Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Dec. 31, 2021 |
Entity File Number | 001-39038 |
Entity Registrant Name | EQUINOX GOLD CORP. |
Entity Incorporation, State or Country Code | Z4 |
Entity Primary SIC Number | 1041 |
Entity Address, Address Line One | Suite 1501 |
Entity Address, Address Line Two | 700 West Pender St. |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V6C 1G8 |
Country Region | 1 |
City Area Code | 604 |
Local Phone Number | 558-0560 |
Title of 12(b) Security | Common Shares without par value |
Trading Symbol | EQX |
Security Exchange Name | NYSEAMER |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 301,324,604 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Amendment Flag | false |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Entity Central Index Key | 0001756607 |
Business Contact | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 28 Liberty Street |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10005 |
City Area Code | 212 |
Local Phone Number | 894-8940 |
Contact Personnel Name | CT Corporation |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Vancouver, B.C., Canada |
Auditor Firm ID | 85 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 305,498 | $ 344,926 |
Marketable securities | 240,530 | 3,120 |
Trade and other receivables | 50,260 | 55,872 |
Inventories | 201,622 | 208,290 |
Derivative assets | 124,234 | 0 |
Prepaid expenses and other current assets | 33,549 | 33,816 |
Assets held for sale | 207,538 | 0 |
Current assets | 1,163,231 | 646,024 |
Non-current assets | ||
Restricted cash | 20,444 | 2,004 |
Inventories | 124,265 | 130,888 |
Mineral properties, plant and equipment | 2,497,919 | 1,858,723 |
Investment in associate | 125,313 | 22,287 |
Deferred tax assets | 10,576 | 0 |
Other non-current assets | 25,613 | 13,474 |
Total assets | 3,967,361 | 2,673,400 |
Current liabilities | ||
Accounts payable and accrued liabilities | 190,116 | 130,543 |
Current portion of loans and borrowings | 26,667 | 13,333 |
Derivative liabilities | 77,699 | 63,993 |
Other current liabilities | 22,339 | 14,795 |
Liabilities relating to assets held for sale | 85,745 | 0 |
Current liabilities | 402,566 | 222,664 |
Non-current liabilities | ||
Loans and borrowings | 514,015 | 531,908 |
Reclamation and closure cost provisions | 95,565 | 117,103 |
Derivative liabilities | 7,158 | 90,573 |
Deferred tax liabilities | 312,198 | 229,860 |
Other non-current liabilities | 50,514 | 32,769 |
Total liabilities | 1,382,016 | 1,224,877 |
Shareholders’ equity | ||
Common shares | 2,006,777 | 1,518,042 |
Reserves | 47,038 | 38,779 |
Accumulated other comprehensive income (“AOCI”) | 84,939 | 0 |
Retained earnings (deficit) | 446,591 | (108,298) |
Total equity | 2,585,345 | 1,448,523 |
Total liabilities and equity | $ 3,967,361 | $ 2,673,400 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | ||
Revenue | $ 1,082,286 | $ 845,388 |
Operating expense | (654,804) | (423,291) |
Depreciation and depletion | (196,892) | (131,914) |
Cost of sales | (851,696) | (555,205) |
Income from mine operations | 230,590 | 290,183 |
Care and maintenance expense | (15,274) | (64,995) |
Exploration expense | (16,253) | (11,840) |
General and administration expense | (52,590) | (40,392) |
Income from operations | 146,473 | 172,956 |
Finance expense | (41,551) | (39,751) |
Finance income | 2,816 | 1,819 |
Share of net income (loss) of associate | 735 | (5,388) |
Other income (expense) | 426,562 | (86,537) |
Income before taxes | 535,035 | 43,099 |
Income tax recovery (expense) | 19,854 | (20,811) |
Net income | $ 554,889 | $ 22,288 |
Net income per share | ||
Basic (in dollars per share) | $ 1.95 | $ 0.10 |
Diluted (in dollars per share) | $ 1.69 | $ 0.10 |
Weighted average shares outstanding | ||
Basic (in shares) | 284,932,357 | 212,487,729 |
Diluted (in shares) | 333,734,701 | 218,411,971 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | ||
Net income | $ 554,889 | $ 22,288 |
Items that may be reclassified subsequently to net income: | ||
Foreign currency translation | (1,345) | 0 |
Items that will not be reclassified subsequently to net income: | ||
Net increase in fair value of marketable securities and other investments in equity instruments | 100,144 | 0 |
Income tax expense relating to change in fair value of marketable securities and other investments in equity instruments | (13,860) | 0 |
Total OCI | 84,939 | 0 |
Total comprehensive income | $ 639,828 | $ 22,288 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | ||
Net income for the year | $ 554,889 | $ 22,288 |
Adjustments for: | ||
Depreciation and depletion | 198,134 | 152,185 |
Finance expense | 41,551 | 39,751 |
Change in fair value of derivatives | (90,643) | 92,684 |
Settlements of derivatives | (46,308) | (35,809) |
Gain on bargain purchase of Premier Gold Mines Limited | (81,432) | 0 |
(Gain) loss on disposal of assets | (81,970) | 1,679 |
Gain on reclassification of investment in Solaris Resources Inc. | (186,067) | 0 |
Unrealized foreign exchange gain | (2,963) | (4,818) |
Share-based compensation expense | 7,327 | 8,140 |
Income tax (recovery) expense | (19,854) | 20,811 |
Income taxes paid | (24,934) | (32,788) |
Other | (3,608) | 6,848 |
Operating cash flow before non-cash changes in working capital | 264,122 | 270,971 |
Non-cash changes in working capital | 56,656 | (15,193) |
Cash provided by (used in) operating activities | 320,778 | 255,778 |
Investing activities | ||
Expenditures on mineral properties, plant and equipment | (344,224) | (174,753) |
Net proceeds on disposal of assets | 90,478 | 6,500 |
Other | (10,323) | (5,691) |
Cash provided by (used in) investing activities | (347,567) | (131,172) |
Financing activities | ||
Draw down on Credit Facility | 0 | 379,680 |
Proceeds from issuance of Convertible Notes | 0 | 139,278 |
Transaction costs | 0 | (10,622) |
Repayment of loans and borrowings | (30,983) | (546,274) |
Interest paid | (22,112) | (26,536) |
Lease payments | (24,309) | (6,667) |
Net proceeds from issuance of shares | 59,498 | 42,793 |
Proceeds from exercise of warrants and stock options | 17,655 | 171,530 |
Other | (1,344) | 9,483 |
Cash provided by (used in) financing activities | (1,595) | 152,665 |
Effect of foreign exchange on cash and cash equivalents | (6,469) | (61) |
(Decrease) increase in cash and cash equivalents | (34,853) | 277,210 |
Cash and cash equivalents – beginning of year | 344,926 | 67,716 |
Cash and cash equivalents – end of year | 310,073 | 344,926 |
Cash and cash equivalents reclassified as held for sale | (4,575) | 0 |
Cash and cash equivalents, excluding amounts classified as held for sale – end of year | 305,498 | 344,926 |
Greenstone Gold Mines LP | ||
Investing activities | ||
Investment in associates | (50,905) | 0 |
i-80 Gold Corp. | ||
Operating activities | ||
Net income for the year | (13,552) | |
Investing activities | ||
Investment in associates | (40,860) | 0 |
Financing activities | ||
Cash and cash equivalents, excluding amounts classified as held for sale – end of year | 51,627 | |
Solaris Resources Inc | ||
Investing activities | ||
Investment in associates | 0 | (12,480) |
Premier Gold Mines Limited | ||
Investing activities | ||
Acquisition of subsidiaries | 8,267 | 0 |
Leagold Mining Corporation | ||
Investing activities | ||
Acquisition of subsidiaries | $ 0 | $ 55,252 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Previously Reported | Revision of Prior Period, Accounting Standards Update, Adjustment | Common Shares | Common SharesPreviously Reported | Reserves | ReservesPreviously Reported | AOCI | Retained Earnings (Deficit) | Retained Earnings (Deficit)Previously Reported | Retained Earnings (Deficit)Revision of Prior Period, Accounting Standards Update, Adjustment |
Beginning balance (in shares) at Dec. 31, 2019 | 113,452,363 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 403,059 | $ 505,686 | $ 27,959 | $ (130,586) | |||||||
Shares and options issued on acquisition (in shares) | 94,635,765 | ||||||||||
Shares and options issued on acquisition | 751,819 | $ 732,042 | 19,777 | ||||||||
Shares issued in private placements (in shares) | 6,934,438 | ||||||||||
Shares issued in private placements | 42,855 | $ 42,855 | |||||||||
Equity component of Convertible Notes issued | 8,322 | 8,322 | |||||||||
Shares issued on exercise of warrants and stock options, and settlement of RSUs and pRSUs (in shares) | 27,331,840 | ||||||||||
Shares issued on exercise of warrants and stock options, and settlement of RSUs and pRSUs | 215,417 | $ 237,521 | (22,104) | ||||||||
Share-based compensation | 4,825 | 4,825 | |||||||||
Share issue costs | (62) | $ (62) | |||||||||
Net income and total comprehensive income | 20,720 | 20,720 | |||||||||
Net income and total comprehensive income | 22,288 | ||||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 242,354,406 | 242,354,406 | |||||||||
Ending Balance at Dec. 31, 2020 | 1,448,523 | $ 1,446,955 | $ 1,568 | $ 1,518,042 | $ 1,518,042 | 38,779 | $ 38,779 | (108,298) | $ (109,866) | $ 1,568 | |
Shares and options issued on acquisition (in shares) | 47,373,723 | ||||||||||
Shares and options issued on acquisition | 407,768 | $ 399,613 | 8,155 | ||||||||
Shares issued in private placements (in shares) | 7,500,000 | ||||||||||
Shares issued in private placements | 59,595 | $ 59,595 | |||||||||
Shares issued on exercise of warrants and stock options, and settlement of RSUs and pRSUs (in shares) | 4,096,475 | ||||||||||
Shares issued on exercise of warrants and stock options, and settlement of RSUs and pRSUs | 21,755 | $ 29,624 | (7,869) | ||||||||
Share-based compensation | 7,973 | 7,973 | |||||||||
Share issue costs | (97) | $ (97) | |||||||||
Net income and total comprehensive income | 639,828 | $ 84,939 | 554,889 | ||||||||
Ending Balance (in shares) at Dec. 31, 2021 | 301,324,604 | ||||||||||
Ending Balance at Dec. 31, 2021 | $ 2,585,345 | $ 2,006,777 | $ 47,038 | $ 84,939 | $ 446,591 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Nature of Operations [Abstract] | |
Nature of Operations | 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”. The Company’s shares also trade on the NYSE American Stock Exchange in the United States under the symbol “EQX”. The Company's corporate office is at Suite 1501, 700 West Pender Street, Vancouver, British Columbia, Canada, V6C 1G8. Equinox Gold is a mining company engaged in the operation, acquisition, exploration and development of mineral properties, with a focus on gold. On April 7, 2021, the Company completed the acquisition of Premier Gold Mines Limited (“Premier”) (the “Premier Acquisition”) (note 5(a)). The results of operations of Premier are included in these consolidated financial statements from April 7, 2021. On March 10, 2020, the Company completed its acquisition of Leagold Mining Corporation (“Leagold”) (the “Leagold Acquisition”) (note 5(e)). The results of operations of Leagold are included in these consolidated financial statements from March 10, 2020. All of the Company’s principal properties are located in the Americas. The Company’s principal properties and material subsidiaries are as follows: Subsidiary Location Principal Property Principal Activity Ownership Interest Western Mesquite Mines, Inc. USA Mesquite Mine (“Mesquite”) Production 100 % Castle Mountain Venture USA Castle Mountain Mine (“Castle Mountain”) Production 100 % Desarrollos Mineros San Luis S.A. de C.V. Mexico Los Filos Mine Complex (“Los Filos”) Production 100 % Minera Mercedes Minerales, S. de. R.L. de C.V. Mexico Mercedes Mine (“Mercedes”) Production 100 % Mineração Aurizona S.A. Brazil Aurizona Mine (“Aurizona”) Production 100 % Fazenda Brasileiro Desenvolvimento Mineral Ltda Brazil Fazenda Mine (“Fazenda”) Production 100 % Mineração Riacho Dos Machados Ltda Brazil RDM Mine (“RDM”) Production 100 % Santa Luz Desenvolvimento Mineral Ltda Brazil Santa Luz project (“Santa Luz”) Development 100 % The Company also has a 60% interest in Greenstone Gold Mines LP, which is a joint operation that owns the Greenstone development project (“Greenstone”). On December 16, 2021, the Company entered into a definitive agreement to sell its Mercedes Mine and as at December 31, 2021, the assets and liabilities relating to Mercedes were classified as held for sale (note 9). |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Preparation [Abstract] | |
Basis of Preparation | 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”). These consolidated financial statements were approved and authorized for issuance by the Board of Directors on March 23, 2022. (b) Basis of measurement 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, its subsidiaries and joint operation. Subsidiaries are entities controlled by the Company. Control is defined as Equinox Gold having power over the entity, exposure or rights to variable returns from its involvement with the entity, and the ability to use its power to affect the amount of returns. Joint operations are assets and liabilities that are jointly controlled with another party. 2. BASIS OF PREPARATION (CONTINUED) (c) Basis of consolidation (continued) All intercompany transactions and balances, or in the case of the joint operation, the Company's share of such transactions and balances, are eliminated on consolidation. (d) Presentation currency Except as otherwise noted, these consolidated financial statements are presented in United States dollars (“US dollars” or “USD”). All references to C$ are to Canadian dollars (“CAD”). (e) Functional currency, and foreign currency transactions and translation (i) Functional currency The functional currency of the Company and each of its subsidiaries and joint operation is determined by the currency of the primary economic environment in which the entity operates. The functional currency of the Company and its subsidiaries is the US dollar. The functional currency of the Company's joint operation, Greenstone, is the Canadian dollar. (ii) Foreign currency transactions Transactions in currencies other than the functional currency of an entity (“foreign currencies”) are initially recognized in the functional currency by applying the exchange rates prevailing at the date of the transaction. At the end of each reporting period: (i) monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the date of the statement of financial position; and (ii) non-monetary assets and liabilities denominated in foreign currencies are translated at historical exchange rates, unless the item is measured at fair value, in which case it is translated at the exchange rate in effect at the date when the fair value was determined. Resulting foreign exchange gains and losses are recognized in net income or loss. Foreign currency gains and losses are reported on a net basis. (iii) Foreign currency translation The Company translates the results and financial position of Greenstone, which has a Canadian dollar functional currency, into the US dollar presentation currency using the following procedures: • Assets and liabilities are translated at the exchange rate prevailing at the date of the statement of financial position; • Revenues and expenses are translated at the exchange rates on the dates of the transactions, or at exchange rates that approximate the actual exchange rates, for example, the average exchange rate for the period; and • Exchange gains and losses on translation are recognized in OCI. (f) Comparative information Certain comparative amounts have been reclassified to conform with the current year’s financial statement presentation. Such reclassifications were not considered material. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES (a) Business combinations A business combination is an acquisition of assets and liabilities that constitute a business and whereby the Company obtains control of the business. A business is an integrated set of activities and assets that consist of inputs and processes, including a substantive process that, when applied to those inputs, have the ability to create or significantly contribute to the creation of outputs that generate investment income or other income from ordinary activities. When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs at the acquisition date, the Company considers other factors to determine whether the set of activities or assets is a business. In this case, an acquired process is considered substantive when: (i) the acquired process is critical to the ability to develop the acquired input into outputs; and (ii) the inputs acquired include both an organized workforce with the necessary skills, knowledge, or experience to perform the process and other inputs that the organized workforce could develop into outputs. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (a) Business combinations (continued) Business combinations are accounted for using the acquisition method whereby identifiable assets acquired and liabilities assumed, including contingent liabilities, are recognized 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 control of 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, determined as at the acquisition date, of the assets 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. Acquisition-related costs, other than costs to issue debt or equity securities of the Company, are expensed as incurred. A non-controlling interest (“NCI”), if any, represents the equity in a subsidiary not attributable, directly or indirectly, to the Company. An NCI is recognized at its proportionate share of the fair value of identifiable net assets acquired on initial recognition. Goodwill, if any, is calculated as the sum of the total consideration transferred by the Company and the NCI in the acquiree, if any, less the fair value of net assets acquired. When the fair value of net assets acquired exceeds the sum of the total consideration transferred by the Company and the NCI in the acquiree, if any, the Company recognizes a bargain purchase gain in net income or loss on the acquisition date. (b) Joint arrangements A joint arrangement is an arrangement of which two or more parties have joint control, which is the contractually agreed sharing of control of an arrangement. This exists only when the decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require the unanimous consent of the parties sharing control. A joint arrangement is classified as a joint operation or a joint venture based on the rights and obligations of the parties to the joint arrangement. The Company's interest in Greenstone (notes 5(a) and 5(b)) is classified as a joint operation, whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities relating to the arrangement. The Company proportionately consolidates its share of Greenstone's assets, liabilities, revenues and expenses. (c) Cash and cash equivalents Cash and cash equivalents consist mainly of cash on hand and cash held at banks. Cash equivalents are highly liquid investments with a maturity date of three months or less from the date of purchase. (d) Restricted cash Restricted cash consists of deposits held as security for income tax assessments and letters of credit. Restricted cash is classified as current or non-current assets based on the applicable restriction periods. (e) Inventories Heap leach ore, stockpiled ore, work-in-process and finished goods inventories are measured at the lower of weighted average cost and net realizable value (“NRV”). Costs include the cost of direct labour and materials, mine-site overhead expenses and depreciation and depletion of related mineral properties, plant and equipment. NRV is calculated as the estimated price at the time of expected sale based on prevailing and long-term metal prices less estimated future costs to convert the inventories into saleable form and selling costs. 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 that dissolves the gold contained in ore. The resulting solution is further processed in a plant where the gold is recovered. Costs are added to heap leach ore inventories based on mining and leaching costs incurred, including depreciation and depletion of related mineral properties, plant and equipment. Costs are removed from heap leach ore inventories as ounces of gold are recovered based on the average cost per recoverable ounce on the leach pads. The amount of recoverable gold on the leach pads is calculated based on 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). The quantity of recoverable gold in ore on the leach pads that will be recovered over a period exceeding 12 months is classified as non-current. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (e) Inventories (continued) Stockpiled ore inventories represent ore that has been extracted from the mine and is available for further processing. The average costs included in stockpiled ore inventories are based on mining costs incurred up to the point of stockpiling the ore, including depreciation and depletion related to mineral properties and equipment and are removed at the weighted average cost as ore is processed. Stockpiled ore that is not expected to be processed within the next 12 months is classified as non-current. Work-in-process inventories represent ore that is in the process of being converted into finished goods, other than by heap leaching. The average costs included in work-in-process inventories represent the weighted average mining cost of ore being processed and the processing costs incurred prior to the refining process. The average cost of finished goods represents the average cost of work-in-process inventories incurred prior to the refining process, plus applicable refining costs and associated royalties. Supplies inventories include the costs of consumables, including freight, to be used in operations and is measured at the lower of average cost and NRV, with replacement costs being the typical measure of NRV. Write-downs of inventories to NRV are included in operating expense in the period of the write-down. A write-down of inventories is reversed in a subsequent period if there is a subsequent increase in the NRV of the related inventories. (f) 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. Investments in entities in which the Company owns less than a 20% interest are generally accounted for as marketable securities or other investments in equity instruments unless it can be clearly demonstrated that significant influence exists based on the Company's contractual rights and other factors. The Company accounts for an investment in associate using the equity method. Under the equity method, the Company’s investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company’s share of net income (loss) and OCI (other comprehensive loss) of the associate, and for impairment losses after the initial recognition date. The Company’s share of income or losses of its associate is recognized in net income or loss during each reporting 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. When an investee ceases to be an associate, the Company discontinues the use of the equity method to account for its investment. When the Company retains an interest in the former associate, the Company accounts for the interest as a marketable security or other investment in equity instrument and a gain or loss is recognized in net income or loss for the difference between: (i) the fair value of any retained interest and any proceeds from disposing of a part interest in the associate; and (ii) the carrying amount of the investment at the date the use of the equity method was discontinued. (g) Mineral properties, plant and equipment (i) Mineral properties and construction-in-progress Mineral properties and construction-in-progress include: • costs of acquiring producing and development stage mineral properties; • costs reclassified from exploration and evaluation assets; • capitalized development costs; • deferred stripping costs; • estimates of reclamation and closure costs (note 3(k)(i)); and • borrowing costs incurred that are attributable to qualifying mineral properties (note 3(q)). 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (g) Mineral properties, plant and equipment (continued) (i) Mineral properties and construction-in-progress (continued) Development costs are those expenditures incurred subsequent to the establishment of economic recoverability, technical feasibility and commercial viability, and after receipt of approval for project expenditures from the Board of Directors. Development costs are capitalized to construction-in-progress until the mine reaches commercial production, at which point the capitalized development costs are reclassified to mineral properties. Commercial production is the point at which a mine is capable of operating in the manner intended by the Company's management. During the production phase of an underground mine, mine development costs incurred to maintain current production are included in operating expense. These costs include the development and access (tunneling) costs of production drifts to develop the ore body in the current production cycle. Development costs incurred to build new shafts, declines and ramps that enable permanent access to ore underground are capitalized as incurred. During the production phase of an open-pit mine, stripping costs incurred that provide improved access to ore that will be produced in future periods and that would not have otherwise been accessible are capitalized as deferred stripping assets. Deferred stripping assets are recognized and included as part of the carrying amount of the related mineral property 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 Company; • 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. Capitalized stripping costs are depleted using the units-of-production method over the reserves that directly benefit from the specific stripping activity. Costs incurred for regular waste removal that do not give rise to future economic benefits are included in operating expense. Mineral properties are carried at cost less accumulated depletion and accumulated impairment losses. Mineral properties are depleted using the units-of-production method over the estimated recoverable ounces, which is the estimated total ounces to be extracted in current and future periods based on proven and probable reserves and, in the case of certain underground mines, certain measured and indicated resources. (ii) 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 direct costs of acquiring resource property interests as exploration and evaluation assets. Option payments are considered acquisition costs if the Company has the intention of exercising the underlying option. Exploration and evaluation 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 the project is technically feasible and commercially viable, and upon receipt of approval for project expenditures 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 expenditures is received, the related capitalized acquisition costs are assessed for impairment and reclassified to mineral properties. If no economically viable ore body is discovered, previously capitalized acquisition costs are expensed in the period that the project is determined to be uneconomical or abandoned. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (g) Mineral properties, plant and equipment (continued) (iii) Plant and equipment Plant and equipment is carried at cost, less accumulated depreciation 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 to the residual values, if any, using either the straight-line method over the shorter of the estimated useful life of the asset or the life of mine (“LOM”) or the units-of-production method over the estimated recoverable ounces. For right-of-use assets, the depreciation period represents the period from lease commencement date to the earlier of the useful life of the underlying asset or the end of the lease term. The Company conducts an annual assessment of the residual balances, useful lives and depreciation methods being used for plant and equipment; any changes arising from the assessment are applied by the Company prospectively. (h) Financial instruments (i) Recognition and measurement Financial assets and financial liabilities are recognized when the Company becomes party to the contractual provisions of the financial instrument. On initial recognition, financial assets and financial liabilities are measured at fair value. Directly attributable transaction costs associated with financial assets or financial liabilities measured at fair value through profit or loss (“FVTPL”) are expensed as incurred, while directly attributable transaction costs associated with all other financial assets and financial liabilities are included in the initial carrying amount of the asset or liability, respectively. Subsequent to initial recognition, financial assets and financial liabilities are classified and measured as follows: Financial assets at amortized cost Financial assets are classified as and subsequently measured at amortized cost if both of the following criteria are met: (i) the objective of the Company’s business model for managing the financial assets is to collect their contractual cash flows; and (ii) the assets' contractual cash flows represent solely payments of principal and interest on the principal amount outstanding (“SPPI”). The Company’s cash and cash equivalents, restricted cash, trade receivables, receivables from asset sales, reclamation bonds (included in other non-current assets) and other current and non-current receivables are classified as and subsequently measured at amortized cost. The amortized cost of a financial asset or financial liability is the initial recognition amount minus principal repayments, plus the cumulative amortization using the effective interest method of any difference between the initial recognition amount and the maturity amount. Financial assets at FVTPL Financial assets are classified and subsequently measured at FVTPL, with changes in fair value recognized in net income or loss, if they are not held within a business model whose objective includes collecting the financial assets' contractual cash flows or the contractual cash flows of the financial assets do not represent SPPI. The Company’s marketable securities, other than those that the Company has elected to measure at fair value through OCI (“FVOCI”), are classified as and subsequently measured at FVTPL. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (h) Financial instruments (continued) (i) Recognition and measurement (continued) Equity investments at FVOCI At initial recognition, the Company may irrevocably elect to present in OCI subsequent changes in the fair value of particular investments in equity instruments (on an individual instrument basis) that otherwise would be measured at FVTPL. This election is not permitted on investments in equity instruments that are held for trading. The cumulative gain or loss recognized in OCI is not reclassified to net income or loss upon disposition of the investment in equity instrument. The Company has elected to measure certain of its investments in equity instruments that it intends to hold for strategic purposes at FVOCI and present subsequent changes in the fair value of the investments in OCI. Financial liabilities at amortized cost Accounts payable and accrued liabilities, loans and borrowings and certain other long-term liabilities are classified as and subsequently measured at amortized cost using the effective interest method, which includes the amortization of debt issue costs included in the carrying amounts of loans and borrowings. Derivative assets and liabilities at FVTPL A derivative is defined as having the following characteristics: • Its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract; • It requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and • It is settled at a future date. A derivative, other than a derivative that meets the definition of an equity instrument, is initially recognized as a financial asset or financial liability at its fair value on the date the derivative contract is entered into and the related transaction costs are expensed. The fair values of the derivatives are remeasured at the end of each reporting period with changes in fair values recognized in net income or loss. A derivative that will be settled by the Company delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash in terms of its functional currency or another financial asset is classified and presented as an equity instrument, rather than a financial liability. As the exercise price of the Company's share purchase warrants that are exercisable into common shares of Equinox Gold is denominated in Canadian dollars, the Company will receive a variable amount of cash in terms of its US dollar functional currency upon exercise of the warrants. Accordingly, the Company's warrants are classified and presented as derivative financial liabilities and measured at FVTPL. (ii) Derecognition of financial assets The Company derecognizes a financial asset, or a part of the financial asset, when and only when (i) the contractual rights to the cash flows from the financial asset expire, or (ii) the Company transfers the financial asset and the transfer qualifies for derecognition. Transfers of a financial asset, either by (i) transferring the contractual rights to the financial asset, or (ii) retaining the contractual rights to receive the cash flows of the financial asset, but assuming a contractual obligation to pay the cash flows collected to one or more recipients without material delay and whereby the Company is prohibited from selling or pledging the financial asset other than as security to the eventual recipients, qualify for derecognition if the Company transfers substantially all the risks and rewards of ownership of the financial asset or control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount measured at the date of derecognition and the consideration received (including any new asset obtained less any new liability assumed) is recognized as a gain or loss in net income or loss. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (h) Financial instruments (continued) (iii) Modification of contractual cash flows When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or modification does not result in the derecognition of the financial asset, the Company recalculates the gross carrying amount of the financial asset and recognizes a modification gain or loss in net income or loss. The gross carrying amount of the financial asset is calculated as the present value of the renegotiated or modified contractual cash flows that are discounted at the financial asset's original effective interest rate. Any costs or fees incurred adjust the carrying amount of the modified financial asset and are amortized over the remaining term of the modified financial asset. (i) Impairment (i) Non-financial assets and investments in associates The carrying amounts of the Company’s non-financial assets, including mineral properties, plant and equipment, and investments in associates are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. The recoverable amount of an asset is the higher of its value in use and fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Fair value less costs of disposal is the amount obtainable from the sale of the asset in an arm’s length transaction between knowledgeable, willing parties, less costs of disposal. When a binding sale agreement is not available, fair value less costs of disposal is estimated using a discounted cash flow approach with inputs and assumptions consistent with those at market. For the purpose of impairment testing, assets are assessed on an individual asset basis when applicable or grouped together into the smallest group of assets that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets (the “CGU”). This generally results in the Company evaluating its non-financial assets on a property-by-property basis. 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 the recoverable amount. An impairment loss 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 and depletion, if no impairment loss had been recognized. (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 a financial asset measured at amortized cost is measured at an amount equal to the 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 a financial asset measured at amortized cost, other than a trade receivable, has not increased significantly since initial recognition, the loss allowance is measured for the financial asset at an amount equal to the 12-month expected credit losses. For trade receivables, the Company measures the loss allowance at an amount equal to the lifetime expected credit losses. For a financial asset that becomes credit-impaired, the Company measures the expected credit losses as the difference between the gross carrying amount of the financial asset and the present value of the estimated future cash flows discounted at the financial asset's original effective interest rate. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Company recognizes the amount of expected credit losses (or reversal) required to adjust the loss allowance at each reporting date to the required amount as an impairment loss (or gain) in net income or loss. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (j) Assets held for sale A non-current asset or disposal group of assets and liabilities is classified as held for sale when it is highly probable that its carrying amount will be recovered principally through a sale transaction rather than through continuing use. A non-current asset or disposal group is classified as held for sale when the following criteria are met: (i) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal group; (ii) the appropriate level of management is committed to a plan to sell the asset or disposal group; (iii) an active program to locate a buyer and complete the plan has been initiated; (iv) the asset or disposal group is actively marketed for sale at a price that is reasonable in relation to its current fair value; (v) the sale is expected to complete within one year from the date of classification, except under certain events and circumstances; and (vi) actions required to complete the plan to sell the asset or disposal group indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A non-current asset or disposal group ceases to be classified as held for sale when the above criteria are no longer met. A non-current asset or disposal group classified as held for sale is measured at the lower of its carrying amount and fair value less costs to sell. The Company recognizes an impairment loss for any initial or subsequent write-down of a non-current asset or disposal group classified as held for sale to fair value less costs to sell in net income or loss during the period of the write-down. The Company recognizes a gain for any subsequent increase in fair value less costs to sell of a non-current asset or disposal group to the extent of previously recognized impairment losses on the non-current asset or disposal group. A non-current asset is not depreciated or depleted while it is classified as held for sale, or as part of a disposal group classified as held for sale. (k) Provisions (i) Reclamation and closure cost provisions The Company is subject to environmental laws and regulations. A provision for reclamation and closure costs is recognized at the time the legal or constructive obligation first arises which is generally the time that the environmental disturbance occurs. The provision is calculated as the present value of the expenditures required to settle the obligation. Upon initial recognition of the provision, a corresponding amount is added to the carrying amount of the related mineral property, plant or equipment and is amortized using the same method as applied to the related asset. Following the initial recognition of the provision, the carrying amount is increased for the unwinding of the discount and for changes to the discount rate and the amount or timing of cash flows required 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 as an adjustment to the carrying amount of the related mineral property, plant or equipment. (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 using the expected future cash flows discounted, if material, at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance expense in net income or loss. (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. As a lessee, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and accumulated impairment losses, and adjusted for remeasurements of the lease liability. The cost of the right-of-use asset includes the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, less any lease incentives received and any initial direct costs and, if applicable, an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (l) Leases (continued) The lease liability is initially measured at the present value of the lease payments during the lease term 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 lease term is the non-cancellable period of a lease together with periods covered by extension options that the Company is reasonably certain to exercise and periods covered by termination options that the Company is reasonably certain not to exercise. The incremental borrowing rate reflects the rate of interest that the Company 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 on the lease liability, measured using the discount rate, and decreased by lease payments made. The lease liability is remeasured using an unchanged discount rate when there is a change in future lease payments arising from a change in an index or rate, or a change in the amount expected to be payable under a residual value guarantee. The lease liability is remeasured using a revised discount rate when there is a change in future lease pay |
Areas of Significant Judgements
Areas of Significant Judgements and Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2021 | |
Judgements and Estimates [Abstract] | |
Areas of Significant Judgements and Estimation Uncertainty | AREAS OF SIGNIFICANT JUDGEMENT AND ESTIMATION UNCERTAINTY 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 expenses. Actual results may differ from estimates and assumptions made as the estimation process is inherently uncertain. All estimates and assumptions are reviewed on an ongoing basis based on relevant facts and circumstances, and new reliable information or experience. Revisions to estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about critical judgements that management has made in the process of applying the Company's accounting policies that have the most significant effect on amounts recognized in these consolidated financial statements and the major sources of estimation uncertainty at December 31, 2021 that could result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (a) Judgements (i) Acquisitions On the acquisition of a set of assets and liabilities, the acquiror must determine whether the set acquired includes the inputs and processes applied to those inputs necessary to constitute a business as defined in IFRS 3 – Business Combinations . If an acquired set of assets and liabilities includes goodwill, the set is presumed to be a business. Transactions accounted for as business combinations may result in goodwill or a bargain purchase gain and transaction costs are expensed. Transactions accounted for as asset acquisitions do not result in goodwill or a bargain purchase gain and transaction costs are capitalized as part of the assets acquired. Based on an assessment of the relevant facts and circumstances, the Company concluded that the acquisitions of Premier on April 7, 2021 and Leagold on March 10, 2020 met the criteria for transactions accounted for as business combinations and that Equinox Gold was the acquirer. The Company's acquisition of an additional 10% interest in Greenstone on April 16, 2021 was determined to be an asset acquisition. (ii) 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. The Company determined that its initial 50% interest in Greenstone, acquired in connection with the Premier Acquisition on April 7, 2021 represented joint control of Greenstone and that Greenstone was a joint operation due to provisions in the limited partnership agreement that require unanimous approval of the partners regarding the relevant activities of Greenstone, and the fact that the partnership is primarily designed for the provision of output to the partners, giving the partners rights to substantially all the economic benefits of the assets of Greenstone, and is dependent on the partners on a continuous basis to settle the liabilities of Greenstone. On April 16, 2021, upon acquisition of an incremental 10% interest in Greenstone, resulting in the Company's total interest in the project being 60%, the Company reassessed its conclusion on joint control and the classification of the joint arrangement and determined no changes were required as the acquisition of the additional interest did not change the contractual sharing of control. 4. AREAS OF SIGNIFICANT JUDGEMENT AND ESTIMATION UNCERTAINTY (CONTINUED) (a) Judgements (continued) (ii) Investments (continued) On April 28, 2021, upon sale of a portion of the Company's shareholdings in Solaris Resources Inc. (“Solaris”), the Company's interest in Solaris decreased to 19.9%. The Company determined that due to the reduction of its interest, the Company no longer had significant influence and discontinued accounting for its interest using the equity method. The Company recognized a gain of $186.1 million on reclassification of its investment (note 5(d)). At December 31, 2021, the Company's investment in Solaris common shares is accounted for as a marketable security measured at FVOCI. (iii) Functional currency The functional currency of the Company and each of its subsidiaries and joint operation is the currency of the primary economic environment in which the entity operates. The Company determined the functional currency of the Company and each of its subsidiaries is the US dollar, and the functional currency of Greenstone is the Canadian dollar. Determination of functional currency involves certain judgements about the primary economic environment. The Company will reconsider its functional currency and that of its subsidiaries and joint operation if there is a change in events and conditions that determined the primary economic environment and account for the effects of a change in functional currency prospectively. (iv) Commencement of commercial production Until a mine is capable of operating at levels intended by management, costs incurred, other than costs associated with the sale of gold doré produced, and including borrowing costs incurred on qualifying assets, are capitalized as part of the costs of the related mineral properties. Depletion of capitalized costs for mineral properties begins when the mine is capable of operating at levels intended by management. Management considers several factors in determining when a mineral property 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 Phase 1 of the two-phase development plan at Castle Mountain consisting of a run-of-mine heap leach operation was capable of operating at levels intended by management effective November 21, 2020. (v) 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 may be impaired and, accordingly, whether impairment testing is needed. External sources of information the Company considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and are expected to affect the recoverable amount of CGUs. Internal sources of information the Company considers include the manner in which mineral properties, plant and equipment are being used or are expected to be used and indications of economic performance of the assets. The primary external factors considered are changes in spot and forecast metal prices, changes in laws and regulations and the Company's market capitalization relative to its net asset carrying amount. The primary internal factors considered are the Company's current mine performance against expectations, changes in mineral reserves and resources, life of mine plans and exploration results. Significant assumptions are used in preparing life of mine plans including forecast metal prices, reserves and resources, mine production, operating costs, capital expenditures, discount rates and foreign exchange rates. These estimates and assumptions are subject to risk and uncertainty, particularly in circumstances where there is a limited operating history of the asset or CGU. (vi) Income taxes In determining the Company's income tax expense for the period, management applies judgement in the interpretation of tax legislation in multiple jurisdictions. The Company is subject to tax assessments by various taxation authorities, which may interpret legislation differently. These differences may affect the final amounts or timing of tax payments. The amounts recognized in the consolidated financial statements are based on management's judgements on the application of tax legislation and the probable outcome of tax assessments. 4. AREAS OF SIGNIFICANT JUDGEMENT AND ESTIMATION UNCERTAINTY (CONTINUED) (a) Judgements (continued) (vii) Contingencies Contingencies are possible assets or liabilities arising from past events that, by their nature, will be resolved only when one or more uncertain future events occur or fail to occur and are not recognized in the consolidated financial statements. Such contingencies include, but are not limited to, environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events. Contingencies are assessed continually to ensure that developments are appropriately reflected in the consolidated financial statements. The assessment of the existence and potential impact of contingencies inherently involves the exercise of significant judgement regarding the outcome of future events and probability of an inflow or outflow of economic benefits. (b) Key sources of estimation uncertainty (i) 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. Estimates of proven and probable mineral reserves, and measured and indicated mineral resources are used in the calculation of depreciation, depletion and determination, when applicable, of the recoverable amount of CGUs, and for forecasting the timing of reclamation and closure cost expenditures. 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 forecast commodity prices, foreign exchange rates, operating expense 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. Changes in estimates of mineral reserves and resources could impact depreciation and depletion rates, asset carrying amounts and the provision for reclamation and closure costs. (ii) Valuation of inventories Inventories are measured at the lower of weighted average costs and NRV. Weighted average costs include expenditures incurred and depreciation and depletion of assets used in mining and processing activities that are deferred and accumulated as the costs of heap leach ore, stockpiled ore, work-in-process and finished goods inventories. The determination of NRV involves the use of estimates. The NRV of inventories is calculated as the estimated price at the time of eventual sale based on prevailing and forecast metal prices less estimated future costs to convert the inventories into saleable form and associated selling costs. The Company also makes estimates of recoverable ounces on the leach pads based on quantities of ore placed on the leach pads, the grade of ore placed on the leach pads and an estimated recovery rate. Actual timing and ultimate recovery of gold contained on the leach pads can differ significantly from these estimates. Changes in estimates of recoverable ounces on the leach pads can impact the Company's ability to recover the carrying amount of the inventories and may result in a write-down of inventories. (iii) Reclamation and closure costs The Company’s provision for reclamation and closure costs 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 (note 16). Changes in the above estimates and assumptions can result in a change to the provision recognized by the Company. Changes to the provision for reclamation and closure costs are recognized with a corresponding change to the carrying amounts of related mineral properties, plant and equipment during the period of change. Adjustments to the carrying amounts of related mineral properties, plant and equipment can result in a change to future depletion expense. 4. AREAS OF SIGNIFICANT JUDGEMENT AND ESTIMATION UNCERTAINTY (CONTINUED) (b) Key sources of estimation uncertainty (continued) (iv) Income taxes and value-added taxes receivable Deferred tax assets and liabilities are measured at the tax rates expected to apply to the periods the assets are realized and the liabilities are settled. In determining the applicable rates to apply, the Company makes estimates of the timing of reversal of temporary differences. The Company also makes estimates of the amounts and timing of future taxable income available against which deductible temporary differences can be utilized. Estimates of future taxable income are based on forecasted results of operations, application of tax legislation and available tax opportunities. The impacts of changes in these estimates are recognized in the period of change. The Company provides for uncertain income tax treatments based on management's judgement on the probable outcome of tax assessments; the amounts recognized are measured based on the most likely amount or, if there are a wide range of possible outcomes, the expected value of the liability. Adjustments for differences between amounts recognized and final amounts as assessed by the taxation authorities are made during the period such differences are identified. The Company has receivables from various governments for federal and state value-added taxes (“VAT”). The timing and amount of VAT receivables collectible can be uncertain. Management makes significant estimates in its assessment of recoverability of these receivables. Changes in estimates made can result in the recognition or reversal of impairment losses within net income or loss. (v) Fair value measurement of derivative financial instruments |
Corporate Transactions
Corporate Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Transactions [Abstract] | |
Corporate Transactions | CORPORATE TRANSACTIONS (a) Acquisition of Premier On April 7, 2021, the Company acquired 100% of the issued and outstanding shares of Premier at an exchange ratio of 0.1967 Equinox Gold common shares for each Premier share. All outstanding options and warrants of Premier that were not exercised prior to the acquisition date were replaced with Equinox Gold options and warrants, as adjusted in accordance with the 0.1967 exchange ratio. The principal properties acquired by the Company in the Premier Acquisition were a 50% interest in Greenstone in Canada and the Mercedes Mine in Mexico. Immediately prior to the Premier Acquisition, Premier completed the spin-out of i-80 Gold Corp. (“i-80 Gold”), a newly created company holding Premier's gold projects in Nevada, United States. Premier retained a 30% interest in i-80 Gold which the Company acquired (note 11). The Company determined that the Premier Acquisition represents a business combination, with Equinox Gold identified as the acquirer. Transaction costs incurred in respect of the acquisition totaling $3.2 million, of which $0.8 million were incurred in 2020, were expensed and presented as professional fees within general and administration expense in the consolidated statements of income. 5. CORPORATE TRANSACTIONS (CONTINUED) (a) Acquisition of Premier (continued) The acquisition-date fair value of the consideration transferred consisted of the following: Share consideration (1) $ 399,613 Option consideration (2) 8,155 Warrant consideration (3) 505 Total consideration $ 408,273 (1) The fair value of 47,373,723 common shares issued to Premier shareholders was determined using the Company’s share price of C$10.64 ($8.44) per share on the acquisition date. (2) The fair value of 2,813,747 replacement options issued was determined using the Black-Scholes option pricing model with the following weighted average assumptions: exercise price of C$7.27, share price of C$10.64, expected life of 2.07 years, expected volatility of 41.30%, dividend yield of 0.0%, and discount rate of 0.37%. (3) The fair value of 393,400 replacement warrants issued was determined using the Black-Scholes option pricing model with the following weighted average assumptions: exercise price of C$10.42, share price of C$10.64, expected life of 0.82 years, expected volatility of 39.7%, dividend yield of 0.0%, and discount rate of 0.15%. In accordance with the acquisition method of accounting, the consideration transferred was allocated to the underlying assets acquired and liabilities assumed, based upon their estimated fair values at the date of acquisition. The table below presents the fair values of the assets acquired and liabilities assumed at the date of acquisition. Assets (liabilities) acquired Cash and cash equivalents $ 8,267 Trade and other receivables 13,165 Inventories 11,987 Restricted cash 8,333 Mineral properties, plant and equipment 576,803 Investment in associate 79,001 Other assets 4,399 Accounts payable and accrued liabilities (18,002) Loans and borrowings and accrued interest (17,649) Stream arrangement (40,369) Reclamation and closure cost provisions (13,481) Deferred tax liabilities (121,931) Other liabilities (818) Fair value of net assets acquired $ 489,705 The above fair values were finalized at December 31, 2021. The Company retained an independent appraiser to assist with determination of the fair values of certain assets acquired and liabilities assumed. The fair value of inventories was determined based on an NRV approach, whereby the future estimated cash flows from sales of payable metal produced are adjusted for costs to complete. The fair value of the investment in associate, representing the Company's 30% interest in i-80 Gold, was based on the quoted market price of i-80 Gold common shares. The fair value of mineral properties, plant and equipment, excluding exploration and evaluation assets, was based on comparable transactions. An in-situ approach was used to estimate the fair values of certain exploration assets with reference to a public company comparables analysis. The fair values of the stream arrangement and reclamation and closure cost provisions were estimated using discounted cash flow models. Expected future cash flows associated with the stream arrangement are based on estimates of future gold and silver prices and discount rates. Expected future cash flows related to the reclamation and closure cost provisions are based on estimates of the future expenditures required to settle the obligation for disturbances at the acquisition date, and discount rates. 5. CORPORATE TRANSACTIONS (CONTINUED) (a) Acquisition of Premier (continued) Upon finalization of the fair values of assets acquired and liabilities assumed, the Company retrospectively adjusted the provisional amounts recognized at the acquisition date. As a result, the Company recognized a bargain purchase gain of $81.4 million , equal to the excess of the final fair value of the net assets acquired over the total consideration, in other income (expense). The difference of $81.4 million between the final fair value of net assets acquired as compared to the provisional fair value of net assets acquired was mainly related to mineral properties, plant and equipment ($94.4 million) and the associated deferred tax liabilities ($13.0 million). Consolidated revenue for the year ended December 31, 2021 includes revenue from the properties acquired in the Premier Acquisition of $56.9 million. Consolidated net income for the year ended December 31, 2021 includes net income before tax from Premier of $7.7 million. Had the transaction occurred on January 1, 2021, pro-forma unaudited consolidated revenue and net income before tax for the year ended December 31, 2021 would have been approximately $1,115.0 million and $541.0 million, respectively. (b) Acquisition of additional interest in Greenstone On April 16, 2021, the Company completed the acquisition of an additional 10% interest in Greenstone, resulting in the Company’s total interest in the project being 60%, for a total cost of $59.9 million, consisting of a cash payment of $51.0 million on closing and the following contingent consideration: • a $5.0 million cash payment 24 months after a positive mine construction decision for Greenstone; and • the delivery of approximately 2,200 ounces of refined gold, the cash equivalent value of such refined gold, or a combination thereof, after each production milestone of 250,000 ounces, 500,000 ounces and 700,000 ounces from Greenstone. The contingent consideration was measured at fair value at the date of acquisition in the amount of $8.9 million based on the projected cash outflows associated with the contingent payments at the milestone dates, adjusted for the time value of money using an appropriate market-based discount rate that reflects the risk associated with the delivery of the contingent consideration. The Company concluded that Greenstone was not a business and accordingly accounted for the acquisition of the additional 10% interest as an asset acquisition. The total cost of acquisition was allocated to the assets acquired and liabilities assumed as follows: Assets (liabilities) acquired Cash and cash equivalents $ 95 Trade and other receivables 21 Restricted cash 1,043 Mineral properties, plant and equipment 59,078 Other assets 10 Accounts payable (287) Other liabilities (27) Net assets acquired $ 59,933 The contingent consideration has been accounted for as financial liabilities. The cash component of the contingent consideration is classified as a financial liability measured at amortized cost and accreted at the end of each reporting period using an effective interest rate of 18.5%. The production component is classified as a derivative financial liability measured at FVTPL at the end of each reporting period (note 15(b)(v)). At December 31, 2021, the amortized cost of the cash component was $3.6 million and the fair value of the derivative component was $6.6 million. The carrying amounts of the cash and derivative contingent consideration are included in other non-current liabilities and non-current derivative liabilities, respectively. 5. CORPORATE TRANSACTIONS (CONTINUED) (c) Sale of Pilar On April 16, 2021, the Company completed the sale of its Pilar mine in Brazil (“Pilar”) to Pilar Gold Inc. (“PGI”) in exchange for the following consideration: • a $10.5 million cash payment received on closing of the sale; • $27.5 million in promissory notes receivable comprising: ◦ $10.0 million payable (the “Second Installment”) on or before May 31, 2021; and ◦ $17.5 million payable (the “Third Installment”) on or before November 30, 2021 (the “Third Installment Maturity Date”), which was extended to November 30, 2023 (note 12(a)); • a 9.9% equity interest in PGI; and • a 1% net smelter returns (“NSR”) royalty on production from Pilar. The fair value of the consideration totaled $47.0 million at the date of sale which included the fair values of the cash payment received on closing, the promissory note receivable of $27.5 million, the investment in PGI of $4.8 million and the 1% NSR royalty on production from Pilar of $5.8 million, net of a working capital adjustment of $1.6 million. The Company recognized a gain on the sale of $45.4 million in other income (expense) for the year ended December 31, 2021. The Second Installment was received in May 2021. On November 30, 2021, the Third Installment maturity date was extended to November 30, 2023. The Third Installment is included within other non-current assets and is classified as a financial asset measured at amortized cost (note 12(a)). The equity interest in PGI is included within other non-current assets and measured at FVOCI with changes in fair value recognized in OCI (note 12(b)). The NSR royalty asset is included within mineral properties. (d) Sale of partial interest in Solaris On April 28, 2021, the Company sold a portion of its shareholdings in Solaris totaling 10 million units, with each unit consisting of one Solaris common share and one-half common share purchase warrant, for gross proceeds of $66.7 million. Each whole warrant entitles the holder to acquire one common share of Solaris from the Company at a price of C$10.00 until April 28, 2022. Of the gross proceeds of $66.7 million, $57.6 million was allocated to the common shares and $9.1 million was allocated to the warrants. On disposition, the Company recognized a gain on sale of its partial interest in Solaris shares in the amount of $50.3 million in other income (expense). The fair value of the warrants granted (the “Solaris warrant liability”) was recognized as a current derivative liability measured at FVTPL with changes in fair value at the end of each reporting period recognized in other income or expense (note 15(b)(iv)). On disposition of the 10 million common shares of Solaris, the Company’s interest in Solaris was reduced to 19.9%. As a result, the Company determined it no longer had significant influence over Solaris and accordingly discontinued the use of the equity method to account for its investment. The carrying amount of the Company’s retained investment in Solaris was reclassified from investment in associate and recognized at fair value. The fair value of the Company’s retained investment of $197.6 million consisted of $136.0 million in common shares (“Solaris Shares”) and $61.6 million in warrants (“Solaris Warrants”) which were recognized as marketable securities measured at FVOCI (note 6) and derivative assets measured at FVTPL (note 15(a)(i)), respectively. The Company recognized a gain of $186.1 million in other income (expense) on reclassification of its investment in Solaris. (e) Acquisition of Leagold On March 10, 2020, 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, PSUs and DSUs received equivalent Equinox Gold options, warrants, PSUs and DSUs with the number of Equinox Gold common shares issuable pursuant to such instruments adjusted by the 0.331 exchange ratio. 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. 5. CORPORATE TRANSACTIONS (CONTINUED) (e) Acquisition of Leagold (continued) By virtue of the Company issuing equity instruments and the relative voting rights of Equinox Gold shareholders in the combined company post-merger, among other factors, the Company was identified as the acquirer and the transaction was accounted for 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 as professional fees within general and administration expense in the consolidated statements of income. The acquisition-date fair value of the consideration transferred consisted of the following: Share consideration (1) $ 732,042 Option consideration (2) 19,777 Warrant consideration (3) 8,543 PSU and DSU consideration (4) 3,721 Total consideration $ 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 ($7.74) 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 model with the following weighted average inputs and assumptions: exercise price of C$7.77, share price of C$10.51, expected life of 2.07 years, expected 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 model with the following weighted average inputs and assumptions: exercise price of C$11.14, share price of C$10.51, expected life of 0.32 years, expected volatility of 44.1%, dividend yield of 0.0%, and discount rate of 0.69%. (4) The fair values of 369,919 replacement PSUs and 319,288 replacement DSUs issued were determined using the Leagold share price of C$3.49 ($2.57) on the acquisition date, adjusted for the 0.331 exchange ratio. In accordance with the acquisition method of accounting, the consideration transferred was allocated to the underlying assets acquired and liabilities assumed, based upon their estimated fair values at the date of acquisition. The following presents the fair values of the assets acquired and liabilities assumed: Assets (liabilities) acquired Cash and cash equivalents $ 55,252 Trade and other receivables 33,524 Inventories 150,078 Mineral properties, plant and equipment 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 and closure cost provision (62,238) Deferred tax liabilities (230,458) Other liabilities (31,000) Fair value of net assets acquired $ 764,083 The Company retained an independent appraiser to assist with determination of the fair values of certain assets acquired and liabilities assumed. 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 were 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. The fair value of reclamation and closure cost provision was estimated based on the present value of the estimated future cash flows for reclamation and closure activities discounted using a credit-adjusted risk-free rate as of the acquisition date. 5. CORPORATE TRANSACTIONS (CONTINUED) (e) Acquisition of Leagold (continued) Consolidated revenue for the year ended December 31, 2020 includes revenue of $360.7 million from the assets acquired in the Leagold Acquisition. Consolidated net income for the year ended December 31, 2020 includes a net loss before tax from Leagold of $24.3 million. Had the transaction occurred on January 1, 2020, pro-forma unaudited consolidated revenue and net income before tax for the year ended December 31, 2020 would have been approximately $934.9 million and $2.6 million, respectively. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES December 31, December 31, Balance – beginning of year $ 3,120 $ 988 Additions 228 514 Reclassification of investment in Solaris 135,964 — Change in fair value 101,218 1,618 Balance – end of year $ 240,530 $ 3,120 |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables | TRADE AND OTHER RECEIVABLES December 31, December 31, Trade receivables $ 14,207 $ 17,172 VAT receivables (1) 24,621 18,991 Income tax receivables 8,046 10,085 Other receivables 3,386 9,624 $ 50,260 $ 55,872 (1) At December 31, 2021, the Company had $12.3 million (2020 – $14.6 million) and $16.7 million (2020 – $8.2 million) of VAT receivable in Brazil and Mexico, respectively, of which $8.8 million (2020 – $6.5 million) of the Brazilian VAT is included in other non-current assets as it is expected to be recovered more than 12 months after the reporting date. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory [Abstract] | |
Inventories | INVENTORIES December 31, December 31, Heap leach ore $ 258,197 $ 268,703 Stockpiled ore 11,118 13,514 Work-in-process 17,400 14,988 Finished goods 3,395 4,500 Supplies 35,777 37,473 Total inventories $ 325,887 $ 339,178 Classified and presented as: Current $ 201,622 $ 208,290 Non-current 124,265 130,888 $ 325,887 $ 339,178 8. INVENTORIES (CONTINUED) The non-current inventories at December 31, 2021 and 2020 relate to heap leach ore at Mesquite and Castle Mountain not expected to be recovered within 12 months of the reporting date. During the year ended December 31, 2021, the Company recognized an increase in the provision for obsolete and slow-moving supplies inventories of $2.1 million (2020 – increase of $0.9 million) in net income. At December 31, 2021, the Company's total provision for obsolete and slow-moving supplies inventories was $14.1 million (2020 – $12.8 million). |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2021 | |
Assets Held for Sale [Abstract] | |
Assets Held for Sale | ASSETS HELD FOR SALE On December 16, 2021, the Company entered into a definitive agreement to sell its Mercedes Mine to Bear Creek Mining Corporation (“Bear Creek”) (the “Transaction”) for the following consideration: • $75 million in cash payable on closing of the Transaction; • $25 million in cash payable within six months of closing of the Transaction; • 24,730,000 common shares of Bear Creek, representing approximately 19.9% of the issued and outstanding common shares of Bear Creek; and • a 2% NSR royalty on production from Mercedes. Mercedes is a producing gold-silver mine in Mexico which was acquired by the Company as part of the Premier Acquisition (note 5(a)). The Transaction is expected to close around the end of the first quarter of 2022. At December 31, 2021, the Company concluded that the criteria for classifying Mercedes as held for sale had been met. Accordingly, the assets and liabilities relating to Mercedes have been classified as held for sale and presented separately within current assets and current liabilities, respectively, in the statement of financial position at December 31, 2021. At December 31, 2021, the carrying amounts of the assets and liabilities of Mercedes classified as held for sale were as follows: Assets held for sale Cash and cash equivalents $ 4,575 Trade and other receivables 6,878 Inventories 12,935 Mineral properties, plant and equipment 183,137 Other assets 13 207,538 Liabilities relating to assets held for sale Accounts payable and accrued liabilities (13,282) Derivative liabilities (39,986) Reclamation and closure cost provision (11,863) Deferred tax liabilities (18,084) Other liabilities (2,530) (85,745) Net assets held for sale $ 121,793 9. ASSETS HELD FOR SALE (CONTINUED) The derivative liabilities relate to a gold prepay and silver stream arrangement with a third party (the “Stream Arrangement”). Under the terms of the Stream Arrangement, the Company is required to deliver 1,000 ounces of gold quarterly, subject to adjustment based on the market price of gold, until the Company has delivered a total of 9,000 ounces. In addition, the Company is required to deliver 100% of the silver production from Mercedes until the delivery of 3.75 million ounces, and 30% of silver production thereafter at a price equal to 20% of the prevailing silver price at the time of delivery. The Company is required to deliver a minimum of 300,000 ounces of silver in each calendar year until 2.1 million ounces of silver in aggregate have been delivered. As silver production from Mercedes may not be sufficient to satisfy the obligation and the Company may be required to purchase silver on the open market or settle the obligation in cash, the Stream Arrangement was accounted for as a derivative financial liability measured at FVTPL. The fair value of the Stream Arrangement is determined based on the net present value of the expected future cash flows using a discount rate that reflects the time value of money and risks associated with the liability. As part of the Transaction, Bear Creek will assume the outstanding obligation under the Stream Arrangement. At December 31, 2021, the Company has delivered 2,700 ounces of gold and 85,803 ounces of silver towards the Stream Arrangement. The changes in the carrying amount of the Stream Arrangement derivative liabilities during the year ended December 31, 2021 were as follows: Balance – December 31, 2020 $ — Assumed in Premier Acquisition (note 5(a)) 40,369 Gold and silver delivered (6,802) Change in fair value 6,419 Balance – December 31, 2021 $ 39,986 |
Mineral Properties, Plant and E
Mineral Properties, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Mineral Properties, Plant and Equipment | . MINERAL PROPERTIES, PLANT AND EQUIPMENT Mineral properties Plant and Construction- Exploration and evaluation assets (1) Total Cost Balance – December 31, 2019 $ 341,770 $ 175,323 $ 20,951 $ 13,750 $ 551,794 Leagold Acquisition (note 5(e)) 909,715 380,545 28,525 — 1,318,785 Additions 89,305 35,887 53,912 — 179,104 Transfers — 56,125 (67,746) — (11,621) Disposals — (3,819) — — (3,819) Change in reclamation and closure cost asset 31,537 — — — 31,537 Balance – December 31, 2020 1,372,327 644,061 35,642 13,750 2,065,780 Premier Acquisition (note 5(a)) 468,315 72,018 — 36,470 576,803 Investment in Greenstone (note 5(b)) 57,739 42 — 1,297 59,078 Additions 168,231 144,213 142,869 — 455,313 Reclassified to assets held for sale (note 9) (134,783) (73,915) — — (208,698) Transfers (5,438) 5,438 — — — Disposals (6,285) (125,565) — — (131,850) Change in reclamation and closure cost asset (16,608) — — — (16,608) Foreign currency adjustment (4,520) (49) (613) (93) (5,275) Balance – December 31, 2021 $ 1,898,978 $ 666,243 $ 177,898 $ 51,424 $ 2,794,543 Accumulated depreciation Balance – December 31, 2019 $ 18,722 $ 21,379 $ — $ — $ 40,101 Additions 72,012 97,083 — — 169,095 Disposals — (2,139) — — (2,139) Balance – December 31, 2020 $ 90,734 $ 116,323 $ — $ — $ 207,057 Additions 115,778 111,470 — — 227,248 Reclassified to assets held for sale (note 9) (15,586) (9,975) — — (25,561) Transfers (2,720) 2,720 — — — Disposals (5,204) (106,907) — (112,111) Foreign currency adjustment — (9) — — (9) Balance – December 31, 2021 $ 183,002 $ 113,622 $ — $ — $ 296,624 Net book value At December 31, 2020 $ 1,281,593 $ 527,738 $ 35,642 $ 13,750 $ 1,858,723 At December 31, 2021 $ 1,715,976 $ 552,621 $ 177,898 $ 51,424 $ 2,497,919 (1) Exploration and evaluation assets as at December 31, 2019 and 2020 have been included within mineral properties, plant and equipment in the consolidated statement of financial position to conform with the current period presentation. During the year ended December 31, 2021, the Company capitalized $70.1 million, $66.4 million and $5.5 million of costs incurred at Santa Luz, Greenstone and Los Filos, respectively, to construction-in-progress (2020 – $45.2 million, $3.5 million, and $3.6 million of costs incurred at Castle Mountain, Santa Luz and Los Filos, respectively). In addition, the Company capitalized $1.6 million of borrowing costs incurred to construction-in-progress (2020 – nil) and $13.8 million of depreciation and depletion to mineral properties and construction-in-progress (2020 – $6.0 million). 10. MINERAL PROPERTIES, PLANT AND EQUIPMENT (CONTINUED) On commencement of commercial production at Castle Mountain on November 21, 2020, the Company transferred $56.1 million and $11.6 million from construction-in-progress to plant and equipment and inventories, respectively. The Company recognized pre-production net income of $1.6 million earned during the ramp-up of Castle Mountain in the statement of income for the year ended December 31, 2020. In addition to amounts included in construction-in-progress and exploration and evaluation and evaluation assets, mineral properties at December 31, 2021 includes $510.7 million (2020 – $115.1 million) relating to the mineral interests at Los Filos, Santa Luz and Greenstone which are currently not subject to depletion. Certain of the Company's mining properties are subject to royalty arrangements based on their NSRs, gross revenues and other measures. At December 31, 2021, the Company's significant royalty arrangements were as follows: Mineral property Royalty arrangements Mesquite Weighted average life of mine NSR of 2% 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% sliding scale NSR based on gold price Fazenda 0.75-1.5% of gross sales RDM 1-1.5% of gross sales |
Investment in Associate
Investment in Associate | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of associates [abstract] | |
Investment in Associate | INVESTMENT IN ASSOCIATE Details of the Company's investment in associate as at December 31, 2021 and 2020 are as follows: Principal Principal Ownership Fair value (1) Carrying amount Equity method accounted for investee 2021 2020 2021 2020 2021 2020 Solaris (2) Exploration Ecuador — 26.5 $ — $ 132,026 $ — $ 22,287 i-80 Gold Corp. Producing USA 25.5 — 148,559 — 125,313 — (1) The fair value of the Company's investment in i-80 Gold represents the fair value of 60.8 million i-80 Gold common shares based on the quoted market price at December 31, 2021 of C$3.09 per share, which is a Level 1 input. (2) Effective April 28, 2021, the Company's investment in Solaris Shares and Solaris Warrants are presented in marketable securities and derivative assets, respectively (note 5(d)). The following is a summary of the changes in the Company’s investment in Solaris previously accounted for using the equity method during the years ended December 31, 2021 and 2020: Balance – December 31, 2019 $ 7,162 Shares acquired 12,480 Dilution gain 8,033 Share of net loss (5,388) Balance – December 31, 2020 22,287 Share of net loss for the period of January 1 to April 28, 2021 (3,399) Carrying value of investment sold (note 5(d)) (7,318) Reclassification of retained interest in Solaris (note 5(d)) (11,570) Balance – December 31, 2021 $ — 11. INVESTMENT IN ASSOCIATE (CONTINUED) The following table summarizes the change in carrying amount of the Company’s investment in i-80 Gold: Balance – December 31, 2020 $ — Acquired in Premier Acquisition (note 5(a)) 79,001 Shares acquired 40,111 Dilution gain 2,067 Share of net income 4,134 Balance – December 31, 2021 $ 125,313 In connection with the Premier Acquisition (note 5(a)), the Company acquired 41.3 million shares in i-80 Gold, a US-focused gold production and development company, representing a 30% interest in i-80 Gold. On April 7, 2021, the Company participated in the i-80 Gold private placement financing, purchasing 9,274,384 units at a price of C$2.60 per unit, for a total investment of $19.2 million. Each unit comprises one common share of i-80 Gold and one quarter of one common share purchase warrant. Each whole warrant (“i-80 Gold Warrant”) entitles the Company to acquire one common share of i-80 Gold at a price of C$3.64 until September 18, 2022. Of the $19.2 million investment, the Company allocated $18.4 million to the shares and $0.7 million to the warrants (note 15(a)(ii)). In March 2021, the Company advanced $20.7 million to i-80 Gold as a loan. The loan was settled in exchange for the shares and warrants received in the private placement financing and a repayment by i-80 Gold of the remaining $1.5 million. On May 27, 2021 and December 9, 2021, the Company exercised its anti-dilution right under the support agreement dated April 7, 2021 between the Company and i-80 Gold and subscribed for 5,479,536 common shares of i-80 Gold at C$2.60 per common share and 4,800,000 common shares of i-80 Gold at C$2.62 per common share, respectively, for a total investment of $21.7 million. Summarized financial information in respect of the Company's associates as at and for the year ended December 31, 2021 and 2020, is set out below. The summarized financial information is based on amounts included in the associates' most recent available consolidated financial statements prepared in accordance with IFRS as of September 30, 2021 and 2020, respectively, adjusted for material transactions during the three months ended December 31, 2021 and 2020, respectively, and for adjustments made by the Company in applying the equity method, including fair value adjustments on acquisition of interest in the associates. The information presented as at and for the year ended December 31, 2021 relates to the Company's 25.5% interest in i-80 Gold, and the information presented as at and for the year ended December 31, 2020 is related to the Company's 26.5% interest in Solaris. 11. INVESTMENT IN ASSOCIATE (CONTINUED) At December 31 2021 2020 i-80 Gold Solaris Cash and cash equivalents $ 51,627 $ 71,973 Other current assets 55,606 322 Non-current assets 131,426 20,652 Total assets 238,659 92,947 Current financial liabilities (1) — 439 Other current liabilities 12,956 2,702 Non-current financial liabilities 37 384 Other non-current liabilities 18,456 160 Total liabilities 31,449 3,685 Non-controlling interest — 7,766 Net assets (100%) 207,210 81,496 Equinox Gold's share of net assets 52,814 21,585 Adjustments to Equinox Gold's share of net assets 72,499 702 Carrying amount $ 125,313 $ 22,287 (1) Excludes accounts payable and accrued liabilities. Years ended December 31 2021 2020 Revenue $ — $ — Expenses (1) (24,906) (20,301) Depreciation and depletion — (68) Income tax expense (200) — Net loss from continuing operations (100%) (25,106) (20,369) Net income from discontinued operations (100%) 11,554 — Net loss (100%) (13,552) (20,369) Other comprehensive income (loss) (100%) — — Total comprehensive loss (100%) (13,552) (20,369) Equinox Gold's share of net loss and comprehensive loss (3,454) (5,388) Adjustments to Equinox Gold's share of net loss and comprehensive loss 7,588 — Equinox Gold's share of net income (loss) 4,134 (5,388) Equinox Gold's share of total comprehensive income (loss) $ 4,134 $ (5,388) (1) Excludes depreciation and depletion. |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Non-Current Assets [Abstract] | |
Other Non-Current Assets | OTHER NON-CURRENT ASSETS December 31, December 31, Receivable from asset sales, net of loss allowance (a) $ 10,321 $ 3,907 Investment in PGI (b) 2,294 — Derivative assets (a) (note 15(a)) 218 — VAT receivable 8,845 6,522 Other 3,935 3,045 $ 25,613 $ 13,474 12. OTHER NON-CURRENT ASSETS (CONTINUED) (a) Receivable from PGI In connection with the sale of Pilar (note 5(c)), the Company has a note receivable from PGI for the Third Installment. On November 30, 2021, the Company and PGI entered into an amending agreement (the “Amending Agreement”) that extended the Third Installment Maturity Date from November 30, 2021 to November 30, 2023. In addition, pursuant to the Amending Agreement, commencing on June 30, 2022, the Company will receive four quarterly deliveries of 300 ounces of refined gold each, subject to adjustments based on the market price of gold. During the year ended December 31, 2021, the Company recognized total impairment loss of $7.5 million on the note receivable in other income (expense). At December 31, 2021, the carrying amount of the Third Installment note receivable was $7.6 million. The amounts owing under the Third Installment are secured by a pledge of all the issued and outstanding shares of the corporation that owns Pilar; credit rights, accounts, material contracts, equipment, machinery, inventory, gold production, real estate properties and mining concessions relating to Pilar; and a conditional assignment of mineral rights. At December 31, 2021, the fair value of the gold deliveries was $1.0 million, of which $0.7 million is included within current derivative assets. (b) Investment in PGI |
Accounts Payable And Accrued Li
Accounts Payable And Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable And Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, December 31, Trade payables $ 136,678 $ 99,197 Capital related 49,038 7,056 VAT and income taxes payable 4,400 23,900 Accrued interest — 390 $ 190,116 $ 130,543 |
Loans and Borrowings
Loans and Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Borrowings [Abstract] | |
Loans and Borrowings | LOANS AND BORROWINGS December 31, December 31, Credit Facility (a) $ 279,621 $ 289,910 2020 Convertible Notes (b) 129,320 126,645 2019 Convertible Notes (b) 131,741 128,686 Total loans and borrowings $ 540,682 $ 545,241 14. LOANS AND BORROWINGS (CONTINUED) The following is a reconciliation of the changes in the Company's loans and borrowings balance during the years ended December 31, 2021 and 2020 to cash flows arising from financing activities: 2021 2020 Balance – beginning of year (1) $ 545,417 $ 263,437 Financing cash flows: Draw down on Credit Facility — 379,680 Debt component of Convertible Notes issued — 127,605 Transaction costs — (10,392) Repayment of loans and borrowings (30,983) (546,274) Interest paid (22,112) (26,536) Other changes: Debt assumed in Premier Acquisition (note 5(a)) 17,649 — Debt assumed in Leagold Acquisition (note 5(e)) — 323,870 Interest expense 30,711 36,658 Modification gain on Credit Facility — (2,631) Balance – end of year (1) 540,682 545,417 Less: Accrued interest — (176) Loans and borrowings – end of year $ 540,682 $ 545,241 Classified and presented as: Current $ 26,667 $ 13,333 Non-current 514,015 531,908 $ 540,682 $ 545,241 (1) Includes accrued interest. (a) Credit Facility In March 2020, 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 Credit Facility is comprised of a $400 million Revolving Facility and $100 million Term Loan.The Company recognized a gain on modification of debt of $2.6 million in other expense to reflect the adjusted amortized cost of the drawn portion of the Revolving Facility. Transaction costs of $9.2 million were recognized as a reduction to the carrying amount of the Credit Facility. During the year ended December 31, 2020, the Company drew down $380 million on the Credit Facility. In August 2020, the Company repaid $200 million of the principal under the Revolving Facility and recognized $2.7 million in finance expense due to the accelerated recognition of deferred financing costs as a result of the change in timing of cash flows. The Credit Facility bears interest at an annual rate of LIBOR plus 2.50% to 3.75%, based on the Company's leverage ratio. The Credit Facility contains terms that provide for the replacement of the applicable current benchmark rate with an alternate benchmark rate based on SOFR or another alternate benchmark rate when the current benchmark rate ceases to exist. 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 carrying amount of debt outstanding will be accreted to the principal amount over the respective terms of the Revolving Facility and Term Loan using a weighted average effective interest rate of 4.40%. At December 31, 2021, the carrying amounts of the Revolving Facility and Term Loan were $193.8 million and $85.8 million, respectively (2020 – $191.3 million and $98.6 million, respectively). The Credit Facility is secured by a first-ranking security interest over all present and future property and assets of the Company and its material subsidiaries, and the Company's present and future equity interests in Greenstone. 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, 2021 and 2020, the Company was in compliance with these covenants. 14. LOANS AND BORROWINGS (CONTINUED) (b) Convertible Notes In April 2019, the Company issued $139.7 million in Convertible Notes (the “2019 Notes”) to Mubadala Investment Company (“Mubadala”) and Pacific Road Resources Funds (“Pacific Road”) (the “2019 Notes”). 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. In March 2020, the Company issued $139.3 million in Convertible Notes (the “2020 Notes”) to Mubadala and Pacific Road. 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. 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 $127.6 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. Transaction costs of $3.3 million were incurred and allocated on a pro-rata basis with $3.0 million allocated to the debt component and $0.3 million allocated to the equity component. The debt component of the 2019 Notes and 2020 Notes, net of transaction costs, will be accreted to the principal amount over their respective terms using an effective rate of 7.5% and 7.3%, respectively. Holders of the 2019 Notes and 2020 Notes may exercise their conversion option at any time, provided that the holder owns less than 20% of the outstanding common shares of the Company. The Company has call options that may be exercised on or after October 11, 2022 in relation to the 2019 Notes and on or after March 10, 2023 in relation to the 2020 Notes, which are exercisable if the 90-day volume weighted average trading price of the Company's common shares exceeds $6.83 and $10.14, respectively, for a period of 30 consecutive days. Upon exercise of the option by the Company, the holders are 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 respective conversion price per share and the Company's share price at the time of redemption. The 2019 Notes and 2020 Notes are secured by a second ranking security interest over all present and future assets of the Company and its material subsidiaries, and the Company's present and future equity interests in Greenstone, and are subordinate to the Credit Facility. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS (a) Derivative assets The following is a summary of the Company's derivative assets measured at FVTPL at December 31, 2021: 2021 Solaris Warrants (i) $ 122,919 i-80 Gold Warrants (ii) 581 Gold deliveries (note 12(a)) 952 $ 124,452 Classified and presented as: Current $ 124,234 Non-current (1) (note 12(a)) 218 $ 124,452 (1) Represents the estimated fair value of the gold deliveries expected to be received from PGI after 12 months from the reporting date. 15. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED) (a) Derivative assets (continued) (i) Solaris Warrants The Company holds 10,218,750 warrants that are each exercisable into one common share of Solaris, with exercise prices ranging from C$1.20 to C$6.75 per share, and expiry dates ranging between November 2022 and May 2023. The fair value of the Solaris Warrants at December 31, 2021 was $122.9 million. The fair value of the Solaris Warrants at December 31, 2021 was determined using the Black Scholes option pricing model with the following weighted average assumptions: 2021 Risk-free rate 0.78 % Expected life 1.0 year Expected volatility 62.8 % Expected dividend 0.0 % Exercise price (C$) $1.74 Share price (C$) $16.94 During the year ended December 31, 2021, the Company recognized a gain of $61.3 million on revaluation of the Solaris Warrants in other income (expense). (ii) i-80 Gold Warrants The Company holds 2,318,596 warrants that are each exercisable into one common share of i-80 Gold until September 18, 2022 (note 11). The fair value of the i-80 Gold Warrants at December 31, 2021 was $0.6 million. The fair value of the i-80 Gold Warrants at December 31, 2021 was determined using the Black Scholes option pricing model with the following assumptions: 2021 Risk-free rate 0.53 % Expected life 0.72 years Expected volatility 48.4 % Expected dividend 0.0 % Exercise price (C$) 3.64 Share price (C$) 3.09 During the year ended December 31, 2021, the Company recognized a loss of $0.2 million on revaluation of the i-80 Gold Warrants in other income (expense). (b) Derivative liabilities The following is a summary of the Company's derivative liabilities at December 31, 2021 and 2020: 2021 2020 Gold collars and forward contracts (i) $ 33,336 $ 91,393 Foreign exchange contracts (ii) 12,061 12,507 Equinox Gold warrant liability (iii) 5,177 50,666 Solaris warrant liability (iv) 27,697 — Contingent consideration – Greenstone (v) 6,586 — $ 84,857 $ 154,566 Classified and presented as: Current $ 77,699 $ 63,993 Non-current 7,158 90,573 $ 84,857 $ 154,566 15. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED) (b) Derivative liabilities (continued) (i) Gold collar and forward contracts As part of the Leagold Acquisition (note 5(e)), the Company assumed gold collar contracts with put and call strike prices of $1,325 and $1,425 per ounce, respectively, for 3,750 ounces per month to September 2022. The Company also assumed forward contracts with an average fixed gold price of $1,350 per ounce for 4,583 ounces per month to September 2022. At December 31, 2021, the Company had 33,750 ounces and 41,250 ounces remaining to be delivered under its gold collar and forward contracts, respectively. The gold collar and forward contracts have not been designated as hedges and are measured at fair value, determined based on forward gold prices, at the end of each reporting period with changes in fair value recognized in net income or loss. The following table summarizes the changes in the gold collar and forward contracts outstanding during the years ended December 31, 2021 and 2020: 2021 2020 Balance – beginning of year $ 91,393 $ — Assumed in Leagold Acquisition (note 5(e)) — 78,526 Change in fair value (16,605) 48,091 Settlements (41,452) (35,224) Balance – end of year $ 33,336 $ 91,393 The fair value of the gold collar and forward contracts at December 31, 2021 was a liability of $33.3 million, which is presented as current derivative liabilities (2020 – $91.4 million, of which $51.8 million is presented as current derivative liabilities). (ii) 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 (“MXN”), 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 MXN relative to the US dollar. At December 31, 2021, the Company had in place USD:BRL and USD:MXN 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 years BRL $ 151,390 $ 8,039 4.92 5.82 MXN 71,000 5,000 20.54 23.68 The foreign exchange contracts have not been designated as hedges and are measured at fair value, determined based on forward foreign exchange rates, at the end of each reporting period with changes in fair value recognized in net income or loss. The following table summarizes the changes in the foreign exchange contracts outstanding during the years ended December 31, 2021 and 2020: 2021 2020 Balance – beginning of year $ 12,507 $ (1,639) Change in fair value 4,410 14,731 Settlements (4,856) (585) Balance – end of year $ 12,061 $ 12,507 The fair value of the foreign exchange contracts at December 31, 2021 was a liability of $12.1 million (2020 – $12.5 million), of which $11.5 million is presented as current derivative liabilities (2020 – $12.2 million). 15. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED) (b) Derivative liabilities (continued) (iii) Equinox Gold warrant liability As the exercise price of the Company's share purchase warrants is fixed in Canadian dollars, the Company will receive a variable amount of cash in terms of the Company's US dollar functional currency upon exercise of the warrants by the holders. Accordingly, the warrants are accounted for as derivative financial liabilities measured at FVTPL with changes in fair value recognized in net income or loss. The following table summarizes the changes in the Company's share purchase warrants outstanding during the years ended December 31, 2021 and 2020: Number of warrants Weighted Outstanding – December 31, 2019 24,051,190 $ 12.00 Issued in Leagold Acquisition (note 5(e)) 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 Issued in Premier Acquisition (note 5(a)) 393,400 10.42 Exercised (1,361,549) 8.42 Expired (16,387,492) 14.92 Outstanding – December 31, 2021 1,669,517 $ 8.69 The following table summarizes information about the Company's outstanding share purchase warrants at December 31, 2021: Range of exercise Number of warrants (2) Weighted Expiry dates $5.05 - $5.30 (1) 614,117 5.30 December 2022 - May 2023 $10.42 - $10.81 1,055,400 10.66 January 2022 - March 2022 1,669,517 8.69 (1) 614,117 warrants with a weighted average exercise price of C$5.30 are exercisable into one common share of Equinox Gold and one-quarter of a common share of 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. (2) At December 31, 2021, all of the Company's outstanding warrants were non-traded. The changes in the carrying amounts of the Company's outstanding share purchase warrants during the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Balance – beginning of year $ 50,666 $ 56,146 Issued in Premier Acquisition (note 5(a)) 505 — Issued in Leagold Acquisition (note 5(e)) — 8,543 Exercised (4,100) (43,885) Change in fair value (41,894) 29,862 Balance – end of year $ 5,177 $ 50,666 15. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED) (b) Derivative liabilities (continued) (iii) Equinox Gold warrant liability (continued) The fair values of the Company's issued and outstanding non-traded warrants at December 31, 2021 and 2020 were determined using the Black Scholes option pricing model with the following weighted average inputs: 2021 2020 Risk-free rate 0.34 % 0.18 % Expected life 0.61 years 1.01 years Expected volatility 46.8 % 47.1 % Expected dividend 0.0 % 0.0 % Share price (C$) $ 11.60 $ 14.02 The fair value of the Company's outstanding share purchase warrants that were trading at December 31, 2020 was determined based on their quoted market price of C$0.58. (iv) Solaris warrant liability In connection with the sale of the Company's partial interest in Solaris, the Company granted five million share purchase warrants to the buyer (note 5(d)), with each warrant exercisable into one common share of Solaris held by the Company until April 28, 2022. The warrants are accounted for as current derivative financial liabilities measured at FVTPL. The fair value of the Solaris warrant liability at December 31, 2021 of $27.7 million was determined using the Black Scholes option pricing model with the following weighted average inputs: 2021 Risk-free rate 0.09 % Expected life 0.32 years Expected volatility 53.7 % Expected dividend 0.0 % Share price (C$) $16.94 During the year ended December 31, 2021, the Company recognized a loss of $18.6 million (2020 – nil) on revaluation of the Solaris warrant liability in other income (expense). (v) Contingent consideration - Greenstone As part of the consideration for the Company’s acquisition of an additional 10% interest in Greenstone in April 2021 (note 5(b)), the Company assumed contingent payment obligations. The obligation to deliver approximately 2,200 ounces of refined gold, the cash equivalent value of such refined gold, or a combination thereof, after each production milestone of 250,000 ounces, 500,000 ounces and 700,000 ounces from Greenstone has been accounted for as a derivative financial liability measured at FVTPL. The fair value of the contingent consideration is determined based on the net present value of the projected cash outflows associated with the contingent payments at the milestone dates using a market-based discount rate that reflects the risk associated with the delivery of the contingent consideration. |
Reclamation and Closure Cost Pr
Reclamation and Closure Cost Provision | 12 Months Ended |
Dec. 31, 2021 | |
Reclamation Obligation [Abstract] | |
Reclamation and Closure Cost Provision | RECLAMATION AND CLOSURE COST PROVISION USA Mexico Brazil Canada Total Balance – December 31, 2019 $ 22,335 $ — $ 7,894 $ — $ 30,229 Assumed in Leagold Acquisition (note 5(e)) — 32,878 29,360 — 62,238 Accretion 185 179 1,845 — 2,209 Change in estimates 4,662 16,634 10,241 — 31,537 Reclamation expenditures (71) (49) (276) — (396) Foreign exchange gain — — (5,026) — (5,026) Balance – December 31, 2020 27,111 49,642 44,038 — 120,791 Assumed in Premier Acquisition (note 5(a)) — 11,850 — 1,631 13,481 Disposals — — (7,895) — (7,895) Accretion 362 3,715 2,434 24 6,535 Change in estimates 1,001 (18,943) 410 924 (16,608) Reclamation expenditures — (277) (409) — (686) Reclassified to assets held for sale (note 9) — (11,863) — — (11,863) Foreign exchange gain — (2,221) (2,372) (14) (4,607) Balance – December 31, 2021 $ 28,474 $ 31,903 $ 36,206 $ 2,565 $ 99,148 At December 31 2021 2020 Classified and presented as: Current (1) $ 3,583 $ 3,688 Non-current 95,565 117,103 Total reclamation and closure cost provision $ 99,148 $ 120,791 (1) Included in other current liabilities. The Company's environmental permits require it to reclaim any land disturbed during mine development, construction and operations. The majority of these reclamation costs are expected to be incurred subsequent to the end of the operation to which they relate. The Company's provision for reclamation and closure cost represents management's best estimate of the future reclamation and mine closure activities based on the level of known disturbance at the reporting date, known legal requirements and internal and external cost estimates. The Company measures the provision at the expected value of future cash flows using inflation rates of 2.0% to 3.5% (2020 – 2.0% to 3.5%) and discounted to the present value using discount rates of 1.3% to 8.7% (2020 – 0.9% to 6.9%) depending on the region in which the costs will be incurred. At December 31, 2021, the total undiscounted cash flows of the Company's reclamation and closure cost provisions was $182.7 million (2020 – $167.1 million). The Company's subsidiary, Western Mesquite Mines Inc., is required to post security for reclamation and closure cost 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. At December 31, 2021, the Company has met its security requirements in the form of bonds posted through surety underwriters totaling $27.7 million (2020 – $0.3 million). |
Other Non-Current Liabilities
Other Non-Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Detailed Information About Other Long Term Liabilities [Abstract] | |
Other Non-Current Liabilities | OTHER NON-CURRENT LIABILITIES December 31, December 31, Provision for legal matters (note 34(a)) $ 11,647 $ 13,241 Lease liabilities (note 18(b)) 26,943 9,949 Cash-settled share-based payments (note 19(c)) 1,362 3,992 Other liabilities 10,562 5,587 $ 50,514 $ 32,769 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | LEASES (a) Right-of-use assets The Company's right-of-use assets mainly relate to leased mobile mining equipment which are included in plant and equipment within mineral properties, plant and equipment in the consolidated statement of financial position (note 10). The following table presents the changes in the carrying amount of the Company's right-of-use assets during the years ended December 31, 2021 and 2020: 2021 2020 Balance – beginning of year $ 16,969 $ 1,121 Acquired in Leagold Acquisition (note 5(e)) — 10,704 Additions 51,644 13,668 Depreciation (15,906) (8,524) Balance – end of year $ 52,707 $ 16,969 (b) Lease liabilities The following is a reconciliation of the changes in the Company's lease liabilities balance to cash flows arising from financing activities: 2021 2020 Balance – beginning of year $ 18,884 $ 1,349 Financing cash flows: Lease payments (24,309) (6,667) Other changes: Additions 48,687 13,668 Lease liabilities assumed in Leagold Acquisition (note 5(e)) — 10,922 Interest expense 2,115 1,439 Unrealized foreign exchange gain (280) (1,827) Balance – end of year $ 45,097 $ 18,884 Classified and presented as: Current (1) $ 18,154 $ 8,935 Non-current (2) 26,943 9,949 $ 45,097 $ 18,884 (1) Included in other current liabilities. (2) Included in other non-current liabilities. In February 2021, the Company entered into a three-year lease agreement for the use of mining equipment to replace part of the Company's mining fleet at Mesquite. The equipment was delivered between February and May 2021 and the Company recognized total additions of $39.8 million to right-of-use assets with a corresponding increase to lease liabilities. Under the terms of the agreement, the Company makes quarterly fixed payments over the lease term. In June 2020, the Company entered into a lease agreement for the use of mining equipment in relation to contract mining at Castle Mountain for a period of four years. On commencement of the lease, the Company recognized a $13.4 million addition to right-of-use assets with a corresponding increase to lease liabilities. Under the terms of the agreement, the Company makes fixed payments and additional variable lease payments depending on the usage of the assets over the lease term. |
Share Capital and Share-based P
Share Capital and Share-based Payments | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital and Share-Based Payments [Abstract] | |
Share Capital and Share-Based Payments | SHARE CAPITAL AND SHARE-BASED PAYMENTS (a) Authorized capital The Company is authorized to issue an unlimited number of common shares with no par value. 19. SHARE CAPITAL AND SHARE-BASED PAYMENTS (CONTINUED) (b) Share issuances In addition to the common shares issued as consideration for the Premier Acquisition (note 5(a)) (2020 – Leagold Acquisition (note 5(e)) and on exercise of warrants and stock options and settlement of RSUs and pRSUs (notes 15(b)(iii) and 19(c)), the Company had the following shares issuances during the years ended December 31, 2021 and 2020: (i) In April 2021, the Company completed a non-brokered private placement of 7,500,000 common shares at a price of C$10.00 ($7.95) per share for gross proceeds of C$75.0 million ($59.6 million), of which C$40.4 million ($32.1 million) of common shares were issued to the Company's executives and directors. (ii) In March and April 2020, the Company completed a non-brokered private placement of 6,934,438 common shares of the Company at a price of $6.18 per share for gross proceeds of $42.9 million, of which $36.0 million was issued to the Company's Chairman, Ross Beaty. (c) Share-based compensation plans (i) Restricted share units Under the terms of the Equinox Gold Restricted Share Unit Plan (the “RSU Plan”), the Board of Directors may, from time to time, grant to directors, officers, employees, and consultants, RSUs and pRSUs in such numbers and for such terms as may be determined by the Board of Directors. Equity-settled RSUs and pRSUs Equity-settled RSUs are settled in the Company's common shares after the vesting conditions are met, which is generally within three years of the date of grant. The number of awards vested under equity-settled pRSUs are subject to a multiplier of 0% to 300% of the number of pRSUs granted based on the achievement of specified non-market conditions, including gold production targets, or market conditions, including the Company's total shareholder return as compared to the S&P Global Gold Index or the VanEck Vectors Junior Gold Miners ETF (“GDXJ”) Index over a three-year comparison period. Share-based compensation expense related to pRSUs with non-market performance conditions is recognized over the expected vesting period with the cumulative amount recognized adjusted at the end of each reporting period to reflect the change, if any, in the number of pRSUs expected to vest and expected vesting period based on expected performance. Share-based compensation expense related to pRSUs that vest based on market conditions is recognized over the three-year vesting period based on the grant date fair value of the award. The following table summarizes the changes in the Company's equity-settled RSUs and pRSUs outstanding during the years ended December 31, 2021 and 2020: Number of RSUs Number of pRSUs 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 Granted 603,607 421,155 Settled (428,065) (295,200) Forfeited (41,936) (1,100) Outstanding – December 31, 2021 843,312 1,270,155 During the year ended December 31, 2021, the Company granted 0.6 million equity-settled RSUs (2020 – 0.4 million) and 0.4 million pRSUs (2020 – 0.2 million) to directors, officers and employees. The weighted average grant date fair value of the RSUs and pRSUs granted during the year ended December 31, 2021 was $9.26 (2020 – $8.21). During the year ended December 31, 2021, the Company settled 0.3 million of pRSUs that were subject to a weighted average multiplier of 1.6 (2020 – 0.2 million subject to a weighted average multiplier of 1.0). 19. SHARE CAPITAL AND SHARE-BASED PAYMENTS (CONTINUED) (c) Share-based compensation plans (continued) (i) Restricted share units (continued) Cash-settled RSUs and pRSUs Under the terms of the RSU Plan, certain RSUs and pRSUs granted to 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 and cash-settled pRSUs”). The cash-settled pRSUs are subject to a multiplier of 0% to 200% based on the Company's total shareholder return as compared to the S&P Global Gold Index over a three-year comparison period. The share-based compensation expense related to cash-settled RSUs and pRSUs is recognized over the two-year and three-year vesting period, respectively. The amount of share-based compensation expense is adjusted at each reporting period to reflect the change in quoted market price of the Company's common shares and the number of RSUs and pRSUs expected to vest. The following table summarizes the changes in the Company's cash-settled RSUs and pRSUs outstanding during the years ended December 31, 2021 and 2020: Number of RSUs Number of pRSUs Outstanding – December 31, 2019 168,800 — Granted 78,900 — Settled (65,900) — Forfeited (37,000) — Outstanding – December 31, 2020 144,800 — Granted 67,800 7,700 Settled (105,350) — Forfeited — — Outstanding – December 31, 2021 107,250 7,700 During the year ended December 31, 2021, the Company granted 0.1 million total cash-settled RSUs and pRSUs (2020 – 0.1 million) with a weighted average grant date fair value of $10.05 (2020 – $7.49). The total fair value of cash-settled RSUs and pRSUs outstanding at December 31, 2021 was $0.7 million (2020 – $1.2 million), of which $0.5 million and $0.2 million (2020 – $0.8 million and $0.4 million) are included in other current liabilities and other non-current liabilities, respectively. (ii) Performance share units In connection with the Leagold Acquisition (note 5(e)), the Company issued 0.4 million cash-settled replacement PSUs. Awards vested were subject to a multiplier of 50% to 150% of the number of PSUs granted based on the Company's total shareholder return compared to the GDXJ Index over a three-year comparison period ended December 31, 2021. Share-based compensation expense related to the PSUs was recognized over the vesting period with the amount recognized being adjusted at the end of each reporting period to reflect the change in the quoted market price of the Company's common shares, the number of PSUs expected to vest, and the expected performance factor at such date. 19. SHARE CAPITAL AND SHARE-BASED PAYMENTS (CONTINUED) (c) Share-based compensation plans (continued) (ii) Performance share units (continued) The following table summarizes the changes in the Company's PSUs outstanding during the years ended December 31, 2021 and 2020: Number of PSUs Outstanding – December 31, 2019 — Issued in Leagold Acquisition (note 5(e)) 369,915 Settled (72,533) Forfeited (14,506) Outstanding – December 31, 2020 282,876 Settled (249,028) Forfeited (33,848) Outstanding – December 31, 2021 — At December 31, 2021, all the PSUs issued had either vested or were forfeited. The total fair value of PSUs outstanding at December 31, 2020 was $2.3 million and was included in other non-current liabilities. (iii) Deferred share units Under the terms of the Equinox Gold Deferred Share Unit Plan (the “DSU Plan”), non-executive directors may elect to receive all or a portion of their annual compensation in the form of DSUs which are linked to the value of the Company's common shares. DSUs are issued on a quarterly basis under the terms of the DSU Plan, based on the five-day volume weighted average trading price of the Company's common shares at the date of grant. DSUs vest immediately and are redeemable in cash. The following table summarizes the changes in the Company's DSUs outstanding during the years ended December 31, 2021 and 2020: Number of DSUs Outstanding – December 31, 2019 — Issued in Leagold Acquisition 319,286 Granted 8,266 Redeemed (202,115) Outstanding – December 31, 2020 125,437 Granted 51,046 Outstanding – December 31, 2021 176,483 In connection with the Leagold Acquisition (note 5(e)), the Company issued 0.3 million replacement DSUs to non-executive directors of Leagold. The DSUs are redeemable for 90 days from the date a director ceases to be a member of the Board. The weighted average grant date fair value of DSUs granted during the year ended December 31, 2021 was $7.63 (2020 – $11.01). The total fair value of DSUs outstanding as at December 31, 2021 was $1.2 million (2020 – $1.3 million) and is included in other non-current liabilities. (iv) Stock 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 stock 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. 19. SHARE CAPITAL AND SHARE-BASED PAYMENTS (CONTINUED) (c) Share-based compensation plans (continued) (iv) Stock options (continued) The following table summarizes the changes in the Company's outstanding stock options during the years ended December 31, 2021 and 2020: Number of options Weighted Outstanding – December 31, 2019 2,675,113 $ 5.99 Issued in Leagold Acquisition (note 5(e)) 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 Issued in Premier Acquisition (note 5(a)) 2,813,747 7.27 Exercised (1,833,661) 5.77 Expired/forfeited (315,713) 15.04 Outstanding – December 31, 2021 3,583,443 $ 7.14 During the year ended December 31, 2020, the Company granted 0.2 million stock options to employees, officers, directors and consultants of the Company. The fair value of stock options granted during the year ended December 31, 2020 was estimated using the Black-Scholes option pricing model with the following weighted average inputs: 2020 Exercise price and share price (C$) $ 11.80 Risk-free interest rate 0.4 % Expected volatility 65.2 % Expected dividend yield 0.0 % Expected life 5.0 years The weighted average share price at the date of exercise of stock options during the year ended December 31, 2021 was $10.87 (2020 – $13.36). The following table summarizes information about the Company's outstanding and exercisable stock options at December 31, 2021: Options Outstanding Options Exercisable Range of exercise Number of Weighted Weighted Number of Weighted $1.89 - $2.99 33,100 $ 1.89 4.53 33,100 $ 1.89 $3.00 - $4.99 493,380 4.56 3.18 493,380 4.56 $5.00 - $6.99 1,575,999 5.50 1.50 1,575,999 5.50 $7.00 - $8.99 640,284 8.61 0.34 640,284 8.61 $9.00 - $17.15 840,680 10.80 1.17 765,030 10.70 3,583,443 $ 7.14 1.47 3,507,793 $ 7.04 19. SHARE CAPITAL AND SHARE-BASED PAYMENTS (CONTINUED) (d) Share-based compensation The following table summarizes the Company's share-based compensation recognized during the years ended December 31, 2021 and 2020: 2021 2020 Stock options $ 1,676 $ 618 RSUs and pRSUs 6,640 3,320 PSUs (224) 3,882 DSUs (492) 320 Total share-based compensation $ 7,600 $ 8,140 Recognized in the consolidated financial statements as follows: Equity-settled: General and administration expense $ 6,773 $ 4,449 Operating expense 927 376 Capitalized within construction-in-progress 273 — Cash-settled: General and administration (recovery) expense (691) 2,302 Operating expense 290 708 Exploration expense 28 305 Total share-based compensation $ 7,600 $ 8,140 |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Reserves | RESERVES The following table summarizes the changes in the Company's reserves during the years ended December 31, 2021 and 2020: Share-based compensation Equity component of Convertible Notes Other Total Outstanding – December 31, 2019 $ 14,356 $ 10,217 $ 3,386 $ 27,959 Options issued in Leagold Acquisition 19,777 — — 19,777 Equity component of Convertible Notes issued — 8,322 — 8,322 Exercise of stock options and settlement of RSUs and pRSUs (22,104) — — (22,104) Share-based compensation 4,825 — — 4,825 Outstanding – December 31, 2020 16,854 18,539 3,386 38,779 Options issued in Premier Acquisition 8,155 — — 8,155 Exercise of stock options and settlement of RSUs and pRSUs (7,869) — — (7,869) Share-based compensation 7,973 — — 7,973 Outstanding – December 31, 2021 $ 25,113 $ 18,539 $ 3,386 $ 47,038 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Revenue | REVENUE Revenue from contracts with customers during the years ended December 31, 2021 and 2020 disaggregated by metal were as follows: 2021 2020 Gold $ 1,079,321 $ 844,076 Silver 2,965 1,312 Total revenue $ 1,082,286 $ 845,388 (a) Gold offtake arrangement As part of the Leagold Acquisition (note 5(e)), the Company assumed offtake arrangements with Orion Mine Finance (“Orion”) that provide for gold offtake of 50% of the gold production from Los Filos and 35% of the gold production from the Fazenda, RDM, Pilar and Santa Luz mines at market prices, until a cumulative delivery of 1.1 million ounces and 0.7 million ounces, respectively, to Orion has been achieved. At December 31, 2021, the Company had delivered a total of 0.3 million ounces and 0.2 million ounces, respectively, to Orion under the terms of the offtake arrangements. (b) Silver streaming arrangement |
Operating Expenses
Operating Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Operating Expense [Abstract] | |
Operating Expenses | OPERATING EXPENSE Operating expense during the years ended December 31, 2021 and 2020 were comprised of the following expenses by nature: 2021 2020 Raw materials and consumables $ 264,359 $ 153,173 Salaries and employee benefits 101,078 68,160 Contractors 130,865 79,355 Repairs and maintenance 60,457 37,908 Site administration 49,206 37,523 Royalties 28,618 23,312 634,583 399,431 Change in inventories 20,221 23,860 Total operating expense $ 654,804 $ 423,291 |
Care and Maintenance Expense
Care and Maintenance Expense | 12 Months Ended |
Dec. 31, 2021 | |
Care and Maintenance [Abstract] | |
Care and Maintenance | CARE AND MAINTENANCE EXPENSE During the year ended December 31, 2021, the Company incurred total care and maintenance costs of $15.3 million (2020 – $65.0 million). Included in care and maintenance costs for the year ended December 31, 2021 were $14.2 million incurred at Los Filos resulting from a delayed restart in the first quarter of 2021 from the community blockade as described below that lifted in December 2020 and the temporary suspension of operations resulting from a community blockade in July 2021. |
General and Administration Expe
General and Administration Expense | 12 Months Ended |
Dec. 31, 2021 | |
General And Administrative Expense [Abstract] | |
General and Administration Expense | GENERAL AND ADMINISTRATION EXPENSE General and administration expense during the years ended December 31, 2021 and 2020 were comprised of the following expenses by nature: 2021 2020 Salaries and benefits $ 19,761 $ 12,497 Share-based compensation 6,082 6,751 Professional fees 15,696 12,814 Office and other expenses 9,809 7,638 Depreciation 1,242 692 Total general and administration expense $ 52,590 $ 40,392 |
Other Income (Expense)
Other Income (Expense) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income Expense [Abstract] | |
Other Income (Expense) | OTHER INCOME (EXPENSE) Other income (expense) during the years ended December 31, 2021 and 2020 were comprised of the following: 2021 2020 Foreign exchange gain $ 152 $ 12,050 Change in fair value of gold contracts (note 15(b)(i)) 16,605 (48,091) Change in fair value of foreign exchange contracts (note 15(b(ii)) (4,410) (14,731) Change in fair value of warrants (note 15(a),15(b)(iii),15(b)(iv)) 85,790 (29,862) Change in fair value of contingent consideration (note 15(b)(v)) (923) — Change in fair value of Stream Arrangement (note 9) (6,419) — Gain on bargain purchase of Premier (note 5(a)) 81,432 — Gain on sale of Pilar (note 5(c)) 45,417 — Gain on sale of partial interest in Solaris (note 5(d)) 50,300 — Gain on reclassification of investment in Solaris (note 5(d)) 186,067 — Dilution gain on investment in associate 2,067 8,033 Loss on disposal of plant and equipment (12,414) (1,679) Expected credit losses (1) (6,951) (6,074) Other expense (10,151) (6,183) Total other income (expense) $ 426,562 $ (86,537) (1) Related to non-trade receivables (note 12). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | INCOME TAXES Income tax expense during the years ended December 31, 2021 and 2020 differs from the amounts that would result from applying the combined Canadian federal and provincial income tax rate of 27% (2020 – 27%) to income before income taxes. These differences result from the following items: 2021 2020 Income before income taxes $ 535,035 $ 43,099 Combined Canadian federal and provincial income tax rate 27 % 27 % Expected income tax expense 144,459 11,637 Non-taxable income and non-deductible expenses (52,405) 24,003 Impact of tax rate differences between jurisdictions (31,941) — Tax effect of temporary differences for which no tax benefit has been recognized (39,843) 6,424 Change in fair value of derivative liabilities (11,312) 8,063 Impact of US percentage depletion (10,114) (10,325) Impact of Mexican inflation (3,024) (2,311) Foreign exchange and other (15,674) (16,680) Total income tax (recovery) expense $ (19,854) $ 20,811 Comprising: Current tax expense $ 25,163 $ 35,050 Deferred tax recovery (45,017) (14,239) $ (19,854) $ 20,811 26. INCOME TAXES (CONTINUED) The significant components of the Company's recognized deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 were as follows: 2021 2020 Non-capital losses $ 62,419 $ 22,421 Deductible temporary differences relating to: Mineral properties, plant and equipment 75,259 45,109 Inventory 31,847 2,084 Reclamation and closure cost provision 16,023 15,080 Mining tax 10,717 3,924 Accrued liabilities 10,650 6,051 Investments and loans and borrowings 11,701 — Suspended interest deduction 4,604 — Other 7,396 8,248 Total deferred tax assets $ 230,616 $ 102,917 Taxable temporary differences relating to: Mineral properties, plant and equipment $ (492,463) $ (296,861) Marketable securities (30,227) — Reclamation and closure cost provision (12,070) (5,631) Derivatives (7,174) — Intercompany loan (6,898) (16,757) Other (1,490) (13,528) Total deferred tax liabilities (550,322) (332,777) Net deferred tax liability $ (319,706) $ (229,860) Presented as: Deferred tax assets $ 10,576 $ — Deferred tax liabilities (312,198) (229,860) Deferred tax liabilities relating to assets held for sale (note 9) (18,084) — $ (319,706) $ (229,860) The movements in the Company's net deferred tax liability during the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Balance – beginning of year $ (229,860) $ (10,712) Recognized in net income 45,017 14,239 Acquisition of Premier (note 5(a)) (121,931) — Acquisition of Leagold (note 5(e)) — (230,458) Recognized in OCI (12,932) — Recognized in equity component of Convertible Notes — (2,929) Balance – end of year $ (319,706) $ (229,860) In assessing whether to recognize deferred tax assets, other than deferred tax assets arising from the initial recognition of assets and liabilities that do not affect accounting or taxable income which are not recognized, 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 against which the deferred tax assets can be utilized. 26. INCOME TAXES (CONTINUED) The Company's deductible temporary differences, unused tax losses and unused tax credits at December 31, 2021 and 2020 for which deferred tax assets have not been recognized were as follows: 2021 2020 Deductible temporary differences relating to: Mineral properties, plant and equipment $ 430,274 $ 277,097 Investments and loans and borrowings 322,272 12,021 Inventories — 18,978 Derivatives 8,276 97,647 Reclamation obligation 41,164 54,996 Share issue and finance costs 1,176 21,471 Interest expense — 19,350 Other 14,970 903 Non-capital losses 449,984 357,080 Capital losses 10,689 26,826 State alternative minimum tax credit 7,434 7,787 $ 1,286,239 $ 894,156 At December 31, 2021, the Company had the following estimated tax operating losses available to reduce future taxable income, including both losses for which deferred tax assets are recognized and losses for which deferred tax assets are not recognized as listed in the table above. The loss carryforwards expire as follows: 2021 Canada (expire between 2035-2041) $ 238,898 United States - California (expire between 2034-2040 or after) 170,214 Mexico (expire between 2024-2030) 142,441 Brazil (no expiry) 117,671 Other (2026 and onwards) 10,938 $ 680,162 |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Net Income Per Share | NET INCOME PER SHARE The calculations of basic and diluted EPS for the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Weighted Net income Net income Weighted Net income Net income Basic EPS 284,932,357 $ 554,889 $ 1.95 212,487,729 $ 22,288 $ 0.10 Dilutive stock options 1,165,033 — 2,015,014 — Dilutive RSUs and pRSUs 2,806,153 — 741,588 — Dilutive Convertible Notes 44,458,210 9,995 — — Dilutive warrants 372,948 (1,358) 3,167,640 (1,076) Diluted EPS 333,734,701 $ 563,526 $ 1.69 218,411,971 $ 21,212 $ 0.10 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Segment Information | SEGMENT INFORMATION Operating results of operating segments are regularly reviewed by the Company's chief operating decision maker to make decisions about resources to be allocated to the segment and to assess performance. The Company considers each of its mine sites as a reportable operating segment. The following tables present significant information about the Company's reportable operating segments as reported to the Company's chief operating decision maker: Year ended December 31, 2021 Revenue Operating Depreciation Exploration Other Income Mesquite $ 249,025 $ (142,487) $ (29,231) $ — $ — $ 77,307 Castle Mountain 46,040 (18,608) (3,670) (1,175) — 22,587 Los Filos 257,217 (227,350) (37,527) (339) (14,185) (22,184) Mercedes (1) 56,928 (30,288) (24,753) (648) — 1,239 Aurizona 242,621 (103,999) (37,433) (4,980) — 96,209 Fazenda 107,917 (52,319) (33,021) (3,655) — 18,922 RDM 105,774 (69,018) (23,901) (849) — 12,006 Santa Luz — — — (3,692) — (3,692) Greenstone (2) — — — (204) (79) (283) Corporate and other (3) 16,764 (10,735) (7,356) (711) (53,600) (55,638) $ 1,082,286 $ (654,804) $ (196,892) $ (16,253) $ (67,864) $ 146,473 Year ended December 31, 2020 (4) Revenue Operating Depreciation Exploration Other Income Mesquite $ 245,931 $ (126,334) $ (19,655) $ — $ — $ 99,942 Castle Mountain 9,116 (3,478) (734) (6,515) — (1,611) Los Filos (5) 105,872 (80,587) (13,264) (216) (59,876) (48,071) Aurizona 229,644 (92,398) (41,991) (5,109) — 90,146 Fazenda (5) 92,404 (40,882) (22,012) — — 29,510 RDM (5) 106,635 (48,582) (20,601) — (937) 36,515 Santa Luz (5) — — — — (2,213) (2,213) Corporate and other (3)(5) 55,786 (31,030) (13,657) — (42,361) (31,262) $ 845,388 $ (423,291) $ (131,914) $ (11,840) $ (105,387) $ 172,956 (1) The above segment information includes the results of Mercedes from the date of acquisition of Premier on April 7, 2021. (2) The above segment information includes the Company's 50% share of the results of Greenstone from the date of acquisition of Premier on April 7, 2021 to April 15, 2021, and its 60% share of the results of Greenstone from April 16, 2021 (notes 5(a) and (b)). (3) Corporate and other includes the results of Pilar until April 16, 2021, the date of disposition. (4) The presentation of the segment information for the year ended December 31, 2020 has been changed to present Castle Mountain and Fazenda separately as reportable segments and include Pilar in Corporate and other to be consistent with the current year presentation. Castle Mountain, Fazenda and Pilar were previously grouped in the other operating mines segment. (5) The above segment information includes the results of Los Filos, Fazenda, RDM, Santa Luz and Pilar from the date of acquisition of Leagold on March 10, 2020 (note 5(e)). 28. SEGMENT INFORMATION (CONTINUED) Total assets (1) Total liabilities (1) At December 31 2021 2020 2021 2020 Mesquite $ 332,555 $ 262,758 $ (74,543) $ (36,032) Castle Mountain 261,631 227,157 (25,607) (23,960) Los Filos 1,108,533 1,066,378 (274,664) (271,712) Mercedes (2) 207,538 — (85,849) — Aurizona 363,703 338,792 (51,546) (49,261) Fazenda 138,143 180,397 (41,325) (52,261) RDM 119,468 144,025 (20,515) (42,146) Santa Luz 234,490 209,215 (22,016) (10,605) Greenstone 498,529 — (120,657) — Corporate and other (3) 702,771 244,678 (665,294) (738,900) $ 3,967,361 $ 2,673,400 $ (1,382,016) $ (1,224,877) (1) The presentation of the segment assets and liabilities at December 31, 2020 has been changed to present Castle Mountain and Fazenda separately as reportable segments and include Pilar in corporate and other to be consistent with the current year presentation. Castle Mountain, Fazenda and Pilar were previously grouped in the other operating mines segment. (2) At December 31, 2021, the assets and liabilities of Mercedes were classified as held for sale (note 9). (3) Corporate and other includes the Company's investment in i-80 Gold (note 11) at December 31, 2021. The following table presents the Company's non-current assets, excluding financial instruments and investments in associates, by region: At December 31 2021 2020 United States $ 451,113 $ 392,290 Mexico 941,762 919,464 Brazil 730,679 685,604 Canada 544,428 1,820 Total non-current assets, excluding financial instruments $ 2,667,982 $ 1,999,178 The following table presents revenue from sales to major customers that exceeded 10% of the Company's revenue for the years ended December 31, 2021 and 2020: 2021 2020 Customer 1 $ 521,476 $ 354,981 Customer 2 265,690 131,439 Customer 3 264,277 259,371 Customer 4 — 87,551 Total revenue from major customers $ 1,051,443 $ 833,342 Total revenue from major customers as percentage of total revenue 97.2 % 98.3 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Company's related parties include its subsidiaries, associate, joint operation and key management personnel. The Company's key management personnel is comprised of executive and non-executive directors and members of executive management. In April 2021, the Company issued $32.1 million of its common shares to its executives and directors under a private placement (note 19(b)). In June 2020, the Company repaid in full $13.7 million in principal and accrued interest owing to the Company's Chairman under a standby loan entered into in 2018. In March 2020, Mr. Beaty participated in a private placement by the Company, acquiring $36.0 million in common shares (note 19(b)). 29. RELATED PARTY TRANSACTIONS (CONTINUED) The remuneration of the Company's directors and other key management personnel during the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Salaries, directors' fees and other short-term benefits $ 4,236 $ 6,763 Share-based payments 4,985 3,385 Total key management personnel compensation $ 9,221 $ 10,148 At December 31, 2021, $2.0 million (2020 – $2.0 million) was owed by the Company to management for accrued salaries and bonuses and reimbursement of expenses. |
Supplemental Cash flow Informat
Supplemental Cash flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash flow Information | SUPPLEMENTAL CASH FLOW INFORMATION The non-cash changes in working capital during the years ended December 31, 2021 and 2020 were as follows: 2021 2020 (Increase) decrease in trade and other receivables $ (3,815) $ 157 Decrease in inventories 20,221 20,545 Decrease (increase) in prepaid expenses and other current assets 2,840 (15,351) Increase (decrease) in accounts payable and accrued liabilities 37,410 (20,544) Non-cash changes in working capital $ 56,656 $ (15,193) |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Of Financial Assets and Liabilities [Abstract] | |
Financial Instruments and Fair Value Measurements | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (a) Financial assets and financial liabilities by category The carrying amounts of Company's financial assets and financial liabilities by category are as follows: At December 31, 2021 Amortized cost FVTPL FVOCI (3) Total Financial assets Cash and cash equivalents $ 305,498 $ — $ — $ 305,498 Marketable securities — 1,902 238,628 240,530 Trade receivables 14,207 — — 14,207 Derivative assets (1) — 124,452 — 124,452 Restricted cash 20,444 — — 20,444 Other current and non-current financial assets 14,416 — 2,294 16,710 Total financial assets $ 354,565 $ 126,354 $ 240,922 $ 721,841 Financial liabilities Accounts payable and accrued liabilities $ 185,716 $ — $ — $ 185,716 Loans and borrowings 540,682 — — 540,682 Derivative liabilities (1) — 84,857 — 84,857 Lease liabilities (2) 45,097 — — 45,097 Other financial liabilities 3,588 — — 3,588 Total financial liabilities $ 775,083 $ 84,857 $ — $ 859,940 (1) Includes current and non-current derivatives (note 15). (2) Includes current and non-current lease liabilities (note 18). (3) Includes the Company's investment in Solaris Shares (note 6) and PGI (note 12). 31. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (CONTINUED) (a) Financial assets and financial liabilities by category (continued) At December 31, 2020 Amortized cost FVTPL FVOCI Total Financial assets Cash and cash equivalents $ 344,926 $ — $ — $ 344,926 Marketable securities — 3,120 — 3,120 Trade receivables 17,212 — — 17,212 Restricted cash (1) 3,210 — — 3,210 Other current and non-current financial assets 12,333 — — 12,333 Total financial assets $ 377,681 $ 3,120 $ — $ 380,801 Financial liabilities Accounts payable and accrued liabilities $ 119,641 $ — $ — $ 119,641 Loans and borrowings 545,241 — — $ 545,241 Derivative liabilities (2) — 154,566 — $ 154,566 Lease liabilities (3) 18,884 — — $ 18,884 Total financial liabilities $ 683,766 $ 154,566 $ — $ 838,332 (1) Includes current and non-current restricted cash. Current restricted cash is included within prepaid expenses and other current assets. (2) Includes current and non-current derivative liabilities (note 15). (3) Includes current and non-current lease liabilities (note 18). (b) Fair values of financial assets and financial liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy categorizes inputs to valuation techniques used in measuring fair value into the following three levels: Level 1 – quoted 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 – unobservable inputs for which market data are not available. (i) Financial assets and financial liabilities measured at fair value The fair values of the Company's financial assets and financial liabilities that are measured at fair value in the statement of financial position and the levels in the fair value hierarchy into which the inputs to the valuation techniques used to measure the fair values are categorized are as follows: At December 31, 2021 Level 1 (a) Level 2 (b) Level 3 (c) Total Marketable securities $ 240,530 $ — $ — $ 240,530 Derivative assets (1) — 124,452 — 124,452 Other financial assets — — 2,294 2,294 Derivative liabilities (1) — (78,271) (6,586) (84,857) Net financial assets (liabilities) $ 240,530 $ 46,181 $ (4,292) $ 282,419 At December 31, 2020 Marketable securities $ 3,120 $ — $ — $ 3,120 Derivative liabilities (1) (36,455) (118,111) — (154,566) Net financial liabilities $ (33,335) $ (118,111) $ — $ (151,446) (1) Includes current and non-current derivatives (note 15). 31. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (CONTINUED) (b) Fair values of financial assets and financial liabilities (continued) (i) Financial assets and financial liabilities measured at fair value (continued) There were no amounts transferred between levels of the fair value hierarchy during the years ended December 31, 2021 and 2020. (a) The fair values of marketable securities and the Company's share purchase warrants that are traded are based on the quoted market price of the underlying securities. (b) The fair values of derivative assets and certain of its derivative liabilities are measured using Level 2 inputs. The fair values of the Company's investments in warrants, non-traded share purchase warrants and Solaris warrant liability are determined using the Black Scholes option pricing model that uses a combination of quoted market prices and market-derived inputs such as expected volatility. The fair values of the Company's gold collar and forward contracts are based on forward metal prices, and the fair values of the Company's foreign currency contracts are based on forward foreign exchange rates. (c) The fair value of the contingent consideration derivative liability relating to Greenstone is calculated as the present value of projected future cash flows using a market-interest rate that reflects the risk associated with the delivery of the contingent consideration. The projected cash flows are affected by assumptions related to the achievement of production milestones. (ii) Financial assets and financial liabilities not already measured at fair value At December 31, 2021, the fair values of the Company's financial assets and financial liabilities, excluding lease liabilities, that are not measured at fair value in the statement of financial position as compared to the carrying amounts were as follows: December 31, 2021 December 31, 2020 Level Carrying amount Fair value Carrying amount Fair value Receivables from asset sales (a) 3 $ 10,321 $ 10,321 $ 12,197 $ 12,197 Credit Facility (b) 2 279,621 287,255 289,910 300,599 Convertible Notes (b) 2 261,061 384,143 255,331 521,873 (a) The fair values of receivables from sales of the Company's non-core assets are calculated as the present value of expected future cash flows based on expected amounts and timing of future cash flows discounted using a market rate of interest for similar instruments. (b) The fair values of the Credit Facility and Convertible Notes are calculated as the present value of future cash flows based on contractual cash flows discounted using a market rate of interest for similar instruments. |
Financial Instrument Risks and
Financial Instrument Risks and Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Financial Instrument Risks and Risk Management | FINANCIAL INSTRUMENT RISKS AND RISK MANAGEMENT The Company is exposed in varying degrees to a variety of financial instrument related risks including credit risk, liquidity risk and market risk. The Company's Board of Directors approves and oversees the Company's risk management process, which seeks to minimize the potential adverse effects of financial risks on the Company's financial results. At December 31, 2021, the financial risks to which the Company is exposed and the Company's objectives, policies and processes for managing those risks are as follows: (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. 32. FINANCIAL INSTRUMENT RISKS AND RISK MANAGEMENT (CONTINUED) (a) Credit risk (continued) The Company is primarily exposed to credit risk on its cash and cash equivalents, restricted cash, trade receivables, and other current and non-current receivables. The Company's maximum exposure to credit risk at December 31, 2021, represented by the carrying amounts of these financial assets, was $354.6 million (2020 – $404.5 million). The Company limits its exposure to credit risk on its cash and cash equivalents and restricted cash by investing in high credit quality instruments and maintaining its cash balances in financial institutions with strong credit ratings. Credit risk arising from the Company's trade receivables is low with negligible expected credit losses as the Company sells its products to large global financial institutions and other companies with high credit ratings. Credit risk relating to receivables from the sale of the Company's non-core assets is mitigated by collateral held as security in the event of default. (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's objective in managing its liquidity risk is to ensure there is sufficient capital to meet its short-term business requirements after taking into account the Company's holdings of cash and cash equivalents. The Company manages its liquidity risk through a rigorous planning, budgeting and forecasting process to help determine the funding requirements to support its current operations, development and expansion plans. The Company also manages its liquidity risk by managing its capital structure (note 33). The Company has a $400 million Revolving Facility available for general corporate purposes, other than for repayment of amounts owing under the 2019 Notes, of which it has utilized $199.7 million at December 31, 2021. The Company enters into contracts in the normal course of business that give rise to commitments for future payments. The following table summarizes the contractual maturities of the Company's liabilities, and operating and capital purchase commitments at December 31, 2021: Within 1 1-2 2-3 3-4 4–5 Thereafter Total Accounts payable and accrued liabilities $ 185,716 $ — $ — $ — $ — $ — $ 185,716 Loans and borrowings (1)(2) 48,261 47,489 376,364 147,223 619,337 Derivative liabilities 44,825 572 45,397 Lease liabilities (2) 19,362 18,742 9,010 6 6 13 47,139 Other financial liabilities (2) — 5,000 — — — — 5,000 Reclamation and closure costs (2) 3,748 6,576 8,311 10,008 8,724 145,314 182,681 Purchase commitments (2) 94,241 9,524 4,608 2,214 1,295 2 111,884 Other operating commitments (2) 30,546 31,766 33,035 17,796 18,508 48,763 180,414 Total $ 426,699 $ 119,669 $ 431,328 $ 177,247 $ 28,533 $ 194,092 $ 1,377,568 (1) Amount includes principal and interest payments, except accrued interest which is included in accounts payable and accrued liabilities. (2) Amounts represent undiscounted future cash flows. (c) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company is exposed to the following market risks: interest rate risk, currency risk and other price risk. 32. FINANCIAL INSTRUMENT RISKS AND RISK MANAGEMENT (CONTINUED) (c) Market risk (continued) (i) Interest rate risk Interest rate risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market interest rates. The Company is exposed to interest rate cash flow risk on its Revolving Facility and Term Loan which are subject to variable interest rates based on LIBOR or another alternate benchmark rate when the current benchmark rate ceases to exist (notes 3(u)(iii) and 14(a)). A 1.0% increase or decrease in the LIBOR interest rate during the year ended December 31, 2021 would have resulted in a decrease or increase of $2.2 million, respectively, in the Company's net income during the year ended December 31, 2021. The Company is also exposed to interest rate cash flow risk on its cash and cash equivalents and restricted cash that earn variable interest. The Company is exposed to interest rate fair value risk on the 2019 Notes and 2020 Notes, which are subject to fixed interest rates. The Company manages its interest rate risk with a mix of fixed and variable rate debt. A change in market interest rate would impact the fair values of the 2019 Notes and 2020 Notes. However, as the Convertible Notes are measured at amortized cost, changes in market interest rates would have had no impact to the Company's net income during the year ended December 31, 2021. (ii) Foreign currency risk Currency risk is the risk that the fair values or future cash flows of the Company's financial instruments, in functional currency terms, will fluctuate because of changes in foreign exchange rates. Except for Greenstone, which uses the Canadian dollar as its functional currency, the functional currency of the Company and its subsidiaries is the US dollar. The Company and its subsidiaries are exposed to currency risk on transactions, investments and balances denominated in currencies other than USD, principally on BRL, MXN, and CAD expenses. During the year ended December 31, 2021, Greenstone did not have material transactions or balances denominated in any currency other than the Canadian dollar from which it would be exposed to currency risk. The following tables summarize the Company's exposure to currency risk arising from financial assets and financial liabilities, excluding foreign exchange contracts, denominated in foreign currencies: At December 31, 2021 BRL MXN CAD Financial assets $ 19,219 $ 558 $ 415,234 Financial liabilities (54,594) (50,250) (46,674) $ (35,375) $ (49,692) $ 368,560 At December 31, 2020 Financial assets $ 73,236 $ 9,889 $ 13,254 Financial liabilities (61,896) (5,952) (7,671) $ 11,340 $ 3,937 $ 5,583 Based on the above foreign currency denominated financial assets and financial liabilities at December 31, 2021, the reasonably possible weakening in foreign currencies against the USD at such date, assuming all other variables remained constant, would have resulted in the following increase (decrease) in the Company's net income during the year ended December 31, 2021: 2021 BRL – 20% $ 5,165 MXN – 10% 3,628 CAD – 10% (26,905) 32. FINANCIAL INSTRUMENT RISKS AND RISK MANAGEMENT (CONTINUED) (c) Market risk (continued) (ii) Foreign currency risk (continued) In accordance with its foreign currency exchange risk management program, the Company uses foreign exchange contracts to manage its exposure to currency risk on expenditures in BRL and MXN which are accounted for as derivative financial instruments (note 15(b)(ii)). At December 31, 2021, a 20% and 10% weakening in the BRL and MXN against the USD would have resulted in a decrease of $1.5 million in the fair value of the foreign currency derivative liabilities and increase in Company's net income during the year ended December 31, 2021. A 20% and 10% strengthening in the BRL and MXN against the USD would have resulted in an increase of $2.3 million in the fair value of the foreign currency derivative liabilities and decrease in the Company net income during the year ended December 31, 2021. (iii) Other price risk Other price risk is the risk that the fair values or future cash flows of the Company's financial instruments will fluctuate because of changes in market prices, other than interest rate risk or currency risk. As part of the Leagold Acquisition (notes 5(e)), the Company assumed gold collar and forward contracts (note 15(b)(i)). In connection with the acquisition of an additional 10% interest in Greenstone (note 5(b)), the Company assumed a contingent obligation for future gold deliveries (note 15(b)(v)). These contracts are measured at FVTPL at the end of each reporting period. A 10% increase or decrease in the price of gold at December 31, 2021 would have resulted in a decrease or increase of $10.5 million in the Company's net income for the year ended December 31, 2021, respectively. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2021 | |
Capital Management [Abstract] | |
Capital Management | 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 sufficient ability to satisfy its capital obligations and ongoing operational expenses, as well as having sufficient liquidity to fund suitable business opportunities as they arise. The capital of the Company consists of items included in the Company's equity and loans and borrowings, net of cash and cash equivalents. The Company's capital, as defined above, is summarized in the following table: December 31, December 31, Equity $ 2,585,345 $ 1,448,523 Loans and borrowings 540,682 545,241 3,126,027 1,993,764 Less: cash and cash equivalents (305,498) (344,926) $ 2,820,529 $ 1,648,838 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, seeks 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, draw down or repay debt, or sell assets. |
Contingencies and Other Risks
Contingencies and Other Risks | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Contingencies and Other Risks | CONTINGENCIES AND OTHER RISKS At December 31, 2021, the Company had the following outstanding matters: (a) Legal The Company is a defendant in various lawsuits and legal actions for alleged fines, labour related and other 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 a claim. To the extent management believes it is probable that a cash outflow will be incurred to settle a claim, a provision for the estimated settlement amount is recognized. At December 31, 2021, the Company recognized a provision of $11.6 million (2020 – $13.2 million) for legal matters which is included in other non-current liabilities. (b) Tax 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, 2021, the Company recognized restricted cash of $4.6 million (2020 – $1.2 million) in relation to insurance bonds for tax assessments in the appeals process. The Company may be required to post additional security in the future, 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 it is not probable that a cash outflow will occur. Accordingly, no provision has been recognized with respect to these matters. (c) Environmental A historic rain event caused widespread flooding in the Aurizona region in late March 2021 and a fresh water pond on the Aurizona site overflowed during the rain event. The tailings facility and other infrastructure at the Aurizona site remained operational. The Company received notices from the local state government of environmental infractions related to turbidity in the local water supply at Aurizona with associated fines totaling $9.2 million. In addition to the fines, a pubic civil action has been filed against the Company by the State prosecutor claiming various damages as a result of the rain event. The Company and its advisors believe the fines and public civil action are without merit and it is not probable that a cash outflow will occur. Accordingly, no amount has been recognized in relation to the fines. (d) COVID-19 In March 2020, the COVID-19 outbreak was declared a global pandemic by the World Health Organization. The pandemic and efforts to contain it have significantly impacted the global economy, including commodity prices, and disrupted global supply chains and capital markets. The Company has implemented preventative measures at each of its sites and corporate office in collaboration with the Company's employees, contractors, host communities and governments to limit the exposure to and spread of COVID-19. The Company's COVID-19 protocols include routine testing at all it sites, travel restrictions, limiting mine site access, physical distancing and other safety precautions and remote work policies where possible. During the second quarter of 2020, the Company temporarily suspended operations at its mine in Mexico and certain of its mines in Brazil as a result of government-mandated restrictions and the mines were placed in care and maintenance. While the Company's operations continue to experience some effects from the COVID-19 pandemic, there has been no further government-mandated shut downs and the Company has not experienced any material sales or supply chain disruptions. To date, the effects of COVID-19 on the Company have included mine standby costs incurred during the temporary suspension of operations during the second quarter of 2020 and the subsequent ramp up of operations, incremental costs related to increased health and safety protocols and other COVID-19 related protocols and workforce participation. Additionally, in 2021, operations have experienced higher inflation on material inputs due to COVID-19 driven market conditions. As the COVID-19 pandemic continues to evolve into 2022, the magnitude of its effects on the economy, and on the Company's operating plan, financial and operational performance is uncertain. It is possible that the COVID-19 pandemic could have a material adverse effect on the Company's future results and cash flows and result in write-downs of its non-current assets. The above matters could have an adverse impact on the Company's financial performance, cash flows and results of operations if they are not resolved favorably. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Business combinations | Business combinations A business combination is an acquisition of assets and liabilities that constitute a business and whereby the Company obtains control of the business. A business is an integrated set of activities and assets that consist of inputs and processes, including a substantive process that, when applied to those inputs, have the ability to create or significantly contribute to the creation of outputs that generate investment income or other income from ordinary activities. When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs at the acquisition date, the Company considers other factors to determine whether the set of activities or assets is a business. In this case, an acquired process is considered substantive when: (i) the acquired process is critical to the ability to develop the acquired input into outputs; and (ii) the inputs acquired include both an organized workforce with the necessary skills, knowledge, or experience to perform the process and other inputs that the organized workforce could develop into outputs. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (a) Business combinations (continued) Business combinations are accounted for using the acquisition method whereby identifiable assets acquired and liabilities assumed, including contingent liabilities, are recognized 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 control of 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, determined as at the acquisition date, of the assets 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. Acquisition-related costs, other than costs to issue debt or equity securities of the Company, are expensed as incurred. A non-controlling interest (“NCI”), if any, represents the equity in a subsidiary not attributable, directly or indirectly, to the Company. An NCI is recognized at its proportionate share of the fair value of identifiable net assets acquired on initial recognition. |
Joint arrangements | Joint arrangementsA joint arrangement is an arrangement of which two or more parties have joint control, which is the contractually agreed sharing of control of an arrangement. This exists only when the decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require the unanimous consent of the parties sharing control. A joint arrangement is classified as a joint operation or a joint venture based on the rights and obligations of the parties to the joint arrangement.The Company's interest in Greenstone (notes 5(a) and 5(b)) is classified as a joint operation, whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities relating to the arrangement. The Company proportionately consolidates its share of Greenstone's assets, liabilities, revenues and expenses. |
Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents consist mainly of cash on hand and cash held at banks. Cash equivalents are highly liquid investments with a maturity date of three months or less from the date of purchase. |
Restricted cash | Restricted cashRestricted cash consists of deposits held as security for income tax assessments and letters of credit. Restricted cash is classified as current or non-current assets based on the applicable restriction periods. |
Inventories | Inventories Heap leach ore, stockpiled ore, work-in-process and finished goods inventories are measured at the lower of weighted average cost and net realizable value (“NRV”). Costs include the cost of direct labour and materials, mine-site overhead expenses and depreciation and depletion of related mineral properties, plant and equipment. NRV is calculated as the estimated price at the time of expected sale based on prevailing and long-term metal prices less estimated future costs to convert the inventories into saleable form and selling costs. 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 that dissolves the gold contained in ore. The resulting solution is further processed in a plant where the gold is recovered. Costs are added to heap leach ore inventories based on mining and leaching costs incurred, including depreciation and depletion of related mineral properties, plant and equipment. Costs are removed from heap leach ore inventories as ounces of gold are recovered based on the average cost per recoverable ounce on the leach pads. The amount of recoverable gold on the leach pads is calculated based on 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). The quantity of recoverable gold in ore on the leach pads that will be recovered over a period exceeding 12 months is classified as non-current. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (e) Inventories (continued) Stockpiled ore inventories represent ore that has been extracted from the mine and is available for further processing. The average costs included in stockpiled ore inventories are based on mining costs incurred up to the point of stockpiling the ore, including depreciation and depletion related to mineral properties and equipment and are removed at the weighted average cost as ore is processed. Stockpiled ore that is not expected to be processed within the next 12 months is classified as non-current. Work-in-process inventories represent ore that is in the process of being converted into finished goods, other than by heap leaching. The average costs included in work-in-process inventories represent the weighted average mining cost of ore being processed and the processing costs incurred prior to the refining process. The average cost of finished goods represents the average cost of work-in-process inventories incurred prior to the refining process, plus applicable refining costs and associated royalties. Supplies inventories include the costs of consumables, including freight, to be used in operations and is measured at the lower of average cost and NRV, with replacement costs being the typical measure of NRV. Write-downs of inventories to NRV are included in operating expense in the period of the write-down. A write-down of inventories is reversed in a subsequent period if there is a subsequent increase in the NRV of the related inventories. |
Investments in associates | 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. Investments in entities in which the Company owns less than a 20% interest are generally accounted for as marketable securities or other investments in equity instruments unless it can be clearly demonstrated that significant influence exists based on the Company's contractual rights and other factors. The Company accounts for an investment in associate using the equity method. Under the equity method, the Company’s investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company’s share of net income (loss) and OCI (other comprehensive loss) of the associate, and for impairment losses after the initial recognition date. The Company’s share of income or losses of its associate is recognized in net income or loss during each reporting 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. When an investee ceases to be an associate, the Company discontinues the use of the equity method to account for its investment. When the Company retains an interest in the former associate, the Company accounts for the interest as a marketable security or other investment in equity instrument and a gain or loss is recognized in net income or loss for the difference between: (i) the fair value of any retained interest and any proceeds from disposing of a part interest in the associate; and (ii) the carrying amount of the investment at the date the use of the equity method was discontinued. |
Mineral properties, plant and equipment | Mineral properties, plant and equipment (i) Mineral properties and construction-in-progress Mineral properties and construction-in-progress include: • costs of acquiring producing and development stage mineral properties; • costs reclassified from exploration and evaluation assets; • capitalized development costs; • deferred stripping costs; • estimates of reclamation and closure costs (note 3(k)(i)); and • borrowing costs incurred that are attributable to qualifying mineral properties (note 3(q)). 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (g) Mineral properties, plant and equipment (continued) (i) Mineral properties and construction-in-progress (continued) Development costs are those expenditures incurred subsequent to the establishment of economic recoverability, technical feasibility and commercial viability, and after receipt of approval for project expenditures from the Board of Directors. Development costs are capitalized to construction-in-progress until the mine reaches commercial production, at which point the capitalized development costs are reclassified to mineral properties. Commercial production is the point at which a mine is capable of operating in the manner intended by the Company's management. During the production phase of an underground mine, mine development costs incurred to maintain current production are included in operating expense. These costs include the development and access (tunneling) costs of production drifts to develop the ore body in the current production cycle. Development costs incurred to build new shafts, declines and ramps that enable permanent access to ore underground are capitalized as incurred. During the production phase of an open-pit mine, stripping costs incurred that provide improved access to ore that will be produced in future periods and that would not have otherwise been accessible are capitalized as deferred stripping assets. Deferred stripping assets are recognized and included as part of the carrying amount of the related mineral property 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 Company; • 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. Capitalized stripping costs are depleted using the units-of-production method over the reserves that directly benefit from the specific stripping activity. Costs incurred for regular waste removal that do not give rise to future economic benefits are included in operating expense. |
Exploration and evaluation expenditures | 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 direct costs of acquiring resource property interests as exploration and evaluation assets. Option payments are considered acquisition costs if the Company has the intention of exercising the underlying option. Exploration and evaluation 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 the project is technically feasible and commercially viable, and upon receipt of approval for project expenditures 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 expenditures is received, the related capitalized acquisition costs are assessed for impairment and reclassified to mineral properties. If no economically viable ore body is discovered, previously capitalized acquisition costs are expensed in the period that the project is determined to be uneconomical or abandoned. |
Plant and equipment | Plant and equipment Plant and equipment is carried at cost, less accumulated depreciation 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 to the residual values, if any, using either the straight-line method over the shorter of the estimated useful life of the asset or the life of mine (“LOM”) or the units-of-production method over the estimated recoverable ounces. For right-of-use assets, the depreciation period represents the period from lease commencement date to the earlier of the useful life of the underlying asset or the end of the lease term. The Company conducts an annual assessment of the residual balances, useful lives and depreciation methods being used for plant and equipment; any changes arising from the assessment are applied by the Company prospectively. |
Financial instruments | Financial instruments (i) Recognition and measurement Financial assets and financial liabilities are recognized when the Company becomes party to the contractual provisions of the financial instrument. On initial recognition, financial assets and financial liabilities are measured at fair value. Directly attributable transaction costs associated with financial assets or financial liabilities measured at fair value through profit or loss (“FVTPL”) are expensed as incurred, while directly attributable transaction costs associated with all other financial assets and financial liabilities are included in the initial carrying amount of the asset or liability, respectively. Subsequent to initial recognition, financial assets and financial liabilities are classified and measured as follows: Financial assets at amortized cost Financial assets are classified as and subsequently measured at amortized cost if both of the following criteria are met: (i) the objective of the Company’s business model for managing the financial assets is to collect their contractual cash flows; and (ii) the assets' contractual cash flows represent solely payments of principal and interest on the principal amount outstanding (“SPPI”). The Company’s cash and cash equivalents, restricted cash, trade receivables, receivables from asset sales, reclamation bonds (included in other non-current assets) and other current and non-current receivables are classified as and subsequently measured at amortized cost. The amortized cost of a financial asset or financial liability is the initial recognition amount minus principal repayments, plus the cumulative amortization using the effective interest method of any difference between the initial recognition amount and the maturity amount. Financial assets at FVTPL Financial assets are classified and subsequently measured at FVTPL, with changes in fair value recognized in net income or loss, if they are not held within a business model whose objective includes collecting the financial assets' contractual cash flows or the contractual cash flows of the financial assets do not represent SPPI. The Company’s marketable securities, other than those that the Company has elected to measure at fair value through OCI (“FVOCI”), are classified as and subsequently measured at FVTPL. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (h) Financial instruments (continued) (i) Recognition and measurement (continued) Equity investments at FVOCI At initial recognition, the Company may irrevocably elect to present in OCI subsequent changes in the fair value of particular investments in equity instruments (on an individual instrument basis) that otherwise would be measured at FVTPL. This election is not permitted on investments in equity instruments that are held for trading. The cumulative gain or loss recognized in OCI is not reclassified to net income or loss upon disposition of the investment in equity instrument. The Company has elected to measure certain of its investments in equity instruments that it intends to hold for strategic purposes at FVOCI and present subsequent changes in the fair value of the investments in OCI. Financial liabilities at amortized cost Accounts payable and accrued liabilities, loans and borrowings and certain other long-term liabilities are classified as and subsequently measured at amortized cost using the effective interest method, which includes the amortization of debt issue costs included in the carrying amounts of loans and borrowings. Derivative assets and liabilities at FVTPL A derivative is defined as having the following characteristics: • Its value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract; • It requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and • It is settled at a future date. A derivative, other than a derivative that meets the definition of an equity instrument, is initially recognized as a financial asset or financial liability at its fair value on the date the derivative contract is entered into and the related transaction costs are expensed. The fair values of the derivatives are remeasured at the end of each reporting period with changes in fair values recognized in net income or loss. A derivative that will be settled by the Company delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash in terms of its functional currency or another financial asset is classified and presented as an equity instrument, rather than a financial liability. As the exercise price of the Company's share purchase warrants that are exercisable into common shares of Equinox Gold is denominated in Canadian dollars, the Company will receive a variable amount of cash in terms of its US dollar functional currency upon exercise of the warrants. Accordingly, the Company's warrants are classified and presented as derivative financial liabilities and measured at FVTPL. (ii) Derecognition of financial assets The Company derecognizes a financial asset, or a part of the financial asset, when and only when (i) the contractual rights to the cash flows from the financial asset expire, or (ii) the Company transfers the financial asset and the transfer qualifies for derecognition. Transfers of a financial asset, either by (i) transferring the contractual rights to the financial asset, or (ii) retaining the contractual rights to receive the cash flows of the financial asset, but assuming a contractual obligation to pay the cash flows collected to one or more recipients without material delay and whereby the Company is prohibited from selling or pledging the financial asset other than as security to the eventual recipients, qualify for derecognition if the Company transfers substantially all the risks and rewards of ownership of the financial asset or control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount measured at the date of derecognition and the consideration received (including any new asset obtained less any new liability assumed) is recognized as a gain or loss in net income or loss. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (h) Financial instruments (continued) (iii) Modification of contractual cash flows When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or modification does not result in the derecognition of the financial asset, the Company recalculates the gross carrying amount of the financial asset and recognizes a modification gain or loss in net income or loss. The gross carrying amount of the financial asset is calculated as the present value of the renegotiated or modified contractual cash flows that are discounted at the financial asset's original effective interest rate. |
Impairment | Impairment (i) Non-financial assets and investments in associates The carrying amounts of the Company’s non-financial assets, including mineral properties, plant and equipment, and investments in associates are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. The recoverable amount of an asset is the higher of its value in use and fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Fair value less costs of disposal is the amount obtainable from the sale of the asset in an arm’s length transaction between knowledgeable, willing parties, less costs of disposal. When a binding sale agreement is not available, fair value less costs of disposal is estimated using a discounted cash flow approach with inputs and assumptions consistent with those at market. For the purpose of impairment testing, assets are assessed on an individual asset basis when applicable or grouped together into the smallest group of assets that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets (the “CGU”). This generally results in the Company evaluating its non-financial assets on a property-by-property basis. 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 the recoverable amount. An impairment loss 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 and depletion, if no impairment loss had been recognized. (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 a financial asset measured at amortized cost is measured at an amount equal to the 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 a financial asset measured at amortized cost, other than a trade receivable, has not increased significantly since initial recognition, the loss allowance is measured for the financial asset at an amount equal to the 12-month expected credit losses. For trade receivables, the Company measures the loss allowance at an amount equal to the lifetime expected credit losses. For a financial asset that becomes credit-impaired, the Company measures the expected credit losses as the difference between the gross carrying amount of the financial asset and the present value of the estimated future cash flows discounted at the financial asset's original effective interest rate. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Company recognizes the amount of expected credit losses (or reversal) required to adjust the loss allowance at each reporting date to the required amount as an impairment loss (or gain) in net income or loss. |
Assets held for sale | Assets held for saleA non-current asset or disposal group of assets and liabilities is classified as held for sale when it is highly probable that its carrying amount will be recovered principally through a sale transaction rather than through continuing use. A non-current asset or disposal group is classified as held for sale when the following criteria are met: (i) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal group; (ii) the appropriate level of management is committed to a plan to sell the asset or disposal group; (iii) an active program to locate a buyer and complete the plan has been initiated; (iv) the asset or disposal group is actively marketed for sale at a price that is reasonable in relation to its current fair value; (v) the sale is expected to complete within one year from the date of classification, except under certain events and circumstances; and (vi) actions required to complete the plan to sell the asset or disposal group indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A non-current asset or disposal group ceases to be classified as held for sale when the above criteria are no longer met. A non-current asset or disposal group classified as held for sale is measured at the lower of its carrying amount and fair value less costs to sell. The Company recognizes an impairment loss for any initial or subsequent write-down of a non-current asset or disposal group classified as held for sale to fair value less costs to sell in net income or loss during the period of the write-down. The Company recognizes a gain for any subsequent increase in fair value less costs to sell of a non-current asset or disposal group to the extent of previously recognized impairment losses on the non-current asset or disposal group. A non-current asset is not depreciated or depleted while it is classified as held for sale, or as part of a disposal group classified as held for sale. |
Provisions | Provisions (i) Reclamation and closure cost provisions The Company is subject to environmental laws and regulations. A provision for reclamation and closure costs is recognized at the time the legal or constructive obligation first arises which is generally the time that the environmental disturbance occurs. The provision is calculated as the present value of the expenditures required to settle the obligation. Upon initial recognition of the provision, a corresponding amount is added to the carrying amount of the related mineral property, plant or equipment and is amortized using the same method as applied to the related asset. Following the initial recognition of the provision, the carrying amount is increased for the unwinding of the discount and for changes to the discount rate and the amount or timing of cash flows required 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 as an adjustment to the carrying amount of the related mineral property, plant or equipment. (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 using the expected future cash flows discounted, if material, at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance expense in net income or loss. |
Leases | 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. As a lessee, the Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and accumulated impairment losses, and adjusted for remeasurements of the lease liability. The cost of the right-of-use asset includes the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, less any lease incentives received and any initial direct costs and, if applicable, an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (l) Leases (continued) The lease liability is initially measured at the present value of the lease payments during the lease term 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 lease term is the non-cancellable period of a lease together with periods covered by extension options that the Company is reasonably certain to exercise and periods covered by termination options that the Company is reasonably certain not to exercise. The incremental borrowing rate reflects the rate of interest that the Company 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 on the lease liability, measured using the discount rate, and decreased by lease payments made. The lease liability is remeasured using an unchanged discount rate when there is a change in future lease payments arising from a change in an index or rate, or a change in the amount expected to be payable under a residual value guarantee. The lease liability is remeasured using a revised discount rate when there is a change in future lease payments resulting from 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 revised discount rate in this case is the interest rate implicit in the lease for the remainder of the term or the Company's incremental borrowing rate at the date of reassessment. The Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets, leases with lease terms that are less than 12 months and arrangements for the Company's use of land to explore, develop, produce or otherwise use the mineral resource contained in that land. Lease payments associated with these leases are instead recognized as an expense over the lease term on either a straight-line basis, or another systematic basis if it is more representative of the pattern of benefit. The Company presents right-of-use assets in the same line item as it presents underlying assets of the same nature that it owns. The Company presents lease liabilities in other liabilities in the statement of financial position. |
Share capital | Share capitalThe Company's 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. |
Share-based payments | Share-based payments (i) Equity-settled share-based payments The fair value of the estimated number of stock options and other equity-settled share-based payments that are expected to vest, determined as of the date of the grant, is recognized as share-based compensation expense over the vesting period, with a corresponding increase in shareholders’ equity (within reserves). The total amount recognized as an expense is adjusted to reflect the number of options and other equity-settled share-based payments expected to vest at each reporting date. The fair value of stock options granted is estimated at the date of the grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of subjective assumptions, including the expected life of the option and expected share price volatility. The expected life of the options granted is determined based on the average historical hold period before exercise or expiry. Expected volatility is estimated with reference to the historical volatility of the share price of the Company. The Company estimates the fair values of equity-settled restricted share units (“RSUs”) and equity instruments issuable under equity-settled restricted share units with performance-based vesting conditions (“pRSUs”), that are non-market conditions, based on the quoted price of the Company's common shares on the date of grant. Share-based compensation expense related to pRSUs with non-market performance conditions is recognized over the expected vesting period with the cumulative amount recognized adjusted at the end of each reporting period to reflect the change, if any, in the number of pRSUs expected to vest and expected vesting period based on expected performance. The fair values of pRSUs with market conditions are estimated using the Monte Carlo method to project the performance of the Company and, if applicable, the relevant market index against which the Company's performance is compared. Share-based compensation expense related to pRSUs that vest based on market conditions is recognized over the vesting period based on the grant date fair value of the award. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (n) Share-based payments (continued) (i) Equity-settled share-based payments (continued) When share-based payment transactions provide the Company with a choice to settle in cash or by issuing equity instruments, the Company accounts for the share-based payment as cash-settled when the Company determines that it has a present obligation to settle in cash. (ii) Cash-settled share-based payments The fair values of cash-settled share-based payments are recognized as share-based compensation expense over the vesting period, with a corresponding increase to liabilities. The liabilities for cash-settled share-based payments are remeasured at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in net income or loss for the period. |
Revenue recognition | Revenue recognitionRevenue is principally generated from the sale of gold bullion with each shipment considered as 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 customer, the customer has assumed the significant risks and rewards of ownership of the asset and the Company has the present right to payment for the delivery of the gold bullion. |
Employee benefits | Employee benefitsShort-term employee benefit obligations are recognized as expenses, except for amounts included in the cost of inventories and mineral properties, plant and equipment, 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. The Company has no long-term employee benefit plans. |
Borrowing costs | Borrowing costsBorrowing costs that are directly attributable to the acquisition and construction/development 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. To the extent that the Company borrows funds specifically for the purpose of obtaining a specific qualifying asset, the amount of borrowing costs eligible for capitalization is the actual net borrowing costs incurred on that borrowing during the period. To the extent that the Company borrows funds generally and uses them for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalization is determined by applying a capitalization rate to the expenditures on that asset. The capitalization rate is calculated as the weighted average of the borrowing costs applicable to all borrowings of the Company, other than specific borrowings, that are outstanding during the period. |
Income tax | Income taxes Income taxes comprises current tax 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 the reporting date, adjusted for amendments to tax payable or receivable related to previous years. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (r) Income taxes (continued) 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 recognized for temporary differences related to the initial recognition of assets or liabilities, other than in business combinations, that affect neither accounting nor taxable income, temporary differences arising on the initial recognition of goodwill and temporary differences relating to investments in subsidiaries to the extent that the Company can control the timing of the reversal of the temporary differences and 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 the reporting date. A deferred tax asset is recognized only to the extent that it is probable that future taxable income 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. Royalties and other arrangements are treated as tax arrangements when they have the characteristics of income tax. This is the case when they are imposed under government authority and the amount payable is calculated by reference to an income measure. Obligations arising from royalty arrangements that do not satisfy these criteria are recognized as current liabilities and included within operating expense. |
Income (loss) per share | Income (loss) per shareBasic 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 share purchase warrants, convertible debentures, stock options and equity-settled RSUs. Contingently issuable shares under the Company's outstanding pRSUs are included in the diluted EPS calculation based on the number of shares that would be issuable if the reporting date were the end of the contingency period. The dilutive effect of share purchase warrants and stock options assumes that the proceeds from potential exercise of the instruments are used to repurchase the Company's common shares at the average market price for the period. Share purchase warrants and stock options are dilutive and included in the diluted EPS calculation to the extent exercise prices are below the average market price of the Company's common shares. |
Contingencies | ContingenciesContingent assets and contingent liabilities are not recognized in the consolidated financial statements. Contingent assets and contingent liabilities are possible assets or possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. A contingent liability can also be a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.Contingent assets and contingent liabilities are continually assessed to ensure developments are appropriately reflected in the consolidated financial statements. |
Changes in accounting policies during the reporting period | Changes in accounting policies during the reporting period (i) Property, Plant and Equipment - Proceeds before Intended Use (Amendments to IAS 16) On May 14, 2020, the IASB published Property, Plant and Equipment - Proceeds before Intended Use (Amendments to IAS 16) which prohibits deducting from the cost of property, plant and equipment any proceeds from selling items produced while preparing the asset for its intended use. Instead, proceeds from selling such items and the cost of producing such items shall be recognized in net income or loss. The effective date of the amendments is for annual periods beginning on or after January 1, 2022. Earlier application is permitted. The amendments apply retrospectively, but only to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented in the consolidated financial statements in which the Company first applies the amendments. The Company early applied the amendments in its consolidated financial statements for the annual period beginning on January 1, 2021. On application of the amendments, the Company reclassified $1.6 million of pre-commercial production net proceeds from mineral properties, plant and equipment as at December 31, 2020 to net income for the year ended December 31, 2020, comprising $2.9 million in revenue, $1.0 million in operating expense and $0.3 million in depreciation and depletion. (ii) Presentation of finance fees and interest paid in statement of cash flows Effective January 1, 2021, the Company made an accounting policy change to classify finance fees paid (which includes interest paid) within the consolidated statement of cash flows for the year ended December 31, 2021 as a financing activity rather than an operating activity, which more appropriately reflects the nature of these cash flows. Interest paid has been disclosed separately as a financing cash flow. Comparative figures for the year ended December 31, 2020 have been reclassified to conform with the change in accounting policy. (iii) Interest rate benchmark reform Interest rate benchmark reform (“Reform”) refers to the global reform of interest rate benchmarks, which includes the replacement of some interbank offered rates with alternative benchmark rates. The Company applied Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) (the “Reform Amendments”) effective January 1, 2021. The Reform Amendments provide a practical expedient requiring the effective interest rate be adjusted when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities that relate directly to the Reform rather than applying modification accounting which might have resulted in a gain or loss. In addition, the Reform Amendments require disclosures to assist users in understanding the effect of the Reform on the Company's financial instruments and risk management strategy. On March 5, 2021, the Financial Conduct Authority, the regulatory supervisor of the administrator of London Interbank Offered Rate (“LIBOR”), announced that panel bank submissions for the 1-week and 2-month USD LIBOR settings will cease immediately after December 31, 2021, and immediately after June 30, 2023, in the case of the remaining USD LIBOR settings, after which representative LIBOR rates will no longer be available. The Company maintains a credit facility, which comprises a $400 million revolving loan (the “Revolving Facility”) and a $100 million amortizing term loan (the “Term Loan”) (together, the “Credit Facility”), that bears interest at the LIBOR applicable to the interest period on each draw down plus an applicable margin ranging from 2.5% to 3.75% based on the Company's leverage ratio (note 14(a)). At December 31, 2021, the Company had $193.8 million owing under the Revolving Facility and $85.8 million |
Amended IFRS standard not yet effective | Amended IFRS standard not yet effective In May 2021, the IASB issued Deferred Tax related to Assets and Liabilities Arising from a Single Transaction which amended IAS 12, Income Taxes (“IAS 12”) . |
Nature of Operations (Tables)
Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Nature of Operations [Abstract] | |
Disclosure of Detailed Information about Company's Principal Properties and Material Subsidiaries | All of the Company’s principal properties are located in the Americas. The Company’s principal properties and material subsidiaries are as follows: Subsidiary Location Principal Property Principal Activity Ownership Interest Western Mesquite Mines, Inc. USA Mesquite Mine (“Mesquite”) Production 100 % Castle Mountain Venture USA Castle Mountain Mine (“Castle Mountain”) Production 100 % Desarrollos Mineros San Luis S.A. de C.V. Mexico Los Filos Mine Complex (“Los Filos”) Production 100 % Minera Mercedes Minerales, S. de. R.L. de C.V. Mexico Mercedes Mine (“Mercedes”) Production 100 % Mineração Aurizona S.A. Brazil Aurizona Mine (“Aurizona”) Production 100 % Fazenda Brasileiro Desenvolvimento Mineral Ltda Brazil Fazenda Mine (“Fazenda”) Production 100 % Mineração Riacho Dos Machados Ltda Brazil RDM Mine (“RDM”) Production 100 % Santa Luz Desenvolvimento Mineral Ltda Brazil Santa Luz project (“Santa Luz”) Development 100 % |
Corporate Transactions (Tables)
Corporate Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Transactions [Abstract] | |
Disclosure of Detailed Information about Consideration Paid | The acquisition-date fair value of the consideration transferred consisted of the following: Share consideration (1) $ 399,613 Option consideration (2) 8,155 Warrant consideration (3) 505 Total consideration $ 408,273 (1) The fair value of 47,373,723 common shares issued to Premier shareholders was determined using the Company’s share price of C$10.64 ($8.44) per share on the acquisition date. (2) The fair value of 2,813,747 replacement options issued was determined using the Black-Scholes option pricing model with the following weighted average assumptions: exercise price of C$7.27, share price of C$10.64, expected life of 2.07 years, expected volatility of 41.30%, dividend yield of 0.0%, and discount rate of 0.37%. (3) The fair value of 393,400 replacement warrants issued was determined using the Black-Scholes option pricing model with the following weighted average assumptions: exercise price of C$10.42, share price of C$10.64, expected life of 0.82 years, expected volatility of 39.7%, dividend yield of 0.0%, and discount rate of 0.15%. The acquisition-date fair value of the consideration transferred consisted of the following: Share consideration (1) $ 732,042 Option consideration (2) 19,777 Warrant consideration (3) 8,543 PSU and DSU consideration (4) 3,721 Total consideration $ 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 ($7.74) 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 model with the following weighted average inputs and assumptions: exercise price of C$7.77, share price of C$10.51, expected life of 2.07 years, expected 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 model with the following weighted average inputs and assumptions: exercise price of C$11.14, share price of C$10.51, expected life of 0.32 years, expected volatility of 44.1%, dividend yield of 0.0%, and discount rate of 0.69%. (4) The fair values of 369,919 replacement PSUs and 319,288 replacement DSUs issued were determined using the Leagold share price of C$3.49 ($2.57) on the acquisition date, adjusted for the 0.331 exchange ratio. |
Disclosure of Detailed Information about Business Combination | The table below presents the fair values of the assets acquired and liabilities assumed at the date of acquisition. Assets (liabilities) acquired Cash and cash equivalents $ 8,267 Trade and other receivables 13,165 Inventories 11,987 Restricted cash 8,333 Mineral properties, plant and equipment 576,803 Investment in associate 79,001 Other assets 4,399 Accounts payable and accrued liabilities (18,002) Loans and borrowings and accrued interest (17,649) Stream arrangement (40,369) Reclamation and closure cost provisions (13,481) Deferred tax liabilities (121,931) Other liabilities (818) Fair value of net assets acquired $ 489,705 Assets (liabilities) acquired Cash and cash equivalents $ 95 Trade and other receivables 21 Restricted cash 1,043 Mineral properties, plant and equipment 59,078 Other assets 10 Accounts payable (287) Other liabilities (27) Net assets acquired $ 59,933 The following presents the fair values of the assets acquired and liabilities assumed: Assets (liabilities) acquired Cash and cash equivalents $ 55,252 Trade and other receivables 33,524 Inventories 150,078 Mineral properties, plant and equipment 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 and closure cost provision (62,238) Deferred tax liabilities (230,458) Other liabilities (31,000) Fair value of net assets acquired $ 764,083 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Reconciliation of Marketable Securities | December 31, December 31, Balance – beginning of year $ 3,120 $ 988 Additions 228 514 Reclassification of investment in Solaris 135,964 — Change in fair value 101,218 1,618 Balance – end of year $ 240,530 $ 3,120 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Disclosure of Trade and Other Receivables | December 31, December 31, Trade receivables $ 14,207 $ 17,172 VAT receivables (1) 24,621 18,991 Income tax receivables 8,046 10,085 Other receivables 3,386 9,624 $ 50,260 $ 55,872 (1) At December 31, 2021, the Company had $12.3 million (2020 – $14.6 million) and $16.7 million (2020 – $8.2 million) of VAT receivable in Brazil and Mexico, respectively, of which $8.8 million (2020 – $6.5 million) of the Brazilian VAT is included in other non-current assets as it is expected to be recovered more than 12 months after the reporting date. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory [Abstract] | |
Description Of Detailed Information About Inventories Explanatory | December 31, December 31, Heap leach ore $ 258,197 $ 268,703 Stockpiled ore 11,118 13,514 Work-in-process 17,400 14,988 Finished goods 3,395 4,500 Supplies 35,777 37,473 Total inventories $ 325,887 $ 339,178 Classified and presented as: Current $ 201,622 $ 208,290 Non-current 124,265 130,888 $ 325,887 $ 339,178 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Assets Held for Sale [Abstract] | |
Disclosure of non-current assets held for sale and discontinued operations [text block] | At December 31, 2021, the carrying amounts of the assets and liabilities of Mercedes classified as held for sale were as follows: Assets held for sale Cash and cash equivalents $ 4,575 Trade and other receivables 6,878 Inventories 12,935 Mineral properties, plant and equipment 183,137 Other assets 13 207,538 Liabilities relating to assets held for sale Accounts payable and accrued liabilities (13,282) Derivative liabilities (39,986) Reclamation and closure cost provision (11,863) Deferred tax liabilities (18,084) Other liabilities (2,530) (85,745) Net assets held for sale $ 121,793 |
Disclosure of Detailed Information for Changes in the Carrying Amount of Derivative Liabilities | The changes in the carrying amount of the Stream Arrangement derivative liabilities during the year ended December 31, 2021 were as follows: Balance – December 31, 2020 $ — Assumed in Premier Acquisition (note 5(a)) 40,369 Gold and silver delivered (6,802) Change in fair value 6,419 Balance – December 31, 2021 $ 39,986 |
Mineral Properties, Plant and_2
Mineral Properties, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Detailed Information About Property Plant and Equipment | Mineral properties Plant and Construction- Exploration and evaluation assets (1) Total Cost Balance – December 31, 2019 $ 341,770 $ 175,323 $ 20,951 $ 13,750 $ 551,794 Leagold Acquisition (note 5(e)) 909,715 380,545 28,525 — 1,318,785 Additions 89,305 35,887 53,912 — 179,104 Transfers — 56,125 (67,746) — (11,621) Disposals — (3,819) — — (3,819) Change in reclamation and closure cost asset 31,537 — — — 31,537 Balance – December 31, 2020 1,372,327 644,061 35,642 13,750 2,065,780 Premier Acquisition (note 5(a)) 468,315 72,018 — 36,470 576,803 Investment in Greenstone (note 5(b)) 57,739 42 — 1,297 59,078 Additions 168,231 144,213 142,869 — 455,313 Reclassified to assets held for sale (note 9) (134,783) (73,915) — — (208,698) Transfers (5,438) 5,438 — — — Disposals (6,285) (125,565) — — (131,850) Change in reclamation and closure cost asset (16,608) — — — (16,608) Foreign currency adjustment (4,520) (49) (613) (93) (5,275) Balance – December 31, 2021 $ 1,898,978 $ 666,243 $ 177,898 $ 51,424 $ 2,794,543 Accumulated depreciation Balance – December 31, 2019 $ 18,722 $ 21,379 $ — $ — $ 40,101 Additions 72,012 97,083 — — 169,095 Disposals — (2,139) — — (2,139) Balance – December 31, 2020 $ 90,734 $ 116,323 $ — $ — $ 207,057 Additions 115,778 111,470 — — 227,248 Reclassified to assets held for sale (note 9) (15,586) (9,975) — — (25,561) Transfers (2,720) 2,720 — — — Disposals (5,204) (106,907) — (112,111) Foreign currency adjustment — (9) — — (9) Balance – December 31, 2021 $ 183,002 $ 113,622 $ — $ — $ 296,624 Net book value At December 31, 2020 $ 1,281,593 $ 527,738 $ 35,642 $ 13,750 $ 1,858,723 At December 31, 2021 $ 1,715,976 $ 552,621 $ 177,898 $ 51,424 $ 2,497,919 (1) Exploration and evaluation assets as at December 31, 2019 and 2020 have been included within mineral properties, plant and equipment in the consolidated statement of financial position to conform with the current period presentation. |
Detailed Information About Significant Royalty Arrangements | At December 31, 2021, the Company's significant royalty arrangements were as follows: Mineral property Royalty arrangements Mesquite Weighted average life of mine NSR of 2% 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% sliding scale NSR based on gold price Fazenda 0.75-1.5% of gross sales RDM 1-1.5% of gross sales |
Investment in Associate (Tables
Investment in Associate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of associates [abstract] | |
Disclosure of Significant Investments in Associates | Details of the Company's investment in associate as at December 31, 2021 and 2020 are as follows: Principal Principal Ownership Fair value (1) Carrying amount Equity method accounted for investee 2021 2020 2021 2020 2021 2020 Solaris (2) Exploration Ecuador — 26.5 $ — $ 132,026 $ — $ 22,287 i-80 Gold Corp. Producing USA 25.5 — 148,559 — 125,313 — (1) The fair value of the Company's investment in i-80 Gold represents the fair value of 60.8 million i-80 Gold common shares based on the quoted market price at December 31, 2021 of C$3.09 per share, which is a Level 1 input. (2) Effective April 28, 2021, the Company's investment in Solaris Shares and Solaris Warrants are presented in marketable securities and derivative assets, respectively (note 5(d)). |
Summary of Significant Changes in Carrying Amount of Investment Associates | The following is a summary of the changes in the Company’s investment in Solaris previously accounted for using the equity method during the years ended December 31, 2021 and 2020: Balance – December 31, 2019 $ 7,162 Shares acquired 12,480 Dilution gain 8,033 Share of net loss (5,388) Balance – December 31, 2020 22,287 Share of net loss for the period of January 1 to April 28, 2021 (3,399) Carrying value of investment sold (note 5(d)) (7,318) Reclassification of retained interest in Solaris (note 5(d)) (11,570) Balance – December 31, 2021 $ — The following table summarizes the change in carrying amount of the Company’s investment in i-80 Gold: Balance – December 31, 2020 $ — Acquired in Premier Acquisition (note 5(a)) 79,001 Shares acquired 40,111 Dilution gain 2,067 Share of net income 4,134 Balance – December 31, 2021 $ 125,313 |
Disclosure of Summarized Financial Information of Associates | At December 31 2021 2020 i-80 Gold Solaris Cash and cash equivalents $ 51,627 $ 71,973 Other current assets 55,606 322 Non-current assets 131,426 20,652 Total assets 238,659 92,947 Current financial liabilities (1) — 439 Other current liabilities 12,956 2,702 Non-current financial liabilities 37 384 Other non-current liabilities 18,456 160 Total liabilities 31,449 3,685 Non-controlling interest — 7,766 Net assets (100%) 207,210 81,496 Equinox Gold's share of net assets 52,814 21,585 Adjustments to Equinox Gold's share of net assets 72,499 702 Carrying amount $ 125,313 $ 22,287 (1) Excludes accounts payable and accrued liabilities. Years ended December 31 2021 2020 Revenue $ — $ — Expenses (1) (24,906) (20,301) Depreciation and depletion — (68) Income tax expense (200) — Net loss from continuing operations (100%) (25,106) (20,369) Net income from discontinued operations (100%) 11,554 — Net loss (100%) (13,552) (20,369) Other comprehensive income (loss) (100%) — — Total comprehensive loss (100%) (13,552) (20,369) Equinox Gold's share of net loss and comprehensive loss (3,454) (5,388) Adjustments to Equinox Gold's share of net loss and comprehensive loss 7,588 — Equinox Gold's share of net income (loss) 4,134 (5,388) Equinox Gold's share of total comprehensive income (loss) $ 4,134 $ (5,388) (1) Excludes depreciation and depletion. |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Non-Current Assets [Abstract] | |
Disclosure of Detailed Information about Other Assets | December 31, December 31, Receivable from asset sales, net of loss allowance (a) $ 10,321 $ 3,907 Investment in PGI (b) 2,294 — Derivative assets (a) (note 15(a)) 218 — VAT receivable 8,845 6,522 Other 3,935 3,045 $ 25,613 $ 13,474 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable And Accrued Liabilities [Abstract] | |
Summary of Accounts Payable And Accrued Liabilities | December 31, December 31, Trade payables $ 136,678 $ 99,197 Capital related 49,038 7,056 VAT and income taxes payable 4,400 23,900 Accrued interest — 390 $ 190,116 $ 130,543 |
Loans and Borrowings (Tables)
Loans and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Borrowings [Abstract] | |
Disclosure of Detailed Information about Borrowings Explanatory | December 31, December 31, Credit Facility (a) $ 279,621 $ 289,910 2020 Convertible Notes (b) 129,320 126,645 2019 Convertible Notes (b) 131,741 128,686 Total loans and borrowings $ 540,682 $ 545,241 |
Disclosure of Detailed Information about Changes in Loans and Borrowings Arising from Financing Activities | The following is a reconciliation of the changes in the Company's loans and borrowings balance during the years ended December 31, 2021 and 2020 to cash flows arising from financing activities: 2021 2020 Balance – beginning of year (1) $ 545,417 $ 263,437 Financing cash flows: Draw down on Credit Facility — 379,680 Debt component of Convertible Notes issued — 127,605 Transaction costs — (10,392) Repayment of loans and borrowings (30,983) (546,274) Interest paid (22,112) (26,536) Other changes: Debt assumed in Premier Acquisition (note 5(a)) 17,649 — Debt assumed in Leagold Acquisition (note 5(e)) — 323,870 Interest expense 30,711 36,658 Modification gain on Credit Facility — (2,631) Balance – end of year (1) 540,682 545,417 Less: Accrued interest — (176) Loans and borrowings – end of year $ 540,682 $ 545,241 Classified and presented as: Current $ 26,667 $ 13,333 Non-current 514,015 531,908 $ 540,682 $ 545,241 (1) Includes accrued interest. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Financial Instruments [Abstract] | |
Disclosure of Detailed Information of Derivative Assets | The following is a summary of the Company's derivative assets measured at FVTPL at December 31, 2021: 2021 Solaris Warrants (i) $ 122,919 i-80 Gold Warrants (ii) 581 Gold deliveries (note 12(a)) 952 $ 124,452 Classified and presented as: Current $ 124,234 Non-current (1) (note 12(a)) 218 $ 124,452 (1) Represents the estimated fair value of the gold deliveries expected to be received from PGI after 12 months from the reporting date. |
Detailed Information About Weighted Average Assumptions of Warrants | The fair value of the Solaris Warrants at December 31, 2021 was determined using the Black Scholes option pricing model with the following weighted average assumptions: 2021 Risk-free rate 0.78 % Expected life 1.0 year Expected volatility 62.8 % Expected dividend 0.0 % Exercise price (C$) $1.74 Share price (C$) $16.94 2021 Risk-free rate 0.53 % Expected life 0.72 years Expected volatility 48.4 % Expected dividend 0.0 % Exercise price (C$) 3.64 Share price (C$) 3.09 The fair values of the Company's issued and outstanding non-traded warrants at December 31, 2021 and 2020 were determined using the Black Scholes option pricing model with the following weighted average inputs: 2021 2020 Risk-free rate 0.34 % 0.18 % Expected life 0.61 years 1.01 years Expected volatility 46.8 % 47.1 % Expected dividend 0.0 % 0.0 % Share price (C$) $ 11.60 $ 14.02 2021 Risk-free rate 0.09 % Expected life 0.32 years Expected volatility 53.7 % Expected dividend 0.0 % Share price (C$) $16.94 |
Disclosure of Detailed Information of Derivative Liabilities | The following is a summary of the Company's derivative liabilities at December 31, 2021 and 2020: 2021 2020 Gold collars and forward contracts (i) $ 33,336 $ 91,393 Foreign exchange contracts (ii) 12,061 12,507 Equinox Gold warrant liability (iii) 5,177 50,666 Solaris warrant liability (iv) 27,697 — Contingent consideration – Greenstone (v) 6,586 — $ 84,857 $ 154,566 Classified and presented as: Current $ 77,699 $ 63,993 Non-current 7,158 90,573 $ 84,857 $ 154,566 |
Disclosure Details of the Changes in Gold Collar and Forward Contracts Outstanding | The following table summarizes the changes in the gold collar and forward contracts outstanding during the years ended December 31, 2021 and 2020: 2021 2020 Balance – beginning of year $ 91,393 $ — Assumed in Leagold Acquisition (note 5(e)) — 78,526 Change in fair value (16,605) 48,091 Settlements (41,452) (35,224) Balance – end of year $ 33,336 $ 91,393 |
Disclosure of Detailed Information about Derivative Instruments | At December 31, 2021, the Company had in place USD:BRL and USD:MXN 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 years BRL $ 151,390 $ 8,039 4.92 5.82 MXN 71,000 5,000 20.54 23.68 |
Disclosure Details of the Changes in Foreign Exchange Contracts Outstanding | The following table summarizes the changes in the foreign exchange contracts outstanding during the years ended December 31, 2021 and 2020: 2021 2020 Balance – beginning of year $ 12,507 $ (1,639) Change in fair value 4,410 14,731 Settlements (4,856) (585) Balance – end of year $ 12,061 $ 12,507 |
Disclosure Details of the Changes in Share Purchase Warrants Outstanding | The following table summarizes the changes in the Company's share purchase warrants outstanding during the years ended December 31, 2021 and 2020: Number of warrants Weighted Outstanding – December 31, 2019 24,051,190 $ 12.00 Issued in Leagold Acquisition (note 5(e)) 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 Issued in Premier Acquisition (note 5(a)) 393,400 10.42 Exercised (1,361,549) 8.42 Expired (16,387,492) 14.92 Outstanding – December 31, 2021 1,669,517 $ 8.69 |
Disclosure of Range of Exercise Prices of Outstanding Share Purchase Warrants | The following table summarizes information about the Company's outstanding share purchase warrants at December 31, 2021: Range of exercise Number of warrants (2) Weighted Expiry dates $5.05 - $5.30 (1) 614,117 5.30 December 2022 - May 2023 $10.42 - $10.81 1,055,400 10.66 January 2022 - March 2022 1,669,517 8.69 (1) 614,117 warrants with a weighted average exercise price of C$5.30 are exercisable into one common share of Equinox Gold and one-quarter of a common share of 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. |
Disclosure of Detailed Information about Changes in Carrying Amounts of Share Purchase Warrants Outstanding | The changes in the carrying amounts of the Company's outstanding share purchase warrants during the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Balance – beginning of year $ 50,666 $ 56,146 Issued in Premier Acquisition (note 5(a)) 505 — Issued in Leagold Acquisition (note 5(e)) — 8,543 Exercised (4,100) (43,885) Change in fair value (41,894) 29,862 Balance – end of year $ 5,177 $ 50,666 |
Reclamation and Closure Cost _2
Reclamation and Closure Cost Provision (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reclamation Obligation [Abstract] | |
Disclosure of Detailed Information about Reclamation Obligation | USA Mexico Brazil Canada Total Balance – December 31, 2019 $ 22,335 $ — $ 7,894 $ — $ 30,229 Assumed in Leagold Acquisition (note 5(e)) — 32,878 29,360 — 62,238 Accretion 185 179 1,845 — 2,209 Change in estimates 4,662 16,634 10,241 — 31,537 Reclamation expenditures (71) (49) (276) — (396) Foreign exchange gain — — (5,026) — (5,026) Balance – December 31, 2020 27,111 49,642 44,038 — 120,791 Assumed in Premier Acquisition (note 5(a)) — 11,850 — 1,631 13,481 Disposals — — (7,895) — (7,895) Accretion 362 3,715 2,434 24 6,535 Change in estimates 1,001 (18,943) 410 924 (16,608) Reclamation expenditures — (277) (409) — (686) Reclassified to assets held for sale (note 9) — (11,863) — — (11,863) Foreign exchange gain — (2,221) (2,372) (14) (4,607) Balance – December 31, 2021 $ 28,474 $ 31,903 $ 36,206 $ 2,565 $ 99,148 At December 31 2021 2020 Classified and presented as: Current (1) $ 3,583 $ 3,688 Non-current 95,565 117,103 Total reclamation and closure cost provision $ 99,148 $ 120,791 (1) Included in other current liabilities. |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Detailed Information About Other Long Term Liabilities [Abstract] | |
Disclosure Of Detailed Information About Other Non-Current Liabilities Explanatory | December 31, December 31, Provision for legal matters (note 34(a)) $ 11,647 $ 13,241 Lease liabilities (note 18(b)) 26,943 9,949 Cash-settled share-based payments (note 19(c)) 1,362 3,992 Other liabilities 10,562 5,587 $ 50,514 $ 32,769 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Quantitative Information About Right of Use Assets | The following table presents the changes in the carrying amount of the Company's right-of-use assets during the years ended December 31, 2021 and 2020: 2021 2020 Balance – beginning of year $ 16,969 $ 1,121 Acquired in Leagold Acquisition (note 5(e)) — 10,704 Additions 51,644 13,668 Depreciation (15,906) (8,524) Balance – end of year $ 52,707 $ 16,969 |
Summary of Lease Liabilities | The following is a reconciliation of the changes in the Company's lease liabilities balance to cash flows arising from financing activities: 2021 2020 Balance – beginning of year $ 18,884 $ 1,349 Financing cash flows: Lease payments (24,309) (6,667) Other changes: Additions 48,687 13,668 Lease liabilities assumed in Leagold Acquisition (note 5(e)) — 10,922 Interest expense 2,115 1,439 Unrealized foreign exchange gain (280) (1,827) Balance – end of year $ 45,097 $ 18,884 Classified and presented as: Current (1) $ 18,154 $ 8,935 Non-current (2) 26,943 9,949 $ 45,097 $ 18,884 (1) Included in other current liabilities. |
Share Capital and Share-based_2
Share Capital and Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital and Share-Based Payments [Abstract] | |
Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments | The following table summarizes the changes in the Company's equity-settled RSUs and pRSUs outstanding during the years ended December 31, 2021 and 2020: Number of RSUs Number of pRSUs 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 Granted 603,607 421,155 Settled (428,065) (295,200) Forfeited (41,936) (1,100) Outstanding – December 31, 2021 843,312 1,270,155 The following table summarizes the changes in the Company's cash-settled RSUs and pRSUs outstanding during the years ended December 31, 2021 and 2020: Number of RSUs Number of pRSUs Outstanding – December 31, 2019 168,800 — Granted 78,900 — Settled (65,900) — Forfeited (37,000) — Outstanding – December 31, 2020 144,800 — Granted 67,800 7,700 Settled (105,350) — Forfeited — — Outstanding – December 31, 2021 107,250 7,700 Number of PSUs Outstanding – December 31, 2019 — Issued in Leagold Acquisition (note 5(e)) 369,915 Settled (72,533) Forfeited (14,506) Outstanding – December 31, 2020 282,876 Settled (249,028) Forfeited (33,848) Outstanding – December 31, 2021 — The following table summarizes the changes in the Company's DSUs outstanding during the years ended December 31, 2021 and 2020: Number of DSUs Outstanding – December 31, 2019 — Issued in Leagold Acquisition 319,286 Granted 8,266 Redeemed (202,115) Outstanding – December 31, 2020 125,437 Granted 51,046 Outstanding – December 31, 2021 176,483 |
Disclosure of Number and Weighted Average Exercise Prices of Share Options | The following table summarizes the changes in the Company's outstanding stock options during the years ended December 31, 2021 and 2020: Number of options Weighted Outstanding – December 31, 2019 2,675,113 $ 5.99 Issued in Leagold Acquisition (note 5(e)) 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 Issued in Premier Acquisition (note 5(a)) 2,813,747 7.27 Exercised (1,833,661) 5.77 Expired/forfeited (315,713) 15.04 Outstanding – December 31, 2021 3,583,443 $ 7.14 |
Fair Value Measurement Weighted Average Inputs | The fair value of stock options granted during the year ended December 31, 2020 was estimated using the Black-Scholes option pricing model with the following weighted average inputs: 2020 Exercise price and share price (C$) $ 11.80 Risk-free interest rate 0.4 % Expected volatility 65.2 % Expected dividend yield 0.0 % Expected life 5.0 years |
Disclosure of Range of Exercise Prices of Outstanding Share Options | The following table summarizes information about the Company's outstanding and exercisable stock options at December 31, 2021: Options Outstanding Options Exercisable Range of exercise Number of Weighted Weighted Number of Weighted $1.89 - $2.99 33,100 $ 1.89 4.53 33,100 $ 1.89 $3.00 - $4.99 493,380 4.56 3.18 493,380 4.56 $5.00 - $6.99 1,575,999 5.50 1.50 1,575,999 5.50 $7.00 - $8.99 640,284 8.61 0.34 640,284 8.61 $9.00 - $17.15 840,680 10.80 1.17 765,030 10.70 3,583,443 $ 7.14 1.47 3,507,793 $ 7.04 |
Summary of Share Based Compensation | The following table summarizes the Company's share-based compensation recognized during the years ended December 31, 2021 and 2020: 2021 2020 Stock options $ 1,676 $ 618 RSUs and pRSUs 6,640 3,320 PSUs (224) 3,882 DSUs (492) 320 Total share-based compensation $ 7,600 $ 8,140 Recognized in the consolidated financial statements as follows: Equity-settled: General and administration expense $ 6,773 $ 4,449 Operating expense 927 376 Capitalized within construction-in-progress 273 — Cash-settled: General and administration (recovery) expense (691) 2,302 Operating expense 290 708 Exploration expense 28 305 Total share-based compensation $ 7,600 $ 8,140 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Changes in Reserves | The following table summarizes the changes in the Company's reserves during the years ended December 31, 2021 and 2020: Share-based compensation Equity component of Convertible Notes Other Total Outstanding – December 31, 2019 $ 14,356 $ 10,217 $ 3,386 $ 27,959 Options issued in Leagold Acquisition 19,777 — — 19,777 Equity component of Convertible Notes issued — 8,322 — 8,322 Exercise of stock options and settlement of RSUs and pRSUs (22,104) — — (22,104) Share-based compensation 4,825 — — 4,825 Outstanding – December 31, 2020 16,854 18,539 3,386 38,779 Options issued in Premier Acquisition 8,155 — — 8,155 Exercise of stock options and settlement of RSUs and pRSUs (7,869) — — (7,869) Share-based compensation 7,973 — — 7,973 Outstanding – December 31, 2021 $ 25,113 $ 18,539 $ 3,386 $ 47,038 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue [abstract] | |
Summary of disaggregation of revenue from contracts with customers | Revenue from contracts with customers during the years ended December 31, 2021 and 2020 disaggregated by metal were as follows: 2021 2020 Gold $ 1,079,321 $ 844,076 Silver 2,965 1,312 Total revenue $ 1,082,286 $ 845,388 |
Operating Expenses (Tables)
Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Expense [Abstract] | |
Disclosure of operating expenses | Operating expense during the years ended December 31, 2021 and 2020 were comprised of the following expenses by nature: 2021 2020 Raw materials and consumables $ 264,359 $ 153,173 Salaries and employee benefits 101,078 68,160 Contractors 130,865 79,355 Repairs and maintenance 60,457 37,908 Site administration 49,206 37,523 Royalties 28,618 23,312 634,583 399,431 Change in inventories 20,221 23,860 Total operating expense $ 654,804 $ 423,291 |
General and Administration Ex_2
General and Administration Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
General And Administrative Expense [Abstract] | |
Summary of General and Administration | 2021 2020 Salaries and benefits $ 19,761 $ 12,497 Share-based compensation 6,082 6,751 Professional fees 15,696 12,814 Office and other expenses 9,809 7,638 Depreciation 1,242 692 Total general and administration expense $ 52,590 $ 40,392 |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income Expense [Abstract] | |
Summary of Other Income Expenses | Other income (expense) during the years ended December 31, 2021 and 2020 were comprised of the following: 2021 2020 Foreign exchange gain $ 152 $ 12,050 Change in fair value of gold contracts (note 15(b)(i)) 16,605 (48,091) Change in fair value of foreign exchange contracts (note 15(b(ii)) (4,410) (14,731) Change in fair value of warrants (note 15(a),15(b)(iii),15(b)(iv)) 85,790 (29,862) Change in fair value of contingent consideration (note 15(b)(v)) (923) — Change in fair value of Stream Arrangement (note 9) (6,419) — Gain on bargain purchase of Premier (note 5(a)) 81,432 — Gain on sale of Pilar (note 5(c)) 45,417 — Gain on sale of partial interest in Solaris (note 5(d)) 50,300 — Gain on reclassification of investment in Solaris (note 5(d)) 186,067 — Dilution gain on investment in associate 2,067 8,033 Loss on disposal of plant and equipment (12,414) (1,679) Expected credit losses (1) (6,951) (6,074) Other expense (10,151) (6,183) Total other income (expense) $ 426,562 $ (86,537) (1) Related to non-trade receivables (note 12). |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Detailed Information About Components Of Tax Expense Income | 2021 2020 Income before income taxes $ 535,035 $ 43,099 Combined Canadian federal and provincial income tax rate 27 % 27 % Expected income tax expense 144,459 11,637 Non-taxable income and non-deductible expenses (52,405) 24,003 Impact of tax rate differences between jurisdictions (31,941) — Tax effect of temporary differences for which no tax benefit has been recognized (39,843) 6,424 Change in fair value of derivative liabilities (11,312) 8,063 Impact of US percentage depletion (10,114) (10,325) Impact of Mexican inflation (3,024) (2,311) Foreign exchange and other (15,674) (16,680) Total income tax (recovery) expense $ (19,854) $ 20,811 Comprising: Current tax expense $ 25,163 $ 35,050 Deferred tax recovery (45,017) (14,239) $ (19,854) $ 20,811 |
Disclosure Of Detailed Information About Net Deferred Tax Assets And Liabilities | The significant components of the Company's recognized deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 were as follows: 2021 2020 Non-capital losses $ 62,419 $ 22,421 Deductible temporary differences relating to: Mineral properties, plant and equipment 75,259 45,109 Inventory 31,847 2,084 Reclamation and closure cost provision 16,023 15,080 Mining tax 10,717 3,924 Accrued liabilities 10,650 6,051 Investments and loans and borrowings 11,701 — Suspended interest deduction 4,604 — Other 7,396 8,248 Total deferred tax assets $ 230,616 $ 102,917 Taxable temporary differences relating to: Mineral properties, plant and equipment $ (492,463) $ (296,861) Marketable securities (30,227) — Reclamation and closure cost provision (12,070) (5,631) Derivatives (7,174) — Intercompany loan (6,898) (16,757) Other (1,490) (13,528) Total deferred tax liabilities (550,322) (332,777) Net deferred tax liability $ (319,706) $ (229,860) Presented as: Deferred tax assets $ 10,576 $ — Deferred tax liabilities (312,198) (229,860) Deferred tax liabilities relating to assets held for sale (note 9) (18,084) — $ (319,706) $ (229,860) |
Disclosure of Detailed Information About In Deferred Tax Assets And Liabilities Explanatory | The movements in the Company's net deferred tax liability during the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Balance – beginning of year $ (229,860) $ (10,712) Recognized in net income 45,017 14,239 Acquisition of Premier (note 5(a)) (121,931) — Acquisition of Leagold (note 5(e)) — (230,458) Recognized in OCI (12,932) — Recognized in equity component of Convertible Notes — (2,929) Balance – end of year $ (319,706) $ (229,860) |
Disclosure Of Detailed Information About Deductible Temporary Differences Unused Tax Losses And Unused Tax Credits For Which Deferred Tax Assets Not Recognized | The Company's deductible temporary differences, unused tax losses and unused tax credits at December 31, 2021 and 2020 for which deferred tax assets have not been recognized were as follows: 2021 2020 Deductible temporary differences relating to: Mineral properties, plant and equipment $ 430,274 $ 277,097 Investments and loans and borrowings 322,272 12,021 Inventories — 18,978 Derivatives 8,276 97,647 Reclamation obligation 41,164 54,996 Share issue and finance costs 1,176 21,471 Interest expense — 19,350 Other 14,970 903 Non-capital losses 449,984 357,080 Capital losses 10,689 26,826 State alternative minimum tax credit 7,434 7,787 $ 1,286,239 $ 894,156 |
Disclosure Of Detailed Information About Non Capital Loss Applied To Reduce Future Taxable Income | The loss carryforwards expire as follows: 2021 Canada (expire between 2035-2041) $ 238,898 United States - California (expire between 2034-2040 or after) 170,214 Mexico (expire between 2024-2030) 142,441 Brazil (no expiry) 117,671 Other (2026 and onwards) 10,938 $ 680,162 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Summary of Earnings (Loss) per Share Basic and Diluted Basis | The calculations of basic and diluted EPS for the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Weighted Net income Net income Weighted Net income Net income Basic EPS 284,932,357 $ 554,889 $ 1.95 212,487,729 $ 22,288 $ 0.10 Dilutive stock options 1,165,033 — 2,015,014 — Dilutive RSUs and pRSUs 2,806,153 — 741,588 — Dilutive Convertible Notes 44,458,210 9,995 — — Dilutive warrants 372,948 (1,358) 3,167,640 (1,076) Diluted EPS 333,734,701 $ 563,526 $ 1.69 218,411,971 $ 21,212 $ 0.10 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Disclosure Of Operating Segments | The following tables present significant information about the Company's reportable operating segments as reported to the Company's chief operating decision maker: Year ended December 31, 2021 Revenue Operating Depreciation Exploration Other Income Mesquite $ 249,025 $ (142,487) $ (29,231) $ — $ — $ 77,307 Castle Mountain 46,040 (18,608) (3,670) (1,175) — 22,587 Los Filos 257,217 (227,350) (37,527) (339) (14,185) (22,184) Mercedes (1) 56,928 (30,288) (24,753) (648) — 1,239 Aurizona 242,621 (103,999) (37,433) (4,980) — 96,209 Fazenda 107,917 (52,319) (33,021) (3,655) — 18,922 RDM 105,774 (69,018) (23,901) (849) — 12,006 Santa Luz — — — (3,692) — (3,692) Greenstone (2) — — — (204) (79) (283) Corporate and other (3) 16,764 (10,735) (7,356) (711) (53,600) (55,638) $ 1,082,286 $ (654,804) $ (196,892) $ (16,253) $ (67,864) $ 146,473 Year ended December 31, 2020 (4) Revenue Operating Depreciation Exploration Other Income Mesquite $ 245,931 $ (126,334) $ (19,655) $ — $ — $ 99,942 Castle Mountain 9,116 (3,478) (734) (6,515) — (1,611) Los Filos (5) 105,872 (80,587) (13,264) (216) (59,876) (48,071) Aurizona 229,644 (92,398) (41,991) (5,109) — 90,146 Fazenda (5) 92,404 (40,882) (22,012) — — 29,510 RDM (5) 106,635 (48,582) (20,601) — (937) 36,515 Santa Luz (5) — — — — (2,213) (2,213) Corporate and other (3)(5) 55,786 (31,030) (13,657) — (42,361) (31,262) $ 845,388 $ (423,291) $ (131,914) $ (11,840) $ (105,387) $ 172,956 (1) The above segment information includes the results of Mercedes from the date of acquisition of Premier on April 7, 2021. (2) The above segment information includes the Company's 50% share of the results of Greenstone from the date of acquisition of Premier on April 7, 2021 to April 15, 2021, and its 60% share of the results of Greenstone from April 16, 2021 (notes 5(a) and (b)). (3) Corporate and other includes the results of Pilar until April 16, 2021, the date of disposition. (4) The presentation of the segment information for the year ended December 31, 2020 has been changed to present Castle Mountain and Fazenda separately as reportable segments and include Pilar in Corporate and other to be consistent with the current year presentation. Castle Mountain, Fazenda and Pilar were previously grouped in the other operating mines segment. (5) The above segment information includes the results of Los Filos, Fazenda, RDM, Santa Luz and Pilar from the date of acquisition of Leagold on March 10, 2020 (note 5(e)). |
Disclosure of Detailed Information about Assets and Liabilities Based on Operating Segments | Total assets (1) Total liabilities (1) At December 31 2021 2020 2021 2020 Mesquite $ 332,555 $ 262,758 $ (74,543) $ (36,032) Castle Mountain 261,631 227,157 (25,607) (23,960) Los Filos 1,108,533 1,066,378 (274,664) (271,712) Mercedes (2) 207,538 — (85,849) — Aurizona 363,703 338,792 (51,546) (49,261) Fazenda 138,143 180,397 (41,325) (52,261) RDM 119,468 144,025 (20,515) (42,146) Santa Luz 234,490 209,215 (22,016) (10,605) Greenstone 498,529 — (120,657) — Corporate and other (3) 702,771 244,678 (665,294) (738,900) $ 3,967,361 $ 2,673,400 $ (1,382,016) $ (1,224,877) (1) The presentation of the segment assets and liabilities at December 31, 2020 has been changed to present Castle Mountain and Fazenda separately as reportable segments and include Pilar in corporate and other to be consistent with the current year presentation. Castle Mountain, Fazenda and Pilar were previously grouped in the other operating mines segment. (2) At December 31, 2021, the assets and liabilities of Mercedes were classified as held for sale (note 9). (3) Corporate and other includes the Company's investment in i-80 Gold (note 11) at December 31, 2021. |
Disclosure of Detailed Information about Noncurrent Assets by Region | The following table presents the Company's non-current assets, excluding financial instruments and investments in associates, by region: At December 31 2021 2020 United States $ 451,113 $ 392,290 Mexico 941,762 919,464 Brazil 730,679 685,604 Canada 544,428 1,820 Total non-current assets, excluding financial instruments $ 2,667,982 $ 1,999,178 |
Summary of Sales to Individual Customers that Exceed 10% of Annual Metal Sales | The following table presents revenue from sales to major customers that exceeded 10% of the Company's revenue for the years ended December 31, 2021 and 2020: 2021 2020 Customer 1 $ 521,476 $ 354,981 Customer 2 265,690 131,439 Customer 3 264,277 259,371 Customer 4 — 87,551 Total revenue from major customers $ 1,051,443 $ 833,342 Total revenue from major customers as percentage of total revenue 97.2 % 98.3 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Disclosure of Directors and Other Key Management Personnel | The remuneration of the Company's directors and other key management personnel during the years ended December 31, 2021 and 2020 were as follows: 2021 2020 Salaries, directors' fees and other short-term benefits $ 4,236 $ 6,763 Share-based payments 4,985 3,385 Total key management personnel compensation $ 9,221 $ 10,148 |
Supplemental Cash flow Inform_2
Supplemental Cash flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Disclosure of Detailed Information about Non-Cash Changes in Working Capital | The non-cash changes in working capital during the years ended December 31, 2021 and 2020 were as follows: 2021 2020 (Increase) decrease in trade and other receivables $ (3,815) $ 157 Decrease in inventories 20,221 20,545 Decrease (increase) in prepaid expenses and other current assets 2,840 (15,351) Increase (decrease) in accounts payable and accrued liabilities 37,410 (20,544) Non-cash changes in working capital $ 56,656 $ (15,193) |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Of Financial Assets and Liabilities [Abstract] | |
Carrying Amount of Financial Assets | The carrying amounts of Company's financial assets and financial liabilities by category are as follows: At December 31, 2021 Amortized cost FVTPL FVOCI (3) Total Financial assets Cash and cash equivalents $ 305,498 $ — $ — $ 305,498 Marketable securities — 1,902 238,628 240,530 Trade receivables 14,207 — — 14,207 Derivative assets (1) — 124,452 — 124,452 Restricted cash 20,444 — — 20,444 Other current and non-current financial assets 14,416 — 2,294 16,710 Total financial assets $ 354,565 $ 126,354 $ 240,922 $ 721,841 Financial liabilities Accounts payable and accrued liabilities $ 185,716 $ — $ — $ 185,716 Loans and borrowings 540,682 — — 540,682 Derivative liabilities (1) — 84,857 — 84,857 Lease liabilities (2) 45,097 — — 45,097 Other financial liabilities 3,588 — — 3,588 Total financial liabilities $ 775,083 $ 84,857 $ — $ 859,940 (1) Includes current and non-current derivatives (note 15). (2) Includes current and non-current lease liabilities (note 18). (3) Includes the Company's investment in Solaris Shares (note 6) and PGI (note 12). At December 31, 2020 Amortized cost FVTPL FVOCI Total Financial assets Cash and cash equivalents $ 344,926 $ — $ — $ 344,926 Marketable securities — 3,120 — 3,120 Trade receivables 17,212 — — 17,212 Restricted cash (1) 3,210 — — 3,210 Other current and non-current financial assets 12,333 — — 12,333 Total financial assets $ 377,681 $ 3,120 $ — $ 380,801 Financial liabilities Accounts payable and accrued liabilities $ 119,641 $ — $ — $ 119,641 Loans and borrowings 545,241 — — $ 545,241 Derivative liabilities (2) — 154,566 — $ 154,566 Lease liabilities (3) 18,884 — — $ 18,884 Total financial liabilities $ 683,766 $ 154,566 $ — $ 838,332 (1) Includes current and non-current restricted cash. Current restricted cash is included within prepaid expenses and other current assets. The fair values of the Company's financial assets and financial liabilities that are measured at fair value in the statement of financial position and the levels in the fair value hierarchy into which the inputs to the valuation techniques used to measure the fair values are categorized are as follows: At December 31, 2021 Level 1 (a) Level 2 (b) Level 3 (c) Total Marketable securities $ 240,530 $ — $ — $ 240,530 Derivative assets (1) — 124,452 — 124,452 Other financial assets — — 2,294 2,294 Derivative liabilities (1) — (78,271) (6,586) (84,857) Net financial assets (liabilities) $ 240,530 $ 46,181 $ (4,292) $ 282,419 At December 31, 2020 Marketable securities $ 3,120 $ — $ — $ 3,120 Derivative liabilities (1) (36,455) (118,111) — (154,566) Net financial liabilities $ (33,335) $ (118,111) $ — $ (151,446) (1) Includes current and non-current derivatives (note 15). |
Carrying Amount of Financial Liabilities | The carrying amounts of Company's financial assets and financial liabilities by category are as follows: At December 31, 2021 Amortized cost FVTPL FVOCI (3) Total Financial assets Cash and cash equivalents $ 305,498 $ — $ — $ 305,498 Marketable securities — 1,902 238,628 240,530 Trade receivables 14,207 — — 14,207 Derivative assets (1) — 124,452 — 124,452 Restricted cash 20,444 — — 20,444 Other current and non-current financial assets 14,416 — 2,294 16,710 Total financial assets $ 354,565 $ 126,354 $ 240,922 $ 721,841 Financial liabilities Accounts payable and accrued liabilities $ 185,716 $ — $ — $ 185,716 Loans and borrowings 540,682 — — 540,682 Derivative liabilities (1) — 84,857 — 84,857 Lease liabilities (2) 45,097 — — 45,097 Other financial liabilities 3,588 — — 3,588 Total financial liabilities $ 775,083 $ 84,857 $ — $ 859,940 (1) Includes current and non-current derivatives (note 15). (2) Includes current and non-current lease liabilities (note 18). (3) Includes the Company's investment in Solaris Shares (note 6) and PGI (note 12). At December 31, 2020 Amortized cost FVTPL FVOCI Total Financial assets Cash and cash equivalents $ 344,926 $ — $ — $ 344,926 Marketable securities — 3,120 — 3,120 Trade receivables 17,212 — — 17,212 Restricted cash (1) 3,210 — — 3,210 Other current and non-current financial assets 12,333 — — 12,333 Total financial assets $ 377,681 $ 3,120 $ — $ 380,801 Financial liabilities Accounts payable and accrued liabilities $ 119,641 $ — $ — $ 119,641 Loans and borrowings 545,241 — — $ 545,241 Derivative liabilities (2) — 154,566 — $ 154,566 Lease liabilities (3) 18,884 — — $ 18,884 Total financial liabilities $ 683,766 $ 154,566 $ — $ 838,332 (1) Includes current and non-current restricted cash. Current restricted cash is included within prepaid expenses and other current assets. The fair values of the Company's financial assets and financial liabilities that are measured at fair value in the statement of financial position and the levels in the fair value hierarchy into which the inputs to the valuation techniques used to measure the fair values are categorized are as follows: At December 31, 2021 Level 1 (a) Level 2 (b) Level 3 (c) Total Marketable securities $ 240,530 $ — $ — $ 240,530 Derivative assets (1) — 124,452 — 124,452 Other financial assets — — 2,294 2,294 Derivative liabilities (1) — (78,271) (6,586) (84,857) Net financial assets (liabilities) $ 240,530 $ 46,181 $ (4,292) $ 282,419 At December 31, 2020 Marketable securities $ 3,120 $ — $ — $ 3,120 Derivative liabilities (1) (36,455) (118,111) — (154,566) Net financial liabilities $ (33,335) $ (118,111) $ — $ (151,446) (1) Includes current and non-current derivatives (note 15). |
Assets and Liabilities Not Measured at Fair Value | At December 31, 2021, the fair values of the Company's financial assets and financial liabilities, excluding lease liabilities, that are not measured at fair value in the statement of financial position as compared to the carrying amounts were as follows: December 31, 2021 December 31, 2020 Level Carrying amount Fair value Carrying amount Fair value Receivables from asset sales (a) 3 $ 10,321 $ 10,321 $ 12,197 $ 12,197 Credit Facility (b) 2 279,621 287,255 289,910 300,599 Convertible Notes (b) 2 261,061 384,143 255,331 521,873 (a) The fair values of receivables from sales of the Company's non-core assets are calculated as the present value of expected future cash flows based on expected amounts and timing of future cash flows discounted using a market rate of interest for similar instruments. (b) The fair values of the Credit Facility and Convertible Notes are calculated as the present value of future cash flows based on contractual cash flows discounted using a market rate of interest for similar instruments. |
Financial Instrument Risks an_2
Financial Instrument Risks and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Contractual Maturities of Non-Derivative Liabilities | The following table summarizes the contractual maturities of the Company's liabilities, and operating and capital purchase commitments at December 31, 2021: Within 1 1-2 2-3 3-4 4–5 Thereafter Total Accounts payable and accrued liabilities $ 185,716 $ — $ — $ — $ — $ — $ 185,716 Loans and borrowings (1)(2) 48,261 47,489 376,364 147,223 619,337 Derivative liabilities 44,825 572 45,397 Lease liabilities (2) 19,362 18,742 9,010 6 6 13 47,139 Other financial liabilities (2) — 5,000 — — — — 5,000 Reclamation and closure costs (2) 3,748 6,576 8,311 10,008 8,724 145,314 182,681 Purchase commitments (2) 94,241 9,524 4,608 2,214 1,295 2 111,884 Other operating commitments (2) 30,546 31,766 33,035 17,796 18,508 48,763 180,414 Total $ 426,699 $ 119,669 $ 431,328 $ 177,247 $ 28,533 $ 194,092 $ 1,377,568 (1) Amount includes principal and interest payments, except accrued interest which is included in accounts payable and accrued liabilities. (2) Amounts represent undiscounted future cash flows. |
Contractual Maturities of Derivative Liabilities | The following table summarizes the contractual maturities of the Company's liabilities, and operating and capital purchase commitments at December 31, 2021: Within 1 1-2 2-3 3-4 4–5 Thereafter Total Accounts payable and accrued liabilities $ 185,716 $ — $ — $ — $ — $ — $ 185,716 Loans and borrowings (1)(2) 48,261 47,489 376,364 147,223 619,337 Derivative liabilities 44,825 572 45,397 Lease liabilities (2) 19,362 18,742 9,010 6 6 13 47,139 Other financial liabilities (2) — 5,000 — — — — 5,000 Reclamation and closure costs (2) 3,748 6,576 8,311 10,008 8,724 145,314 182,681 Purchase commitments (2) 94,241 9,524 4,608 2,214 1,295 2 111,884 Other operating commitments (2) 30,546 31,766 33,035 17,796 18,508 48,763 180,414 Total $ 426,699 $ 119,669 $ 431,328 $ 177,247 $ 28,533 $ 194,092 $ 1,377,568 (1) Amount includes principal and interest payments, except accrued interest which is included in accounts payable and accrued liabilities. (2) Amounts represent undiscounted future cash flows. |
Exposure to Currency Risk | The following tables summarize the Company's exposure to currency risk arising from financial assets and financial liabilities, excluding foreign exchange contracts, denominated in foreign currencies: At December 31, 2021 BRL MXN CAD Financial assets $ 19,219 $ 558 $ 415,234 Financial liabilities (54,594) (50,250) (46,674) $ (35,375) $ (49,692) $ 368,560 At December 31, 2020 Financial assets $ 73,236 $ 9,889 $ 13,254 Financial liabilities (61,896) (5,952) (7,671) $ 11,340 $ 3,937 $ 5,583 Based on the above foreign currency denominated financial assets and financial liabilities at December 31, 2021, the reasonably possible weakening in foreign currencies against the USD at such date, assuming all other variables remained constant, would have resulted in the following increase (decrease) in the Company's net income during the year ended December 31, 2021: 2021 BRL – 20% $ 5,165 MXN – 10% 3,628 CAD – 10% (26,905) |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Capital Management [Abstract] | |
Detailed Information about Capital Computation | The Company's capital, as defined above, is summarized in the following table: December 31, December 31, Equity $ 2,585,345 $ 1,448,523 Loans and borrowings 540,682 545,241 3,126,027 1,993,764 Less: cash and cash equivalents (305,498) (344,926) $ 2,820,529 $ 1,648,838 |
Nature of Operations - Disclosu
Nature of Operations - Disclosure of Detailed Information about Company's Principal Properties and Material Subsidiaries (Details) | Apr. 16, 2021 | Apr. 07, 2021 | Dec. 31, 2021 |
Western Mesquite Mines, Inc. | |||
Disclosure of subsidiaries [line items] | |||
Ownership interest in subsidiary | 100.00% | ||
Castle Mountain Venture | |||
Disclosure of subsidiaries [line items] | |||
Ownership interest in subsidiary | 100.00% | ||
Desarrollos Mineros San Luis S.A. de C.V. | |||
Disclosure of subsidiaries [line items] | |||
Ownership interest in subsidiary | 100.00% | ||
Minera Mercedes Minerales, S. de. R.L. de C.V. | |||
Disclosure of subsidiaries [line items] | |||
Ownership interest in subsidiary | 100.00% | ||
Mineração Aurizona S.A. | |||
Disclosure of subsidiaries [line items] | |||
Ownership interest in subsidiary | 100.00% | ||
Fazenda Brasileiro Desenvolvimento Mineral Ltda | |||
Disclosure of subsidiaries [line items] | |||
Ownership interest in subsidiary | 100.00% | ||
Mineração Riacho Dos Machados Ltda | |||
Disclosure of subsidiaries [line items] | |||
Ownership interest in subsidiary | 100.00% | ||
Santa Luz Desenvolvimento Mineral Ltda | |||
Disclosure of subsidiaries [line items] | |||
Ownership interest in subsidiary | 100.00% | ||
Greenstone Gold Mines LP | |||
Disclosure of subsidiaries [line items] | |||
Ownership interest in subsidiary | 60.00% | 50.00% | 60.00% |
Significant Accounting Polici_3
Significant Accounting Policies - Investments in Associates (Details) | Dec. 31, 2021 |
Significant Accounting Policies [Abstract] | |
Percentage of voting interest threshold for significant influence | 20.00% |
Significant Accounting Polici_4
Significant Accounting Policies - Changes in Accounting Policies During the Reporting Period (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Mineral properties, plant and equipment | $ 2,497,919 | $ 1,858,723 |
Revenue | 1,082,286 | 845,388 |
Operating expense | 851,696 | 555,205 |
Depreciation | 1,242 | 692 |
Loans and borrowings | $ 514,015 | 531,908 |
Revolving Facility | Bottom of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Borrowings, adjustment to interest rate basis | 2.50% | |
Revolving Facility | Top of range | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Borrowings, adjustment to interest rate basis | 3.75% | |
Bank of Nova Montreal Societe Generale and Ing Capital LLC | Revolving Facility | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Maximum capacity | $ 400,000 | |
Loans and borrowings | 193,800 | |
Bank of Nova Montreal Societe Generale and Ing Capital LLC | Amortizing Term Loan | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Maximum capacity | 100,000 | |
Loans and borrowings | $ 85,800 | |
Effect of Reclassification of Pre- Commercial Production on Property Plant and Equipment | Major Asset Reclassification | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Mineral properties, plant and equipment | 1,600 | |
Revenue | 2,900 | |
Operating expense | 1,000 | |
Depreciation | $ 300 |
Areas of Significant Judgemen_2
Areas of Significant Judgements and Estimation Uncertainty (Details) - USD ($) $ in Thousands | Apr. 28, 2021 | Apr. 16, 2021 | Apr. 07, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Judgements and Estimates [Line Items] | |||||
Gain on reclassification of investment in Solaris Resources Inc. | $ 186,067 | $ 0 | |||
Solaris Resources Inc | |||||
Judgements and Estimates [Line Items] | |||||
Proportion of ownership interest in associate | 19.90% | ||||
Greenstone Gold Mines LP | |||||
Judgements and Estimates [Line Items] | |||||
Percentage of voting equity interests acquired | 10.00% | ||||
Greenstone Gold Mines LP | |||||
Judgements and Estimates [Line Items] | |||||
Ownership interest in subsidiary | 60.00% | 50.00% | 60.00% |
Corporate Transactions - Acquis
Corporate Transactions - Acquisition of Premier (Details) - USD ($) $ in Thousands | Apr. 16, 2021 | Apr. 07, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about business combination [line items] | ||||
Gain on bargain purchase of Premier (note 5(a)) | $ 81,432 | $ 0 | ||
Gain on bargain purchase related to mineral properties, plant, and equipment | 94,400 | |||
Gain on bargain purchase related to deferred tax liabilities | $ 13,000 | |||
Greenstone Gold Mines LP | ||||
Disclosure of detailed information about business combination [line items] | ||||
Ownership interest in subsidiary | 60.00% | 50.00% | 60.00% | |
i-80 Gold Corp. | ||||
Disclosure of detailed information about business combination [line items] | ||||
Ownership interest in subsidiary | 30.00% | |||
Premier | ||||
Disclosure of detailed information about business combination [line items] | ||||
Percentage of voting equity interests acquired | 100.00% | |||
Business combination shares issued (in shares) | 0.1967 | |||
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | $ 3,200 | |||
Acquisition related costs | $ 800 | |||
Revenue of acquiree since acquisition date | $ 56,900 | |||
Profit of acquiree since acquisition date | 7,700 | |||
Revenue of combined entity as if combination occurred at beginning of period | 1,115,000 | |||
Profit of combined entity as if combination occurred at beginning of period | $ 541,000 | |||
Premier | Greenstone Gold Mines LP | ||||
Disclosure of detailed information about business combination [line items] | ||||
Ownership interest in subsidiary | 50.00% | |||
Premier | i-80 Gold Corp. | ||||
Disclosure of detailed information about business combination [line items] | ||||
Ownership interest in subsidiary | 30.00% |
Corporate Transactions - Disclo
Corporate Transactions - Disclosure of Detailed Information about Consideration Paid (Details) $ / shares in Units, $ in Thousands | Apr. 07, 2021USD ($)sharesyr$ / shares$ / shares | Dec. 31, 2020yr$ / shares | Dec. 31, 2020 | Apr. 07, 2021$ / shares | Mar. 10, 2020USD ($)shares$ / shares | Mar. 10, 2020$ / shares |
Disclosure of detailed information about business combination [line items] | ||||||
Volatility | 65.20% | |||||
Dividend yield | 0.00% | |||||
Premier | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Total consideration | $ 408,273 | |||||
Business combination shares issued (in shares) | 0.1967 | |||||
Leagold | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Total consideration | $ 764,083 | |||||
Business combination shares issued (in shares) | 0.331 | |||||
Business combination share exchange ratio | 0.331 | |||||
Share consideration | Premier | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Equity interests of acquirer | $ 399,613 | |||||
Business combination shares issued (in shares) | shares | 47,373,723 | |||||
Business combination share price (in dollars per share) | (per share) | $ 8.44 | $ 10.64 | ||||
Share consideration | Leagold | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Equity interests of acquirer | $ 732,042 | |||||
Business combination shares issued (in shares) | shares | 94,635,765 | |||||
Business combination share price (in dollars per share) | (per share) | $ 7.74 | $ 10.51 | ||||
Option consideration | Premier | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Equity interests of acquirer | $ 8,155 | |||||
Business combination shares issued (in shares) | shares | 2,813,747 | |||||
Weighted average price per unit (in dollars per share) | $ / shares | $ 7.27 | |||||
Option life, share options granted | yr | 2.07 | |||||
Volatility | 41.30% | |||||
Dividend yield | 0.00% | |||||
Discount rate | 0.37% | |||||
Option consideration | Leagold | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Equity interests of acquirer | $ 19,777 | |||||
Business combination shares issued (in shares) | shares | 5,728,647 | |||||
Weighted average price per unit (in dollars per share) | $ / shares | $ 7.77 | |||||
Option life, share options granted | yr | 2.07 | |||||
Volatility | 60.20% | |||||
Dividend yield | 0.00% | |||||
Discount rate | 0.54% | |||||
Warrant consideration | Premier | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Equity interests of acquirer | $ 505 | |||||
Business combination shares issued (in shares) | shares | 393,400 | |||||
Weighted average price per unit (in dollars per share) | $ / shares | $ 10.42 | |||||
Option life, share options granted | yr | 0.82 | |||||
Volatility | 39.70% | |||||
Dividend yield | 0.00% | |||||
Discount rate | 0.15% | |||||
Warrant consideration | Leagold | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Equity interests of acquirer | $ 8,543 | |||||
Business combination shares issued (in shares) | shares | 16,626,569 | |||||
Weighted average price per unit (in dollars per share) | $ / shares | $ 11.14 | |||||
Option life, share options granted | yr | 0.32 | |||||
Volatility | 44.10% | |||||
Dividend yield | 0.00% | |||||
Discount rate | 0.69% | |||||
PSU And DSU consideration | Leagold | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Equity interests of acquirer | $ 3,721 | |||||
Business combination share price (in dollars per share) | (per share) | $ 2.57 | $ 3.49 | ||||
Business combination share exchange ratio | 0.331 | |||||
Replacement PSU | Leagold | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Business combination shares issued (in shares) | shares | 369,919 | |||||
Replacement DSU | Leagold | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Business combination shares issued (in shares) | shares | 319,288 |
Corporate Transactions - Disc_2
Corporate Transactions - Disclosure of Detailed Information about Business Combination (Details) - USD ($) $ in Thousands | Apr. 16, 2021 | Apr. 07, 2021 | Mar. 10, 2020 |
Premier | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | $ 8,267 | ||
Trade and other receivables | 13,165 | ||
Inventories | 11,987 | ||
Restricted cash | 8,333 | ||
Mineral properties, plant and equipment | 576,803 | ||
Investment in associate | 79,001 | ||
Other assets | 4,399 | ||
Accounts payable and accrued liabilities | (18,002) | ||
Loans and borrowings and accrued interest | (17,649) | ||
Stream arrangement | (40,369) | ||
Reclamation and closure cost provisions | (13,481) | ||
Deferred tax liabilities | (121,931) | ||
Other liabilities | (818) | ||
Fair value of net assets acquired | $ 489,705 | ||
Greenstone Gold Mines LP | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | $ 95 | ||
Trade and other receivables | 21 | ||
Restricted cash | 1,043 | ||
Mineral properties, plant and equipment | 59,078 | ||
Other assets | 10 | ||
Accounts payable and accrued liabilities | (287) | ||
Other liabilities | (27) | ||
Fair value of net assets acquired | $ 59,933 | ||
Leagold | |||
Disclosure of detailed information about business combination [line items] | |||
Cash and cash equivalents | $ 55,252 | ||
Trade and other receivables | 33,524 | ||
Inventories | 150,078 | ||
Mineral properties, plant and equipment | 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 and closure cost provisions | (62,238) | ||
Deferred tax liabilities | (230,458) | ||
Other liabilities | (31,000) | ||
Fair value of net assets acquired | $ 764,083 |
Corporate Transactions - Acqu_2
Corporate Transactions - Acquisition of Additional Interest in Greenstone (Details) $ in Millions | Apr. 16, 2021USD ($)oz | Apr. 07, 2021 | Dec. 31, 2021USD ($) |
Greenstone Gold Mines LP | |||
Disclosure of detailed information about business combination [line items] | |||
Percentage of voting equity interests acquired | 10.00% | ||
Total consideration | $ 59.9 | ||
Cash transferred | 51 | ||
Contingent consideration, cash payment | $ 5 | ||
Contingent consideration, period after positive mine construction decision | 24 months | ||
Contingent consideration, mass of refined gold delivered (in ounces) | oz | 2,200 | ||
Contingent consideration, mass of refined gold delivered, milestone one (in ounces) | oz | 250,000 | ||
Contingent consideration, mass of refined gold delivered, milestone two (in ounces) | oz | 500,000 | ||
Contingent consideration, mass of refined gold delivered, milestone three (in ounces) | oz | 700,000 | ||
Contingent consideration recognised as of acquisition date | $ 8.9 | ||
Contingent liabilities recognized in business combination, effect interest rate | 18.50% | ||
Contingent liabilities recognized in business combination, fair value of cash component | $ 3.6 | ||
Contingent liabilities recognized in business combination, fair value of derivative component | $ 6.6 | ||
Greenstone Gold Mines LP | |||
Disclosure of detailed information about business combination [line items] | |||
Ownership interest in subsidiary | 60.00% | 50.00% | 60.00% |
Corporate Transactions - Sale o
Corporate Transactions - Sale of Pilar (Details) - USD ($) $ in Thousands | Apr. 16, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about business combination [line items] | |||
Non-cash changes in working capital | $ (56,656) | $ 15,193 | |
Gain on sale of Pilar (note 5(c)) | 45,417 | $ 0 | |
Pilar Gold Inc. | |||
Disclosure of detailed information about business combination [line items] | |||
Promissory notes receivables due from associates, due third installment | 7,600 | ||
Pilar Mine | Pilar Gold Inc. | |||
Disclosure of detailed information about business combination [line items] | |||
Receivable on closing of the transaction | $ 10,500 | ||
Promissory notes receivables due from associates | 27,500 | ||
Promissory notes receivables due from associates, due second installment | 10,000 | ||
Promissory notes receivables due from associates, due third installment | $ 17,500 | ||
Percentage of voting equity interests acquired | 9.90% | ||
Percentage of net smelter returns to royalty | 1.00% | ||
Consideration received, sale-date fair value | $ 47,000 | ||
Equity interests of acquirer | 4,800 | ||
Net smelter returns to royalty, value | 5,800 | ||
Non-cash changes in working capital | $ 1,600 | ||
Gain on sale of Pilar (note 5(c)) | $ 45,400 |
Corporate Transactions - Sale_2
Corporate Transactions - Sale of Partial Interest in Solaris (Details) $ in Thousands | Apr. 28, 2021USD ($)shares | Apr. 28, 2021USD ($)$ / shares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Disclosure of detailed information about business combination [line items] | |||||
Gain on sale of partial interest in Solaris (note 5(d)) | $ 50,300 | $ 0 | |||
Marketable securities | 240,530 | 3,120 | $ 988 | ||
Derivative assets | 124,234 | 0 | |||
Gain on reclassification of investment in Solaris Resources Inc. | 186,067 | 0 | |||
Solaris Resources Inc | |||||
Disclosure of detailed information about business combination [line items] | |||||
Sale of equity interests (in units) | shares | 10,000,000 | ||||
Sale of equity interests, number of common shares per unit (in shares) | shares | 1 | ||||
Sale of equity interests, number of common shares purchase warrant per unit (in shares) | shares | 0.50 | ||||
Sale of equity interests, value | $ 66,700 | ||||
Securities called by warrant, price per share (in dollars per share) | $ / shares | $ 10 | ||||
Sale of equity interests, value, allocated to common shares | 57,600 | ||||
Sale of equity interests, value, allocated to warrants | $ 9,100 | ||||
Gain on sale of partial interest in Solaris (note 5(d)) | 50,300 | ||||
Proportion of ownership interest in associate | 19.90% | ||||
Solaris Resources Inc | Fair Value | |||||
Disclosure of detailed information about business combination [line items] | |||||
Investment in associate, fair value | $ 197,600 | $ 197,600 | $ 238,600 | $ 0 | |
Solaris Resources Inc | Fair Value | Common Stock | |||||
Disclosure of detailed information about business combination [line items] | |||||
Marketable securities | 136,000 | 136,000 | |||
Solaris Resources Inc | Fair Value | Warrants | |||||
Disclosure of detailed information about business combination [line items] | |||||
Derivative assets | $ 61,600 | $ 61,600 | |||
Solaris Resources Inc | Common Stock | |||||
Disclosure of detailed information about business combination [line items] | |||||
Number of securities called by warrant (in shares) | shares | 1 |
Corporate Transactions - Acqu_3
Corporate Transactions - Acquisition of Leagold (Details) - Leagold - USD ($) $ in Millions | Mar. 10, 2020 | Dec. 31, 2020 |
Disclosure of detailed information about business combination [line items] | ||
Percentage of voting equity interests acquired | 100.00% | |
Business combination shares issued (in shares) | 0.331 | |
Business combination share exchange ratio | 0.331 | |
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | $ 5.9 | |
Acquisition related costs | $ 4.6 | |
Revenue of acquiree since acquisition date | 360.7 | |
Loss of acquiree since acquisition date | 24.3 | |
Revenue of combined entity as if combination occurred at beginning of period | 934.9 | |
Profit of combined entity as if combination occurred at beginning of period | $ 2.6 |
Marketable Securities - Reconci
Marketable Securities - Reconciliation of Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Instruments [Abstract] | ||
Balance – beginning of year | $ 3,120 | $ 988 |
Additions | 228 | 514 |
Reclassification of investment in Solaris | 135,964 | 0 |
Change in fair value | 101,218 | 1,618 |
Balance – end of year | $ 240,530 | $ 3,120 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands | Apr. 28, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of financial assets [line items] | ||||
Marketable securities | $ 240,530 | $ 3,120 | $ 988 | |
Gain in OCI on remeasurement of fair value of the equity securities | 100,144 | 0 | ||
Solaris Resources Inc | ||||
Disclosure of financial assets [line items] | ||||
Proportion of ownership interest in associate | 19.90% | |||
Gain in OCI on remeasurement of fair value of the equity securities | 102,600 | |||
Solaris Resources Inc | Fair Value | ||||
Disclosure of financial assets [line items] | ||||
Investment in associate, fair value | $ 197,600 | $ 238,600 | $ 0 | |
Solaris Resources Inc | Fair Value | Common Stock | ||||
Disclosure of financial assets [line items] | ||||
Marketable securities | $ 136,000 |
Trade and Other Receivables - D
Trade and Other Receivables - Disclosure Of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of Trade and Other Receivables [Line Items] | ||
Trade receivables | $ 14,207 | $ 17,172 |
VAT receivables | 24,621 | 18,991 |
Income tax receivables | 8,046 | 10,085 |
Other receivables | 3,386 | 9,624 |
Trade and other receivables | 50,260 | 55,872 |
Brazilian Federal Government | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
VAT receivables | 12,300 | 14,600 |
Mexican Federal Government | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
VAT receivables | 16,700 | 8,200 |
Federal Tax Authority | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
VAT receivables | $ 8,800 | $ 6,500 |
Inventories - Description of De
Inventories - Description of Detailed Information about Inventories Explanatory (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory [Abstract] | ||
Heap leach ore | $ 258,197 | $ 268,703 |
Stockpiled ore | 11,118 | 13,514 |
Work-in-process | 17,400 | 14,988 |
Finished goods | 3,395 | 4,500 |
Supplies | 35,777 | 37,473 |
Total inventories | 325,887 | 339,178 |
Current | 201,622 | 208,290 |
Non-current | $ 124,265 | $ 130,888 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory [Abstract] | ||
Increase in obsolete and slow-moving supplies inventories provision | $ 2.1 | $ 0.9 |
Obsolete and slow-moving supplies inventories provision | 14.1 | 12.8 |
Inventory write-down | $ 18.1 | $ 0 |
Assets Held for Sale - Addition
Assets Held for Sale - Additional Information (Details) | Dec. 16, 2021USD ($)shares | Dec. 31, 2021oz |
Stream Arrangement | Gold | ||
Assets Held for Sale [Line Items] | ||
Number of ounces to be delivered | 1,000 | |
Number Of ounces delivered | 2,700 | |
Stream Arrangement | Gold | Maximum | ||
Assets Held for Sale [Line Items] | ||
Number of ounces to be delivered | 9,000 | |
Stream Arrangement | Silver | ||
Assets Held for Sale [Line Items] | ||
Number Of ounces delivered | 85,803 | |
Stream Arrangement | Silver | Minera Mercedes Minerales, S. de. R.L. de C.V. | ||
Assets Held for Sale [Line Items] | ||
Percentage of precious metal production to be issued, milestone 1 | 100.00% | |
Number of ounces to be delivered, milestone 1 | 3,750,000 | |
Percentage of precious metal production to be issued, milestone 2 | 30.00% | |
Percentage of prevailing precious metal price for production issued, milestone 2 | 20.00% | |
Stream Arrangement | Silver | Maximum | Minera Mercedes Minerales, S. de. R.L. de C.V. | ||
Assets Held for Sale [Line Items] | ||
Number Of ounces delivered | 2,100,000 | |
Stream Arrangement | Silver | Minimum | Minera Mercedes Minerales, S. de. R.L. de C.V. | ||
Assets Held for Sale [Line Items] | ||
Number of ounces to be delivered | 300,000 | |
Bear Creek | ||
Assets Held for Sale [Line Items] | ||
Receivable on closing of the transaction | $ | $ 75,000,000 | |
Receivable within six months of closing of the transaction | $ | $ 25,000,000 | |
Due from associate, common stock (in shares) | shares | 24,730,000 | |
Proportion of ownership interest in associate | 19.90% | |
Percentage of net smelter returns to royalty | 2.00% |
Assets Held for Sale - Disclosu
Assets Held for Sale - Disclosure for Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets Held for Sale [Line Items] | |||
Cash and cash equivalents | $ 305,498 | $ 344,926 | $ 67,716 |
Trade and other receivables | 50,260 | 55,872 | |
Current | 201,622 | 208,290 | |
Mineral properties, plant and equipment | 2,497,919 | 1,858,723 | |
Other non-current assets | 25,613 | 13,474 | |
Total assets | 3,967,361 | 2,673,400 | |
Accounts payable and accrued liabilities | (190,116) | (130,543) | |
Derivative liabilities | (77,699) | (63,993) | |
Reclamation and closure cost provision | (95,565) | (117,103) | |
Deferred tax liabilities | (312,198) | (229,860) | |
Other non-current liabilities | (50,514) | (32,769) | |
Total liabilities | 1,382,016 | 1,224,877 | |
Assets and liabilities classified as held for sale | |||
Assets Held for Sale [Line Items] | |||
Cash and cash equivalents | 4,575 | ||
Trade and other receivables | 6,878 | ||
Current | 12,935 | ||
Mineral properties, plant and equipment | 183,137 | ||
Other non-current assets | 13 | ||
Total assets | 207,538 | ||
Accounts payable and accrued liabilities | (13,282) | ||
Derivative liabilities | (39,986) | ||
Reclamation and closure cost provision | (11,863) | ||
Deferred tax liabilities | (18,084) | $ 0 | |
Other non-current liabilities | (2,530) | ||
Total liabilities | 85,745 | ||
Net assets held for sale | $ 121,793 |
Assets Held for Sale - Disclo_2
Assets Held for Sale - Disclosure of Detailed Information for Changes in the Carrying Amount of Derivative Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Assets Held for Sale [Line Items] | |
Balance - begging of period | $ 63,993 |
Balance - end of period | 77,699 |
Assets and liabilities classified as held for sale | |
Assets Held for Sale [Line Items] | |
Balance - end of period | 39,986 |
Stream Arrangement | Assets and liabilities classified as held for sale | |
Assets Held for Sale [Line Items] | |
Balance - begging of period | 0 |
Assumed in Premier Acquisition (note 5(a)) | 40,369 |
Gold and silver delivered | (6,802) |
Change in fair value | 6,419 |
Balance - end of period | $ 39,986 |
Mineral Properties, Plant and_3
Mineral Properties, Plant and Equipment - Detailed Information About In Property Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of property plant and equipment [line items] | ||
Beginning balance | $ 1,858,723 | |
Ending balance | 2,497,919 | $ 1,858,723 |
Cost | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | 2,065,780 | 551,794 |
Additions | 455,313 | 179,104 |
Reclassified to assets held for sale (note 9) | (208,698) | |
Transfers | (11,621) | |
Disposals | (131,850) | (3,819) |
Change in reclamation and closure cost asset | (16,608) | 31,537 |
Foreign currency adjustment | (5,275) | |
Ending balance | 2,794,543 | 2,065,780 |
Cost | Leagold Mining Corporation | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | 1,318,785 | |
Cost | Premier Gold Mines Limited | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | 576,803 | |
Cost | Greenstone Gold Mines LP | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | 59,078 | |
Accumulated depreciation | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | (207,057) | (40,101) |
Additions | (227,248) | (169,095) |
Reclassified to assets held for sale (note 9) | 25,561 | |
Disposals | 112,111 | 2,139 |
Foreign currency adjustment | 9 | |
Ending balance | (296,624) | (207,057) |
Mineral properties | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | 1,281,593 | |
Ending balance | 1,715,976 | 1,281,593 |
Mineral properties | Cost | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | 1,372,327 | 341,770 |
Additions | 168,231 | 89,305 |
Reclassified to assets held for sale (note 9) | (134,783) | |
Transfers | (5,438) | |
Disposals | (6,285) | |
Change in reclamation and closure cost asset | (16,608) | 31,537 |
Foreign currency adjustment | (4,520) | |
Ending balance | 1,898,978 | 1,372,327 |
Mineral properties | Cost | Leagold Mining Corporation | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | 909,715 | |
Mineral properties | Cost | Premier Gold Mines Limited | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | 468,315 | |
Mineral properties | Cost | Greenstone Gold Mines LP | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | 57,739 | |
Mineral properties | Accumulated depreciation | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | (90,734) | (18,722) |
Additions | (115,778) | (72,012) |
Reclassified to assets held for sale (note 9) | 15,586 | |
Transfers | 2,720 | |
Disposals | 5,204 | |
Ending balance | (183,002) | (90,734) |
Plant and equipment | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | 527,738 | |
Ending balance | 552,621 | 527,738 |
Plant and equipment | Cost | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | 644,061 | 175,323 |
Additions | 144,213 | 35,887 |
Reclassified to assets held for sale (note 9) | (73,915) | |
Transfers | 5,438 | 56,125 |
Disposals | (125,565) | (3,819) |
Foreign currency adjustment | (49) | |
Ending balance | 666,243 | 644,061 |
Plant and equipment | Cost | Leagold Mining Corporation | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | 380,545 | |
Plant and equipment | Cost | Premier Gold Mines Limited | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | 72,018 | |
Plant and equipment | Cost | Greenstone Gold Mines LP | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | 42 | |
Plant and equipment | Accumulated depreciation | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | (116,323) | (21,379) |
Additions | (111,470) | (97,083) |
Reclassified to assets held for sale (note 9) | 9,975 | |
Transfers | (2,720) | |
Disposals | 106,907 | 2,139 |
Foreign currency adjustment | 9 | |
Ending balance | (113,622) | (116,323) |
Construction- in-progress | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | 35,642 | |
Ending balance | 177,898 | 35,642 |
Construction- in-progress | Cost | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | 35,642 | 20,951 |
Additions | 142,869 | 53,912 |
Transfers | (67,746) | |
Foreign currency adjustment | (613) | |
Ending balance | 177,898 | 35,642 |
Construction- in-progress | Cost | Leagold Mining Corporation | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | 28,525 | |
Exploration and evaluation assets | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | 13,750 | |
Ending balance | 51,424 | 13,750 |
Exploration and evaluation assets | Cost | ||
Disclosure of property plant and equipment [line items] | ||
Beginning balance | 13,750 | 13,750 |
Foreign currency adjustment | (93) | |
Ending balance | 51,424 | $ 13,750 |
Exploration and evaluation assets | Cost | Premier Gold Mines Limited | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | 36,470 | |
Exploration and evaluation assets | Cost | Greenstone Gold Mines LP | ||
Disclosure of property plant and equipment [line items] | ||
Acquisitions | $ 1,297 |
Mineral Properties, Plant and_4
Mineral Properties, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands | Nov. 21, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation | $ 1,242 | $ 692 | |
Mineral properties, plant and equipment | 2,497,919 | 1,858,723 | |
Mineral Properties and Construction-in-Progress | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation | 13,800 | 6,000 | |
Construction- in-progress | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalized costs of construction in progress | 1,600 | 0 | |
Mineral properties, plant and equipment | 177,898 | 35,642 | |
Mineral properties | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Mineral properties, plant and equipment | 1,715,976 | 1,281,593 | |
Los Filos, Santa Luz, and Greenstone | Mineral properties | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Mineral properties, plant and equipment | 510,700 | 115,100 | |
Santa Luz | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalized costs of construction in progress | 70,100 | 3,500 | |
Greenstone Gold Mines LP | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalized costs of construction in progress | 66,400 | ||
Los Filos | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalized costs of construction in progress | $ 5,500 | 3,600 | |
Castle Mountain | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Capitalized costs of construction in progress | 45,200 | ||
Pre-production net income earned | $ 1,600 | ||
Castle Mountain | Construction- in-progress | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Transferred from construction in progress to plant and equipment | $ 56,100 | ||
Transferred from construction in progress to inventory | $ 11,600 |
Mineral Properties, Plant and_5
Mineral Properties, Plant and Equipment - Detailed Information About Significant Royalty Arrangements (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Mesquite | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of net smelter returns to royalty | 2.00% |
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 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of net smelter returns to royalty | 1.50% |
Los Filos | Gross Revenue | |
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 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of net smelter returns to royalty | 3.00% |
Aurizona | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of net smelter returns to royalty | 5.00% |
Fazenda | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of net smelter returns to royalty | 0.75% |
Fazenda | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of net smelter returns to royalty | 1.50% |
RDM | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of net smelter returns to royalty | 1.00% |
RDM | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of net smelter returns to royalty | 1.50% |
Investment in Associate - Discl
Investment in Associate - Disclosure of Significant Investments in Associates (Details) $ in Thousands, shares in Millions | Apr. 07, 2021shares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2019USD ($) |
Premier Gold Mines Limited | i-80 Gold Corp. | |||||
Disclosure of associates [line items] | |||||
Number of shares acquired in business combination (in shares) | shares | 60.8 | ||||
Business combination share price (in dollars per share) | $ / shares | $ 3.09 | ||||
Solaris | |||||
Disclosure of associates [line items] | |||||
Ownership interest (%) | 0.00% | 26.50% | |||
Fair value | $ 132,026 | $ 0 | |||
Carrying amount | $ 22,287 | 0 | $ 7,162 | ||
i-80 Gold Corp. | |||||
Disclosure of associates [line items] | |||||
Ownership interest (%) | 25.50% | 0.00% | |||
Fair value | $ 0 | 148,559 | |||
Carrying amount | $ 0 | $ 125,313 | |||
i-80 Gold Corp. | Premier Gold Mines Limited | |||||
Disclosure of associates [line items] | |||||
Number of shares acquired in business combination (in shares) | shares | 41.3 |
Investment in Associate - Dis_2
Investment in Associate - Disclosure of Significant Changes in Carrying Amount of Investment Associates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of associates [line items] | ||
Reclassification of retained interest in Solaris (note 5(d)) | $ (11,570) | |
Solaris | ||
Disclosure of associates [line items] | ||
Beginning Balance | 22,287 | $ 7,162 |
Shares acquired | 12,480 | |
Dilution gain | 8,033 | |
Share of net income (loss) | (3,399) | (5,388) |
Carrying value of investment sold (note 5(d)) | (7,318) | |
Ending Balance | 0 | 22,287 |
i-80 Gold Corp. | ||
Disclosure of associates [line items] | ||
Beginning Balance | 0 | |
Shares acquired | 40,111 | |
Dilution gain | 2,067 | |
Share of net income (loss) | 4,134 | |
Ending Balance | 125,313 | $ 0 |
i-80 Gold Corp. | Premier Gold Mines Limited | ||
Disclosure of associates [line items] | ||
Shares acquired | $ 79,001 |
Investment in Associate - Addit
Investment in Associate - Additional Information (Details) $ in Millions | Dec. 09, 2021USD ($)$ / sharesshares | May 27, 2021$ / sharesshares | Apr. 07, 2021$ / shares | Apr. 07, 2021USD ($)shares | Mar. 31, 2021USD ($) | Dec. 31, 2021shares | Dec. 31, 2020 |
i-80 Gold Corp. | |||||||
Disclosure of associates [line items] | |||||||
Number of units acquired in private placement financing (in shares) | shares | 9,274,384 | ||||||
Price per unit acquired in private placement financing (in dollars per share) | $ / shares | $ 2.60 | ||||||
Payments for private placement financing | $ | $ 19.2 | ||||||
Private placement financing, number of common shares per unit (in shares) | shares | 1 | ||||||
Private placement financing, number of common shares purchase warrant per unit (in shares) | shares | 0.25 | ||||||
Securities called by warrant, price per share (in dollars per share) | $ / shares | $ 3.64 | ||||||
Payments for private placement financing, allocated to shares | $ | $ 18.4 | ||||||
Payments for private placement financing, allocated to warrants | $ | $ 0.7 | ||||||
Cash advances and loans made to related parties | $ | $ 20.7 | ||||||
Cash receipts from repayment of advances and loans made to related parties | $ | $ 1.5 | ||||||
Number of shares acquired (in shares) | shares | 4,800,000 | 5,479,536 | |||||
Purchase price per share (in dollars per share) | $ / shares | $ 2.62 | $ 2.60 | |||||
Non-controlling interest in acquiree recognised at acquisition date | $ | $ 21.7 | ||||||
Proportion of ownership interest in associate | 25.50% | 0.00% | |||||
i-80 Gold Corp. | Common Stock | |||||||
Disclosure of associates [line items] | |||||||
Number of securities called by warrant (in shares) | shares | 1 | 1 | |||||
Solaris | |||||||
Disclosure of associates [line items] | |||||||
Proportion of ownership interest in associate | 0.00% | 26.50% | |||||
Premier Gold Mines Limited | i-80 Gold Corp. | |||||||
Disclosure of associates [line items] | |||||||
Number of shares acquired in business combination (in shares) | shares | 41,300,000 | ||||||
Ownership interest in subsidiary | 30.00% |
Investment in Associate - Dis_3
Investment in Associate - Disclosure of Summarized Financial Information of Associates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of associates [line items] | |||
Cash and cash equivalents | $ 305,498 | $ 344,926 | $ 67,716 |
Other current assets | 33,549 | 33,816 | |
Non-current assets | 2,667,982 | 1,999,178 | |
Total assets | 3,967,361 | 2,673,400 | |
Other non-current liabilities | 50,514 | 32,769 | |
Total liabilities | 1,382,016 | 1,224,877 | |
Net assets (100%) | 282,419 | (151,446) | |
Revenue | 1,082,286 | 845,388 | |
Expense | (654,804) | (423,291) | |
Depreciation and depletion | (1,242) | (692) | |
Income tax expense | 19,854 | (20,811) | |
Net income | 554,889 | 22,288 | |
Other comprehensive income (loss) (100%) | 84,939 | 0 | |
Total comprehensive income | 639,828 | 22,288 | |
Solaris | |||
Disclosure of associates [line items] | |||
Cash and cash equivalents | 71,973 | ||
Other current assets | 322 | ||
Non-current assets | 20,652 | ||
Total assets | 92,947 | ||
Current financial liabilities | 439 | ||
Other current liabilities | 2,702 | ||
Non-current financial liabilities | 384 | ||
Other non-current liabilities | 160 | ||
Total liabilities | 3,685 | ||
Non-controlling interest | 7,766 | ||
Net assets (100%) | 81,496 | ||
Equinox Gold's share of net assets | 21,585 | ||
Adjustments to Equinox Gold's share of net assets | 702 | ||
Carrying amount | 0 | 22,287 | $ 7,162 |
Revenue | 0 | ||
Expense | (20,301) | ||
Depreciation and depletion | (68) | ||
Income tax expense | 0 | ||
Net loss from continuing operations (100%) | (20,369) | ||
Net income from discontinued operations (100%) | 0 | ||
Net income | (20,369) | ||
Other comprehensive income (loss) (100%) | 0 | ||
Total comprehensive income | (20,369) | ||
Equinox Gold's share of net loss and comprehensive loss | (5,388) | ||
Adjustments to Equinox Gold's share of net loss and comprehensive loss | 0 | ||
Equinox Gold's share of net income (loss) | (5,388) | ||
Equinox Gold's share of total comprehensive income (loss) | (5,388) | ||
i-80 Gold Corp. | |||
Disclosure of associates [line items] | |||
Cash and cash equivalents | 51,627 | ||
Other current assets | 55,606 | ||
Non-current assets | 131,426 | ||
Total assets | 238,659 | ||
Current financial liabilities | 0 | ||
Other current liabilities | 12,956 | ||
Non-current financial liabilities | 37 | ||
Other non-current liabilities | 18,456 | ||
Total liabilities | 31,449 | ||
Non-controlling interest | 0 | ||
Net assets (100%) | 207,210 | ||
Equinox Gold's share of net assets | 52,814 | ||
Adjustments to Equinox Gold's share of net assets | 72,499 | ||
Carrying amount | 125,313 | $ 0 | |
Revenue | 0 | ||
Expense | (24,906) | ||
Depreciation and depletion | 0 | ||
Income tax expense | (200) | ||
Net loss from continuing operations (100%) | (25,106) | ||
Net income from discontinued operations (100%) | 11,554 | ||
Net income | (13,552) | ||
Other comprehensive income (loss) (100%) | 0 | ||
Total comprehensive income | (13,552) | ||
Equinox Gold's share of net loss and comprehensive loss | (3,454) | ||
Adjustments to Equinox Gold's share of net loss and comprehensive loss | 7,588 | ||
Equinox Gold's share of net income (loss) | 4,134 | ||
Equinox Gold's share of total comprehensive income (loss) | $ 4,134 |
Other Non-Current Assets - Disc
Other Non-Current Assets - Disclosure of Detailed Information About Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Non-Current Assets [Abstract] | ||
Receivable from asset sales, net of loss allowance | $ 10,321 | $ 3,907 |
Investment in PGI | 2,294 | 0 |
Derivative assets | 218 | 0 |
VAT receivable | 8,845 | 6,522 |
Other | 3,935 | 3,045 |
Other non-current assets | $ 25,613 | $ 13,474 |
Other Non-Current Assets - Addi
Other Non-Current Assets - Additional Information (Details) $ in Thousands | Nov. 30, 2021oz | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Disclosure of Detailed Information about Other Assets [Line Items] | |||
Loss in OCI on remeasurement of the fair value of equity securities | $ (100,144) | $ 0 | |
Pilar Gold Inc. | |||
Disclosure of Detailed Information about Other Assets [Line Items] | |||
Quarterly delivery of ounces of gold received (in ounces) | oz | 300 | ||
Impairment loss recognized | 7,500 | ||
Promissory notes receivables due from associates, due third installment | 7,600 | ||
Fair value of gold deliveries | 1,000 | ||
Current | 700 | ||
Loss in OCI on remeasurement of the fair value of equity securities | $ 2,500 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Payable And Accrued Liabilities [Abstract] | ||
Trade payables | $ 136,678 | $ 99,197 |
Capital related | 49,038 | 7,056 |
VAT and income taxes payable | 4,400 | 23,900 |
Accrued interest | 0 | 390 |
Accounts payable and accrued liabilities | $ 190,116 | $ 130,543 |
Loans and Borrowings - Disclosu
Loans and Borrowings - Disclosure of Detailed Information about Borrowings Explanatory (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Loans and borrowings | $ 540,682 | $ 545,241 |
Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Loans and borrowings | 279,621 | 289,910 |
2020 Convertible Notes | ||
Disclosure of detailed information about borrowings [line items] | ||
Loans and borrowings | 129,320 | 126,645 |
2019 Convertible Notes | ||
Disclosure of detailed information about borrowings [line items] | ||
Loans and borrowings | $ 131,741 | $ 128,686 |
Loans and Borrowings - Disclo_2
Loans and Borrowings - Disclosure of Detailed Information About changes in Loans And Borrowings Arising From Investing And Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in loans and borrowings arising from investing and financing activities | ||
Balance - beginning of year | $ 545,417 | $ 263,437 |
Balance - end of year | 540,682 | 545,417 |
Draw down on Credit Facility | 0 | 379,680 |
Debt component of Convertible Notes issued | 0 | 127,605 |
Transaction costs | 0 | (10,392) |
Repayment of loans and borrowings | (30,983) | (546,274) |
Interest paid | (22,112) | (26,536) |
Interest expense | 30,711 | 36,658 |
Modification gain on Credit Facility | 0 | (2,631) |
Less: Accrued interest | 0 | (176) |
Loans and borrowings | 540,682 | 545,241 |
Current | 26,667 | 13,333 |
Non-current | 514,015 | 531,908 |
Premier Gold Mines Limited | ||
Changes in loans and borrowings arising from investing and financing activities | ||
Debt assumed in Acquisitions | 17,649 | |
Leagold Mining Corporation | ||
Changes in loans and borrowings arising from investing and financing activities | ||
Debt assumed in Acquisitions | 323,870 | |
Credit Facility | ||
Changes in loans and borrowings arising from investing and financing activities | ||
Draw down on Credit Facility | 0 | 379,680 |
Loans and borrowings | $ 279,621 | $ 289,910 |
Loans and Borrowings - Addition
Loans and Borrowings - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2019 | |
Disclosure Of Loans And Borrowings [Line Items] | |||||
Gain on modification of debt | $ 0 | $ 2,631 | |||
Draw down on Credit Facility | 0 | 379,680 | |||
Repayments of borrowings, classified as financing activities | 30,983 | 546,274 | |||
Loans and borrowings | 540,682 | 545,241 | |||
Deferred tax recovery | $ (45,017) | (14,239) | |||
Revolving credit facility | |||||
Disclosure Of Loans And Borrowings [Line Items] | |||||
Maximum capacity | $ 130,000 | ||||
Gain on modification of debt | $ 2,700 | 2,600 | |||
Transaction costs incurred | $ 9,200 | ||||
Draw down on Credit Facility | 380,000 | ||||
Repayments of borrowings, classified as financing activities | $ 200,000 | ||||
Effective interest rate | 4.40% | ||||
Loans and borrowings | $ 193,800 | 191,300 | |||
Debt Covenant, Minimum Liquidity | 50,000 | ||||
Revolving credit facility | Bottom of range | |||||
Disclosure Of Loans And Borrowings [Line Items] | |||||
Borrowings, adjustment to interest rate basis | 2.50% | ||||
Revolving credit facility | Top of range | |||||
Disclosure Of Loans And Borrowings [Line Items] | |||||
Borrowings, adjustment to interest rate basis | 3.75% | ||||
Revolving credit facility | Bank of Nova Montreal Societe Generale and Ing Capital LLC | |||||
Disclosure Of Loans And Borrowings [Line Items] | |||||
Maximum capacity | $ 400,000 | ||||
Draw down on Credit Facility | 199,700 | ||||
Term Loan | |||||
Disclosure Of Loans And Borrowings [Line Items] | |||||
Loans and borrowings | $ 85,800 | 98,600 | |||
Term Loan | Bank of Nova Montreal Societe Generale and Ing Capital LLC | |||||
Disclosure Of Loans And Borrowings [Line Items] | |||||
Maximum capacity | $ 100,000 | ||||
Quarterly principal repayment percentage | 6.67% | ||||
Convertible Notes | |||||
Disclosure Of Loans And Borrowings [Line Items] | |||||
Transaction costs incurred | $ 3,300 | ||||
Draw down on Credit Facility | $ 139,300 | ||||
Effective interest rate | 7.30% | 7.50% | |||
Loans and borrowings | $ 139,300 | $ 139,700 | |||
Interest rate | 4.75% | 5.00% | |||
Conversion price (in dollars per share) | $ 7.80 | $ 5.25 | |||
Fair value of debt | $ 127,600 | ||||
Borrowings repayment period | 5 years | ||||
Effective discount rate used | 6.90% | ||||
Residual value Net | $ 8,600 | ||||
Residual value gross | 11,700 | ||||
Deferred tax recovery | 3,100 | ||||
Transaction costs capitalised | 3,000 | ||||
Transaction costs allocated to equity | $ 300 | ||||
Threshold percentage of common shares | 20.00% | ||||
Number of days for determining volume weighted average price | 90 days | ||||
Number of consecutive trading days for determning the share price | 30 days | ||||
2019 Convertible Notes | |||||
Disclosure Of Loans And Borrowings [Line Items] | |||||
Loans and borrowings | $ 131,741 | 128,686 | |||
Minimum share price (in dollars per share) | $ 6.83 | ||||
2020 Convertible Notes | |||||
Disclosure Of Loans And Borrowings [Line Items] | |||||
Loans and borrowings | $ 129,320 | $ 126,645 | |||
Minimum share price (in dollars per share) | $ 10.14 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Disclosure of Detailed Information of Derivative Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Financial Instruments [Line Items] | ||
Derivative assets | $ 124,234 | $ 0 |
Non-current | 218 | 0 |
Derivative financial assets | 124,234 | $ 0 |
FVTPL | ||
Derivative Financial Instruments [Line Items] | ||
Derivative assets | 124,452 | |
Current | 124,234 | |
Non-current | 218 | |
Derivative financial assets | 124,452 | |
FVTPL | Solaris Warrants | ||
Derivative Financial Instruments [Line Items] | ||
Derivative assets | 122,919 | |
Derivative financial assets | 122,919 | |
FVTPL | i-80 Gold Warrants | ||
Derivative Financial Instruments [Line Items] | ||
Derivative assets | 581 | |
Derivative financial assets | 581 | |
FVTPL | Gold deliveries | ||
Derivative Financial Instruments [Line Items] | ||
Derivative assets | 952 | |
Derivative financial assets | $ 952 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Detailed Information about Weighted Average Assumptions of Warrants, Derivative Assets (Details) | Dec. 31, 2021$ / shares |
Solaris Warrants | |
Derivative Financial Instruments [Line Items] | |
Expected life | 1 year |
i-80 Gold Warrants | |
Derivative Financial Instruments [Line Items] | |
Expected life | 8 months 19 days |
Risk-free rate | Solaris Warrants | |
Derivative Financial Instruments [Line Items] | |
Significant unobservable input, assets | 0.0078 |
Risk-free rate | i-80 Gold Warrants | |
Derivative Financial Instruments [Line Items] | |
Significant unobservable input, assets | 0.0053 |
Expected volatility | Solaris Warrants | |
Derivative Financial Instruments [Line Items] | |
Significant unobservable input, assets | 0.628 |
Expected volatility | i-80 Gold Warrants | |
Derivative Financial Instruments [Line Items] | |
Significant unobservable input, assets | 0.484 |
Expected dividend | Solaris Warrants | |
Derivative Financial Instruments [Line Items] | |
Significant unobservable input, assets | 0 |
Expected dividend | i-80 Gold Warrants | |
Derivative Financial Instruments [Line Items] | |
Significant unobservable input, assets | 0 |
Exercise price (C$) | Solaris Warrants | |
Derivative Financial Instruments [Line Items] | |
Significant unobservable input, assets | 1.74 |
Exercise price (C$) | i-80 Gold Warrants | |
Derivative Financial Instruments [Line Items] | |
Significant unobservable input, assets | 3.64 |
Share price (C$) | Solaris Warrants | |
Derivative Financial Instruments [Line Items] | |
Significant unobservable input, assets | 16.94 |
Share price (C$) | i-80 Gold Warrants | |
Derivative Financial Instruments [Line Items] | |
Significant unobservable input, assets | 3.09 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information, Derivative Assets (Details) $ in Thousands | Apr. 28, 2021shares | Apr. 07, 2021shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2021$ / shares |
Derivative Financial Instruments [Line Items] | |||||
Derivative assets | $ 124,234 | $ 0 | |||
Adjustments for gains (losses) on change in fair value of derivatives | 90,643 | (92,684) | |||
Solaris warrant liability | |||||
Derivative Financial Instruments [Line Items] | |||||
Adjustments for gains (losses) on change in fair value of derivatives | (18,600) | $ 0 | |||
FVTPL | |||||
Derivative Financial Instruments [Line Items] | |||||
Derivative assets | $ 124,452 | ||||
Common Stock | Solaris Resources Inc | |||||
Derivative Financial Instruments [Line Items] | |||||
Number of securities called by warrant (in shares) | shares | 1 | ||||
Common Stock | i-80 Gold Corp. | |||||
Derivative Financial Instruments [Line Items] | |||||
Number of securities called by warrant (in shares) | shares | 1 | 1 | |||
Common Stock of Equinox Gold | |||||
Derivative Financial Instruments [Line Items] | |||||
Number of securities called by warrant (in shares) | shares | 1 | ||||
Solaris Warrants | |||||
Derivative Financial Instruments [Line Items] | |||||
Warrants or rights outstanding (in shares) | shares | 10,218,750 | ||||
Adjustments for gains (losses) on change in fair value of derivatives | $ 61,300 | ||||
Solaris Warrants | FVTPL | |||||
Derivative Financial Instruments [Line Items] | |||||
Derivative assets | $ 122,919 | ||||
Solaris Warrants | Bottom of range | |||||
Derivative Financial Instruments [Line Items] | |||||
Exercise price of outstanding warrants (in dollars per share) | $ / shares | $ 1.20 | ||||
Solaris Warrants | Top of range | |||||
Derivative Financial Instruments [Line Items] | |||||
Exercise price of outstanding warrants (in dollars per share) | $ / shares | $ 6.75 | ||||
i-80 Gold Warrants | |||||
Derivative Financial Instruments [Line Items] | |||||
Warrants or rights outstanding (in shares) | shares | 2,318,596 | ||||
Adjustments for gains (losses) on change in fair value of derivatives | $ (200) | ||||
i-80 Gold Warrants | FVTPL | |||||
Derivative Financial Instruments [Line Items] | |||||
Derivative assets | $ 581 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Detailed Information about Weighted Average Assumptions of Warrants, Derivative Liabilities (Details) | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares |
Equinox Gold warrant liability | ||
Derivative Financial Instruments [Line Items] | ||
Expected life | 7 months 9 days | 1 year 3 days |
Equinox Gold warrant liability | Risk-free rate | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0.0034 | 0.0018 |
Equinox Gold warrant liability | Expected volatility | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0.468 | 0.471 |
Equinox Gold warrant liability | Expected dividend | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0 | 0 |
Equinox Gold warrant liability | Share price (C$) | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 11.60 | 14.02 |
Solaris warrant liability | ||
Derivative Financial Instruments [Line Items] | ||
Expected life | 3 months 25 days | |
Solaris warrant liability | Risk-free rate | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0.0009 | |
Solaris warrant liability | Expected volatility | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0.537 | |
Solaris warrant liability | Expected dividend | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0 | |
Solaris warrant liability | Share price (C$) | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 16.94 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Disclosure of Detailed Information of Derivative Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Financial Instruments [Line Items] | |||
Derivative liabilities | $ 84,857 | $ 154,566 | |
Current | 77,699 | 63,993 | |
Non-current | 7,158 | 90,573 | |
Derivative financial liabilities | 84,857 | 154,566 | |
Gold collars and forward contracts | |||
Derivative Financial Instruments [Line Items] | |||
Derivative liabilities | 33,336 | 91,393 | $ 0 |
Current | 33,300 | 51,800 | |
Derivative financial liabilities | 33,336 | 91,393 | 0 |
Foreign exchange contracts | |||
Derivative Financial Instruments [Line Items] | |||
Derivative liabilities | 12,061 | 12,507 | (1,639) |
Current | 11,500 | 12,200 | |
Derivative financial liabilities | 12,061 | 12,507 | (1,639) |
Equinox Gold warrant liability | |||
Derivative Financial Instruments [Line Items] | |||
Derivative liabilities | 5,177 | 50,666 | 56,146 |
Derivative financial liabilities | 5,177 | 50,666 | $ 56,146 |
Solaris warrant liability | |||
Derivative Financial Instruments [Line Items] | |||
Derivative liabilities | 27,697 | 0 | |
Derivative financial liabilities | 27,697 | 0 | |
Contingent consideration | |||
Derivative Financial Instruments [Line Items] | |||
Derivative liabilities | 6,586 | 0 | |
Derivative financial liabilities | $ 6,586 | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Additional Information, Derivative Liabilities (Details) $ in Thousands, shares in Millions | Apr. 28, 2021shares | Apr. 16, 2021oz | Mar. 10, 2020per_ozoz | Dec. 31, 2021USD ($)oz | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) |
Derivative Financial Instruments [Line Items] | |||||||
Current | $ 77,699 | $ 63,993 | $ 63,993 | ||||
Derivative liabilities | 84,857 | 154,566 | $ 154,566 | ||||
Loss on change in fair value of derivatives | (90,643) | 92,684 | |||||
Loss on change in fair value of contingent consideration | $ 923 | 0 | |||||
Greenstone Gold Mines LP | |||||||
Derivative Financial Instruments [Line Items] | |||||||
Percentage of voting equity interests acquired | 10.00% | ||||||
Contingent consideration, mass of refined gold delivered (in ounces) | oz | 2,200 | ||||||
Contingent consideration, mass of refined gold delivered, milestone one (in ounces) | oz | 250,000 | ||||||
Contingent consideration, mass of refined gold delivered, milestone two (in ounces) | oz | 500,000 | ||||||
Contingent consideration, mass of refined gold delivered, milestone three (in ounces) | oz | 700,000 | ||||||
Share Purchase Warrants | |||||||
Derivative Financial Instruments [Line Items] | |||||||
Number of other equity instruments granted In sharebased payment arrangement (in shares) | shares | 5 | ||||||
Traded warrants [member] | Fair Value | |||||||
Derivative Financial Instruments [Line Items] | |||||||
Market price of traded warrants (in dollars per share) | $ / shares | $ 0.58 | ||||||
Gold collars | |||||||
Derivative Financial Instruments [Line Items] | |||||||
Derivative total weight per month (ounces) | oz | 3,750 | ||||||
Derivative weight of the commodity to be delivered (in ounces) | oz | 33,750 | ||||||
Forward swap contracts | |||||||
Derivative Financial Instruments [Line Items] | |||||||
Average price of hedging instrument (in dollars per ounce) | per_oz | 1,350 | ||||||
Derivative total weight per month (ounces) | oz | 4,583 | ||||||
Derivative weight of the commodity to be delivered (in ounces) | oz | 41,250 | ||||||
Gold collars and forward contracts | |||||||
Derivative Financial Instruments [Line Items] | |||||||
Current | $ 33,300 | 51,800 | $ 51,800 | ||||
Derivative liabilities | 33,336 | 91,393 | 91,393 | $ 0 | |||
Foreign exchange contracts | |||||||
Derivative Financial Instruments [Line Items] | |||||||
Current | 11,500 | 12,200 | 12,200 | ||||
Derivative liabilities | 12,061 | 12,507 | 12,507 | $ (1,639) | |||
Solaris warrant liability | |||||||
Derivative Financial Instruments [Line Items] | |||||||
Derivative liabilities | 27,697 | 0 | 0 | ||||
Loss on change in fair value of derivatives | 18,600 | 0 | |||||
Contingent consideration | |||||||
Derivative Financial Instruments [Line Items] | |||||||
Derivative liabilities | $ 6,586 | $ 0 | $ 0 | ||||
Put option strike price | Gold collars | |||||||
Derivative Financial Instruments [Line Items] | |||||||
Average price of hedging instrument (in dollars per ounce) | per_oz | 1,325 | ||||||
Call option strike price | Gold collars | |||||||
Derivative Financial Instruments [Line Items] | |||||||
Average price of hedging instrument (in dollars per ounce) | per_oz | 1,425 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Disclosure Details of the Changes in Gold Collar and Forward Contracts Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Financial Instruments [Line Items] | ||
Balance - beginning of year | $ 154,566 | |
Balance - end of year | 84,857 | $ 154,566 |
Gold collars and forward contracts | ||
Derivative Financial Instruments [Line Items] | ||
Balance - beginning of year | 91,393 | 0 |
Assumed in Leagold Acquisition (note 5(e)) | 0 | 78,526 |
Change in fair value | (16,605) | 48,091 |
Settlements | (41,452) | (35,224) |
Balance - end of year | $ 33,336 | $ 91,393 |
Derivative Financial Instrum_10
Derivative Financial Instruments - Disclosure of Detailed Information about Derivative Instruments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
BRL | Call options' weighted average strike price | |
Derivative Financial Instruments [Line Items] | |
Weighted average USD:BRL rates | 4,920 |
BRL | Put options' weighted average strike price | |
Derivative Financial Instruments [Line Items] | |
Weighted average USD:BRL rates | 5,820 |
BRL | Within 1 year | |
Derivative Financial Instruments [Line Items] | |
Notional amount | $ 151,390 |
BRL | 1-2 years | |
Derivative Financial Instruments [Line Items] | |
Notional amount | $ 8,039 |
MXN | Call options' weighted average strike price | |
Derivative Financial Instruments [Line Items] | |
Weighted average USD:BRL rates | 20,540 |
MXN | Put options' weighted average strike price | |
Derivative Financial Instruments [Line Items] | |
Weighted average USD:BRL rates | 23,680 |
MXN | Within 1 year | |
Derivative Financial Instruments [Line Items] | |
Notional amount | $ 71,000 |
MXN | 1-2 years | |
Derivative Financial Instruments [Line Items] | |
Notional amount | $ 5,000 |
Derivative Financial Instrum_11
Derivative Financial Instruments - Disclosure Details of the Changes in Foreign Exchange Contracts Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Financial Instruments [Line Items] | ||
Balance - beginning of year | $ 154,566 | |
Balance - end of year | 84,857 | $ 154,566 |
Foreign exchange contracts | ||
Derivative Financial Instruments [Line Items] | ||
Balance - beginning of year | 12,507 | (1,639) |
Change in fair value | 4,410 | 14,731 |
Settlements | (4,856) | (585) |
Balance - end of year | $ 12,061 | $ 12,507 |
Derivative Financial Instrum_12
Derivative Financial Instruments - Disclosure Details of the Changes in Share Purchase Warrants Outstanding (Details) - Share Purchase Warrants | 12 Months Ended | |
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | |
Derivative Financial Instruments [Line Items] | ||
Outstanding - beginning balance (in shares) | shares | 19,025,158 | 24,051,190 |
Issued in acquisition (in shares) | shares | 393,400 | 16,626,569 |
Exercised (in shares) | shares | (1,361,549) | (20,976,625) |
Expired (in shares) | shares | (16,387,492) | (675,976) |
Outstanding - ending balance (in shares) | shares | 1,669,517 | 19,025,158 |
Outstanding - beginning balance (in dollars per share) | $ / shares | $ 14 | $ 12 |
Issued in acquisition (in dollars per share) | $ / shares | 10.42 | 11.14 |
Exercised (in dollars per share) | $ / shares | 8.42 | 9.48 |
Expired (in dollars per share) | $ / shares | 14.92 | 13.16 |
Outstanding - ending balance (in dollars per share) | $ / shares | $ 8.69 | $ 14 |
Derivative Financial Instrum_13
Derivative Financial Instruments - Disclosure of Range of Exercise Prices of Outstanding Share Purchase Warrants (Details) | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Equinox Gold | |||
Derivative Financial Instruments [Line Items] | |||
Percent of proceeds received from exercise of warrants | 90.00% | ||
Common Stock of Equinox Gold | |||
Derivative Financial Instruments [Line Items] | |||
Number of securities called by warrant (in shares) | shares | 1 | ||
Common Stock of Solaris | |||
Derivative Financial Instruments [Line Items] | |||
Number of securities called by warrant (in shares) | shares | 0.25 | ||
Share Purchase Warrants | |||
Derivative Financial Instruments [Line Items] | |||
Number of warrants (in shares) | shares | 1,669,517 | 19,025,158 | 24,051,190 |
Weighted average exercise price (in dollars per share) | $ 8.69 | $ 14 | $ 12 |
$5.05 - $5.30 | Share Purchase Warrants | |||
Derivative Financial Instruments [Line Items] | |||
Number of warrants (in shares) | shares | 614,117 | ||
Weighted average exercise price (in dollars per share) | $ 5.30 | ||
$10.42 - $10.81 | Share Purchase Warrants | |||
Derivative Financial Instruments [Line Items] | |||
Number of warrants (in shares) | shares | 1,055,400 | ||
Weighted average exercise price (in dollars per share) | $ 10.66 | ||
Bottom of range | $5.05 - $5.30 | Share Purchase Warrants | |||
Derivative Financial Instruments [Line Items] | |||
Range of exercise price (in dollars per share) | 5.05 | ||
Bottom of range | $10.42 - $10.81 | Share Purchase Warrants | |||
Derivative Financial Instruments [Line Items] | |||
Range of exercise price (in dollars per share) | 10.42 | ||
Top of range | $5.05 - $5.30 | Share Purchase Warrants | |||
Derivative Financial Instruments [Line Items] | |||
Range of exercise price (in dollars per share) | 5.30 | ||
Top of range | $10.42 - $10.81 | Share Purchase Warrants | |||
Derivative Financial Instruments [Line Items] | |||
Range of exercise price (in dollars per share) | $ 10.81 |
Derivative Financial Instrum_14
Derivative Financial Instruments - Disclosure of Detailed Information about Changes in Carrying Amounts of Share Purchase Warrants Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Financial Instruments [Line Items] | ||
Balance - beginning of year | $ 154,566 | |
Balance - end of year | 84,857 | $ 154,566 |
Equinox Gold warrant liability | ||
Derivative Financial Instruments [Line Items] | ||
Balance - beginning of year | 50,666 | 56,146 |
Exercised | (4,100) | (43,885) |
Change in fair value | (41,894) | 29,862 |
Balance - end of year | 5,177 | 50,666 |
Equinox Gold warrant liability | Premier Gold Mines Limited | ||
Derivative Financial Instruments [Line Items] | ||
Issued in acquisition | 505 | 0 |
Equinox Gold warrant liability | Leagold Mining Corporation | ||
Derivative Financial Instruments [Line Items] | ||
Issued in acquisition | $ 0 | $ 8,543 |
Derivative Financial Instrum_15
Derivative Financial Instruments - Detailed Information about Weighted Average Assumptions of Warrants, Derivative Liabilities (Details) | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares |
Equinox Gold warrant liability | ||
Derivative Financial Instruments [Line Items] | ||
Expected life | 7 months 9 days | 1 year 3 days |
Equinox Gold warrant liability | Risk-free rate | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0.0034 | 0.0018 |
Equinox Gold warrant liability | Expected volatility | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0.468 | 0.471 |
Equinox Gold warrant liability | Expected dividend | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0 | 0 |
Equinox Gold warrant liability | Share price (C$) | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 11.60 | 14.02 |
Solaris warrant liability | ||
Derivative Financial Instruments [Line Items] | ||
Expected life | 3 months 25 days | |
Solaris warrant liability | Risk-free rate | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0.0009 | |
Solaris warrant liability | Expected volatility | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0.537 | |
Solaris warrant liability | Expected dividend | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 0 | |
Solaris warrant liability | Share price (C$) | ||
Derivative Financial Instruments [Line Items] | ||
Significant unobservable input, liabilities | 16.94 |
Reclamation and Closure Cost _3
Reclamation and Closure Cost Provision - Disclosure of Detailed Information about Reclamation Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Beginning balance | $ 120,791 | $ 30,229 |
Assumed in acquisition | 13,481 | 62,238 |
Disposals | (7,895) | |
Accretion | 6,535 | 2,209 |
Change in estimates | (16,608) | 31,537 |
Reclamation expenditures | (686) | (396) |
Reclassified to assets held for sale (note 9) | (11,863) | |
Foreign exchange gain | (4,607) | (5,026) |
Ending balance | 99,148 | 120,791 |
Current | 3,583 | 3,688 |
Non-current | 95,565 | 117,103 |
Total reclamation and closure cost provision | 99,148 | 120,791 |
United States | ||
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Beginning balance | 27,111 | 22,335 |
Assumed in acquisition | 0 | 0 |
Disposals | 0 | |
Accretion | 362 | 185 |
Change in estimates | 1,001 | 4,662 |
Reclamation expenditures | 0 | (71) |
Reclassified to assets held for sale (note 9) | 0 | |
Foreign exchange gain | 0 | 0 |
Ending balance | 28,474 | 27,111 |
Total reclamation and closure cost provision | 28,474 | 27,111 |
Mexico | ||
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Beginning balance | 49,642 | 0 |
Assumed in acquisition | 11,850 | 32,878 |
Disposals | 0 | |
Accretion | 3,715 | 179 |
Change in estimates | (18,943) | 16,634 |
Reclamation expenditures | (277) | (49) |
Reclassified to assets held for sale (note 9) | (11,863) | |
Foreign exchange gain | (2,221) | 0 |
Ending balance | 31,903 | 49,642 |
Total reclamation and closure cost provision | 31,903 | 49,642 |
Brazil | ||
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Beginning balance | 44,038 | 7,894 |
Assumed in acquisition | 0 | 29,360 |
Disposals | (7,895) | |
Accretion | 2,434 | 1,845 |
Change in estimates | 410 | 10,241 |
Reclamation expenditures | (409) | (276) |
Reclassified to assets held for sale (note 9) | 0 | |
Foreign exchange gain | (2,372) | (5,026) |
Ending balance | 36,206 | 44,038 |
Total reclamation and closure cost provision | 36,206 | 44,038 |
Canada | ||
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Beginning balance | 0 | |
Assumed in acquisition | 1,631 | |
Disposals | 0 | |
Accretion | 24 | |
Change in estimates | 924 | |
Reclamation expenditures | 0 | |
Reclassified to assets held for sale (note 9) | 0 | |
Foreign exchange gain | (14) | |
Ending balance | 2,565 | 0 |
Total reclamation and closure cost provision | $ 2,565 | $ 0 |
Reclamation and Closure Cost _4
Reclamation and Closure Cost Provision - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Undiscounted value of the provision | $ 182.7 | $ 167.1 |
Western Mesquite Mines, Inc. | ||
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Security for reclamation | $ 27.7 | $ 0.3 |
Bottom of range | ||
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Future cash flows using inflation rates | 2.00% | 2.00% |
Future cash flow discount rate | 1.30% | 0.90% |
Top of range | ||
Schedule Of Detailed Information About Reclamation Obligation [Line Items] | ||
Future cash flows using inflation rates | 3.50% | 3.50% |
Future cash flow discount rate | 8.70% | 6.90% |
Other Non-Current Liabilities_2
Other Non-Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Detailed Information About Other Long Term Liabilities [Abstract] | ||
Provision for legal matters (note 34(a)) | $ 11,647 | $ 13,241 |
Lease liabilities (note 18(b)) | 26,943 | 9,949 |
Cash-settled share-based payments (note 19(c)) | 1,362 | 3,992 |
Other liabilities | 10,562 | 5,587 |
Other non-current liabilities | $ 50,514 | $ 32,769 |
Leases - Summary of Quantitativ
Leases - Summary of Quantitative Information about Right of Use Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||||
Beginning balance | $ 16,969 | $ 1,121 | ||
Acquired in Leagold Acquisition (note 5(e)) | 0 | 10,704 | ||
Additions | $ 39,800 | $ 13,400 | 51,644 | 13,668 |
Depreciation | (15,906) | (8,524) | ||
Ending balance | $ 52,707 | $ 16,969 |
Leases - Summary of Lease Liabi
Leases - Summary of Lease Liabilities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||||
Balance - beginning of year | $ 18,884 | $ 1,349 | ||
Lease payments | (24,309) | (6,667) | ||
Additions | $ 39,800 | $ 13,400 | 48,687 | 13,668 |
Lease liabilities assumed in Leagold Acquisition (note 5(e)) | 0 | 10,922 | ||
Interest expense | 2,115 | 1,439 | ||
Unrealized foreign exchange gain | (280) | (1,827) | ||
Balance - end of year | 45,097 | 18,884 | ||
Current | 18,154 | 8,935 | ||
Non-current | 26,943 | 9,949 | ||
Lease liabilities | $ 45,097 | $ 18,884 |
Leases - Additional information
Leases - Additional information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||||
Lease agreement, term | 3 years | 4 years | ||
Additions to right-of-use assets | $ 39,800 | $ 13,400 | $ 51,644 | $ 13,668 |
Additions to lease liabilities | $ 39,800 | $ 13,400 | $ 48,687 | $ 13,668 |
Share Capital and Share-based_3
Share Capital and Share-based Payments - Additional Information (Details) $ / shares in Units, $ / shares in Units, $ in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||
Apr. 30, 2021USD ($)$ / sharesshares | Apr. 30, 2021CAD ($)$ / sharesshares | Apr. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)shares$ / shares | Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2020USD ($)$ / shares | |
Description of share issuances [line items] | ||||||
Par value per share (in dollars per share) | $ / shares | $ 0 | |||||
Net proceeds from issuance of shares | $ | $ 59,498,000 | $ 42,793,000 | ||||
Weighted average exercise price, Granted (in usd/cad per share) | $ / shares | $ 11.80 | |||||
Weighted average multiplier | 1.6 | 1 | ||||
Issued in Acquisitions (in shares) | 2,813,747 | 5,728,647 | ||||
Number of share options granted (in shares) | 156,200 | |||||
Weighted average share price at date of exercise of stock options (in dollars per share) | $ / shares | $ 10.87 | $ 13.36 | ||||
RSUs and pRSUs | ||||||
Description of share issuances [line items] | ||||||
Weighted average grant date fair value of other equity instruments (in dollars per share) | $ / shares | $ 9.26 | $ 8.21 | ||||
Performance Based Restricted Share Units | ||||||
Description of share issuances [line items] | ||||||
Number of other equity instruments granted (in shares) | 421,155 | 213,600 | ||||
Number of other equity instruments exercised (in shares) | 295,200 | 179,938 | ||||
PSUs | ||||||
Description of share issuances [line items] | ||||||
Issued in Acquisitions (in shares) | 369,915 | |||||
DSUs | ||||||
Description of share issuances [line items] | ||||||
Number of other equity instruments granted (in shares) | 51,046 | 8,266 | ||||
Issued in Acquisitions (in shares) | 319,286 | |||||
Redemption period | 90 days | |||||
Weighted average price per unit (in dollars per share) | $ / shares | $ 7.63 | $ 11.01 | ||||
Total fair value of DSU outstanding | $ | $ 1,200,000 | $ 1,300,000 | $ 1,300,000 | |||
Restricted Share Units | ||||||
Description of share issuances [line items] | ||||||
Number of other equity instruments granted (in shares) | 603,607 | 375,017 | ||||
Number of other equity instruments exercised (in shares) | 428,065 | 463,608 | ||||
Equinox Gold Restricted Share Unit Plan | Performance Based Restricted Share Units | ||||||
Description of share issuances [line items] | ||||||
Vesting period | 3 years | |||||
Equinox Gold Restricted Share Unit Plan | Cash settled equity awards | ||||||
Description of share issuances [line items] | ||||||
Fair value of cash settled share-based payment awards | $ | $ 700,000 | $ 1,200,000 | 1,200,000 | |||
Equinox Gold Restricted Share Unit Plan | Cash settled equity awards | Other Current Liabilities | ||||||
Description of share issuances [line items] | ||||||
Fair value of cash settled share-based payment awards | $ | 500,000 | 800,000 | 800,000 | |||
Equinox Gold Restricted Share Unit Plan | Cash settled equity awards | Other Noncurrent Liabilities | ||||||
Description of share issuances [line items] | ||||||
Fair value of cash settled share-based payment awards | $ | $ 200,000 | $ 400,000 | 400,000 | |||
Equinox Gold Restricted Share Unit Plan | Cash Settled Restricted Share Units | ||||||
Description of share issuances [line items] | ||||||
Vesting period | 2 years | |||||
Number of other equity instruments granted (in shares) | 67,800 | 78,900 | ||||
Weighted average grant date fair value of other equity instruments (in dollars per share) | $ | $ 10.05 | $ 7.49 | 7.49 | |||
Equinox Gold Restricted Share Unit Plan | PSUs | ||||||
Description of share issuances [line items] | ||||||
Fair value of cash settled share-based payment awards | $ | $ 2,300,000 | $ 2,300,000 | ||||
Equinox Gold Restricted Share Unit Plan | Bottom of range | Performance Based Restricted Share Units | ||||||
Description of share issuances [line items] | ||||||
Award vesting percentage | 0.00% | |||||
Equinox Gold Restricted Share Unit Plan | Bottom of range | Cash Settled Restricted Share Units | ||||||
Description of share issuances [line items] | ||||||
Award vesting percentage | 0.00% | |||||
Equinox Gold Restricted Share Unit Plan | Bottom of range | PSUs | ||||||
Description of share issuances [line items] | ||||||
Award vesting percentage | 50.00% | |||||
Equinox Gold Restricted Share Unit Plan | Top of range | Performance Based Restricted Share Units | ||||||
Description of share issuances [line items] | ||||||
Award vesting percentage | 300.00% | |||||
Equinox Gold Restricted Share Unit Plan | Top of range | Cash Settled Restricted Share Units | ||||||
Description of share issuances [line items] | ||||||
Award vesting percentage | 200.00% | |||||
Equinox Gold Restricted Share Unit Plan | Top of range | PSUs | ||||||
Description of share issuances [line items] | ||||||
Award vesting percentage | 150.00% | |||||
Option Plan | ||||||
Description of share issuances [line items] | ||||||
Percentage of outstanding stock at grant date | 10.00% | |||||
Non Brokered Private Placement | ||||||
Description of share issuances [line items] | ||||||
Number of shares issued during the period (in shares) | 7,500,000 | 7,500,000 | 6,934,438 | |||
Net proceeds from issuance of shares | $ 59,600,000 | $ 75 | $ 42,900,000 | |||
Weighted average exercise price, Granted (in usd/cad per share) | (per share) | $ 7.95 | $ 10 | $ 6.18 | |||
Non Brokered Private Placement | Executive and Director | ||||||
Description of share issuances [line items] | ||||||
Net proceeds from issuance of shares | $ 32,100,000 | $ 40.4 | ||||
Non Brokered Private Placement | Chairman | ||||||
Description of share issuances [line items] | ||||||
Net proceeds from issuance of shares | $ | $ 36,000,000 |
Share Capital and Share-based_4
Share Capital and Share-based Payments - Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Share Units | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | ||
Outstanding - beginning balance (in shares) | 709,706 | 803,047 |
Granted (in shares) | 603,607 | 375,017 |
Exercised (in shares) | (428,065) | (463,608) |
Forfeited (in shares) | (41,936) | (4,750) |
Outstanding - ending balance (in shares) | 843,312 | 709,706 |
Performance Based Restricted Share Units | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | ||
Outstanding - beginning balance (in shares) | 1,145,300 | 1,112,378 |
Granted (in shares) | 421,155 | 213,600 |
Exercised (in shares) | (295,200) | (179,938) |
Forfeited (in shares) | (1,100) | (740) |
Outstanding - ending balance (in shares) | 1,270,155 | 1,145,300 |
Share Capital and Share-based_5
Share Capital and Share-based Payments - Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments of Cash Settled RSUs Outstanding (Details) - Equinox Gold Restricted Share Unit Plan - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Settled Restricted Share Units | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | ||
Outstanding - beginning balance (in shares) | 144,800 | 168,800 |
Granted (in shares) | 67,800 | 78,900 |
Settled (in shares) | (105,350) | (65,900) |
Forfeited (in shares) | 0 | (37,000) |
Outstanding - ending balance (in shares) | 107,250 | 144,800 |
Cash Settled Performance Share Units | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | ||
Outstanding - beginning balance (in shares) | 0 | 0 |
Granted (in shares) | 7,700 | 0 |
Settled (in shares) | 0 | 0 |
Forfeited (in shares) | 0 | 0 |
Outstanding - ending balance (in shares) | 7,700 | 0 |
Share Capital and Share-based_6
Share Capital and Share-based Payments - Disclosure of Number and Weighted Average Exercise Prices of Other Equity Instruments of PSUs outstanding (Details) | 12 Months Ended | |
Dec. 31, 2021shares | Dec. 31, 2020shares | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | ||
Issued in Leagold Acquisition (in shares) | 2,813,747 | 5,728,647 |
PSUs | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | ||
Outstanding - beginning balance (in shares) | 282,876 | 0 |
Issued in Leagold Acquisition (in shares) | 369,915 | |
Settled (in shares) | (249,028) | (72,533) |
Forfeited (in shares) | (33,848) | (14,506) |
Outstanding - ending balance (in shares) | 0 | 282,876 |
Share Capital and Share-based_7
Share Capital and Share-based Payments - Disclosure of DSUs activity (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | ||
Issued in Leagold Acquisition (in shares) | 2,813,747 | 5,728,647 |
DSUs | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments Explanatory [Line Items] | ||
Outstanding - beginning balance (in shares) | 125,437 | 0 |
Issued in Leagold Acquisition (in shares) | 319,286 | |
Granted (in shares) | 51,046 | 8,266 |
Redeemed (in shares) | (202,115) | |
Outstanding - ending balance (in shares) | 176,483 | 125,437 |
Share Capital and Share-based_8
Share Capital and Share-based Payments - Disclosure of Number and Weighted Average Exercise Prices of Share Options (Details) | 12 Months Ended | |
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | |
Share Capital and Share-Based Payments [Abstract] | ||
Outstanding (in shares) | shares | 2,919,070 | 2,675,113 |
Issued in Acquisitions (in shares) | shares | 2,813,747 | 5,728,647 |
Granted (in shares) | shares | 156,200 | |
Exercised (in shares) | shares | (1,833,661) | (5,559,803) |
Expired/forfeited (in shares) | shares | (315,713) | (81,087) |
Outstanding (in shares) | shares | 3,583,443 | 2,919,070 |
Weighted average exercise price, Outstanding (in cad per share) | $ / shares | $ 7.09 | $ 5.99 |
Weighted average exercise price, Issued in Acquisitions (in cad per share) | $ / shares | 7.27 | 7.77 |
Weighted average exercise price, Granted (in cad per share) | $ / shares | 11.80 | |
Weighted average exercise price, Exercised (in cad per share) | $ / shares | 5.77 | 7.38 |
Weighted average exercise price, Expired/forfeited (in cad per share) | $ / shares | 15.04 | 8.52 |
Weighted average exercise price, Outstanding (in cad per share) | $ / shares | $ 7.14 | $ 7.09 |
Share Capital and Share-based_9
Share Capital and Share-based Payments - Disclosure of Indirect Measurement of Fair Value of Goods or Services Received, Share Options Granted (Details) | 12 Months Ended |
Dec. 31, 2020$ / shares | |
Share Capital and Share-Based Payments [Abstract] | |
Exercise price (C$) | $ 11.80 |
Risk-free interest rate | 0.40% |
Volatility | 65.20% |
Dividend yield | 0.00% |
Expected life | 5 years |
Share Capital and Share-base_10
Share Capital and Share-based Payments - Disclosure of Range of Exercise Prices of Outstanding Share Options (Details) | 12 Months Ended | |||
Dec. 31, 2021shares$ / shares | Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Number of options (in shares) | shares | 3,583,443 | 3,583,443 | 2,919,070 | 2,675,113 |
Options Outstanding, Weighted average exercise price (in cad per share) | $ 7.14 | $ 7.09 | $ 5.99 | |
Options Outstanding, Weighted average remaining contractual life (years) | 1 year 5 months 19 days | |||
Options Exercisable, Number of options (in shares) | shares | 3,507,793 | 3,507,793 | ||
Options Exercisable, Weighted average exercise price (in cad per share) | $ 7.04 | |||
$1.89 - $2.99 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Number of options (in shares) | shares | 33,100 | 33,100 | ||
Options Outstanding, Weighted average exercise price (in cad per share) | $ 1.89 | |||
Options Outstanding, Weighted average remaining contractual life (years) | 4 years 6 months 10 days | |||
Options Exercisable, Number of options (in shares) | shares | 33,100 | 33,100 | ||
Options Exercisable, Weighted average exercise price (in cad per share) | $ 1.89 | |||
$1.89 - $2.99 | Bottom of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Range of exercise price | $ 1.89 | |||
$1.89 - $2.99 | Top of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Range of exercise price | $ 2.99 | |||
$3.00 - $4.99 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Number of options (in shares) | shares | 493,380 | 493,380 | ||
Options Outstanding, Weighted average exercise price (in cad per share) | $ 4.56 | |||
Options Outstanding, Weighted average remaining contractual life (years) | 3 years 2 months 4 days | |||
Options Exercisable, Number of options (in shares) | shares | 493,380 | 493,380 | ||
Options Exercisable, Weighted average exercise price (in cad per share) | $ 4.56 | |||
$3.00 - $4.99 | Bottom of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Range of exercise price | $ 3 | |||
$3.00 - $4.99 | Top of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Range of exercise price | $ 4.99 | |||
$5.00 - $6.99 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Number of options (in shares) | shares | 1,575,999 | 1,575,999 | ||
Options Outstanding, Weighted average exercise price (in cad per share) | $ 5.50 | |||
Options Outstanding, Weighted average remaining contractual life (years) | 1 year 6 months | |||
Options Exercisable, Number of options (in shares) | shares | 1,575,999 | 1,575,999 | ||
Options Exercisable, Weighted average exercise price (in cad per share) | $ 5.50 | |||
$5.00 - $6.99 | Bottom of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Range of exercise price | $ 5 | |||
$5.00 - $6.99 | Top of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Range of exercise price | $ 6.99 | |||
$7.00 - $8.99 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Number of options (in shares) | shares | 640,284 | 640,284 | ||
Options Outstanding, Weighted average exercise price (in cad per share) | $ 8.61 | |||
Options Outstanding, Weighted average remaining contractual life (years) | 4 months 2 days | |||
Options Exercisable, Number of options (in shares) | shares | 640,284 | 640,284 | ||
Options Exercisable, Weighted average exercise price (in cad per share) | $ 8.61 | |||
$7.00 - $8.99 | Bottom of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Range of exercise price | $ 7 | |||
$7.00 - $8.99 | Top of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Range of exercise price | $ 8.99 | |||
$9.00 - $17.15 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Number of options (in shares) | shares | 840,680 | 840,680 | ||
Options Outstanding, Weighted average exercise price (in cad per share) | $ 10.80 | |||
Options Outstanding, Weighted average remaining contractual life (years) | 1 year 2 months 1 day | |||
Options Exercisable, Number of options (in shares) | shares | 765,030 | 765,030 | ||
Options Exercisable, Weighted average exercise price (in cad per share) | $ 10.70 | |||
$9.00 - $17.15 | Bottom of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Range of exercise price | $ 9 | |||
$9.00 - $17.15 | Top of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Options Outstanding, Range of exercise price | $ 17.15 |
Share Capital and Share-base_11
Share Capital and Share-based Payments - Summary of Share Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | $ 7,600 | $ 8,140 |
Stock options | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 1,676 | 618 |
RSUs and pRSUs | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 6,640 | 3,320 |
PSUs | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | (224) | 3,882 |
DSUs | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | (492) | 320 |
Equity Settled Awards | Construction- in-progress | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 273 | 0 |
Equity Settled Awards | General and administration expense | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 6,773 | 4,449 |
Equity Settled Awards | Operating expense | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 927 | 376 |
Cash settled equity awards | General and administration expense | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | (691) | 2,302 |
Cash settled equity awards | Operating expense | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | 290 | 708 |
Cash settled equity awards | Exploration expense | ||
Disclosure Of Share Based Compensation [Line Items] | ||
Non cash expense from share-based compensation | $ 28 | $ 305 |
Reserves (Details)
Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement of Reserves of Equity [Roll Forward] | ||
Beginning balance | $ 1,448,523 | $ 403,059 |
Options issued in Acquisition | 407,768 | 751,819 |
Equity component of Convertible Notes issued | 8,322 | |
Exercise of stock options and settlement of RSUs and pRSUs | 21,755 | 215,417 |
Share-based compensation | 7,973 | 4,825 |
Ending Balance | 2,585,345 | 1,448,523 |
Reserves | ||
Movement of Reserves of Equity [Roll Forward] | ||
Beginning balance | 38,779 | 27,959 |
Options issued in Acquisition | 8,155 | 19,777 |
Equity component of Convertible Notes issued | 8,322 | |
Exercise of stock options and settlement of RSUs and pRSUs | (7,869) | (22,104) |
Share-based compensation | 7,973 | 4,825 |
Ending Balance | 47,038 | 38,779 |
Share-based compensation | ||
Movement of Reserves of Equity [Roll Forward] | ||
Beginning balance | 16,854 | 14,356 |
Options issued in Acquisition | 8,155 | 19,777 |
Equity component of Convertible Notes issued | 0 | |
Exercise of stock options and settlement of RSUs and pRSUs | (7,869) | (22,104) |
Share-based compensation | 7,973 | 4,825 |
Ending Balance | 25,113 | 16,854 |
Equity component of Convertible Notes | ||
Movement of Reserves of Equity [Roll Forward] | ||
Beginning balance | 18,539 | 10,217 |
Options issued in Acquisition | 0 | 0 |
Equity component of Convertible Notes issued | 8,322 | |
Exercise of stock options and settlement of RSUs and pRSUs | 0 | 0 |
Share-based compensation | 0 | 0 |
Ending Balance | 18,539 | 18,539 |
Other | ||
Movement of Reserves of Equity [Roll Forward] | ||
Beginning balance | 3,386 | 3,386 |
Options issued in Acquisition | 0 | 0 |
Equity component of Convertible Notes issued | 0 | |
Exercise of stock options and settlement of RSUs and pRSUs | 0 | 0 |
Share-based compensation | 0 | 0 |
Ending Balance | $ 3,386 | $ 3,386 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 1,082,286 | $ 845,388 |
Gold | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | 1,079,321 | 844,076 |
Silver | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from contracts with customers | $ 2,965 | $ 1,312 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - oz | Mar. 10, 2020 | Dec. 31, 2021 |
Offtake Arrangement | Los Filos | ||
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 | |
Number of ounces delivered under offtake arrangements | 300,000 | |
Offtake Arrangement | Fazenda, RDM, Pilar and Santa Luz | ||
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 | |
Number of ounces delivered under offtake arrangements | 200,000 | |
Silver Streaming Arrangement | WPM | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Cash payment per ounce | 3.90 | 4.53 |
Gold | Offtake Arrangement | Los Filos | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Percentage of gold production to be issued to offset arrangement | 50.00% | |
Gold | Offtake Arrangement | Fazenda, RDM, Pilar and Santa Luz | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Percentage of gold production to be issued to offset arrangement | 35.00% | |
Silver | Silver Streaming Arrangement | WPM | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Number of ounces to be payable using streaming arrangement | 5,000,000 | |
Number of ounces delivered under streaming arrangement | 2,000,000 |
Operating Expenses (Details)
Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Expense [Abstract] | ||
Raw materials and consumables | $ 264,359 | $ 153,173 |
Salaries and employee benefits | 101,078 | 68,160 |
Contractors | 130,865 | 79,355 |
Repairs and maintenance | 60,457 | 37,908 |
Site administration | 49,206 | 37,523 |
Royalties | 28,618 | 23,312 |
Operating expense, gross | 634,583 | 399,431 |
Change in inventories | 20,221 | 23,860 |
Total operating expense | $ 654,804 | $ 423,291 |
Care and Maintenance Expense (D
Care and Maintenance Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Care and Maintenance [Line Items] | ||
Care and maintenance expense | $ 15,274 | $ 64,995 |
COVID-19 | ||
Care and Maintenance [Line Items] | ||
Mine standby costs | 18,200 | |
COVID-19 | Mexico | ||
Care and Maintenance [Line Items] | ||
Mine standby costs | 15,300 | |
COVID-19 | Brazil | ||
Care and Maintenance [Line Items] | ||
Mine standby costs | 2,900 | |
Los Filos | Care and Maintenance | ||
Care and Maintenance [Line Items] | ||
Temporary suspension of operations costs | $ 14,200 | 44,600 |
Santa Luz | Care and Maintenance | ||
Care and Maintenance [Line Items] | ||
Maintenance of mine costs | $ 2,200 |
General and Administration Ex_3
General and Administration Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
General And Administrative Expense [Abstract] | ||
Salaries and benefits | $ 19,761 | $ 12,497 |
Share-based compensation | 6,082 | 6,751 |
Professional fees | 15,696 | 12,814 |
Office and other expenses | 9,809 | 7,638 |
Depreciation | 1,242 | 692 |
Total general and administration | $ 52,590 | $ 40,392 |
Other Income (Expense) (Details
Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income Expense [Abstract] | ||
Foreign exchange gain | $ 152 | $ 12,050 |
Change in fair value of gold contracts (note 15(b)(i)) | 16,605 | (48,091) |
Change in fair value of foreign exchange contracts (note 15(b(ii)) | (4,410) | (14,731) |
Change in fair value of warrants (note 15(a),15(b)(iii),15(b)(iv)) | 85,790 | (29,862) |
Change in fair value of contingent consideration (note 15(b)(v)) | (923) | 0 |
Change in fair value of Stream Arrangement (note 9) | (6,419) | 0 |
Gain on bargain purchase of Premier (note 5(a)) | 81,432 | 0 |
Gain on sale of Pilar (note 5(c)) | 45,417 | 0 |
Gain on sale of partial interest in Solaris (note 5(d)) | 50,300 | 0 |
Gain on reclassification of investment in Solaris Resources Inc. | 186,067 | 0 |
Dilution gain on investment in associate | 2,067 | 8,033 |
Loss on disposal of plant and equipment | (12,414) | (1,679) |
Expected credit losses | (6,951) | (6,074) |
Other expense | (10,151) | (6,183) |
Other income (expense) | $ 426,562 | $ (86,537) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | ||
Tax rate | 27.00% | 27.00% |
Income Taxes - Disclosure of De
Income Taxes - Disclosure of Detailed Information About Components of Tax Expense Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | ||
Income before income taxes | $ 535,035 | $ 43,099 |
Combined Canadian federal and provincial income tax rate | 27.00% | 27.00% |
Expected income tax expense | $ 144,459 | $ 11,637 |
Non-taxable income and non-deductible expenses | (52,405) | 24,003 |
Impact of tax rate differences between jurisdictions | (31,941) | 0 |
Tax effect of temporary differences for which no tax benefit has been recognized | (39,843) | 6,424 |
Change in fair value of derivative liabilities | (11,312) | 8,063 |
Impact of US percentage depletion | (10,114) | (10,325) |
Impact of Mexican inflation | (3,024) | (2,311) |
Foreign exchange and other | (15,674) | (16,680) |
Total income tax (recovery) expense | (19,854) | 20,811 |
Current tax expense | 25,163 | 35,050 |
Deferred tax recovery | $ (45,017) | $ (14,239) |
Income Taxes - Disclosure of _2
Income Taxes - Disclosure of Detailed Information about Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes [Line Items] | |||
Non-capital losses | $ 62,419 | $ 22,421 | |
Mineral properties, plant and equipment | 75,259 | 45,109 | |
Inventory | 31,847 | 2,084 | |
Reclamation and closure cost provision | 16,023 | 15,080 | |
Mining tax | 10,717 | 3,924 | |
Accrued liabilities | 10,650 | 6,051 | |
Investments and loans and borrowings | 11,701 | 0 | |
Suspended interest deduction | 4,604 | 0 | |
Other | 7,396 | 8,248 | |
Total deferred tax assets | 230,616 | 102,917 | |
Mineral properties, plant and equipment | (492,463) | (296,861) | |
Marketable securities | (30,227) | 0 | |
Reclamation and closure cost provision | (12,070) | (5,631) | |
Derivatives | (7,174) | 0 | |
Intercompany loan | (6,898) | (16,757) | |
Other | (1,490) | (13,528) | |
Total deferred tax liabilities | (550,322) | (332,777) | |
Net deferred tax liability | (319,706) | (229,860) | |
Deferred tax assets | 10,576 | 0 | |
Deferred tax liabilities | (312,198) | (229,860) | |
Net deferred tax liability | (319,706) | (229,860) | $ (10,712) |
Assets and liabilities classified as held for sale | |||
Income Taxes [Line Items] | |||
Deferred tax liabilities | $ (18,084) | $ 0 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities Explanatory (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Detailed Information About Deferred Tax Assets and Liabilities [Line Items] | ||
Balance - beginning of year | $ (229,860) | $ (10,712) |
Recognized in net income | 45,017 | 14,239 |
Recognized in OCI | (12,932) | 0 |
Recognized in equity component of Convertible Notes | 0 | (2,929) |
Balance - end of year | (319,706) | (229,860) |
Premier Gold Mines Limited | ||
Disclosure of Detailed Information About Deferred Tax Assets and Liabilities [Line Items] | ||
Acquisition | (121,931) | 0 |
Leagold Mining Corporation | ||
Disclosure of Detailed Information About Deferred Tax Assets and Liabilities [Line Items] | ||
Acquisition | $ 0 | $ (230,458) |
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 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | ||
Mineral properties, plant and equipment | $ 430,274 | $ 277,097 |
Investments and loans and borrowings | 322,272 | 12,021 |
Inventories | 0 | 18,978 |
Derivatives | 8,276 | 97,647 |
Reclamation obligation | 41,164 | 54,996 |
Share issue and finance costs | 1,176 | 21,471 |
Interest expense | 0 | 19,350 |
Other | 14,970 | 903 |
Non-capital losses | 449,984 | 357,080 |
Capital losses | 10,689 | 26,826 |
State alternative minimum tax credit | 7,434 | 7,787 |
Total unrecognized deferred tax assets | $ 1,286,239 | $ 894,156 |
Income Taxes - Disclosure of _4
Income Taxes - Disclosure of Detailed Information about Non Capital Loss Applied to Reduce Future Taxable Income (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Disclosure of Detailed Information about Non Capital Loss Applied to Reduce Future Taxable Income [Line Items] | |
Non capital loss carryforwards | $ 680,162 |
Canada | |
Disclosure of Detailed Information about Non Capital Loss Applied to Reduce Future Taxable Income [Line Items] | |
Non capital loss carryforwards | 238,898 |
United States | |
Disclosure of Detailed Information about Non Capital Loss Applied to Reduce Future Taxable Income [Line Items] | |
Non capital loss carryforwards | 170,214 |
Mexico | |
Disclosure of Detailed Information about Non Capital Loss Applied to Reduce Future Taxable Income [Line Items] | |
Non capital loss carryforwards | 142,441 |
Brazil | |
Disclosure of Detailed Information about Non Capital Loss Applied to Reduce Future Taxable Income [Line Items] | |
Non capital loss carryforwards | 117,671 |
Other | |
Disclosure of Detailed Information about Non Capital Loss Applied to Reduce Future Taxable Income [Line Items] | |
Non capital loss carryforwards | $ 10,938 |
Net Income Per Share - Summary
Net Income Per Share - Summary of Earnings (Loss) per Share Basic and Diluted Basis (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | ||
Basic EPS (in shares) | 284,932,357 | 212,487,729 |
Basic EPS (in dollars per share) | $ 1.95 | $ 0.10 |
Dilutive stock options (in shares) | 1,165,033 | 2,015,014 |
Dilutive RSUs and pRSUs (in shares) | 2,806,153 | 741,588 |
Dilutive Convertible Notes (in shares) | 44,458,210 | |
Dilutive Convertible Notes | $ 9,995 | |
Dilutive warrants (in shares) | 372,948 | 3,167,640 |
Dilutive warrants | $ (1,358) | $ (1,076) |
Diluted EPS (in shares) | 333,734,701 | 218,411,971 |
Diluted EPS | $ 563,526 | $ 21,212 |
Diluted (in dollars per share) | $ 1.69 | $ 0.10 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Details) - shares shares in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Warrants | ||
Earning Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive effect on EPS (in shares) | 1.1 | 16 |
Stock options | ||
Earning Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive effect on EPS (in shares) | 0.8 | 0.2 |
pRSUs | ||
Earning Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive effect on EPS (in shares) | 0.3 | |
Convertible Notes | ||
Earning Per Share Basic And Diluted [Line Items] | ||
Anti-dilutive effect on EPS (in shares) | 41 |
Segment Information - Disclosur
Segment Information - Disclosure Of Operating Segments (Details) - USD ($) $ in Thousands | Apr. 16, 2021 | Apr. 07, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of operating segments [line items] | ||||
Revenue | $ 1,082,286 | $ 845,388 | ||
Operating expense | (654,804) | (423,291) | ||
Depreciation and depletion | (196,892) | (131,914) | ||
Exploration expense | (16,253) | (11,840) | ||
Other expenses | (67,864) | (105,387) | ||
Income from operations | $ 146,473 | 172,956 | ||
Greenstone | ||||
Disclosure of operating segments [line items] | ||||
Ownership interest in subsidiary | 60.00% | 50.00% | 60.00% | |
Mesquite | ||||
Disclosure of operating segments [line items] | ||||
Revenue | $ 249,025 | 245,931 | ||
Operating expense | (142,487) | (126,334) | ||
Depreciation and depletion | (29,231) | (19,655) | ||
Exploration expense | 0 | 0 | ||
Other expenses | 0 | 0 | ||
Income from operations | 77,307 | 99,942 | ||
Castle Mountain | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 46,040 | 9,116 | ||
Operating expense | (18,608) | (3,478) | ||
Depreciation and depletion | (3,670) | (734) | ||
Exploration expense | (1,175) | (6,515) | ||
Other expenses | 0 | 0 | ||
Income from operations | 22,587 | (1,611) | ||
Los Filos | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 257,217 | 105,872 | ||
Operating expense | (227,350) | (80,587) | ||
Depreciation and depletion | (37,527) | (13,264) | ||
Exploration expense | (339) | (216) | ||
Other expenses | (14,185) | (59,876) | ||
Income from operations | (22,184) | (48,071) | ||
Mercedes | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 56,928 | |||
Operating expense | (30,288) | |||
Depreciation and depletion | (24,753) | |||
Exploration expense | (648) | |||
Other expenses | 0 | |||
Income from operations | 1,239 | |||
Aurizona | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 242,621 | 229,644 | ||
Operating expense | (103,999) | (92,398) | ||
Depreciation and depletion | (37,433) | (41,991) | ||
Exploration expense | (4,980) | (5,109) | ||
Other expenses | 0 | 0 | ||
Income from operations | 96,209 | 90,146 | ||
Fazenda | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 107,917 | 92,404 | ||
Operating expense | (52,319) | (40,882) | ||
Depreciation and depletion | (33,021) | (22,012) | ||
Exploration expense | (3,655) | 0 | ||
Other expenses | 0 | 0 | ||
Income from operations | 18,922 | 29,510 | ||
RDM | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 105,774 | 106,635 | ||
Operating expense | (69,018) | (48,582) | ||
Depreciation and depletion | (23,901) | (20,601) | ||
Exploration expense | (849) | 0 | ||
Other expenses | 0 | (937) | ||
Income from operations | 12,006 | 36,515 | ||
Santa Luz | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 0 | 0 | ||
Operating expense | 0 | 0 | ||
Depreciation and depletion | 0 | 0 | ||
Exploration expense | (3,692) | 0 | ||
Other expenses | 0 | (2,213) | ||
Income from operations | (3,692) | (2,213) | ||
Greenstone | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 0 | |||
Operating expense | 0 | |||
Depreciation and depletion | 0 | |||
Exploration expense | (204) | |||
Other expenses | (79) | |||
Income from operations | (283) | |||
Corporate and other | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 16,764 | 55,786 | ||
Operating expense | (10,735) | (31,030) | ||
Depreciation and depletion | (7,356) | (13,657) | ||
Exploration expense | (711) | 0 | ||
Other expenses | (53,600) | (42,361) | ||
Income from operations | $ (55,638) | $ (31,262) |
Segment Information - Disclos_2
Segment Information - Disclosure of Detailed Information about Assets and Liabilities Based on Operating Segments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of operating segments [line items] | ||
Assets | $ 3,967,361 | $ 2,673,400 |
Liabilities | (1,382,016) | (1,224,877) |
Mesquite | ||
Disclosure of operating segments [line items] | ||
Assets | 332,555 | 262,758 |
Liabilities | (74,543) | (36,032) |
Castle Mountain | ||
Disclosure of operating segments [line items] | ||
Assets | 261,631 | 227,157 |
Liabilities | (25,607) | (23,960) |
Los Filos | ||
Disclosure of operating segments [line items] | ||
Assets | 1,108,533 | 1,066,378 |
Liabilities | (274,664) | (271,712) |
Mercedes | ||
Disclosure of operating segments [line items] | ||
Assets | 207,538 | 0 |
Liabilities | (85,849) | 0 |
Aurizona | ||
Disclosure of operating segments [line items] | ||
Assets | 363,703 | 338,792 |
Liabilities | (51,546) | (49,261) |
Fazenda | ||
Disclosure of operating segments [line items] | ||
Assets | 138,143 | 180,397 |
Liabilities | (41,325) | (52,261) |
RDM | ||
Disclosure of operating segments [line items] | ||
Assets | 119,468 | 144,025 |
Liabilities | (20,515) | (42,146) |
Santa Luz | ||
Disclosure of operating segments [line items] | ||
Assets | 234,490 | 209,215 |
Liabilities | (22,016) | (10,605) |
Greenstone | ||
Disclosure of operating segments [line items] | ||
Assets | 498,529 | 0 |
Liabilities | (120,657) | 0 |
Corporate and other | ||
Disclosure of operating segments [line items] | ||
Assets | 702,771 | 244,678 |
Liabilities | $ (665,294) | $ (738,900) |
Segment Information - Disclos_3
Segment Information - Disclosure of Detailed Information about Noncurrent Assets by Region (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
United States | ||
Disclosure of operating segments [line items] | ||
Total non-current assets | $ 451,113 | $ 392,290 |
Mexico | ||
Disclosure of operating segments [line items] | ||
Total non-current assets | 941,762 | 919,464 |
Brazil | ||
Disclosure of operating segments [line items] | ||
Total non-current assets | 730,679 | 685,604 |
Canada | ||
Disclosure of operating segments [line items] | ||
Total non-current assets | 544,428 | 1,820 |
Total non-current assets | $ 2,667,982 | $ 1,999,178 |
Segment Information - Summary o
Segment Information - Summary of Sales to Individual Customers that Exceed 10% of Annual Metal Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of major customers [line items] | ||
Revenue | $ 1,082,286 | $ 845,388 |
Metal | ||
Disclosure of major customers [line items] | ||
Revenue | $ 1,051,443 | $ 833,342 |
Total revenue from major customers as percentage of total revenue | 97.20% | 98.30% |
Customer 1 | Metal | ||
Disclosure of major customers [line items] | ||
Revenue | $ 521,476 | $ 354,981 |
Customer 2 | Metal | ||
Disclosure of major customers [line items] | ||
Revenue | 265,690 | 131,439 |
Customer 3 | Metal | ||
Disclosure of major customers [line items] | ||
Revenue | 264,277 | 259,371 |
Customer 4 | Metal | ||
Disclosure of major customers [line items] | ||
Revenue | $ 0 | $ 87,551 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||||
Repayments of borrowings, classified as financing activities | $ 30,983 | $ 546,274 | |||
Related party outstanding | $ 2,000 | $ 2,000 | |||
Key management personnel of entity or parent | |||||
Disclosure of transactions between related parties [line items] | |||||
Proceeds from private placement from related parties | $ 32,100 | $ 36,000 | |||
Repayments of borrowings, classified as financing activities | $ 13,700 |
Related Party Transactions - Di
Related Party Transactions - Disclosure of Directors and Other Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related party transactions [abstract] | ||
Salaries, directors' fees and other short-term benefits | $ 4,236 | $ 6,763 |
Share-based payments | 4,985 | 3,385 |
Total key management personnel compensation | $ 9,221 | $ 10,148 |
Supplemental cash flow inform_3
Supplemental cash flow information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | ||
(Increase) decrease in trade and other receivables | $ (3,815) | $ 157 |
Decrease in inventories | 20,221 | 20,545 |
Decrease (increase) in prepaid expenses and other current assets | 2,840 | (15,351) |
Increase (decrease) in accounts payable and accrued liabilities | 37,410 | (20,544) |
Non-cash changes in working capital | $ 56,656 | $ (15,193) |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Carrying Amount of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | $ 721,841 | $ 380,801 |
Financial liabilities | 859,940 | 838,332 |
Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 775,083 | 683,766 |
FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 84,857 | 154,566 |
Accounts payable and accrued liabilities | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 185,716 | 119,641 |
Accounts payable and accrued liabilities | Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 185,716 | 119,641 |
Accounts payable and accrued liabilities | FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Loans and borrowings | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 540,682 | 545,241 |
Loans and borrowings | Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 540,682 | 545,241 |
Loans and borrowings | FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 84,857 | 154,566 |
Derivatives | Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Derivatives | FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 84,857 | 154,566 |
Lease liabilities | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 45,097 | 18,884 |
Lease liabilities | Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 45,097 | 18,884 |
Lease liabilities | FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 0 | 0 |
Other financial liabilities | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 3,588 | |
Other financial liabilities | Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 3,588 | |
Other financial liabilities | FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 0 | |
Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 354,565 | 377,681 |
FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 126,354 | 3,120 |
FVOCI | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 240,922 | 0 |
Cash and cash equivalents | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 305,498 | 344,926 |
Cash and cash equivalents | Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 305,498 | 344,926 |
Cash and cash equivalents | FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Cash and cash equivalents | FVOCI | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Marketable securities | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 240,530 | 3,120 |
Marketable securities | Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Marketable securities | FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 1,902 | 3,120 |
Marketable securities | FVOCI | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 238,628 | 0 |
Trade receivables | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 14,207 | 17,212 |
Trade receivables | Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 14,207 | 17,212 |
Trade receivables | FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Trade receivables | FVOCI | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 124,452 | |
Derivatives | Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | |
Derivatives | FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 124,452 | |
Derivatives | FVOCI | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | |
Restricted cash | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 20,444 | 3,210 |
Restricted cash | Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 20,444 | 3,210 |
Restricted cash | FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Restricted cash | FVOCI | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Other current and non-current financial assets | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 16,710 | 12,333 |
Other current and non-current financial assets | Amortized cost | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 14,416 | 12,333 |
Other current and non-current financial assets | FVTPL | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Other current and non-current financial assets | FVOCI | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | $ 2,294 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Net financial assets (liabilities) | $ 282,419 | $ (151,446) |
Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Net financial assets (liabilities) | 240,530 | (33,335) |
Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Net financial assets (liabilities) | 46,181 | (118,111) |
Level 3 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Net financial assets (liabilities) | (4,292) | 0 |
Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | (84,857) | (154,566) |
Derivatives | Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 0 | (36,455) |
Derivatives | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | (78,271) | (118,111) |
Derivatives | Level 3 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | (6,586) | 0 |
Marketable securities | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 240,530 | 3,120 |
Marketable securities | Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 240,530 | 3,120 |
Marketable securities | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | 0 |
Marketable securities | Level 3 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | $ 0 |
Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 124,452 | |
Derivatives | Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | |
Derivatives | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 124,452 | |
Derivatives | Level 3 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | |
Other financial assets | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 2,294 | |
Other financial assets | Level 1 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | |
Other financial assets | Level 2 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 0 | |
Other financial assets | Level 3 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | $ 2,294 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | $ 721,841 | $ 380,801 |
Financial liabilities, at fair value | 859,940 | 838,332 |
Loans and borrowings | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 540,682 | 545,241 |
Loans and borrowings | Credit Facility | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 279,621 | 289,910 |
Financial liabilities, at fair value | 287,255 | 300,599 |
Loans and borrowings | Convertible Notes | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 261,061 | 255,331 |
Financial liabilities, at fair value | 384,143 | 521,873 |
Receivables from asset sales | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 10,321 | 12,197 |
Financial assets, at fair value | $ 10,321 | $ 12,197 |
Financial Instrument Risks an_3
Financial Instrument Risks and Risk Management - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Apr. 16, 2021 | Mar. 31, 2020 | |
Disclosure of financial liabilities [line items] | ||||
Maximum exposure to credit risk | $ 354,600 | $ 404,500 | ||
Draw down on Credit Facility | $ 0 | 379,680 | ||
Greenstone Gold Mines LP | ||||
Disclosure of financial liabilities [line items] | ||||
Percentage of voting equity interests acquired | 10.00% | |||
Currency risk | BRL | ||||
Disclosure of financial liabilities [line items] | ||||
Sensitivity analysis, change in variable | 20.00% | |||
Sensitivity analysis, impact on net income | $ 5,165 | |||
Currency risk | MXN | ||||
Disclosure of financial liabilities [line items] | ||||
Sensitivity analysis, change in variable | 10.00% | |||
Sensitivity analysis, impact on net income | $ 3,628 | |||
Currency risk | Brazil, Brazil Real and Mexico, Peso | ||||
Disclosure of financial liabilities [line items] | ||||
Sensitivity analysis, decrease in risk variable, impact on liabilities | 1,500 | |||
Sensitivity analysis, decrease in risk variable, impact on net income | 1,500 | |||
Sensitivity analysis, increase in risk variable, impact on liabilities | (2,300) | |||
Sensitivity analysis, increase in risk variable, impact on net income | $ (2,300) | |||
Other price risk | Marketable securities and warrants | ||||
Disclosure of financial liabilities [line items] | ||||
Sensitivity analysis, change in variable | 10.00% | |||
Sensitivity analysis, impact on net income | $ 2,300 | |||
Sensitivity analysis, impact on other comprehensive income | $ 8,700 | |||
Other price risk | Greenstone Gold Mines LP | ||||
Disclosure of financial liabilities [line items] | ||||
Sensitivity analysis, change in variable | 10.00% | |||
Sensitivity analysis, impact on net income | $ (10,500) | |||
Floating interest rate | Interest rate risk | ||||
Disclosure of financial liabilities [line items] | ||||
Sensitivity analysis, change in variable | 1.00% | |||
Sensitivity analysis, impact on net income | $ 2,200 | |||
Revolving credit facility | ||||
Disclosure of financial liabilities [line items] | ||||
Maximum capacity | $ 130,000 | |||
Draw down on Credit Facility | $ 380,000 | |||
Bank of Nova Montreal Societe Generale and Ing Capital LLC | Revolving credit facility | ||||
Disclosure of financial liabilities [line items] | ||||
Maximum capacity | $ 400,000 | |||
Draw down on Credit Facility | $ 199,700 |
Financial Instrument Risks an_4
Financial Instrument Risks and Risk Management - Contractual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | $ 540,682 | $ 545,241 | |
Derivative liabilities | 84,857 | 154,566 | |
Lease liabilities | 45,097 | 18,884 | $ 1,349 |
Reclamation and closure costs | 99,148 | $ 120,791 | $ 30,229 |
Liquidity risk | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 185,716 | ||
Loans and borrowings | 619,337 | ||
Derivative liabilities | 45,397 | ||
Lease liabilities | 47,139 | ||
Other financial liabilities | 5,000 | ||
Reclamation and closure costs | 182,681 | ||
Purchase commitments | 111,884 | ||
Other operating commitments | 180,414 | ||
Total | 1,377,568 | ||
Liquidity risk | Within 1 year | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 185,716 | ||
Loans and borrowings | 48,261 | ||
Derivative liabilities | 44,825 | ||
Lease liabilities | 19,362 | ||
Other financial liabilities | 0 | ||
Reclamation and closure costs | 3,748 | ||
Purchase commitments | 94,241 | ||
Other operating commitments | 30,546 | ||
Total | 426,699 | ||
Liquidity risk | 1-2 years | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 0 | ||
Loans and borrowings | 47,489 | ||
Derivative liabilities | 572 | ||
Lease liabilities | 18,742 | ||
Other financial liabilities | 5,000 | ||
Reclamation and closure costs | 6,576 | ||
Purchase commitments | 9,524 | ||
Other operating commitments | 31,766 | ||
Total | 119,669 | ||
Liquidity risk | 2-3 years | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 0 | ||
Loans and borrowings | 376,364 | ||
Derivative liabilities | |||
Lease liabilities | 9,010 | ||
Other financial liabilities | 0 | ||
Reclamation and closure costs | 8,311 | ||
Purchase commitments | 4,608 | ||
Other operating commitments | 33,035 | ||
Total | 431,328 | ||
Liquidity risk | 3-4 years | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 0 | ||
Loans and borrowings | 147,223 | ||
Derivative liabilities | |||
Lease liabilities | 6 | ||
Other financial liabilities | 0 | ||
Reclamation and closure costs | 10,008 | ||
Purchase commitments | 2,214 | ||
Other operating commitments | 17,796 | ||
Total | 177,247 | ||
Liquidity risk | 4–5 years | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 0 | ||
Loans and borrowings | |||
Derivative liabilities | |||
Lease liabilities | 6 | ||
Other financial liabilities | 0 | ||
Reclamation and closure costs | 8,724 | ||
Purchase commitments | 1,295 | ||
Other operating commitments | 18,508 | ||
Total | 28,533 | ||
Liquidity risk | Thereafter | |||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 0 | ||
Loans and borrowings | |||
Derivative liabilities | |||
Lease liabilities | 13 | ||
Other financial liabilities | 0 | ||
Reclamation and closure costs | 145,314 | ||
Purchase commitments | 2 | ||
Other operating commitments | 48,763 | ||
Total | $ 194,092 |
Financial Instrument Risks an_5
Financial Instrument Risks and Risk Management - Exposure to Currency Risk (Details) - Currency risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
BRL | ||
Disclosure of financial liabilities [line items] | ||
Currency risk exposure | $ 35,375 | $ (11,340) |
Sensitivity analysis, change in variable | 20.00% | |
Sensitivity analysis, impact on net income | $ 5,165 | |
BRL | Financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Currency risk exposure | 54,594 | 61,896 |
BRL | Financial assets | ||
Disclosure of financial liabilities [line items] | ||
Currency risk exposure | 19,219 | 73,236 |
MXN | ||
Disclosure of financial liabilities [line items] | ||
Currency risk exposure | $ 49,692 | (3,937) |
Sensitivity analysis, change in variable | 10.00% | |
Sensitivity analysis, impact on net income | $ 3,628 | |
MXN | Financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Currency risk exposure | 50,250 | 5,952 |
MXN | Financial assets | ||
Disclosure of financial liabilities [line items] | ||
Currency risk exposure | 558 | 9,889 |
CAD | ||
Disclosure of financial liabilities [line items] | ||
Currency risk exposure | $ (368,560) | (5,583) |
Sensitivity analysis, change in variable | 10.00% | |
Sensitivity analysis, impact on net income | $ (26,905) | |
CAD | Financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Currency risk exposure | 46,674 | 7,671 |
CAD | Financial assets | ||
Disclosure of financial liabilities [line items] | ||
Currency risk exposure | $ 415,234 | $ 13,254 |
Capital Management - Detailed I
Capital Management - Detailed Information About Capital Computation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Capital Management [Abstract] | |||
Equity | $ 2,585,345 | $ 1,448,523 | |
Loans and borrowings | 540,682 | 545,241 | |
Equity and borrowings | 3,126,027 | 1,993,764 | |
Less: cash and cash equivalents | (305,498) | (344,926) | $ (67,716) |
Total | $ 2,820,529 | $ 1,648,838 |
Contingencies and Other Risks (
Contingencies and Other Risks (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contractual Obligations [Line Items] | |||
Legal provision | $ 11.6 | $ 13.2 | |
Contingent environmental fines | $ 9.2 | ||
Insurance Bonds | |||
Contractual Obligations [Line Items] | |||
Restricted cash | $ 4.6 | $ 1.2 |