rights and properties | ||
Capital expenditures | (41,664) | (43,341) |
Acquisition | (13,135) | |
Reclamation deposits | ||
Paid | (317) | (293) |
Refund | 1,152 | |
Other investments | ||
Acquisition | (3,702) | (8,235) |
Proceeds on disposals | 1,035 | 1,362 |
Investment in associates | (2,055) | (5,313) |
Short-term investment | ||
Purchase | (182,299) | (171,215) |
Redemption | 214,232 | 143,982 |
Principal received on lease receivable | 172 | 217 |
Net cash used in investing activities | (26,524) | (106,626) |
Financing activities | ||
Principal payments on lease obligation | (597) | (637) |
Cash dividends distributed | (4,425) | (4,413) |
Non-controlling interests | ||
Distribution | (10,880) | (5,096) |
Related parties | ||
Repayments received | 812 | |
Proceeds from issuance of common shares | 1,908 | |
Common shares repurchased as part of normal course issuer bid | (2,078) | |
Net cash used in financing activities | (17,980) | (7,426) |
Effect of exchange rate changes on cash and cash equivalents | (8,749) | 1,241 |
Increase (decrease) in cash and cash equivalents | 32,390 | (5,433) |
Cash and cash equivalents, beginning of the period | 113,302 | 118,735 |
Cash and cash equivalents, end of the period | 145,692 | 113,302 |
Supplementary cash flow information |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Share capital | Share option reserve | Reserves | Accumulated other comprehensive loss | Retained earnings | Total equity attributable to the equity holders of the Company | Non-controlling interests | Total |
Balance at Mar. 31, 2021 | $ 250,199 | $ 16,610 | $ 25,409 | $ (12,550) | $ 187,906 | $ 467,574 | $ 98,154 | $ 565,728 |
Balance (in Shares) at Mar. 31, 2021 | 175,742,544 | |||||||
Options exercised | $ 2,528 | (620) | 1,908 | 1,908 | ||||
Options exercised (in Shares) | 797,083 | |||||||
Restricted share units vested | $ 2,717 | (2,717) | ||||||
Restricted share units vested (in Shares) | 566,172 | |||||||
Share-based compensation | 6,096 | 6,096 | 6,096 | |||||
Dividends declared | (4,413) | (4,413) | (4,413) | |||||
Distribution to non-controlling interests | (5,096) | (5,096) | ||||||
Contribution to reserves | 425 | (425) | ||||||
Comprehensive income | 10,597 | 30,634 | 41,231 | 14,660 | 55,891 | |||
Balance at Mar. 31, 2022 | $ 255,444 | 19,369 | 25,834 | (1,953) | 213,702 | 512,396 | 107,718 | 620,114 |
Balance (in Shares) at Mar. 31, 2022 | 177,105,799 | |||||||
Restricted share units vested | $ 2,318 | (2,318) | ||||||
Restricted share units vested (in Shares) | 503,703 | |||||||
Share-based compensation | 3,842 | 3,842 | 3,842 | |||||
Dividends declared | (4,425) | (4,425) | (4,425) | |||||
Common shares repurchased as part of normal course issuer bid | $ (2,708) | (2,078) | (2,078) | |||||
Common shares repurchased as part of normal course issuer bid (in Shares) | (838,237) | |||||||
Distribution to non-controlling interests | (10,880) | (10,880) | ||||||
Comprehensive income | (41,290) | 20,608 | (20,682) | (6,060) | (26,742) | |||
Balance at Mar. 31, 2023 | $ 255,684 | $ 20,893 | $ 25,834 | $ (43,243) | $ 229,885 | $ 489,053 | $ 90,778 | $ 579,831 |
Balance (in Shares) at Mar. 31, 2023 | 176,771,265 |
Corporate Information
Corporate Information | 12 Months Ended |
Mar. 31, 2023 | |
Corporate Information [Abstract] | |
CORPORATE INFORMATION | 1. CORPORATE INFORMATION Silvercorp Metals Inc., along with its subsidiary companies (collectively the “Company”), is engaged in the acquisition, exploration, development, and mining of mineral properties. The Company’s producing mines are located in China, and current exploration and development projects are located in China and Mexico. The Company is a publicly listed company incorporated in the Province of British Columbia, Canada, with limited liability under the legislation of the Province of British Columbia. The Company’s shares are traded on the Toronto Stock Exchange and NYSE American. The head office, registered address and records office of the Company are located at 1066 West Hastings Street, Suite 1750, Vancouver, British Columbia, Canada, V6E 3X1. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES (a) Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The policies applied in these consolidated financial statements are based on IFRS in effect as of April 1, 2022. These consolidated financial statements were authorized for issue in accordance with a resolution of the Board of Directors dated May 24, 2023. (b) Basis of Consolidation These consolidated financial statements include the accounts of the Company and its wholly or partially owned subsidiaries. Subsidiaries are consolidated from the date on which the Company obtains control up to the date of the disposition of control. Control is achieved when the Company has power over the subsidiary, is exposed or has rights to variable returns from its involvement with the subsidiary and has the ability to use its power to affect its returns. For non-wholly owned subsidiaries over which the Company has control, the net assets attributable to outside equity shareholders are presented as “non-controlling interests” in the equity section of the consolidated balance sheets. Net income for the period that is attributable to the non-controlling interests is calculated based on the ownership of the non-controlling interest shareholders in the subsidiary. Adjustments to recognize the non-controlling interests’ share of changes to the subsidiary’s equity are made even if this results in the non-controlling interests having a deficit balance. Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interests is adjusted to reflect the change in the non-controlling interests’ relative interests in the subsidiary and the difference between the adjustment to the carrying amount of non-controlling interest and the Company’s share of proceeds received and/or consideration paid is recognized directly in equity and attributed to equity holders of the Company. Balances, transactions, revenues and expenses between the Company and its subsidiaries are eliminated on consolidation. Details of the Company’s significant subsidiaries which are consolidated are as follows: Proportion of ownership interest held Name of subsidiaries Principal activity Country of March 31, March 31, Mineral properties Silvercorp Metals China Inc. Holding company Canada 100% 100% Silvercorp Metals (China) Inc. Holding company China 100% 100% 0875786 B.C. LTD. Holding company Canada 100% 100% Fortune Mining Limited Holding company BVI (i) 100% 100% Fortune Copper Limited Holding company BVI 100% 100% Fortune Gold Mining Limited Holding company BVI 100% 100% Victor Resources Ltd. Holding company BVI 100% 100% Yangtze Mining Ltd. Holding company BVI 100% 100% Victor Mining Ltd. Holding company BVI 100% 100% Yangtze Mining (H.K.) Ltd. Holding company Hong Kong 100% 100% Fortune Gold Mining (H.K.) Limited Holding company Hong Kong 100% 100% Wonder Success Limited Holding company Hong Kong 100% 100% New Infini Silver Inc. (“New Infini”) Holding company Canada 46.1% 46.1% Infini Metals Inc. Holding company BVI 46.1% 46.1% Infini Resources (Asia) Co. Ltd. Holding company Hong Kong 46.1% 46.1% Golden Land (Asia) Ltd. Holding company Hong Kong 46.1% 46.1% Henan Huawei Mining Co. Ltd. (“Henan Huawei”) Mining China 80% 80% Ying Mining District Henan Found Mining Co. Ltd. (“Henan Found”) Mining China 77.5% 77.5% Xinshao Yunxiang Mining Co., Ltd. (“Yunxiang”) Mining China 70% 70% BYP Guangdong Found Mining Co. Ltd. (“Guangdong Found”) Mining China 99% 99% GC Infini Resources S.A. de C.V. Mining Mexico 46.1% 46.1% La Yesca Shanxi Xinbaoyuan Mining Co., Ltd. (“Xinbaoyuan”) Mining China 77.5% 77.5% Kuanping (i) British Virgin Islands (“BVI”) (c) Investments in Associates An associate is an entity over which the Company has significant influence but not control and is not a subsidiary or joint venture. Significant influence is presumed to exist where the Company has between 20% and 50% of the voting rights, but can also arise when the Company has power to be actively involved and influential in financial and operating policy decisions of the entity even though the Company has less than 20% of voting rights. The Company accounts for its investments in associates using the equity method. Under the equity method, the Company’s investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company’s share of profit and loss of the associate and for impairment losses after the initial recognition date. The Company’s share of an associate’s loss that are in excess of its investment are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. The Company’s share of comprehensive income or losses attributable to shareholders of associates are recognized in comprehensive income during the period. The carrying amount of the Company’s investments in associates also include any long-term debt interests which in substance form part of the Company’s net investment. Distributions received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment. At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the associate’s operations. When there is objective evidence that an investment in an associate is impaired, the carrying amount is compared to its recoverable amount, being the higher of its fair value less cost to sell and value in use. An impairment loss is recognized if the recoverable amount is less than its carrying amount. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. Impairment losses and reversal of impairment losses, if any, are recognized in net income in the period in which the relevant circumstances are identified. Details of the Company’s associates are as follows: Proportion of ownership interest held Name of associate Principal activity Country of March 31, March 31, New Pacific Metals Corp. (“NUAG”) Mining Canada 28.2% 28.2% Whitehorse Gold Corp. (“WHG”) Mining Canada 29.3% 29.3% (d) Business Combinations or asset acquisition Optional concentration test The Company applies an optional concentration test, on a transaction-by-transaction basis, that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The gross assets under assessment exclude cash and cash equivalents, deferred tax assets, and goodwill resulting from the effects of deferred tax liabilities. If the concentration test is met, the set of activities and assets is determined not to be a business and no further assessment is needed. Asset acquisitions When the Company acquires a group of assets and liabilities that do not constitute a business, the Company identifies and recognizes the individual identifiable assets acquired and liabilities assumed by allocating the purchase price including the associated acquisition-related transaction costs first to financial assets/financial liabilities at the respective fair values, the remaining balance of the purchase price is then allocated to the other identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. Such a transaction does not give rise to goodwill or bargain purchase gain. Business Combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Company elects whether it measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs incurred are expensed and included in general and administrative expenses. When the Company acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through profit or loss. (e) Foreign Currency Translation The functional currency for each subsidiary of the Company is the currency of the primary economic environment in which the entity operates. Other than New Infini and its subsidiaries, the functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is the Canadian dollar (“CAD”). The functional currency of all Chinese subsidiaries is the Chinese Renminbi (“RMB”). The functional currency of New Infini and its subsidiaries is USD. Foreign currency monetary assets and liabilities are translated into the functional currency using exchange rates prevailing at the reporting date. Foreign currency non-monetary assets are translated using exchange rates prevailing at the transaction date. Foreign exchange gains and losses are included in the determination of net income. The consolidated financial statements are presented in U.S. dollars (“USD”). The financial position and results of the Company’s entities are translated from functional currencies to USD as follows: - assets and liabilities are translated using exchange rates prevailing at the reporting date; - income and expenses are translated using average exchange rates prevailing during the period; and - all resulting exchange gains and losses are included in other comprehensive income. The Company treats inter-company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment. When a foreign entity is sold, the historical exchange differences plus the foreign exchange impact that arises on the transaction are recognized in the statement of income as part of the gain or loss on sale. (f) Revenue Recognition Revenue from contracts with customers is recognized when control of the asset sold is transferred to customers and the Company satisfies its performance obligation. Revenue is allocated to each performance obligation. The Company considers the terms of the contract in determining the transfer price. The transaction price is based upon the amount the Company expects to receive in exchange for the transferring of the assets. In determining whether the Company has satisfied a performance obligation, it considers the indicators of the transfer of control, which include, but are not limited to, whether: the Company has a present right to payment; the customer has 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. This generally occurs when the assets are loaded on the trucks arranged by the customer at the Company’s milling facilities. In cases where the Company is responsible for the costs of shipping and certain other services after the date on which the control of the assets transferred to the customer, these other services are considered separate performance obligations and thus a portion of revenue earned under the contract is allocated and recognized as these performance obligations are satisfied. Revenue from concentrate sales is typically recorded based on the Company’s assay results for the quantity and quality of concentrate sold and the applicable commodity prices, such as silver, gold, lead and zinc, set on a specific quotation period, typical ranging from ten to fifteen days around shipment date, by reference to active and freely traded commodity market. Adjustments, if any, related to the final assay results for the quantity and quality of concentrate sold are not significant and do not constrain the recognition of revenue. Smelter charges, including refining and treatment charges, are netted against revenue from metal concentrate sales. (g) Cash and Cash Equivalents Cash and cash equivalents include cash on hand and held at banks and short-term money market investments that are readily convertible to cash with original terms of three months or less and exclude any restricted cash that is not available for use by the Company. (h) Short-term Investments Short-term investments consist of certificates of deposit and money market instruments, including cashable guaranteed investment certificates, bearer deposit notes and other financial assets with original terms of over three months but less than one year. Bonds traded on open markets are also included in short-term investments. (i) Inventories Inventories include concentrate inventories, direct smelting ore, stockpile ore and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. Material that does not contain a minimum quantity of metal to cover estimated processing expenses to recover the contained metal is not classified as inventory and is assigned no value. Direct smelting ore and stockpiled ore are sampled for metal content and are valued at the lower of mining cost and net realizable value. Mining cost includes the cost of raw material, mining contractor cost, direct labour costs, depletion and depreciation, and applicable production overheads, based on normal operating capacity. Concentrate inventories are valued at the lower of cost and net realizable value. The cost of concentrate inventories includes the mining cost for stockpiled ore milled, freight charges for shipping stockpile ore from mine sites to mill sites and milling cost. Milling cost includes cost of materials and supplies, direct labour costs, and applicable production overheads cost, based on normal operating capacity. Material and supplies are valued at the lower of cost, determined on a weighted average cost basis, and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sales. (j) Plant and Equipment Plant and equipment are initially recorded at cost, including all directly attributable costs to bring the assets to the location and condition necessary for it to be capable of operating in the manner intended by management. Plant and equipment are subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation is computed on a straight-line basis based on the nature and useful lives of the assets. The significant classes of plant and equipment and their estimated useful lives are as follows: Buildings 20 years Office equipment 5 years Machinery 5-10 years Motor vehicles 5 years Land use rights 50 years Leasehold improvements 5 years Subsequent costs that meet the asset recognition criteria are capitalized, while costs incurred that do not extend the economic useful life of an asset are considered repairs and maintenance, which are accounted for as an expense recognized during the period. Assets under construction are capitalized as construction-in-progress. The cost of construction-in-progress comprises of the asset’s purchase price and any costs directly attributable to bringing it into working condition for its intended use. Construction-in-progress assets are transferred to other respective asset classes and are depreciated when they are completed and available for use. Upon disposal or abandonment, the carrying amounts of plant and equipment are derecognized and any associated gain or loss is recognized in net income. (k) Mineral Rights and Properties Mineral rights and properties include the following capitalized payments and expenditures: - Acquisition costs which consist of payments for property rights and leases, including payments to acquire or renew an exploration or mining permit, and the estimated fair value of properties acquired as part of business combination or the acquisition of a group of assets. - Exploration and evaluation costs incurred on a specific property after an acquisition of a beneficial interest or option in the property. Exploration and evaluation expenditures on properties for which the Company does not have title or rights to are expensed when incurred. Exploration and evaluation activities involve the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. - Development costs incurred to construct a mine and bring it into commercial production. Proceeds from sales generate during this development and pre-production stage, if any, are deducted from the costs of the asset. - Expenditures incurred on producing properties that are expected to have future economic benefit, including to extend the life of the mine and to increase production by providing access to additional reserves, such as exploration tunneling that can increase or upgrade the mineral resources, and development tunneling, including to build shafts, drifts, ramps, and access corridors that enable to access ore underground. - Borrowing costs incurred that are directly attributed to the acquisition, construction and development of a qualifying mineral property. - Estimated of environmental rehabilitation and restoration costs. Before commencement of commercial production, mineral rights and properties are carried at costs, less any accumulated impairment charges. Upon commencement of commercial production, mineral rights and properties are carried at costs, less accumulated depletion and any accumulated impairment charges. Mineral rights and properties, other than the payments to renew mining permits (the “mine right fee”) are depleted over the mine’s estimated life using the units of production method calculated based on proven and probable reserves. Estimation of proven and probable reserves for each property is updated when relative information is available; the result will be prospectively applied to calculate depletion amounts for future periods. If commercial production commences prior to the determination of proven and probable reserves, depletion is calculated based on the mineable portion of measured and indicated resources. The mine right fee is depleted using the units of production method based on the mineral resources which were used to determine the mine right fee payable. (l) Impairment and Impairment Reversal At each reporting period, the Company reviews and evaluates its assets for impairment, or reversal of a previously recognized impairment, when events or changes in circumstances indicate that the related carrying amounts may not be recoverable or when there is an indication that impairment may have reversed. When impairment indicators exist, an estimate of the recoverable amount is undertaken, being the higher of an asset’s fair value less cost of disposal (“FVLCTD”) and value in use (“VIU”). If the carrying value exceeds the recoverable amount, an impairment loss is recognized in the consolidated statement of income during the period. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The cash flows are based on best estimates of expected future cash flows from the continued use of the asset and its eventual disposal. FVLCTD is best evidence if obtained from an active market or binding sale agreement. Where neither exists, the fair value is based the best estimates available to reflect the amount that could be received from an arm’s length transaction. Fair value of asset is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects. Impairment is normally assessed at the level of cash-generating units (“CGU”), a CGU is identified as the smallest identifiable group of assets that generates cash inflows which are independent of the cash inflows generated from other assets. When there is an indication that an impairment loss recognized previously may no longer exist or has decreased, the recoverable amount is calculated. If the recoverable amount exceeds the carrying amount, the carrying value of the asset is increased to the recoverable amount. The increased carrying amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized in the consolidated statements of income in the period it is determined. (m) Environmental Rehabilitation Provision The mining, extraction and processing activities of the Company normally give rise to obligations for site closure or rehabilitation. Closure and decommissioning works can include facility decommissioning and dismantling; removal or treatment of waste materials; site and land rehabilitation. The extent of work required and the associated costs are dependent on the requirements of relevant authorities and the Company’s environmental policies. Provisions for the cost of each closure and rehabilitation program are recognized at the time when environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and decommissioning activity expected to occur progressively over the life of the operation and at the time of closure in connection with disturbances at the reporting date. Routine operating costs that may impact the ultimate closure and decommissioning activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognized as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and decommissioning expenditure is dependent upon a number of factors such as the life and nature of the asset, the operating license conditions, and the environment in which the mine operates. Expenditure may occur before and after closure and can continue for an extended period of time dependent on closure and decommissioning requirements. Closure and decommissioning provisions are measured at the expected amount of future cash flows, discounted to their present value for each operation. Discount rates used are specific to the underlying obligation. Significant judgments and estimates are involved in forming expectations of future activities and the amount and timing of the associated cash flows. Those expectations are formed based on existing environmental and regulatory requirements which give rise to a constructive or legal obligation. When provisions for closure and decommissioning are initially recognized, the corresponding cost is capitalized as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalized cost of closure and decommissioning activities is recognized in Mineral Rights and Properties and depleted accordingly. The value of the provision is progressively increased over time as the effect of discounting unwinds, creating an expense recognized in finance costs. Closure and decommissioning provisions are also adjusted for changes in estimates. Those adjustments are accounted for as a change in the corresponding capitalized cost, except where a reduction in the provision is greater than the undepreciated capitalized cost of the related assets, in which case the capitalized cost is reduced to nil and the remaining adjustment is recognized in the income statement. In the case of closed sites, changes to estimated costs are recognized immediately in the consolidated statements of income. Changes to the capitalized cost result in an adjustment to future depreciation and finance charges. Adjustments to the estimated amount and timing of future closure and decommissioning cash flows are a normal occurrence in light of the significant judgments and estimates involved. The provision is reviewed at the end of each reporting period for changes to obligations, legislation or discount rates that impact estimated costs or lives of operations and adjusted to reflect current best estimate. The cost of the related asset is adjusted for changes in the provision resulting from changes in the estimated cash flows or discount rate and the adjusted cost of the asset is depreciated prospectively. (n) Leases Lease Definition At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. An identified asset may be implicitly or explicitly specified in a contract, but must be physically distinct, and must not have the ability for substitution by a lessor. A lessee has the right to control an identified asset if it obtains substantially all of its economic benefits and either pre-determines or directs how and for what purposes the asset is used. Measurement of Right of Use (“ROU”) Assets and Lease Obligations At the commencement of a lease, the Company, if acting in capacity as a lessee, recognizes an ROU asset and a lease obligation. The ROU asset is initially measured at cost, which comprises the initial amount of the lease obligation adjusted for any lease payments made at, or before, the commencement date, plus any initial direct costs incurred, less any lease incentives received. The ROU asset is subsequently amortized on a straight-line basis over the shorter of the term of the lease, or the useful life of the asset determined on the same basis as the Company’s plant and equipment. The ROU asset is periodically adjusted for certain remeasurements of the lease obligation, and reduced by impairment losses, if any. If an ROU asset is subsequently leased to a third party (a “sublease”) and the sublease is classified as a finance lease, the carrying value of the ROU asset to the extent of the sublease is derecognized. Any difference between the ROU asset and the lease receivable arising from the sublease is recognized in profit or loss. The lease obligation is initially measured at the present value of the lease payments remaining at the lease commencement date, discounted using the interest rate implicit in the lease or the Company’s incremental borrowing rate if the rate implicit in the lease cannot be determined. Lease payments included in the measurement of the lease obligation, when applicable, may comprise of fixed payments, variable payments that depend on an index or rate, amounts expected to be payable under a residual value guarantee and the exercise price under a purchase, extension or termination option that the Company is reasonably certain to exercise. The lease obligation is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease obligation is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset. Measurement of Lease Receivable At the commencement of a lease, the Company, if acting in capacity as a lessor, will classify the lease as finance lease and recognize a lease receivable at an amount equal to the net investment in the lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset or if the lease is a sublease, by reference to the ROU asset arising from the original lease (the “head lease”). A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset or the lease is a short-term lease. Cash received from an operating lease is included in other income in the Company’s consolidated statement of income on a straight-line basis over the period the lease. The lease receivable is initially measure at the present value of the lease payments remaining at the lease commencement date, discounted at the interest rate implicit in the lease or the Company’s incremental borrowing rate if the sublease is a finance lease. The lease receivable is subsequently measured at amortized cost using the effective interest rate method, and reduced by the amount received and impairment losses, if any. Recognition Exemptions The Company has elected not to recognize the ROU asset and lease obligations for short-term leases that have a lease term of 12 months or less or for leases of low-value assets. Payments associated with these leases are recognized as general and administrative expense on a straight-line basis over the lease term on the consolidated statement of income. (o) Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, which necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalized as part of the cost of that asset. All other borrowing costs are expensed in the period in which they are incurred. No borrowing costs were capitalized in the periods presented. (p) Share-based Payments The Company makes share-based awards, including restricted share units (“RSUs”), performance share units (“PSUs”), and stock options, to employees, officers, directors, and consultants. For equity-settled awards, the fair value is charged to the consolidated statements of income and credited to equity, on a straight-line basis over the vesting period, after adjusting for the estimated number of awards that are expected to vest. The fair value of RSUs and PSUs is determined based on quoted market price of our common shares at the date of grant. The fair value of the stock options granted to employees, officers, and directors is determined at the date of grant using the Black-Scholes option pricing model with market related input. The fair value of stock options granted to consultants is measured at the fair value of the services delivered unless that fair value cannot be estimated reliably, which then is determined using the Black-Scholes option pricing model. Stock options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. At each reporting date prior to vesting, the cumulative expense representing the extent to which the vesting period has expired and management’s best estimate of the awards that are ultimately expected to vest is computed (after adjusting for non-market performance conditions). The movement in cumulative expense is recognized in the consolidated statements of income with a corresponding entry within equity. No expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vested irrespective of whether or not the market condition is satisfied, provided that all other performance conditions are satisfied. (q) Income Taxes Current tax for each taxable entity is based on the local taxable income at the local statutory tax rate en |
Segmented Information
Segmented Information | 12 Months Ended |
Mar. 31, 2023 | |
Segmented Information [Abstract] | |
SEGMENTED INFORMATION | 3. SEGMENTED INFORMATION The Company’s reportable operating segments are components of the Company where separate financial information is available that is evaluated regularly by the Company’s Chief Executive Officer who is the Chief Operating Decision Maker (“CODM”). The operating segments are determined based on the Company’s management and internal reporting structure. Operating segments are summarized as follows: Operating Segments Subsidiaries Included in the Segment Properties Included in the Segment Mining Henan Luoning Henan Found and Henan Huawei Ying Mining District Guangdong Guangdong Found GC Other Yunxiang, Infini Resources S.A. de C.V. and Xinbaoyuan BYP, La Yesca, Kuanping Administrative Vancouver Silvercorp Metals Inc. and holding companies Beijing Silvercorp Metals (China) Inc. (a) Segmented information for operating results is as follows: Year ended March 31, 2023 Mining Administrative Henan Statement of income: Luoning Guangdong Other Beijing Vancouver Total Revenue $ 174,868 $ 33,261 $ - $ - $ - $ 208,129 Costs of mine operations (112,092 ) (24,831 ) (423 ) - - (137,346 ) Income from mine operations 62,776 8,430 (423 ) - - 70,783 Operating expenses (2,540 ) (223 ) (77 ) (1,832 ) (12,153 ) (16,825 ) Impairment of mineral rights and properties - - (20,211 ) - - (20,211 ) Finance items, net 2,526 423 (29 ) 271 (1,795 ) 1,396 Income tax expenses (9,699 ) (617 ) 62 - (3,789) (14,043 ) Net income (loss) $ 53,063 $ 8,013 $ (20,678 ) $ (1,561 ) $ (17,737 ) $ 21,100 Attributable to: Equity holders of the Company 41,600 7,935 (9,948 ) (1,561 ) (17,418 ) 20,608 Non-controlling interests 11,463 78 (10,730 ) (319 ) 492 Net income (loss) $ 53,063 $ 8,013 $ (20,678 ) $ (1,561 ) $ (17,737 ) $ 21,100 Year ended March 31, 2022 Mining Administrative Henan Statement of income: Luoning Guangdong Other Beijing Vancouver Total Revenue $ 176,751 $ 41,172 $ - $ - $ - $ 217,923 Costs of mine operations (106,706 ) (26,345 ) (571 ) - - (133,622 ) Income from mine operations 70,045 14,827 (571 ) - - 84,301 Operating expenses (1,367 ) 59 3 (2,109 ) (18,322 ) (21,736 ) Finance items, net 2,862 374 (34 ) 255 (8,950 ) (5,493 ) Income tax expenses (12,612 ) 364 (112 ) - (1,428 ) (13,788 ) Net income (loss) $ 58,928 $ 15,624 $ (714 ) $ (1,854 ) $ (28,700 ) $ 43,284 Attributable to: Equity holders of the Company 46,099 15,470 (423 ) (1,854 ) (28,658 ) 30,634 Non-controlling interests 12,829 154 (291 ) - (42 ) 12,650 Net income (loss) $ 58,928 $ 15,624 $ (714 ) $ (1,854 ) $ (28,700 ) $ 43,284 (b) Segmented information for assets and liabilities is as follows: March 31, 2023 Mining Administrative Henan Statement of financial position items: Luoning Guangdong Other Beijing Vancouver Total Current assets $ 112,936 $ 20,605 $ 1,149 $ 7,608 $ 76,750 $ 219,048 Plant and equipment 59,854 15,289 3,314 644 958 80,059 Mineral rights and properties 251,150 32,070 20,206 - - 303,426 Investment in associates - - - - 50,695 50,695 Other investments 65 - - - 15,475 15,540 Reclamation deposits 3,626 3,348 - - 7 6,981 Long-term prepaids and deposits 686 89 96 - - 871 Deferred income tax assets - 179 - - - 179 Total assets $ 428,317 $ 71,580 $ 24,765 $ 8,252 $ 143,885 $ 676,799 Current liabilities $ 33,102 $ 5,509 $ 433 $ 226 $ 1,970 $ 41,240 Long-term portion of lease obligation - - $ - - 314 314 Deferred income tax liabilities 47,065 - $ 1,031 - - 48,096 Environmental rehabilitation 4,883 1,477 $ 958 - - 7,318 Total liabilities $ 85,050 $ 6,986 $ 2,422 $ 226 $ 2,284 $ 96,968 March 31, 2023 Mining Administrative Henan Statement of financial position items: Luoning Guangdong Other Beijing Vancouver Total Current assets $ 141,376 $ 14,919 $ 2,436 $ 8,570 $ 65,007 $ 232,308 Plant and equipment 58,189 15,282 3,871 864 1,212 79,418 Mineral rights and properties 254,071 32,091 40,286 - - 326,448 Investment in associates - - - - 56,841 56,841 Other investments 72 - - - 17,696 17,768 Reclamation deposits 3,996 4,872 - - 8 8,876 Long-term prepaids and deposits 588 282 104 - - 974 Deferred income tax assets - 905 - - - 905 Total assets $ 458,292 $ 68,351 $ 46,697 $ 9,434 $ 140,764 $ 723,538 Current liabilities $ 37,161 $ 5,155 $ 547 $ 295 $ 2,880 $ 46,038 Long-term portion of lease obligation - - - - 614 614 Deferred income tax liabilities 46,849 - 1,184 - - 48,033 Environmental rehabilitation 6,053 1,642 1,044 - - 8,739 Total liabilities $ 90,063 $ 6,797 $ 2,275 $ 295 $ 3,494 $ 103,424 (c) Sales by metal The sales generated for the year ended March 31, 2023 and 2022 were all earned in China and were comprised of: Year ended March 31, 2023 Henan Luoning Guangdong Total Silver (Ag) $ 105,776 $ 7,816 $ 113,592 Gold (Au) 6,647 - 6,647 Lead (Pb) 50,477 6,366 56,843 Zinc (Zn) 7,881 16,942 24,823 Other 4,087 2,137 6,224 $ 174,868 $ 33,261 $ 208,129 Year ended March 31, 2022 Henan Luoning Guangdong Total Silver (Ag) $ 111,835 $ 9,438 $ 121,273 Gold (Au) 5,083 - 5,083 Lead (Pb) 48,504 8,586 57,090 Zinc (Zn) 7,489 21,353 28,842 Other 3,840 1,795 5,635 $ 176,751 $ 41,172 $ 217,923 (d) Major customers For the year ended March 31, 2023, four major customers (year ended March 31, 2022 - four major customers) each accounted for 20%, 19%, 17% and 16% (year ended March 31, 2022 – 13%, 18%, 19%, and 19% ), and collectively 72% (year ended March 31, 2022 – 69%) of the total sales of the Company. |
Government Fees And Other Taxes
Government Fees And Other Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Government Fees And Other Taxes Explanatory Abstract | |
GOVERNMENT FEES AND OTHER TAXES | 4. GOVERNMENT FEES AND OTHER TAXES Government fees and other taxes consist of: Year ended March 31, 2023 2022 Government fees $ 69 $ 69 Other taxes 2,319 2,574 $ 2,388 $ 2,643 Government fees include environmental protection fees paid to the state and local Chinese government. Other taxes were composed of surtax on value-added tax, land usage levy, stamp duty and other miscellaneous levies, duties and taxes imposed by the state and local Chinese government. |
General and Administrative
General and Administrative | 12 Months Ended |
Mar. 31, 2023 | |
General and Administrative [Abstract] | |
General and Administrative | 5. GENERAL AND ADMINISTRATIVE General and administrative expenses consist of: Year ended March 31, 2023 Year ended March 31, 2022 Corporate Mines Total Corporate Mines Total Amortization and depreciation $ 573 $ 1,189 $ 1,762 $ 593 $ 1,354 $ 1,947 Office and administrative expenses 1,834 2,608 4,442 1,598 3,149 4,747 Professional fees 669 432 1,101 771 428 1,199 Salaries and benefits 6,331 6,258 12,589 5,392 6,477 11,869 Share-based compensation 3,842 - 3,842 5,827 - 5,827 $ 13,249 $ 10,487 $ 23,736 $ 14,181 $ 11,408 $ 25,589 |
Finance Items
Finance Items | 12 Months Ended |
Mar. 31, 2023 | |
Finance Items [Abstract] | |
FINANCE ITEMS | 6. FINANCE ITEMS Finance items consist of: Year ended March 31, Finance income 2023 2022 Interest income $ 4,578 $ 5,019 Dividend income 76 198 $ 4,654 $ 5,217 Year ended March 31, Finance costs 2023 2022 Interest on lease obligation $ 43 $ 72 Impairment charges for expected credit loss against bond investments (Note 8) 2,883 10,560 Loss on disposal of bonds 93 (191 ) Unwinding of discount of environmental rehabilitation provision (Note 15) 239 269 $ 3,258 $ 10,710 |
Income Tax
Income Tax | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax [Abstract] | |
INCOME TAX | 7. INCOME TAX (a) Income tax expense The significant components of income tax expense are as follows: Year ended March 31, Income tax expense 2023 2022 Current $ 9,358 $ 8,760 Deferred 4,685 5,028 $ 14,043 $ 13,788 The reconciliation of the Canadian statutory income tax rates to the effective tax rate is as follows: Years ended March, 31 2023 2022 Canadian statutory tax rate 27.00 % 27.00 % Income before income taxes $ 35,143 $ 57,072 Income tax expense computed at Canadian statutory rates 9,489 15,409 Foreign tax rates different from statutory rate (4,976 ) (3,398 ) Permanent items (1,048 ) 635 Withholding taxes 3,789 1,428 Change in unrecognized deferred tax assets 6,789 (286 ) Income tax expense $ 14,043 $ 13,788 (b) Deferred income tax The continuity of deferred income tax assets (liabilities) is summarized as follows: Years ended March, 31 2023 2022 Net deferred income tax liabilities, beginning of the year $ (47,128 ) $ (40,792 ) Deferred income tax expense recognized in net income for the year (4,685 ) (5,028 ) Deferred income tax expense recognized in other comprehensive income for the year 240 122 Foreign exchange impact 3,656 (1,430 ) Net deferred income tax liabilities, end of the year $ (47,917 ) $ (47,128 ) The significant components of the Company’s deferred income tax are as follows: March 31, 2023 March 31, 2022 Deferred income tax assets Plant and equipment $ 2,054 $ 2,230 Non-capital loss carry forwards 747 - Environmental rehabilitation 1,765 2,021 Unrealized loss on investments 363 122 Other deductible temporary difference 41 133 Total deferred income tax assets 4,970 4,506 Deferred income tax liabilities Plant and equipment (1,905 ) (2,024 ) Mineral rights and properties (50,821 ) (49,386 ) Other taxable temporary difference (161 ) (224 ) Total deferred income tax liabilities (52,887 ) (51,634 ) Net deferred income tax liabilities (47,917 ) (47,128 ) Of which -Deferred tax assets 179 905 -Deferred tax liabilities $ (48,096 ) $ (48,033 ) Deferred tax assets are recognized to the extent that the realization of the related tax benefit through future taxable profits is probable. The ability to realize the tax benefits is dependent upon numerous factors, including the future profitability of operations in the jurisdictions in which the tax benefits arose. Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following: March 31, 2023 March 31, 2022 Non-capital loss carry forward $ 65,200 $ 69,341 Plant and equipment 2,553 2,331 Mineral rights and properties 3,562 2,006 Other deductible temporary difference 20,354 21,088 $ 91,669 $ 94,766 As at March 31, 2023, the Company has the following net operating losses, expiring in various years to 2043 and available to offset future taxable income in Canada and China, respectively. Canada China Total 2024 1,220 1,220 2025 833 833 2026 246 246 2027 1,207 1,207 2028 1,772 1,772 2029 1,085 1,085 2030 6,296 6,296 2031 9,134 9,134 2032 9,401 9,401 2033 7,388 7,388 2034 6,709 6,709 2035 113 113 2036 541 541 2037 2,359 2,359 2038 2,666 2,666 2039 1,990 1,990 2040 3,926 3,926 2041 84 84 2042 5,552 5,552 2043 2,678 2,678 $ 59,922 $ 5,278 $ 65,200 As at March 31, 2023, temporary differences of $188.6 million (March 31, 2022 - $184.6 million) associated with the investments in subsidiaries have not been recognized as the Company is able to control the timing of the reversal of these differences which are not expected to reverse in the foreseeable future. |
Short-Term Investments
Short-Term Investments | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Short Term Investments Explanatory [Abstract] | |
SHORT-TERM INVESTMENTS | 8. SHORT-TERM INVESTMENTS As at March 31, 2023, short-term investments consist of the following: Amount Interest rates Maturity Bonds $ 3,802 5.50% - 13.00% January 25, 2023 - January 16, 2025 Money market instruments 53,829 $ 57,631 During the year ended March 31, 2023, the Company recorded impairment charges of $2.9 million against bond investments issued by some Chinese real estate developing companies and one Swiss financial institution as the Company noted financial difficulty of the bond issuers. The impairment charge was included in finance costs on the consolidated statements of income. As at March 31, 2023, the carrying value and face value of the bond investments that were impaired was $2.3 million and $15.2 million, respectively. As at March 31, 2022, short-term investments consist of the following: Amount Interest rates Maturity Bonds $ 9,168 5.50% - 13.00% April 9, 2022 - January 16, 2025 Money market instruments 90,455 $ 99,623 As at March 31, 2022, the carrying value and face value of the bond investments that were impaired was $1.8 million and $11.2 million, respectively. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2022 | |
Inventories Disclosure [Abstract] | |
INVENTORIES | 9. INVENTORIES Inventories consist of the following: March 31, 2023 March 31, 2022 Concentrate inventory $ 2,556 $ 3,199 Stockpile 1,234 1,715 Material and supplies 4,553 4,210 $ 8,343 $ 9,124 The amount of inventories recognized as expense during the year ended March 31, 2023 was $119.4 million (year ended March 31, 2022 - $113.6 million). |
Other Investments
Other Investments | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of other investments [Abstract] | |
OTHER INVESTMENTS | 10. OTHER INVESTMENTS March 31, 2023 March 31, 2022 Equity investments designated as FVTOCI Public companies $ 918 $ 2,383 Private companies 65 71 983 2,454 Equity investments designated as FVTPL Public companies 11,396 11,533 Private companies 3,161 3,781 14,557 15,314 Total $ 15,540 $ 17,768 Investments in publicly traded companies represent equity interests of other publicly-trading mining companies that the Company has acquired through the open market or through private placements. Investments in equity instruments that are held for trading are classified as FVTPL. For other investments in equity instruments, the Company can make an irrevocable election, on an instrument-by-instrument basis, to designate them as FVTOCI. The continuity of such investments is as follows: Accumulated fair Accumulated fair value change value change Fair Value included in OCI included in P&L April 1, 2021 $ 15,733 $ (22,810 ) $ 7,188 Loss on equity investments designated as FVTOCI (1,526 ) (1,526 ) - Loss equity investments designated as FVTPL (3,485 ) - (3,485 ) Acquisition 8,235 - Disposal (1,362 ) - Impact of foreign currency translation 173 - March 31, 2022 $ 17,768 $ (24,336 ) $ 3,703 Loss on equity investments designated as FVTOCI (1,312 ) (1,312 ) - Loss equity investments designated as FVTPL (2,318 ) - (2,318 ) Acquisition 3,702 - - Disposal (1,035 ) - - Impact of foreign currency translation (1,265 ) - - March 31, 2023 $ 15,540 $ (25,648 ) $ 1,385 |
Investment in Associates
Investment in Associates | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of associates [abstract] | |
INVESTMENT IN ASSOCIATES | 11. INVESTMENT IN ASSOCIATES (a) Investment in New Pacific Metals Corp. New Pacific Metals Corp. (“NUAG”) is a Canadian public company listed on the Toronto Stock Exchange (symbol: NUAG) and NYSE American (symbol: NEWP). NUAG is a related party of the Company by way of one common director and one common officer, and the Company accounts for its investment in NUAG using the equity method as it is able to exercise significant influence over the financial and operating policies of NUAG. During the year ended March 31, 2023, the Company acquired 309,400 common shares of NUAG from the public market (year ended March, 2022 – 125,000) for a total cost of $0.9 million (year ended March 31, 2023 –$0.4 million). As at March 31, 2023, the Company owned 44,351,616 common shares of NUAG (March 31, 2022 – 44,042,216), representing an ownership interest of 28.2% (March 31, 2022 – 28.2%). The summary of the investment in NUAG common shares and its market value as at the respective reporting dates are as follows: Number of Amount Value of NUAG’s Balance, April 1, 2021 43,917,216 $ 50,399 $ 181,257 Purchase from open market 125,000 352 Share of net loss (1,715 ) Share of other comprehensive income 95 Foreign exchange impact 306 Balance, March 31, 2022 44,042,216 $ 49,437 $ 140,275 Purchase from open market 309,400 874 Share of net loss (2,411 ) Share of other comprehensive loss (894 ) Foreign exchange impact (3,753 ) Balance, March 31, 2023 44,351,616 $ 43,253 $ 119,621 Summarized financial information for the Company’s investment in NUAG on a 100% basis is as follows: Years ended March 31, 2023 (1) 2022 (1) Net loss attributable to NUAG’s shareholders as reported by NUAG $ (8,569 ) $ (6,055 ) Other comprehensive income (loss) attributable to NUAG’s shareholders as reported by NUAG (3,161 334 Comprehensive loss of NUAG qualified for pick-up $ (11,730 ) $ (5,721 ) Company’s share of net loss (2,411 ) (1,715 ) Company’s share of other comprehensive income (loss) (894 ) 95 Company’s share of comprehensive loss $ (3,305 ) $ (1,620 ) (1) As at March 31, 2023 March 31, 2022 Current assets $ 12,020 $ 37,075 Non-current assets 107,788 88,171 Total assets $ 119,808 $ 125,246 Current liabilities 3,493 2,353 Total liabilities 3,493 2,353 Net assets $ 116,315 $ 122,893 Non-controlling interests (88 ) (24 ) Total equity attributable to equity holders of NUAG $ 116,403 $ 122,917 Company’s share of net assets of associate $ 32,794 $ 34,670 (b) Investment in Tincorp Metals Inc. Tincorp Metals Inc. (“TIN”), formerly Whitehorse Gold Corp., is a Canadian public company listed on the TSX Venture Exchange (symbol: TIN). TIN is a related party of the Company by way of one common director, and the Company accounts for its investment in WHG using the equity method as it is able to exercise significant influence over the financial and operating policies of TIN. On December 15, 2022, the Company participated in a non-brokered private placement of TIN and purchased 4,000,000 units at a cost of $1.2 million. Each unit was comprised of one TIN common share and one-half common share purchase warrant at exercise price of CAD$0.65 per share. The common share purchase warrant expires on December 15, 2024. On May 14, 2021, the Company participated in a brokered private placement of TIN and purchased 4,000,000 units at a cost of $5.0 million. Each unit was comprised of one TIN common share and one common share purchase warrant at exercise price of CAD$2 per share. The common share purchase warrant expires on May 14, 2026. As at March 31, 2023, the Company owned 19,514,285 common shares of TIN (March 31, 2022 – 15,514,285), representing an ownership interest of 29.3% (March 31, 2022 – 29.3%). The summary of the investment in TIN common shares and its market value as at the respective reporting dates are as follows: Value of TIN’s Number of common shares per shares Amount quoted market price Balance, April 1, 2021 11,514,285 $ 3,058 $ 15,108 Participation in private placement 4,000,000 4,960 Share of net loss (473 ) Foreign exchange impact (141 ) Balance, March 31, 2022 15,514,285 $ 7,404 $ 6,208 Participation in private placement 4,000,000 1,181 Dilution loss (107 ) Share of net loss (490 ) Share of other comprehensive income 8 Foreign exchange impact (554 ) Balance, March 31, 2023 19,514,285 $ 7,442 $ 6,777 Summarized financial information for the Company’s investment in TIN on a 100% basis is as follows: Year ended March 31, 2023 (1) 2022 (1) Net loss attributable to TIN’s shareholders as reported by TIN $ (1,666 ) $ (1,607 ) Other comprehensive income attributable to TIN’s shareholders as reported by TIN 30 - Comprehensive loss of TIN qualified for pick-up (1,636 ) (1,607 ) Company’s share of net loss (490 ) (473 ) Company’s share of other comprehensive income 8 - Company’s share of comprehensive loss $ (482 ) $ (473 ) (1) WHG’s fiscal year-end is on December 31. WHG’s quarterly financial results were used to compile the financial information that matched with the Company’s year-end on March 31. As at March 31, 2023 March 31, 2022 Current assets $ 2,640 $ 3,068 Non-current assets 20,701 19,159 Total assets $ 23,341 $ 22,227 Current liabilities 746 575 Long-term liabilities - 5 Total liabilities 746 580 Net assets $ 22,595 $ 21,647 Company’s share of net assets of associate $ 6,625 $ 6,341 |
Plant And Equipment
Plant And Equipment | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PLANT AND EQUIPMENT | 12. PLANT AND EQUIPMENT Plant and equipment consist of: Land use Office Motor Construction Cost and building equipment Machinery vehicles in progress Total Balance as at April 1, 2021 $ 110,151 $ 9,660 $ 31,074 $ 7,537 $ 1,342 $ 159,764 Additions 1,613 967 2,575 763 3,647 9,565 Disposals (293 ) (68 ) (539 ) (245 ) - (1,145 ) Reclassification of asset groups 2,100 154 191 - (2,445 ) - Impact of foreign currency translation 3,676 296 1,078 258 59 5,367 Balance as at March 31, 2022 $ 117,247 $ 11,009 $ 34,379 $ 8,313 $ 2,603 $ 173,551 Additions 499 1,169 3,097 879 9,925 15,569 Disposals (985 ) (511 ) (1,085 ) (494 ) - (3,075 ) Reclassification of asset groups 4,400 33 655 - (5,088 ) - Impact of foreign currency translation (9,040 ) (821 ) (2,672 ) (636 ) (212 ) (13,381 ) Ending balance as at March 31, 2023 $ 112,121 $ 10,879 $ 34,374 $ 8,062 $ 7,228 $ 172,664 Impairment, accumulated depreciation and amortization Balance as at April 1, 2021 $ (51,570 ) $ (6,246 ) $ (21,171 ) $ (5,048 ) $ - $ (84,035 ) Disposals 158 64 419 220 - 861 Depreciation and amortization (4,422 ) (867 ) (2,172 ) (649 ) - (8,110 ) Impact of foreign currency translation (1,750 ) (183 ) (741 ) (175 ) - (2,849 ) Balance as at March 31, 2022 $ (57,584 ) $ (7,232 ) $ (23,665 ) $ (5,652 ) $ - $ (94,133 ) Disposals 733 500 767 407 - 2,407 Depreciation and amortization (4,373 ) (940 ) (2,162 ) (660 ) - (8,135 ) Impact of foreign currency translation 4,443 530 1,847 436 - 7,256 Ending balance as at March 31, 2023 $ (56,781 ) $ (7,142 ) $ (23,213 ) $ (5,469 ) $ - $ (92,605 ) Carrying amounts Balance as at March 31, 2022 $ 59,663 $ 3,777 $ 10,714 $ 2,661 $ 2,603 $ 79,418 Ending balance as at March 31, 2023 $ 55,340 $ 3,737 $ 11,161 $ 2,593 $ 7,228 $ 80,059 Carrying amounts as at March 31, 2023 Ying Mining District BYP GC Other Total Land use rights and building $ 41,155 $ 2,491 $ 10,403 $ 1,291 $ 55,340 Office equipment 2,991 37 440 269 3,737 Machinery 7,433 104 3,568 56 11,161 Motor vehicles 2,067 18 367 141 2,593 Construction in progress 6,208 509 511 - 7,228 Total $ 59,854 $ 3,159 $ 15,289 $ 1,757 $ 80,059 Carrying amounts as at March 31, 2022 Ying Mining District BYP GC Other Total Land use rights and building $ 42,953 $ 2,965 $ 12,027 $ 1,718 $ 59,663 Office equipment 2,973 16 516 272 3,777 Machinery 8,225 155 2,276 58 10,714 Motor vehicles 2,127 20 323 191 2,661 Construction in progress 1,911 552 140 - 2,603 Total $ 58,189 $ 3,708 $ 15,282 $ 2,239 $ 79,418 |
Mineral Rights and Properties
Mineral Rights and Properties | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Mineral Rights And Properties Explanatory Abstract | |
MINERAL RIGHTS AND PROPERTIES | 13. MINERAL RIGHTS AND PROPERTIES Mineral rights and properties consist of: Producing and development properties Exploration and evaluation properties Cost Ying Mining BYP GC RZY Kuanping La Yesca Total Balance as at April 1, 2021 $ 348,000 $ 64,609 $ 115,610 $ 185 $ - $ 16,747 $ 545,151 Capitalized expenditures 37,307 - 4,507 - 24 2,588 44,426 Acquisition - - - - 13,135 - 13,135 Environmental rehabilitation (68 ) (18 ) 898 - - - 812 Derecognition - - - (185 ) - - (185 ) Foreign currency translation impact 12,096 501 3,891 - 221 - 16,709 Balance as at March 31, 2022 $ 397,335 $ 65,092 $ 124,906 $ - $ 13,380 $ 19,335 $ 620,048 Capitalized expenditures 35,632 - 4,839 - 907 876 42,254 Environmental rehabilitation (224 ) (36 ) 12 - - (248 ) Foreign currency translation impact (30,731 ) (1,192 ) (9,639 ) - (1,034 ) - (42,596 ) Balance as at March 31, 2023 $ 402,012 $ 63,864 $ 120,118 $ - $ 13,253 $ 20,211 $ 619,458 Impairment and accumulated depletion Balance as at April 1, 2021 $ (122,977 ) $ (57,264 ) $ (87,296 ) $ (185 ) $ - $ - $ (267,722 ) Depletion (15,974 ) - (2,595 ) - - - (18,569 ) Derecognition - - - 185 - - 185 Foreign currency translation impact (4,313 ) (257 ) (2,924 ) - - - (7,494 ) Balance as at March 31, 2022 $ (143,264 ) $ (57,521 ) $ (92,815 ) $ - $ - $ - $ (293,600 ) Impairment - - - - (20,211 ) (20,211 ) Depletion (18,689 ) - (2,398 ) - - - (21,087 ) Foreign currency translation impact 11,091 610 7,165 - - - 18,866 Balance as at March 31, 2023 $ (150,862 ) $ (56,911 ) $ (88,048 ) $ - $ - $ (20,211 ) $ (316,032 ) Carrying amounts Balance as at March 31, 2022 $ 254,071 $ 7,571 $ 32,091 $ - $ 13,380 $ 19,335 $ 326,448 Balance as at March 31, 2023 $ 251,150 $ 6,953 $ 32,070 $ - $ 13,253 $ - $ 303,426 During year ended March 31, 2023, the Company completed the review and evaluation on the results of the drilling program completed in Fiscal 2022. The Company does not plan to undertake further significant work at the La Yesca Project in the near future. As a result, the decision was taken to impair fully the value of the La Yesca Project and recognized an impairment charge of $20.2 million in the consolidated statements of income. In October 2021, the Company, through a 100% owned subsidiary of Henan Found, won an online open auction to acquire a 100% interest in the Kuanping silver-lead-zinc-gold project (the “Kuanping Project”). The transaction was successfully completed in November 2021 for a total consideration of $13.1 million, comprised of approximately $11.4 million in cash (RMB ¥73.5 million) plus the assumption of approximately $2.0 million (RMB ¥13.3 million) of debt, and net of $0.3 million cash received. The acquisition was through the acquisition of a 100% interest in the shares of Shanxian Xinbaoyuan Mining Co. Ltd. (“Xinbaoyuan”), an affiliate of a Henan Provincial government-controlled company located in Sanmenxia City, Henan Province. The material asset held by Xinbaoyuan is the Kuanping Project. The Kuanping Project is located in Shanzhou District, Sanmenxia City, Henan Province, China, approximately 33 km north of the Ying Mining District. The transaction was accounted for as an acquisition of assets as the purchase price was concentrated on a single asset. The purchase price was allocated to the assets acquired and liabilities assumed on a relative fair value basis with $13.1 million allocated to mineral property interest. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
LEASES | 14. LEASES The following table summarizes changes in the Company’s lease receivable and lease obligation related to the Company’s office lease and sublease. Lease Receivable Lease Obligation Balance, April 1, 2021 $ 396 $ 1,741 Addition - 149 Interest accrual 15 72 Interest received or paid (15 ) (72 ) Principal repayment (217 ) (637 ) Foreign exchange impact 3 10 Balance, March 31, 2022 $ 182 $ 1,263 Interest accrual 4 43 Interest received or paid (4 ) (43 ) Principal repayment (172 ) (597 ) Foreign exchange impact (10 ) (83 ) Balance, March 31, 2023 $ - $ 583 Less: current portion - (269 ) Non-current portion $ - $ 314 The following table presents a reconciliation of the Company’s undiscounted cash flows to their present value for its lease obligation as at March 31, 2023: Lease Within 1 year $ 283 Between 2 to 5 years 332 Total undiscounted amount 615 Less future interest (32 ) Total discounted amount $ 583 Less: current portion (269 ) Non-current portion $ 314 The lease obligation were discounted using an estimated incremental borrowing rate of 5%. |
Environmental Rehabilitation Ob
Environmental Rehabilitation Obligation | 12 Months Ended |
Mar. 31, 2023 | |
Environmental Rehabilitation Obligation [Abstract] | |
ENVIRONMENTAL REHABILITATION OBLIGATION | 15. ENVIRONMENTAL REHABILITATION OBLIGATION The following table presents the reconciliation of the beginning and ending obligations associated with the retirement of the properties: Balance, April 1, 2021 $ 7,863 Reclamation expenditures (467 ) Unwinding of discount of environmental rehabilitation 269 Revision of provision 812 Foreign exchange impact 262 Balance, March 31, 2022 $ 8,739 Reclamation expenditures (740 ) Unwinding of discount of environmental rehabilitation 239 Revision of provision (248 ) Foreign exchange impact (672 ) Balance, March 31, 2023 $ 7,318 As at March 31, 2023, the total undiscounted amount of estimated cash flows required to settle the Company’s environmental rehabilitation provision was $10.2 million (March 31, 2022 - $12.3 million) over the next twenty years, which has been discounted using an average discount rate of 2.83% (March 31, 2022 – 3.01%). During the year ended March 31, 2023, the Company incurred actual reclamation expenditures of $0.7 million (year ended March 31, 2022 - $0.5 million), paid reclamation deposit of $0.3 million (year ended March 31, 2022 - $0.5 million) and received $1.2 million reclamation deposit refund (year ended March 31, 2022 - nil Estimated future reclamation costs are based on the extent of work required and the associated costs are dependent on the requirements of relevant authorities and the Company’s environmental policies. In view of uncertainties concerning environmental rehabilitation obligations, the ultimate costs could be materially different from the amounts estimated. |
Share Capital
Share Capital | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Classes Of Share Capital Text Block Abstract | |
SHARE CAPITAL | 16. SHARE CAPITAL (a) Authorized Unlimited number of common shares without par value. All shares issued as at March 31,2023 were fully paid. (b) Share-based compensation The Company has a share-based compensation plan (the “Plan”) which consists of stock options, restricted share units (the “RSUs”) and performance share units (the “PSUs”). The Plan allows for the maximum number of common shares to be reserved for issuance on any share-based compensation to be a rolling 10% of the issued and outstanding common shares from time to time. Furthermore, no more than 3% of the reserve may be granted in the form of RSUs and PSUs. For the year ended March 31, 2023, a total of $3.8 million (year ended March 31, 2022 - $6.1 million) in share-based compensation expense was recognized and included in the corporate general and administrative expenses and property evaluation and business development expenses on the consolidated statements of income. (i) Stock options The following is a summary of option transactions: Number of shares Weighted average Balance, April 1, 2021 1,862,418 $ 5.45 Options exercised (797,083 ) 2.98 Options cancelled/forfeited (70,000 ) 7.46 Balance, March 31, 2022 995,335 $ 7.28 Option granted 595,000 3.95 Options cancelled/forfeited (158,667 ) 6.29 Balance, March 31, 2023 1,431,668 $ 6.01 The following table summarizes information about stock options outstanding as at March 31, 2023: Weighted average Number of options remaining Weighted average Number of options Weighted average Exercise price in outstanding at contractual life exercise price in exercisable at exercise price in CAD$ March 31, 2023 (Years) CAD$ March 31, 2023 CAD$ $3.93 478,000 4.07 $3.93 79,666 $3.93 $ 4.08 60,000 4.90 $ 4.08 - $- $ 5.46 493,668 2.15 $ 5.46 410,832 $ 5.46 $ 9.45 400,000 2.62 $ 9.45 268,335 $ 9.45 $3.93 to $9.45 1,431,668 3.04 $6.01 758,833 $6.71 The fair value of stock options granted during the year ended March 31, 2023 were calculated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Year ended March 31, 2023 Risk free interest rate 2.64% Expected life of option in years 2.75 years Expected volatility 62.00% Expected dividend yield 0.81% Estimated forfeiture rate 9.81% Weighted average share price at date of grant $3.95 CAD (ii) RSUs The following is a summary of RSUs transactions: Number of shares Weighted average Balance, April 1, 2021 1,249,336 $ 6.28 Granted 1,000,000 6.40 Forfeited (46,999 ) 6.63 Distributed (566,172 ) 5.90 Balance, March 31, 2022 1,636,165 $ 6.47 Granted 1,154,000 3.96 Forfeited (159,792 ) 5.44 Distributed (503,703 ) 6.04 Balance, March 31, 2023 2,126,670 $ 5.29 During the year ended March 31, 2023, a total of 1,154,000 RSUs were granted to directors, officers, and employees of the Company at grant date closing prices of CAD$3.93 to CAD$4.08 per share subject to a vesting schedule over a three-year term with 1/6 of the RSUs vesting every six months from the date of grant. Subsequent to March 31, 2023, a total of 1,056,000 RSUs were granted to directors, officers, and employees of the Company at grant date closing price of CAD$5.28 per share subject to a vesting schedule over a three-year term with 1/6 of the RSUs vesting every six months from the date of grant. Subsequent to March 31, 2023, a total of 174,423 RSUs with grant date closing prices of CAD$3.93 to CAD6.40 were distributed. (c) Cash dividends declared During the year ended March 31, 2023, dividends of $4.4 million, or $0.025 per share, (year ended March 31, 2022 - $4.4 million or $0.025 per share) were declared and paid. (d) Normal course issuer bid On August 25, 2021, the Company announced a normal course issuer bid (the “2021 NCIB”) which allows it to repurchase and cancel up to 7,054,000 of its own common shares until August 26, 2022. A total of 739,960 common shares were repurchased under 2021 NCIB at a weighted average price of CAD$3.25. On August 24, 2022, the Company announced a normal course issuer bid (the “2022 NCIB”, together with the 2021 NCIB, the “NCIB Programs”) which allows it to repurchase and cancel up to 7,079,407 of its own common shares until August 28, 2023. As of March 31, 2023, the Company has repurchased a total of 98,277 common shares under the 2022 NCIB at a weighted average price of CAD$2.85. The total repurchasing cost of the above mentioned NCIB Programs was $2.1 million. All shares bought were subsequently cancelled. (e) Earnings per share (basic and diluted) For the years ended March 31, 2023 2022 Income Shares Per-Share Income Shares Per-Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income attributable to equity holders of the Company $ 20,608 $ 30,634 Basic earnings per share 20,608 176,862,877 $ 0.12 30,634 176,534,501 $ 0.17 Effect of dilutive securities: Stock options and RSUs 2,126,672 1,789,467 Diluted earnings per share $ 20,608 178,989,549 $ 0.12 $ 30,634 178,323,968 $ 0.17 Anti-dilutive options that are not included in the diluted EPS calculation were 1,431,668 for the year ended March 31, 2023 (year ended March 31, 2022 – 995,335). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | 17. ACCUMULATED OTHER COMPREHENSIVE LOSS March 31, 2023 March 31, 2022 Change in fair value on equity investments designated as FVTOCI $ 24,355 $ 23,043 Share of other comprehensive loss in associate 1,380 494 Currency translation adjustment 17,508 (21,584 ) Balance, end of the period $ 43,243 $ 1,953 The change in fair value on equity investments designated as FVTOCI, share of other comprehensive loss in associates, and currency translation adjustment are net of tax of $ nil |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of non-controlling interests [Abstract] | |
NON-CONTROLLING INTERESTS | 18. NON-CONTROLLING INTERESTS The continuity of non-controlling interests is summarized as follows: Henan Henan Guangdong Found Huawei Yunxiang Found New Infini Total Balance, April 1, 2021 $ 78,564 $ 5,182 $ 3,032 $ (351 ) $ 11,727 $ 98,154 Share of net income (loss) 12,639 182 (185 ) 154 (140 ) 12,650 Share of other comprehensive income 1,732 194 68 16 - 2,010 Distributions (3,266 ) (630 ) - - (1,200 ) (5,096 ) Balance, March 31, 2022 $ 89,669 $ 4,928 $ 2,915 $ (181 ) $ 10,387 $ 107,718 Share of net income (loss) 11,584 (121 ) (157 ) 78 (10,892 ) 492 Share of other comprehensive loss (6,037 ) (351 ) (118 ) (46 ) - (6,552 ) Distributions (9,934 ) (946 ) - - - (10,880 ) Balance, March 31, 2023 $ 85,282 $ 3,510 $ 2,640 $ (149 ) $ (505 ) $ 90,778 As at March 31, 2023, non-controlling interests in Henan Found, Henan Huawei, Yunxiang, Guangdong Found and New Infini were 22.5%, 20%, 30%, 1%, and 53.9%, respectively (March 31, 2022 – 22.5%, 20%, 30%, 1%, and 53.9%, respectively). Henan Non-ferrous Geology Minerals Ltd. (“Henan Non-ferrous”) is the 17.5% equity interest holder of Henan Found. During the year ended March 31, 2023, Henan Found declared and paid dividends of $7.7 million (year ended March 31, 2022 – declared and paid dividends of $2.5 million) to Henan Non-ferrous. Henan Xinxiangrong Mining Ltd. (“Henan Xinxiangrong”) is the 5% equity interest holder of Henan Found. During the year ended March 31, 2023, Henan Found declared and paid dividends of $2.2 million (year ended March 31, 2022 – declared and paid dividends of $0.8 million) to Henan Xinxiangrong. Henan Xinhui Mining Co., Ltd. (“Henan Xinhui”) is a 20% equity interest holder of Henan Huawei. For the year ended March 31, 2023, Henan Huawei declared and paid dividends of $0.9 million (year ended March 31, 2022 – $0.6 million) to Henan Xinhui. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 19. RELATED PARTY TRANSACTIONS Related party transactions are made on terms agreed upon by the related parties. The balances with related parties are unsecured, non-interest bearing, and due on demand. Related party transactions not disclosed elsewhere in the consolidated financial statements are as follows: (a) Due from related parties March 31, 2023 March 31, 2022 NUAG (i) $ 51 $ 43 TIN (ii) 37 23 $ 88 $ 66 i. The Company recovers costs for services rendered to NUAG and expenses incurred on behalf of NUAG pursuant to a services and administrative costs reallocation agreement. During the year ended March 31, 2023, the Company recovered $1.0 million (year ended March 31, 2022 - $0.7 million) from NUAG for services rendered and expenses incurred on behalf of NUAG. The costs recovered from NUAG were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income. ii. The Company recovers costs for services rendered to TIN and expenses incurred on behalf of TIN pursuant to a services and administrative costs reallocation agreement. During the year ended March 31, 2023, the Company recovered $0.2 million (year ended March 31, 2022 - $0.2 million) from TIN for services rendered and expenses incurred on behalf of TIN. The costs recovered from TIN were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income. (b) Compensation of key management personnel The remuneration of directors and other members of key management personnel, who are those having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, for the years ended March 31, 2023 and 2022 were as follows: Years Ended March 31, 2023 2022 Cash compensation 3,057 3,246 Share-based compensation 3,764 3,179 $ 6,821 $ 6,425 |
Capital Disclosures
Capital Disclosures | 12 Months Ended |
Mar. 31, 2023 | |
Capital Disclosure [Abstract] | |
CAPITAL DISCLOSURES | 20. CAPITAL DISCLOSURES The Company’s objectives of capital management are intended to safeguard the entity’s ability to support the Company’s normal operating requirement on an ongoing basis, continue the development and exploration of its mineral properties, and support any expansionary plans. The capital of the Company consists of the items included in equity less cash and cash equivalents and short-term investments. Risk and capital management are primarily the responsibility of the Company’s corporate finance function and is monitored by the Board of Directors. The Company manages the capital structure and makes adjustments depending on economic conditions. Funds have been primarily secured through profitable operations and issuances of equity capital. The Company invests all capital that is surplus to its immediate needs in short-term, liquid and highly rated financial instruments, such as cash and other short-term deposits, all held with major financial institutions. Significant risks are monitored and actions are taken, when necessary, according to the Company’s approved policies. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Mar. 31, 2023 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | 21. FINANCIAL INSTRUMENTS The Company manages its exposure to financial risks, including liquidity risk, foreign exchange risk, interest rate risk, credit risk and equity price risk in accordance with its risk management framework. The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and reviews the Company’s policies on an ongoing basis. (a) Fair value The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13, Fair Value Measurement (“IFRS 13”). Level 1 – Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets. Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs which are supported by little or no market activity. The following tables set forth the Company’s financial assets and liabilities that are measured at fair value level on a recurring basis within the fair value hierarchy as at March 31, 2023 and March 31, 2022 that are not otherwise disclosed. As required by IFRS 13, the assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair value as at March 31, 2023 Recurring measurements Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 145,692 $ - $ - $ 145,692 Short-term investments - money market instruments 53,829 - - 53,829 Investments in public companies 12,314 - - 12,314 Investments in private companies - - 3,226 3,226 Fair value as at March 31, 2022 Recurring measurements Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 113,302 $ - $ - $ 113,302 Short-term investments - money market instruments 90,455 - - 90,455 Investments in public companies 13,916 - - 13,916 Investments in private companies - - 3,852 3,852 Financial assets classified within Level 3 are equity investments in private companies owned by the Company. Significant unobservable inputs are used to determine the fair value of the financial assets, which includes recent arm’s length transactions of the investee, the investee’s financial performance as well as any changes in planned milestones of the investees. Fair value of the other financial instruments excluded from the table above approximates their carrying amount as at March 31, 2023 and March 31, 2022, due to the short-term nature of these instruments. There were no transfers into or out of Level 3 during the year ended March 31, 2023 and 2022. (b) 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 considering cash flows from operations and our holdings of cash and cash equivalents, and short-term investments. In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company’s financial liabilities and operating commitments on an undiscounted basis. March 31, 2023 Within a year 2-5 years Total Accounts payable and accrued liabilities $ 36,737 $ - $ 36,737 Lease obligation 283 332 615 Deposits received 4,090 - 4,090 Total Contractual Obligation $ 41,110 $ 332 $ 41,442 (c) Foreign exchange risk The Company reports its financial statements in US dollars. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is the Canadian dollar (“CAD”) and the functional currency of all Chinese subsidiaries is the Chinese yuan (“RMB”). The functional currency of New Infini and its subsidiaries is the US dollar (“USD”). The Company is exposed to foreign exchange risk when the Company undertakes transactions and holds assets and liabilities in currencies other than its functional currencies. The Company currently does not engage in foreign exchange currency hedging. The sensitivity of the Company’s net income due to the exchange rates of the Canadian dollar against the U.S. dollar and the Australian dollar as at March 31, 2023 is summarized as follows: Accounts payable Net financial Effect of +/- 10% Cash and cash Short-term Other and accrued assets change in equivelents investments investments liabilities explosure currency US dollar $ 70,461 $ 3,802 $ 2,527 $ (68 ) $ 76,790 $ 7,679 Australian dollar 249 - 2,996 - 3,245 325 $ 70,710 $ 3,802 $ 5,523 $ (68 ) $ 80,035 $ 8,004 (d) Interest rate risk The Company is exposed to interest rate risk on its cash equivalents and short-term investments. As at March 31, 2023, all of its interest-bearing cash equivalents and short-term investments earn interest at market rates that are fixed to maturity or at variable interest rates with terms of less than one year. The Company monitors its exposure to changes in interest rates on cash equivalents and short-term investments. Due to the short-term nature of these financial instruments, fluctuations in interest rates would not have a significant impact on the Company’s net income. (e) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily associated to accounts receivable, due from related parties, cash and cash equivalents, and short-term investments. The carrying amount of assets included on the balance sheet represents the maximum credit exposure. The Company undertakes credit evaluations on counterparties as necessary, requests deposits from customers prior to delivery, and has monitoring processes intended to mitigate credit risks. There were no material amounts in trade or other receivables which were past due on March 31, 2023 (at March 31, 2022 - $ nil (f) Equity price risk The Company holds certain marketable securities that will fluctuate in value as a result of trading on financial markets. As the Company’s marketable securities holdings are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company’s portfolio as at March 31, 2023, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign currency effects, would have resulted in an increase (decrease) to the net income (loss) and other comprehensive income (loss) of $1.1 million and $0.1 million, respectively. |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 12 Months Ended |
Mar. 31, 2023 | |
Segmented Information Disclosure [Abstract] | |
SUPPLEMENTARY CASH FLOW INFORMATION | 22. SUPPLEMENTARY CASH FLOW INFORMATION Year Ended March 31, Changes in non-cash operating working capital: 2023 2022 Trade and other receivables $ 936 $ (2,101 ) Inventories 79 753 Prepaids and deposits (50 ) (650 ) Accounts payable and accrued liabilities (2,009 ) 8,014 Deposits received (938 ) 422 Due from a related party (28 ) (14 ) $ (2,010 ) $ 6,424 Year Ended March 31, Non-cash capital transactions: 2023 2022 Environmental rehablitation expenditure paid from reclamation deposit $ 379 $ 216 Additions of plant and equipment included in accounts payable and accrued liabilities 2,276 (1,164 ) Capital expenditures of mineral rights and properties included in accounts payable and accrued liabilities $ 590 $ 5,201 March 31, 2023 March 31, 2022 Cash on hand and at bank $ 50,871 $ 72,782 Bank term deposits and short-term money market investments 94,821 40,520 Total cash and cash equivalents $ 145,692 $ 113,302 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Events After Reporting Period Text Block Abstract | |
SUBSEQUENT EVENT | 23. SUBSEQUENT EVENT On May 15, 2023, the Company announced that it has signed a non-binding term sheet (the “Term Sheet”) with Celsius Resources Limited (“Celsius”), a company publicly listed on Australian Securities Exchange (“ASX”) and the London Stock Exchange Alternative Investment Market (“AIM”) under the symbol of “CLA”, regarding a proposed transaction (the “Proposed Transaction”) pursuant to which the Company will acquire all of the issued and outstanding shares of Celsius. Celsius owns the advanced-stage Maalinao-Caigutan-Biyog copper-gold project (“MCB Project”) in the Philippines, which is located in the Cordillera Administrative Region of the Philippines, approximately 320 km north of Manila. The major terms of the Proposed Transaction are: ● The Company has offered to acquire all of the outstanding shares of Celsius from the shareholders of Celsius, at a fixed price of AUD$0.030 per share, in exchange for consideration comprising 90% the Company’s shares and 10% in cash. The Company’s share price will be determined based on the volume weighted average trading price (“VWAP”) on the NYSE for the 20 business days ending on the scheme record date. ● The consideration of AUD$0.030 per share represents a 76% premium to the 20-day VWAP of Celsius as of the close of trading on the ASX on May 11, 2023. The total consideration is approximately AUD$56 million. ● Celsius and the Company have also executed a private placement subscription agreement at AUD$0.015 per Celsius share for a total of AUD$5 million. This will provide interim funding for further development of Celsius’ MCB Project. The private placement was closed on May 16, 2023. Upon closing of the private placement, the Company owns 15.1% of the outstanding shares of Celsius. ● In addition to the consideration, Celsius shareholders will receive shares in a new exploration company (“Spinco”) which will hold all of Celsius’ rights and interests with respect to the Sagay (Philippines) and Opuwo (Namibia) projects. The Spinco shares will be distributed on a 10 Celsius shares for 1 Spinco share basis. Spinco will seek a listing on the ASX or AIM via a demerger and concurrent initial public offering. Silvercorp has agreed to invest AUD$4 million in Spinco, valued at a post-financed market capitalization of AUD$30 million. ● The Proposed Transaction will be implemented by way of a Scheme of Arrangement (“Arrangement”) or other appropriate form of transaction under Australian laws, under a definitive agreement (“Definitive Agreement”) to be negotiated and entered into by the Company and Celsius within one month of the Term Sheet. The final structure of the Proposed Transaction will be governed by the terms of the Definitive Agreement. The Term Sheet does not create a binding agreement with Celsius for the Proposed Transaction, and there is no assurance that Silvercorp and Celsius will reach agreement on the terms of the Definitive Agreement as set out in the Term Sheet, or at all. If the Proposed Transaction is not completed, the Company will have the right to maintain its percentage interest in Celsius pursuant to the placement agreement. In addition to entering into the Definitive Agreement, completion of the Proposed Transaction is subject to, among other conditions, satisfactory completion of due diligence, voting support of key Celsius shareholders, Celsius shareholder approval, and regulatory approvals. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Statement of Compliance | (a) Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The policies applied in these consolidated financial statements are based on IFRS in effect as of April 1, 2022. These consolidated financial statements were authorized for issue in accordance with a resolution of the Board of Directors dated May 24, 2023. |
Basis of Consolidation | (b) Basis of Consolidation These consolidated financial statements include the accounts of the Company and its wholly or partially owned subsidiaries. Subsidiaries are consolidated from the date on which the Company obtains control up to the date of the disposition of control. Control is achieved when the Company has power over the subsidiary, is exposed or has rights to variable returns from its involvement with the subsidiary and has the ability to use its power to affect its returns. For non-wholly owned subsidiaries over which the Company has control, the net assets attributable to outside equity shareholders are presented as “non-controlling interests” in the equity section of the consolidated balance sheets. Net income for the period that is attributable to the non-controlling interests is calculated based on the ownership of the non-controlling interest shareholders in the subsidiary. Adjustments to recognize the non-controlling interests’ share of changes to the subsidiary’s equity are made even if this results in the non-controlling interests having a deficit balance. Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are recorded as equity transactions. The carrying amount of non-controlling interests is adjusted to reflect the change in the non-controlling interests’ relative interests in the subsidiary and the difference between the adjustment to the carrying amount of non-controlling interest and the Company’s share of proceeds received and/or consideration paid is recognized directly in equity and attributed to equity holders of the Company. Balances, transactions, revenues and expenses between the Company and its subsidiaries are eliminated on consolidation. Details of the Company’s significant subsidiaries which are consolidated are as follows: Proportion of ownership interest held Name of subsidiaries Principal activity Country of March 31, March 31, Mineral properties Silvercorp Metals China Inc. Holding company Canada 100% 100% Silvercorp Metals (China) Inc. Holding company China 100% 100% 0875786 B.C. LTD. Holding company Canada 100% 100% Fortune Mining Limited Holding company BVI (i) 100% 100% Fortune Copper Limited Holding company BVI 100% 100% Fortune Gold Mining Limited Holding company BVI 100% 100% Victor Resources Ltd. Holding company BVI 100% 100% Yangtze Mining Ltd. Holding company BVI 100% 100% Victor Mining Ltd. Holding company BVI 100% 100% Yangtze Mining (H.K.) Ltd. Holding company Hong Kong 100% 100% Fortune Gold Mining (H.K.) Limited Holding company Hong Kong 100% 100% Wonder Success Limited Holding company Hong Kong 100% 100% New Infini Silver Inc. (“New Infini”) Holding company Canada 46.1% 46.1% Infini Metals Inc. Holding company BVI 46.1% 46.1% Infini Resources (Asia) Co. Ltd. Holding company Hong Kong 46.1% 46.1% Golden Land (Asia) Ltd. Holding company Hong Kong 46.1% 46.1% Henan Huawei Mining Co. Ltd. (“Henan Huawei”) Mining China 80% 80% Ying Mining District Henan Found Mining Co. Ltd. (“Henan Found”) Mining China 77.5% 77.5% Xinshao Yunxiang Mining Co., Ltd. (“Yunxiang”) Mining China 70% 70% BYP Guangdong Found Mining Co. Ltd. (“Guangdong Found”) Mining China 99% 99% GC Infini Resources S.A. de C.V. Mining Mexico 46.1% 46.1% La Yesca Shanxi Xinbaoyuan Mining Co., Ltd. (“Xinbaoyuan”) Mining China 77.5% 77.5% Kuanping (i) British Virgin Islands (“BVI”) |
Investments in Associates | (c) Investments in Associates An associate is an entity over which the Company has significant influence but not control and is not a subsidiary or joint venture. Significant influence is presumed to exist where the Company has between 20% and 50% of the voting rights, but can also arise when the Company has power to be actively involved and influential in financial and operating policy decisions of the entity even though the Company has less than 20% of voting rights. The Company accounts for its investments in associates using the equity method. Under the equity method, the Company’s investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company’s share of profit and loss of the associate and for impairment losses after the initial recognition date. The Company’s share of an associate’s loss that are in excess of its investment are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. The Company’s share of comprehensive income or losses attributable to shareholders of associates are recognized in comprehensive income during the period. The carrying amount of the Company’s investments in associates also include any long-term debt interests which in substance form part of the Company’s net investment. Distributions received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment. At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the associate’s operations. When there is objective evidence that an investment in an associate is impaired, the carrying amount is compared to its recoverable amount, being the higher of its fair value less cost to sell and value in use. An impairment loss is recognized if the recoverable amount is less than its carrying amount. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. Impairment losses and reversal of impairment losses, if any, are recognized in net income in the period in which the relevant circumstances are identified. Details of the Company’s associates are as follows: Proportion of ownership interest held Name of associate Principal activity Country of March 31, March 31, New Pacific Metals Corp. (“NUAG”) Mining Canada 28.2% 28.2% Whitehorse Gold Corp. (“WHG”) Mining Canada 29.3% 29.3% |
Business Combinations or asset acquisition | (d) Business Combinations or asset acquisition Optional concentration test The Company applies an optional concentration test, on a transaction-by-transaction basis, that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The gross assets under assessment exclude cash and cash equivalents, deferred tax assets, and goodwill resulting from the effects of deferred tax liabilities. If the concentration test is met, the set of activities and assets is determined not to be a business and no further assessment is needed. Asset acquisitions When the Company acquires a group of assets and liabilities that do not constitute a business, the Company identifies and recognizes the individual identifiable assets acquired and liabilities assumed by allocating the purchase price including the associated acquisition-related transaction costs first to financial assets/financial liabilities at the respective fair values, the remaining balance of the purchase price is then allocated to the other identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. Such a transaction does not give rise to goodwill or bargain purchase gain. Business Combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Company elects whether it measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs incurred are expensed and included in general and administrative expenses. When the Company acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through profit or loss. |
Foreign Currency Translation | (e) Foreign Currency Translation The functional currency for each subsidiary of the Company is the currency of the primary economic environment in which the entity operates. Other than New Infini and its subsidiaries, the functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is the Canadian dollar (“CAD”). The functional currency of all Chinese subsidiaries is the Chinese Renminbi (“RMB”). The functional currency of New Infini and its subsidiaries is USD. Foreign currency monetary assets and liabilities are translated into the functional currency using exchange rates prevailing at the reporting date. Foreign currency non-monetary assets are translated using exchange rates prevailing at the transaction date. Foreign exchange gains and losses are included in the determination of net income. The consolidated financial statements are presented in U.S. dollars (“USD”). The financial position and results of the Company’s entities are translated from functional currencies to USD as follows: - assets and liabilities are translated using exchange rates prevailing at the reporting date; - income and expenses are translated using average exchange rates prevailing during the period; and - all resulting exchange gains and losses are included in other comprehensive income. The Company treats inter-company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment. When a foreign entity is sold, the historical exchange differences plus the foreign exchange impact that arises on the transaction are recognized in the statement of income as part of the gain or loss on sale. |
Revenue Recognition | (f) Revenue Recognition Revenue from contracts with customers is recognized when control of the asset sold is transferred to customers and the Company satisfies its performance obligation. Revenue is allocated to each performance obligation. The Company considers the terms of the contract in determining the transfer price. The transaction price is based upon the amount the Company expects to receive in exchange for the transferring of the assets. In determining whether the Company has satisfied a performance obligation, it considers the indicators of the transfer of control, which include, but are not limited to, whether: the Company has a present right to payment; the customer has 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. This generally occurs when the assets are loaded on the trucks arranged by the customer at the Company’s milling facilities. In cases where the Company is responsible for the costs of shipping and certain other services after the date on which the control of the assets transferred to the customer, these other services are considered separate performance obligations and thus a portion of revenue earned under the contract is allocated and recognized as these performance obligations are satisfied. Revenue from concentrate sales is typically recorded based on the Company’s assay results for the quantity and quality of concentrate sold and the applicable commodity prices, such as silver, gold, lead and zinc, set on a specific quotation period, typical ranging from ten to fifteen days around shipment date, by reference to active and freely traded commodity market. Adjustments, if any, related to the final assay results for the quantity and quality of concentrate sold are not significant and do not constrain the recognition of revenue. Smelter charges, including refining and treatment charges, are netted against revenue from metal concentrate sales. |
Cash and Cash Equivalents | (g) Cash and Cash Equivalents Cash and cash equivalents include cash on hand and held at banks and short-term money market investments that are readily convertible to cash with original terms of three months or less and exclude any restricted cash that is not available for use by the Company. |
Short-term Investments | (h) Short-term Investments Short-term investments consist of certificates of deposit and money market instruments, including cashable guaranteed investment certificates, bearer deposit notes and other financial assets with original terms of over three months but less than one year. Bonds traded on open markets are also included in short-term investments. |
Inventories | (i) Inventories Inventories include concentrate inventories, direct smelting ore, stockpile ore and operating materials and supplies. The classification of inventory is determined by the stage at which the ore is in the production process. Material that does not contain a minimum quantity of metal to cover estimated processing expenses to recover the contained metal is not classified as inventory and is assigned no value. Direct smelting ore and stockpiled ore are sampled for metal content and are valued at the lower of mining cost and net realizable value. Mining cost includes the cost of raw material, mining contractor cost, direct labour costs, depletion and depreciation, and applicable production overheads, based on normal operating capacity. Concentrate inventories are valued at the lower of cost and net realizable value. The cost of concentrate inventories includes the mining cost for stockpiled ore milled, freight charges for shipping stockpile ore from mine sites to mill sites and milling cost. Milling cost includes cost of materials and supplies, direct labour costs, and applicable production overheads cost, based on normal operating capacity. Material and supplies are valued at the lower of cost, determined on a weighted average cost basis, and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sales. |
Plant and Equipment | (j) Plant and Equipment Plant and equipment are initially recorded at cost, including all directly attributable costs to bring the assets to the location and condition necessary for it to be capable of operating in the manner intended by management. Plant and equipment are subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation is computed on a straight-line basis based on the nature and useful lives of the assets. The significant classes of plant and equipment and their estimated useful lives are as follows: Buildings 20 years Office equipment 5 years Machinery 5-10 years Motor vehicles 5 years Land use rights 50 years Leasehold improvements 5 years Subsequent costs that meet the asset recognition criteria are capitalized, while costs incurred that do not extend the economic useful life of an asset are considered repairs and maintenance, which are accounted for as an expense recognized during the period. Assets under construction are capitalized as construction-in-progress. The cost of construction-in-progress comprises of the asset’s purchase price and any costs directly attributable to bringing it into working condition for its intended use. Construction-in-progress assets are transferred to other respective asset classes and are depreciated when they are completed and available for use. Upon disposal or abandonment, the carrying amounts of plant and equipment are derecognized and any associated gain or loss is recognized in net income. |
Mineral Rights and Properties | (k) Mineral Rights and Properties Mineral rights and properties include the following capitalized payments and expenditures: - Acquisition costs which consist of payments for property rights and leases, including payments to acquire or renew an exploration or mining permit, and the estimated fair value of properties acquired as part of business combination or the acquisition of a group of assets. - Exploration and evaluation costs incurred on a specific property after an acquisition of a beneficial interest or option in the property. Exploration and evaluation expenditures on properties for which the Company does not have title or rights to are expensed when incurred. Exploration and evaluation activities involve the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. - Development costs incurred to construct a mine and bring it into commercial production. Proceeds from sales generate during this development and pre-production stage, if any, are deducted from the costs of the asset. - Expenditures incurred on producing properties that are expected to have future economic benefit, including to extend the life of the mine and to increase production by providing access to additional reserves, such as exploration tunneling that can increase or upgrade the mineral resources, and development tunneling, including to build shafts, drifts, ramps, and access corridors that enable to access ore underground. - Borrowing costs incurred that are directly attributed to the acquisition, construction and development of a qualifying mineral property. - Estimated of environmental rehabilitation and restoration costs. Before commencement of commercial production, mineral rights and properties are carried at costs, less any accumulated impairment charges. Upon commencement of commercial production, mineral rights and properties are carried at costs, less accumulated depletion and any accumulated impairment charges. Mineral rights and properties, other than the payments to renew mining permits (the “mine right fee”) are depleted over the mine’s estimated life using the units of production method calculated based on proven and probable reserves. Estimation of proven and probable reserves for each property is updated when relative information is available; the result will be prospectively applied to calculate depletion amounts for future periods. If commercial production commences prior to the determination of proven and probable reserves, depletion is calculated based on the mineable portion of measured and indicated resources. The mine right fee is depleted using the units of production method based on the mineral resources which were used to determine the mine right fee payable. |
Impairment and Impairment Reversal | (l) Impairment and Impairment Reversal At each reporting period, the Company reviews and evaluates its assets for impairment, or reversal of a previously recognized impairment, when events or changes in circumstances indicate that the related carrying amounts may not be recoverable or when there is an indication that impairment may have reversed. When impairment indicators exist, an estimate of the recoverable amount is undertaken, being the higher of an asset’s fair value less cost of disposal (“FVLCTD”) and value in use (“VIU”). If the carrying value exceeds the recoverable amount, an impairment loss is recognized in the consolidated statement of income during the period. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The cash flows are based on best estimates of expected future cash flows from the continued use of the asset and its eventual disposal. FVLCTD is best evidence if obtained from an active market or binding sale agreement. Where neither exists, the fair value is based the best estimates available to reflect the amount that could be received from an arm’s length transaction. Fair value of asset is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects. Impairment is normally assessed at the level of cash-generating units (“CGU”), a CGU is identified as the smallest identifiable group of assets that generates cash inflows which are independent of the cash inflows generated from other assets. When there is an indication that an impairment loss recognized previously may no longer exist or has decreased, the recoverable amount is calculated. If the recoverable amount exceeds the carrying amount, the carrying value of the asset is increased to the recoverable amount. The increased carrying amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized in the consolidated statements of income in the period it is determined. |
Environmental Rehabilitation Provision | (m) Environmental Rehabilitation Provision The mining, extraction and processing activities of the Company normally give rise to obligations for site closure or rehabilitation. Closure and decommissioning works can include facility decommissioning and dismantling; removal or treatment of waste materials; site and land rehabilitation. The extent of work required and the associated costs are dependent on the requirements of relevant authorities and the Company’s environmental policies. Provisions for the cost of each closure and rehabilitation program are recognized at the time when environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and decommissioning activity expected to occur progressively over the life of the operation and at the time of closure in connection with disturbances at the reporting date. Routine operating costs that may impact the ultimate closure and decommissioning activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognized as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and decommissioning expenditure is dependent upon a number of factors such as the life and nature of the asset, the operating license conditions, and the environment in which the mine operates. Expenditure may occur before and after closure and can continue for an extended period of time dependent on closure and decommissioning requirements. Closure and decommissioning provisions are measured at the expected amount of future cash flows, discounted to their present value for each operation. Discount rates used are specific to the underlying obligation. Significant judgments and estimates are involved in forming expectations of future activities and the amount and timing of the associated cash flows. Those expectations are formed based on existing environmental and regulatory requirements which give rise to a constructive or legal obligation. When provisions for closure and decommissioning are initially recognized, the corresponding cost is capitalized as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalized cost of closure and decommissioning activities is recognized in Mineral Rights and Properties and depleted accordingly. The value of the provision is progressively increased over time as the effect of discounting unwinds, creating an expense recognized in finance costs. Closure and decommissioning provisions are also adjusted for changes in estimates. Those adjustments are accounted for as a change in the corresponding capitalized cost, except where a reduction in the provision is greater than the undepreciated capitalized cost of the related assets, in which case the capitalized cost is reduced to nil and the remaining adjustment is recognized in the income statement. In the case of closed sites, changes to estimated costs are recognized immediately in the consolidated statements of income. Changes to the capitalized cost result in an adjustment to future depreciation and finance charges. Adjustments to the estimated amount and timing of future closure and decommissioning cash flows are a normal occurrence in light of the significant judgments and estimates involved. The provision is reviewed at the end of each reporting period for changes to obligations, legislation or discount rates that impact estimated costs or lives of operations and adjusted to reflect current best estimate. The cost of the related asset is adjusted for changes in the provision resulting from changes in the estimated cash flows or discount rate and the adjusted cost of the asset is depreciated prospectively. |
Leases | (n) Leases Lease Definition At inception of a contract, the Company assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. An identified asset may be implicitly or explicitly specified in a contract, but must be physically distinct, and must not have the ability for substitution by a lessor. A lessee has the right to control an identified asset if it obtains substantially all of its economic benefits and either pre-determines or directs how and for what purposes the asset is used. Measurement of Right of Use (“ROU”) Assets and Lease Obligations At the commencement of a lease, the Company, if acting in capacity as a lessee, recognizes an ROU asset and a lease obligation. The ROU asset is initially measured at cost, which comprises the initial amount of the lease obligation adjusted for any lease payments made at, or before, the commencement date, plus any initial direct costs incurred, less any lease incentives received. The ROU asset is subsequently amortized on a straight-line basis over the shorter of the term of the lease, or the useful life of the asset determined on the same basis as the Company’s plant and equipment. The ROU asset is periodically adjusted for certain remeasurements of the lease obligation, and reduced by impairment losses, if any. If an ROU asset is subsequently leased to a third party (a “sublease”) and the sublease is classified as a finance lease, the carrying value of the ROU asset to the extent of the sublease is derecognized. Any difference between the ROU asset and the lease receivable arising from the sublease is recognized in profit or loss. The lease obligation is initially measured at the present value of the lease payments remaining at the lease commencement date, discounted using the interest rate implicit in the lease or the Company’s incremental borrowing rate if the rate implicit in the lease cannot be determined. Lease payments included in the measurement of the lease obligation, when applicable, may comprise of fixed payments, variable payments that depend on an index or rate, amounts expected to be payable under a residual value guarantee and the exercise price under a purchase, extension or termination option that the Company is reasonably certain to exercise. The lease obligation is subsequently measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease obligation is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset. Measurement of Lease Receivable At the commencement of a lease, the Company, if acting in capacity as a lessor, will classify the lease as finance lease and recognize a lease receivable at an amount equal to the net investment in the lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset or if the lease is a sublease, by reference to the ROU asset arising from the original lease (the “head lease”). A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset or the lease is a short-term lease. Cash received from an operating lease is included in other income in the Company’s consolidated statement of income on a straight-line basis over the period the lease. The lease receivable is initially measure at the present value of the lease payments remaining at the lease commencement date, discounted at the interest rate implicit in the lease or the Company’s incremental borrowing rate if the sublease is a finance lease. The lease receivable is subsequently measured at amortized cost using the effective interest rate method, and reduced by the amount received and impairment losses, if any. Recognition Exemptions The Company has elected not to recognize the ROU asset and lease obligations for short-term leases that have a lease term of 12 months or less or for leases of low-value assets. Payments associated with these leases are recognized as general and administrative expense on a straight-line basis over the lease term on the consolidated statement of income. |
Borrowing Costs | (o) Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, which necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalized as part of the cost of that asset. All other borrowing costs are expensed in the period in which they are incurred. No borrowing costs were capitalized in the periods presented. |
Share-based Payments | (p) Share-based Payments The Company makes share-based awards, including restricted share units (“RSUs”), performance share units (“PSUs”), and stock options, to employees, officers, directors, and consultants. For equity-settled awards, the fair value is charged to the consolidated statements of income and credited to equity, on a straight-line basis over the vesting period, after adjusting for the estimated number of awards that are expected to vest. The fair value of RSUs and PSUs is determined based on quoted market price of our common shares at the date of grant. The fair value of the stock options granted to employees, officers, and directors is determined at the date of grant using the Black-Scholes option pricing model with market related input. The fair value of stock options granted to consultants is measured at the fair value of the services delivered unless that fair value cannot be estimated reliably, which then is determined using the Black-Scholes option pricing model. Stock options with graded vesting schedules are accounted for as separate grants with different vesting periods and fair values. At each reporting date prior to vesting, the cumulative expense representing the extent to which the vesting period has expired and management’s best estimate of the awards that are ultimately expected to vest is computed (after adjusting for non-market performance conditions). The movement in cumulative expense is recognized in the consolidated statements of income with a corresponding entry within equity. No expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vested irrespective of whether or not the market condition is satisfied, provided that all other performance conditions are satisfied. |
Income Taxes | (q) Income Taxes Current tax for each taxable entity is based on the local taxable income at the local statutory tax rate enacted or substantively enacted at the reporting date and includes adjustments to tax payable or recoverable in respect to previous periods. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to set off the amounts, and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously. Deferred tax is recognized using the balance sheet liability method on temporary differences at the reporting date between the tax bases of assets and liabilities, and their carrying amounts for financial reporting purposes. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilized, except: - where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and - in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will be available to allow the deferred tax asset to be recovered. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax relating to items recognized outside profit or loss is recognized in other comprehensive income or directly in equity. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. |
Earnings per Share | (r) Earnings per Share Earnings per share are computed by dividing net income available to equity holders of the Company by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if additional common shares are assumed to be issued under securities that entitle their holders to obtain common shares in the future. For stock options and warrants, the number of additional shares for inclusion in diluted earnings per share calculations is determined by the options and warrants, whose exercise price is less than the average market price of the Company’s common shares, are assumed to be exercised and the proceeds are used to repurchase common shares at the average market price for the period. The incremental number of common shares issued under stock options, and repurchased from proceeds, is included in the calculation of diluted earnings per share. |
Financial Instruments | (s) Financial Instruments Initial recognition: On initial recognition, all financial assets and financial liabilities are recorded at fair value adjusted for directly attributable transaction costs except for financial assets and liabilities classified as fair value through profit or loss (“FVTPL”), in which case transaction costs are expensed as incurred. Subsequent measurement of financial assets: Subsequent measurement of financial assets depends on the classification of such assets. I. Non-equity instruments: IFRS 9 includes a single model that has only two classification categories for financial instruments other than equity instruments: amortized cost and fair value. To qualify for amortized cost accounting, the instrument must meet two criteria: i. The objective of the business model is to hold the financial asset for the collection of the contractual cash flows; and ii. All contractual cash flows represent only principal and interest on that principal. All other instruments are mandatorily measured at fair value. II. Equity instruments: At initial recognition, for equity instruments other than held for trading, the Company may make an irrevocable election to designate them, on instrument by instrument basis, as either FVTPL or fair value through other comprehensive income (“FVTOCI”). Financial assets classified as amortized cost are measured at the amount of initial recognition minus principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any impairment loss allowance. Amortization or interest income from the effective interest method is included in finance income. Financial assets classified as FVTPL are measured at fair value with changes in fair values recognized in profit or loss. Equity investments designated as FVTOCI are measured at fair value with changes in fair values recognized in other comprehensive income (“OCI”). Dividends from that investment are recorded in profit or loss when the Company’s right to receive payment of the dividend is established unless they represent a recovery of part of the cost of the investment. Impairment of financial assets carried at amortized cost: The Company recognizes a loss allowance for expected credit losses on its financial assets carried at amortized cost. The amount of expected credit losses is updated at each reporting period to reflect changes in credit risk since initial recognition of the respective financial instruments. Subsequent measurement of financial liabilities: Financial liabilities classified as amortized cost are measured at the amount of initial recognition minus principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount. Amortization or interest expense using the effective interest method is included in finance costs. Financial liabilities classified as FVTPL are measured at fair value with gains and losses recognized in profit or loss. The Company classifies its financial instruments as follows: - Financial assets classified as FVTPL: cash and cash equivalents, short-term investments – money market instruments, and other investments - equity investments designated as FVTPL and warrants; - Financial assets classified as FVTOCI: other investments - equity investments designated as FVTOCI; - Financial assets classified as amortized cost: short-term investments - bonds, trade and other receivables and due from related parties; - Financial liabilities classified as amortized cost: accounts payable and accrued liabilities, dividends payable, bank loan, customer deposits and due to related parties. Derecognition of financial assets and financial liabilities: A financial asset is derecognized when: - The rights to receive cash flows from the asset have expired; or - The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Gains and losses on derecognition of financial assets and liabilities classified as amortized cost are recognized in profit or loss when the instrument is derecognized or impaired, as well as through the amortization process. Gains and losses on derecognition of equity investments designated as FVTOCI (including any related foreign exchange component) are recognized in OCI. Amounts presented in OCI are not subsequently transferred to profit or loss. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another liability from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability. In this case, a new liability is recognized, and the difference in the respective carrying amounts is recognized in the statement of income. Offsetting of financial instruments: Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position if and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle liabilities simultaneously. Fair value of financial instruments: The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without deduction for transaction costs. For financial instruments that are not traded in active markets, the fair value is determined using appropriate valuation techniques, such as using a recent arm’s length market transaction between knowledgeable and willing parties, discounted cash flow analysis, reference to the current fair value of another instrument that is substantially the same, or other valuation models. |
Government Assistance | (t) Government Assistance Refundable mining exploration tax credits received from eligible mining exploration expenditures and other government grants received for project construction and development reduce the carrying amount of the related mineral rights and properties or plant and equipment assets. The depletion or depreciation of the related mineral rights and properties or plant and equipment assets is calculated based on the net amount. Government subsidies as compensation for expenses already incurred are recognized in profit and loss during the period in which it becomes receivable. |
Critical Accounting Judgments and Estimates | (u) Critical Accounting Judgments and Estimates The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions about future events that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these judgments and estimates are continuously evaluated and are based on management’s experience and best knowledge of relevant facts and circumstances, actual results may differ from these estimates. Areas where critical accounting judgments have the most significant effect on the consolidated financial statements include: Capitalization of expenditures included in mineral rights and properties – Indicators of impairment and impairment reversal Income taxes The recognition of deferred tax assets and the determination of the ability of the Company to utilize tax loss carry-forwards to offset deferred tax liabilities requires management to exercise judgement and make certain assumptions about the future performance of the Company. Management is required to access whether it is “probable” that the Company will benefit from these prior losses and other deferred tax assets. Changes in economic conditions, metal prices, and other factors could result in revision to the estimates of the benefits to be realized or the timing of utilization of the losses. Functional currency Contingencies Consolidation of entities in which the Company holds less than a majority of voting rights – Areas where critical accounting estimates have the most significant effect on the amounts recognized in the consolidated financial statements include: Mineral Reserves and Mineral Resources estimates - Impairment and reserve impairment of assets - The determination of FVLCTD and VIU requires management to make estimates and assumptions about expected production based on current estimates of recoverable metal, commodity prices, operating costs, taxes and export duties, inflation and foreign exchange, salvage value, future capital expenditures and discount rates. The estimates and assumptions are subject to risk and uncertainty; hence, there is the possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the assets. In such circumstances, some or all of the carrying value of the assets may be further impaired or the impairment charge reversed with the impact recorded in the consolidated statements of income. Valuation of inventory Environmental rehabilitation provision and the timing of expenditures |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Schedule of Details of Company's Significant Subsidiaries | Proportion of ownership interest held Name of subsidiaries Principal activity Country of March 31, March 31, Mineral properties Silvercorp Metals China Inc. Holding company Canada 100% 100% Silvercorp Metals (China) Inc. Holding company China 100% 100% 0875786 B.C. LTD. Holding company Canada 100% 100% Fortune Mining Limited Holding company BVI (i) 100% 100% Fortune Copper Limited Holding company BVI 100% 100% Fortune Gold Mining Limited Holding company BVI 100% 100% Victor Resources Ltd. Holding company BVI 100% 100% Yangtze Mining Ltd. Holding company BVI 100% 100% Victor Mining Ltd. Holding company BVI 100% 100% Yangtze Mining (H.K.) Ltd. Holding company Hong Kong 100% 100% Fortune Gold Mining (H.K.) Limited Holding company Hong Kong 100% 100% Wonder Success Limited Holding company Hong Kong 100% 100% New Infini Silver Inc. (“New Infini”) Holding company Canada 46.1% 46.1% Infini Metals Inc. Holding company BVI 46.1% 46.1% Infini Resources (Asia) Co. Ltd. Holding company Hong Kong 46.1% 46.1% Golden Land (Asia) Ltd. Holding company Hong Kong 46.1% 46.1% Henan Huawei Mining Co. Ltd. (“Henan Huawei”) Mining China 80% 80% Ying Mining District Henan Found Mining Co. Ltd. (“Henan Found”) Mining China 77.5% 77.5% Xinshao Yunxiang Mining Co., Ltd. (“Yunxiang”) Mining China 70% 70% BYP Guangdong Found Mining Co. Ltd. (“Guangdong Found”) Mining China 99% 99% GC Infini Resources S.A. de C.V. Mining Mexico 46.1% 46.1% La Yesca Shanxi Xinbaoyuan Mining Co., Ltd. (“Xinbaoyuan”) Mining China 77.5% 77.5% Kuanping (i) British Virgin Islands (“BVI”) |
Schedule of Details of Company's Associate | Proportion of ownership interest held Name of associate Principal activity Country of March 31, March 31, New Pacific Metals Corp. (“NUAG”) Mining Canada 28.2% 28.2% Whitehorse Gold Corp. (“WHG”) Mining Canada 29.3% 29.3% |
Schedule of Estimated Useful Lives | Buildings 20 years Office equipment 5 years Machinery 5-10 years Motor vehicles 5 years Land use rights 50 years Leasehold improvements 5 years |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Segmented Information [Abstract] | |
Schedule of Segment Information for Operating Results | Year ended March 31, 2023 Mining Administrative Henan Statement of income: Luoning Guangdong Other Beijing Vancouver Total Revenue $ 174,868 $ 33,261 $ - $ - $ - $ 208,129 Costs of mine operations (112,092 ) (24,831 ) (423 ) - - (137,346 ) Income from mine operations 62,776 8,430 (423 ) - - 70,783 Operating expenses (2,540 ) (223 ) (77 ) (1,832 ) (12,153 ) (16,825 ) Impairment of mineral rights and properties - - (20,211 ) - - (20,211 ) Finance items, net 2,526 423 (29 ) 271 (1,795 ) 1,396 Income tax expenses (9,699 ) (617 ) 62 - (3,789) (14,043 ) Net income (loss) $ 53,063 $ 8,013 $ (20,678 ) $ (1,561 ) $ (17,737 ) $ 21,100 Attributable to: Equity holders of the Company 41,600 7,935 (9,948 ) (1,561 ) (17,418 ) 20,608 Non-controlling interests 11,463 78 (10,730 ) (319 ) 492 Net income (loss) $ 53,063 $ 8,013 $ (20,678 ) $ (1,561 ) $ (17,737 ) $ 21,100 Year ended March 31, 2022 Mining Administrative Henan Statement of income: Luoning Guangdong Other Beijing Vancouver Total Revenue $ 176,751 $ 41,172 $ - $ - $ - $ 217,923 Costs of mine operations (106,706 ) (26,345 ) (571 ) - - (133,622 ) Income from mine operations 70,045 14,827 (571 ) - - 84,301 Operating expenses (1,367 ) 59 3 (2,109 ) (18,322 ) (21,736 ) Finance items, net 2,862 374 (34 ) 255 (8,950 ) (5,493 ) Income tax expenses (12,612 ) 364 (112 ) - (1,428 ) (13,788 ) Net income (loss) $ 58,928 $ 15,624 $ (714 ) $ (1,854 ) $ (28,700 ) $ 43,284 Attributable to: Equity holders of the Company 46,099 15,470 (423 ) (1,854 ) (28,658 ) 30,634 Non-controlling interests 12,829 154 (291 ) - (42 ) 12,650 Net income (loss) $ 58,928 $ 15,624 $ (714 ) $ (1,854 ) $ (28,700 ) $ 43,284 |
Schedule of Segment Information for Assets and Liabilities | March 31, 2023 Mining Administrative Henan Statement of financial position items: Luoning Guangdong Other Beijing Vancouver Total Current assets $ 112,936 $ 20,605 $ 1,149 $ 7,608 $ 76,750 $ 219,048 Plant and equipment 59,854 15,289 3,314 644 958 80,059 Mineral rights and properties 251,150 32,070 20,206 - - 303,426 Investment in associates - - - - 50,695 50,695 Other investments 65 - - - 15,475 15,540 Reclamation deposits 3,626 3,348 - - 7 6,981 Long-term prepaids and deposits 686 89 96 - - 871 Deferred income tax assets - 179 - - - 179 Total assets $ 428,317 $ 71,580 $ 24,765 $ 8,252 $ 143,885 $ 676,799 Current liabilities $ 33,102 $ 5,509 $ 433 $ 226 $ 1,970 $ 41,240 Long-term portion of lease obligation - - $ - - 314 314 Deferred income tax liabilities 47,065 - $ 1,031 - - 48,096 Environmental rehabilitation 4,883 1,477 $ 958 - - 7,318 Total liabilities $ 85,050 $ 6,986 $ 2,422 $ 226 $ 2,284 $ 96,968 March 31, 2023 Mining Administrative Henan Statement of financial position items: Luoning Guangdong Other Beijing Vancouver Total Current assets $ 141,376 $ 14,919 $ 2,436 $ 8,570 $ 65,007 $ 232,308 Plant and equipment 58,189 15,282 3,871 864 1,212 79,418 Mineral rights and properties 254,071 32,091 40,286 - - 326,448 Investment in associates - - - - 56,841 56,841 Other investments 72 - - - 17,696 17,768 Reclamation deposits 3,996 4,872 - - 8 8,876 Long-term prepaids and deposits 588 282 104 - - 974 Deferred income tax assets - 905 - - - 905 Total assets $ 458,292 $ 68,351 $ 46,697 $ 9,434 $ 140,764 $ 723,538 Current liabilities $ 37,161 $ 5,155 $ 547 $ 295 $ 2,880 $ 46,038 Long-term portion of lease obligation - - - - 614 614 Deferred income tax liabilities 46,849 - 1,184 - - 48,033 Environmental rehabilitation 6,053 1,642 1,044 - - 8,739 Total liabilities $ 90,063 $ 6,797 $ 2,275 $ 295 $ 3,494 $ 103,424 |
Schedule of Sales by Metal | Year ended March 31, 2023 Henan Luoning Guangdong Total Silver (Ag) $ 105,776 $ 7,816 $ 113,592 Gold (Au) 6,647 - 6,647 Lead (Pb) 50,477 6,366 56,843 Zinc (Zn) 7,881 16,942 24,823 Other 4,087 2,137 6,224 $ 174,868 $ 33,261 $ 208,129 Year ended March 31, 2022 Henan Luoning Guangdong Total Silver (Ag) $ 111,835 $ 9,438 $ 121,273 Gold (Au) 5,083 - 5,083 Lead (Pb) 48,504 8,586 57,090 Zinc (Zn) 7,489 21,353 28,842 Other 3,840 1,795 5,635 $ 176,751 $ 41,172 $ 217,923 |
Government Fees And Other Tax_2
Government Fees And Other Taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Government Fees And Other Taxes Explanatory Abstract | |
Schedule of Government Fees and Other Taxes Consist | Year ended March 31, 2023 2022 Government fees $ 69 $ 69 Other taxes 2,319 2,574 $ 2,388 $ 2,643 |
General and Administrative (Tab
General and Administrative (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
General and Administrative [Abstract] | |
Schedule of General and Administrative Expenses | Year ended March 31, 2023 Year ended March 31, 2022 Corporate Mines Total Corporate Mines Total Amortization and depreciation $ 573 $ 1,189 $ 1,762 $ 593 $ 1,354 $ 1,947 Office and administrative expenses 1,834 2,608 4,442 1,598 3,149 4,747 Professional fees 669 432 1,101 771 428 1,199 Salaries and benefits 6,331 6,258 12,589 5,392 6,477 11,869 Share-based compensation 3,842 - 3,842 5,827 - 5,827 $ 13,249 $ 10,487 $ 23,736 $ 14,181 $ 11,408 $ 25,589 |
Finance Items (Tables)
Finance Items (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Finance Items [Abstract] | |
Schedule of Finance Items Consist | Year ended March 31, Finance income 2023 2022 Interest income $ 4,578 $ 5,019 Dividend income 76 198 $ 4,654 $ 5,217 Year ended March 31, Finance costs 2023 2022 Interest on lease obligation $ 43 $ 72 Impairment charges for expected credit loss against bond investments (Note 8) 2,883 10,560 Loss on disposal of bonds 93 (191 ) Unwinding of discount of environmental rehabilitation provision (Note 15) 239 269 $ 3,258 $ 10,710 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of income tax [text block] [Abstract] | |
Schedule of Income Tax Expense | Year ended March 31, Income tax expense 2023 2022 Current $ 9,358 $ 8,760 Deferred 4,685 5,028 $ 14,043 $ 13,788 |
Schedule of Reconciliation of Effective Statutory Income Tax Rates | Years ended March, 31 2023 2022 Canadian statutory tax rate 27.00 % 27.00 % Income before income taxes $ 35,143 $ 57,072 Income tax expense computed at Canadian statutory rates 9,489 15,409 Foreign tax rates different from statutory rate (4,976 ) (3,398 ) Permanent items (1,048 ) 635 Withholding taxes 3,789 1,428 Change in unrecognized deferred tax assets 6,789 (286 ) Income tax expense $ 14,043 $ 13,788 |
Schedule of Deferred Income Tax Assets (liabilities) | Years ended March, 31 2023 2022 Net deferred income tax liabilities, beginning of the year $ (47,128 ) $ (40,792 ) Deferred income tax expense recognized in net income for the year (4,685 ) (5,028 ) Deferred income tax expense recognized in other comprehensive income for the year 240 122 Foreign exchange impact 3,656 (1,430 ) Net deferred income tax liabilities, end of the year $ (47,917 ) $ (47,128 ) |
Schedule of Deferred Income Tax | March 31, 2023 March 31, 2022 Deferred income tax assets Plant and equipment $ 2,054 $ 2,230 Non-capital loss carry forwards 747 - Environmental rehabilitation 1,765 2,021 Unrealized loss on investments 363 122 Other deductible temporary difference 41 133 Total deferred income tax assets 4,970 4,506 Deferred income tax liabilities Plant and equipment (1,905 ) (2,024 ) Mineral rights and properties (50,821 ) (49,386 ) Other taxable temporary difference (161 ) (224 ) Total deferred income tax liabilities (52,887 ) (51,634 ) Net deferred income tax liabilities (47,917 ) (47,128 ) Of which -Deferred tax assets 179 905 -Deferred tax liabilities $ (48,096 ) $ (48,033 ) |
Schedule of Temporary Differences and Unused Tax Losses | March 31, 2023 March 31, 2022 Non-capital loss carry forward $ 65,200 $ 69,341 Plant and equipment 2,553 2,331 Mineral rights and properties 3,562 2,006 Other deductible temporary difference 20,354 21,088 $ 91,669 $ 94,766 |
Schedule of Net Operating Losses Expiring in Various Years | Canada China Total 2024 1,220 1,220 2025 833 833 2026 246 246 2027 1,207 1,207 2028 1,772 1,772 2029 1,085 1,085 2030 6,296 6,296 2031 9,134 9,134 2032 9,401 9,401 2033 7,388 7,388 2034 6,709 6,709 2035 113 113 2036 541 541 2037 2,359 2,359 2038 2,666 2,666 2039 1,990 1,990 2040 3,926 3,926 2041 84 84 2042 5,552 5,552 2043 2,678 2,678 $ 59,922 $ 5,278 $ 65,200 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Short Term Investments Explanatory [Abstract] | |
Schedule of Short-term Investments | Amount Interest rates Maturity Bonds $ 3,802 5.50% - 13.00% January 25, 2023 - January 16, 2025 Money market instruments 53,829 $ 57,631 Amount Interest rates Maturity Bonds $ 9,168 5.50% - 13.00% April 9, 2022 - January 16, 2025 Money market instruments 90,455 $ 99,623 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Inventories [Abstract] | |
Schedule of inventories | March 31, 2023 March 31, 2022 Concentrate inventory $ 2,556 $ 3,199 Stockpile 1,234 1,715 Material and supplies 4,553 4,210 $ 8,343 $ 9,124 |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of other investments [Abstract] | |
Schedule of Equity Investments Designated | March 31, 2023 March 31, 2022 Equity investments designated as FVTOCI Public companies $ 918 $ 2,383 Private companies 65 71 983 2,454 Equity investments designated as FVTPL Public companies 11,396 11,533 Private companies 3,161 3,781 14,557 15,314 Total $ 15,540 $ 17,768 |
Schedule of Continuity of Investments | Accumulated fair Accumulated fair value change value change Fair Value included in OCI included in P&L April 1, 2021 $ 15,733 $ (22,810 ) $ 7,188 Loss on equity investments designated as FVTOCI (1,526 ) (1,526 ) - Loss equity investments designated as FVTPL (3,485 ) - (3,485 ) Acquisition 8,235 - Disposal (1,362 ) - Impact of foreign currency translation 173 - March 31, 2022 $ 17,768 $ (24,336 ) $ 3,703 Loss on equity investments designated as FVTOCI (1,312 ) (1,312 ) - Loss equity investments designated as FVTPL (2,318 ) - (2,318 ) Acquisition 3,702 - - Disposal (1,035 ) - - Impact of foreign currency translation (1,265 ) - - March 31, 2023 $ 15,540 $ (25,648 ) $ 1,385 |
Investment in Associates (Table
Investment in Associates (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of associates [abstract] | |
Schedule of Investment in Common Shares and Market Value as Balance Sheet Dates | Number of Amount Value of NUAG’s Balance, April 1, 2021 43,917,216 $ 50,399 $ 181,257 Purchase from open market 125,000 352 Share of net loss (1,715 ) Share of other comprehensive income 95 Foreign exchange impact 306 Balance, March 31, 2022 44,042,216 $ 49,437 $ 140,275 Purchase from open market 309,400 874 Share of net loss (2,411 ) Share of other comprehensive loss (894 ) Foreign exchange impact (3,753 ) Balance, March 31, 2023 44,351,616 $ 43,253 $ 119,621 Value of TIN’s Number of common shares per shares Amount quoted market price Balance, April 1, 2021 11,514,285 $ 3,058 $ 15,108 Participation in private placement 4,000,000 4,960 Share of net loss (473 ) Foreign exchange impact (141 ) Balance, March 31, 2022 15,514,285 $ 7,404 $ 6,208 Participation in private placement 4,000,000 1,181 Dilution loss (107 ) Share of net loss (490 ) Share of other comprehensive income 8 Foreign exchange impact (554 ) Balance, March 31, 2023 19,514,285 $ 7,442 $ 6,777 |
Schedule of Financial Information for Investment | Years ended March 31, 2023 (1) 2022 (1) Net loss attributable to NUAG’s shareholders as reported by NUAG $ (8,569 ) $ (6,055 ) Other comprehensive income (loss) attributable to NUAG’s shareholders as reported by NUAG (3,161 334 Comprehensive loss of NUAG qualified for pick-up $ (11,730 ) $ (5,721 ) Company’s share of net loss (2,411 ) (1,715 ) Company’s share of other comprehensive income (loss) (894 ) 95 Company’s share of comprehensive loss $ (3,305 ) $ (1,620 ) (1) Year ended March 31, 2023 (1) 2022 (1) Net loss attributable to TIN’s shareholders as reported by TIN $ (1,666 ) $ (1,607 ) Other comprehensive income attributable to TIN’s shareholders as reported by TIN 30 - Comprehensive loss of TIN qualified for pick-up (1,636 ) (1,607 ) Company’s share of net loss (490 ) (473 ) Company’s share of other comprehensive income 8 - Company’s share of comprehensive loss $ (482 ) $ (473 ) (1) WHG’s fiscal year-end is on December 31. WHG’s quarterly financial results were used to compile the financial information that matched with the Company’s year-end on March 31. |
Schedule of Consolidated Financial Statements | As at March 31, 2023 March 31, 2022 Current assets $ 12,020 $ 37,075 Non-current assets 107,788 88,171 Total assets $ 119,808 $ 125,246 Current liabilities 3,493 2,353 Total liabilities 3,493 2,353 Net assets $ 116,315 $ 122,893 Non-controlling interests (88 ) (24 ) Total equity attributable to equity holders of NUAG $ 116,403 $ 122,917 Company’s share of net assets of associate $ 32,794 $ 34,670 As at March 31, 2023 March 31, 2022 Current assets $ 2,640 $ 3,068 Non-current assets 20,701 19,159 Total assets $ 23,341 $ 22,227 Current liabilities 746 575 Long-term liabilities - 5 Total liabilities 746 580 Net assets $ 22,595 $ 21,647 Company’s share of net assets of associate $ 6,625 $ 6,341 |
Plant And Equipment (Tables)
Plant And Equipment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Composition of Property and Equipment and Related Accumulated Depreciation | Land use Office Motor Construction Cost and building equipment Machinery vehicles in progress Total Balance as at April 1, 2021 $ 110,151 $ 9,660 $ 31,074 $ 7,537 $ 1,342 $ 159,764 Additions 1,613 967 2,575 763 3,647 9,565 Disposals (293 ) (68 ) (539 ) (245 ) - (1,145 ) Reclassification of asset groups 2,100 154 191 - (2,445 ) - Impact of foreign currency translation 3,676 296 1,078 258 59 5,367 Balance as at March 31, 2022 $ 117,247 $ 11,009 $ 34,379 $ 8,313 $ 2,603 $ 173,551 Additions 499 1,169 3,097 879 9,925 15,569 Disposals (985 ) (511 ) (1,085 ) (494 ) - (3,075 ) Reclassification of asset groups 4,400 33 655 - (5,088 ) - Impact of foreign currency translation (9,040 ) (821 ) (2,672 ) (636 ) (212 ) (13,381 ) Ending balance as at March 31, 2023 $ 112,121 $ 10,879 $ 34,374 $ 8,062 $ 7,228 $ 172,664 Impairment, accumulated depreciation and amortization Balance as at April 1, 2021 $ (51,570 ) $ (6,246 ) $ (21,171 ) $ (5,048 ) $ - $ (84,035 ) Disposals 158 64 419 220 - 861 Depreciation and amortization (4,422 ) (867 ) (2,172 ) (649 ) - (8,110 ) Impact of foreign currency translation (1,750 ) (183 ) (741 ) (175 ) - (2,849 ) Balance as at March 31, 2022 $ (57,584 ) $ (7,232 ) $ (23,665 ) $ (5,652 ) $ - $ (94,133 ) Disposals 733 500 767 407 - 2,407 Depreciation and amortization (4,373 ) (940 ) (2,162 ) (660 ) - (8,135 ) Impact of foreign currency translation 4,443 530 1,847 436 - 7,256 Ending balance as at March 31, 2023 $ (56,781 ) $ (7,142 ) $ (23,213 ) $ (5,469 ) $ - $ (92,605 ) Carrying amounts Balance as at March 31, 2022 $ 59,663 $ 3,777 $ 10,714 $ 2,661 $ 2,603 $ 79,418 Ending balance as at March 31, 2023 $ 55,340 $ 3,737 $ 11,161 $ 2,593 $ 7,228 $ 80,059 |
Schedule of Composition of Carrying Amounts | Carrying amounts as at March 31, 2023 Ying Mining District BYP GC Other Total Land use rights and building $ 41,155 $ 2,491 $ 10,403 $ 1,291 $ 55,340 Office equipment 2,991 37 440 269 3,737 Machinery 7,433 104 3,568 56 11,161 Motor vehicles 2,067 18 367 141 2,593 Construction in progress 6,208 509 511 - 7,228 Total $ 59,854 $ 3,159 $ 15,289 $ 1,757 $ 80,059 Carrying amounts as at March 31, 2022 Ying Mining District BYP GC Other Total Land use rights and building $ 42,953 $ 2,965 $ 12,027 $ 1,718 $ 59,663 Office equipment 2,973 16 516 272 3,777 Machinery 8,225 155 2,276 58 10,714 Motor vehicles 2,127 20 323 191 2,661 Construction in progress 1,911 552 140 - 2,603 Total $ 58,189 $ 3,708 $ 15,282 $ 2,239 $ 79,418 |
Mineral Rights and Properties (
Mineral Rights and Properties (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Mineral Rights And Properties Explanatory Abstract | |
Schedule of mineral rights and properties | 13. MINERAL RIGHTS AND PROPERTIES Producing and development properties Exploration and evaluation properties Cost Ying Mining BYP GC RZY Kuanping La Yesca Total Balance as at April 1, 2021 $ 348,000 $ 64,609 $ 115,610 $ 185 $ - $ 16,747 $ 545,151 Capitalized expenditures 37,307 - 4,507 - 24 2,588 44,426 Acquisition - - - - 13,135 - 13,135 Environmental rehabilitation (68 ) (18 ) 898 - - - 812 Derecognition - - - (185 ) - - (185 ) Foreign currency translation impact 12,096 501 3,891 - 221 - 16,709 Balance as at March 31, 2022 $ 397,335 $ 65,092 $ 124,906 $ - $ 13,380 $ 19,335 $ 620,048 Capitalized expenditures 35,632 - 4,839 - 907 876 42,254 Environmental rehabilitation (224 ) (36 ) 12 - - (248 ) Foreign currency translation impact (30,731 ) (1,192 ) (9,639 ) - (1,034 ) - (42,596 ) Balance as at March 31, 2023 $ 402,012 $ 63,864 $ 120,118 $ - $ 13,253 $ 20,211 $ 619,458 Impairment and accumulated depletion Balance as at April 1, 2021 $ (122,977 ) $ (57,264 ) $ (87,296 ) $ (185 ) $ - $ - $ (267,722 ) Depletion (15,974 ) - (2,595 ) - - - (18,569 ) Derecognition - - - 185 - - 185 Foreign currency translation impact (4,313 ) (257 ) (2,924 ) - - - (7,494 ) Balance as at March 31, 2022 $ (143,264 ) $ (57,521 ) $ (92,815 ) $ - $ - $ - $ (293,600 ) Impairment - - - - (20,211 ) (20,211 ) Depletion (18,689 ) - (2,398 ) - - - (21,087 ) Foreign currency translation impact 11,091 610 7,165 - - - 18,866 Balance as at March 31, 2023 $ (150,862 ) $ (56,911 ) $ (88,048 ) $ - $ - $ (20,211 ) $ (316,032 ) Carrying amounts Balance as at March 31, 2022 $ 254,071 $ 7,571 $ 32,091 $ - $ 13,380 $ 19,335 $ 326,448 Balance as at March 31, 2023 $ 251,150 $ 6,953 $ 32,070 $ - $ 13,253 $ - $ 303,426 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of lease receivable and lease obligation | Lease Receivable Lease Obligation Balance, April 1, 2021 $ 396 $ 1,741 Addition - 149 Interest accrual 15 72 Interest received or paid (15 ) (72 ) Principal repayment (217 ) (637 ) Foreign exchange impact 3 10 Balance, March 31, 2022 $ 182 $ 1,263 Interest accrual 4 43 Interest received or paid (4 ) (43 ) Principal repayment (172 ) (597 ) Foreign exchange impact (10 ) (83 ) Balance, March 31, 2023 $ - $ 583 Less: current portion - (269 ) Non-current portion $ - $ 314 |
Schedule of reconciliation of company undiscounted cash flows to present value | Lease Within 1 year $ 283 Between 2 to 5 years 332 Total undiscounted amount 615 Less future interest (32 ) Total discounted amount $ 583 Less: current portion (269 ) Non-current portion $ 314 |
Environmental Rehabilitation _2
Environmental Rehabilitation Obligation (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Environmental Rehabilitation Obligation [Abstract] | |
Schedule of reconciliation of obligations associated retirement properties | Balance, April 1, 2021 $ 7,863 Reclamation expenditures (467 ) Unwinding of discount of environmental rehabilitation 269 Revision of provision 812 Foreign exchange impact 262 Balance, March 31, 2022 $ 8,739 Reclamation expenditures (740 ) Unwinding of discount of environmental rehabilitation 239 Revision of provision (248 ) Foreign exchange impact (672 ) Balance, March 31, 2023 $ 7,318 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Classes Of Share Capital Text Block Abstract | |
Schedule of Information About Stock Options Outstanding | Number of shares Weighted average Balance, April 1, 2021 1,862,418 $ 5.45 Options exercised (797,083 ) 2.98 Options cancelled/forfeited (70,000 ) 7.46 Balance, March 31, 2022 995,335 $ 7.28 Option granted 595,000 3.95 Options cancelled/forfeited (158,667 ) 6.29 Balance, March 31, 2023 1,431,668 $ 6.01 |
Schedule of Information About Stock Options Outstanding | Weighted average Number of options remaining Weighted average Number of options Weighted average Exercise price in outstanding at contractual life exercise price in exercisable at exercise price in CAD$ March 31, 2023 (Years) CAD$ March 31, 2023 CAD$ $3.93 478,000 4.07 $3.93 79,666 $3.93 $ 4.08 60,000 4.90 $ 4.08 - $- $ 5.46 493,668 2.15 $ 5.46 410,832 $ 5.46 $ 9.45 400,000 2.62 $ 9.45 268,335 $ 9.45 $3.93 to $9.45 1,431,668 3.04 $6.01 758,833 $6.71 |
Schedule of fair value of stock options granted | Year ended March 31, 2023 Risk free interest rate 2.64% Expected life of option in years 2.75 years Expected volatility 62.00% Expected dividend yield 0.81% Estimated forfeiture rate 9.81% Weighted average share price at date of grant $3.95 CAD |
Schedule of Summary of RSUs | Number of shares Weighted average Balance, April 1, 2021 1,249,336 $ 6.28 Granted 1,000,000 6.40 Forfeited (46,999 ) 6.63 Distributed (566,172 ) 5.90 Balance, March 31, 2022 1,636,165 $ 6.47 Granted 1,154,000 3.96 Forfeited (159,792 ) 5.44 Distributed (503,703 ) 6.04 Balance, March 31, 2023 2,126,670 $ 5.29 |
Schedule of Earnings Per Share Basic and Diluted | For the years ended March 31, 2023 2022 Income Shares Per-Share Income Shares Per-Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount Net income attributable to equity holders of the Company $ 20,608 $ 30,634 Basic earnings per share 20,608 176,862,877 $ 0.12 30,634 176,534,501 $ 0.17 Effect of dilutive securities: Stock options and RSUs 2,126,672 1,789,467 Diluted earnings per share $ 20,608 178,989,549 $ 0.12 $ 30,634 178,323,968 $ 0.17 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of accumulated other comprehensive loss | March 31, 2023 March 31, 2022 Change in fair value on equity investments designated as FVTOCI $ 24,355 $ 23,043 Share of other comprehensive loss in associate 1,380 494 Currency translation adjustment 17,508 (21,584 ) Balance, end of the period $ 43,243 $ 1,953 |
Non-Controlling Interests (Tabl
Non-Controlling Interests (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of non-controlling interests [Abstract] | |
Schedule of non-controlling interests | Henan Henan Guangdong Found Huawei Yunxiang Found New Infini Total Balance, April 1, 2021 $ 78,564 $ 5,182 $ 3,032 $ (351 ) $ 11,727 $ 98,154 Share of net income (loss) 12,639 182 (185 ) 154 (140 ) 12,650 Share of other comprehensive income 1,732 194 68 16 - 2,010 Distributions (3,266 ) (630 ) - - (1,200 ) (5,096 ) Balance, March 31, 2022 $ 89,669 $ 4,928 $ 2,915 $ (181 ) $ 10,387 $ 107,718 Share of net income (loss) 11,584 (121 ) (157 ) 78 (10,892 ) 492 Share of other comprehensive loss (6,037 ) (351 ) (118 ) (46 ) - (6,552 ) Distributions (9,934 ) (946 ) - - - (10,880 ) Balance, March 31, 2023 $ 85,282 $ 3,510 $ 2,640 $ (149 ) $ (505 ) $ 90,778 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of due from related parties | March 31, 2023 March 31, 2022 NUAG (i) $ 51 $ 43 TIN (ii) 37 23 $ 88 $ 66 i. The Company recovers costs for services rendered to NUAG and expenses incurred on behalf of NUAG pursuant to a services and administrative costs reallocation agreement. During the year ended March 31, 2023, the Company recovered $1.0 million (year ended March 31, 2022 - $0.7 million) from NUAG for services rendered and expenses incurred on behalf of NUAG. The costs recovered from NUAG were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income. ii. The Company recovers costs for services rendered to TIN and expenses incurred on behalf of TIN pursuant to a services and administrative costs reallocation agreement. During the year ended March 31, 2023, the Company recovered $0.2 million (year ended March 31, 2022 - $0.2 million) from TIN for services rendered and expenses incurred on behalf of TIN. The costs recovered from TIN were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income. |
Schedule of compensation of key management personnel | Years Ended March 31, 2023 2022 Cash compensation 3,057 3,246 Share-based compensation 3,764 3,179 $ 6,821 $ 6,425 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of net income due to the exchange rates | Fair value as at March 31, 2023 Recurring measurements Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 145,692 $ - $ - $ 145,692 Short-term investments - money market instruments 53,829 - - 53,829 Investments in public companies 12,314 - - 12,314 Investments in private companies - - 3,226 3,226 Fair value as at March 31, 2022 Recurring measurements Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 113,302 $ - $ - $ 113,302 Short-term investments - money market instruments 90,455 - - 90,455 Investments in public companies 13,916 - - 13,916 Investments in private companies - - 3,852 3,852 |
Schedule of remaining contractual maturities of financial liabilities | March 31, 2023 Within a year 2-5 years Total Accounts payable and accrued liabilities $ 36,737 $ - $ 36,737 Lease obligation 283 332 615 Deposits received 4,090 - 4,090 Total Contractual Obligation $ 41,110 $ 332 $ 41,442 |
Schedule of net income due to the exchange rates | Accounts payable Net financial Effect of +/- 10% Cash and cash Short-term Other and accrued assets change in equivelents investments investments liabilities explosure currency US dollar $ 70,461 $ 3,802 $ 2,527 $ (68 ) $ 76,790 $ 7,679 Australian dollar 249 - 2,996 - 3,245 325 $ 70,710 $ 3,802 $ 5,523 $ (68 ) $ 80,035 $ 8,004 |
Supplementary Cash Flow Infor_2
Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Segmented Information [Abstract] | |
Schedule of changes in non-cash operating working capital | Year Ended March 31, Changes in non-cash operating working capital: 2023 2022 Trade and other receivables $ 936 $ (2,101 ) Inventories 79 753 Prepaids and deposits (50 ) (650 ) Accounts payable and accrued liabilities (2,009 ) 8,014 Deposits received (938 ) 422 Due from a related party (28 ) (14 ) $ (2,010 ) $ 6,424 |
Schedule of non-cash capital transactions | Year Ended March 31, Non-cash capital transactions: 2023 2022 Environmental rehablitation expenditure paid from reclamation deposit $ 379 $ 216 Additions of plant and equipment included in accounts payable and accrued liabilities 2,276 (1,164 ) Capital expenditures of mineral rights and properties included in accounts payable and accrued liabilities $ 590 $ 5,201 March 31, 2023 March 31, 2022 Cash on hand and at bank $ 50,871 $ 72,782 Bank term deposits and short-term money market investments 94,821 40,520 Total cash and cash equivalents $ 145,692 $ 113,302 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | Mar. 31, 2023 |
Significant Accounting Policies (Details) [Line Items] | |
Percentage of voting rights | 20% |
Bottom of Range [Member] | |
Significant Accounting Policies (Details) [Line Items] | |
Percentage of voting rights | 20% |
Top of Range [Member] | |
Significant Accounting Policies (Details) [Line Items] | |
Percentage of voting rights | 50% |
New Infini [Member] | |
Significant Accounting Policies (Details) [Line Items] | |
Percentage of voting rights | 46.10% |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries | 12 Months Ended | |
Mar. 31, 2023 | ||
Subsidiary One [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Silvercorp Metals China Inc. | |
Principal activity | Holding company | |
Country of incorporation | Canada | |
Proportion of ownership interest held | 100% | |
Subsidiary Two [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Silvercorp Metals (China) Inc. | |
Principal activity | Holding company | |
Country of incorporation | China | |
Proportion of ownership interest held | 100% | |
Subsidiary Three [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | 0875786 B.C. LTD. | |
Principal activity | Holding company | |
Country of incorporation | Canada | |
Proportion of ownership interest held | 100% | |
Subsidiary Four [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Fortune Mining Limited | |
Principal activity | Holding company | |
Country of incorporation | BVI (i) | [1] |
Proportion of ownership interest held | 100% | |
Subsidiary Five [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Fortune Copper Limited | |
Principal activity | Holding company | |
Country of incorporation | BVI | |
Proportion of ownership interest held | 100% | |
Subsidiary Six [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Fortune Gold Mining Limited | |
Principal activity | Holding company | |
Country of incorporation | BVI | |
Proportion of ownership interest held | 100% | |
Subsidiary Seven [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Victor Resources Ltd. | |
Principal activity | Holding company | |
Country of incorporation | BVI | |
Proportion of ownership interest held | 100% | |
Subsidiary Eight [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Yangtze Mining Ltd. | |
Principal activity | Holding company | |
Country of incorporation | BVI | |
Proportion of ownership interest held | 100% | |
Subsidiary Nine [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Victor Mining Ltd. | |
Principal activity | Holding company | |
Country of incorporation | BVI | |
Proportion of ownership interest held | 100% | |
Subsidiary Ten [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Yangtze Mining (H.K.) Ltd. | |
Principal activity | Holding company | |
Country of incorporation | Hong Kong | |
Proportion of ownership interest held | 100% | |
Subsidiary Eleven [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Fortune Gold Mining (H.K.) Limited | |
Principal activity | Holding company | |
Country of incorporation | Hong Kong | |
Proportion of ownership interest held | 100% | |
Subsidiary Twelve [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Wonder Success Limited | |
Principal activity | Holding company | |
Country of incorporation | Hong Kong | |
Proportion of ownership interest held | 100% | |
Subsidiary Thirteen [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | New Infini Silver Inc. (“New Infini”) | |
Principal activity | Holding company | |
Country of incorporation | Canada | |
Proportion of ownership interest held | 46.10% | |
Subsidiary Fourteen [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Infini Metals Inc. | |
Principal activity | Holding company | |
Country of incorporation | BVI | |
Proportion of ownership interest held | 46.10% | |
Subsidiary Fifteen [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Infini Resources (Asia) Co. Ltd. | |
Principal activity | Holding company | |
Country of incorporation | Hong Kong | |
Proportion of ownership interest held | 46.10% | |
Subsidiary Sixteen [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Golden Land (Asia) Ltd. | |
Principal activity | Holding company | |
Country of incorporation | Hong Kong | |
Proportion of ownership interest held | 46.10% | |
Subsidiary Seventeen [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Henan Huawei Mining Co. Ltd. (“Henan Huawei”) | |
Principal activity | Mining | |
Country of incorporation | China | |
Proportion of ownership interest held | 80% | |
Mineral properties | Ying Mining District | |
Subsidiary Eighteen [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Henan Found Mining Co. Ltd. (“Henan Found”) | |
Principal activity | Mining | |
Country of incorporation | China | |
Proportion of ownership interest held | 77.50% | |
Subsidiary Nineteen [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Xinshao Yunxiang Mining Co., Ltd. (“Yunxiang”) | |
Principal activity | Mining | |
Country of incorporation | China | |
Proportion of ownership interest held | 70% | |
Mineral properties | BYP | |
Subsidiary Twenty [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Guangdong Found Mining Co. Ltd. (“Guangdong Found”) | |
Principal activity | Mining | |
Country of incorporation | China | |
Proportion of ownership interest held | 99% | |
Mineral properties | GC | |
Subsidiary Twenty One [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Infini Resources S.A. de C.V. | |
Principal activity | Mining | |
Country of incorporation | Mexico | |
Proportion of ownership interest held | 46.10% | |
Mineral properties | La Yesca | |
Subsidiary Twenty Two [Member] | ||
Significant Accounting Policies (Details) - Schedule of Details of Company's Significant Subsidiaries [Line Items] | ||
Name of subsidiaries | Shanxi Xinbaoyuan Mining Co., Ltd. (“Xinbaoyuan”) | |
Principal activity | Mining | |
Country of incorporation | China | |
Proportion of ownership interest held | 77.50% | |
Mineral properties | Kuanping | |
[1]British Virgin Islands (“BVI”) |
Significant Accounting Polici_5
Significant Accounting Policies (Details) - Schedule of Details of Company's Associate | 12 Months Ended |
Mar. 31, 2023 | |
Associates [Member] | |
Significant Accounting Policies (Details) - Schedule of Details of Company's Associate [Line Items] | |
Name of associate | New Pacific Metals Corp. (“NUAG”) |
Principal activity | Mining |
Country of incorporation | Canada |
Proportion of ownership interest held | 28.20% |
Associates One [Member] | |
Significant Accounting Policies (Details) - Schedule of Details of Company's Associate [Line Items] | |
Name of associate | Whitehorse Gold Corp. (“WHG”) |
Principal activity | Mining |
Country of incorporation | Canada |
Proportion of ownership interest held | 29.30% |
Significant Accounting Polici_6
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives | 12 Months Ended |
Mar. 31, 2022 | |
Buildings [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 20 years |
Office equipment [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Machinery [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5-10 years |
Motor vehicles [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Land use rights [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 50 years |
Leasehold improvements [Member] | |
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Segmented Information (Details)
Segmented Information (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of Entitys Operating Segments Text Block [Abstract] | |
Major customers transaction description | For the year ended March 31, 2023, four major customers (year ended March 31, 2022 - four major customers) each accounted for 20%, 19%, 17% and 16% (year ended March 31, 2022 – 13%, 18%, 19%, and 19% ), and collectively 72% (year ended March 31, 2022 – 69%) of the total sales of the Company. |
Segmented Information (Detail_2
Segmented Information (Details) - Schedule of Segment Information for Operating Results - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segmented Information (Details) - Schedule of Segment Information for Operating Results [Line Items] | ||
Revenue | $ 208,129 | $ 217,923 |
Costs of mine operations | (137,346) | (133,622) |
Income from mine operations | 70,783 | 84,301 |
Operating expenses | (16,825) | (21,736) |
Impairment of mineral rights and properties | (20,211) | |
Finance items, net | 1,396 | (5,493) |
Income tax expenses | (14,043) | (13,788) |
Net income (loss) | 21,100 | 43,284 |
Equity holders of the Company | 20,608 | 30,634 |
Non-controlling interests | 492 | 12,650 |
Mining Henan Luoning [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Operating Results [Line Items] | ||
Revenue | 174,868 | 176,751 |
Costs of mine operations | (112,092) | (106,706) |
Income from mine operations | 62,776 | 70,045 |
Operating expenses | (2,540) | (1,367) |
Impairment of mineral rights and properties | ||
Finance items, net | 2,526 | 2,862 |
Income tax expenses | (9,699) | (12,612) |
Net income (loss) | 53,063 | 58,928 |
Equity holders of the Company | 41,600 | 46,099 |
Non-controlling interests | 11,463 | 12,829 |
Mining Guangdong [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Operating Results [Line Items] | ||
Revenue | 33,261 | 41,172 |
Costs of mine operations | (24,831) | (26,345) |
Income from mine operations | 8,430 | 14,827 |
Operating expenses | (223) | 59 |
Impairment of mineral rights and properties | ||
Finance items, net | 423 | 374 |
Income tax expenses | (617) | 364 |
Net income (loss) | 8,013 | 15,624 |
Equity holders of the Company | 7,935 | 15,470 |
Non-controlling interests | 78 | 154 |
Mining Other [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Operating Results [Line Items] | ||
Revenue | ||
Costs of mine operations | (423) | (571) |
Income from mine operations | (423) | (571) |
Operating expenses | (77) | 3 |
Impairment of mineral rights and properties | (20,211) | |
Finance items, net | (29) | (34) |
Income tax expenses | 62 | (112) |
Net income (loss) | (20,678) | (714) |
Equity holders of the Company | (9,948) | (423) |
Non-controlling interests | (10,730) | (291) |
Administrative Beijing [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Operating Results [Line Items] | ||
Revenue | ||
Costs of mine operations | ||
Income from mine operations | ||
Operating expenses | (1,832) | (2,109) |
Impairment of mineral rights and properties | ||
Finance items, net | 271 | 255 |
Income tax expenses | ||
Net income (loss) | (1,561) | (1,854) |
Equity holders of the Company | (1,561) | (1,854) |
Non-controlling interests | (319) | |
Administrative Vancouver [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Operating Results [Line Items] | ||
Revenue | ||
Costs of mine operations | ||
Income from mine operations | ||
Operating expenses | (12,153) | (18,322) |
Impairment of mineral rights and properties | ||
Finance items, net | (1,795) | (8,950) |
Income tax expenses | (3,789) | (1,428) |
Net income (loss) | (17,737) | (28,700) |
Equity holders of the Company | $ (17,418) | (28,658) |
Non-controlling interests | $ (42) |
Segmented Information (Detail_3
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities [Line Items] | ||
Current assets | $ 219,048 | $ 232,308 |
Plant and equipment | 80,059 | 79,418 |
Mineral rights and properties | 303,426 | 326,448 |
Investment in associates | 50,695 | 56,841 |
Other investments | 15,540 | 17,768 |
Reclamation deposits | 6,981 | 8,876 |
Long-term prepaids and deposits | 871 | 974 |
Deferred income tax assets | 179 | 905 |
Total assets | 676,799 | 723,538 |
Current liabilities | 41,240 | 46,038 |
Long-term portion of lease obligation | 314 | 614 |
Deferred income tax liabilities | 48,096 | 48,033 |
Environmental rehabilitation | 7,318 | 8,739 |
Total liabilities | 96,968 | 103,424 |
Mining Henan Luoning [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities [Line Items] | ||
Current assets | 112,936 | 141,376 |
Plant and equipment | 59,854 | 58,189 |
Mineral rights and properties | 251,150 | 254,071 |
Investment in associates | ||
Other investments | 65 | 72 |
Reclamation deposits | 3,626 | 3,996 |
Long-term prepaids and deposits | 686 | 588 |
Deferred income tax assets | ||
Total assets | 428,317 | 458,292 |
Current liabilities | 33,102 | 37,161 |
Long-term portion of lease obligation | ||
Deferred income tax liabilities | 47,065 | 46,849 |
Environmental rehabilitation | 4,883 | 6,053 |
Total liabilities | 85,050 | 90,063 |
Mining Guangdong [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities [Line Items] | ||
Current assets | 20,605 | 14,919 |
Plant and equipment | 15,289 | 15,282 |
Mineral rights and properties | 32,070 | 32,091 |
Investment in associates | ||
Other investments | ||
Reclamation deposits | 3,348 | 4,872 |
Long-term prepaids and deposits | 89 | 282 |
Deferred income tax assets | 179 | 905 |
Total assets | 71,580 | 68,351 |
Current liabilities | 5,509 | 5,155 |
Long-term portion of lease obligation | ||
Deferred income tax liabilities | ||
Environmental rehabilitation | 1,477 | 1,642 |
Total liabilities | 6,986 | 6,797 |
Mining Other [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities [Line Items] | ||
Current assets | 1,149 | 2,436 |
Plant and equipment | 3,314 | 3,871 |
Mineral rights and properties | 20,206 | 40,286 |
Investment in associates | ||
Other investments | ||
Reclamation deposits | ||
Long-term prepaids and deposits | 96 | 104 |
Deferred income tax assets | ||
Total assets | 24,765 | 46,697 |
Current liabilities | 433 | 547 |
Long-term portion of lease obligation | ||
Deferred income tax liabilities | 1,031 | 1,184 |
Environmental rehabilitation | 958 | 1,044 |
Total liabilities | 2,422 | 2,275 |
Administrative Beijing [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities [Line Items] | ||
Current assets | 7,608 | 8,570 |
Plant and equipment | 644 | 864 |
Mineral rights and properties | ||
Investment in associates | ||
Other investments | ||
Reclamation deposits | ||
Long-term prepaids and deposits | ||
Deferred income tax assets | ||
Total assets | 8,252 | 9,434 |
Current liabilities | 226 | 295 |
Long-term portion of lease obligation | ||
Deferred income tax liabilities | ||
Environmental rehabilitation | ||
Total liabilities | 226 | 295 |
Administrative Vancouver [Member] | ||
Segmented Information (Details) - Schedule of Segment Information for Assets and Liabilities [Line Items] | ||
Current assets | 76,750 | 65,007 |
Plant and equipment | 958 | 1,212 |
Mineral rights and properties | ||
Investment in associates | 50,695 | 56,841 |
Other investments | 15,475 | 17,696 |
Reclamation deposits | 7 | 8 |
Long-term prepaids and deposits | ||
Deferred income tax assets | ||
Total assets | 143,885 | 140,764 |
Current liabilities | 1,970 | 2,880 |
Long-term portion of lease obligation | 314 | 614 |
Deferred income tax liabilities | ||
Environmental rehabilitation | ||
Total liabilities | $ 2,284 | $ 3,494 |
Segmented Information (Detail_4
Segmented Information (Details) - Schedule of Sales by Metal - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segmented Information (Details) - Schedule of Sales by Metal [Line Items] | ||
Silver (Ag) | $ 113,592 | $ 121,273 |
Gold (Au) | 6,647 | 5,083 |
Lead (Pb) | 56,843 | 57,090 |
Zinc (Zn) | 24,823 | 28,842 |
Other | 6,224 | 5,635 |
Sales | 208,129 | 217,923 |
Mining Henan Luoning [Member] | ||
Segmented Information (Details) - Schedule of Sales by Metal [Line Items] | ||
Silver (Ag) | 105,776 | 111,835 |
Gold (Au) | 6,647 | 5,083 |
Lead (Pb) | 50,477 | 48,504 |
Zinc (Zn) | 7,881 | 7,489 |
Other | 4,087 | 3,840 |
Sales | 174,868 | 176,751 |
Guangdong [Member] | ||
Segmented Information (Details) - Schedule of Sales by Metal [Line Items] | ||
Silver (Ag) | 7,816 | 9,438 |
Gold (Au) | ||
Lead (Pb) | 6,366 | 8,586 |
Zinc (Zn) | 16,942 | 21,353 |
Other | 2,137 | 1,795 |
Sales | $ 33,261 | $ 41,172 |
Government Fees And Other Tax_3
Government Fees And Other Taxes (Details) - Schedule of Government Fees and Other Taxes Consist - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Government Fees And Other Taxes Consist [Abstract] | ||
Government fees | $ 69 | $ 69 |
Other taxes | 2,319 | 2,574 |
Total government fees and other taxes consist | $ 2,388 | $ 2,643 |
General and Administrative (Det
General and Administrative (Details) - Schedule of General and Administrative Expenses - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
General and Administrative (Details) - Schedule of General and Administrative Expenses [Line Items] | ||
Amortization and depreciation | $ 1,762 | $ 1,947 |
Office and administrative expenses | 4,442 | 4,747 |
Professional fees | 1,101 | 1,199 |
Salaries and benefits | 12,589 | 11,869 |
Share-based compensation | 3,842 | 5,827 |
Total | 23,736 | 25,589 |
Corporate [Member] | ||
General and Administrative (Details) - Schedule of General and Administrative Expenses [Line Items] | ||
Amortization and depreciation | 573 | 593 |
Office and administrative expenses | 1,834 | 1,598 |
Professional fees | 669 | 771 |
Salaries and benefits | 6,331 | 5,392 |
Share-based compensation | 3,842 | 5,827 |
Total | 13,249 | 14,181 |
Mines [Member] | ||
General and Administrative (Details) - Schedule of General and Administrative Expenses [Line Items] | ||
Amortization and depreciation | 1,189 | 1,354 |
Office and administrative expenses | 2,608 | 3,149 |
Professional fees | 432 | 428 |
Salaries and benefits | 6,258 | 6,477 |
Total | $ 10,487 | $ 11,408 |
Finance Items (Details) - Sched
Finance Items (Details) - Schedule of Finance Items Consist - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Finance Items Consist [Abstract] | ||
Interest income | $ 4,578 | $ 5,019 |
Dividend income | 76 | 198 |
Total finance income | 4,654 | 5,217 |
Interest on lease obligation | 43 | 72 |
Impairment charges for expected credit loss against bond investments (Note 8) | 2,883 | 10,560 |
Loss on disposal of bonds | 93 | (191) |
Unwinding of discount of environmental rehabilitation provision (Note 15) | 239 | 269 |
Total finance costs | $ 3,258 | $ 10,710 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of Income Tax Text Block [Abstract] | ||
Temporary differences associated with the investments in subsidiaries | $ 188.6 | $ 184.6 |
Income Tax (Details) - Schedule
Income Tax (Details) - Schedule of Income Tax Expense - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Income Tax Expense [Abstract] | ||
Current | $ 9,358 | $ 8,760 |
Deferred | 4,685 | 5,028 |
Income tax expense | $ 14,043 | $ 13,788 |
Income Tax (Details) - Schedu_2
Income Tax (Details) - Schedule of Reconciliation of Effective Statutory Income Tax Rates - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Reconciliation of Effective Statutory Income Tax Rates [Abstract] | ||
Canadian statutory tax rate | 27% | 27% |
Income before income taxes | $ 35,143 | $ 57,072 |
Income tax expense computed at Canadian statutory rates | 9,489 | 15,409 |
Foreign tax rates different from statutory rate | (4,976) | (3,398) |
Permanent items | (1,048) | 635 |
Withholding taxes | 3,789 | 1,428 |
Change in unrecognized deferred tax assets | 6,789 | (286) |
Income tax expense | $ 14,043 | $ 13,788 |
Income Tax (Details) - Schedu_3
Income Tax (Details) - Schedule of Deferred Income Tax Assets (liabilities) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Deferred Income Tax Assets Liabilities [Abstract] | ||
Net deferred income tax liabilities, beginning of the year | $ (47,128) | $ (40,792) |
Net deferred income tax liabilities, end of the year | (47,917) | (47,128) |
Deferred income tax expense recognized in net income for the year | (4,685) | (5,028) |
Deferred income tax expense recognized in other comprehensive income for the year | 240 | 122 |
Foreign exchange impact | $ 3,656 | $ (1,430) |
Income Tax (Details) - Schedu_4
Income Tax (Details) - Schedule of Deferred Income Tax - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Deferred income tax assets | ||
Total deferred income tax assets | $ 4,970 | $ 4,506 |
Deferred income tax liabilities | ||
Total deferred income tax liabilities | (52,887) | (51,634) |
Net deferred income tax liabilities | (47,917) | (47,128) |
Of which | ||
Deferred tax assets | 179 | 905 |
Deferred tax liabilities | (48,096) | (48,033) |
Plant and equipment [Member] | ||
Deferred income tax assets | ||
Total deferred income tax assets | 2,054 | 2,230 |
Deferred income tax liabilities | ||
Total deferred income tax liabilities | (1,905) | (2,024) |
Non-capital loss carry forwards [Member] | ||
Deferred income tax assets | ||
Total deferred income tax assets | 747 | |
Environmental rehabilitation [Member] | ||
Deferred income tax assets | ||
Total deferred income tax assets | 1,765 | 2,021 |
Unrealized loss on investments [Member] | ||
Deferred income tax assets | ||
Total deferred income tax assets | 363 | 122 |
Other deductible temporary difference [Member] | ||
Deferred income tax assets | ||
Total deferred income tax assets | 41 | 133 |
Mineral rights and properties [Member] | ||
Deferred income tax liabilities | ||
Total deferred income tax liabilities | (50,821) | (49,386) |
Other taxable temporary difference [Member] | ||
Deferred income tax liabilities | ||
Total deferred income tax liabilities | $ (161) | $ (224) |
Income Tax (Details) - Schedu_5
Income Tax (Details) - Schedule of Temporary Differences and Unused Tax Losses - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Income Tax (Details) - Schedule of Temporary Differences and Unused Tax Losses [Line Items] | ||
Deferred tax asset | $ 91,669 | $ 94,766 |
Non-capital loss carry forwards [Member] | ||
Income Tax (Details) - Schedule of Temporary Differences and Unused Tax Losses [Line Items] | ||
Deferred tax asset | 65,200 | 69,341 |
Plant and equipment [Member] | ||
Income Tax (Details) - Schedule of Temporary Differences and Unused Tax Losses [Line Items] | ||
Deferred tax asset | 2,553 | 2,331 |
Mineral rights and properties [Member] | ||
Income Tax (Details) - Schedule of Temporary Differences and Unused Tax Losses [Line Items] | ||
Deferred tax asset | 3,562 | 2,006 |
Other deductible temporary difference [Member] | ||
Income Tax (Details) - Schedule of Temporary Differences and Unused Tax Losses [Line Items] | ||
Deferred tax asset | $ 20,354 | $ 21,088 |
Income Tax (Details) - Schedu_6
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | $ 65,200 |
China [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 5,278 |
Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 59,922 |
2024 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 1,220 |
2024 [Member] | China [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 1,220 |
2025 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 833 |
2025 [Member] | China [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 833 |
2026 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 246 |
2026 [Member] | China [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 246 |
2027 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 1,207 |
2027 [Member] | China [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 1,207 |
2028 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 1,772 |
2028 [Member] | China [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 1,772 |
2029 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 1,085 |
2029 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 1,085 |
2030 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 6,296 |
2030 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 6,296 |
2031 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 9,134 |
2031 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 9,134 |
2032 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 9,401 |
2032 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 9,401 |
2033 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 7,388 |
2033 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 7,388 |
2034 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 6,709 |
2034 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 6,709 |
2035 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 113 |
2035 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 113 |
2036 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 541 |
2036 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 541 |
2037 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 2,359 |
2037 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 2,359 |
2038 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 2,666 |
2038 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 2,666 |
2039 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 1,990 |
2039 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 1,990 |
2040 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 3,926 |
2040 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 3,926 |
2041 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 84 |
2041 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 84 |
2042 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 5,552 |
2042 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 5,552 |
2043 [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | 2,678 |
2043 [Member] | Canada [Member] | |
Income Tax (Details) - Schedule of Net Operating Losses Expiring in Various Years [Line Items] | |
Net Operating Losses | $ 2,678 |
Short-Term Investments (Details
Short-Term Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Short-Term Investments [Abstract] | ||
Impairment charges | $ 2.9 | |
Bond investments | 2.3 | $ 1.8 |
Fair value of bond investments | $ 15.2 | $ 11.2 |
Short-Term Investments (Detai_2
Short-Term Investments (Details) - Schedule of Short-term Investments - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Short-Term Investments (Details) - Schedule of Short-term Investments [Line Items] | ||
Carrying value | $ 57,631 | $ 99,623 |
Bonds [Member] | ||
Short-Term Investments (Details) - Schedule of Short-term Investments [Line Items] | ||
Carrying value | $ 3,802 | $ 9,168 |
Maturity | January 25, 2023 - January 16, 2025 | April 9, 2022 - January 16, 2025 |
Money market instruments [Member] | ||
Short-Term Investments (Details) - Schedule of Short-term Investments [Line Items] | ||
Carrying value | $ 53,829 | $ 90,455 |
Bottom of Range [Member] | Bonds [Member] | ||
Short-Term Investments (Details) - Schedule of Short-term Investments [Line Items] | ||
Interest rates | 5.50% | 5.50% |
Top of Range [Member] | Bonds [Member] | ||
Short-Term Investments (Details) - Schedule of Short-term Investments [Line Items] | ||
Interest rates | 13% | 13% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Classes of current inventories [abstract] | ||
Amount of inventories recognized as expense | $ 119.4 | $ 113.6 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule Of Inventories Abstract | ||
Concentrate inventory | $ 2,556 | $ 3,199 |
Stockpile | 1,234 | 1,715 |
Material and supplies | 4,553 | 4,210 |
Total inventories | $ 8,343 | $ 9,124 |
Other Investments (Details) - S
Other Investments (Details) - Schedule of Equity Investments Designated - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Equity investments designated as FVTOCI | ||
Equity investments designated as FVTOCI | $ 983 | $ 2,454 |
Equity investments designated as FVTPL | ||
Equity investments designated as FVTPL | 14,557 | 15,314 |
Total | 15,540 | 17,768 |
Public companies [Member] | ||
Equity investments designated as FVTOCI | ||
Equity investments designated as FVTOCI | 918 | 2,383 |
Equity investments designated as FVTPL | ||
Equity investments designated as FVTPL | 11,396 | 11,533 |
Private companies [Member] | ||
Equity investments designated as FVTOCI | ||
Equity investments designated as FVTOCI | 65 | 71 |
Equity investments designated as FVTPL | ||
Equity investments designated as FVTPL | $ 3,161 | $ 3,781 |
Other Investments (Details) -_2
Other Investments (Details) - Schedule of Continuity of Investments - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
At fair value [Member] | ||
Other Investments (Details) - Schedule of Continuity of Investments [Line Items] | ||
Beginning | $ 17,768 | $ 15,733 |
Ending | 15,540 | 17,768 |
Loss on equity investments designated as FVTOCI | (1,312) | (1,526) |
Loss equity investments designated as FVTPL | (2,318) | (3,485) |
Acquisition | 3,702 | 8,235 |
Disposal | (1,035) | (1,362) |
Impact of foreign currency translation | (1,265) | 173 |
Accumulated fair value change included in OCI [Member] | ||
Other Investments (Details) - Schedule of Continuity of Investments [Line Items] | ||
Beginning | (24,336) | (22,810) |
Ending | (25,648) | (24,336) |
Loss on equity investments designated as FVTOCI | (1,312) | (1,526) |
Loss equity investments designated as FVTPL | ||
Acquisition | ||
Disposal | ||
Impact of foreign currency translation | ||
Accumulated fair value change included in P&L [Member] | ||
Other Investments (Details) - Schedule of Continuity of Investments [Line Items] | ||
Beginning | 3,703 | 7,188 |
Ending | 1,385 | 3,703 |
Loss on equity investments designated as FVTOCI | ||
Loss equity investments designated as FVTPL | (2,318) | (3,485) |
Acquisition | ||
Disposal | ||
Impact of foreign currency translation |
Investment in Associates (Detai
Investment in Associates (Details) $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2022 USD ($) | Dec. 15, 2022 USD ($) | May 14, 2021 USD ($) | |
Investment in Associates (Details) [Line Items] | ||||
Exercise price (in Dollars per share) | $ / shares | $ 0.65 | |||
Warrant expiration date | Dec. 15, 2024 | |||
New Pacific Metals Corp ("NUAG") [Member] | ||||
Investment in Associates (Details) [Line Items] | ||||
Shares purchased | 44,351,616 | 44,042,216 | ||
Proportion of ownership interest held | 28.20% | 28.20% | ||
Investment percentage | 100% | |||
Tincorp Metals Inc ("TIN") 9Member] | ||||
Investment in Associates (Details) [Line Items] | ||||
Shares purchased | 19,514,285 | 15,514,285 | 4,000,000 | 4,000,000 |
Shares purchased, value (in Dollars) | $ | $ 1.2 | $ 5 | ||
Proportion of ownership interest held | 29.30% | 29.30% | ||
Investment percentage | 100% | |||
Exercise price (in Dollars per share) | $ / shares | $ 2 | |||
Warrant expiration date | May 14, 2026 | |||
Common Stock [Member] | New Pacific Metals Corp ("NUAG") [Member] | ||||
Investment in Associates (Details) [Line Items] | ||||
Shares purchased | 309,400 | 125,000 | ||
Shares purchased, value (in Dollars) | $ | $ 0.4 | $ 0.9 |
Investment in Associates (Det_2
Investment in Associates (Details) - Schedule of Investment in Common Shares and Market Value as Balance Sheet Dates $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 USD ($) shares | Mar. 31, 2023 CAD ($) shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2022 CAD ($) shares | ||
New Pacific Metals Corp ("NUAG") [Member] | |||||
Investment in Associates (Details) - Schedule of Investment in Common Shares and Market Value as Balance Sheet Dates [Line Items] | |||||
Balance, Number of shares beginning (in Shares) | shares | 44,042,216 | 44,042,216 | 43,917,216 | 43,917,216 | |
Balance, Amount, beginning | $ 49,437 | $ 50,399 | |||
Balance, Value of common shares per quoted market price, beginning (in Dollars) | $ 140,275 | $ 181,257 | |||
Purchase from open market, Number of shares (in Shares) | shares | 309,400 | 309,400 | 125,000 | 125,000 | |
Purchase from open market, Amount | $ 874 | $ 352 | |||
Share of net loss, Amount | [1] | (2,411) | (1,715) | ||
Share of other comprehensive income (Loss) | (894) | 95 | |||
Foreign exchange impact, Amount | $ (3,753) | $ 306 | |||
Balance, Number of shares, , ending balance (in Shares) | shares | 44,351,616 | 44,351,616 | 44,042,216 | 44,042,216 | |
Balance, Amount, , ending balance | $ 43,253 | $ 49,437 | |||
Balance, Value of common shares per quoted market price, ending balance (in Dollars) | $ 119,621 | $ 140,275 | |||
Tincorp Metals Inc ("TIN") 9Member] | |||||
Investment in Associates (Details) - Schedule of Investment in Common Shares and Market Value as Balance Sheet Dates [Line Items] | |||||
Balance, Number of shares beginning (in Shares) | shares | 15,514,285 | 15,514,285 | 11,514,285 | 11,514,285 | |
Balance, Amount, beginning | $ 7,404 | $ 3,058 | |||
Balance, Value of common shares per quoted market price, beginning (in Dollars) | $ 6,208 | $ 15,108 | |||
Participation in private placement, Number of shares (in Shares) | shares | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | |
Participation in private placement, Amount | $ 1,181 | $ 4,960 | |||
Dilution loss, Amount | (107) | ||||
Share of net loss, Amount | [2] | (490) | (473) | ||
Share of other comprehensive income (Loss) | 8 | ||||
Foreign exchange impact, Amount | $ (554) | $ (141) | |||
Balance, Number of shares, , ending balance (in Shares) | shares | 19,514,285 | 19,514,285 | 15,514,285 | 15,514,285 | |
Balance, Amount, , ending balance | $ 7,442 | $ 7,404 | |||
Balance, Value of common shares per quoted market price, ending balance (in Dollars) | $ 6,777 | $ 6,208 | |||
[1]NUAG’s fiscal year-end is on June 30. NUAG’s quarterly financial results were used to compile the financial information that matched with the Company’s year-end on March 31.[2] WHG’s fiscal year-end is on December 31. WHG’s quarterly financial results were used to compile the financial information that matched with the Company’s year-end on March 31. |
Investment in Associates (Det_3
Investment in Associates (Details) - Schedule of Financial Information for Investment - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
New Pacific Metals Corp ("NUAG") [Member] | |||
Investment in Associates (Details) - Schedule of Financial Information for Investment [Line Items] | |||
Net loss attributable to shareholders as reported | [1] | $ (8,569) | $ (6,055) |
Other comprehensive income (loss) attributable | [1] | 3,161 | 334 |
Comprehensive loss of qualified for pick-up | [1] | (11,730) | (5,721) |
Company’s share of net loss | [1] | (2,411) | (1,715) |
Company’s share of other comprehensive income (loss) | [1] | (894) | 95 |
Company’s share of comprehensive loss | [1] | (3,305) | (1,620) |
Tincorp Metals Inc ("TIN") 9Member] | |||
Investment in Associates (Details) - Schedule of Financial Information for Investment [Line Items] | |||
Net loss attributable to shareholders as reported | [2] | (1,666) | (1,607) |
Other comprehensive income (loss) attributable | [2] | 30 | |
Comprehensive loss of qualified for pick-up | [2] | (1,636) | (1,607) |
Company’s share of net loss | [2] | (490) | (473) |
Company’s share of other comprehensive income (loss) | [1],[2] | 8 | |
Company’s share of comprehensive loss | [2] | $ (482) | $ (473) |
[1]NUAG’s fiscal year-end is on June 30. NUAG’s quarterly financial results were used to compile the financial information that matched with the Company’s year-end on March 31.[2] WHG’s fiscal year-end is on December 31. WHG’s quarterly financial results were used to compile the financial information that matched with the Company’s year-end on March 31. |
Investment in Associates (Det_4
Investment in Associates (Details) - Schedule of Consolidated Financial Statements - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
New Pacific Metals Corp ("NUAG") [Member] | ||
Investment in Associates (Details) - Schedule of Consolidated Financial Statements [Line Items] | ||
Current assets | $ 12,020 | $ 37,075 |
Non-current assets | 107,788 | 88,171 |
Total assets | 119,808 | 125,246 |
Current liabilities | 3,493 | 2,353 |
Total liabilities | 3,493 | 2,353 |
Net assets | 116,315 | 122,893 |
Non-controlling interests | (88) | (24) |
Total equity attributable to equity holders of NUAG | 116,403 | 122,917 |
Company’s share of net assets of associate | 32,794 | 34,670 |
Whitehorse Gold Corp WHG [Member] | ||
Investment in Associates (Details) - Schedule of Consolidated Financial Statements [Line Items] | ||
Current assets | 2,640 | 3,068 |
Non-current assets | 20,701 | 19,159 |
Total assets | 23,341 | 22,227 |
Current liabilities | 746 | 575 |
Long-term liabilities | 5 | |
Total liabilities | 746 | 580 |
Net assets | 22,595 | 21,647 |
Company’s share of net assets of associate | $ 6,625 | $ 6,341 |
Plant And Equipment (Details) -
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cost [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | $ 173,551 | $ 159,764 |
Additions | 15,569 | 9,565 |
Disposals | (3,075) | (1,145) |
Reclassification of asset groups | ||
Impact of foreign currency translation | (13,381) | 5,367 |
Balance at end of year | 172,664 | 173,551 |
Accumulated depreciation and amortization [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Impact of foreign currency translation | 7,256 | (2,849) |
Balance at end of year | (92,605) | (94,133) |
Balance at beginning year | (94,133) | (84,035) |
Disposals | 2,407 | 861 |
Depreciation and amortization | (8,135) | (8,110) |
Carrying amounts [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | 79,418 | |
Balance at end of year | 80,059 | 79,418 |
Land and buildings [Member] | Cost [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | 117,247 | 110,151 |
Additions | 499 | 1,613 |
Disposals | (985) | (293) |
Reclassification of asset groups | 4,400 | 2,100 |
Impact of foreign currency translation | (9,040) | 3,676 |
Balance at end of year | 112,121 | 117,247 |
Land and buildings [Member] | Accumulated depreciation and amortization [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Impact of foreign currency translation | 4,443 | (1,750) |
Balance at end of year | (56,781) | (57,584) |
Balance at beginning year | (57,584) | (51,570) |
Disposals | 733 | 158 |
Depreciation and amortization | (4,373) | (4,422) |
Land and buildings [Member] | Carrying amounts [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | 59,663 | |
Balance at end of year | 55,340 | 59,663 |
Office equipment [Member] | Cost [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | 11,009 | 9,660 |
Additions | 1,169 | 967 |
Disposals | (511) | (68) |
Reclassification of asset groups | 33 | 154 |
Impact of foreign currency translation | (821) | 296 |
Balance at end of year | 10,879 | 11,009 |
Office equipment [Member] | Accumulated depreciation and amortization [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Impact of foreign currency translation | 530 | (183) |
Balance at end of year | (7,142) | (7,232) |
Balance at beginning year | (7,232) | (6,246) |
Disposals | 500 | 64 |
Depreciation and amortization | (940) | (867) |
Office equipment [Member] | Carrying amounts [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | 3,777 | |
Balance at end of year | 3,737 | 3,777 |
Machinery [Member] | Cost [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | 34,379 | 31,074 |
Additions | 3,097 | 2,575 |
Disposals | (1,085) | (539) |
Reclassification of asset groups | 655 | 191 |
Impact of foreign currency translation | (2,672) | 1,078 |
Balance at end of year | 34,374 | 34,379 |
Machinery [Member] | Accumulated depreciation and amortization [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Impact of foreign currency translation | 1,847 | (741) |
Balance at end of year | (23,213) | (23,665) |
Balance at beginning year | (23,665) | (21,171) |
Disposals | 767 | 419 |
Depreciation and amortization | (2,162) | (2,172) |
Machinery [Member] | Carrying amounts [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | 10,714 | |
Balance at end of year | 11,161 | 10,714 |
Motor vehicles [Member] | Cost [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | 8,313 | 7,537 |
Additions | 879 | 763 |
Disposals | (494) | (245) |
Reclassification of asset groups | ||
Impact of foreign currency translation | (636) | 258 |
Balance at end of year | 8,062 | 8,313 |
Motor vehicles [Member] | Accumulated depreciation and amortization [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Impact of foreign currency translation | 436 | (175) |
Balance at end of year | (5,469) | (5,652) |
Balance at beginning year | (5,652) | (5,048) |
Disposals | 407 | 220 |
Depreciation and amortization | (660) | (649) |
Motor vehicles [Member] | Carrying amounts [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | 2,661 | |
Balance at end of year | 2,593 | 2,661 |
Construction in progress [Member] | Cost [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | 2,603 | 1,342 |
Additions | 9,925 | 3,647 |
Disposals | ||
Reclassification of asset groups | (5,088) | (2,445) |
Impact of foreign currency translation | (212) | 59 |
Balance at end of year | 7,228 | 2,603 |
Construction in progress [Member] | Accumulated depreciation and amortization [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Impact of foreign currency translation | ||
Balance at end of year | ||
Balance at beginning year | ||
Disposals | ||
Depreciation and amortization | ||
Construction in progress [Member] | Carrying amounts [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Property and Equipment and Related Accumulated Depreciation [Line Items] | ||
Balance at beginning year | 2,603 | |
Balance at end of year | $ 7,228 | $ 2,603 |
Plant And Equipment (Details)_2
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | $ 80,059 | $ 79,418 |
Ying Mining District [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 59,854 | 58,189 |
BYP [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 3,159 | 3,708 |
GC [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 15,289 | 15,282 |
Other [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 1,757 | 2,239 |
Land and buildings [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 55,340 | 59,663 |
Land and buildings [Member] | Ying Mining District [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 41,155 | 42,953 |
Land and buildings [Member] | BYP [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 2,491 | 2,965 |
Land and buildings [Member] | GC [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 10,403 | 12,027 |
Land and buildings [Member] | Other [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 1,291 | 1,718 |
Office equipment [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 3,737 | 3,777 |
Office equipment [Member] | Ying Mining District [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 2,991 | 2,973 |
Office equipment [Member] | BYP [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 37 | 16 |
Office equipment [Member] | GC [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 440 | 516 |
Office equipment [Member] | Other [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 269 | 272 |
Machinery [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 11,161 | 10,714 |
Machinery [Member] | Ying Mining District [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 7,433 | 8,225 |
Machinery [Member] | BYP [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 104 | 155 |
Machinery [Member] | GC [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 3,568 | 2,276 |
Machinery [Member] | Other [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 56 | 58 |
Motor vehicles [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 2,593 | 2,661 |
Motor vehicles [Member] | Ying Mining District [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 2,067 | 2,127 |
Motor vehicles [Member] | BYP [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 18 | 20 |
Motor vehicles [Member] | GC [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 367 | 323 |
Motor vehicles [Member] | Other [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 141 | 191 |
Construction in progress [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 7,228 | 2,603 |
Construction in progress [Member] | Ying Mining District [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 6,208 | 1,911 |
Construction in progress [Member] | BYP [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | 509 | 552 |
Construction in progress [Member] | GC [Member] | ||
Plant And Equipment (Details) - Schedule of Composition of Carrying Amounts [Line Items] | ||
Plant and equipment | $ 511 | $ 140 |
Mineral Rights and Properties_2
Mineral Rights and Properties (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Oct. 31, 2021 | Mar. 31, 2023 | |
Disclosure Of Mineral Rights And Properties Explanatory Abstract | ||
Impairment charge | $ 20.2 | |
Mineral property interest | $ 13.1 | |
Related party transaction | the Company, through a 100% owned subsidiary of Henan Found, won an online open auction to acquire a 100% interest in the Kuanping silver-lead-zinc-gold project (the “Kuanping Project”). The transaction was successfully completed in November 2021 for a total consideration of $13.1 million, comprised of approximately $11.4 million in cash (RMB ¥73.5 million) plus the assumption of approximately $2.0 million (RMB ¥13.3 million) of debt, and net of $0.3 million cash received. The acquisition was through the acquisition of a 100% interest in the shares of Shanxian Xinbaoyuan Mining Co. Ltd. (“Xinbaoyuan”), an affiliate of a Henan Provincial government-controlled company located in Sanmenxia City, Henan Province. The material asset held by Xinbaoyuan is the Kuanping Project. |
Mineral Rights and Properties_3
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cost [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | $ 620,048 | $ 545,151 |
Carrying amounts | ||
Capitalized expenditures | 42,254 | 44,426 |
Acquisition | 13,135 | |
Environmental rehabilitation | (248) | 812 |
Derecognition | (185) | |
Foreign currency translation impact | (42,596) | 16,709 |
Balance at end of year | 619,458 | 620,048 |
Impairment and accumulated depletion [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | (293,600) | (267,722) |
Carrying amounts | ||
Depletion | (21,087) | (18,569) |
Derecognition | 185 | |
Impairment | (20,211) | |
Foreign currency translation impact | 18,866 | (7,494) |
Balance at end of year | (316,032) | (293,600) |
Carrying amounts [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 326,448 | |
Carrying amounts | ||
Balance at end of year | 303,426 | 326,448 |
Producing and development properties Ying Mining District [Member] | Cost [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 397,335 | 348,000 |
Carrying amounts | ||
Capitalized expenditures | 35,632 | 37,307 |
Acquisition | ||
Environmental rehabilitation | (224) | (68) |
Derecognition | ||
Foreign currency translation impact | (30,731) | 12,096 |
Balance at end of year | 402,012 | 397,335 |
Producing and development properties Ying Mining District [Member] | Impairment and accumulated depletion [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | (143,264) | (122,977) |
Carrying amounts | ||
Depletion | (18,689) | (15,974) |
Derecognition | ||
Impairment | ||
Foreign currency translation impact | 11,091 | (4,313) |
Balance at end of year | (150,862) | (143,264) |
Producing and development properties Ying Mining District [Member] | Carrying amounts [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 254,071 | |
Carrying amounts | ||
Balance at end of year | 251,150 | 254,071 |
Producing and development properties BYP [Member] | Cost [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 65,092 | 64,609 |
Carrying amounts | ||
Capitalized expenditures | ||
Acquisition | ||
Environmental rehabilitation | (36) | (18) |
Derecognition | ||
Foreign currency translation impact | (1,192) | 501 |
Balance at end of year | 63,864 | 65,092 |
Producing and development properties BYP [Member] | Impairment and accumulated depletion [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | (57,521) | (57,264) |
Carrying amounts | ||
Depletion | ||
Derecognition | ||
Impairment | ||
Foreign currency translation impact | 610 | (257) |
Balance at end of year | (56,911) | (57,521) |
Producing and development properties BYP [Member] | Carrying amounts [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 7,571 | |
Carrying amounts | ||
Balance at end of year | 6,953 | 7,571 |
Producing and development properties GC [Member] | Cost [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 124,906 | 115,610 |
Carrying amounts | ||
Capitalized expenditures | 4,839 | 4,507 |
Acquisition | ||
Environmental rehabilitation | 12 | 898 |
Derecognition | ||
Foreign currency translation impact | (9,639) | 3,891 |
Balance at end of year | 120,118 | 124,906 |
Producing and development properties GC [Member] | Impairment and accumulated depletion [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | (92,815) | (87,296) |
Carrying amounts | ||
Depletion | (2,398) | (2,595) |
Derecognition | ||
Impairment | ||
Foreign currency translation impact | 7,165 | (2,924) |
Balance at end of year | (88,048) | (92,815) |
Producing and development properties GC [Member] | Carrying amounts [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 32,091 | |
Carrying amounts | ||
Balance at end of year | 32,070 | 32,091 |
Exploration and evaluation properties RZY [Member] | Cost [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 185 | |
Carrying amounts | ||
Capitalized expenditures | ||
Acquisition | ||
Environmental rehabilitation | ||
Derecognition | (185) | |
Foreign currency translation impact | ||
Balance at end of year | ||
Exploration and evaluation properties RZY [Member] | Impairment and accumulated depletion [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | (185) | |
Carrying amounts | ||
Depletion | ||
Derecognition | 185 | |
Impairment | ||
Foreign currency translation impact | ||
Balance at end of year | ||
Exploration and evaluation properties RZY [Member] | Carrying amounts [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | ||
Carrying amounts | ||
Balance at end of year | ||
Exploration and evaluation properties Kuanping [Member] | Cost [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 13,380 | |
Carrying amounts | ||
Capitalized expenditures | 907 | 24 |
Acquisition | 13,135 | |
Environmental rehabilitation | ||
Derecognition | ||
Foreign currency translation impact | (1,034) | 221 |
Balance at end of year | 13,253 | 13,380 |
Exploration and evaluation properties Kuanping [Member] | Impairment and accumulated depletion [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | ||
Carrying amounts | ||
Depletion | ||
Derecognition | ||
Foreign currency translation impact | ||
Balance at end of year | ||
Exploration and evaluation properties Kuanping [Member] | Carrying amounts [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 13,380 | |
Carrying amounts | ||
Balance at end of year | 13,253 | 13,380 |
Exploration and evaluation properties La Yesca [Member] | Cost [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 19,335 | 16,747 |
Carrying amounts | ||
Capitalized expenditures | 876 | 2,588 |
Acquisition | ||
Environmental rehabilitation | ||
Derecognition | ||
Foreign currency translation impact | ||
Balance at end of year | 20,211 | 19,335 |
Exploration and evaluation properties La Yesca [Member] | Impairment and accumulated depletion [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | ||
Carrying amounts | ||
Depletion | ||
Derecognition | ||
Impairment | (20,211) | |
Foreign currency translation impact | ||
Balance at end of year | (20,211) | |
Exploration and evaluation properties La Yesca [Member] | Carrying amounts [Member] | ||
Mineral Rights and Properties (Details) - Schedule of mineral rights and properties [Line Items] | ||
Balance at beginning year | 19,335 | |
Carrying amounts | ||
Balance at end of year | $ 19,335 |
Leases (Details)
Leases (Details) | Mar. 31, 2023 |
Leases [Abstract] | |
Estimated incremental borrowing rate | 5% |
Leases (Details) - Schedule of
Leases (Details) - Schedule of lease receivable and lease obligation - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease Receivable [Member] | ||
Leases (Details) - Schedule of lease receivable and lease obligation [Line Items] | ||
Balance, beginning | $ 182 | $ 396 |
Addition | ||
Interest accrual | 4 | 15 |
Interest received or paid | (4) | (15) |
Principal repayment | (172) | (217) |
Foreign exchange impact | (10) | 3 |
Balance, ending | 182 | |
Less: current portion | ||
Non-current portion | ||
Lease Obligation [Member] | ||
Leases (Details) - Schedule of lease receivable and lease obligation [Line Items] | ||
Balance, beginning | 1,263 | 1,741 |
Addition | 149 | |
Interest accrual | 43 | 72 |
Interest received or paid | (43) | (72) |
Principal repayment | (597) | (637) |
Foreign exchange impact | (83) | 10 |
Balance, ending | 583 | $ 1,263 |
Less: current portion | (269) | |
Non-current portion | $ 314 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of reconciliation of company undiscounted cash flows to present value - Lease Receivable [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Leases (Details) - Schedule of reconciliation of company undiscounted cash flows to present value [Line Items] | |
Total undiscounted amount | $ 615 |
Less future interest | (32) |
Total discounted amount | 583 |
Less: current portion | (269) |
Non-current portion | 314 |
Within a year [Member] | |
Leases (Details) - Schedule of reconciliation of company undiscounted cash flows to present value [Line Items] | |
Total undiscounted amount | 283 |
Between 2 to 5 years [Member] | |
Leases (Details) - Schedule of reconciliation of company undiscounted cash flows to present value [Line Items] | |
Total undiscounted amount | $ 332 |
Environmental Rehabilitation _3
Environmental Rehabilitation Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Environmental Rehabilitation Obligation [Abstract] | ||
Environmental rehabilitation provision | $ 10.2 | $ 12.3 |
Average discount rate | 2.83% | 3.01% |
Reclamation expenditures amount | $ 0.7 | $ 0.5 |
Reclamation deposit paid amount | 0.3 | 0.5 |
Received reclamation deposit | $ 1.2 |
Environmental Rehabilitation _4
Environmental Rehabilitation Obligation (Details) - Schedule of reconciliation of obligations associated retirement properties - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of reconciliation of obligations associated retirement properties [Abstract] | ||
Balance, beginning | $ 8,739 | $ 7,863 |
Reclamation expenditures | (740) | (467) |
Unwinding of discount of environmental rehabilitation | 239 | 269 |
Revision of provision | (248) | 812 |
Foreign exchange impact | (672) | 262 |
Balance, ending | $ 7,318 | $ 8,739 |
Share Capital (Details)
Share Capital (Details) | 12 Months Ended | |||||
Aug. 24, 2022 shares | Aug. 25, 2021 USD ($) shares | Aug. 25, 2021 $ / shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2023 $ / shares | |
Share Capital (Details) [Line Items] | ||||||
Issued and outstanding common shares | 10% | |||||
RSU granted | 3% | |||||
Share-based compensation (in Dollars) | $ | $ 3,842,000 | $ 6,096,000 | ||||
Option granted | 595,000 | |||||
Exercise price (in Dollars per share) | $ / shares | $ 5.28 | |||||
Stock Option | 1,056,000 | |||||
Options distributed | 174,423 | |||||
Cash dividends declared (in Dollars) | $ | $ 4,425,000 | $ 4,413,000 | ||||
Cash dividends declared (in Dollars per share) | $ / shares | $ 0.025 | $ 0.025 | ||||
Common shares | 7,079,407 | 7,054,000 | 98,277 | |||
Common shares cost (in Dollars) | $ | $ 739,960 | |||||
Weighted average price | (per share) | $ 3.25 | $ 2.85 | ||||
Total repurchasing cost (in Dollars) | $ | $ 2,100,000 | |||||
Anti-dilutive options and warrants | 1,431,668 | 995,335 | ||||
Minimum [Member] | ||||||
Share Capital (Details) [Line Items] | ||||||
Options cancelled | 3.93 | |||||
Maximum [Member] | ||||||
Share Capital (Details) [Line Items] | ||||||
Options cancelled | 6.4 | |||||
Directors, officers, and employees [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share Capital (Details) [Line Items] | ||||||
Option granted | 1,154,000 | |||||
Directors, officers, and employees [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||||
Share Capital (Details) [Line Items] | ||||||
Exercise price (in Dollars per share) | $ / shares | 3.93 | |||||
Directors, officers, and employees [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||
Share Capital (Details) [Line Items] | ||||||
Exercise price (in Dollars per share) | $ / shares | $ 4.08 |
Share Capital (Details) - Sched
Share Capital (Details) - Schedule of Option Transactions | 12 Months Ended | |
Mar. 31, 2023 $ / shares | Mar. 31, 2022 $ / shares | |
Schedule Of Option Transactions Abstract | ||
Number of shares, at beginning of year | 995,335 | 1,862,418 |
Weighted average exercise price per share, at beginning of year | $ 7.28 | $ 5.45 |
Number of shares, options exercised | (797,083) | |
Weighted average exercise price per share, options exercised | $ 2.98 | |
Number of shares, option granted | 595,000 | |
Weighted average exercise price per share, option granted | $ 3.95 | |
Number of shares, options cancelled/forfeited | (158,667) | (70,000) |
Weighted average exercise price per share, options cancelled/forfeited | $ 6.29 | $ 7.46 |
Number of shares, at end of year | 1,431,668 | 995,335 |
Weighted average exercise price per share, at end of year | $ 6.01 | $ 7.28 |
Share Capital (Details) - Sch_2
Share Capital (Details) - Schedule of Information About Stock Options Outstanding | 12 Months Ended |
Mar. 31, 2023 $ / shares | |
$3.93 [Member] | |
Share Capital (Details) - Schedule of Information About Stock Options Outstanding [Line Items] | |
Exercise price | $ 3.93 |
Number of options outstanding | 478,000 |
Weighted average remaining contractual life | 4 years 25 days |
Weighted average exercise price | $ 3.93 |
Number of options exercisable | 79,666 |
Weighted average exercise price | $ 3.93 |
$4.08 [Member] | |
Share Capital (Details) - Schedule of Information About Stock Options Outstanding [Line Items] | |
Exercise price | $ 4.08 |
Number of options outstanding | 60,000 |
Weighted average remaining contractual life | 4 years 10 months 24 days |
Weighted average exercise price | $ 4.08 |
$5.46 [Member] | |
Share Capital (Details) - Schedule of Information About Stock Options Outstanding [Line Items] | |
Exercise price | $ 5.46 |
Number of options outstanding | 493,668 |
Weighted average remaining contractual life | 2 years 1 month 24 days |
Weighted average exercise price | $ 5.46 |
Number of options exercisable | 410,832 |
Weighted average exercise price | $ 5.46 |
$9.45 [Member] | |
Share Capital (Details) - Schedule of Information About Stock Options Outstanding [Line Items] | |
Exercise price | $ 9.45 |
Number of options outstanding | 400,000 |
Weighted average remaining contractual life | 2 years 7 months 13 days |
Weighted average exercise price | $ 9.45 |
Number of options exercisable | 268,335 |
Weighted average exercise price | $ 9.45 |
$3.93 to $9.45 [Member] | |
Share Capital (Details) - Schedule of Information About Stock Options Outstanding [Line Items] | |
Number of options outstanding | 1,431,668 |
Weighted average remaining contractual life | 3 years 14 days |
Weighted average exercise price | $ 6.01 |
Number of options exercisable | 758,833 |
Weighted average exercise price | $ 6.71 |
$3.93 to $9.45 [Member] | Minimum [Member] | |
Share Capital (Details) - Schedule of Information About Stock Options Outstanding [Line Items] | |
Exercise price | 3.93 |
$3.93 to $9.45 [Member] | Maximum [Member] | |
Share Capital (Details) - Schedule of Information About Stock Options Outstanding [Line Items] | |
Exercise price | $ 9.45 |
Share Capital (Details) - Sch_3
Share Capital (Details) - Schedule of fair value of stock options granted | 12 Months Ended |
Mar. 31, 2023 $ / shares | |
Schedule Of Fair Value Of Stock Options Granted Abstract | |
Risk free interest rate | 2.64% |
Expected life of option in years | 2 years 9 months |
Expected volatility | 62% |
Expected dividend yield | 0.81% |
Estimated forfeiture rate | 9.81% |
Weighted average share price at date of grant (in Dollars per share) | $ 3.95 |
Share Capital (Details) - Sch_4
Share Capital (Details) - Schedule of Summary of RSUs | 12 Months Ended | |
Mar. 31, 2023 $ / shares | Mar. 31, 2022 $ / shares | |
Schedule Of Summary Of Rsus Abstract | ||
Number of shares, beginning balance | 1,636,165 | 1,249,336 |
Weighted average grant date closing price per share, beginning balance | $ 6.47 | $ 6.28 |
Number of shares, granted | 1,154,000 | 1,000,000 |
Weighted average grant date closing price per share, granted | $ 3.96 | $ 6.4 |
Number of shares, cancelled | (159,792) | (46,999) |
Weighted average grant date closing price per share, cancelled | $ 5.44 | $ 6.63 |
Number of shares, distributed | (503,703) | (566,172) |
Weighted average grant date closing price per share, distributed | $ 6.04 | $ 5.9 |
Number of shares, ending balance | 2,126,670 | 1,636,165 |
Weighted average grant date closing price per share, ending balance | $ 5.29 | $ 6.47 |
Share Capital (Details) - Sch_5
Share Capital (Details) - Schedule of Earnings Per Share Basic and Diluted - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Earnings Per Share Basic And Diluted Abstract | ||
Net income attributable to equity holders of the Company (Income Numerator) | $ 20,608 | $ 30,634 |
Basic earnings per share (Income Numerator) | $ 20,608 | $ 30,634 |
Basic earnings per share (Shares Denominator) | 176,862,877 | 176,534,501 |
Basic earnings per share (Per-Share Amount) | $ 0.12 | $ 0.17 |
Effect of dilutive securities: | ||
Stock options (Shares Denominator) | 2,126,672 | 1,789,467 |
Diluted earnings per share (Income Numerator) | $ 20,608 | $ 30,634 |
Diluted earnings per share (Shares Denominator) | 178,989,549 | 178,323,968 |
Diluted earnings per share (Per-Share Amount) | $ 0.12 | $ 0.17 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Accumulated Other Comprehensive Loss [Abstract] | |
Currency translation adjustment net of tax |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Details) - Schedule of accumulated other comprehensive loss - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of accumulated other comprehensive loss [Abstract] | ||
Change in fair value on equity investments designated as FVTOCI | $ 24,355 | $ 23,043 |
Share of other comprehensive loss in associate | 1,380 | 494 |
Currency translation adjustment | 17,508 | (21,584) |
Balance, end of the period | $ 43,243 | $ 1,953 |
Non-Controlling Interests (Deta
Non-Controlling Interests (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Henan Found [Member] | ||
Non-Controlling Interests (Details) [Line Items] | ||
Percentage of non-controlling interests | 22.50% | 22.50% |
Henan Huawei [Member] | ||
Non-Controlling Interests (Details) [Line Items] | ||
Percentage of non-controlling interests | 20% | 20% |
Yunxiang [Member] | ||
Non-Controlling Interests (Details) [Line Items] | ||
Percentage of non-controlling interests | 30% | 30% |
Guangdong Found [Member] | ||
Non-Controlling Interests (Details) [Line Items] | ||
Percentage of non-controlling interests | 1% | 1% |
New Infini [Member] | ||
Non-Controlling Interests (Details) [Line Items] | ||
Percentage of non-controlling interests | 53.90% | 53.90% |
Henan Non-ferrous Geology Minerals Ltd. [Member] | ||
Non-Controlling Interests (Details) [Line Items] | ||
Percentage of Equity interest held of Henan found and Henan Huawei | 17.50% | |
Dividends declared (in Dollars) | $ 7.7 | $ 2.5 |
Henan Xinxiangrong Mining Ltd. [Member] | ||
Non-Controlling Interests (Details) [Line Items] | ||
Percentage of Equity interest held of Henan found and Henan Huawei | 5% | |
Dividends declared (in Dollars) | $ 2.2 | 0.8 |
Henan Xinhui Mining Co. Ltd. [Member] | ||
Non-Controlling Interests (Details) [Line Items] | ||
Percentage of Equity interest held of Henan found and Henan Huawei | 20% | |
Dividends declared (in Dollars) | $ 0.9 | $ 0.6 |
Non-Controlling Interests (De_2
Non-Controlling Interests (Details) - Schedule of non-controlling interests - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Non-Controlling Interests (Details) - Schedule of non-controlling interests [Line Items] | ||
Balance, beginning | $ 107,718 | $ 98,154 |
Share of net income (loss) | 492 | 12,650 |
Share of other comprehensive income (loss) | (6,552) | 2,010 |
Distributions | (10,880) | (5,096) |
Balance, ending | 90,778 | 107,718 |
Henan Found [Member] | ||
Non-Controlling Interests (Details) - Schedule of non-controlling interests [Line Items] | ||
Balance, beginning | 89,669 | 78,564 |
Share of net income (loss) | 11,584 | 12,639 |
Share of other comprehensive income (loss) | (6,037) | 1,732 |
Distributions | (9,934) | (3,266) |
Balance, ending | 85,282 | 89,669 |
Henan Huawei [Member] | ||
Non-Controlling Interests (Details) - Schedule of non-controlling interests [Line Items] | ||
Balance, beginning | 4,928 | 5,182 |
Share of net income (loss) | (121) | 182 |
Share of other comprehensive income (loss) | (351) | 194 |
Distributions | (946) | (630) |
Balance, ending | 3,510 | 4,928 |
Yunxiang [Member] | ||
Non-Controlling Interests (Details) - Schedule of non-controlling interests [Line Items] | ||
Balance, beginning | 2,915 | 3,032 |
Share of net income (loss) | (157) | (185) |
Share of other comprehensive income (loss) | (118) | 68 |
Distributions | ||
Balance, ending | 2,640 | 2,915 |
Guangdong Found [Member] | ||
Non-Controlling Interests (Details) - Schedule of non-controlling interests [Line Items] | ||
Balance, beginning | (181) | (351) |
Share of net income (loss) | 78 | 154 |
Share of other comprehensive income (loss) | (46) | 16 |
Distributions | ||
Balance, ending | (149) | (181) |
New Infini [Member] | ||
Non-Controlling Interests (Details) - Schedule of non-controlling interests [Line Items] | ||
Balance, beginning | 10,387 | 11,727 |
Share of net income (loss) | (10,892) | (140) |
Share of other comprehensive income (loss) | ||
Distributions | (1,200) | |
Balance, ending | $ (505) | $ 10,387 |
Related Party Transactions (Det
Related Party Transactions (Details) - Schedule of due from related parties - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transactions (Details) - Schedule of due from related parties [Line Items] | |||
Due from related party | $ 88 | $ 66 | |
NUAG [Member] | |||
Related Party Transactions (Details) - Schedule of due from related parties [Line Items] | |||
Due from related party | [1] | 51 | 43 |
TIN [Member] | |||
Related Party Transactions (Details) - Schedule of due from related parties [Line Items] | |||
Due from related party | [2] | $ 37 | $ 23 |
[1] The Company recovers costs for services rendered to NUAG and expenses incurred on behalf of NUAG pursuant to a services and administrative costs reallocation agreement. During the year ended March 31, 2023, the Company recovered $1.0 million (year ended March 31, 2022 - $0.7 million) from NUAG for services rendered and expenses incurred on behalf of NUAG. The costs recovered from NUAG were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income. The Company recovers costs for services rendered to TIN and expenses incurred on behalf of TIN pursuant to a services and administrative costs reallocation agreement. During the year ended March 31, 2023, the Company recovered $0.2 million (year ended March 31, 2022 - $0.2 million) from TIN for services rendered and expenses incurred on behalf of TIN. The costs recovered from TIN were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income. |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of compensation of key management personnel - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of compensation of key management personnel [Abstract] | ||
Cash compensation | $ 3,057 | $ 3,246 |
Share-based compensation | 3,764 | 3,179 |
Total compensation of key management personnel | $ 6,821 | $ 6,425 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financial Instruments [Abstract] | ||
Material amounts in trade or other receivables | ||
Increase decrease market price | $ 10 | |
10% increase (decrease) in the market price of securities held foreign currency effects on net income | 1,100,000 | |
10% increase (decrease) in the market price of securities held foreign currency effects on comprehensive income | $ 100,000 |
Financial Instruments (Detail_2
Financial Instruments (Details) - Schedule of financial assets measured at fair value level on recurring basis - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Cash and Cash Equivalents [Member] | ||
Financial assets | ||
Financial assets | $ 145,692 | $ 113,302 |
Cash and Cash Equivalents [Member] | Level 1 [Member] | ||
Financial assets | ||
Financial assets | 145,692 | 113,302 |
Cash and Cash Equivalents [Member] | Level 2 [Member] | ||
Financial assets | ||
Financial assets | ||
Cash and Cash Equivalents [Member] | Level 3 [Member] | ||
Financial assets | ||
Financial assets | ||
Short-term investments - money market instruments [Member] | ||
Financial assets | ||
Financial assets | 53,829 | 90,455 |
Short-term investments - money market instruments [Member] | Level 1 [Member] | ||
Financial assets | ||
Financial assets | 53,829 | 90,455 |
Short-term investments - money market instruments [Member] | Level 2 [Member] | ||
Financial assets | ||
Financial assets | ||
Short-term investments - money market instruments [Member] | Level 3 [Member] | ||
Financial assets | ||
Financial assets | ||
Investments in public companies [Member] | ||
Financial assets | ||
Financial assets | 12,314 | 13,916 |
Investments in public companies [Member] | Level 1 [Member] | ||
Financial assets | ||
Financial assets | 12,314 | 13,916 |
Investments in public companies [Member] | Level 2 [Member] | ||
Financial assets | ||
Financial assets | ||
Investments in public companies [Member] | Level 3 [Member] | ||
Financial assets | ||
Financial assets | ||
Investments in private company [Member] | ||
Financial assets | ||
Financial assets | 3,226 | 3,852 |
Investments in private company [Member] | Level 1 [Member] | ||
Financial assets | ||
Financial assets | ||
Investments in private company [Member] | Level 2 [Member] | ||
Financial assets | ||
Financial assets | ||
Investments in private company [Member] | Level 3 [Member] | ||
Financial assets | ||
Financial assets | $ 3,226 | $ 3,852 |
Financial Instruments (Detail_3
Financial Instruments (Details) - Schedule of remaining contractual maturities of financial liabilities $ in Thousands | Mar. 31, 2023 USD ($) |
Financial Instruments (Details) - Schedule of remaining contractual maturities of financial liabilities [Line Items] | |
Accounts payable and accrued liabilities | $ 36,737 |
Lease obligation | 615 |
Deposits received | 4,090 |
Total Contractual Obligation | 41,442 |
Within a year [Member] | |
Financial Instruments (Details) - Schedule of remaining contractual maturities of financial liabilities [Line Items] | |
Accounts payable and accrued liabilities | 36,737 |
Lease obligation | 283 |
Deposits received | 4,090 |
Total Contractual Obligation | 41,110 |
2-5 years [Member] | |
Financial Instruments (Details) - Schedule of remaining contractual maturities of financial liabilities [Line Items] | |
Accounts payable and accrued liabilities | |
Lease obligation | 332 |
Deposits received | |
Total Contractual Obligation | $ 332 |
Financial Instruments (Detail_4
Financial Instruments (Details) - Schedule of net income due to the exchange rates $ in Thousands | Mar. 31, 2023 USD ($) |
Financial Instruments (Details) - Schedule of net income due to the exchange rates [Line Items] | |
Cash and cash equivelents | $ 70,710 |
Short-term investments | 3,802 |
Other investments | 5,523 |
Accounts payable and accrued liabilities | (68) |
Net financial assets explosure | 80,035 |
Effect of +/- 10% change in currency | 8,004 |
US dollar [Member] | |
Financial Instruments (Details) - Schedule of net income due to the exchange rates [Line Items] | |
Cash and cash equivelents | 70,461 |
Short-term investments | 3,802 |
Other investments | 2,527 |
Accounts payable and accrued liabilities | (68) |
Net financial assets explosure | 76,790 |
Effect of +/- 10% change in currency | 7,679 |
Australian dollar [Member] | |
Financial Instruments (Details) - Schedule of net income due to the exchange rates [Line Items] | |
Cash and cash equivelents | 249 |
Short-term investments | |
Other investments | 2,996 |
Accounts payable and accrued liabilities | |
Net financial assets explosure | 3,245 |
Effect of +/- 10% change in currency | $ 325 |
Supplementary Cash Flow Infor_3
Supplementary Cash Flow Information (Details) - Schedule of changes in non-cash operating working capital - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of changes in non-cash operating working capital [Abstracts] | ||
Trade and other receivables | $ 936 | $ (2,101) |
Inventories | 79 | 753 |
Prepaids and deposits | (50) | (650) |
Accounts payable and accrued liabilities | (2,009) | 8,014 |
Deposits received | (938) | 422 |
Due from a related party | (28) | (14) |
Non-cash operating working capital | $ (2,010) | $ 6,424 |
Supplementary Cash Flow Infor_4
Supplementary Cash Flow Information (Details) - Schedule of non-cash capital transactions - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Non-Cash Capital Transactions [Abstract] | ||
Environmental rehablitation expenditure paid from reclamation deposit | $ 379 | $ 216 |
Additions of plant and equipment included in accounts payable and accrued liabilities | 2,276 | (1,164) |
Capital expenditures of mineral rights and properties included in accounts payable and accrued liabilities | 590 | 5,201 |
Cash on hand and at bank | 50,871 | 72,782 |
Bank term deposits and short-term money market investments | 94,821 | 40,520 |
Total cash and cash equivalents | $ 145,692 | $ 113,302 |
Subsequent Event (Details)
Subsequent Event (Details) - Events [Member] - AUD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
May 15, 2023 | May 11, 2023 | Mar. 31, 2023 | |
Subsequent Event (Details) [Line Items] | |||
Shareholders fixed price | $ 0.03 | ||
Consideration shares percentage | 90% | ||
Consideration shares in cash percentage | 10% | ||
Consideration per share | $ 0.03 | ||
Consideration premium percentage | 76% | ||
Total consideration amount | $ 56 | ||
Private placement subscription agreement per share | $ 0.015 | ||
Total share amount | $ 5 | ||
Outstanding shares percentage | 15.10% | ||
Invested amount | $ 4 | ||
Post-financed market capitalization amount | $ 30 |