Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020shares | |
Cover [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Equinox Gold Corp. |
Entity Central Index Key | 0001756607 |
Current Fiscal Year End Date | --12-31 |
Entity Interactive Data Current | Yes |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 242,354,406 |
Entity Address, Country | CA |
ICFR Auditor Attestation Flag | true |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Current assets | |||
Cash and cash equivalents | $ 344,926 | $ 67,716 | |
Restricted cash – current | 1,206 | 607 | |
Trade and other receivables | 55,872 | 27,390 | |
Inventory | 208,290 | 46,262 | |
Other current assets | 35,730 | 6,681 | |
Current assets | 646,024 | 148,656 | |
Non-current assets | |||
Restricted cash | 2,004 | 14,678 | |
Inventory | 130,888 | 141,578 | |
Investment in associate | 22,287 | 7,162 | |
Mineral properties, plant and equipment | 1,843,404 | 497,944 | |
Exploration and evaluation assets | 13,750 | 13,750 | |
Other assets | 13,474 | 15,582 | |
Total assets | 2,671,831 | 839,350 | |
Current liabilities | |||
Accounts payable and accrued liabilities | 130,543 | 67,204 | |
Current portion of loans and borrowings | 13,333 | 61,574 | |
Derivative liabilities – current | 63,993 | ||
Other current liabilities | 14,794 | 3,145 | |
Current liabilities | 222,663 | 131,923 | |
Non-current liabilities | |||
Loans and borrowings | 531,908 | 202,475 | |
Derivative liabilities | 90,573 | 56,146 | |
Reclamation obligations | 117,103 | 29,885 | |
Other long-term liabilities | 32,769 | 5,150 | |
Deferred tax liabilities | 229,860 | 10,712 | |
Total liabilities | 1,224,876 | 436,291 | [1] |
Shareholders' equity | |||
Share capital | 1,518,042 | 505,686 | |
Reserves | 38,779 | 27,959 | |
Deficit | (109,866) | (130,586) | |
Total equity | 1,446,955 | 403,059 | |
Total liabilities and equity | $ 2,671,831 | $ 839,350 | |
[1] | Total liabilities balances as at December 31, 2019 for Mesquite and Corporate and other have been reclassified to conform with the current period presentation. |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | ||
Revenue | $ 842,507 | $ 281,697 |
Operating expenses | (422,261) | (159,198) |
Depreciation and depletion | (131,632) | (38,645) |
Earnings from mine operations | 288,614 | 83,854 |
Care and maintenance | (64,995) | |
Exploration | (11,840) | (8,754) |
General and administration | (40,392) | (19,976) |
Income from operations | 171,387 | 55,124 |
Finance expense | (39,751) | (17,537) |
Finance income | 1,819 | 1,950 |
Other expense | (91,924) | (52,723) |
Net income (loss) before taxes | 41,531 | (13,186) |
Current tax expense | (35,050) | (7,250) |
Deferred tax recovery | 14,239 | 112 |
Net income (loss) and comprehensive income (loss) | 20,720 | (20,324) |
Net income (loss) and comprehensive income (loss) attributable to: | ||
Equinox Gold shareholders | 20,720 | (18,360) |
Non-controlling interest | (1,964) | |
Net income (loss) and comprehensive income (loss) | $ 20,720 | $ (20,324) |
Net income (loss) per share | ||
Basic | $ 0.10 | $ (0.16) |
Diluted | $ 0.09 | $ (0.16) |
Weighted average shares outstanding | ||
Basic | 212,487,729 | 112,001,484 |
Diluted | 218,411,971 | 112,001,484 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operations | ||
Net income (loss) for the period | $ 20,720 | $ (20,324) |
Adjustments for: | ||
Depreciation and depletion | 151,903 | 39,129 |
Change in fair value of warrants | 29,862 | 38,185 |
Unrealized loss on gold contracts | 12,868 | |
Tax expense | 20,811 | 7,138 |
Finance expense | 39,751 | 17,537 |
Unrealized (gain) loss on foreign exchange contracts | 14,147 | (1,640) |
Share-based compensation | 8,140 | 5,632 |
Expected credit losses | 6,074 | 668 |
Finance fees paid | (37,415) | (17,500) |
Unrealized foreign exchange (gain) loss | (4,818) | 955 |
Income taxes paid | (32,788) | (4,868) |
Other | 2,451 | 11,229 |
Operating cash flow before non-cash changes in working capital | 231,706 | 76,141 |
Changes in non-cash working capital: | ||
Accounts receivable and other current assets | (15,194) | (4,200) |
Inventory | 20,545 | (36,492) |
Accounts payable and accrued liabilities | (20,544) | 24,273 |
Cash provided by (used in) Operations | 216,513 | 59,722 |
Investing | ||
Proceeds from sale of assets | 6,500 | 784 |
Acquisition of Leagold Mining | 55,252 | |
Investment in Solaris Resources | (12,480) | |
Capital expenditures | (172,902) | (97,577) |
Other | (5,691) | (14,500) |
Cash provided by (used in) Investing | (129,321) | (111,293) |
Financing | ||
Proceeds from option and warrant exercises | 171,530 | 678 |
Draw down of loans and borrowings | 518,958 | 189,661 |
Net proceeds from equity financings | 39,938 | |
Decrease in restricted cash | 11,635 | 537 |
Repayment of loans and borrowings | (546,274) | (136,888) |
Lease payments | (6,667) | (438) |
Other | 960 | 3,446 |
Cash provided by (used in) Financing | 190,080 | 56,996 |
Effect of foreign exchange on cash and cash equivalents | (62) | 1,469 |
Increase in cash and cash equivalents | 277,210 | 6,894 |
Cash and cash equivalents, beginning of year | 67,716 | 60,822 |
Cash and cash equivalents, end of year | $ 344,926 | $ 67,716 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share Capital | Reserves | Deficit | Non-controlling interest |
Beginning balance at Dec. 31, 2018 | $ 409,298 | $ 491,100 | $ 15,402 | $ (111,723) | $ 14,519 |
Beginning balance, Shares at Dec. 31, 2018 | 110,425,401 | ||||
Shares issued to settle debenture | 10,110 | $ 10,110 | |||
Shares issued to settle debenture, Shares | 2,227,835 | ||||
Shares issued on exercise of warrants, stock options and RSUs | 1,580 | $ 4,476 | (2,896) | ||
Shares issued on exercise of warrants, stock options and RSUs, Shares | 799,127 | ||||
Equity component of Convertible Notes | 10,217 | 10,217 | |||
Share-based compensation | 5,236 | 5,236 | |||
Changes in non-controlling interest from equity offerings and other | 3,446 | (503) | 3,949 | ||
Deconsolidation of Solaris Resources | (16,504) | (16,504) | |||
Net loss and comprehensive loss | (20,324) | (18,360) | $ (1,964) | ||
Ending Balance at Dec. 31, 2019 | 403,059 | $ 505,686 | 27,959 | (130,586) | |
Ending Balance, Shares at Dec. 31, 2019 | 113,452,363 | ||||
Shares and options issued for acquisition of Leagold Mining | 751,819 | $ 732,042 | 19,777 | ||
Shares and options issued for acquisition of Leagold Mining, shares | 94,635,765 | ||||
Shares issued in financing | 40,000 | $ 40,000 | |||
Shares issued in financing, Shares | 6,472,491 | ||||
Shares issued on exercise of shareholder anti-dilution right | 2,855 | $ 2,855 | |||
Shares issued on exercise of shareholder anti-dilution right, shares | 461,947 | ||||
Shares issued on exercise of warrants, stock options and RSUs | 215,417 | $ 237,521 | (22,104) | ||
Shares issued on exercise of warrants, stock options and RSUs, Shares | 27,331,840 | ||||
Share issue costs | (62) | $ (62) | |||
Equity component of Convertible Notes | 8,322 | 8,322 | |||
Share-based compensation | 4,825 | 4,825 | |||
Net loss and comprehensive loss | 20,720 | 20,720 | |||
Ending Balance at Dec. 31, 2020 | $ 1,446,955 | $ 1,518,042 | $ 38,779 | $ (109,866) | |
Ending Balance, Shares at Dec. 31, 2020 | 242,354,406 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Nature of Operations | 1. NATURE OF OPERATIONS Equinox Gold Corp. (the “Company” or “Equinox Gold”) was incorporated under the Business Corporations Act of British Columbia on March 23, 2007. Equinox Gold’s primary listing is on the Toronto Stock Exchange (“TSX”) in Canada where its common shares trade under the symbol “EQX” and its warrants trade under the symbol “EQX.WT”. The Company’s shares also trade on the NYSE American Stock Exchange (“NYSE-A”) Equinox Gold is a mining company engaged in the operation, acquisition, exploration and development of mineral properties, with a focus on gold. On March 10, 2020, the Company completed its acquisition of Leagold Mining Corporation (“Leagold”). The results of operations of Leagold are included in these financial statements from March 10, 2020 (note 5). All of the Company’s properties are located in the Americas, with one property in Mexico, two in the United States and five in Brazil. Each property is wholly-owned by the Company. The Company’s producing assets are the Los Filos Mine Complex (“Los Filos”) in Mexico, the Mesquite Mine (“Mesquite”) and Castle Mountain Mine (“Castle Mountain”) in the United States, and the Aurizona Mine (“Aurizona”), Fazenda Mine (“Fazenda”), RDM Mine (“RDM”) and Pilar Mine (“Pilar”) in Brazil. The Company’s Santa Luz project (“Santa Luz”) in Brazil is in the early stage of construction. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Basis of Preparation | 2. BASIS OF PREPARATION (a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee (“IFRIC”) issued and outstanding as of December 31, 2020. These consolidated financial statements were approved and authorized for issuance by the Board of Directors on March 19, 2021. (b) Basis of presentation These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments, which are measured at fair value. (c) Basis of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control is defined as Equinox Gold having power over the entity, rights to variable returns from its involvement with the entity, and the ability to use its power to affect the amount of returns. All intercompany transactions and balances are eliminated on consolidation. At Decemb e Company Location Ownership Interest Castle Mountain Venture USA 100 % Desarrollos Mineros San Luis S.A. de C.V. Mexico 100 % Fazenda Brasileiro Desenvolvimento Mineral Ltda Brazil 100 % Mineração Aurizona S.A. Brazil 100 % Mineração Riacho Dos Machados Ltda Brazil 100 % Pilar de Goias Desenvolvimento Mineral Ltda Brazil 100 % Santa Luz Desenvolvimento Mineral Ltda Brazil 100 % Western Mesquite Mines, Inc. USA 100 % (d) Functional currency and presentation currency Except as otherwise noted, these financial statements are presented in United States dollars (“US dollars”), the functional currency of the Company and its subsidiaries. Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the date of the statement of financial position. Non-monetary (e) Accounting standards and amendments issued but not yet adopted The following standards and interpretations have been issued but are not yet effective as of December 31, 2020: IAS 16, Property, Plant and Equipment – Proceeds before Intended Use On May 14, 2020, the IASB published a narrow scope amendment to IAS 16, Property, Plant and Equipment – Proceeds before Intended Use The effective date is for annual periods beginning on or after January 1, 2022. Earlier application is permitted. The amendment applies retrospectively, but only to items of property, plant and equipment made available for use in the earliest period presented in the financial statements in the year of adoption. The Company intends to adopt the amendment in its financial statements for the annual period beginning on January 1, 2021. On adoption, the Company will reclassify $1.6 million of pre-commercial Interest rate benchmark reform On August 27, 2020, the IASB issued “Interest Rate Benchmark Reform – Phase 2 (amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) with amendments that address issues that might affect financial reporting related to financial instruments and hedge accounting resulting from the reform of an interest rate benchmark, including its replacement with alternative benchmark rates. The amendments are effective for annual periods beginning on or after January 1, 2021 and are to be applied retrospectively. The Company is currently assessing the impact of the amendments on the Company’s consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Significant Accounting Policies | 3. SIGNIFICANT ACCOUNTING POLICIES (a) Business combinations A business combination is an acquisition of assets and liabilities that constitute a business. A business is an integrated set of activities and assets that consist of inputs and processes, including operational processes that, when applied to those inputs, have the ability to create outputs that provide a return to the Company and its shareholders. A business also includes those assets and liabilities that do not necessarily have all the inputs and processes required to produce outputs but can be integrated with the inputs and processes of the Company to create outputs. When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs, the Company considers other factors to determine whether the set of activities or assets is a business. Business combinations are accounted for using the acquisition method whereby identifiable assets acquired and liabilities assumed, including contingent liabilities, are recorded at their fair values at the acquisition date. The acquisition date is the date at which the Company obtains control over the acquiree, which is generally the date that consideration is transferred and the Company acquires the assets and assumes the liabilities of the acquiree. The Company considers all relevant facts and circumstances in determining the acquisition date. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the fair values of the assets at the acquisition date transferred by the Company, the liabilities, including contingent consideration, incurred and payable by the Company to former owners of the acquiree and the equity interests issued by the Company. The measurement date for equity interests issued by the Company is the acquisition date. Acquisition-related costs are expensed as incurred. Non-controlling (b) Revenue recognition Revenue is generated from the sale of gold doré with each shipment considered a separate performance obligation. The Company recognizes revenue at the point when the customer obtains control of the product. Control is transferred when title has passed to the purchaser, the customer controls the risks and rewards of ownership and the Company has the present right to payment for the delivery of gold doré. Sales proceeds from saleable gold produced during the testing phase before a mine is determined to be operating in the manner intended by management is deducted from capitalized mine development costs. (c) Cash and cash equivalents Cash and cash equivalents consist of cash on hand with banks and highly liquid investments with a maturity date at purchase of less than 90 days. (d) Restricted cash Restricted cash consists of deposits held as security for income tax assessments and letters of credit. (e) Inventory Finished goods, work-in-process, The recovery of gold from certain ores is achieved through the heap leaching process. Under this method, ore is placed on leach pads where it is treated with a chemical solution which dissolves the gold contained in ore. The resulting solution is further processed in a plant where the gold is recovered. For accounting purposes, costs are added to ore on leach pads for current mining and leaching costs, including applicable depreciation, depletion and amortization relating to mining interests and purchase price allocations. Costs are removed from ore on leach pads as ounces of gold are recovered based on the average cost per recoverable ounce on the leach pad. Estimates of recoverable gold on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data), and a recovery percentage (based on ore type). Although the quantities of recoverable gold placed on each leach pad are reconciled by comparing the grades of ore placed on the leach pad to the quantities actually recovered, the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. The recovery of gold from the leach pad is not known until the leaching process has concluded. In the event the Company determines, based on engineering estimates, that a quantity of gold or other metal contained in ore on leach pads is to be recovered over a period exceeding 12 months, that portion is classified as non-current. Work-in-process work-in-process Consumable stores inventory includes the costs of consumables used in operations and is valued at the lower of average cost and net realizable value, with replacement costs being the typical measure of net realizable value. Write-downs of inventory are reported in current period operating costs. The Company may reverse a write-down in the event there is a subsequent increase in the net realizable value of the inventory. (f) Exploration and evaluation expenditures Exploration and evaluation activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activity includes exploratory drilling and sampling, surveying transportation and infrastructure requirements, and gathering exploration data through geophysical studies. The Company capitalizes significant direct costs of acquiring resource property interests. Option payments are considered acquisition costs if the Company has the intention of exercising the underlying option. Exploration, evaluation and property maintenance costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit that contains proven and probable reserves are expensed as incurred up to the date of establishing that property costs are economically recoverable, that the project is technically feasible and upon receipt of project development approval from the Board of Directors. Approval from the Board of Directors will be dependent upon the Company obtaining necessary permits and licenses to develop the mineral property. When approval for project development is received, the related capitalized exploration and evaluation costs are assessed for impairment and the related carrying value is then reclassified to mineral property. If no economically viable ore body is discovered, previously capitalized acquisition costs are expensed in the period that the property is determined to be uneconomical or abandoned. Value-added taxes are included in exploration and evaluation costs when the recoverability of these amounts is uncertain. Although the Company has taken steps to verify title to exploration and evaluation properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, and non-compliance (g) Mineral properties, plant and equipment (i) Mineral properties and mine development costs Development expenditures are those incurred subsequent to the establishment of economic recoverability and after receipt of project approval from the Board of Directors. Development costs are capitalized and included in the carrying amount of the related property. Mineral property and mine development costs capitalized are amortized using the units-of-production (ii) Deferred stripping costs Stripping activity that improves access to ore is accounted for as an addition to or enhancement of an existing asset. Stripping activity assets are recognized when the following three criteria are met: ● It is probable that the future economic benefit (improved access to the ore body) associated with the stripping activity will flow to the entity; ● The Company can identify the component of the ore body for which access has been improved; and ● The costs relating to the stripping activity associated with that component can be measured reliably. During the development of a mine, stripping costs are capitalized and included in the carrying amount of the assets that they relate to within mineral properties, plant and equipment. These assets are amortized on a units-of-production During the production phase of a mine, stripping costs incurred to provide access to sources of reserves that will be produced in future periods that would not have otherwise been accessible are capitalized and included in the carrying amount of the related mining property. Stripping costs incurred and capitalized during the production phase are depleted using the units-of-production (iii) Plant and equipment Plant and equipment is carried at cost, less accumulated amortization and accumulated impairment losses. The cost of an item of plant and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, initial estimates of the costs of dismantling and removing an item and restoring the site on which it is located and, where applicable, borrowing costs. The carrying amounts of plant and equipment are depreciated using either the straight-line or units-of-production Asset class Estimated useful life (years) Fixed plant and related components and infrastructure Units-of-production Mobile equipment 3-10 The Comp a (h) Investments in Associates An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those decisions. The Company is presumed to have significant influence if it holds, directly or indirectly, 20% or more of the voting power of the investee, unless it can be clearly demonstrated that the Company does not have significant influence. The Company accounts for its investment in associate using the equity method. Under the equity method, the Company’s investment in associate is initially recognized at cost and subsequently increased or decreased to recognize the Company’s share of net income (loss) and other comprehensive income (loss) of the associate, after any other adjustments for movement in the associate’s reserves, and for impairment losses after the initial recognition date. The Company’s share of income or losses of its associate are recognized in net income (loss) during the period. Dividends and repayments of capital received from the 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 the observable data indicating there is a measurable decrease in the estimated future cash flows of the investee’s operations. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its fair value less costs of disposal and value in use. If the recoverable amount of an investment is less than its carrying amount, the carrying amount is reduced in the period in which the relevant circumstances are identified. ( i Goodwill Goodwill may arise on or from the Company’s acquisitions and is not amortized. The Company performs an impairment test for goodwill annually and when events or changes in circumstances indicate that the related carrying amount may not be recoverable. If the carrying amount of an operation, which is the cash-generating unit to which goodwill has been allocated, exceeds the recoverable amount, an impairment loss is recognized for the amount of the excess. The impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the operation to nil and then to the other assets based on the relative carrying amounts of those assets. Impairment losses recognized for goodwill are not reversed in subsequent periods. ( j Financial instruments Financial instruments are recognized initially at fair value. Subsequent to initial recognition, financial instruments are classified and measured as described below. Transaction costs associated with financial instruments, carried at fair value through profit or loss, are expensed as incurred, while transaction costs associated with all other financial instruments are included in the initial carrying amount of the asset or the liability. (i) Amortized cost Financial assets are recorded at amortized cost if both of the following criteria are met: 1) the objective of the Company’s business model for these financial assets is to collect their contractual cash flows; and 2) the asset’s contractual cash flows represent ‘solely payments of principal and interest’. The Company’s cash and cash equivalents, accounts receivable and deposits, receivables from asset sales, and reclamation bonds are recorded at amortized cost as they meet the required criteria. (ii) Financial assets recorded at fair value through income (loss) Financial assets are classified at fair value if they are acquired for the purpose of selling in the near term. Gains or losses on these items are recognized in net income (loss). The Company’s marketable securities are classified as financial assets measured at fair value through income (loss). (iii) Financial liabilities Accounts payable and accrued liabilities, loans and borrowings and certain other long-term liabilities are accounted for at amortized cost using the effective interest rate method. The amortization of debt issue costs is calculated using the effective interest rate method. ( k Derivative liabilities Derivatives are initially recognized at their fair value on the date the derivative contract is entered into and transaction costs are expensed. The Company’s derivatives are subsequently re-measured As the exercise price of certain of the Company’s share purchase warrants is fixed in Canadian dollars, and the functional currency of the Company is the US dollar, these warrants are considered a derivative as a variable amount of cash in the Company’s functional currency will be received on exercise. Accordingly, these share purchase warrants are classified and accounted for as a derivative liability. The fair value of the warrants is determined using the Black Scholes option pricing model at the period-end Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to their host contracts. (l) Leases A contract is or contains a lease when the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use right-of-use right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee or, as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Company does not recognize right-of-use low-value The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use The Company presents right-of-use (m) Provisions (i) Reclamation and restoration provisions The Company is subject to environmental laws and regulations. Provisions for closure and reclamation costs are recognized at the time the legal or constructive obligation first arises which is generally the time that the environmental disturbance occurs. Upon initial recognition of the provision, the corresponding cost is added to the carrying amount of mineral properties, plant and equipment and is amortized using the same method as applied to the specific asset. Following the initial recognition of the provision, the carrying amount is increased for unwinding of the discount and for changes to the discount rate and the amount or timing of cash flows needed to settle the obligation. The unwinding of the discount is recognized as finance expense in net income or loss while the effect of the changes to the discount rate and the amount or timing of cash flows are recognized in mineral properties, plant and equipment. Due to uncertainties inherent in environmental remediation, the ultimate cost of future site closure and reclamation could differ from the amounts provided. The estimate of future site closure and reclamation costs is subject to change based on amendments to laws and regulations, changes in technologies, price increases and changes in interest rates, and as new information concerning the Company’s closure and reclamation obligations becomes available. Such changes are reflected prospectively in the determination of the provision. (ii) Other provisions A provision is recognized if, because of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax (n) Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects. Proceeds related to the issuance of units are allocated between the common shares and warrants on a relative fair value basis where warrants are classified as equity instruments. For warrants classified as derivative liabilities, the fair value of the warrants is determined with the residual amount allocated to the common shares. (o) Impairment (i) Non-financial The carrying amounts of the Company’s non-financial The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax non-financial property-by-property An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net income or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount. An impairment charge is reversed through net income or loss only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of any applicable depreciation, if no impairment loss had been recognized. An impairment loss for goodwill is not reversed. (ii) Financial assets The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the loss allowance for the financial assets is measured at an amount equal to lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If, at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the loss allowance is measured for the financial asset and amount equal to the twelve-month expected credit losses. For trade receivables, the Company applies the simplified approach to providing for expected credit losses, which allows the use of a lifetime expected loss provision. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized. (p) Share-based payments (i) Stock options The Company grants stock options to acquire common shares to directors, officers and employees. The Board of Directors determines the specific grant terms within the limits set by the Company’s stock option plan. The fair value of the estimated number of stock options that will eventually vest, determined as of the date of the grant, is recognized as share-based compensation expense over the vesting period of the stock options, with a corresponding increase in shareholders’ equity (in other reserves). The total amount recognized as an expense is adjusted to reflect the number of options expected to vest at each reporting date. The cost of the stock options is measured using the estimated fair value at the date of the grant determined using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of subjective assumptions, including the expected term of the option and stock price volatility. The expected term of the options granted is determined based on historical data on the average hold period before exercise, cancellation or expiry. Expected volatility is estimated with reference to the historical volatility of the share price of the Company. These estimates involve inherent uncertainties and the application of management judgement. (ii) Restricted share units (“RSUs”) The Company grants to employees, officers, directors and consultants, RSUs in such numbers and for such terms as may be determined by the Board of Directors. RSUs granted under the RSU Plan are exercisable into common shares for no additional consideration after the vesting conditions, as specified by the Board of Directors, are met. RSUs are measured at fair value on the date of grant and the corresponding share-based compensation is recognized over the vesting period in cost of sales, exploration or general and administration expenses, as applicable. In addition to service conditions, RSUs may have performance-based vesting conditions (“pRSU”). Share-based compensation for these pRSUs is measured on the grant date but is recognized only when it is more likely than not that the performance vesting conditions will be met. (q) Employee benefits Short-term employee benefit obligations are recognized as personnel expenses as the corresponding service is provided. Liabilities are recognized at the amount that is expected to be paid if the Company has a present legal or constructive obligation to pay that amount based on past services rendered by the employee, and the obligation can be estimated reliably. There are no long-term employee benefits. (r) Borrowing costs Borrowing costs directly attributable to the acquisition, construction/development or exploration of a qualifying asset are capitalized during the period of time that is necessary to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed as finance expense in the period in which they are incurred. (s) Income tax Income tax on income or loss comprises current and deferred tax. Income tax is recognized in net income or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable or receivable related to previous years. Deferred tax is recognized for differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are not recorded for temporary differences related to the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, temporary differences arising on the initial recognition of goodwill and temporary differences relating to the investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred taxes are measured at the tax rates that are expected to be applied to temporary differences when they reverse based on laws that have been enacted or substantively enacted at period end. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Tax assets and liabilities are offset when there is a legally enforceable right to offset tax assets against tax liabilities and when they are related to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. (t) Income (loss) per share Basic income (loss) per share (“EPS”) is calculated by dividing the income or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the income or loss attributable to common shareholders and the weighted average number of shares outstanding for the effects of all dilutive potential common shares, which comprise warrants, convertible debentures, options and RSUs. The dilutive effect of warrants, options and RSUs assumes that the proceeds to be received on exercise are applied to repurchase common shares. Dilutive warrants, options and RSUs are only included in the dilutive calculations to the extent exercise prices are below the average market price of the common shares. (u) Comparative information Certain comparative amounts have been reclassified to conform with the current year’s financial statement presentation. Such reclassifications were not considered material. |
Use of Judgements and Estimates
Use of Judgements and Estimates | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Use of Judgements and Estimates | 4. USE OF JUDGEMENTS AND ESTIMATES In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ. All estimates and underlying assumptions are reviewed on an ongoing basis. Revisions are recognized in the period in which the estimates are revised and in any future periods affected. Information about critical judgements and estimates in applying accounting policies that have the most significant effect on amounts recognized in the consolidated financial statements are as follows: (a) Judgements (i) Acquisitions On the acquisition of a set of assets and liabilities, a company must determine whether what was acquired includes the inputs, processes and outputs necessary to constitute a business as defined in IFRS 3 – Business Combinations (ii) Indicators of impairment Judgement is required in assessing whether certain factors would be considered an indicator of impairment. The Company considers both external and internal sources of information in assessing whether there are any indications that CGUs are impaired, or reversal of impairment is needed. Factors considered include current and forecast economic conditions, internal projections and the Company’s market capitalization relative to its net asset carrying amount. (iii) Commencement of commercial production Management considers several factors in determining when a mining property is capable of operating at levels intended by management. Until a mine is capable of operating at levels intended by management, costs incurred are capitalized as part of the costs of the related mining properties and proceeds from mineral sales are offset against costs capitalized. Depletion of capitalized costs for mining properties begins when the mine is capable of operating at levels intended by management. Amongst other quantitative and qualitative factors, throughput, mill grades, recoveries, and for a heap leach operation, stacking rates and irrigation rates, are assessed over a reasonable period to make this determination. The Company determined that Aurizona was capable of operating at levels intended by management effective July 1, 2019. The Company determined that Phase 1 of Castle Mountain was capable of operating at levels intended by management effective November 21, 2020. (iv) Investments Management applies judgement in assessing whether the facts and circumstances pertaining to each investment result in the Company having control, joint control or significant influence over an investee. During the year ended December 31, 2019, the Company determined that Solaris Resources Inc. (“Solaris”) was no longer a controlled subsidiary as the Company’s ownership interest reduced to approximately 30% as a result of the completion of external financings, and Solaris was self-sustaining for an extended period with no capital injections made by Equinox Gold. The Company determined that it retained significant influence over Solaris, and accounts for its interest using the equity method effective June 30, 2019. (v) Functional currency The functional currency for each of the Company’s subsidiaries is the currency of the primary economic environment in which the entity operates. The Company has determined the functional currency of each entity is the US dollar. Assessment of functional currency involves certain judgements to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions that determined the primary economic environment. (vi) Contingencies Contingencies can be either possible assets or liabilities arising from past events which, by their nature, will be resolved only when one or more uncertain future events occur or fail to occur. Such contingencies include, but are not limited to, environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments. The assessment of the existence and potential impact of contingencies inherently involves the exercise of significant judgement regarding the outcome of future events. (b) Key sources of estimation uncertainty (i) Fair value of assets and liabilities acquired Accounting for acquisitions requires estimates with respect to the fair value of the assets and liabilities acquired. Such estimates require valuation methods including discounted cash flows, depreciated replacement costs and other methods. These models use forecasted cash flows, discount rates, current replacement costs and other assumptions. Changes in these assumptions changes the value assigned to the acquired assets and liabilities and goodwill, if any. Significant assumptions related to the Company’s acquisition of Leagold are disclosed in note 5. (ii) Estimated recoverable ounces The Company estimates recoverable ounces for determining the number of ounces in heap leach inventory. Changes to the estimates of recoverable ounces in the heap leach inventory can impact the Company’s ability to recover the carrying value of the inventory in the normal course of operations. Estimates of recoverable gold on the leach pads are calculated from the quantities of ore placed on the leach pads, the grade of ore placed on the leach pads and an estimated percentage of recovery. Timing and ultimate recovery of gold contained on leach pads can vary significantly from the estimates. (iii) Inventory valuation Management values production inventory at the lower of weighted average production costs and net realizable value (“NRV”). Weighted average production costs include expenditures incurred and depreciation and depletion of assets used in mining and processing activities that are deferred and accumulated as the cost of ore in stockpiles, ore on leach pads, work-in-process in-process (iv) Impairment of mineral properties, plant and equipment The determination of fair value less costs to sell and value in use of an asset or CGU requires management to make estimates and assumptions about expected production, sales volumes, commodity prices, mineral reserves, operating costs, closure and rehabilitation costs, future capital expenditures and discount rates. The estimates and assumptions are subject to risk and uncertainty, hence, there is a possibility that changes in circumstances will alter these projections, which may impact the recoverable amount of the asset or CGU. In such circumstances some or all of the carrying value of the assets may be further impaired or the impairment charge reduced with the impact recorded in net income (loss). (v) Mineral reserve and mineral resource estimates The Company estimates its mineral reserves and mineral resources based on information compiled by qualified persons as defined by National Instrument (“NI”) 43-101. There are numerous uncertainties inherent in estimating mineral reserves and resources, and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of mineral reserves and resources and may, ultimately, result in mineral reserve and resources estimates being revised. Such changes in mineral reserves and resources could impact depreciation and depletion rates, asset carrying values and the provision for closure and restoration costs. (vi) Mine closure and reclamation costs The Company’s provision for mine closure and reclamation cost obligations represents management’s best estimate of the present value of the future cash outflows required to settle the liability which reflects estimates of future costs, inflation, movements in foreign exchange rates and assumptions of risks associated with the future cash outflows, and the applicable risk-free interest rates for discounting the future cash outflows. Changes in the above factors can result in a change to the provision recognized by the Company. Changes to mine closure and reclamation cost obligations are recorded with a corresponding change to the carrying amounts of related mineral properties, plant and equipment for the year. Adjustments to the carrying amounts of related mineral properties, plant and equipment can result in a change to future depletion expense. Assumptions with respect to the Company’s mine closure and reclamation costs are disclosed in note 13. (vii) Valuation of derivatives and other financial instruments The valuation of the Company’s derivative financial instruments requires the use of option pricing models or other valuation techniques. Measurement of warrants with exercise prices denominated in Canadian dollars that are not listed for trading is based on an option pricing model that uses assumptions with respect to share price, expected life, share price volatility and discount rates. Measurement of foreign exchange contracts is based on forward foreign exchange rates. Measurement of gold hedge contracts is based on forward gold prices. Changes in these assumptions and estimates could result in changes in the fair value of these instruments and a corresponding change in the amount recognized in net income (loss). Significant assumptions related to derivatives are disclosed in note 12. (viii) Share-based payments The Company utilizes the Black-Scholes Option Pricing Model (“Black-Scholes”) to estimate the fair value of stock options granted to directors, officers and employees. The use of Black-Scholes requires management to make various estimates and assumptions that impact the value assigned to the stock options including the expected volatility of the stock price, the risk-free interest rate, dividend yield, the expected life of the stock options and the number of options expected to vest. Any changes in these assumptions could change the amount of share-based compensation recognized. Significant assumptions related to share-based payments are disclosed in note 16(c). (ix) Income taxes and value-added taxes receivable The determination of the Company’s tax expense for the period and deferred tax assets and liabilities involves significant estimation and judgement by management. In determining these amounts, management interprets tax legislation in a variety of jurisdictions and makes estimates of the expected timing of the reversal of deferred tax assets and liabilities. Management also makes estimates of future earnings, which affect the extent to which potential future tax benefits may be used. The Company is subject to assessments by various taxation authorities, which may interpret legislation differently. These differences may affect the final amount or the timing of the payment of taxes. The Company provides for such differences where known based on management’s best estimate of the probable outcome of these matters. The Company has receivables from various governments for federal and state value-added taxes (“VAT”), and for federal income taxes. Significant estimates and judgements are involved in the assessment of recoverability of these receivables. Changes in management’s impairment assumptions may result in an additional impairment provision or a reduction to any previously recorded impairment provision, with the impact recorded in net income (loss). (x) Contingencies Due to the nature of the Company’s operations, various legal, tax, environmental and regulatory matters are outstanding from time to time. In the event that management’s estimate of the future resolution of these matters changes, the Company will recognize the effects of these changes in its consolidated financial statements in the period in which such changes occur. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Acquisitions | 5. ACQUISITIONS On March 10, 2020, the Company completed the acquisition of Leagold (the “Leagold Acquisition” or “Transaction”). Leagold was a gold mining company with four operating mines, one development project and one expansion project, all located in the Americas, including Los Filos in Mexico, and Fazenda, RDM, Pilar and Santa Luz in Brazil. The acquisition supported the Company’s growth strategy and enhanced the Company’s production profile. Under the terms of the Transaction, the Company acquired 100% of the issued and outstanding shares of Leagold at an exchange ratio of 0.331 of an Equinox Gold share for each Leagold share. Holders of Leagold options, warrants performance share units (“PSUs”) and deferred share units (“DSUs”) received equivalent Equinox Gold options, warrants, PSUs and DSUs with the number of such securities issuable adjusted by the 0.331 exchange ratio. By virtue of the Company issuing equity instruments and relative voting rights of Equinox Gold shareholders, including significant minority shareholders post-merger, among other factors, the Company has been identified as the acquirer in the transaction and has accounted for the transaction as a business combination. Transaction costs incurred in respect of the acquisition totaling $5.9 million, of which $4.6 million were incurred in 2020, were expensed and presented within professional fees in general and administration expense in profit or loss. The acquisition date fair value of the consideration transferred consisted of the following: Purchase price: Share consideration (1) $ 732,042 Option consideration (2) 19,777 Warrant consideration (3) 8,543 PSU and DSU consideration (4) 3,721 $ 764,083 (1) The fair value of 94,635,765 common shares issued to Leagold shareholders was determined using the Company’s share price of C$10.51 per share on the acquisition date. (2) The fair value of 5,728,647 replacement options issued was determined using the Black-Scholes option pricing method with the following weighted average assumptions: exercise price of C$7.77, expected life of 2.07 years, annualized volatility of 60.2%, dividend yield of 0.0%, and discount rate of 0.54%. (3) The fair value of 16,626,569 replacement warrants issued was determined using the Black-Scholes option pricing method with the following weighted average assumptions: exercise price of C$11.14, expected life of 0.32 years, annualized volatility of 44.1%, dividend yield of 0.0%, and discount rate of 0.69%. (4) The fair value of 369,919 replacement PSUs and 319,288 replacement DSUs issued was determined using the Leagold share price of C$3.49 on the acquisition date, adjusted for the 0.331 exchange ratio. The Company retained an independent appraiser to assist with determination of the fair value of certain assets acquired and liabilities assumed. In accordance with the acquisition method of accounting, the acquisition cost was allocated to the underlying assets acquired and liabilities assumed, based upon their estimated fair values at the date of acquisition. The fair values of mineral properties were estimated using discounted cash flow models and the fair values of plant and equipment were estimated using a combination of the replacement cost approach and the sales comparison approach. Expected future cash flows are based on estimates of future gold prices and projected future revenues, estimated quantities of mineral reserves and mineral resources, expected future production costs and capital expenditures based on life of mine plans at the acquisition date. During the year ended December 31, 2020, the Company completed the analysis to assign fair values to all assets acquired and liabilities assumed. Comparative figures have been recast to reflect the measurement period adjustments detailed below. The following table summarizes the final purchase price allocation: Reported as of Adjustments Final allocation Net assets (liabilities) acquired: Cash and cash equivalents $ 55,252 $ - $ 55,252 Trade and other receivables 33,524 - 33,524 Inventory (1) 90,082 59,996 150,078 Mineral properties, plant and equipment (2) 1,350,794 (32,009 ) 1,318,785 Other assets 21,432 - 21,432 Accounts payable and accrued liabilities (88,490 ) (406 ) (88,896 ) Loans and borrowings and accrued interest (323,870 ) - (323,870 ) Derivative liabilities (78,526 ) - (78,526 ) Reclamation obligations (3) (69,487 ) 7,249 (62,238 ) Deferred tax liabilities (4) (195,628 ) (34,830 ) (230,458 ) Other liabilities (31,000 ) - (31,000 ) Fair value of net assets acquired 764,083 - 764,083 (1) The fair value of inventory was adjusted for refinements to estimated conversion costs for heap leach inventories and estimated forward gold prices in determining net realizable value. (2) Measurement period adjustments to mineral properties, plant and equipment result from additional analysis of capital costs recovery rates, and timing of cash flows used in the discounted cash flow models to estimate the fair value of mineral properties. During the period, the Company also physically reviewed fixed assets at certain sites and identified specified assets deemed to be obsolete. (3) The fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Measurement period adjustments relate to refinements of cost escalation and cost estimates. (4) Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets and liabilities and the historical carryover tax basis of these assets and liabilities. Measurement period adjustments include a $13.9 million deferred tax liability in relation to certain pre-export Consolidated revenue for the year ended December 31, 2020 includes revenue from the assets acquired in the Leagold Acquisition of $360.7 million. Consolidated net income for the year ended December 31, 2020 includes net loss before tax from Leagold of $24.3 million. Had the transaction occurred on January 1, 2020, pro-forma |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Trade and Other Receivables | 6. TRADE AND OTHER RECEIVABLES Note December 31, December 31, 2019 Value-added and income tax receivables 6(a) $ 29,076 $ 12,181 Trade receivables 17,172 - Due from Serabi Gold plc 6(b) 6,429 12,033 Receivable from Inca One - 2,716 Other receivables 3,195 460 $ 55, 872 $ 27,390 (a) As at De c (b) In March 2020, the Company and Serabi Gold plc (“Serabi”) amended its share and debt purchase agreement in respect of the purchase of Coringa whereby Serabi would pay to the Company monthly installment payments, commencing May 1, 2020, until the outstanding receivable balance of $12.0 million and accrued interest is repaid in full. Installments were $0.5 million for the first three months and increased to $1.0 million thereafter. The receivable attracts interest at a rate of 10% per annum. The receivable is secured by a pledge in the Company’s favour on the shares of Chapleau Resources Ltd. During the year ended December 31, 2020, the Company received $6.5 million from Serabi (2019 – $nil). |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Inventory | 7. INVENTORY December 31, December 31, Heap leach ore (current and non-current) $ 268,703 $ 158,598 Less: Non-current (130,888) (141,578) Current portion of heap leach ore 137,815 17,020 Stockpiles 13,514 9,776 Work-in-process 14,988 6,366 Supplies 37,473 12,329 Finished goods 4,500 771 Current inventory $ 208,290 $ 46,262 Non-c u |
Investment in Associate
Investment in Associate | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure of investments accounted for using equity method | 8. INVESTMENT IN ASSOCIATE Details of the Company’s investment in associate a Principal Principal business % Ownership Quoted fair value (2) Carrying amount Name of equity accounted for investee 2020 2019 2020 2019 2020 2019 Solaris (1) Exploration Ecuador 26.5 30.3 $ 132,026 $ - $ 22,287 $ 7,162 (1) On June 30, 2019, the Company determined that Solaris was no longer a controlled subsidiary due to dilution of its interest to approximately 32% and the fact Solaris was self-sustaining for an extended period. On deconsolidation, the Company recorded its interest retained in Solaris at fair value. (2) The fair value of the Company’s interest in Solaris, which listed on the TSX Venture Exchange during 2020, was based on the quoted market price at December 31, 2020, which is a Level 1 input in terms of IFRS 13. A quoted market price was not available as at December 31, 2019, as Solaris was not a listed company. For the purposes of applying the equity method of accounting, the consolidated financial statements of Solaris as at September 30, 2020 have been used and appropriate adjustments have been made for the effects of significant transactions between that date and December 31, 2020. The following table summarizes the change in the carrying amount of the Company’s investment in Solaris: 2020 2019 Balance as at January 1 $ 7,162 $ - Acquisition of interest in Solaris 12,480 7,800 Dilution gain (loss) 8,033 243 Company’s share of net (loss) of Solaris (5,388 ) (881 ) Balance as at December 31 $ 22,287 $ 7,162 Summarized financial information in respect of the Company’s associate as at and for the years ended December 31, 2020 and 2019, is set out below. The summarized financial information below represents amounts in the associate’s consolidated financial statements prepared in accordance with IFRS. 2020 2019 Current assets $ 72,295 $ 6,191 Non-current 20,652 24,391 Total assets 92,947 30,582 Current liabilities 3,141 456 Non-current 544 1,575 Total liabilities 3,685 2,031 Non-controlling 7,766 7,822 Net assets of associate attributable to shareholders 81,496 20,729 Equinox Gold’s share of net assets 21,585 6,287 Other equity adjustments 702 876 Carrying amount $ 22,287 $ 7,162 2020 2019 Revenue $ - $ - Net loss 20,369 1,003 Net comprehensive loss $ 19,826 $ 1,003 |
Mineral Properties, Plant and E
Mineral Properties, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Mineral Properties, Plant and Equipment | 9. MINERAL PROPERTIES, PLANT AND EQUIPMENT Mineral (1) Plant and Equipment (1) Construction in-progress (1) Other Total Cost Balance – December 31, 2018 $ 86,740 $ 80,234 $ 153,171 $ 555 $ 320,700 Additions 26,132 (900 ) 63,108 1,633 89,973 Transfers 89,758 95,633 (195,328 ) - (9,937 ) Transfer from exploration and evaluation assets 133,060 - - - 133,060 Disposals - (1,758 ) - (74 ) (1,832 ) Change in reclamation cost asset 6,080 - - - 6,080 Balance – December 31, 2019 $ 341,770 $ 173,209 $ 20,951 $ 2,114 $ 538,044 Leagold Acquisition 909,715 380,227 28,525 318 1,318,785 Additions 84,675 40,192 52,342 326 177,535 Transfers (1,570 ) 56,125 (66,176 ) - (11,621 ) Disposals - (3,819 ) - - (3,819 ) Change in reclamation cost asset 31,537 - - - 31,537 Balance – December 31, 2020 $ 1,366,127 $ 645,934 $ 35,642 $ 2,758 $ 2,050,461 Accumulated depreciation Balance – December 31, 2018 $ 326 $ 3,363 $ - $ 100 $ 3,789 Additions 12,682 24,136 - 294 37,112 Disposals - (766 ) - (35 ) (801 ) Balance – December 31, 2019 $ 13,008 $ 26,733 $ - $ 359 $ 40,100 Additions 116,424 51,978 - 694 169,096 Disposals - (2,139 ) - - (2,139 ) Balance – December 31, 2020 $ 129,490 $ 76,572 $ - $ 1,053 $ 207,057 Net book value: At December 31, 2019 $ 328,762 $ 146,476 $ 20,951 $ 1,755 $ 497,944 At December 31, 2020 $ 1,236,696 $ 569,362 $ 35,642 $ 1,705 $ 1,843,404 (1) Cost balances as at December 31, 2018, 2019 cost additions, and 2019 cost transfers have been reclassified to conform with the current period presentation. During the y e construction-in-progress Pre-production ramp-up construction-in-progress. On commencement of commercial production at Castle Mountain on November 21, 2020, the Company transferred $66.2 million from construction-in-progress pre-production construction-in-progress During the year ended December 31, 2020, the Company capitalized to construction-in-progress Mineral properties at December 31, 2020 includes $63.4 million allocated to the mineral interest at Los Filos as part of the Leagold purchase price allocation, which is not currently subject to depletion. Certain of the Company’s mining properties are subject to royalty arrangements based on their net smelter returns (“NSR”s) or gross revenues. At December 31, 2020, the Company’s significant royalty arrangements were as follows: Mineral property Royalty arrangements Mesquite 0.5-7% 6-9% Castle Mountain 2.65% NSR Los Filos 3% of gross sales at Xochipala concession; 1.5% EBITDA; 0.5% gross revenues Aurizona 1.5% of gross sales; 3-5% Fazenda 0.75-1.5% RDM 1-1.5% Pilar 0.75-1.5% |
Accounts Payable And Accrued Li
Accounts Payable And Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Accounts Payable and Accrued Liabilities | 10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2020 December 31, Trade payables $ 99,197 $ 45,057 Capital related 7,056 18,833 Accrued interest 390 1,553 Value added and income taxes payable 23,900 1,761 $ 130,543 $ 67,204 |
Loans and Borrowings
Loans and Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Borrowings [Abstract] | |
Loans and Borrowings | 11. LOANS AND BORROWINGS Note December 31, December 31, 2019 Credit Facility 11(a) $ 289,910 $ 116,625 2020 Convertible Notes 11(b) 126,645 - 2019 Convertible Notes 11(c) 128,686 125,850 Standby Loan 11(d) - 12,000 Debenture 11(e) - 9,574 545,241 264,049 Less: Current portion of loans and borrowings (13,333 ) (61,574 ) Non-current $ 531,908 $ 202,475 (a) Credit Facility On March 10, 2020, in conjunction with the Leagold Acquisition, the Company amended its $130 million corporate revolving credit facility with a syndicate of lenders led by The Bank of Nova Scotia, Société Générale, Bank of Montreal and ING Capital LLC. The amended credit facility comprises of a $400 million revolving loan (the “Revolving Facility”) and $100 million amortizing term loan (the “Term Loan”) (together, the “Credit Facility”). On close of the Leagold Acquisition and concurrent financing, the Company drew the full amount of the Term Loan and an additional $100 million from the Revolving Facility. Proceeds from the draws were used to repay Leagold debt outstanding on the acquisition date. On March 24, 2020, the Company drew the remaining $180 million available under the Revolving Facility as a cautionary measure given the uncertainty regarding the potential impact of the COVID-19 The Credit Facility bears interest at an annual rate of LIBOR plus 2.5% to 3.75%, subject to certain leverage ratios. The Revolving Facility matures on March 8, 2024, at which date it must be repaid in full and the Term Loan matures on March 10, 2025 with quarterly repayments equal to 6.67% of principal beginning September 30, 2021 through to maturity. The Company determined that amending the corporate revolving credit facility to become the Credit Facility was a non-substantial In August 2020, the Company repaid $200 million principal under the Revolving Facility and recorded $2.7 million in finance expense due to accelerated recognition of deferred financing costs as a result of the change in timing of cash flows. The revised carrying value of debt outstanding is accreted to the principal amount over the respective terms of the Revolving Facility and Term Loan using a weighted average effective interest rate of 4.4%. The Credit Facility is secured by first-ranking security over all present and future property and assets of the Company. The Credit Facility is subject to standard conditions and covenants, including maintenance of debt service coverage ratio, leverage ratio and minimum liquidity of $50 million. As at December 31, 2020, the Company is in compliance with these covenants. (b) 2020 Convertible Notes On March 10, 2020, the Company issued $130 million in Convertible Notes to Mubadala Investment Company (“Mubadala”) and on April 9, 2020, pursuant to a pre-existing The 2020 Notes mature on March 10, 2025 and bear interest at a fixed rate of 4.75% per year payable quarterly in arrears. The 2020 Notes are convertible at the holder’s option into common shares of the Company at a fixed conversion price of $7.80 per share. Holders may exercise their conversion option at any time, provided that the holder owns less than 20% of the outstanding common shares of the Company. On or after March 10, 2023, the Company has a call right that may be exercised if the 90-day Gross proceeds from the 2020 Notes of $139.3 million was allocated to the debt and equity components. The fair value of the debt portion of $128.1 million was estimated using a discounted cash flow model based on an expected term of five years and a discount rate of 6.9%. The residual of $8.6 million ($11.7 million net of deferred tax expense of $3.1 million) was recognized in other equity reserves. The debt component is recorded at amortized cost, net of transaction costs, and is accreted to the principal amount over the term of the 2020 Notes using an effective interest rate of 7.3%. Transaction costs of $3.3 million were incurred and allocated on a pro-rata Security for the 2020 Notes includes a charge over all present and future property and assets of the Company and is subordinate to the Credit Facility. (c) 2019 Convertible Notes On April 11, 2019, the Company issued $130 million in Convertible Notes to Mubadala and on May 7, 2019, pursuant to a pre-existing The 2019 Notes mature on April 12, 2024 and bear interest at a fixed rate of 5% per year payable quarterly in arrears. The 2019 Notes are convertible at the holder’s option into common shares of the Company at a fixed conversion price of $5.25 per share. Holders may exercise their conversion option at any time, provided that the holder owns less than 20% of the outstanding common shares of the Company. On or after October 11, 2022, the Company has a call right that may be exercised if the 90-day Gross proceeds from the 2019 Notes of $139.7 million was allocated to the debt and equity components. The fair value of the debt portion of $126.8 million was estimated using a discounted cash flow model based on an expected term of five years and a discount rate of 7.5%. The residual of $10.5 million ($12.8 million net of deferred tax expense of $2.3 million) was recognized in other equity reserves. The debt component is recorded at amortized cost, net of transaction costs, and is accreted to the principal amount over the term of the 2019 Notes using an effective interest rate of 7.7%. Transaction costs of $3.2 million were incurred and allocated on a pro-rata Security for the 2019 Notes includes a charge over all present and future property and assets of the Company and is subordinate to the Credit Facility. (d) Standby Loan On June 30, 2020, the Company repaid in full $13.7 million principal and accrued interest due under the Standby Loan, entered into in 2018 with the Company’s Chairman, Ross Beaty. (e) Debenture On June 30, 2019, the Company issued 2,227,835 common shares in consideration of an instalment payment and accrued interest due of $10.5 million. The Company recorded a gain on extinguishment of debt of $0.3 million. On June 30, 2020, the Company repaid in full the remaining $10.4 million in principal and accrued interest due under the Debenture. (f) Loans and borrowings continuity The following is a summary of the changes in l o Balance – December 31, 2018 $ 214,559 $10 million draw from Aurizona Construction Facility, net of deferred financing costs 8,814 $20 million draw from Short-term Loan, net of deferred financing costs 19,600 $20 million draw from Revolving Credit Facility, net of deferred financing costs 19,592 Modification gain and transaction costs on conversion of Mesquite Acquisition Credit Facility to Revolving Credit Facility (1,804 ) Debt component of Convertible Notes, net of deferred financing costs 123,942 Repayment of debt and accrued interest (131,211 ) Loss on extinguishment of debt 13,540 Debenture principal repayment settled by issuance of shares (10,450 ) Accretion and accrued interest 7,467 Balance – December 31, 2019 264,049 Debt assumed in Leagold Acquisition, including accrued interest 323,870 $380 million draw from Credit Facility, net of deferred financing costs 372,682 Debt component of Convertible Notes, net of deferred financing costs 124,622 Repayment of debt and accrued interest (547,463 ) Modification gain and transaction costs incurred on Credit Facility (4,839 ) Accretion and accrued interest 12,320 Balance – December 31, 2020 $ 545,241 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Derivative Financial Instruments | 12. DERIVATIVE FINANCIAL INSTRUMENTS ( a) Gold collars and forward contracts The Company assumed gold collar and forward contracts as part of the Leagold Acquisition (note 5). The gold collars have put and call strike prices of $1,325 and $1,430 per ounce, respectively, for 3,750 ounces per month from acquisition to September 2022 for a total of 116,250 ounces. The forward contracts cover 4,583 ounces per month from acquisition to September 2022 for a total of 142,083 ounces, at an average fixed gold price of $1,350 per ounce. As of December 31, 2020, the Company had 78,764 ounces and 96,234 ounces remaining to be delivered under its gold collars and forward contracts, respectively. The gold collars and forward contracts have not been designated as hedges and are recorded at fair value at the end of each reporting period with changes in fair value recognized in other expense. The fair value of gold collars and forward contracts at December 31, 2020 was a liability of $91.4 million (2019 - 2020 2019 Realized loss on settlement of gold contracts $ 35,223 $ - Unrealized loss on revaluation of gold contracts outstanding 12,868 - $ 48,091 $ - (b) Foreign exchange contracts Certain of the Company’s expenditures at its Brazilian and Mexican operations are denominated in the Brazilian Réal (“BRL”) and the Mexican Peso (“MXP”), respectively. The Company has implemented a foreign currency exchange risk management program to reduce its exposure to fluctuations in the value of the BRL and MXP relative to the US dollar. As at December 31, 2020, the Company had in place USD:BRL and USD:MXP put and call options with the following notional amounts, weighted average rates and maturity dates: USD notional amount Call options’ weighted Put options’ weighted Currency Within 1 year 1-2 average strike price average strike price BRL $ 164,780 $ 14,501 4.51 5.17 MXP 24,000 2,000 21.75 25.99 The foreign exchange contracts have not been designated as hedges and are recorded at fair value at the end of each reporting period with changes in fair value recognized in other expense. The Company entered into these contracts at no premium and therefore incurred no investment costs at inception. The fair value of foreign exchange contracts at December 31, 2020 was a liability of $12.5 million (2019 – $1.6 million asset), of which $12.2 million was recorded as current derivative liabilities. For the year ended December 31, 2020, the Company recognized the following within other expense (note 21): 2020 2019 Realized loss on settlement of foreign exchange contracts $ 584 $ 1,197 Unrealized loss (gain) on revaluation of foreign exchange contracts 14,147 (1,640 ) 14,731 (443 ) (c) Warrant liability The functional currency of the Company is the US dollar. The share purchase warrants were not issued for goods or services rendered. As the exercise price of the Company’s share purchase warrants is fixed in Canadian dollars, these warrants are considered a derivative as a variable amount of cash in the Company’s functional currency will be received on exercise. Accordingly, these warrants are classified and accounted for as a derivative liability at fair value through net income or loss. The fair value of the warrants is determined using the Black Scholes option pricing model at the period-end Balance – December 31, 2018 $ 18,861 Warrants exercised (868 ) Change in fair value 38,153 Balance – December 31, 2019 56,146 Issued in Leagold Acquisition 8,543 Warrants exercised (43,885 ) Change in fair value (note 21) 29,862 Balance – December 31, 2020 $ 50,666 The fair value of non-traded a December 31, December 31, Risk-free rate 0.2% 1.7% Warrant expected life 1.0 years 1.2 years Expected volatility 47.1% 45.1% Expected dividend 0.0% 0.0% Share price (C$) $14.02 $10.16 The fair value of traded warrants was based on the market price of C$0.58 per warrant on December 31, 2020 (December 31, 2019 – C$0.42). |
Reclamation Obligation
Reclamation Obligation | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Reclamation Obligation | 13. RECLAMATION OBLIGATIONS Mexico Brazil USA Total Balance – December 31, 2018 $ - $ 4,079 $ 19,863 $ 23,942 Accretion - 334 385 719 Change in estimates - 3,586 2,087 5,673 Foreign exchange translation - (105 ) - (105 ) Balance – December 31, 2019 - 7,894 22,335 30,229 Assumed with the Leagold Acquisition 32,878 29, 36 - 62,2 3 Accretion 179 1,845 185 2,209 Change in estimates 16,634 10,241 4,662 31,537 Reclamation expenditures (49 ) (276 ) (71 ) (396 ) Foreign exchange translation - (5,0 2 ) - (5,0 2 ) Balance – December 31, 2020 49,642 44,038 27,111 120,791 Less: Current portion (2,410 ) (1,278 ) - (3,688 ) Non-current $ 47,232 $ 42,760 $ 27,111 $ 117,103 The Company’s en v The Company measures the provision at the expected value of future cash flows using inflation rates of 2.0% to 3.5% (2019 – 2.2% to 3.3%) and discounted to the present value using discount rates of 0.9% to 6.9% (2019 – 1.8% to 5.8%) depending on the region in which the liabilities will be realized. The undiscounted value of the provision as of December 31, 2020 was $167.1 million (2019 – $38.1 million). The Company’s subsidiary, Western Mesquite Mines Inc., is required to post security for reclamation and for closure with Imperial County, California as lead agency under the California Surface Mining and Reclamation Act, and for pit backfill with the California State Lands Commission under a public/private land lease agreement. The Company has met its security requirements in the form of bonds posted through surety underwriters totaling $0.3 million. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Other Long-Term Liabilities | 14. OTHER LONG-TERM LIABILITIES Note December 31, December 31, Provision for leg a 30 $ 13,241 $ 4,049 Lease liabilities 15(b) 9,949 848 Cash-settled equity awards 16(c) 3,992 253 Other liabilities 5,587 - $ 32,769 $ 5,150 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Leases | 15. LEASES (a) Right-of-use Plant and Computer and office equipment Balance – December 31, 2018 $ - $ 229 Additions 782 537 Depreciation (202) (225 ) Balance – December 31, 2019 580 541 Recognized in Leagold Acquisition 10,386 318 Additions 13,612 56 Depreciation (8,195) (329 ) Balance – December 31, 2020 $ 16,383 $ 586 (b) Lease liabilities December 31, December 31, Current lease liabilities included in other current liabilities $ 8,935 $ 501 Non-current 9,949 848 $ 18,884 $ 1,349 In June 2020, the Com p right-of-use |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Share Capital | 16. SHARE CAPITAL (a) Authorized and issued The Company is authorized to issue an unlimited number of common shares with no par value. On August 20, 2019, the Company completed a consolidation of its common shares at a ratio of five pre-consolidation At December 31, 2020, 242.4 million common shares were issued and outstanding. (b) Share issuances On March 10, 2020, in conjunction with the Leagold Acquisition and concurrent financings, the Company closed a non-brokered Pacific Road exercised its anti-dilution option pursuant to its investor rights agreement with the Company in relation to the issuance of shares for the Leagold Acquisition. On April 9, 2020, the Company issued 461,947 common shares to Pacific Road at a price of $6.18 per common share for proceeds of $2.9 million. During the year ended December 31, 2020, the Company issued 26.5 million (2019 – 0.4 million) common shares for warrants and options exercised and received proceeds of $171.5 million (2019 – $0.7 million). On June 30, 2019, the Company issued 2.2 million common shares as settlement of the first principal instalment and accrued interest due under the Debenture (note 11(e)). On March 17, 2021, the Company completed the first tranche of a non-brokered (c) Share-based compensation plans The following table summarizes non-cash 2020 2019 Share purchase option expense $ 618 $ 903 RSU expense 3,320 2,542 PSU expense 3,882 2,187 DSU expense 320 - Total compensation expense $ 8,140 $ 5,632 Compensation expense included in: General and administration $ 6,751 $ 5,017 Operating expenses 1,063 386 Exploration 326 229 $ 8,140 $ 5,632 (i) Share purchase options The Company has an incentive stock option plan (the “Option Plan”) whereby the Company may grant stock options to eligible employees, officers, directors and consultants with the exercise price, expiry date, and vesting conditions determined by the Board of Directors. All options are equity settled. The Option Plan provides for the issuance of up to 10% of the Company’s issued common shares as at the date of the grant. During the year ended December 31, 2020, the Company granted 0.2 million (2019 – 0.4 million) share purchase options to directors, officers, employees and consultants of the Company. The fair value of options granted was determined using the Black-Scholes option pricing model using the following weighted average assumptions: 2020 2019 Exercise price (C$) $ 11.80 $ 5.30 Risk-free interest rate 0.4% 1.8% Volatility 65.2% 65.7% Dividend yield 0% 0.0% Expected life 5.0 years 5.0 years Total share-based compensation expense for the year ended December 31, 2020 related to the vesting of stock options was $0.6 million (2019 – $0.9 million). A summary of the Company’s share purchase options is as follows: Shares issuable Weighted Outstanding, December 31, 2018 2,776,302 $ 6.35 Granted 359,210 5.30 Exercised (240,895 ) 2.85 Expired/forfeited (219,504 ) 10.97 Outstanding, December 31, 2019 2,675,113 $ 5.99 Issued in Leagold Acquisition 5,728,647 7.77 Granted 156,200 11.80 Exercised (5,559,803 ) 7.38 Expired/forfeited (81,087 ) 8.52 Outstanding, December 31, 2020 2,919,070 $ 7.09 At December 31, 2020, the Company had the following options issued and outstanding: Options Outstanding Options Exercisable Range of exercise Number of Weighted Weighted Number of Weighted $1.89 - $2.99 591,820 $ 2.89 0.71 591,820 $ 2.89 $3.00 - $4.99 3,000 4.75 2.61 3,000 4.75 $5.00 - $6.99 1,211,514 5.72 2.06 1,070,223 5.78 $7.00 - $8.99 687,374 8.53 1.28 687,374 8.53 $9.00 - $17.15 425,362 14.52 2.04 269,162 16.10 2,919,070 2,621,579 The weighted average exercise price of options exercisable at December 31, 2020, was C$6.90. (ii) Restricted share units Equity settled RSUs Under the terms of the Equinox Gold Restricted Share Unit Plan (“RSU Plan”) the Board of Directors may, from time to time, grant to directors, officers, employees, and consultants, RSUs and performance based RSUs (“pRSUs”) in such numbers and for such terms as may be determined by the Board of Directors. RSUs granted under the RSU Plan are exercisable in shares after the vesting conditions, as specified by the Board of Directors, are met and until the third calendar year after the year in which the RSUs have been granted. During year ended December 31, 2020, the Company granted 0.4 million RSUs (2019 – 0.5 million) and 0.2 million pRSUs (2019 – 0.1 million) to directors, officers and employees. The fair value of RSUs was determined based on the Company’s share price on the date of grant. The weighted average share price for RSUs granted in the year was C$11.25 (2019 – C$5.65). The pRSUs vest in two tranches and the number of shares issued will range from 0% to 200% of the grant based on the achievement of gold production targets and total shareholder return compared to the S&P Gold Miners Index over a three-year period. Compensation expense related to the pRSUs is recorded over the three-year vesting period and the amount is adjusted at each reporting period to reflect the change in quoted market value of the Company’s common shares, the number of pRSUs expected to vest, and the expected performance factor. During the year ended December 31, 2020, the Company issued 0.5 million and 0.2 million common shares to settle RSUs and pRSUs, respectively (2019 – 0.2 million RSUs; 0.1 million pRSUs). Total share-based compensation expense for the year ended December 31, 2020 related to the vesting of RSUs and pRSUs was $6.2 million (2019 – $3.9 million). A continuity table of the equity-settled RSUs and pRSUs outstanding is as follows: RSUs pRSUs Outstanding, December 31, 2018 543,276 1,142,544 Granted 488,560 143,740 Settled (220,289 ) (129,706 ) Forfeited (8,500 ) (44,200 ) Outstanding, December 31, 2019 803,047 1,112,378 Granted 375,017 213,600 Settled (463,608 ) (179,938 ) Forfeited (4,750 ) (740 ) Outstanding, December 31, 2020 709,706 1,145,300 Cash-settled RSUs Under the terms of the RSU plan, certain RSUs granted to eligible employees entitle the holder to a cash payment equal to the number of RSUs granted, multiplied by the quoted market value of the Company’s common shares on completion of the vesting period (the “cash-settled RSUs”). Compensation expense related to these RSUs is recorded over a two-year During the year ended December 31, 2020, the Company granted 0.1 million cash-settled RSUs (2019 - 0.2 million) with a weighted average grant date fair value of C$10.52. A continuity table of the cash-settled RSUs outstanding is as follows: RSUs outstanding Outstanding, December 31, 2018 - Granted 168,800 Outstanding, December 31, 2019 168,800 Granted 78,900 Settled (65,900 ) Forfeited (37,000 ) Outstanding, December 31, 2020 144,800 The total fair value of cash-settled RSUs outstanding as at December 31, 2020 was $1.2 million (December 31, 2019 – $0.2 million) and is included in other liabilities. (iii) Performance share units As part of the Leagold Acquisition (note 5), the Company issued 369,915 replacement performance share units (“PSUs”) under Leagold’s PSU plan. The PSUs vest in three tranches based on the achievement of certain gold production targets at the Los Filos, Fazenda, RDM, Pilar and Santa Luz mines and are payable in cash. All unvested PSUs expire on December 31 of the third year following the calendar year in which the PSUs were granted. The fair value of the PSUs is based on the current share price and reflects management’s best estimates of the probability that gold production targets will be achieved. A continuity table of the PSUs outstanding is as follows: PSUs outstanding Outstanding, December 31, 2019 - Issued in Leagold Acquisition 369,915 Settled (72,533 ) Forfeited (14,506 ) Outstanding, December 31, 2020 282,876 The total fair value of PSUs outstanding as at December 31, 2020 was $2.3 million (December 31, 201 9 (iv) Deferred share units Under the terms of the Equinox Gold DSU Plan (“DSU Plan”), non-executive l five-day As part of the Leagold Acquisition (note 5), the Company issued 319,286 replacement DSUs to non-executive A continuity table of the DSUs outstanding is as follows: DSUs outstanding Outstanding, December 31, 2019 - Issued in Leagold Acquisition 319,286 Granted 8,266 Redeemed (202,115 ) Outstanding, December 31, 2020 125,437 The weighted average fair value of DSUs granted in the year was C$16.44 per unit at the date of grant. The total fair value of DSUs outstanding as at December 31, 2020 was $1.3 million (December 31, 2019 – $nil) and is included in other liabilities. (v) Share purchase warrants A continuity of the Company’s share purchase warrants is as follows: Shares issuable Weighted average exercise Outstanding, December 31, 2018 24,565,862 $ 11.90 Exercised (363,235 ) 5.36 Expired (151,437 ) 14.60 Outstanding, December 31, 2019 24,051,190 $ 12.00 Issued in Leagold Acquisition 16,626,569 11.14 Exercised (20,976,625 ) 9.48 Expired (675,976 ) 13.16 Outstanding, December 31, 2020 19,025,158 $ 14.00 At December 31, 2020, the Company had the following share purchase warrants issued and outstanding: Range of exercise price (C$) (1) Shares issuable on exercise of warrants Weighted average exercise (1) Expiry dates $3.67 - $4.99 317,454 $ 3.67 May 2021 $5.00 - $9.99 840,776 5.61 March 2021 – May 2023 $10.00 - $14.99 1,849,262 10.91 January 2021 – March 2022 $15.00 16,017,666 15.00 October 2021 19,025,158 (1) 17,701,156 warrants with a weighted average exercise price of C$14.21 are exercisable into one common share of Equinox Gold and one-quarter |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Revenue | 17. REVENUE Revenue from contracts with customers disaggregated by metal were as follows: 2020 2019 Gold $ 841,195 $ 281,697 Silver 1,312 - Total revenue $ 842,507 $ 281,697 (a) Gold offtake arrangement As part o f (b) Silver streaming arrangement As part of the Leagold Acquisition, the Company assumed a silver streaming agreement with Wheaton Precious Metals Corp. (“WPM”) under which the Company must sell to WPM a minimum of 5 million payable silver ounces produced by Los Filos from August 5, 2010 to the earlier of the termination of the agreement and and |
Operating Expenses
Operating Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Operating Expenses | 18. OPERATING EXPENSES Operating expenses consists of the following c o 2020 2019 Raw materials and consumables $ 153,038 $ 86,407 Salaries and employee benefits 67,792 36,524 Contractors 78,919 31,819 Repairs and maintenance 37,876 20,195 Site administration 37,464 10,823 Royalties 23,312 9,451 398,401 195,219 Change in inventories 23,860 (36,021 ) Total operating expenses $ 422,261 $ 159,198 |
Care and Maintenance
Care and Maintenance | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Care and Maintenance | 19. CARE AND MAINTENANCE Included in care and maintenance for the year ended December 31, 2020 was $18.2 million (2019 – $nil) in mine standby costs resulting from government mandated shutdowns due to the COVID-19 On September 3, 2020, the Company temporarily suspended operations at Los Filos as a result of a community blockade. For the year ended December 31, 2020, the Company incurred $44.6 million in care and maintenance costs related to the temporary suspension. Operations at Los Filos resumed on December 23, 2020. The Company’s Santa Luz mine incurred $2.2 million (2019 – $nil) in care and maintenance costs for the year ended December 31, 2020, prior to approval of construction by the board of directors on November 9, 2020. |
General and Administration
General and Administration | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
General And Administration | 20. GENERAL AND ADMINISTRATION General and administration for the Company consists of the following components by n 2020 2019 Salaries and benefits $ 12,497 $ 6,904 Share-based compensation 6,751 5,017 Professional fees 12,814 3,672 Office and other expenses 7,638 3,899 Amortization 692 484 Total general and administration $ 40,392 $ 19,976 |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Other Income Expenses | 21. OTHER INCOME (EXPENSE) Other income (expense) consists of the following components: Note 2020 2019 Foreign exchange gain (loss) $ 12,050 $ (155 ) Realized and unrealized losses on gold contracts 12(a) (48,091 ) - Change in fair value of warrants 12(c) (29,862 ) (38,185 ) Realized and unrealized losses on foreign exchange contracts 12(b) (14,731 ) 443 Expected credit losses (6,074 ) (444 ) Loss from investment in associate 8 (5,388 ) (881 ) Dilution gain (loss) from investment in associate 8 8,033 243 Other income (expense) (7,861 ) (13,744 ) Total other income (expense) $ (91,924 ) $ (52,723 ) During the year ended December 31, 2020, the Company recognized expected credit losses of $6.1 million (2019 – $0.4 million) related to the Company’s non-trade s |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Income Taxes | 22. INCOME TAXES Income tax expense diffe r 2020 2019 Income (loss) before income taxes $ 41,531 $ (13,186 ) Canadian federal and provincial income tax rates 27% 27% Expected income tax expense (recovery) based on the above rates 11,213 (3,560 ) Non-deductible 24,003 3,000 Change in fair value of derivative liabilities 8,063 10,310 Impact of US percentage depletion (10,325 ) - Impact of Mexican inflation (2,311 ) - Repayment of long-term debt - 1,448 Deconsolidation of Solaris - 1,008 Impairment and disposition of Elk Gold - 536 Tax effect of deferred tax assets for which no tax benefit has been recognized 6,424 5,238 Foreign exchange and other (16,256 ) (10,842 ) Total tax expense 20,811 7,138 Current tax expense 35,050 7,250 Deferred tax recovery (14,239 ) (112 ) Total tax expense $ 20,811 $ 7,138 The significant components of the Company’s recognized net deferred tax assets and liabilities are as follows: December 31, 2020 December 31, 2019 Non-capital $ 22,421 $ 11,698 Mineral property, plant and equipment 45,109 4,727 Reclamation obligation 15,080 - Other 20,307 1,290 Total deferred tax assets $ 102,917 $ 17,715 Mineral properties, plant and equipment $ (296,861 ) $ (18,456 ) Intercompany loan (16,757 ) - Reclamation obligation (5,631 ) - Other (13,528 ) (9,971 ) Total deferred tax liabilities $ (332,777 ) $ (28,427 ) Net deferred tax liability $ (229,860 ) $ (10,712 ) The movement in the deferred tax assets and liabilities during the year is as follows: Balance – December 31, 2018 (8,488 ) Recognized in net income (loss) 112 Recognized in equity component of Convertible Notes (2,336 ) Balance – December 31, 2019 (10,712 ) Recognized in net income (loss) 14,239 Acquisition of Leagold (230,458 ) Recognized in equity component of Convertible Notes (2,929 ) Balance – December 31, 2020 (229,860 ) A reconciliation of net deferred tax assets and liabilities to the amounts presented in the consolidated statements of financial position follows: December 31, 2020 December 31, Deferred tax asset - - Deferred tax liability (229,860 ) (10,712 ) Net deferred tax liability (229,860 ) (10,712 ) In assessing the recoverability of deferred tax assets other than deferred tax assets arising from the initial recognition of assets and liabilities that do not affect accounting or taxable profit, management considers whether it is probable that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Deductible temporary differences, unused tax losses and unused tax credits for which deferred tax assets have not been recognized are as follows: December 31, December 31, Non-capital $ 309,635 $ 41,647 State non-capital 47,445 41,025 Mineral properties, plant and equipment 277,097 18,735 Derivatives 97,647 - Share issue and finance costs 21,471 4,522 Inventory 18,978 27,422 Unrealized foreign exchange losses on investment and advances 12,021 38,948 Reclamation obligation 54,996 28,609 State alternative minimum tax credit 7,787 6,525 Capital losses 26,826 36,570 Interest expense 19,350 16,557 Other 903 2,100 $ 894,156 $ 262,660 At December 31, 2020, the Company had the following estimated tax operating losses available to reduce future taxable income, including both losses for which deferred tax assets are utilized to offset applicable deferred tax liabilities and losses for which deferred tax assets are not recognized as listed in the table above. The loss carryforwards expire as follows: December 31, Brazil (no expiry) $ 111,752 Mexico (expire between 2025-2028) 100,613 Canada (expire between 2035-2040) 151,726 United States – California (expire between 2032-2038 or after) 47,445 Other (2026 and onwards) 8,600 $ 420,136 |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Segmented Information | 23. SEGMENTED INFORMATION Year ended December 31, 2020 Revenue Operating Depreciation Exploration Other Income Mesquite $ 245,931 $ (126,334 ) $ (19,655 ) $ - $ - $ 99,942 Aurizona 229,644 (92,398 ) (41,991 ) (5,109 ) - 90,146 Los Filos 105,872 (80,587 ) (13,264 ) (216 ) (59,876 ) (48,071 ) RDM 106,635 (48,582 ) (20,601 ) - (937 ) 36,515 Other operating mines (1) 154,425 (74,360 ) (36,121 ) (6,515 ) (1,969 ) 35,460 Development projects (2) - - - - (2,213 ) (2,213 ) Corporate and other - - - - (40,392 ) (40,392 ) $ 842,507 $ (422,261 ) $ (131,632 ) $ (11,840 ) $ (105,387 ) $ 171,387 (1) Includes Fazenda and Pilar, which were both acquired on March 10, 2020, and Castle Mountain. (2) Includes Santa Luz, which was acquired on March 10, 2020. Castle Mountain was transferred out of Development projects Other operating mines Year ended December 31, 2019 Revenue Operating Depreciation Exploration Other Income Mesquite $ 178,175 $ (108,573 ) $ (16,764 ) $ - $ - $ 52,838 Aurizona 103,522 (50,625 ) (21,881 ) (2,028 ) - 28,988 Development projects (2) - - - (6,726 ) (1,115 ) (7,841 ) Corporate and other (3) - - - - (18,861 ) (18,861 ) $ 281,697 $ (159,198 ) $ (38,645 ) $ (8,754 ) $ (19,976 ) $ 55,124 (1) Includes Fazenda and Pilar, which were both on acquired March 10, 2020 (2) Includes Castle Mountain and Santa Luz, which was acquired on March 10, 2020. (3) Includes Gold Mountain, which was divested in May 2019, and Solaris, which was deconsolidated effective June 30, 2019. Information about the carrying amount of the Company’s assets and liabilities by operating segment at December 31 is detailed below: Total assets Total liabilities 2020 2019 2020 2019 (1) Los Filos $ 1,066,378 $ - $ (271,712 ) $ - Aurizona 338,792 380,641 (49,261 ) (55,625 ) Mesquite 262,758 247,797 (36,032 ) (38,190 ) RDM 144,025 - (42,146 ) - Other operating mines 447,104 - (97,320 ) - Development projects (2) 209,215 158,127 (10,605 ) (11,231 ) Corporate and other 203,559 52,785 (717,800 ) (331,245 ) $ 2,671,831 $ 839,350 $ (1,224,876 ) $ (436,291 ) (1) Total liabilities balances as at December 31, 2019 for Mesquite and Corporate and other have been reclassified to conform with the current period presentation. (2) Includes Santa Luz, which was acquired on March 10, 2020. Castle Mountain was transferred out of Development projects Other operating mines Information about the Company’s non-current December 31, 2020 December 31, 2019 Mexico $ 919,464 $ - Brazil 686,804 310,241 United States 391,525 347,784 Canada 28,014 32,669 Total non-current $ 2,025,807 $ 690,694 Revenue is attributed to regions based on the source location of the product sold. December 31, 2020 December 31, 2019 Brazil $ 484,469 $ 103,522 United States 252,166 178,175 Mexico 105,872 - Total revenue $ 842,507 $ 281,697 The Company sells its metals through the corporate office to major metal exchange markets, major financial institutions and to s The following table presents sales to individual customers that exceeded 10% of annual metal sales for the year ended December 31, 2020 and 2019. 2020 2019 Customer (1) 1 $ 354,981 $ - 2 259,371 - 3 131,439 - 4 87,551 280,413 Total sales to customers exceeding 10% of annual metal sales $ 833,342 $ 280,413 Percentage of total metal sales 98.3% 99.5% (1) A balance is only included for a customer in each year where total sales exceeded 10% of annual metal sales in the period. |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Basic and Diluted Earnings Per Share | 24. BASIC AND DILUTED EARNINGS PER SHARE Earnings (loss) per share (“EPS”), calculated on a basic and diluted basis as follows: 2020 2019 Weighted average shares outstanding Net income Earnings per share Weighted average shares outstanding Net income Earnings per share Basic EPS 212,487,729 $ 20,720 $ 0.10 112,001,484 $ (20,324 ) $ (0.16 ) Dilutive share options 2,015,014 - - - - - Dilutive RSUs 741,588 - - - - - Dilutive warrants 3,167,640 (1,076 ) - - - - Diluted EPS 218,411,971 $ 19,644 $ 0.09 112,001,484 $ (20,324 ) $ (0.16 ) For the year ended December 31, 2020, 16.0 million warrants, 0.2 million options and 41.0 million shares issuable for convertible notes (2019 – 24.1 million warrants, 0.4 million options, 20.0 million shares issuable for convertible notes) were a |
Supplemental Cash flow Informat
Supplemental Cash flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Supplemental Cash flow Information | 25. SUPPLEMENTAL CASH FLOW INFORMATION During the years ended December 31, 2020 and 2019, the Company conducted the following non-cash t 2020 2019 Shares, options, warrants, DSUs and PSUs issued in Leagold Acquisition $ 764,083 $ - Shares issued to settle debt - 10,110 Non-cash (16,488 ) (1,427 ) Non-cash 514 2,321 Recoverable taxes reclassified from mineral properties, plant and equipment to accounts receivable and other assets - (11,294 ) Right-of-use 13,612 1,548 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Related Party Transactions | 26. RELATED PARTY TRANSACTIONS Related party expenses and balances The Company’s Chairman, Ross Beaty, is a significant shareholder and considered a related party of the Company. In April 2019, t one-year In June 2020, the Company repaid $13.7 million in principal and accrued interest owing to Mr. Beaty related to the Company’s Standby Loan (note 11(d)). In March 2020, Mr. Beaty participated in a private placement by the Company, acquiring $36.0 million in common shares (note 16(b)). Key management personnel compensation Key management of the Company comprises executive and non-executive 2020 2019 Salaries, directors’ fees and other short-term benefits $ 6,763 $ 2,762 Share-based payments 3,385 1,940 Total key management personnel compensation $ 10,148 $ 4,702 At December 31, 2020, $2.0 million (December 31, 2019 – $1.2 million) was owed by the Company to management for accrued salary and bonuses and the reimbursement of expenses. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Capital Management | 27. CAPITAL MANAGEMENT The Company’s primary objective when managing capital is to ensure it will be able to continue as a going concern and that it has s The capital of the Company includes the components of equity and loans and borrowings net of cash and cash equivalents. Capital, as defined above, is summarized in the following table: December 31, 2020 December 31, Equity $ 1,446,955 $ 403,059 Loans and borrowings 545,241 264,049 1,992,196 667,108 Cash and cash equivalents (344,926 ) (67,716 ) Total $ 1,647,270 $ 599,392 The Company manages its capital structure and makes adjustments as necessary in light of economic conditions. The Company, upon approval from its Board of Directors, intends to balance its overall capital structure through new share issues or by undertaking other activities as deemed appropriate under the specific circumstances. To maintain its capital structure the Company may, from time to time, issue or buy back equity, repay debt or sell assets . In connection with the issuance of the Convertible Notes, the Company and Mubadala entered into an investor rights agreement, providing Mubadala, among certain other rights, the right to a nominee on the Company’s Board of Directors and standard anti-dilution rights. |
Financial Instrument Risk Expos
Financial Instrument Risk Exposure and Risk Management | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Financial Instrument Risk Exposure and Risk Management | 28. FINANCIAL INSTRUMENT RISK EXPOSURE AND RISK MANAGEMENT The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board o (a) Credit risk Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s financial assets. The Company is primarily exposed to credit risk on its cash and cash equivalents, accounts receivable and deposits and reclamation bonds. Exposure to credit risk related to financial institutions and cash deposits is limited through maintaining cash and equivalents and short-term investments with high-credit quality financial institutions and instruments. Credit risk with respect to receivables from the sale of non-core The carrying value of these financial assets totaling $404.5 million represents the maximum exposure to credit risk. (b) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company ensures that there is sufficient capital in order to meet short term business requirements after taking into account the Company’s holdings of cash and cash equivalents. In March 2020, the Company drew $180 million under its Revolving Facility as a cautionary measure given uncertainty regarding the impact of the COVID-19 COVID-19 A summary of contractual maturities of financial liabilities is included in note 30. (c) Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: commodity price risk, interest rate risk and currency risk. Financial instruments affected by market risk include cash and cash equivalents, accounts receivable, marketable securities, reclamation deposits, accounts payable and accrued liabilities, debt and derivatives. (i) Interest rate risk Interest on the Company’s Revolving Facility and Term Loan is variable based on LIBOR. Borrowings at variable rates of interest expose the Company to interest rate risk. At December 31, 2020, $200 million is outstanding under the Revolving Facility and $100 million is outstanding under the Term Loan. A 100-basis (ii) Foreign currency risk The Company’s functional currency is the US dollar. The Company is exposed to currency risk on transactions and balances in currencies other than the functional currency, primarily the Brazilian Réal, Mexican Peso and Canadian Dollar. Financial assets and liabilities denominated in currencies other than the US dollar are as follows: December 31, 2020 December 31, 2019 Financial assets Financial Financial Financial Brazilian Réals $ 73,236 $ 61,896 $ 28,653 $ 28,986 Mexican Pesos 9,889 5,952 - - Canadian Dollars 13,254 7,671 18,721 6,987 Total $ 96,379 $ 75,519 $ 47,374 $ 35,973 Of the financial assets listed above, $58.4 million (December 31, 2019 – $12.9 million) represent cash and cash equivalents held in Brazilian Réals, $0.9 million (December 31, 2019 – $nil) represent cash and cash equivalents held in Mexican Pesos and $2.4 million (December 31, 2019 – $7.8 million) represent cash and cash equivalents held in Canadian dollars. Minimal cash is held in other currencies. At December 31, 2020, with other variables unchanged, a 10% strengthening of the US dollar against the above currencies would have decreased net income by approximately $1.9 million (2019 – $1.0 million decrease to net loss). A 10% weakening of the US dollar would have the opposite effect on net income. The Company has a foreign currency exchange risk management program (note 12(b)) in order to manage foreign currency risk on its Brazilian Réal and Mexican Peso expenditures. (iii) Commodity price risk Gold prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the political and economic conditions of major gold producing countries. The profitability of the Company is directly related to the market price of gold. A decline in the market price for this precious metal could negatively impact the Company’s future operations. As part of the Leagold Acquisition (note 5 and 12(a)) the Company assumed gold collar and forward swap contracts. The Company has not hedged any of its gold sales, other than those assumed as part of the Leagold Acquisition. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Fair Value Measurements | 29. FAIR VALUE MEASUREMENTS Fair value is the price that would be receive d Level 1 – quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly, such as prices, or indirectly (derived from prices). Level 3 – inputs are unobservable (supported by little or no market activity) such as non-corroborative As at December 31, 2020, marketable securities and traded warrants are measured at fair value using Level 1 inputs and non-traded The fair value of marketable securities is measured based on the quoted market price of the related common shares at each reporting date, and changes in fair value are recognized in net income (loss). The fair value of the traded warrants is measured based on the quoted market price of the warrants at each reporting date. The fair value of the non-traded The fair value of the long-term receivables, Convertible Notes and Revolving Facility, for disclosure purposes is determined using discounted cash flows based on the expected amounts and timing of the cash flows discounted using a market rate of interest adjusted for appropriate credit risk. There were no transfers between fair value levels during the year. The following table provides the fair value of each classification of financial instrument as at December 31: 2020 2019 Loans and receivables: Cash and cash equivalents $ 344,926 $ 67,716 Restricted cash 3,210 15,285 Trade receivables 17,212 - Receivable from Serabi 6,429 12,033 Long-term receivables 5,768 11,986 Reclamation bonds and other receivables 136 577 Financial assets at FVTPL: Marketable securities 3,121 988 Foreign exchange contracts - 1,640 Total financial assets $ 380,802 $ 110,225 Financial liabilities at FVTPL: Traded warrants $ 36,455 $ 26,056 Non-traded 14,211 30,090 Gold collars and forward swap contracts 91,393 - Foreign exchange contracts 12,507 - Cash settled equity awards 4,831 759 Other: Accounts payable and accrued liabilities 119,641 67,047 Convertible Notes 281,498 137,995 Credit Facility 300,599 120,225 Debenture - 10,061 Standby Loan - 13,252 Other liabilities - 1,795 Total financial liabilities $ 861,135 $ 407,280 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Commitments and Contingencies | 30. COMMITMENTS AND CONTINGENCIES At December 31, 2020, the Company had the following contractual obligations outstanding which are expected to be settled in the time periods indicated: Total Within 1 1-2 years 2-3 years 3-4 years 4–5 years Thereafter Loans and borrowings and accrued interest $ 654,805 $ 34,924 $ 47,675 $ 46,960 $ 376,358 $ 148,888 $ - Accounts payable and accrued liabilities 119,641 119,641 - - - - - Reclamation obligations (1) 167,142 4,009 6,183 11,045 11,452 16,123 118,330 Purchase commitments 69,879 64,670 4,264 931 13 - - Gold contracts 91,393 51,805 39,588 - - - - Foreign exchange contracts 12,507 12,188 319 - - - - Lease commitments 16,006 5,099 4,595 4,487 1,800 6 19 Total $ 1,131,373 $ 292,336 $ 102,625 $ 63,423 $ 389,623 $ 165,017 $ 118,349 (1) Amount represents undiscounted future cash flows. Due to the nature of the Company’s operations, various legal, tax, environmental and regulatory matters are outstanding from time to time. By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. While the outcomes of these matters are uncertain, based upon the information currently available, the Company does not believe that these matters in aggregate will have a material adverse effect on its consolidated financial statements. In the event that management’s estimate of the future resolution of these matters changes, the Company will recognize the effect of these changes in its consolidated financial statements in the period in which such changes occur. The Company is a defendant in various lawsuits and legal actions, including for alleged fines, taxes and labour related matters in the jurisdictions in which it operates. Management regularly reviews these lawsuits and legal actions with outside counsel to assess the likelihood that the Company will ultimately incur a material cash outflow to settle the claim. To the extent management believes it is probable that a cash outflow will be incurred to settle the claim, a provision for the estimated settlement amount is recorded. At December 31, 2020, the Company recorded a legal provision for these items totaling $13.2 million (December 31, 2019 – $4.0 million) which is included in other long-term liabilities. The Company is contesting federal income and municipal VAT assessments in Brazil. Brazilian courts often require a taxpayer to post cash or a guarantee for the disputed amount before hearing a case. It can take up to five years to complete an appeals process and receive a final verdict. At December 31, 2020, the Company recorded restricted cash of $1.2 million (December 31, 2019 – $13.9 million) in relation to insurance bonds for tax assessments in the appeals process. The Company may in the future have to post security, by way of cash, insurance bonds or equipment pledges, with respect to certain federal income and municipal tax assessments being contested, the amounts and timing of which are uncertain. The Company and its advisor believe the federal income and municipal tax assessments under appeal are wholly without merit and no provision has been recorded with respect to these matters. In certain jurisdictions where the Company operates, entities that are exporters are permitted to maintain offshore bank accounts and are required to register all transactions resulting in deposits into and payments out of those accounts. The Company has identified that in certain instances it has not registered all transactions prior to 2017. The Company has been advised by its tax and foreign trade legal advisors that material fines that could result from non-compliance If the Company is unable to resolve all these matters favorably, there may be an adverse impact on the Company’s financial performance, cash flows and results of operations. The Company will continue to closely monitor the COVID-19 COVID-19 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Subsequent Events | 31. SUBSEQUENT EVENTS Acquisition of Premier Gold Mines On December 16, 2020, the Company announced that it had entered into a definitive agreement with Premier Gold Mines Limited (“Premier”) whereby the Company will acquire all of the outstanding shares of Premier (the “Transaction”). On closing of the Transaction, Premier shareholders will receive 0.1967 of an Equinox Gold share. On February 23, 2021, Premier securityholders voted to approve the Transaction. The Transaction is expected to close near the end of the first quarter of 2021 subject to certain regulatory approvals and other customary closing conditions. By approving the Transaction, Premier securityholders also approved the spin-out US-focused i-80 On March 1, 2021, the Company announced that it had entered into an agreement with Orion Mine Finance Group (“Orion”) to acquire 10% from Orion’s current interest in the Hardrock Mine Project (the “Hardrock Project”) for consideration of $51 million plus certain contingent payment obligations (the “Hardrock Transaction”). The Hardrock Project is a multi-million-ounce, fully permitted, construction-ready gold project located in Ontario, Canada and currently owned 50% by Orion and 50% by Premier Gold Mines Limited (“Premier”). Equinox Gold will acquire a 50% interest in the Hardrock Project upon completion of the Company’s pending acquisition of Premier, as announced on December 16, 2020, and will subsequently increase its interest to 60% upon completion of the Hardrock Transaction. Orion will hold a 40% interest in the Hardrock Project. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Business combinations | (a) Business combinations A business combination is an acquisition of assets and liabilities that constitute a business. A business is an integrated set of activities and assets that consist of inputs and processes, including operational processes that, when applied to those inputs, have the ability to create outputs that provide a return to the Company and its shareholders. A business also includes those assets and liabilities that do not necessarily have all the inputs and processes required to produce outputs but can be integrated with the inputs and processes of the Company to create outputs. When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs, the Company considers other factors to determine whether the set of activities or assets is a business. Business combinations are accounted for using the acquisition method whereby identifiable assets acquired and liabilities assumed, including contingent liabilities, are recorded at their fair values at the acquisition date. The acquisition date is the date at which the Company obtains control over the acquiree, which is generally the date that consideration is transferred and the Company acquires the assets and assumes the liabilities of the acquiree. The Company considers all relevant facts and circumstances in determining the acquisition date. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the fair values of the assets at the acquisition date transferred by the Company, the liabilities, including contingent consideration, incurred and payable by the Company to former owners of the acquiree and the equity interests issued by the Company. The measurement date for equity interests issued by the Company is the acquisition date. Acquisition-related costs are expensed as incurred. Non-controlling |
Revenue recognition | (b) Revenue recognition Revenue is generated from the sale of gold doré with each shipment considered a separate performance obligation. The Company recognizes revenue at the point when the customer obtains control of the product. Control is transferred when title has passed to the purchaser, the customer controls the risks and rewards of ownership and the Company has the present right to payment for the delivery of gold doré. Sales proceeds from saleable gold produced during the testing phase before a mine is determined to be operating in the manner intended by management is deducted from capitalized mine development costs. |
Cash and cash equivalents | (c) Cash and cash equivalents Cash and cash equivalents consist of cash on hand with banks and highly liquid investments with a maturity date at purchase of less than 90 days. |
Restricted cash | (d) Restricted cash Restricted cash consists of deposits held as security for income tax assessments and letters of credit. |
Inventory | (e) Inventory Finished goods, work-in-process, The recovery of gold from certain ores is achieved through the heap leaching process. Under this method, ore is placed on leach pads where it is treated with a chemical solution which dissolves the gold contained in ore. The resulting solution is further processed in a plant where the gold is recovered. For accounting purposes, costs are added to ore on leach pads for current mining and leaching costs, including applicable depreciation, depletion and amortization relating to mining interests and purchase price allocations. Costs are removed from ore on leach pads as ounces of gold are recovered based on the average cost per recoverable ounce on the leach pad. Estimates of recoverable gold on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data), and a recovery percentage (based on ore type). Although the quantities of recoverable gold placed on each leach pad are reconciled by comparing the grades of ore placed on the leach pad to the quantities actually recovered, the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. The recovery of gold from the leach pad is not known until the leaching process has concluded. In the event the Company determines, based on engineering estimates, that a quantity of gold or other metal contained in ore on leach pads is to be recovered over a period exceeding 12 months, that portion is classified as non-current. Work-in-process work-in-process Consumable stores inventory includes the costs of consumables used in operations and is valued at the lower of average cost and net realizable value, with replacement costs being the typical measure of net realizable value. Write-downs of inventory are reported in current period operating costs. The Company may reverse a write-down in the event there is a subsequent increase in the net realizable value of the inventory. |
Exploration and evaluation expenditures | (f) Exploration and evaluation expenditures Exploration and evaluation activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activity includes exploratory drilling and sampling, surveying transportation and infrastructure requirements, and gathering exploration data through geophysical studies. The Company capitalizes significant direct costs of acquiring resource property interests. Option payments are considered acquisition costs if the Company has the intention of exercising the underlying option. Exploration, evaluation and property maintenance costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit that contains proven and probable reserves are expensed as incurred up to the date of establishing that property costs are economically recoverable, that the project is technically feasible and upon receipt of project development approval from the Board of Directors. Approval from the Board of Directors will be dependent upon the Company obtaining necessary permits and licenses to develop the mineral property. When approval for project development is received, the related capitalized exploration and evaluation costs are assessed for impairment and the related carrying value is then reclassified to mineral property. If no economically viable ore body is discovered, previously capitalized acquisition costs are expensed in the period that the property is determined to be uneconomical or abandoned. Value-added taxes are included in exploration and evaluation costs when the recoverability of these amounts is uncertain. Although the Company has taken steps to verify title to exploration and evaluation properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, and non-compliance |
Mineral properties, plant and equipment | (g) Mineral properties, plant and equipment (i) Mineral properties and mine development costs Development expenditures are those incurred subsequent to the establishment of economic recoverability and after receipt of project approval from the Board of Directors. Development costs are capitalized and included in the carrying amount of the related property. Mineral property and mine development costs capitalized are amortized using the units-of-production |
Deferred stripping costs | (ii) Deferred stripping costs Stripping activity that improves access to ore is accounted for as an addition to or enhancement of an existing asset. Stripping activity assets are recognized when the following three criteria are met: ● It is probable that the future economic benefit (improved access to the ore body) associated with the stripping activity will flow to the entity; ● The Company can identify the component of the ore body for which access has been improved; and ● The costs relating to the stripping activity associated with that component can be measured reliably. During the development of a mine, stripping costs are capitalized and included in the carrying amount of the assets that they relate to within mineral properties, plant and equipment. These assets are amortized on a units-of-production During the production phase of a mine, stripping costs incurred to provide access to sources of reserves that will be produced in future periods that would not have otherwise been accessible are capitalized and included in the carrying amount of the related mining property. Stripping costs incurred and capitalized during the production phase are depleted using the units-of-production |
Plant and equipment | (iii) Plant and equipment Plant and equipment is carried at cost, less accumulated amortization and accumulated impairment losses. The cost of an item of plant and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, initial estimates of the costs of dismantling and removing an item and restoring the site on which it is located and, where applicable, borrowing costs. The carrying amounts of plant and equipment are depreciated using either the straight-line or units-of-production Asset class Estimated useful life (years) Fixed plant and related components and infrastructure Units-of-production Mobile equipment 3-10 The Comp a |
Investments in Associates | (h) Investments in Associates An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those decisions. The Company is presumed to have significant influence if it holds, directly or indirectly, 20% or more of the voting power of the investee, unless it can be clearly demonstrated that the Company does not have significant influence. The Company accounts for its investment in associate using the equity method. Under the equity method, the Company’s investment in associate is initially recognized at cost and subsequently increased or decreased to recognize the Company’s share of net income (loss) and other comprehensive income (loss) of the associate, after any other adjustments for movement in the associate’s reserves, and for impairment losses after the initial recognition date. The Company’s share of income or losses of its associate are recognized in net income (loss) during the period. Dividends and repayments of capital received from the 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 the observable data indicating there is a measurable decrease in the estimated future cash flows of the investee’s operations. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its fair value less costs of disposal and value in use. If the recoverable amount of an investment is less than its carrying amount, the carrying amount is reduced in the period in which the relevant circumstances are identified. |
Goodwill | ( i Goodwill Goodwill may arise on or from the Company’s acquisitions and is not amortized. The Company performs an impairment test for goodwill annually and when events or changes in circumstances indicate that the related carrying amount may not be recoverable. If the carrying amount of an operation, which is the cash-generating unit to which goodwill has been allocated, exceeds the recoverable amount, an impairment loss is recognized for the amount of the excess. The impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the operation to nil and then to the other assets based on the relative carrying amounts of those assets. Impairment losses recognized for goodwill are not reversed in subsequent periods. |
Financial instruments | ( j Financial instruments Financial instruments are recognized initially at fair value. Subsequent to initial recognition, financial instruments are classified and measured as described below. Transaction costs associated with financial instruments, carried at fair value through profit or loss, are expensed as incurred, while transaction costs associated with all other financial instruments are included in the initial carrying amount of the asset or the liability. (i) Amortized cost Financial assets are recorded at amortized cost if both of the following criteria are met: 1) the objective of the Company’s business model for these financial assets is to collect their contractual cash flows; and 2) the asset’s contractual cash flows represent ‘solely payments of principal and interest’. The Company’s cash and cash equivalents, accounts receivable and deposits, receivables from asset sales, and reclamation bonds are recorded at amortized cost as they meet the required criteria. (ii) Financial assets recorded at fair value through income (loss) Financial assets are classified at fair value if they are acquired for the purpose of selling in the near term. Gains or losses on these items are recognized in net income (loss). The Company’s marketable securities are classified as financial assets measured at fair value through income (loss). (iii) Financial liabilities Accounts payable and accrued liabilities, loans and borrowings and certain other long-term liabilities are accounted for at amortized cost using the effective interest rate method. The amortization of debt issue costs is calculated using the effective interest rate method. |
Derivative liabilities | ( k Derivative liabilities Derivatives are initially recognized at their fair value on the date the derivative contract is entered into and transaction costs are expensed. The Company’s derivatives are subsequently re-measured As the exercise price of certain of the Company’s share purchase warrants is fixed in Canadian dollars, and the functional currency of the Company is the US dollar, these warrants are considered a derivative as a variable amount of cash in the Company’s functional currency will be received on exercise. Accordingly, these share purchase warrants are classified and accounted for as a derivative liability. The fair value of the warrants is determined using the Black Scholes option pricing model at the period-end Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to their host contracts. |
Leases | (l) Leases A contract is or contains a lease when the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use right-of-use right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee or, as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Company does not recognize right-of-use low-value The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use The Company presents right-of-use |
Provisions | (m) Provisions (i) Reclamation and restoration provisions The Company is subject to environmental laws and regulations. Provisions for closure and reclamation costs are recognized at the time the legal or constructive obligation first arises which is generally the time that the environmental disturbance occurs. Upon initial recognition of the provision, the corresponding cost is added to the carrying amount of mineral properties, plant and equipment and is amortized using the same method as applied to the specific asset. Following the initial recognition of the provision, the carrying amount is increased for unwinding of the discount and for changes to the discount rate and the amount or timing of cash flows needed to settle the obligation. The unwinding of the discount is recognized as finance expense in net income or loss while the effect of the changes to the discount rate and the amount or timing of cash flows are recognized in mineral properties, plant and equipment. Due to uncertainties inherent in environmental remediation, the ultimate cost of future site closure and reclamation could differ from the amounts provided. The estimate of future site closure and reclamation costs is subject to change based on amendments to laws and regulations, changes in technologies, price increases and changes in interest rates, and as new information concerning the Company’s closure and reclamation obligations becomes available. Such changes are reflected prospectively in the determination of the provision. (ii) Other provisions A provision is recognized if, because of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax |
Share capital | (n) Share capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects. Proceeds related to the issuance of units are allocated between the common shares and warrants on a relative fair value basis where warrants are classified as equity instruments. For warrants classified as derivative liabilities, the fair value of the warrants is determined with the residual amount allocated to the common shares. |
Impairment | (o) Impairment (i) Non-financial The carrying amounts of the Company’s non-financial The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax non-financial property-by-property An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses are recognized in net income or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount. An impairment charge is reversed through net income or loss only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of any applicable depreciation, if no impairment loss had been recognized. An impairment loss for goodwill is not reversed. (ii) Financial assets The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the loss allowance for the financial assets is measured at an amount equal to lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If, at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the loss allowance is measured for the financial asset and amount equal to the twelve-month expected credit losses. For trade receivables, the Company applies the simplified approach to providing for expected credit losses, which allows the use of a lifetime expected loss provision. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized. |
Share-based payments | (p) Share-based payments (i) Stock options The Company grants stock options to acquire common shares to directors, officers and employees. The Board of Directors determines the specific grant terms within the limits set by the Company’s stock option plan. The fair value of the estimated number of stock options that will eventually vest, determined as of the date of the grant, is recognized as share-based compensation expense over the vesting period of the stock options, with a corresponding increase in shareholders’ equity (in other reserves). The total amount recognized as an expense is adjusted to reflect the number of options expected to vest at each reporting date. The cost of the stock options is measured using the estimated fair value at the date of the grant determined using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of subjective assumptions, including the expected term of the option and stock price volatility. The expected term of the options granted is determined based on historical data on the average hold period before exercise, cancellation or expiry. Expected volatility is estimated with reference to the historical volatility of the share price of the Company. These estimates involve inherent uncertainties and the application of management judgement. (ii) Restricted share units (“RSUs”) The Company grants to employees, officers, directors and consultants, RSUs in such numbers and for such terms as may be determined by the Board of Directors. RSUs granted under the RSU Plan are exercisable into common shares for no additional consideration after the vesting conditions, as specified by the Board of Directors, are met. RSUs are measured at fair value on the date of grant and the corresponding share-based compensation is recognized over the vesting period in cost of sales, exploration or general and administration expenses, as applicable. In addition to service conditions, RSUs may have performance-based vesting conditions (“pRSU”). Share-based compensation for these pRSUs is measured on the grant date but is recognized only when it is more likely than not that the performance vesting conditions will be met. |
Employee benefits | (q) Employee benefits Short-term employee benefit obligations are recognized as personnel expenses as the corresponding service is provided. Liabilities are recognized at the amount that is expected to be paid if the Company has a present legal or constructive obligation to pay that amount based on past services rendered by the employee, and the obligation can be estimated reliably. There are no long-term employee benefits. |
Borrowing costs | (r) Borrowing costs Borrowing costs directly attributable to the acquisition, construction/development or exploration of a qualifying asset are capitalized during the period of time that is necessary to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed as finance expense in the period in which they are incurred. |
Income tax | (s) Income tax Income tax on income or loss comprises current and deferred tax. Income tax is recognized in net income or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable or receivable related to previous years. Deferred tax is recognized for differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are not recorded for temporary differences related to the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, temporary differences arising on the initial recognition of goodwill and temporary differences relating to the investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. Deferred taxes are measured at the tax rates that are expected to be applied to temporary differences when they reverse based on laws that have been enacted or substantively enacted at period end. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Tax assets and liabilities are offset when there is a legally enforceable right to offset tax assets against tax liabilities and when they are related to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. |
Income (loss) per share | (t) Income (loss) per share Basic income (loss) per share (“EPS”) is calculated by dividing the income or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the income or loss attributable to common shareholders and the weighted average number of shares outstanding for the effects of all dilutive potential common shares, which comprise warrants, convertible debentures, options and RSUs. The dilutive effect of warrants, options and RSUs assumes that the proceeds to be received on exercise are applied to repurchase common shares. Dilutive warrants, options and RSUs are only included in the dilutive calculations to the extent exercise prices are below the average market price of the common shares. |
Comparative information | (u) Comparative information Certain comparative amounts have been reclassified to conform with the current year’s financial statement presentation. Such reclassifications were not considered material. |
Basis of Preparation (Tables)
Basis of Preparation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure of Detailed Information about Companies Material Subsidiaries | At Decemb e Company Location Ownership Interest Castle Mountain Venture USA 100 % Desarrollos Mineros San Luis S.A. de C.V. Mexico 100 % Fazenda Brasileiro Desenvolvimento Mineral Ltda Brazil 100 % Mineração Aurizona S.A. Brazil 100 % Mineração Riacho Dos Machados Ltda Brazil 100 % Pilar de Goias Desenvolvimento Mineral Ltda Brazil 100 % Santa Luz Desenvolvimento Mineral Ltda Brazil 100 % Western Mesquite Mines, Inc. USA 100 % |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure Of Property Plant And Equipment Useful Life Explanatory | The significant classes of depreciable plant and equipment and their estimated useful lives are as follows: Asset class Estimated useful life (years) Fixed plant and related components and infrastructure Units-of-production Mobile equipment 3-10 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure Of Detailed Information About Consideration Paid | The acquisition date fair value of the consideration transferred consisted of the following: Purchase price: Share consideration (1) $ 732,042 Option consideration (2) 19,777 Warrant consideration (3) 8,543 PSU and DSU consideration (4) 3,721 $ 764,083 (1) The fair value of 94,635,765 common shares issued to Leagold shareholders was determined using the Company’s share price of C$10.51 per share on the acquisition date. (2) The fair value of 5,728,647 replacement options issued was determined using the Black-Scholes option pricing method with the following weighted average assumptions: exercise price of C$7.77, expected life of 2.07 years, annualized volatility of 60.2%, dividend yield of 0.0%, and discount rate of 0.54%. (3) The fair value of 16,626,569 replacement warrants issued was determined using the Black-Scholes option pricing method with the following weighted average assumptions: exercise price of C$11.14, expected life of 0.32 years, annualized volatility of 44.1%, dividend yield of 0.0%, and discount rate of 0.69%. (4) The fair value of 369,919 replacement PSUs and 319,288 replacement DSUs issued was determined using the Leagold share price of C$3.49 on the acquisition date, adjusted for the 0.331 exchange ratio. |
Disclosure Of Acquisition of Mesquite | The following table summarizes the final purchase price allocation: Reported as of Adjustments Final allocation Net assets (liabilities) acquired: Cash and cash equivalents $ 55,252 $ - $ 55,252 Trade and other receivables 33,524 - 33,524 Inventory (1) 90,082 59,996 150,078 Mineral properties, plant and equipment (2) 1,350,794 (32,009 ) 1,318,785 Other assets 21,432 - 21,432 Accounts payable and accrued liabilities (88,490 ) (406 ) (88,896 ) Loans and borrowings and accrued interest (323,870 ) - (323,870 ) Derivative liabilities (78,526 ) - (78,526 ) Reclamation obligations (3) (69,487 ) 7,249 (62,238 ) Deferred tax liabilities (4) (195,628 ) (34,830 ) (230,458 ) Other liabilities (31,000 ) - (31,000 ) Fair value of net assets acquired 764,083 - 764,083 (1) The fair value of inventory was adjusted for refinements to estimated conversion costs for heap leach inventories and estimated forward gold prices in determining net realizable value. (2) Measurement period adjustments to mineral properties, plant and equipment result from additional analysis of capital costs recovery rates, and timing of cash flows used in the discounted cash flow models to estimate the fair value of mineral properties. During the period, the Company also physically reviewed fixed assets at certain sites and identified specified assets deemed to be obsolete. (3) The fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Measurement period adjustments relate to refinements of cost escalation and cost estimates. (4) Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets and liabilities and the historical carryover tax basis of these assets and liabilities. Measurement period adjustments include a $13.9 million deferred tax liability in relation to certain pre-export |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure of Trade and Other Receivables | Note December 31, December 31, 2019 Value-added and income tax receivables 6(a) $ 29,076 $ 12,181 Trade receivables 17,172 - Due from Serabi Gold plc 6(b) 6,429 12,033 Receivable from Inca One - 2,716 Other receivables 3,195 460 $ 55, 872 $ 27,390 (a) As at De c (b) In March 2020, the Company and Serabi Gold plc (“Serabi”) amended its share and debt purchase agreement in respect of the purchase of Coringa whereby Serabi would pay to the Company monthly installment payments, commencing May 1, 2020, until the outstanding receivable balance of $12.0 million and accrued interest is repaid in full. Installments were $0.5 million for the first three months and increased to $1.0 million thereafter. The receivable attracts interest at a rate of 10% per annum. The receivable is secured by a pledge in the Company’s favour on the shares of Chapleau Resources Ltd. During the year ended December 31, 2020, the Company received $6.5 million from Serabi (2019 – $nil). |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Description Of Detailed Information About Inventories Explanatory | December 31, December 31, Heap leach ore (current and non-current) $ 268,703 $ 158,598 Less: Non-current (130,888) (141,578) Current portion of heap leach ore 137,815 17,020 Stockpiles 13,514 9,776 Work-in-process 14,988 6,366 Supplies 37,473 12,329 Finished goods 4,500 771 Current inventory $ 208,290 $ 46,262 |
Investment in Associate (Tables
Investment in Associate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of associates [abstract] | |
Summary Of Significant Investments In Associates | Details of the Company’s investment in associate a Principal Principal business % Ownership Quoted fair value (2) Carrying amount Name of equity accounted for investee 2020 2019 2020 2019 2020 2019 Solaris (1) Exploration Ecuador 26.5 30.3 $ 132,026 $ - $ 22,287 $ 7,162 (1) On June 30, 2019, the Company determined that Solaris was no longer a controlled subsidiary due to dilution of its interest to approximately 32% and the fact Solaris was self-sustaining for an extended period. On deconsolidation, the Company recorded its interest retained in Solaris at fair value. (2) The fair value of the Company’s interest in Solaris, which listed on the TSX Venture Exchange during 2020, was based on the quoted market price at December 31, 2020, which is a Level 1 input in terms of IFRS 13. A quoted market price was not available as at December 31, 2019, as Solaris was not a listed company. |
Summary Of Significant Changes In Carrying Amount Of Investment Associates | The following table summarizes the change in the carrying amount of the Company’s investment in Solaris: 2020 2019 Balance as at January 1 $ 7,162 $ - Acquisition of interest in Solaris 12,480 7,800 Dilution gain (loss) 8,033 243 Company’s share of net (loss) of Solaris (5,388 ) (881 ) Balance as at December 31 $ 22,287 $ 7,162 |
Summary Of Summarized Financial Information Of Associates | The summarized financial information below represents amounts in the associate’s consolidated financial statements prepared in accordance with IFRS. 2020 2019 Current assets $ 72,295 $ 6,191 Non-current 20,652 24,391 Total assets 92,947 30,582 Current liabilities 3,141 456 Non-current 544 1,575 Total liabilities 3,685 2,031 Non-controlling 7,766 7,822 Net assets of associate attributable to shareholders 81,496 20,729 Equinox Gold’s share of net assets 21,585 6,287 Other equity adjustments 702 876 Carrying amount $ 22,287 $ 7,162 2020 2019 Revenue $ - $ - Net loss 20,369 1,003 Net comprehensive loss $ 19,826 $ 1,003 |
Mineral Properties, Plant and_2
Mineral Properties, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Detailed Information About In Property Plant And Equipment | Mineral (1) Plant and Equipment (1) Construction in-progress (1) Other Total Cost Balance – December 31, 2018 $ 86,740 $ 80,234 $ 153,171 $ 555 $ 320,700 Additions 26,132 (900 ) 63,108 1,633 89,973 Transfers 89,758 95,633 (195,328 ) - (9,937 ) Transfer from exploration and evaluation assets 133,060 - - - 133,060 Disposals - (1,758 ) - (74 ) (1,832 ) Change in reclamation cost asset 6,080 - - - 6,080 Balance – December 31, 2019 $ 341,770 $ 173,209 $ 20,951 $ 2,114 $ 538,044 Leagold Acquisition 909,715 380,227 28,525 318 1,318,785 Additions 84,675 40,192 52,342 326 177,535 Transfers (1,570 ) 56,125 (66,176 ) - (11,621 ) Disposals - (3,819 ) - - (3,819 ) Change in reclamation cost asset 31,537 - - - 31,537 Balance – December 31, 2020 $ 1,366,127 $ 645,934 $ 35,642 $ 2,758 $ 2,050,461 Accumulated depreciation Balance – December 31, 2018 $ 326 $ 3,363 $ - $ 100 $ 3,789 Additions 12,682 24,136 - 294 37,112 Disposals - (766 ) - (35 ) (801 ) Balance – December 31, 2019 $ 13,008 $ 26,733 $ - $ 359 $ 40,100 Additions 116,424 51,978 - 694 169,096 Disposals - (2,139 ) - - (2,139 ) Balance – December 31, 2020 $ 129,490 $ 76,572 $ - $ 1,053 $ 207,057 Net book value: At December 31, 2019 $ 328,762 $ 146,476 $ 20,951 $ 1,755 $ 497,944 At December 31, 2020 $ 1,236,696 $ 569,362 $ 35,642 $ 1,705 $ 1,843,404 (1) Cost balances as at December 31, 2018, 2019 cost additions, and 2019 cost transfers have been reclassified to conform with the current period presentation. |
Detailed Information About In Significant Royalty Arrangement | Certain of the Company’s mining properties are subject to royalty arrangements based on their net smelter returns (“NSR”s) or gross revenues. At December 31, 2020, the Company’s significant royalty arrangements were as follows: Mineral property Royalty arrangements Mesquite 0.5-7% 6-9% Castle Mountain 2.65% NSR Los Filos 3% of gross sales at Xochipala concession; 1.5% EBITDA; 0.5% gross revenues Aurizona 1.5% of gross sales; 3-5% Fazenda 0.75-1.5% RDM 1-1.5% Pilar 0.75-1.5% |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Accounts Payable And Accrued Liabilities | December 31, 2020 December 31, Trade payables $ 99,197 $ 45,057 Capital related 7,056 18,833 Accrued interest 390 1,553 Value added and income taxes payable 23,900 1,761 $ 130,543 $ 67,204 |
Loans and Borrowings (Tables)
Loans and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Borrowings [Abstract] | |
Disclosure Of Detailed Information About Borrowings Explanatory | Note December 31, December 31, 2019 Credit Facility 11(a) $ 289,910 $ 116,625 2020 Convertible Notes 11(b) 126,645 - 2019 Convertible Notes 11(c) 128,686 125,850 Standby Loan 11(d) - 12,000 Debenture 11(e) - 9,574 545,241 264,049 Less: Current portion of loans and borrowings (13,333 ) (61,574 ) Non-current $ 531,908 $ 202,475 |
Disclosure Of Detailed Information About changes in Loans And Borrowings Arising From Investing And Financing Activities | The following is a summary of the changes in l o Balance – December 31, 2018 $ 214,559 $10 million draw from Aurizona Construction Facility, net of deferred financing costs 8,814 $20 million draw from Short-term Loan, net of deferred financing costs 19,600 $20 million draw from Revolving Credit Facility, net of deferred financing costs 19,592 Modification gain and transaction costs on conversion of Mesquite Acquisition Credit Facility to Revolving Credit Facility (1,804 ) Debt component of Convertible Notes, net of deferred financing costs 123,942 Repayment of debt and accrued interest (131,211 ) Loss on extinguishment of debt 13,540 Debenture principal repayment settled by issuance of shares (10,450 ) Accretion and accrued interest 7,467 Balance – December 31, 2019 264,049 Debt assumed in Leagold Acquisition, including accrued interest 323,870 $380 million draw from Credit Facility, net of deferred financing costs 372,682 Debt component of Convertible Notes, net of deferred financing costs 124,622 Repayment of debt and accrued interest (547,463 ) Modification gain and transaction costs incurred on Credit Facility (4,839 ) Accretion and accrued interest 12,320 Balance – December 31, 2020 $ 545,241 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Financial Instruments [Line Items] | |
Disclosure Details Of Gain And Loss Realised And Unrealised Due To Change In Fair Value Of Derivatives | For the years ended December 31, 2020 and 2019, the Company recognized the following within other expense (note 21): 2020 2019 Realized loss on settlement of gold contracts $ 35,223 $ - Unrealized loss on revaluation of gold contracts outstanding 12,868 - $ 48,091 $ - |
Disclosure of detailed information about derivative instruments | As at December 31, 2020, the Company had in place USD:BRL and USD:MXP put and call options with the following notional amounts, weighted average rates and maturity dates: USD notional amount Call options’ weighted Put options’ weighted Currency Within 1 year 1-2 average strike price average strike price BRL $ 164,780 $ 14,501 4.51 5.17 MXP 24,000 2,000 21.75 25.99 |
Detailed Information About Fair Value Adjustment And Activities In Traded Warrant Liabilities | The fair value of the warrants is determined using the Black Scholes option pricing model at the period-end Balance – December 31, 2018 $ 18,861 Warrants exercised (868 ) Change in fair value 38,153 Balance – December 31, 2019 56,146 Issued in Leagold Acquisition 8,543 Warrants exercised (43,885 ) Change in fair value (note 21) 29,862 Balance – December 31, 2020 $ 50,666 |
Detailed Information About Weighted Average Assumptions of Non-traded Warrants | The fair value of non-traded a December 31, December 31, Risk-free rate 0.2% 1.7% Warrant expected life 1.0 years 1.2 years Expected volatility 47.1% 45.1% Expected dividend 0.0% 0.0% Share price (C$) $14.02 $10.16 |
Foreign Exchange Contracts [Member] | |
Derivative Financial Instruments [Line Items] | |
Disclosure Details Of Gain And Loss Realised And Unrealised Due To Change In Fair Value Of Derivatives | For the year ended December 31, 2020, the Company recognized the following within other expense (note 21): 2020 2019 Realized loss on settlement of foreign exchange contracts $ 584 $ 1,197 Unrealized loss (gain) on revaluation of foreign exchange contracts 14,147 (1,640 ) 14,731 (443 ) |
Reclamation Obligation (Tables)
Reclamation Obligation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure Of Detailed Information About Reclamation Obligation | Mexico Brazil USA Total Balance – December 31, 2018 $ - $ 4,079 $ 19,863 $ 23,942 Accretion - 334 385 719 Change in estimates - 3,586 2,087 5,673 Foreign exchange translation - (105 ) - (105 ) Balance – December 31, 2019 - 7,894 22,335 30,229 Assumed with the Leagold Acquisition 32,878 29, 36 - 62,2 3 Accretion 179 1,845 185 2,209 Change in estimates 16,634 10,241 4,662 31,537 Reclamation expenditures (49 ) (276 ) (71 ) (396 ) Foreign exchange translation - (5,0 2 ) - (5,0 2 ) Balance – December 31, 2020 49,642 44,038 27,111 120,791 Less: Current portion (2,410 ) (1,278 ) - (3,688 ) Non-current $ 47,232 $ 42,760 $ 27,111 $ 117,103 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure Of Detailed Information About Other Long Term Liabilities Explanatory | Note December 31, December 31, Provision for leg a 30 $ 13,241 $ 4,049 Lease liabilities 15(b) 9,949 848 Cash-settled equity awards 16(c) 3,992 253 Other liabilities 5,587 - $ 32,769 $ 5,150 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Quantitative Information About Right of Use Assets | (a) Right-of-use Plant and Computer and office equipment Balance – December 31, 2018 $ - $ 229 Additions 782 537 Depreciation (202) (225 ) Balance – December 31, 2019 580 541 Recognized in Leagold Acquisition 10,386 318 Additions 13,612 56 Depreciation (8,195) (329 ) Balance – December 31, 2020 $ 16,383 $ 586 |
Summary of Lease Liabilities | (b) Lease liabilities December 31, December 31, Current lease liabilities included in other current liabilities $ 8,935 $ 501 Non-current 9,949 848 $ 18,884 $ 1,349 In June 2020, the Com p right-of-use |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statements [Line Items] | |
Summary of Share Based Compensation | The following table summarizes non-cash 2020 2019 Share purchase option expense $ 618 $ 903 RSU expense 3,320 2,542 PSU expense 3,882 2,187 DSU expense 320 - Total compensation expense $ 8,140 $ 5,632 Compensation expense included in: General and administration $ 6,751 $ 5,017 Operating expenses 1,063 386 Exploration 326 229 $ 8,140 $ 5,632 |
Disclosure of Indirect Measurement of Fair Value of Goods or Services Received, Share Options Granted | The fair value of options granted was determined using the Black-Scholes option pricing model using the following weighted average assumptions: 2020 2019 Exercise price (C$) $ 11.80 $ 5.30 Risk-free interest rate 0.4% 1.8% Volatility 65.2% 65.7% Dividend yield 0% 0.0% Expected life 5.0 years 5.0 years |
Disclosure of Number and Weighted Average Exercise Prices of Share Options | A summary of the Company’s share purchase options is as follows: Shares issuable Weighted Outstanding, December 31, 2018 2,776,302 $ 6.35 Granted 359,210 5.30 Exercised (240,895 ) 2.85 Expired/forfeited (219,504 ) 10.97 Outstanding, December 31, 2019 2,675,113 $ 5.99 Issued in Leagold Acquisition 5,728,647 7.77 Granted 156,200 11.80 Exercised (5,559,803 ) 7.38 Expired/forfeited (81,087 ) 8.52 Outstanding, December 31, 2020 2,919,070 $ 7.09 |
Disclosure of Range of Exercise Prices of Outstanding Share Options | At December 31, 2020, the Company had the following options issued and outstanding: Options Outstanding Options Exercisable Range of exercise Number of Weighted Weighted Number of Weighted $1.89 - $2.99 591,820 $ 2.89 0.71 591,820 $ 2.89 $3.00 - $4.99 3,000 4.75 2.61 3,000 4.75 $5.00 - $6.99 1,211,514 5.72 2.06 1,070,223 5.78 $7.00 - $8.99 687,374 8.53 1.28 687,374 8.53 $9.00 - $17.15 425,362 14.52 2.04 269,162 16.10 2,919,070 2,621,579 |
Disclosure of Detailed Information about Share Purchase Warrants Activity | A continuity of the Company’s share purchase warrants is as follows: Shares issuable Weighted average exercise Outstanding, December 31, 2018 24,565,862 $ 11.90 Exercised (363,235 ) 5.36 Expired (151,437 ) 14.60 Outstanding, December 31, 2019 24,051,190 $ 12.00 Issued in Leagold Acquisition 16,626,569 11.14 Exercised (20,976,625 ) 9.48 Expired (675,976 ) 13.16 Outstanding, December 31, 2020 19,025,158 $ 14.00 |
Disclosure of Range of Exercise Prices of Outstanding Share Purchase Warrants | At December 31, 2020, the Company had the following share purchase warrants issued and outstanding: Range of exercise price (C$) (1) Shares issuable on exercise of warrants Weighted average exercise (1) Expiry dates $3.67 - $4.99 317,454 $ 3.67 May 2021 $5.00 - $9.99 840,776 5.61 March 2021 – May 2023 $10.00 - $14.99 1,849,262 10.91 January 2021 – March 2022 $15.00 16,017,666 15.00 October 2021 19,025,158 (1) 17,701,156 warrants with a weighted average exercise price of C$14.21 are exercisable into one common share of Equinox Gold and one-quarter |
Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments | A continuity table of the equity-settled RSUs and pRSUs outstanding is as follows: RSUs pRSUs Outstanding, December 31, 2018 543,276 1,142,544 Granted 488,560 143,740 Settled (220,289 ) (129,706 ) Forfeited (8,500 ) (44,200 ) Outstanding, December 31, 2019 803,047 1,112,378 Granted 375,017 213,600 Settled (463,608 ) (179,938 ) Forfeited (4,750 ) (740 ) Outstanding, December 31, 2020 709,706 1,145,300 |
Cash Settled Restricted Share Units [member] | |
Statements [Line Items] | |
Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments | A continuity table of the cash-settled RSUs outstanding is as follows: RSUs outstanding Outstanding, December 31, 2018 - Granted 168,800 Outstanding, December 31, 2019 168,800 Granted 78,900 Settled (65,900 ) Forfeited (37,000 ) Outstanding, December 31, 2020 144,800 |
Performance share units [Member] | |
Statements [Line Items] | |
Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments | A continuity table of the PSUs outstanding is as follows: PSUs outstanding Outstanding, December 31, 2019 - Issued in Leagold Acquisition 369,915 Settled (72,533 ) Forfeited (14,506 ) Outstanding, December 31, 2020 282,876 |
Deferred share units [Member] | |
Statements [Line Items] | |
Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments | A continuity table of the DSUs outstanding is as follows: DSUs outstanding Outstanding, December 31, 2019 - Issued in Leagold Acquisition 319,286 Granted 8,266 Redeemed (202,115 ) Outstanding, December 31, 2020 125,437 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Disaggregation of Revenue from Contracts with Customers | Revenue from contracts with customers disaggregated by metal were as follows: 2020 2019 Gold $ 841,195 $ 281,697 Silver 1,312 - Total revenue $ 842,507 $ 281,697 |
Operating Expenses (Tables)
Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Operating Expenses | Operating expenses consists of the following c o 2020 2019 Raw materials and consumables $ 153,038 $ 86,407 Salaries and employee benefits 67,792 36,524 Contractors 78,919 31,819 Repairs and maintenance 37,876 20,195 Site administration 37,464 10,823 Royalties 23,312 9,451 398,401 195,219 Change in inventories 23,860 (36,021 ) Total operating expenses $ 422,261 $ 159,198 |
General and Administration (Tab
General and Administration (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of General And Administration | General and administration for the Company consists of the following components by n 2020 2019 Salaries and benefits $ 12,497 $ 6,904 Share-based compensation 6,751 5,017 Professional fees 12,814 3,672 Office and other expenses 7,638 3,899 Amortization 692 484 Total general and administration $ 40,392 $ 19,976 |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Other Income Expenses | Other income (expense) consists of the following components: Note 2020 2019 Foreign exchange gain (loss) $ 12,050 $ (155 ) Realized and unrealized losses on gold contracts 12(a) (48,091 ) - Change in fair value of warrants 12(c) (29,862 ) (38,185 ) Realized and unrealized losses on foreign exchange contracts 12(b) (14,731 ) 443 Expected credit losses (6,074 ) (444 ) Loss from investment in associate 8 (5,388 ) (881 ) Dilution gain (loss) from investment in associate 8 8,033 243 Other income (expense) (7,861 ) (13,744 ) Total other income (expense) $ (91,924 ) $ (52,723 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Detailed Information About Components Of Tax Expense Income | Income tax expense diffe r 2020 2019 Income (loss) before income taxes $ 41,531 $ (13,186 ) Canadian federal and provincial income tax rates 27% 27% Expected income tax expense (recovery) based on the above rates 11,213 (3,560 ) Non-deductible 24,003 3,000 Change in fair value of derivative liabilities 8,063 10,310 Impact of US percentage depletion (10,325 ) - Impact of Mexican inflation (2,311 ) - Repayment of long-term debt - 1,448 Deconsolidation of Solaris - 1,008 Impairment and disposition of Elk Gold - 536 Tax effect of deferred tax assets for which no tax benefit has been recognized 6,424 5,238 Foreign exchange and other (16,256 ) (10,842 ) Total tax expense 20,811 7,138 Current tax expense 35,050 7,250 Deferred tax recovery (14,239 ) (112 ) Total tax expense $ 20,811 $ 7,138 |
Disclosure Of Detailed Information About Components Of Deferred Tax Assets and Liabilities | The significant components of the Company’s recognized net deferred tax assets and liabilities are as follows: December 31, 2020 December 31, 2019 Non-capital $ 22,421 $ 11,698 Mineral property, plant and equipment 45,109 4,727 Reclamation obligation 15,080 - Other 20,307 1,290 Total deferred tax assets $ 102,917 $ 17,715 Mineral properties, plant and equipment $ (296,861 ) $ (18,456 ) Intercompany loan (16,757 ) - Reclamation obligation (5,631 ) - Other (13,528 ) (9,971 ) Total deferred tax liabilities $ (332,777 ) $ (28,427 ) Net deferred tax liability $ (229,860 ) $ (10,712 ) |
Disclosure of Detailed Information About In Deferred Tax Assets And Liabilities Explanatory | The movement in the deferred tax assets and liabilities during the year is as follows: Balance – December 31, 2018 (8,488 ) Recognized in net income (loss) 112 Recognized in equity component of Convertible Notes (2,336 ) Balance – December 31, 2019 (10,712 ) Recognized in net income (loss) 14,239 Acquisition of Leagold (230,458 ) Recognized in equity component of Convertible Notes (2,929 ) Balance – December 31, 2020 (229,860 ) |
Disclosure Of Detailed Information About Net Deferred Tax Assets And Liabilities | A reconciliation of net deferred tax assets and liabilities to the amounts presented in the consolidated statements of financial position follows: December 31, 2020 December 31, Deferred tax asset - - Deferred tax liability (229,860 ) (10,712 ) Net deferred tax liability (229,860 ) (10,712 ) |
Disclosure Of Detailed Information About Deductible Temporary Differences Unused Tax Losses And Unused Tax Credits For Which Deferred Tax Assets Not Recognized | Deductible temporary differences, unused tax losses and unused tax credits for which deferred tax assets have not been recognized are as follows: December 31, December 31, Non-capital $ 309,635 $ 41,647 State non-capital 47,445 41,025 Mineral properties, plant and equipment 277,097 18,735 Derivatives 97,647 - Share issue and finance costs 21,471 4,522 Inventory 18,978 27,422 Unrealized foreign exchange losses on investment and advances 12,021 38,948 Reclamation obligation 54,996 28,609 State alternative minimum tax credit 7,787 6,525 Capital losses 26,826 36,570 Interest expense 19,350 16,557 Other 903 2,100 $ 894,156 $ 262,660 |
Disclosure Of Detailed Information About Non Capital Loss Applied To Reduce Future Taxable Income | At December 31, 2020, the Company had the following estimated tax operating losses available to reduce future taxable income, including both losses for which deferred tax assets are utilized to offset applicable deferred tax liabilities and losses for which deferred tax assets are not recognized as listed in the table above. The loss carryforwards expire as follows: December 31, Brazil (no expiry) $ 111,752 Mexico (expire between 2025-2028) 100,613 Canada (expire between 2035-2040) 151,726 United States – California (expire between 2032-2038 or after) 47,445 Other (2026 and onwards) 8,600 $ 420,136 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure Of Operating Segments | Year ended December 31, 2020 Revenue Operating Depreciation Exploration Other Income Mesquite $ 245,931 $ (126,334 ) $ (19,655 ) $ - $ - $ 99,942 Aurizona 229,644 (92,398 ) (41,991 ) (5,109 ) - 90,146 Los Filos 105,872 (80,587 ) (13,264 ) (216 ) (59,876 ) (48,071 ) RDM 106,635 (48,582 ) (20,601 ) - (937 ) 36,515 Other operating mines (1) 154,425 (74,360 ) (36,121 ) (6,515 ) (1,969 ) 35,460 Development projects (2) - - - - (2,213 ) (2,213 ) Corporate and other - - - - (40,392 ) (40,392 ) $ 842,507 $ (422,261 ) $ (131,632 ) $ (11,840 ) $ (105,387 ) $ 171,387 (1) Includes Fazenda and Pilar, which were both acquired on March 10, 2020, and Castle Mountain. (2) Includes Santa Luz, which was acquired on March 10, 2020. Castle Mountain was transferred out of Development projects Other operating mines Year ended December 31, 2019 Revenue Operating Depreciation Exploration Other Income Mesquite $ 178,175 $ (108,573 ) $ (16,764 ) $ - $ - $ 52,838 Aurizona 103,522 (50,625 ) (21,881 ) (2,028 ) - 28,988 Development projects (2) - - - (6,726 ) (1,115 ) (7,841 ) Corporate and other (3) - - - - (18,861 ) (18,861 ) $ 281,697 $ (159,198 ) $ (38,645 ) $ (8,754 ) $ (19,976 ) $ 55,124 (1) Includes Fazenda and Pilar, which were both on acquired March 10, 2020 (2) Includes Castle Mountain and Santa Luz, which was acquired on March 10, 2020. (3) Includes Gold Mountain, which was divested in May 2019, and Solaris, which was deconsolidated effective June 30, 2019. |
Disclosure Of Detailed Information About Assets And Liabilities Based On Operating Segments | Information about the carrying amount of the Company’s assets and liabilities by operating segment at December 31 is detailed below: Total assets Total liabilities 2020 2019 2020 2019 (1) Los Filos $ 1,066,378 $ - $ (271,712 ) $ - Aurizona 338,792 380,641 (49,261 ) (55,625 ) Mesquite 262,758 247,797 (36,032 ) (38,190 ) RDM 144,025 - (42,146 ) - Other operating mines 447,104 - (97,320 ) - Development projects (2) 209,215 158,127 (10,605 ) (11,231 ) Corporate and other 203,559 52,785 (717,800 ) (331,245 ) $ 2,671,831 $ 839,350 $ (1,224,876 ) $ (436,291 ) (1) Total liabilities balances as at December 31, 2019 for Mesquite and Corporate and other have been reclassified to conform with the current period presentation. (2) Includes Santa Luz, which was acquired on March 10, 2020. Castle Mountain was transferred out of Development projects Other operating mines |
Disclosure Of Detailed Information About Noncurrent Assets By Jurisdiction | Information about the Company’s non-current December 31, 2020 December 31, 2019 Mexico $ 919,464 $ - Brazil 686,804 310,241 United States 391,525 347,784 Canada 28,014 32,669 Total non-current $ 2,025,807 $ 690,694 |
Disclosure of geographical areas | Revenue is attributed to regions based on the source location of the product sold. December 31, 2020 December 31, 2019 Brazil $ 484,469 $ 103,522 United States 252,166 178,175 Mexico 105,872 - Total revenue $ 842,507 $ 281,697 |
Summary of sales to individual customers that exceed 10 % of annaul Metal sales | The following table presents sales to individual customers that exceeded 10% of annual metal sales for the year ended December 31, 2020 and 2019. 2020 2019 Customer (1) 1 $ 354,981 $ - 2 259,371 - 3 131,439 - 4 87,551 280,413 Total sales to customers exceeding 10% of annual metal sales $ 833,342 $ 280,413 Percentage of total metal sales 98.3% 99.5% (1) A balance is only included for a customer in each year where total sales exceeded 10% of annual metal sales in the period. |
Basic and Diluted Earnings Pe_2
Basic and Diluted Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Earnings (Loss) per Share Basic and Diluted Basis | Earnings (loss) per share (“EPS”), calculated on a basic and diluted basis as follows: 2020 2019 Weighted average shares outstanding Net income Earnings per share Weighted average shares outstanding Net income Earnings per share Basic EPS 212,487,729 $ 20,720 $ 0.10 112,001,484 $ (20,324 ) $ (0.16 ) Dilutive share options 2,015,014 - - - - - Dilutive RSUs 741,588 - - - - - Dilutive warrants 3,167,640 (1,076 ) - - - - Diluted EPS 218,411,971 $ 19,644 $ 0.09 112,001,484 $ (20,324 ) $ (0.16 ) For the year ended December 31, 2020, 16.0 million warrants, 0.2 million options and 41.0 million shares issuable for convertible notes (2019 – 24.1 million warrants, 0.4 million options, 20.0 million shares issuable for convertible notes) were a |
Supplemental Cash flow Inform_2
Supplemental Cash flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure of detailed information about non-cash investing and financing transactions | During the years ended December 31, 2020 and 2019, the Company conducted the following non-cash t 2020 2019 Shares, options, warrants, DSUs and PSUs issued in Leagold Acquisition $ 764,083 $ - Shares issued to settle debt - 10,110 Non-cash (16,488 ) (1,427 ) Non-cash 514 2,321 Recoverable taxes reclassified from mineral properties, plant and equipment to accounts receivable and other assets - (11,294 ) Right-of-use 13,612 1,548 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure Of Directors And Other Key Management Personnel | Key management of the Company comprises executive and non-executive 2020 2019 Salaries, directors’ fees and other short-term benefits $ 6,763 $ 2,762 Share-based payments 3,385 1,940 Total key management personnel compensation $ 10,148 $ 4,702 |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Detailed Information About Capital Computation | December 31, 2020 December 31, Equity $ 1,446,955 $ 403,059 Loans and borrowings 545,241 264,049 1,992,196 667,108 Cash and cash equivalents (344,926 ) (67,716 ) Total $ 1,647,270 $ 599,392 The Company manages its capital structure and makes adjustments as necessary in light of economic conditions. The Company, upon approval from its Board of Directors, intends to balance its overall capital structure through new share issues or by undertaking other activities as deemed appropriate under the specific circumstances. To maintain its capital structure the Company may, from time to time, issue or buy back equity, repay debt or sell assets . |
Financial Instrument Risk Exp_2
Financial Instrument Risk Exposure and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure Of Detailed Information About Financial Assets And Liabilities Denominated In Currencies Other Than The US Dollar | Financial assets and liabilities denominated in currencies other than the US dollar are as follows: December 31, 2020 December 31, 2019 Financial assets Financial Financial Financial Brazilian Réals $ 73,236 $ 61,896 $ 28,653 $ 28,986 Mexican Pesos 9,889 5,952 - - Canadian Dollars 13,254 7,671 18,721 6,987 Total $ 96,379 $ 75,519 $ 47,374 $ 35,973 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Detailed Information about Fair Value of Financial Assets and Liabilities | The following table provides the fair value of each classification of financial instrument as at December 31: 2020 2019 Loans and receivables: Cash and cash equivalents $ 344,926 $ 67,716 Restricted cash 3,210 15,285 Trade receivables 17,212 - Receivable from Serabi 6,429 12,033 Long-term receivables 5,768 11,986 Reclamation bonds and other receivables 136 577 Financial assets at FVTPL: Marketable securities 3,121 988 Foreign exchange contracts - 1,640 Total financial assets $ 380,802 $ 110,225 Financial liabilities at FVTPL: Traded warrants $ 36,455 $ 26,056 Non-traded 14,211 30,090 Gold collars and forward swap contracts 91,393 - Foreign exchange contracts 12,507 - Cash settled equity awards 4,831 759 Other: Accounts payable and accrued liabilities 119,641 67,047 Convertible Notes 281,498 137,995 Credit Facility 300,599 120,225 Debenture - 10,061 Standby Loan - 13,252 Other liabilities - 1,795 Total financial liabilities $ 861,135 $ 407,280 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Disclosure Of Detailed Information About Contractual Obligations Outstanding | At December 31, 2020, the Company had the following contractual obligations outstanding which are expected to be settled in the time periods indicated: Total Within 1 1-2 years 2-3 years 3-4 years 4–5 years Thereafter Loans and borrowings and accrued interest $ 654,805 $ 34,924 $ 47,675 $ 46,960 $ 376,358 $ 148,888 $ - Accounts payable and accrued liabilities 119,641 119,641 - - - - - Reclamation obligations (1) 167,142 4,009 6,183 11,045 11,452 16,123 118,330 Purchase commitments 69,879 64,670 4,264 931 13 - - Gold contracts 91,393 51,805 39,588 - - - - Foreign exchange contracts 12,507 12,188 319 - - - - Lease commitments 16,006 5,099 4,595 4,487 1,800 6 19 Total $ 1,131,373 $ 292,336 $ 102,625 $ 63,423 $ 389,623 $ 165,017 $ 118,349 (1) Amount represents undiscounted future cash flows. |
Basis of Preparation - Addition
Basis of Preparation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Basis of Preparation [Line Items] | ||
Property plant and equipment | $ 1,843,404 | $ 497,944 |
Revenue | 842,507 | 281,697 |
Depreciation | 131,632 | $ 38,645 |
Effect Of Reclassification Of Pre Commercial Production On Property Plant And Equipment [Member] | Major Asset Reclassification [Member] | ||
Basis of Preparation [Line Items] | ||
Property plant and equipment | 1,600 | |
Revenue | 2,900 | |
Production costs | 1,000 | |
Depreciation | $ 300 |
Basis of Preparation - Disclosu
Basis of Preparation - Disclosure of Detailed Information about Companies Material Subsidiaries (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Castle Mountain Venture [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | USA |
Ownership interest in subsidiary | 100.00% |
Desarrollos Mineros San Luis S.A. de C.V. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Mexico |
Ownership interest in subsidiary | 100.00% |
Fazenda Brasileiro Desenvolvimento Mineral Ltda [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Brazil |
Ownership interest in subsidiary | 100.00% |
Mineração Aurizona S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Brazil |
Ownership interest in subsidiary | 100.00% |
Mineração Riacho Dos Machados Ltda [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Brazil |
Ownership interest in subsidiary | 100.00% |
Pilar de Goias Desenvolvimento Mineral Ltda [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Brazil |
Ownership interest in subsidiary | 100.00% |
Santa Luz Desenvolvimento Mineral Ltda [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | Brazil |
Ownership interest in subsidiary | 100.00% |
Western Mesquite Mines, Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Country of incorporation of subsidiary | USA |
Ownership interest in subsidiary | 100.00% |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Detailed Information about Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Fixed plant and related components and infrastructure [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Description of useful life, property, plant and equipment | Units-of-production over life of mine |
Mobile equipment [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Mobile equipment [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 10 years |
Significant Accounting Polici_5
Significant Accounting Policies - Additional information (Detail) | Dec. 31, 2020 |
Significant Accounting Policies [Abstract] | |
Percentage of voting interest acquired | 20.00% |
Use of Judgements and Estimat_2
Use of Judgements and Estimates - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Solaris Resources Inc [member] | |
Judgements and Estimates [Line Items] | |
Ownership interest in subsidiary | 30.00% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Mar. 10, 2020 | |
Leagold Mining Corporation [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Business combination profit loss as if combination occurred at the beginnig of the period | $ 1 | ||
Leagold Mining Corporation [member] | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of voting interest acquired | 100.00% | ||
Business combination shares issued | 0.331 | ||
Acquisition related costs | $ 4.6 | ||
Business combination total acquisition costs incurred | 5.9 | ||
Business combination revenue of acquiree since acquisition date | 360.7 | ||
Business combination revenue as if combination occurred at the beginnig of the period | $ 932 | ||
Business combination profit loss of acquiree since acquisition date | $ 24.3 | ||
Business combination share exchange ratio | 0.331 |
Acquisitions - Disclosure Of De
Acquisitions - Disclosure Of Detailed Information About Consideration Paid (Detail) $ in Thousands | Mar. 10, 2020USD ($) | |
Disclosure of detailed information about business combination [line items] | ||
Total consideration paid | $ 764,083 | |
Lea gold Mining Corporation | Share Consideration | ||
Disclosure of detailed information about business combination [line items] | ||
consideration paid | 732,042 | [1] |
Lea gold Mining Corporation | Option Consideration | ||
Disclosure of detailed information about business combination [line items] | ||
consideration paid | 19,777 | [2] |
Lea gold Mining Corporation | Warrant Consideration | ||
Disclosure of detailed information about business combination [line items] | ||
consideration paid | 8,543 | [3] |
Lea gold Mining Corporation | PSU And DSU Consideration | ||
Disclosure of detailed information about business combination [line items] | ||
consideration paid | $ 3,721 | [4] |
[1] | The fair value of 94,635,765 common shares issued to Leagold shareholders was determined using the Company’s share price of C$10.51 per share on the acquisition date. | |
[2] | The fair value of 5,728,647 replacement options issued was determined using the Black-Scholes option pricing method with the following weighted average assumptions: exercise price of C$7.77, expected life of 2.07 years, annualized volatility of 60.2%, dividend yield of 0.0%, and discount rate of 0.54%. | |
[3] | The fair value of 16,626,569 replacement warrants issued was determined using the Black-Scholes option pricing method with the following weighted average assumptions: exercise price of C$11.14, expected life of 0.32 years, annualized volatility of 44.1%, dividend yield of 0.0%, and discount rate of 0.69%. | |
[4] | The fair value of 369,919 replacement PSUs and 319,288 replacement DSUs issued was determined using the Leagold share price of C$3.49 on the acquisition date, adjusted for the 0.331 exchange ratio. |
Acquisitions - Disclosure Of _2
Acquisitions - Disclosure Of Detailed Information About Consideration Paid (Parenthetical) (Detail) | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2020yr$ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 10, 2020shares$ / shares | |
Disclosure of detailed information about business combination [line items] | ||||
Business combination options issued percentage volatility | 65.20% | 65.70% | ||
Business combination options issued dividend yield | 0.00% | 0.00% | ||
Lea gold Mining Corporation | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business combination number of instruments issued or issuable | 0.331 | |||
Business combination share exchange ratio | 0.331 | |||
Lea gold Mining Corporation | Share Consideration | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business combination number of instruments issued or issuable | 94,635,765 | |||
Business combination share price | $ / shares | $ 10.51 | |||
Lea gold Mining Corporation | Option Consideration | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business combination number of instruments issued or issuable | 5,728,647 | |||
Business combination number of options issued weighted average exercise price | $ / shares | $ 7.77 | |||
Business combination options issued expected life | yr | 2.07 | |||
Business combination options issued percentage volatility | 60.20% | |||
Business combination options issued dividend yield | 0.00% | |||
Business combination options issued discount rate | 0.54% | |||
Lea gold Mining Corporation | Warrant Consideration | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business combination number of instruments issued or issuable | 16,626,569 | |||
Business combination number of options issued weighted average exercise price | $ / shares | $ 11.14 | |||
Business combination options issued expected life | yr | 0.32 | |||
Business combination options issued percentage volatility | 44.10% | |||
Business combination options issued dividend yield | 0.00% | |||
Business combination options issued discount rate | 0.69% | |||
Lea gold Mining Corporation | Replacement PSU | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business combination number of instruments issued or issuable | 369,919 | |||
Lea gold Mining Corporation | Replacement DSU | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business combination number of instruments issued or issuable | 319,288 | |||
Lea gold Mining Corporation | PSU And DSU Consideration | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business combination share price | $ / shares | $ 3.49 | |||
Business combination share exchange ratio | 0.331 |
Acquisitions - Disclosure Of _3
Acquisitions - Disclosure Of Detailed Information About Business Combinations (Details) - Leagold Mining Corporation [member] - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 | |
Net assets (liabilities) acquired: | |||
Cash and cash equivalents | $ 55,252 | ||
Trade and other receivables | 33,524 | ||
Inventory | [1] | 150,078 | |
Mineral property, plant and equipment | [2] | 1,318,785 | |
Other assets | 21,432 | ||
Accounts payable and accrued liabilities | (88,896) | ||
Loans and borrowings and accrued interest | (323,870) | ||
Derivative liabilities | (78,526) | ||
Reclamation obligations | [3] | (62,238) | |
Deferred tax liabilities | [4] | (230,458) | |
Other liabilities | (31,000) | ||
Fair value of net assets acquired | 764,083 | ||
Previously stated [member] | |||
Net assets (liabilities) acquired: | |||
Cash and cash equivalents | $ 55,252 | ||
Trade and other receivables | 33,524 | ||
Inventory | [1] | 90,082 | |
Mineral property, plant and equipment | [2] | 1,350,794 | |
Other assets | 21,432 | ||
Accounts payable and accrued liabilities | (88,490) | ||
Loans and borrowings and accrued interest | (323,870) | ||
Derivative liabilities | (78,526) | ||
Reclamation obligations | [3] | (69,487) | |
Deferred tax liabilities | [4] | (195,628) | |
Other liabilities | (31,000) | ||
Fair value of net assets acquired | $ 764,083 | ||
Adjustments [member] | |||
Net assets (liabilities) acquired: | |||
Cash and cash equivalents | 0 | ||
Inventory | [1] | 59,996 | |
Mineral property, plant and equipment | [2] | (32,009) | |
Accounts payable and accrued liabilities | (406) | ||
Reclamation obligations | [3] | 7,249 | |
Deferred tax liabilities | [4] | $ (34,830) | |
[1] | The fair value of inventory was adjusted for refinements to estimated conversion costs for heap leach inventories and estimated forward gold prices in determining net realizable value. | ||
[2] | Measurement period adjustments to mineral properties, plant and equipment result from additional analysis of capital costs recovery rates, and timing of cash flows used in the discounted cash flow models to estimate the fair value of mineral properties. During the period, the Company also physically reviewed fixed assets at certain sites and identified specified assets deemed to be obsolete. | ||
[3] | The fair value of reclamation and remediation liabilities is based on the expected amounts and timing of cash flows for closure activities and discounted to present value using a credit-adjusted risk-free rate as of the acquisition date. Measurement period adjustments relate to refinements of cost escalation and cost estimates. | ||
[4] | Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets and liabilities and the historical carryover tax basis of these assets and liabilities. Measurement period adjustments include a $20.0 million provision for tax contingencies in relation to certain pre-export finance loans in Brazil and the tax impact of other measurement period adjustments described above and recorded during the period. |
Acquisitions - Disclosure Of _4
Acquisitions - Disclosure Of Detailed Information About Business Combinations (Parenthetical) (Details) $ in Millions | Mar. 31, 2020USD ($) |
Adjustments [member] | |
Disclosure of detailed information about business combination [line items] | |
Deferred tax liabilities provision for tax contingencies in relation to certain export finance loans | $ 13.9 |
Trade and Other Receivables - D
Trade and Other Receivables - Disclosure Of Trade and Other Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Text Block [Abstract] | ||
Value-added and income tax receivables | $ 29,076 | $ 12,181 |
Trade receivables | 17,172 | |
Due from Serabi Gold plc | 6,429 | 12,033 |
Receivable from Inca One | 2,716 | |
Other receivables | 3,195 | 460 |
Trade and other receivables | $ 55,872 | $ 27,390 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Accounts Receivables Prepaid Expenses And Deposits [Line Items] | ||
Value-added and income tax receivables | $ 29,076 | $ 12,181 |
Receivables interest rate | 10.00% | |
Receivables from sale of assets | $ 12,000 | |
Consideration received during the year | 6,500 | 0 |
Brazilian Federal Government [member] | ||
Disclosure Of Accounts Receivables Prepaid Expenses And Deposits [Line Items] | ||
Value-added and income tax receivables | 14,600 | 12,800 |
Mexicon Federal Government [Member] | ||
Disclosure Of Accounts Receivables Prepaid Expenses And Deposits [Line Items] | ||
Value-added and income tax receivables | 8,200 | 0 |
Federal Tax Authority [member] | ||
Disclosure Of Accounts Receivables Prepaid Expenses And Deposits [Line Items] | ||
Value-added and income tax receivables | 6,500 | $ 3,400 |
Receivables Upto Three Months [Member] | ||
Disclosure Of Accounts Receivables Prepaid Expenses And Deposits [Line Items] | ||
Receivables from sale of assets | 500 | |
Receivables After Three Months [Member] | ||
Disclosure Of Accounts Receivables Prepaid Expenses And Deposits [Line Items] | ||
Receivables from sale of assets | $ 1,000 |
Inventory - Description Of Deta
Inventory - Description Of Detailed Information About Inventories Explanatory (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory [Abstract] | ||
Heap leach ore (current and non-current) | $ 268,703 | $ 158,598 |
Less: Non-current portion of heap leach ore | (130,888) | (141,578) |
Current portion of heap leach ore | 137,815 | 17,020 |
Stockpiles | 13,514 | 9,776 |
Work-in-process | 14,988 | 6,366 |
Supplies | 37,473 | 12,329 |
Finished goods | 4,500 | 771 |
Current inventory | $ 208,290 | $ 46,262 |
Investment in Associate - Discl
Investment in Associate - Disclosure Of Significant Investments In Associates (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of associates [line items] | ||||
Carrying amount | $ 22,287 | $ 7,162 | $ 0 | |
Solaris Resources [Member] | ||||
Disclosure of associates [line items] | ||||
Principal Activity | [1] | Exploration | ||
Principal place of business | [1] | Ecuador | ||
Ownership interest | [1] | 26.50% | 30.30% | |
Quoted fair value | [1],[2] | $ 132,026 | ||
Carrying amount | [1] | $ 22,287 | $ 7,162 | |
[1] | On June 30, 2019, the Company determined that Solaris was no longer a controlled subsidiary due to dilution of its interest to approximately 32% and the fact Solaris was self-sustaining for an extended period. On deconsolidation, the Company recorded its interest retained in Solaris at fair value. | |||
[2] | The fair value of the Company’s interest in Solaris, which is listed on the TSX Venture Exchange, was based on the quoted market price at December 31, 2020, which is a Level 1 input in terms of IFRS 13. A quoted market price was not available as at December 31, 2019, as Solaris was not a listed company. |
Investment in Associate - Dis_2
Investment in Associate - Disclosure Of Significant Investments In Associates (Parenthetical) (Detail) | Jun. 30, 2019 |
Disclosure Of Significant Changes In Carrying Amount Of Investment Associates [Abstract] | |
Change In Ownership Interest In Associate | 32.00% |
Investment in Associate - Dis_3
Investment in Associate - Disclosure Of Significant Changes In Carrying Amount Of Investment Associates (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Significant Changes In Carrying Amount Of Investment Associates [Line Items] | ||
Balance as at January 1 | $ 7,162 | $ 0 |
Acquisition of interest in Solaris | 12,480 | 7,800 |
Dilution gain (Loss) | 8,033 | 243 |
Company's share of net (loss) of Solaris | (5,388) | (881) |
Balance as at December 31 | $ 22,287 | $ 7,162 |
Investment in Associate - Dis_4
Investment in Associate - Disclosure Of Summarised Financial Information Of Associates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disclosure of associates [line items] | |||||
Current assets | $ 646,024 | $ 148,656 | |||
Non-current assets | 2,025,807 | 690,694 | |||
Total assets | 2,671,831 | 839,350 | |||
Current liabilities | 222,663 | 131,923 | |||
Total liabilities | 1,224,876 | 436,291 | [1] | ||
Carrying amount | 22,287 | 7,162 | $ 0 | ||
Revenues | 842,507 | 281,697 | |||
Net loss | 20,720 | (20,324) | |||
Solaris Resources [Member] | |||||
Disclosure of associates [line items] | |||||
Current assets | 72,295 | 6,191 | |||
Non-current assets | 20,652 | 24,391 | |||
Total assets | 92,947 | 30,582 | |||
Current liabilities | 3,141 | 456 | |||
Non-current liabilities | 544 | 1,575 | |||
Total liabilities | 3,685 | 2,031 | |||
Non-controlling interest | 7,766 | 7,822 | |||
Net assets of associate attributable to shareholders | 81,496 | 20,729 | |||
Equinox's share of net asset | 21,585 | 6,287 | |||
Other equity adjustments | 702 | 876 | |||
Carrying amount | [2] | 22,287 | 7,162 | ||
Revenues | |||||
Net loss | 20,369 | 1,003 | |||
Net loss and comprehensive loss | $ 19,826 | $ 1,003 | |||
[1] | Total liabilities balances as at December 31, 2019 for Mesquite and Corporate and other have been reclassified to conform with the current period presentation. | ||||
[2] | On June 30, 2019, the Company determined that Solaris was no longer a controlled subsidiary due to dilution of its interest to approximately 32% and the fact Solaris was self-sustaining for an extended period. On deconsolidation, the Company recorded its interest retained in Solaris at fair value. |
Mineral Properties, Plant and_3
Mineral Properties, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 21, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Mineral properties, plant and equipment | $ 1,843,404 | $ 497,944 | |
Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Mineral properties, plant and equipment | 35,642 | 20,951 | |
Mineral Properties [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Transferred To Mineral Properties | $ 1,600 | ||
Mineral properties, plant and equipment | 1,236,695 | 328,762 | |
Castle Mountain [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalized Costs Of Construction In Progress Gross | 45,200 | $ 21,000 | |
Castle Mountain [member] | Construction in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
PreProduction Income Earned | 1,600 | ||
Transferred From Construction In Progress | 66,200 | ||
Transferred From Construction In Progress to Property Plant Equipment | 56,100 | ||
Transferred From Construction In Process To Inventory | $ 11,600 | ||
Santa Luz [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalized Costs Of Construction In Progress Gross | 3,500 | ||
Los Filos [member] | Mineral Properties [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Mineral properties, plant and equipment | $ 63,400 |
Mineral Properties, Plant and_4
Mineral Properties, Plant and Equipment - Detailed Information About In Property Plant And Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | $ 497,944 | ||
Ending balance | 1,843,404 | $ 497,944 | |
Gross carrying amount [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | 538,044 | 320,700 | |
Leagold Acquisition | 1,318,785 | ||
Additions | 177,535 | 89,973 | |
Transfers | (11,621) | (9,937) | |
Transfer from exploration and evaluation assets | 133,060 | ||
Disposals | (3,819) | (1,832) | |
Change in ARO asset | 31,537 | 6,080 | |
Ending balance | 2,050,461 | 538,044 | |
Accumulated impairment [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | (40,100) | (3,789) | |
Additions | 169,096 | 37,112 | |
Disposals | 2,139 | 801 | |
Ending balance | (207,057) | (40,100) | |
Mineral Properties [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | 328,762 | ||
Ending balance | 1,236,695 | 328,762 | |
Mineral Properties [member] | Gross carrying amount [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | [1] | 341,770 | 86,740 |
Leagold Acquisition | [1] | 909,715 | |
Additions | [1] | 84,675 | 26,132 |
Transfers | [1] | (1,570) | 89,758 |
Transfer from exploration and evaluation assets | [1] | 133,060 | |
Change in ARO asset | [1] | 31,537 | 6,080 |
Ending balance | [1] | 1,366,127 | 341,770 |
Mineral Properties [member] | Accumulated impairment [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | (13,008) | (326) | |
Additions | 116,424 | 12,682 | |
Ending balance | (129,432) | (13,008) | |
Property, plant and equipment [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | 146,476 | ||
Ending balance | 569,362 | 146,476 | |
Property, plant and equipment [member] | Gross carrying amount [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | [1] | 173,209 | 80,234 |
Leagold Acquisition | [1] | 380,227 | |
Additions | [1] | 40,192 | (900) |
Transfers | [1] | 56,125 | 95,633 |
Disposals | [1] | (3,819) | (1,758) |
Ending balance | [1] | 645,934 | 173,209 |
Property, plant and equipment [member] | Accumulated impairment [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | (26,733) | (3,363) | |
Additions | 51,978 | 24,136 | |
Disposals | 2,139 | 766 | |
Ending balance | (76,572) | (26,733) | |
Construction in progress [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | 20,951 | ||
Ending balance | 35,642 | 20,951 | |
Construction in progress [member] | Gross carrying amount [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | [1] | 20,951 | 153,171 |
Leagold Acquisition | [1] | 28,525 | |
Additions | [1] | 52,342 | 63,108 |
Transfers | [1] | (66,176) | (195,328) |
Ending balance | [1] | 35,642 | 20,951 |
Computer And Office Equipment [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | 1,755 | ||
Ending balance | 1,705 | 1,755 | |
Computer And Office Equipment [member] | Gross carrying amount [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | 2,114 | 555 | |
Leagold Acquisition | 318 | ||
Additions | 326 | 1,633 | |
Disposals | (74) | ||
Ending balance | 2,758 | 2,114 | |
Computer And Office Equipment [member] | Accumulated impairment [member] | |||
Disclosure of property plant and equipment [line items] | |||
Beginning balance | (359) | (100) | |
Additions | 694 | 294 | |
Disposals | 35 | ||
Ending balance | $ (1,053) | $ (359) | |
[1] | Cost balances as at December 31, 2018, 2019 cost additions, and 2019 cost transfers have been reclassified to conform with the current period presentation. |
Mineral Properties, Plant and_5
Mineral Properties, Plant and Equipment - Detailed Information About In Significant Royalty Arrangement Based On Gross Revenue (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Mesquite | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 0.50% |
Mesquite | Bottom of range [member] | NSR based on gold price [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 6.00% |
Mesquite | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 7.00% |
Mesquite | Top of range [member] | NSR based on gold price [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 9.00% |
Castle Mountain | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 2.65% |
Los Filos | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 3.00% |
Los Filos | EBITDA [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 1.50% |
Los Filos | Gross Revenue [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 0.50% |
Aurizona | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 1.50% |
Aurizona | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 3.00% |
Aurizona | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 5.00% |
Fazenda | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 0.75% |
Fazenda | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 1.50% |
RDM | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 1.00% |
RDM | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 1.50% |
Pilar | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 0.75% |
Pilar | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of Net Smelter Returns To Royalty | 1.50% |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Liabilities - Summary of Detailed Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Payable And Accrued Liabilities [Abstract] | ||
Trade payables | $ 99,197 | $ 45,057 |
Capital related | 7,056 | 18,833 |
Accrued interest | 390 | 1,553 |
Value added and income taxes payable | 23,900 | 1,761 |
Accounts payable and accrued liabilities current | $ 130,543 | $ 67,204 |
Loans and Borrowings - Disclosu
Loans and Borrowings - Disclosure of Detailed Information About Borrowings Explanatory (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | $ 545,241 | $ 264,049 | $ 214,559 |
Less: Current portion of loans and borrowings | (13,333) | (61,574) | |
Non-current portion of loans and borrowings | 531,908 | 202,475 | |
Credit Facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | 289,910 | 116,625 | |
2020 Convertible Notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | 126,645 | ||
2019 Convertible Notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | $ 128,686 | 125,850 | |
Standby Loan [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | 12,000 | ||
Debenture [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | $ 9,574 |
Loans and Borrowings - Disclo_2
Loans and Borrowings - Disclosure of Detailed Information About changes in Loans And Borrowings Arising From Investing And Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in loans and borrowings arising from investing and financing activities | ||
Beginning Balance | $ 264,049 | $ 214,559 |
Repayment of Sprott loans and Short-term Loan | (131,211) | |
Modification gain and transaction costs on conversion of Mesquite Acquisition Credit Facility to Revolving Credit Facility | (1,804) | |
Debt component of convertible notes, net of deferred financing costs | 124,622 | 123,942 |
Repayment of debt and accrued interest | (547,463) | |
Loss on extinguishment of debt | 13,540 | |
Debenture principal repayment settled by issuance of shares | (10,450) | |
Modification gain and transaction costs incurred on Credit Facility | (4,839) | |
Accretion and accrued interest | 12,320 | 7,467 |
Ending Balance | 545,241 | 264,049 |
Aurizona Construction Facility [Member] | ||
Changes in loans and borrowings arising from investing and financing activities | ||
Net of deferred financing costs | 8,814 | |
Short-term Loan [Member] | ||
Changes in loans and borrowings arising from investing and financing activities | ||
Net of deferred financing costs | 19,600 | |
Revolving credit facility [member] | ||
Changes in loans and borrowings arising from investing and financing activities | ||
Net of deferred financing costs | $ 19,592 | |
Ending Balance | 50,000 | |
Credit Facility | ||
Changes in loans and borrowings arising from investing and financing activities | ||
Net of deferred financing costs | 372,682 | |
Leagold Mining Corporation [member] | ||
Changes in loans and borrowings arising from investing and financing activities | ||
Net of deferred financing costs | $ 323,870 |
Loans and Borrowings - Disclo_3
Loans and Borrowings - Disclosure of Detailed Information About changes in Loans And Borrowings Arising From Investing And Financing Activities (Parantheticals) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Detailed Information About changes in Loans And Borrowings [Line Items] | ||
Proceeds from borrowings | $ 518,958 | $ 189,661 |
Aurizona Construction Facility [Member] | ||
Disclosure Of Detailed Information About changes in Loans And Borrowings [Line Items] | ||
Proceeds from borrowings | 10,000 | |
Short-term Loan [Member] | ||
Disclosure Of Detailed Information About changes in Loans And Borrowings [Line Items] | ||
Proceeds from borrowings | 20,000 | |
Revolving credit facility [member] | ||
Disclosure Of Detailed Information About changes in Loans And Borrowings [Line Items] | ||
Proceeds from borrowings | $ 20,000 | |
Credit Facility [Member] | ||
Disclosure Of Detailed Information About changes in Loans And Borrowings [Line Items] | ||
Proceeds from borrowings | $ 380,000 |
Loans and Borrowings - Addition
Loans and Borrowings - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 24, 2020 | Mar. 10, 2020 | Jun. 30, 2019 | Apr. 11, 2019 | Aug. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Minimum liquidity | $ 545,241 | $ 545,241 | $ 264,049 | $ 214,559 | |||||||
Deferred tax expense | (14,239) | (112) | |||||||||
Proceeds from borrowings | 518,958 | 189,661 | |||||||||
Repayment of borrowings | 546,274 | 136,888 | |||||||||
Sandstorm Debenture [Member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Number of shares issued on conversion | 2,227,835 | ||||||||||
Principal and accrued interest | $ 10,500 | ||||||||||
Gain loss on extinguishment of debt | $ 300 | ||||||||||
Repayment of borrowings | $ 10,400 | ||||||||||
Credit facility [member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Minimum liquidity | $ 50,000 | $ 50,000 | |||||||||
Interest rate subject to reference rate | LIBOR plus 2.5% to 3.75% | ||||||||||
Gain loss on modification | $ 2,600 | ||||||||||
Effective interest rate used | 4.40% | ||||||||||
Transaction costs incurred | $ 9,200 | ||||||||||
Proceeds from borrowings | 20,000 | ||||||||||
Borrowings maturity | March 8, 2024 | ||||||||||
Gain Loss On Modification Of Debt | $ 2,600 | ||||||||||
Credit facility [member] | Covid19 [Member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Gain loss on modification | $ 2,700 | ||||||||||
Proceeds from borrowings | $ 180,000 | ||||||||||
Repayment of borrowings | 200,000 | ||||||||||
Gain Loss On Modification Of Debt | $ 2,700 | ||||||||||
Credit facility [member] | Bottom of range [member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Borrowings adjustment to interest rate basis | 2.50% | ||||||||||
Credit facility [member] | Top of range [member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Borrowings adjustment to interest rate basis | 3.75% | ||||||||||
Standby Loan [member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Minimum liquidity | $ 12,000 | ||||||||||
Repayment of borrowings | $ 13,700 | ||||||||||
Convertible Notes [Member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Interest rate | 4.75% | 5.00% | |||||||||
Terms of conversion | The 2020 Notes mature on March 10, 2025 and bear interest at a fixed rate of 4.75% per year payable quarterly in arrears. The 2020 Notes are convertible at the holder’s option into common shares of the Company at a fixed conversion price of $7.80 per share. Holders may exercise their conversion option at any time, provided that the holder owns less than 20% of the outstanding common shares of the Company. On or after March 10, 2023, the Company has a call right that may be exercised if the 90-day volume weighted average price (“VWAP”) of the Company’s shares exceeds $10.14 for a period of 30 consecutive days. If the call right is exercised, the holders would be required to either (i) exercise the conversion option on the remaining principal outstanding or (ii) demand cash payment from the Company subject to a predetermined formula based on the conversion price of $7.80 per share and the Company’s share price at the time of redemption. | ||||||||||
Debt fair value | $ 128,100 | $ 126,800 | |||||||||
Conversion price | $ 7.80 | $ 5.25 | |||||||||
Threshold percentage of common shares | 20.00% | 20.00% | |||||||||
Minimum share price | $ 10.14 | $ 6.83 | |||||||||
Borrowings repayment period | 5 years | 5 years | |||||||||
Effective discount rate used | 6.90% | 7.50% | |||||||||
Residual value Net | $ 8,600 | $ 10,500 | |||||||||
Residual value Gross | 11,700 | 12,800 | |||||||||
Deferred tax expense | $ 3,100 | $ 2,300 | |||||||||
Effective interest rate used | 7.30% | 7.70% | |||||||||
Transaction costs incurred | $ 3,300 | $ 3,200 | |||||||||
Transaction costs capitalised | 3,000 | 2,900 | |||||||||
Transaction costs allocated to equity | 300 | 300 | |||||||||
Maximum capacity | 130,000 | ||||||||||
Proceeds from borrowings | 139,300 | 139,700 | |||||||||
Convertible Notes [Member] | Mubadala Investment Company [Member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Minimum liquidity | 130,000 | 130,000 | |||||||||
Maximum capacity | 130,000 | ||||||||||
Convertible Notes [Member] | Pacific Road Resources Fund [Member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Minimum liquidity | $ 9,300 | $ 9,700 | |||||||||
Convertible Notes Two Thousand And Twenty [Member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Borrowings maturity | March 10, 2025 | ||||||||||
Number of days for determining volume weighted average price | 90 days | ||||||||||
Number of consecutive trading days for determning the share price | 30 days | ||||||||||
Leagold Mining Corporation [Member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Borrowings recognised as of acquistion date | $ 323,900 | ||||||||||
Revolving Facility [Member] | Bank Of Nova Montreal Societe Generale And Ing Capital LLC | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Maximum capacity | 400,000 | ||||||||||
Revolving Facility [Member] | Bank Of Nova Montreal Societe Generale And Ing Capital LLC | Covid19 [Member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Proceeds from borrowings | $ 180,000 | ||||||||||
Amortising Term Loan [Member] | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Proceeds from borrowings | 100,000 | ||||||||||
Amortising Term Loan [Member] | Bank Of Nova Montreal Societe Generale And Ing Capital LLC | |||||||||||
Disclosure Of Loans And Borrowings [Line Items] | |||||||||||
Maximum capacity | 100,000 | ||||||||||
Proceeds from borrowings | $ 100,000 | ||||||||||
Borrowings maturity | March 10, 2025 | ||||||||||
Borrowings quarterly principal repayment percentage | 6.67% | ||||||||||
Borrowings maturity start date | September 30, 2021 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Disclosure Details Of Gain And Loss Realised And Unrealised Due To Change In Fair Value Of Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Gold Collars [Member] | ||
Statements [Line Items] | ||
Realized loss on settlement of gold contracts | $ 35,223 | |
Unrealized loss on revaluation of gold contracts outstanding | 12,868 | |
Gains And Losses On Change In Fair Value Of Derivatives Realised And Unrealised | 48,091 | |
Foreign Exchange Contracts [Member] | ||
Statements [Line Items] | ||
Realized loss on settlement of gold contracts | 584 | 1,197 |
Unrealized loss on revaluation of gold contracts outstanding | 14,147 | (1,640) |
Gains And Losses On Change In Fair Value Of Derivatives Realised And Unrealised | $ 14,731 | $ (443) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Disclosure of Detailed Information About Derivative Instruments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Not later than one year [member] | BRL [Member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Notional amount | $ 164,780 |
Not later than one year [member] | MXP [Member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Notional amount | 24,000 |
Later than one year and not later than two years [member] | BRL [Member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Notional amount | 14,501 |
Later than one year and not later than two years [member] | MXP [Member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Notional amount | $ 2,000 |
Purchased call options [member] | BRL [Member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Weighted average USD:BRL rates | 4,510 |
Purchased call options [member] | MXP [Member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Weighted average USD:BRL rates | 21,750 |
Written put options [member] | BRL [Member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Weighted average USD:BRL rates | 5,170 |
Written put options [member] | MXP [Member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Weighted average USD:BRL rates | 25,990 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Detail) $ in Thousands | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2020USD ($)oz | Dec. 31, 2020USD ($)oz$ / shares | Dec. 31, 2019USD ($)$ / shares | Mar. 10, 2020per_oz | |
Statements [Line Items] | ||||
Derivative Total Weight Per Month | oz | 4,583 | |||
Current derivative financial liabilities | $ | $ 63,993 | $ 63,993 | ||
Traded warrants [Member] | At fair value [member] | ||||
Statements [Line Items] | ||||
Market price of traded warrants | $ / shares | $ 0.58 | $ 0.42 | ||
Gold collars [member] | ||||
Statements [Line Items] | ||||
Derivative Aggregate Total Weight | oz | 116,250 | |||
Derivative Total Weight Per Month | oz | 3,750 | |||
Derivative Weight Of The Commodity To Be Delivered | oz | 78,764 | 78,764 | ||
Gold collars [member] | Put option strike price [member] | ||||
Statements [Line Items] | ||||
Average price of hedging instrument | per_oz | 1,325 | |||
Gold collars [member] | Call Option Strike Price | ||||
Statements [Line Items] | ||||
Average price of hedging instrument | per_oz | 1,430 | |||
Foreign Exchange Contracts [Member] | Not Designated As Hedging Instruments [Member] | ||||
Statements [Line Items] | ||||
Fair value of derivative assets | $ | $ 1,600 | $ 1,600 | ||
Fair value of derivative liabilites | $ | 12,500 | 12,500 | ||
Fair value of derivative liabilities current | $ | $ 12,200 | $ 12,200 | ||
Forward Swap Contracts | ||||
Statements [Line Items] | ||||
Average price of hedging instrument | per_oz | 1,350 | |||
Derivative Aggregate Total Weight | oz | 142,083 | |||
Derivative Weight Of The Commodity To Be Delivered | oz | 96,234 | 96,234 | ||
Gold Collars And Forward Contracts | ||||
Statements [Line Items] | ||||
Fair value of derivative liabilites | $ | $ 91,400 | $ 91,400 | $ 0 | |
Current derivative financial liabilities | $ | $ 51,800 | $ 51,800 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Detailed Information About Fair Value Adjustment And Activities In Traded Warrant Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statements [Line Items] | ||
Beginning balance | $ 56,146 | |
Ending balance | 90,573 | $ 56,146 |
Traded and Non-traded warrants [member] | ||
Statements [Line Items] | ||
Beginning balance | 56,146 | 18,861 |
Issued in Leagold Acquisition | 8,543 | |
Warrants exercised | (43,885) | (868) |
Change in fair value | 29,862 | 38,153 |
Ending balance | $ 50,666 | $ 56,146 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Detailed Information About Weighted Average Assumptions of Non-traded Warrants (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Text Block [Abstract] | ||
Risk-free rate | 0.20% | 1.70% |
Warrant expected life | 1 year | 1 year 2 months 12 days |
Expected volatility | 47.10% | 45.10% |
Expected dividend | 0.00% | 0.00% |
Share price | $ 14.02 | $ 10.16 |
Reclamation Obligation - Disclo
Reclamation Obligation - Disclosure Of Detailed Information About Reclamation Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of detailed information about reclamation obligation [line Items] | ||
Beginning balance | $ 30,229 | $ 23,942 |
Assumed with the Leagold Acquisition | 62,238 | |
Accretion | 2,209 | 719 |
Change in estimates | 31,537 | 5,673 |
Reclamation expenditures | (396) | |
Foreign exchange translation | (5,026) | (105) |
Ending balance | 120,791 | 30,229 |
Less: Current portion | (3,688) | |
Non-current portion | 117,103 | 29,885 |
Mexico [member] | ||
Schedule of detailed information about reclamation obligation [line Items] | ||
Assumed with the Leagold Acquisition | 32,878 | |
Accretion | 179 | |
Change in estimates | 16,634 | |
Reclamation expenditures | (49) | |
Ending balance | 49,642 | |
Less: Current portion | (2,410) | |
Non-current portion | 47,232 | |
Brazil [member] | ||
Schedule of detailed information about reclamation obligation [line Items] | ||
Beginning balance | 7,894 | 4,079 |
Assumed with the Leagold Acquisition | 29,360 | |
Accretion | 1,845 | 334 |
Change in estimates | 10,241 | 3,586 |
Reclamation expenditures | (276) | |
Foreign exchange translation | (5,026) | (105) |
Ending balance | 44,038 | 7,894 |
Less: Current portion | (1,278) | |
Non-current portion | 42,760 | |
USA [member] | ||
Schedule of detailed information about reclamation obligation [line Items] | ||
Beginning balance | 22,335 | 19,863 |
Accretion | 185 | 385 |
Change in estimates | 4,662 | 2,087 |
Reclamation expenditures | (71) | |
Ending balance | 27,111 | $ 22,335 |
Non-current portion | $ 27,111 |
Reclamation Obligation - Additi
Reclamation Obligation - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Undiscounted value of the provision | $ 167.1 | $ 38.1 |
Western Mesquite Mines Inc [Member] | ||
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Security for reclamation | $ 0.3 | |
Bottom of range [member] | ||
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Future cash flows using inflation rates | 2.00% | 2.20% |
Future cash flow discount rate | 0.90% | 1.80% |
Top of range [member] | ||
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Future cash flows using inflation rates | 3.50% | 3.30% |
Future cash flow discount rate | 6.90% | 5.80% |
Other Long-Term Liabilities - D
Other Long-Term Liabilities - Disclosure Of Detailed Information About Other Long Term Liabilities Explanatory (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Detailed Information About Other Long Term Liabilities [Abstract] | ||
Provision for legal and tax matters | $ 13,241 | $ 4,049 |
Lease liabilities | 9,949 | 848 |
Cash settled equity awards | 3,992 | 253 |
Other liabilities | 5,587 | |
Other non-current liabilities | $ 32,769 | $ 5,150 |
Leases - Summary of Quantitativ
Leases - Summary of Quantitative Information About Right of Use Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Plant and equipment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | $ 580 | $ 0 |
Additions | 13,612 | 782 |
Depreciation | (8,195) | (202) |
Recognized in Leagold Acquisition | 10,386 | |
Ending balance | 16,383 | 580 |
Computer and office equipment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 541 | 229 |
Additions | 56 | 537 |
Depreciation | (329) | (225) |
Recognized in Leagold Acquisition | 318 | |
Ending balance | $ 586 | $ 541 |
Leases - Summary of Lease Liabi
Leases - Summary of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Non-current lease liabilities included in other long-term liabilities | $ 9,949 | $ 848 | |
Lease liabilities | 18,884 | $ 13,400 | 1,349 |
Other Current Liabilities [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Current lease liabilities included in other current liabilities | 8,935 | 501 | |
Other Long Term Liabilities [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Non-current lease liabilities included in other long-term liabilities | $ 9,949 | $ 848 |
Leases - Additional information
Leases - Additional information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of quantitative information about right-of-use assets [abstract] | |||
Right-of-use assets | $ 13,400 | ||
Lease liabilities | $ 18,884 | $ 13,400 | $ 1,349 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | Mar. 17, 2021USD ($)$ / shares | Apr. 09, 2020USD ($)$ / sharesshares | Mar. 10, 2020USD ($)$ / sharesshares | Jun. 30, 2019shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2020$ / shares | Dec. 31, 2019CAD ($)$ / sharesshares | Dec. 31, 2018$ / sharesshares |
Description of share issuances [line items] | |||||||||||
Share issuance costs | $ | $ 62 | ||||||||||
Number of share options granted | 156,200 | 359,210 | |||||||||
Share-based compensation expense | $ | $ 6,751 | $ 5,017 | |||||||||
Number of other equity instruments outstanding | 17,701,156 | 17,701,156 | |||||||||
Weighted average share price of equity instruments granted | $ / shares | $ 11.80 | $ 5.30 | |||||||||
Proceeds from private placement from related parties | $ | $ 40,400 | ||||||||||
Share Capital | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of shares issued | 242,400,000 | 242,400,000 | |||||||||
Number of shares outstanding | 242,354,406 | 242,354,406 | 113,452,363 | 113,452,363 | 113,452,363 | 110,425,401 | |||||
Share issuance costs | $ | $ 62 | ||||||||||
Number of other equity instruments exercised | 26,500,000 | 400,000 | |||||||||
Option Plan [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Percentage of outstanding stock at grant date | 10.00% | ||||||||||
Share-based compensation expense | $ | $ 600 | $ 900 | |||||||||
Weighted average exercise price of options exercisable | $ / shares | $ 6,900,000 | ||||||||||
Equinox Gold Restricted Share Unit Plan [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Share-based compensation expense | $ | $ 6,200 | $ 3,900 | |||||||||
Non-adjusting events after reporting period [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Par value per share | $ / shares | $ 10 | ||||||||||
Non-adjusting events after reporting period [member] | Private Placement Tranche One [Member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Proceeds from issuance of private placement | $ | $ 67,900 | ||||||||||
Non-adjusting events after reporting period [member] | Private Placement Tranche Two [Member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Proceeds from issuance of private placement | $ | $ 75,000 | ||||||||||
Directors Officers And Employees [member] | Option Plan [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of share options granted | 200,000 | 400,000 | |||||||||
Share Purchase Warrants [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of shares outstanding | 369,915 | 369,915 | |||||||||
Proceeds from share issuance | $ | $ 171,500 | $ 700 | |||||||||
Number of other equity instruments issued | 16,626,569 | ||||||||||
Weighted average exercise price of other equity instruments outstanding | $ / shares | $ 14 | $ 12 | $ 11.90 | ||||||||
Number of other equity instruments exercised | 20,976,625 | 363,235 | |||||||||
Performance Based Restricted Share Units [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of shares outstanding | 319,286 | 319,286 | |||||||||
Number of other equity instruments issued | (129,706) | ||||||||||
Number of other equity instruments exercised | 179,938 | ||||||||||
Number of other equity instruments granted | 213,600 | 143,740 | |||||||||
Performance Based Restricted Share Units [member] | Equinox Gold Restricted Share Unit Plan [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of other equity instruments issued | 200,000 | 100,000 | |||||||||
Fair value of cash settled share-based payment awards | $ | $ 2,300 | $ 2,300 | $ 0 | $ 0 | |||||||
Performance Based Restricted Share Units [member] | Bottom of range [member] | Equinox Gold Restricted Share Unit Plan [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Award vesting percentage | 0.00% | ||||||||||
Performance Based Restricted Share Units [member] | Top of range [member] | Equinox Gold Restricted Share Unit Plan [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Award vesting percentage | 200.00% | ||||||||||
Performance Based Restricted Share Units [member] | Directors Officers And Employees [member] | Equinox Gold Restricted Share Unit Plan [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of other equity instruments granted | 200,000 | 100,000 | |||||||||
Restricted Share Units [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of other equity instruments issued | (220,289) | ||||||||||
Number of other equity instruments exercised | 463,608 | ||||||||||
Number of other equity instruments granted | 375,017 | 488,560 | |||||||||
Restricted Share Units [member] | Equinox Gold Restricted Share Unit Plan [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of other equity instruments issued | 500,000 | 200,000 | |||||||||
Number of other equity instruments granted | 400,000 | 500,000 | |||||||||
Weighted average share price of other equity instruments granted | $ / shares | $ 11.25 | $ 5.65 | |||||||||
Cash Settled Restricted Share Units [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of other equity instruments issued | (65,900) | ||||||||||
Number of other equity instruments granted | 78,900 | 168,800 | |||||||||
Cash Settled Restricted Share Units [member] | Equinox Gold Restricted Share Unit Plan [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of other equity instruments granted | 100,000 | 200,000 | |||||||||
Weighted average grant date fair value of other equity instruments | $ | $ 10,520 | ||||||||||
Fair value of cash settled share-based payment awards | $ | $ 1,200 | $ 1,200 | $ 200 | $ 200 | |||||||
Deferred share units [Member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of other equity instruments granted | 8,266 | ||||||||||
Total fair value of DSU outstanding | $ | $ 1,300 | $ 1,300 | $ 0 | $ 0 | |||||||
Weighted average price per unit | $ / shares | $ 16.44 | ||||||||||
Non Brokered Private Placement [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of shares issued during the period | 6,472,491 | ||||||||||
Proceeds from share issuance | $ | $ 40,000 | ||||||||||
Share issuance costs | $ | $ 100 | ||||||||||
Weighted average share price of equity instruments granted | $ / shares | $ 6.18 | ||||||||||
Non Brokered Private Placement [member] | Chairman [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Proceeds from share issuance | $ | $ 36,000 | ||||||||||
Pacific Road Resources Funds [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of shares issued during the period | 461,947 | ||||||||||
Proceeds from share issuance | $ | $ 2,900 | ||||||||||
Weighted average share price of equity instruments granted | $ / shares | $ 6.18 | ||||||||||
Sandstorm [member] | |||||||||||
Description of share issuances [line items] | |||||||||||
Number of shares issued during the period | 2,200,000 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | $ 8,140 | $ 5,632 |
General And Administration Expenses [Member] | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 6,751 | 5,017 |
Operating expenses [Member] | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 1,063 | 386 |
Exploration [Member] | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 326 | 229 |
Share Purchase Option [Member] | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 618 | 903 |
Restricted Share Units [member] | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 3,320 | 2,542 |
Performance share units [Member] | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 3,882 | 2,187 |
Deferred share units [Member] | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | $ 320 | $ 0 |
Share Capital - Disclosure of I
Share Capital - Disclosure of Indirect Measurement of Fair Value of Goods or Services Received, Share Options Granted (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average assumptions for share options granted [Abstract] | ||
Exercise price (C$) | $ 11.80 | $ 5.30 |
Risk-free interest rate | 0.40% | 1.80% |
Volatility | 65.20% | 65.70% |
Dividend yield | 0.00% | 0.00% |
Expected life | 5 years | 5 years |
Share Capital - Disclosure of N
Share Capital - Disclosure of Number and Weighted Average Exercise Prices of Share Options (Detail) | 12 Months Ended | |
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Shares issuable on exercise of options, Outstanding | shares | 2,675,113 | 2,776,302 |
Shares issuable on exercise of options, Issued in Leagold Acquisition | shares | 5,728,647 | |
Shares issuable on exercise of options, Granted | shares | 156,200 | 359,210 |
Shares issuable on exercise of options, Exercised | shares | (5,559,803) | (240,895) |
Shares issuable on exercise of options, Expired/forfeited | shares | (81,087) | (219,504) |
Shares issuable on exercise of options, Outstanding | shares | 2,919,070 | 2,675,113 |
Weighted average exercise price, Outstanding | $ / shares | $ 5.99 | $ 6.35 |
Weighted average exercise price, Issued in Leagold Acquisition | $ / shares | 7.77 | |
Weighted average exercise price, Granted | $ / shares | 11.80 | 5.30 |
Weighted average exercise price, Exercised | $ / shares | 7.38 | 2.85 |
Weighted average exercise price, Expired/forfeited | $ / shares | 8.52 | 10.97 |
Weighted average exercise price, Outstanding | $ / shares | $ 7.09 | $ 5.99 |
Share Capital - Disclosure of R
Share Capital - Disclosure of Range of Exercise Prices of Outstanding Share Options (Detail) | 12 Months Ended | ||
Dec. 31, 2019shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2018shares$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Number of options | shares | 2,675,113 | 2,919,070 | 2,776,302 |
Options Outstanding, Weighted average exercise price | $ 5.99 | $ 7.09 | $ 6.35 |
Options Exercisable, Number of options | shares | 2,621,579 | ||
$1.89 - $2.99 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Number of options | shares | 591,820 | ||
Options Outstanding, Weighted average exercise price | $ 2.89 | ||
Options Outstanding, Weighted average remaining contractual life (years) | 8 months 15 days | ||
Options Exercisable, Number of options | shares | 591,820 | ||
Options Exercisable, Weighted average exercise price | $ 2.89 | ||
$1.89 - $2.99 [Member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Range of exercise price | $ 1.89 | ||
$1.89 - $2.99 [Member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Range of exercise price | 2.99 | ||
$3.00 - $4.99 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Number of options | shares | 3,000 | ||
Options Outstanding, Weighted average exercise price | $ 4.75 | ||
Options Outstanding, Weighted average remaining contractual life (years) | 2 years 7 months 9 days | ||
Options Exercisable, Number of options | shares | 3,000 | ||
Options Exercisable, Weighted average exercise price | $ 4.75 | ||
$3.00 - $4.99 [Member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Range of exercise price | 3 | ||
$3.00 - $4.99 [Member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Range of exercise price | 4.99 | ||
$5.00 - $6.99 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Number of options | shares | 1,211,514 | ||
Options Outstanding, Weighted average exercise price | $ 5.72 | ||
Options Outstanding, Weighted average remaining contractual life (years) | 2 years 21 days | ||
Options Exercisable, Number of options | shares | 1,070,223 | ||
Options Exercisable, Weighted average exercise price | $ 5.78 | ||
$5.00 - $6.99 [Member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Range of exercise price | 5 | ||
$5.00 - $6.99 [Member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Range of exercise price | 6.99 | ||
$7.00 - $8.99 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Number of options | shares | 425,362 | ||
Options Outstanding, Weighted average exercise price | $ 14.52 | ||
Options Outstanding, Weighted average remaining contractual life (years) | 2 years 14 days | ||
Options Exercisable, Number of options | shares | 269,162 | ||
Options Exercisable, Weighted average exercise price | $ 16.10 | ||
$7.00 - $8.99 [Member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Range of exercise price | 7 | ||
$7.00 - $8.99 [Member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Range of exercise price | 8.99 | ||
$9.00 - $17.15 [Member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Number of options | shares | 687,374 | ||
Options Outstanding, Weighted average exercise price | $ 8.53 | ||
Options Outstanding, Weighted average remaining contractual life (years) | 1 year 3 months 10 days | ||
Options Exercisable, Number of options | shares | 687,374 | ||
Options Exercisable, Weighted average exercise price | $ 8.53 | ||
$9.00 - $17.15 [Member] | Bottom of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Range of exercise price | 9 | ||
$9.00 - $17.15 [Member] | Top of range [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Options Outstanding, Range of exercise price | $ 17.15 |
Share Capital - Disclosure of D
Share Capital - Disclosure of Detailed Information about Share Purchase Warrants Activity (Detail) - Share Purchase Warrants [member] | 12 Months Ended | |
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure Of Number And Weighted Average Exercise Prices Of Share Purchase Warrants | ||
Outstanding | shares | 24,051,190 | 24,565,862 |
Issued | shares | 16,626,569 | |
Exercised | shares | (20,976,625) | (363,235) |
Expired | shares | (675,976) | (151,437) |
Outstanding | shares | 19,025,158 | 24,051,190 |
Outstanding | $ / shares | $ 12 | $ 11.90 |
Issued | $ / shares | 11.14 | |
Exercised | $ / shares | 9.48 | 5.36 |
Expired | $ / shares | 13.16 | 14.60 |
Outstanding | $ / shares | $ 14 | $ 12 |
Share Capital - Disclosure of_2
Share Capital - Disclosure of Range of Exercise Prices of Outstanding Share Purchase Warrants (Detail) - Share Purchase Warrants [member] | 12 Months Ended | |||
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | ||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Purchase Warrants [Line Items] | ||||
Shares issuable on exercise of warrants | shares | 19,025,158 | 24,051,190 | 24,565,862 | |
Weighted average exercise price | $ 14 | $ 12 | $ 11.90 | |
3.67 - $4.99 [Member] | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Purchase Warrants [Line Items] | ||||
Shares issuable on exercise of warrants | shares | 317,454 | |||
Weighted average exercise price | $ 3.67 | |||
Expiry dates | May 2021 | |||
3.67 - $4.99 [Member] | Bottom of range [member] | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Purchase Warrants [Line Items] | ||||
Range of exercise price | [1] | $ 3.67 | ||
3.67 - $4.99 [Member] | Top of range [member] | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Purchase Warrants [Line Items] | ||||
Range of exercise price | [1] | $ 4.99 | ||
$5.00 - $9.99 [Member] | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Purchase Warrants [Line Items] | ||||
Shares issuable on exercise of warrants | shares | 840,776 | |||
Weighted average exercise price | $ 5.61 | |||
Expiry dates | March 2021 – May 2023 | |||
$5.00 - $9.99 [Member] | Bottom of range [member] | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Purchase Warrants [Line Items] | ||||
Range of exercise price | [1] | $ 5 | ||
$5.00 - $9.99 [Member] | Top of range [member] | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Purchase Warrants [Line Items] | ||||
Range of exercise price | [1] | $ 9.99 | ||
$10.00 - $14.99 [Member] | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Purchase Warrants [Line Items] | ||||
Shares issuable on exercise of warrants | shares | 1,849,262 | |||
Weighted average exercise price | $ 10.91 | |||
Expiry dates | January 2021 – March 2022 | |||
$10.00 - $14.99 [Member] | Bottom of range [member] | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Purchase Warrants [Line Items] | ||||
Range of exercise price | [1] | $ 10 | ||
$10.00 - $14.99 [Member] | Top of range [member] | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Purchase Warrants [Line Items] | ||||
Range of exercise price | [1] | 14.99 | ||
$15.00 - $19.99 [Member] | ||||
Disclosure Of Range Of Exercise Prices Of Outstanding Share Purchase Warrants [Line Items] | ||||
Range of exercise price | [1] | $ 15 | ||
Shares issuable on exercise of warrants | shares | 16,017,666 | |||
Weighted average exercise price | $ 15 | |||
Expiry dates | October 2021 | |||
[1] | 17,701,156 warrants with a weighted average exercise price of $14.21 are exercisable into one common share of Equinox Gold and one-quarter of a share of Solaris Resources Inc. (“Solaris”). Equinox Gold will receive nine-tenths of the proceeds from the exercise of each of these warrants and the remaining proceeds will be paid to Solaris. |
Share Capital - Disclosure of_3
Share Capital - Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Share Units [member] | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | ||
Outstanding | 803,047 | 543,276 |
Granted | 375,017 | 488,560 |
Exercised | (463,608) | |
Settled | (220,289) | |
Forfeited | (4,750) | (8,500) |
Outstanding | 709,706 | 803,047 |
Performance Based Restricted Share Units [member] | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | ||
Outstanding | 1,112,378 | 1,142,544 |
Granted | 213,600 | 143,740 |
Exercised | (179,938) | |
Settled | (129,706) | |
Forfeited | (740) | (44,200) |
Outstanding | 1,145,300 | 1,112,378 |
Share Capital - Disclosure of_4
Share Capital - Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments of Cash Settled RSUs Outstanding (Detail) - Cash Settled Restricted Share Units [Member] - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | ||
Granted | 78,900 | 168,800 |
Settled | (65,900) | |
Forfeited | (37,000) | |
Outstanding | 144,800 | 168,800 |
Share Capital - Disclosure of_5
Share Capital - Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments of PSUs outstanding (Detail) | 12 Months Ended |
Dec. 31, 2020shares | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | |
Issued in Leagold Acquisition | 5,728,647 |
Performance share units [Member] | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | |
Issued in Leagold Acquisition | 369,915 |
Settled | (72,533) |
Forfeited | (14,506) |
Outstanding | 282,876 |
Share Capital - Disclosure of_6
Share Capital - Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments of DSUs outstanding (Detail) | 12 Months Ended |
Dec. 31, 2020shares | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | |
Issued in Leagold Acquisition | 5,728,647 |
Deferred share units [Member] | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | |
Issued in Leagold Acquisition | 319,286 |
Granted | 8,266 |
Redeemed | (202,115) |
Outstanding | 125,437 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020oz | |
Silver Streaming Arrangement [Member] | Wheaton Precious Metal Corp [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Per Ounce Cash Payment | 3.90 |
Number of ounces delivered under streaming arrangement | 1,900,000 |
Silver Streaming Arrangement [Member] | Bottom of range [member] | Wheaton Precious Metal Corp [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Per Ounce Cash Payment | 4.43 |
Silver Streaming Arrangement [Member] | Top of range [member] | Wheaton Precious Metal Corp [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Per Ounce Cash Payment | 4.46 |
Orion Mine Finance [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number of ounces delivered under offtake arrangements | 400,000 |
Orion Mine Finance [Member] | Los Filos [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number Of Ounces To Be Delivered Before Pricing Mechanism Using Offset Arrangement | 1,100,000 |
Orion Mine Finance [Member] | FazendaRDMPilar And Santa Luz [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number Of Ounces To Be Delivered Before Pricing Mechanism Using Offset Arrangement | 700,000 |
Gold [Member] | Orion Mine Finance [Member] | Los Filos [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Percentage Of Gold Production To Be Issued to Offset Arrangement | 50.00% |
Gold [Member] | Orion Mine Finance [Member] | FazendaRDMPilar And Santa Luz [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Percentage Of Gold Production To Be Issued to Offset Arrangement | 35.00% |
Silver [Member] | Silver Streaming Arrangement [Member] | Wheaton Precious Metal Corp [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Number Of Ounces To Be Payable Using Offset Arrangement | 5,000,000 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 842,507 | $ 281,697 |
Gold [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 841,195 | $ 281,697 |
Silver [Member] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 1,312 |
Operating Expenses - Disclosure
Operating Expenses - Disclosure Of Detailed Information About Components Of Operating Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses by nature [abstract] | ||
Raw materials and consumables | $ 153,038 | $ 86,407 |
Salaries and employee benefits | 67,792 | 36,524 |
Contractors | 78,919 | 31,819 |
Repairs and maintenance | 37,876 | 20,195 |
Site administration | 37,464 | 10,823 |
Royalties | 23,312 | 9,451 |
Operating Expense Gross | 398,401 | 195,219 |
Change in inventories | 23,860 | (36,021) |
Total operating expenses | $ 422,261 | $ 159,198 |
Care and Maintenance - Addition
Care and Maintenance - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Covid Nineteen [Member] | ||
Statements [Line Items] | ||
Mine Standby Cost | $ 18.2 | $ 0 |
Care and Maintenance [Member] | ||
Statements [Line Items] | ||
Payments related to temporary Suspension of Operations | 44.6 | |
Mexico [member] | Covid Nineteen [Member] | ||
Statements [Line Items] | ||
Mine Standby Cost | 15.3 | 0 |
Brazil [member] | Covid Nineteen [Member] | ||
Statements [Line Items] | ||
Mine Standby Cost | 2.9 | 0 |
Santa Luz Mine [Member] | Care and Maintenance [Member] | ||
Statements [Line Items] | ||
Payments for maintenance of Mine | $ 2.2 | $ 0 |
General and Administration - Di
General and Administration - Disclosure of Detailed Information About In General And Administration Explanatory (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
General And Administrative Expense [Abstract] | ||
Salaries and benefits | $ 12,497 | $ 6,904 |
Share-based compensation | 6,751 | 5,017 |
Professional fees | 12,814 | 3,672 |
Office and other expenses | 7,638 | 3,899 |
Amortization | 692 | 484 |
Total general and administration | $ 40,392 | $ 19,976 |
Other Income (Expense) - Disclo
Other Income (Expense) - Disclosure Of Detailed Information About In Other Income Expense Non Operating Explanatory (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income Expense [Abstract] | ||
Foreign exchange gain (loss) | $ 12,050 | $ (155) |
Realized and unrealized losses on gold contracts | (48,091) | |
Change in fair value of warrants | (29,862) | (38,185) |
Realized and unrealized losses on foreign exchange contracts | (14,731) | 443 |
Expected credit losses | (6,074) | (444) |
Loss from investment in associate | (5,388) | (881) |
Dilution gain (loss) from investment in associate | 8,033 | 243 |
Other income (expense) | (7,861) | (13,744) |
Total other income (expense) | $ (91,924) | $ (52,723) |
Other Income (Expense) - Additi
Other Income (Expense) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income Expense [Abstract] | ||
Expected credit loss to non-trade receivables | $ 6.1 | $ 0.4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Text Block [Abstract] | ||
Tax rate | 27.00% | 27.00% |
Income Taxes - Disclosure Detai
Income Taxes - Disclosure Detailed Information About Components Of Tax Expense Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | ||
Income (loss) before income taxes | $ 41,531 | $ (13,186) |
Canadian federal and provincial income tax rates | 27.00% | 27.00% |
Expected income tax expense (recovery) based on the above rates | $ 11,213 | $ (3,560) |
Non-deductible expenses | 24,003 | 3,000 |
Change in fair value of derivative liabilities | 8,063 | 10,310 |
Impact of US percentage depletion | (10,325) | |
Impact of Mexican inflation | (2,311) | |
Repayment of long-term debt | 1,448 | |
Deconsolidation of Solaris | 1,008 | |
Impairment and disposition of Elk Gold | 536 | |
Tax effect of deferred tax assets for which no tax benefit has been recognized | 6,424 | 5,238 |
Foreign exchange and other | (16,256) | (10,842) |
Total tax expense | 20,811 | 7,138 |
Current tax expense | 35,050 | 7,250 |
Deferred tax recovery | (14,239) | (112) |
Total tax expense | $ 20,811 | $ 7,138 |
Income Taxes - Disclosure Of De
Income Taxes - Disclosure Of Detailed Information About Components Of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Recognized deferred tax assets and liabilities [abstract] | ||
Non-capital losses | $ 22,421 | $ 11,698 |
Mineral property, plant and equipment | 45,109 | 4,727 |
Reclamation obligation | 15,080 | |
Other | 20,307 | 1,290 |
Total deferred tax assets | 102,917 | 17,715 |
Mineral properties, plant and equipment | (296,861) | (18,456) |
Intercompany loan | (16,757) | |
Reclamation obligation | (5,631) | |
Other | (13,528) | (9,971) |
Total deferred tax liabilities | (332,777) | (28,427) |
Net deferred tax liability | $ (229,860) | $ (10,712) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets And Liabilities Explanatory (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in deferred tax assets and liabilities [Abstract] | ||
Beginning balance | $ (10,712) | $ (8,488) |
Recognized in net income (loss) | 14,239 | 112 |
Acquisition of Leagold | (230,458) | |
Recognized in equity component of Convertible Notes | (2,929) | (2,336) |
Ending balance | $ (229,860) | $ (10,712) |
Income Taxes - Disclosure Of _2
Income Taxes - Disclosure Of Detailed Information About Net Deferred Tax Assets And Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |||
Deferred tax assets | $ 0 | ||
Deferred tax liabilities | (229,860) | $ (10,712) | |
Net deferred tax liability | $ (229,860) | $ (10,712) | $ (8,488) |
Income Taxes - Disclosure Of _3
Income Taxes - Disclosure Of Detailed Information About Deductible Temporary Differences Unused Tax Losses And Unused Tax Credits For Which Deferred Tax Assets Not Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Unrecognized deferred tax assets [Abstract] | ||
Non-capital losses | $ 309,635 | $ 41,647 |
State non-capital losses | 47,445 | 41,025 |
Mineral properties, plant and equipment | 277,097 | 18,735 |
Derivatives | 97,647 | |
Share issue and finance costs | 21,471 | 4,522 |
Inventory | 18,978 | 27,422 |
Unrealized foreign exchange losses on investment and advances | 12,021 | 38,948 |
Reclamation obligation | 54,996 | 28,609 |
State alternative minimum tax credit | 7,787 | 6,525 |
Capital losses | 26,826 | 36,570 |
Interest expense | 19,350 | 16,557 |
Other | 903 | 2,100 |
Total unrecognized deferred tax assets | $ 894,156 | $ 262,660 |
Income Taxes - Disclosure Of _4
Income Taxes - Disclosure Of Detailed Information About Non Capital Loss Applied To Reduce Future Taxable Income (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Statements [Line Items] | |
Non capital loss carryforwards | $ 420,136 |
Brazil [member] | |
Statements [Line Items] | |
Non capital loss carryforwards | 111,752 |
Mexico [member] | |
Statements [Line Items] | |
Non capital loss carryforwards | 100,613 |
Canada [member] | |
Statements [Line Items] | |
Non capital loss carryforwards | 151,726 |
United States [member] | |
Statements [Line Items] | |
Non capital loss carryforwards | 47,445 |
Other [member] | |
Statements [Line Items] | |
Non capital loss carryforwards | $ 8,600 |
Segmented Information - Disclos
Segmented Information - Disclosure Of Operating Segments Explanatory (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | ||||
Disclosure of operating segments [line items] | |||||
Revenue | $ 842,507 | $ 281,697 | |||
Operating expenses | (422,261) | (159,198) | |||
Depreciation and depletion | (131,632) | (38,645) | |||
Exploration | (11,840) | (8,754) | |||
Other income (expense) | (91,924) | (52,723) | |||
Earnings (loss) from operations | 171,387 | 55,124 | |||
Mesquite [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 245,931 | 178,175 | |||
Operating expenses | (126,334) | (108,573) | |||
Depreciation and depletion | (19,655) | (16,764) | |||
Earnings (loss) from operations | 99,942 | 52,838 | |||
Aurizona [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 229,644 | 103,522 | |||
Operating expenses | (92,398) | (50,625) | |||
Depreciation and depletion | (41,991) | (21,881) | |||
Exploration | (5,109) | (2,028) | |||
Earnings (loss) from operations | 90,146 | 28,988 | |||
Los Filos [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 105,872 | ||||
Operating expenses | (80,587) | ||||
Depreciation and depletion | (13,264) | ||||
Exploration | (216) | ||||
Other income (expense) | (59,876) | ||||
Earnings (loss) from operations | (48,071) | ||||
RDM [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 106,635 | ||||
Operating expenses | (48,582) | ||||
Depreciation and depletion | (20,601) | ||||
Other income (expense) | (937) | ||||
Earnings (loss) from operations | 36,515 | ||||
Other operating mines [member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | [1] | 154,425 | |||
Operating expenses | [1] | (74,360) | |||
Depreciation and depletion | [1] | (36,121) | |||
Exploration | [1] | (6,515) | |||
Other income (expense) | [1] | (1,969) | |||
Earnings (loss) from operations | [1] | 35,460 | |||
Development projects [member] | |||||
Disclosure of operating segments [line items] | |||||
Exploration | [2] | (6,726) | |||
Other income (expense) | (2,213) | [3] | (1,115) | [2] | |
Earnings (loss) from operations | (2,213) | [3] | (7,841) | [2] | |
Corporate and other [member] | |||||
Disclosure of operating segments [line items] | |||||
Other income (expense) | (40,392) | (18,861) | [4] | ||
Earnings (loss) from operations | $ (40,392) | $ (18,861) | [4] | ||
[1] | Includes Fazenda and Pilar, which were both acquired on March 10, 2020, and Castle Mountain. | ||||
[2] | Includes Castle Mountain and Santa Luz, which was acquired on March 10, 2020. | ||||
[3] | Includes Santa Luz, which was acquired on March 10, 2020. Castle Mountain was transferred out of Development projects to Other operating mines on achievement of commercial production on November 21, 2020. | ||||
[4] | Includes Gold Mountain, which was divested in May 2019, and Solaris, which was deconsolidated effective June 30, 2019. |
Segmented Information - Discl_2
Segmented Information - Disclosure Of Detailed Information About Assets And Liabilities Based On Operating Segments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of operating segments [line items] | ||||
Assets | $ 2,671,831 | $ 839,350 | ||
Liabilities | (1,224,876) | (436,291) | [1] | |
Los Filos [Member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 1,066,378 | |||
Liabilities | (271,712) | |||
Aurizona [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 338,792 | 380,641 | ||
Liabilities | (49,261) | (55,625) | [1] | |
Mesquite [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 262,758 | 247,797 | ||
Liabilities | (36,032) | (38,190) | [1] | |
RDM [Member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 144,025 | |||
Liabilities | (42,146) | |||
Other operating mines [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 447,104 | |||
Liabilities | (97,320) | |||
Development projects [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | [2] | 209,215 | 158,127 | |
Liabilities | [2] | (10,605) | (11,231) | [1] |
Corporate and other [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 203,559 | 52,785 | ||
Liabilities | $ (717,800) | $ (331,245) | [1] | |
[1] | Total liabilities balances as at December 31, 2019 for Mesquite and Corporate and other have been reclassified to conform with the current period presentation. | |||
[2] | Includes Santa Luz, which was acquired on March 10, 2020. Castle Mountain was transferred out of Development projects to Other operating mines on achievement of commercial production on November 21, 2020. |
Segmented Information - Discl_3
Segmented Information - Disclosure Of Detailed Information About Noncurrent Assets By Jurisdiction (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | ||
Total non-current assets | $ 2,025,807 | $ 690,694 |
Mexico [member] | ||
Disclosure of operating segments [line items] | ||
Total non-current assets | 919,464 | |
Brazil [member] | ||
Disclosure of operating segments [line items] | ||
Total non-current assets | 686,804 | 310,241 |
United States [member] | ||
Disclosure of operating segments [line items] | ||
Total non-current assets | 391,525 | 347,784 |
Canada [member] | ||
Disclosure of operating segments [line items] | ||
Total non-current assets | $ 28,014 | $ 32,669 |
Segmented Information - Discl_4
Segmented Information - Disclosure Of Details of revenue is based on the location (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Details of revenue is based on the location as follows; | ||
Total revenue | $ 842,507 | $ 281,697 |
Brazil [member] | ||
Details of revenue is based on the location as follows; | ||
Total revenue | 484,469 | 103,522 |
United States [member] | ||
Details of revenue is based on the location as follows; | ||
Total revenue | 252,166 | $ 178,175 |
Mexico [member] | ||
Details of revenue is based on the location as follows; | ||
Total revenue | $ 105,872 |
Segmented Information - Summary
Segmented Information - Summary of sales to individual customers that exceed 10 % of annual Metal sales (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of major customers [line items] | ||
Revenue | $ 842,507 | $ 281,697 |
Metal [Member] | ||
Disclosure of major customers [line items] | ||
Revenue | $ 833,342 | $ 280,413 |
Percentage of total metal sales | 98.30% | 99.50% |
Customer One [Member] | Metal [Member] | ||
Disclosure of major customers [line items] | ||
Revenue | $ 354,981 | |
Customer Two [Member] | Metal [Member] | ||
Disclosure of major customers [line items] | ||
Revenue | 259,371 | |
Customer Three [Member] | Metal [Member] | ||
Disclosure of major customers [line items] | ||
Revenue | 131,439 | |
Customer Four [Member] | Metal [Member] | ||
Disclosure of major customers [line items] | ||
Revenue | $ 87,551 | $ 280,413 |
Segmented Information - Summa_2
Segmented Information - Summary of sales to individual customers that exceed 10 % of annual Metal sales (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of major customers [abstract] | |
Percentage of annual sales threshold | 10.00% |
Basic and Diluted Earnings Pe_3
Basic and Diluted Earnings Per Share - Summary of Earnings (Loss) per Share Basic and Diluted Basis (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earning Per Share Basic And Diluted [Abstract] | ||
Basic EPS | 212,487,729 | 112,001,484 |
Dilutive share options | 2,015,014 | |
Dilutive RSUs | 741,588 | |
Dilutive warrants | 3,167,640 | |
Diluted EPS | 218,411,971 | 112,001,484 |
Basic EPS | $ 20,720 | $ (20,324) |
Dilutive warrants | (1,076) | |
Diluted EPS | $ 19,644 | $ (20,324) |
Basic EPS | $ 0.10 | $ (0.16) |
Diluted EPS | $ 0.09 | $ (0.16) |
Basic and Diluted Earnings Pe_4
Basic and Diluted Earnings Per Share - Additional Information (Detail) - shares shares in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Warrants [Member] | ||
Earning Per Share Basic And Diluted [Line Items] | ||
Anti Dilutive Effect on Shares | 16 | 24.1 |
Share Option [Member] | ||
Earning Per Share Basic And Diluted [Line Items] | ||
Anti Dilutive Effect on Shares | 0.2 | 0.4 |
Covertible Note [Member] | ||
Earning Per Share Basic And Diluted [Line Items] | ||
Anti Dilutive Effect on Shares | 41 | 20 |
Supplemental cash flow inform_3
Supplemental cash flow information - Disclosure of detailed information about non-cash investing and financing transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents if different from statement of financial position [abstract] | ||
Shares, options, warrants, DSUs and PSUs issued in Leagold Acquisition | $ 764,083 | |
Shares issued to settle debt | $ 10,110 | |
Non-cash changes in accounts payable in relation to capital expenditures | (16,488) | (1,427) |
Non-cash proceeds from sale of assets | 514 | 2,321 |
Recoverable taxes reclassified from mineral properties, plant and equipment to accounts receivable and other assets | (11,294) | |
Right-of-use assets recognized (note 15(a)) | $ 13,612 | $ 1,548 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Apr. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of transactions between related parties [line items] | |||||
Related party outstanding | $ 2 | $ 1.2 | |||
Mr Beaty [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Proceeds from related party debt | $ 20 | ||||
Debt maturity term | one-year | ||||
Common shares issued during the period | 13,700,000 | 36,000,000 |
Related Party Transactions - Di
Related Party Transactions - Disclosure Of Directors And Other Key Management Personnel (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | ||
Salaries, directors' fees and other short-term benefits | $ 6,763 | $ 2,762 |
Share-based payments | 3,385 | 1,940 |
Total key management personnel compensation | $ 10,148 | $ 4,702 |
Capital Management - Detailed I
Capital Management - Detailed Information About Capital Computation (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Capital Management [Abstract] | |||
Equity | $ 1,446,955 | $ 403,059 | |
Loans and borrowings | 545,241 | 264,049 | $ 214,559 |
Equity and borrowings | 1,992,196 | 667,108 | |
Cash and cash equivalents | (344,926) | (67,716) | $ (60,822) |
Total | $ 1,647,270 | $ 599,392 |
Financial Instrument Risk Exp_3
Financial Instrument Risk Exposure and Risk Management - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial liabilities [line items] | ||||
Maximum exposure to credit risk of financial assets | $ 404,500 | |||
Exposure to foreign currency risk of financial assets | $ 96,379 | $ 47,374 | ||
Change in currency rate | 10.00% | |||
Net loss increase decrease | $ 1,900 | 1,000 | ||
Net loss in the year | 20,720 | (20,324) | ||
Proceeds from borrowings | $ 518,958 | 189,661 | ||
LIBOR Interest rate [member] | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings, adjustment to interest rate basis | 1.00% | |||
Revolving credit facility [member] | ||||
Disclosure of financial liabilities [line items] | ||||
Proceeds from borrowings | 20,000 | |||
Repayments of principal | $ 200,000 | |||
Current borrowing capacity | $ 200,000 | |||
Revolving credit facility [member] | Covid-19 [member] | ||||
Disclosure of financial liabilities [line items] | ||||
Proceeds from borrowings | $ 180,000 | |||
Tern loan [member] | ||||
Disclosure of financial liabilities [line items] | ||||
Current borrowing capacity | 100,000 | |||
Brazilian Reals [Member] | ||||
Disclosure of financial liabilities [line items] | ||||
Exposure to foreign currency risk of financial assets | 73,236 | 28,653 | ||
Canadian Dollars [Member] | ||||
Disclosure of financial liabilities [line items] | ||||
Exposure to foreign currency risk of financial assets | 13,254 | 18,721 | ||
Mexican Pesos [Member] | ||||
Disclosure of financial liabilities [line items] | ||||
Exposure to foreign currency risk of financial assets | 9,889 | |||
Cash and cash equivalents [member] | Brazilian Reals [Member] | ||||
Disclosure of financial liabilities [line items] | ||||
Exposure to foreign currency risk of financial assets | 58,400 | 12,900 | ||
Cash and cash equivalents [member] | Canadian Dollars [Member] | ||||
Disclosure of financial liabilities [line items] | ||||
Exposure to foreign currency risk of financial assets | 900 | 0 | ||
Cash and cash equivalents [member] | Mexican Pesos [Member] | ||||
Disclosure of financial liabilities [line items] | ||||
Exposure to foreign currency risk of financial assets | $ 2,400 | $ 7,800 |
Financial Instrument Risk Exp_4
Financial Instrument Risk Exposure and Risk Management - Disclosure Of Detailed Information About Financial Assets And Liabilities Denominated In Currencies Other Than The US Dollar (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial liabilities [line items] | ||
Financial assets | $ 96,379 | $ 47,374 |
Financial liabilities | 75,519 | 35,973 |
Brazilian Reals [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial assets | 73,236 | 28,653 |
Financial liabilities | 61,896 | 28,986 |
Mexican Pesos [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial assets | 9,889 | |
Financial liabilities | 5,952 | |
Canadian Dollars [Member] | ||
Disclosure of financial liabilities [line items] | ||
Financial assets | 13,254 | 18,721 |
Financial liabilities | $ 7,671 | $ 6,987 |
Fair Value Measurements - Detai
Fair Value Measurements - Detailed Information about Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | $ 380,802 | $ 110,225 |
Financial liabilities | 861,135 | 407,280 |
Traded warrants [member] | Financial liabilities at FVTPL: [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 36,455 | 26,056 |
Non-traded warrants [member] | Financial liabilities at FVTPL: [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 14,211 | 30,090 |
Accounts payable and accrued liabilities [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 119,641 | 67,047 |
Convertible Notes [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 281,498 | 137,995 |
Credit facility [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 300,599 | 120,225 |
Debenture [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 10,061 |
Standby Loan [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 13,252 |
Other liabilities [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 0 | 1,795 |
Gold collars and forward swap contracts | Financial liabilities at FVTPL: [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 91,393 | 0 |
Foreign Exchange Contracts [Member] | Financial liabilities at FVTPL: [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 12,507 | 0 |
Cash settled equity awards | Financial liabilities at FVTPL: [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial liabilities | 4,831 | 759 |
Cash and cash equivalents [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 344,926 | 67,716 |
Restricted cash [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 3,210 | 15,285 |
Trade Receivables [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 17,212 | 0 |
Receivable from Serabi [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 6,429 | 12,033 |
Long term receivables [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 5,768 | 11,986 |
Reclamation bonds and other receivables [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 136 | 577 |
Marketable securities [member] | Financial assets at FVTPL: [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | 3,121 | 988 |
Foreign Exchange Contracts [Member] | Financial assets at FVTPL: [member] | ||
Disclosure of financial assets and liabilities [Line Items] | ||
Financial assets | $ 0 | $ 1,640 |
Commitments and Contingencies -
Commitments and Contingencies - Disclosure of Detailed Information about Contractual Obligations Outstanding (Detail) $ in Thousands | Dec. 31, 2020USD ($) | |
Contractual Obligations [Line Items] | ||
Loans and borrowings and accrued interest | $ 654,805 | |
Accounts payable and accrued liabilities | 119,641 | |
Reclamation obligations | 167,142 | [1] |
Purchase commitments | 69,879 | |
Gold Contracts | 91,393 | |
Foreign exchange contracts | 12,507 | |
Lease commitments | 16,006 | |
Total | 1,131,373 | |
Within 1 year [member] | ||
Contractual Obligations [Line Items] | ||
Loans and borrowings and accrued interest | 34,924 | |
Accounts payable and accrued liabilities | 119,641 | |
Reclamation obligations | 4,009 | [1] |
Purchase commitments | 64,670 | |
Gold Contracts | 51,805 | |
Foreign exchange contracts | 12,188 | |
Lease commitments | 5,099 | |
Total | 292,336 | |
1-2 years [member] | ||
Contractual Obligations [Line Items] | ||
Loans and borrowings and accrued interest | 47,675 | |
Accounts payable and accrued liabilities | 0 | |
Reclamation obligations | 6,183 | [1] |
Purchase commitments | 4,264 | |
Gold Contracts | 39,588 | |
Foreign exchange contracts | 319 | |
Lease commitments | 4,595 | |
Total | 102,625 | |
2-3 years [member] | ||
Contractual Obligations [Line Items] | ||
Loans and borrowings and accrued interest | 46,960 | |
Accounts payable and accrued liabilities | 0 | |
Reclamation obligations | 11,045 | [1] |
Purchase commitments | 931 | |
Gold Contracts | 0 | |
Foreign exchange contracts | 0 | |
Lease commitments | 4,487 | |
Total | 63,423 | |
3-4 years [member] | ||
Contractual Obligations [Line Items] | ||
Loans and borrowings and accrued interest | 376,358 | |
Accounts payable and accrued liabilities | 0 | |
Reclamation obligations | 11,452 | [1] |
Purchase commitments | 13 | |
Gold Contracts | 0 | |
Foreign exchange contracts | 0 | |
Lease commitments | 1,800 | |
Total | 389,623 | |
4-5 years [member] | ||
Contractual Obligations [Line Items] | ||
Loans and borrowings and accrued interest | 148,888 | |
Accounts payable and accrued liabilities | 0 | |
Reclamation obligations | 16,123 | [1] |
Purchase commitments | 0 | |
Gold Contracts | 0 | |
Foreign exchange contracts | 0 | |
Lease commitments | 6 | |
Total | 165,017 | |
Thereafter [member] | ||
Contractual Obligations [Line Items] | ||
Loans and borrowings and accrued interest | 0 | |
Accounts payable and accrued liabilities | 0 | |
Reclamation obligations | 118,330 | [1] |
Purchase commitments | 0 | |
Gold Contracts | 0 | |
Foreign exchange contracts | 0 | |
Lease commitments | 19 | |
Total | $ 118,349 | |
[1] | Amount represents undiscounted future cash flows. |
Commitments and Contingencies_2
Commitments and Contingencies - Disclosure of Detailed Information about Contractual Obligations Outstanding (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Contractual Obligations [Line Items] | ||
Legal provision | $ 13.2 | $ 4 |
Insurance Bonds [Member] | ||
Contractual Obligations [Line Items] | ||
Restricted cash | $ 1.2 | $ 13.9 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 16, 2020 | Dec. 31, 2020 | Mar. 01, 2021 | Mar. 10, 2020 |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Consideration transferred, acquisition-date fair value | $ 764,083 | |||
Proportion of ownership interest in joint operation | 50.00% | |||
Premier Gold Mines Limited [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Proportion of ownership interest in joint operation | 50.00% | |||
Hardrock Mine Project [member] | Orion Mine Finance Group [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Proportion of ownership interest in joint operation | 40.00% | |||
Bottom of range [member] | Hardrock Mine Project [member] | Equinox Gold [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Proportion of ownership interest in joint operation | 50.00% | |||
Top of range [member] | Hardrock Mine Project [member] | Equinox Gold [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Proportion of ownership interest in joint operation | 60.00% | |||
Major Business Combination [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Name of acquiree | Premier Gold Mines Limited (“Premier”) | |||
Description of how acquirer issues share to acquiree | On closing of the Transaction, Premier shareholders will receive 0.1967 of an Equinox Gold share. | |||
Non adjusting Events [member] | Hardrock Mine Project [member] | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Percentage of voting interest acquired | 10.00% | |||
Consideration transferred, acquisition-date fair value | $ 51,000 |