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"value": "4536000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromExerciseOfOptions", "entity": "scheme:549300ZOV16K515FC525", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_Label_00140": { "value": "13142000.0", "decimals": -3, "dimensions": { "concept": "lug:ProceedsFromExerciseOfAntiDilutionRights", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_Label_00139": { "value": "9617000.0", "decimals": -3, "dimensions": { "concept": "lug:ProceedsFromExerciseOfAntiDilutionRights", "entity": "scheme:549300ZOV16K515FC525", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00242": { "value": "143846000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00243": { "value": "94914000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00245": { "value": "-487489000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00244": { "value": "-561230000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00154": { "value": "82398000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00153": { "value": "48235000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00155": { "value": "11106000.0", "decimals": -3, "dimensions": { "concept": "lug:VatPaidOnInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_NegatedLabel_00156": { "value": "5248000.0", "decimals": -3, "dimensions": { "concept": "lug:VatPaidOnInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00201": { "value": "-93504000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00200": { "value": "-53483000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300ZOV16K515FC525", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_Label_00164": { "value": "-222000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_Label_00163": { "value": "-57000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00166": { "value": "81175000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_TotalLabel_00165": { "value": "-95375000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_PeriodStartLabel_00168": { "value": "268025000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_PeriodStartLabel_00167": { "value": "363400000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_PeriodEndLabel_00170": { "value": "349200000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementsOfCashFlows_PeriodEndLabel_00169": { "value": "268025000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "LUNDIN GOLD INC.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "1.
Nature of operations
Lundin Gold Inc. together with its subsidiaries (collectively referred to as \u201cLundin Gold\u201d or the \u201cCompany\u201d) is
focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador.
The common shares of the Company are listed for trading on the Toronto Stock Exchange (the \u201cTSX\u201d) and Nasdaq
Stockholm under the symbol \u201cLUG\u201d and the OTCQX Best Market under the symbol \u201cLUGDF\u201d.
The Company was
originally incorporated in British Columbia and continued under the Canada Business Corporations Act in 2002.
The Company\u2019s head office is located at Suite 2800, 1055 Dunsmuir Street, Vancouver, BC, and it has an office
in Quito, Ecuador. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "Lundin Gold Inc.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "Inc.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "Ecuador", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "Canada", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "Canada", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "Suite 2800, 1055 Dunsmuir Street, Vancouver, BC", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "2.
Basis of preparation
These consolidated financial statements, including comparatives, have been prepared in accordance with
International Financial Reporting Standards as issued by the International Accounting Standards Board (\u201cIFRS
Accounting Standards\u201d)
.
The principal accounting policies applied in the preparation of these consolidated
financial statements are set out below and have been consistently applied to all the periods presented.
These consolidated financial statements were approved for issue by the Board of Directors on February 20, 2025.
The following entities are included in these consolidated financial statements:
\u00a0 \u00a0
Ordinary shares held
\u00a0
Country of
December 31,
December 31,
\u00a0
incorporation
2024
2023
Aurelian Resources Inc.
Canada
100%
100%
Aurelian Resources Corporation Ltd.
Canada
100%
100%
Aurelian Exploration Inc.
Canada
100%
100%
Aurelian Menor Inc.
Canada
-
100%
Condor Finance Corp.
Canada
100%
100%
Aurelian Ecuador S.A.
Ecuador
100%
100%
AurelianEcuador Holding S.A.
Ecuador
100%
100%
Ecoaurelian Agricola S.A.
Ecuador
100%
100%
Aurelianmenor S.A.
Ecuador
100%
100%
SurNorte Ventures Pte. Ltd.
Singapore
100%
100%
SurNorte Holdings I Pte. Ltd.
Singapore
100%
100%
SurNorte Holdings II Pte. Ltd.
Singapore
-
100%
SurNorte S.A.
Ecuador
100%
100%
\n
The proportion of the voting rights held directly by the parent company does not differ from the proportion of
ordinary shares held.
During the year ended December 31, 2024, the Company simplified its corporate structure
resulting in the wind-up of Aurelian Menor Inc. and SurNorte Holdings II Pte. Ltd.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "These consolidated financial statements, including comparatives, have been prepared in accordance with
International Financial Reporting Standards as issued by the International Accounting Standards Board (\u201cIFRS
Accounting Standards\u201d)
. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "3.
Summary of material accounting policies
The Company\u2019s principal accounting policies are outlined below:
(a) Basis of consolidation
These consolidated financial statements incorporate the financial statements of the Company and the entities
controlled by the Company.
Control exists when the Company is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to affect those returns through its power over the
investee.
The financial information of subsidiaries is included in the consolidated financial statements from
the date that control commences until the date that control ceases.
All significant intercompany transactions
and balances have been eliminated.
Accounting policies of subsidiaries have been changed where necessary
to ensure consistency with the policies adopted by the Company.
(b) Foreign currency translation
Transactions and balances
In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s
functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the
transactions.
At each statement of financial position date, monetary assets and liabilities are translated using
the period end foreign exchange rate.
Non-monetary assets and liabilities are translated using the historical
rate on the date of the transaction.
All gains and losses on translation of these foreign currency transactions
are included in the statement of income.
Group companies
The functional currency of the significant subsidiary of the Company, Aurelian Ecuador S.A., and certain other
entities is U.S. dollars.
Other entities which have a functional currency different from the presentation
currency, including Lundin Gold Inc. whose functional currency is Canadian dollars (\u201cCAD\u201d), are translated
into the presentation currency as follows:
i.
Assets and liabilities for each statement of financial position presented are translated at the closing
rate at the date of that statement of financial position.
ii.
Income and expenses for each statement of income are translated at average exchange rates
(unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing
on the transaction dates, in which case income and expenses are translated at the rate on the dates
of the transactions).
iii.
All resulting exchange differences are recognized in other comprehensive loss as cumulative
translation adjustments.
Effective January 1, 2025, the functional currency of Lundin Gold Inc. and certain other entities was changed
from CAD to U.S. dollars in order to reflect its financing structure.
The change in functional currency of these
entities are not expected to have a material impact on the consolidated financial statements.
(c)
Critical accounting estimates and judgments
The preparation of consolidated financial statements requires management to make judgments, estimates
and assumptions that affect the application of policies and reported amounts of assets and liabilities, and
expenses.
The estimates and associated assumptions are based on historical experience and various other
factors that are believed to be reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are not readily apparent from other
sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting
estimates are recognized in the period in which the estimate is revised if the revision affects only that period
or in the period of the revision and further periods if the review affects both current and future periods.
Significant assumptions about the future and other sources of estimation uncertainty that management has
made at the end of the reporting period that have a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities in the event that the actual results differ from assumptions made,
relate to, but are not limited to, the following:
Mineral reserves and resources
\u2013 The Company estimates its mineral reserves and resources based on
information compiled and reviewed by qualified persons as defined in accordance with NI 43-101
requirements.
The estimation of mineral reserves and resources requires judgment to interpret geological
data and metallurgical testing, design of appropriate mining methods, recovery methods and establishment of
a life of mine production schedule.
The estimation of recoverable reserves is also based on assumptions
such as capital costs, operating costs and metal pricing.
New geological data or changes in the above
assumptions may change the economic viability of reserves and may, ultimately, result in the reserves being
revised.
Changes in the reserve or resource estimates may impact the fair value of financial instruments, the
valuation of property, plant and equipment and mineral properties, the depletion and depreciation of property,
plant and equipment and mineral properties, utilization of tax losses and decommissioning and site restoration
provisions.
Assessment of impairment indicators
\u2013 Management applies significant judgement in assessing whether
indicators of impairment exist for a cash generating unit which would necessitate impairment testing.
Internal
and external factors such as significant changes in the use of the asset, commodity prices, foreign exchange
rates, capital and production forecasts, mineral reserve and resource quantities, and discount rates are used
by management in determining whether there are any indicators.
As at December 31, 2024, management did
not identify any impairment indicators on the Company\u2019s mineral properties, property, plant, and equipment.
Deferred taxes
\u2013 Deferred tax provisions are calculated by the Company while the actual amounts of income
tax expense are not final until tax returns are filed and accepted by the relevant authorities.
Judgment is
required in assessing whether deferred tax assets and certain deferred tax liabilities are recognized on the
balance sheet, in interpreting applicable tax laws, and what tax rate is expected to be applied in the year when
the related temporary differences reverse.
Deferred tax liabilities arising from temporary differences are
recognized unless the reversal of the temporary differences is not expected to occur in the foreseeable future
and can be controlled.
Assumptions about the generation of future taxable profits and repatriation of retained
earnings depend on management\u2019s estimates of future production and sales volumes, gold prices, reserves
and resources, operating costs, decommissioning and restoration costs, capital expenditures, dividends and
other capital management transactions.
These estimates and judgments are subject to risk and uncertainty
and could result in an adjustment to the deferred tax provision and a corresponding credit or charge to profit.
Decommissioning and site restoration provisions
\u2013 The Company has obligations for site restoration and
decommissioning related to Fruta del Norte.
The future obligations for decommissioning and site restoration
activities are estimated by the Company using mine closure plans or other similar studies which outline the
requirements that will be carried out to meet the obligations.
The provision for decommissioning and site
restoration is remeasured at the end of each reporting period for changes in estimates or circumstances.
Changes in estimates or circumstances include changes in legal or regulatory requirements, increased
obligations arising from additional mining and exploration activities, changes to cost estimates, and changes
to inflation and discount rates.
(d) Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual
provisions of the instrument.
Financial assets and liabilities are initially measured at fair value.
Transaction costs that are directly
attributable to the acquisition or issue of financial assets and liabilities (other than financial assets and financial
liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities measured at fair value through profit or loss are recognized
immediately in the statement of income.
Financial assets
The Company classifies its financial assets according to the following measurement categories:
i.
Amortized cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortized cost.
ii.
Fair value through other comprehensive loss (\u201cFVOCI\u201d)
Assets that are held for both collection of contractual cash flows and future potential sale, where the
assets\u2019 cash flows represent solely payments of principal and interest, are measured at fair value
through other comprehensive loss.
iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through
profit or loss.
Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired
or have been transferred and the Company has transferred substantially all the risks and rewards of
ownership.
Impairment of financial assets
The Company assesses the expected credit losses associated with its financial assets carried at amortized
cost and FVOCI.
The impairment methodology applied depends on whether there has been a significant
increase in credit risk.
Financial liabilities
The Company classifies its financial liabilities according to the following measurement categories:
i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\ue001
It has been incurred principally for the purpose of repurchasing it in the near term; or
\ue001
On initial recognition it is part of a portfolio of identified financial instruments that the
Company may manage together and has a recent actual pattern of short-term profit-taking;
or
\ue001
It is a derivative, except for a derivative that is a financial guarantee contract or a designated
and effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon
initial recognition if:
\ue001
Such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise; or
\ue001
The financial liability forms part of a group of financial assets or liabilities or both, which is
managed and its performance is evaluated on a fair value basis; or
\ue001
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits
the entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the
credit risk of that liability is recognised in other comprehensive income.
The remaining amount of
change in the fair value of liability is recognised in the statement of income.
Changes in fair value
attributable to a financial liability\u2019s credit risk that are recognised in other comprehensive income are
not subsequently reclassified to the statement of income; instead, they are transferred to retained
earnings upon derecognition of the financial liability.
ii.
Amortized cost
Liabilities not measured at FVPL are measured subsequently at amortized cost using the effective
interest method.
Financial liabilities are derecognized when, and only when, the Company\u2019s obligations are discharged,
cancelled or have expired.
(e) Cash and cash equivalents
Cash and cash equivalents include cash on hand and deposits held with banks, which are readily convertible
into known amounts of cash or mature within 90 days from the original dates of acquisition.
(f)
Inventories
Ore stockpiles, in-circuit and finished metal inventory are valued at the lower of weighted average production
cost and net realizable value.
Production costs include the cost of raw materials, direct labour, mine-site
overhead expenses and applicable depreciation and depletion of mineral properties, plant and equipment.
Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long-term
metal prices less estimated future production costs to convert the inventories into saleable form and estimated
costs to sell.
Ore stockpile inventory represents ore on the surface that has been extracted from the mine and is available
for further processing.
In-circuit inventory represents material in the mill circuit that is in the process of being
converted into a saleable form.
Finished metal inventory represents dor\u00e9 and concentrate located at the mine,
in transit to and at port, and dor\u00e9 at refineries.
Materials and supplies inventories are valued at the lower of weighted average cost and net realizable value
with a provision recorded for obsolete or slow-moving inventory.
Replacement costs of materials and spare
parts are generally used as the best estimate of net realizable value.
Any write-downs of inventory to net realizable value are recorded within cost of sales in the statement of
income.
If there is a subsequent increase in the value of inventory, the previous write-downs to net realizable
value are reversed up to cost to the extent that the related inventory has not been sold.
(g)
Property, plant and equipment
Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses.
The
cost of an asset consists of its purchase price, any directly attributable costs of bringing the asset to its present
working condition and location for its intended use and an initial estimate of the costs of dismantling and
removing the item and restoring the site on which it is located.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
Company and the cost of the item can be measured reliably.
Depreciation of a majority of asset classes is calculated using the straight-line method to allocate its cost less
its residual value over its estimated useful life.
Mine and plant facilities are depleted using a unit of production
method over the total recoverable reserves.
The estimated useful lives of property, plant and equipment are
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Buildings
20 years
Machinery and equipment
5 to 10 years
Vehicles
5 years
Furniture and office equipment
3 to 10 years
Mine and plant facilities
based on total recoverable reserves on a unit of production basis
\n
Depreciation methods and estimated useful lives and residual values are reviewed annually and when facts
and circumstances require a re-estimate.
The Company reviews the estimated total recoverable reserves annually and when events and circumstances
indicate that such a review should be made.
Changes to estimated total recoverable reserves are accounted
for prospectively.
Expenditures on major maintenance or repairs, including the cost of the replacement of parts of assets and
overhaul costs or where an asset or part of an asset is replaced, the expenditure is capitalized and the
remaining carrying amount of the item repaired, overhauled or replaced is derecognized when it is probable
that future economic benefits associated with the item will be available to the Company.
All other costs are
expensed as incurred.
An item of plant and equipment is derecognized upon disposal or when no future economic benefits are
expected to arise from the continued use of the asset.
Any related gain or loss is determined as the difference
between the net disposal proceeds or residual value, as applicable, and the carrying amount of the asset, and
is recognized in the statement of income.
(h)
Exploration and evaluation (\u201cE&E\u201d) expenditures and mineral properties
Exploration and evaluation expenditures are those costs required to find a mineral property and determine
commercial viability.
E&E costs include costs to establish an initial mineral resource and determine whether
Inferred mineral resources can be upgraded to Measured and Indicated mineral resources and whether
Measured and Indicated mineral resources can be converted to Proven and Probable reserves.
E&E costs consist of, but are not limited to:
\ue001
gathering exploration data through topographical and geological studies;
\ue001
exploratory drilling, trenching and sampling;
\ue001
determining the volume and grade of the resource;
\ue001
test work on geology, metallurgy, mining, geotechnical and environmental; and
\ue001
conducting engineering, marketing and financial studies.
Project costs in relation to these activities are expensed as incurred until such time that the project
demonstrates technical feasibility and commercial viability.
Technical feasibility and commercial viability
generally coincides with the establishment of Proven and Probable mineral reserves.
Upon demonstrating
technical feasibility and commercial viability, and subject to an impairment analysis, any such future costs,
including costs incurred to increase Proven and Probable reserves, are capitalized as development costs
within mineral properties.
After initial recognition, mineral properties are valued at cost less accumulated depletion and any impairment
losses.
Costs associated with acquiring a mineral property are capitalized as incurred.
Upon commencement
of commercial production, mineral properties are depleted based on total recoverable reserves on a unit of
production basis.
The Company reviews the estimated total recoverable reserves annually and when events and circumstances
indicate that such a review should be made.
Changes to estimated total recoverable reserves are accounted
for prospectively.
(i)
Impairment of non-financial assets
Assets that are subject to amortization are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recorded
immediately if the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the
higher of an asset\u2019s fair value less costs to sell and value in use.
For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating
units).
Fair value is the price that would be received from selling an asset or cash generating unit in an orderly
transaction between market participants at the measurement date.
Costs to sell are incremental costs directly
attributable to the disposal of an asset or cash generating unit.
Fair value less costs to sell is measured by
estimating future after tax cash flows using estimated future prices, mineral reserves and resources and
operating and capital costs.
All inputs used are those that an independent market participant would consider
appropriate.
Value in use is determined as the present value of the future cash flows expected to be derived from continuing
use of an asset or cash generating unit in its present form.
These 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 or cash generating unit for which estimates of future cash flows
have not been adjusted.
Non-financial assets that have been impaired in prior periods are reviewed for possible reversal of the
impairment at each reporting date.
When identified, a reversal of an impairment loss is recognized in the
statement of income immediately.
(j)
Provisions
Asset retirement obligations
The Company recognizes a liability for an asset retirement obligation on long-lived assets when a present
legal or constructive obligation exists, as a result of past events, and the amount of the liability is reasonably
determinable.
Asset retirement obligations are initially recognized and recorded as a liability based on
estimated future cash flows discounted at a risk-free rate.
This is adjusted at each reporting period for changes
to factors including the expected amount of cash flows required to discharge the liability, the timing of such
cash flows and the risk-free discount rate.
Corresponding amounts and adjustments are added to the carrying
value of the related long-lived asset and depleted to operations over the life of the related asset.
(k)
Current and deferred income tax
Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other
comprehensive income or directly in equity.
In this case the tax is also recognized in other comprehensive
income or directly in equity, respectively.
i.
Current tax
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted on the statement of financial position date in the countries where the Company\u2019s subsidiaries
operate and generate taxable income.
Management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax regulation is subject to interpretation.
It
establishes provisions where appropriate on the basis of amounts expected to be paid to the tax
authorities.
ii.
Deferred tax
Deferred income tax is recognized on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated financial statements.
However, the
deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction affects neither
accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws)
that have been enacted or substantively enacted by the statement of financial position date and are
expected to apply when the related deferred income tax asset is realized or the deferred income tax
liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries,
except where the timing of the reversal of the temporary difference is controlled by the Company and
it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income taxes assets and
liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or
different taxable entities where there is an intention to settle the balances on a net basis.
(l)
Share capital
Common shares are classified as equity.
Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the
proceeds.
(m) Stock-based compensation
The Company has a stock-based compensation plan, under which the entity receives services from
employees and non-employees as consideration for equity instruments (options and share units) of the
Company.
Stock options and share units granted to employees and non-employees are measured on the grant date.
The fair value of the employee and non-employee services received in exchange for the grant of the options
and share units are recognized as an expense.
The total amount to be expensed is determined by reference
to the fair value of the stock options and share units granted and the vesting periods.
The total expense is
recognized over the vesting period, which is the period over which all of the specified vesting conditions are
to be satisfied.
The cash subscribed for the shares issued when the options are exercised is credited to share capital, net of
any directly attributable transaction costs.
(n) Earnings per share
Basic earnings per share is computed by dividing the net income available to common shareholders by the
weighted average number of shares outstanding during the reporting period.
Diluted earnings per share is
computed similar to basic earnings per share except that the weighted average shares outstanding are
increased to include additional shares for the assumed exercise of stock options, if dilutive.
The number of
additional shares is calculated by assuming that outstanding stock options were exercised and that the
proceeds from such exercises were used to acquire common stock at the average market price during the
reporting periods.
(o) Comprehensive income
Comprehensive income is the change in the Company\u2019s net assets that results from transactions, events and
circumstances from sources other than the Company\u2019s shareholders and includes items that would not
normally be included in net profit such as derivative gains (losses) related to the Company\u2019s own credit risk
on designated financial liabilities measured at fair value through profit or loss.
The Company\u2019s comprehensive
income, components of other comprehensive income (loss) and cumulative translation adjustments are
presented in the consolidated statements of income and comprehensive income and the statements of
changes in equity.
(p) Revenue recognition
Revenues are presented based on the location where the sale originated and recognized when all of the
following criteria are met:
\ue001
Control has been transferred to the customer;
\ue001
Neither continuing managerial involvement to the degree usually associated with ownership, nor
effective control over the goods sold, has been retained;
\ue001
The amount of revenue can be reliably measured;
\ue001
It is probable that the economic benefits associated with the sale will flow to the Company; and
\ue001
The costs incurred or to be incurred in respect of the sale can be reliably measured.
These conditions are generally satisfied when title passes to the customer.
Dor\u00e9 sales
Revenues are recorded at the time of physical delivery, which is also the date that title of the gold and silver
passes to the customer.
The sales price is fixed on the date of sale based on the spot price.
Concentrate sales
Based on the terms of concentrate sales contracts with independent smelting companies, revenues are
recorded when the concentrate is loaded on vessels for shipment to the customers, which is also the date that
title passes to the customer.
Sales prices are provisionally set at that time based on the then market prices.
Subsequent determination of final gold prices can range from one to four months after shipment depending
on the customer. For sales that are provisionally priced at year end, an estimate of the adjustment to revenues
and trade receivables is calculated based on the expected month when the final gold price is forecast to be
determined and the related forward price of gold at the end of the reporting period.
(q) IFRS pronouncements
Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial
Instruments
In May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to respond to recent questions
arising in practice, and to include new requirements not only for financial institutions but also for corporate
entities.
These amendments:
\ue001
clarify the date of recognition and derecognition of some financial assets and liabilities, with a new
exception for some financial liabilities settled through an electronic cash transfer system;
\ue001
clarify and add further guidance for assessing whether a financial asset meets the solely payments
of principal and interest (SPPI) criterion;
\ue001
add new disclosures for certain instruments with contractual terms that can change cash flows (such
as some financial instruments with features linked to the achievement of environment, social and
governance targets); and
\ue001
update the disclosures for equity instruments designated at FVOCI.
The amendments are effective for annual periods beginning on or after January 1, 2026 with early application
permitted.
The Company is currently assessing the effect of these amendments on our financial statements.
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, Presentation and Disclosure of Financial Statements (IFRS 18), which
replaces IAS 1, Presentation of Financial Statements.
IFRS 18 introduces a specified structure for the income
statement by requiring income and expenses to be presented into the three defined categories of operating,
investing and financing, and by specifying certain defined totals and subtotals.
Where company-specific
measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations
around these measures, which are referred to as management-defined performance measures.
IFRS 18 also
provides additional guidance on principles of aggregation and disaggregation which apply to the primary
financial statements and the notes.
IFRS 18 will not affect the recognition and measurement of items in the
financial statements, nor will it affect which items are classified in other comprehensive income and how these
items are classified.
The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim
financial statements.
Retrospective application is required and early application is permitted.
The Company
is currently assessing the effect of this new standard on our financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "(a) Basis of consolidation
These consolidated financial statements incorporate the financial statements of the Company and the entities
controlled by the Company.
Control exists when the Company is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to affect those returns through its power over the
investee.
The financial information of subsidiaries is included in the consolidated financial statements from
the date that control commences until the date that control ceases.
All significant intercompany transactions
and balances have been eliminated.
Accounting policies of subsidiaries have been changed where necessary
to ensure consistency with the policies adopted by the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "(b) Foreign currency translation
Transactions and balances
In preparing the financial statements of the individual entities, transactions in currencies other than the entity\u2019s
functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the
transactions.
At each statement of financial position date, monetary assets and liabilities are translated using
the period end foreign exchange rate.
Non-monetary assets and liabilities are translated using the historical
rate on the date of the transaction.
All gains and losses on translation of these foreign currency transactions
are included in the statement of income.
Group companies
The functional currency of the significant subsidiary of the Company, Aurelian Ecuador S.A., and certain other
entities is U.S. dollars.
Other entities which have a functional currency different from the presentation
currency, including Lundin Gold Inc. whose functional currency is Canadian dollars (\u201cCAD\u201d), are translated
into the presentation currency as follows:
i.
Assets and liabilities for each statement of financial position presented are translated at the closing
rate at the date of that statement of financial position.
ii.
Income and expenses for each statement of income are translated at average exchange rates
(unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing
on the transaction dates, in which case income and expenses are translated at the rate on the dates
of the transactions).
iii.
All resulting exchange differences are recognized in other comprehensive loss as cumulative
translation adjustments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Group companies
The functional currency of the significant subsidiary of the Company, Aurelian Ecuador S.A., and certain other
entities is U.S. dollars.
Other entities which have a functional currency different from the presentation
currency, including Lundin Gold Inc. whose functional currency is Canadian dollars (\u201cCAD\u201d), are translated
into the presentation currency as follows:
i.
Assets and liabilities for each statement of financial position presented are translated at the closing
rate at the date of that statement of financial position.
ii.
Income and expenses for each statement of income are translated at average exchange rates
(unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing
on the transaction dates, in which case income and expenses are translated at the rate on the dates
of the transactions).
iii.
All resulting exchange differences are recognized in other comprehensive loss as cumulative
translation adjustments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "(c)
Critical accounting estimates and judgments
The preparation of consolidated financial statements requires management to make judgments, estimates
and assumptions that affect the application of policies and reported amounts of assets and liabilities, and
expenses.
The estimates and associated assumptions are based on historical experience and various other
factors that are believed to be reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are not readily apparent from other
sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting
estimates are recognized in the period in which the estimate is revised if the revision affects only that period
or in the period of the revision and further periods if the review affects both current and future periods.
Significant assumptions about the future and other sources of estimation uncertainty that management has
made at the end of the reporting period that have a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities in the event that the actual results differ from assumptions made,
relate to, but are not limited to, the following:
Mineral reserves and resources
\u2013 The Company estimates its mineral reserves and resources based on
information compiled and reviewed by qualified persons as defined in accordance with NI 43-101
requirements.
The estimation of mineral reserves and resources requires judgment to interpret geological
data and metallurgical testing, design of appropriate mining methods, recovery methods and establishment of
a life of mine production schedule.
The estimation of recoverable reserves is also based on assumptions
such as capital costs, operating costs and metal pricing.
New geological data or changes in the above
assumptions may change the economic viability of reserves and may, ultimately, result in the reserves being
revised.
Changes in the reserve or resource estimates may impact the fair value of financial instruments, the
valuation of property, plant and equipment and mineral properties, the depletion and depreciation of property,
plant and equipment and mineral properties, utilization of tax losses and decommissioning and site restoration
provisions.
Assessment of impairment indicators
\u2013 Management applies significant judgement in assessing whether
indicators of impairment exist for a cash generating unit which would necessitate impairment testing.
Internal
and external factors such as significant changes in the use of the asset, commodity prices, foreign exchange
rates, capital and production forecasts, mineral reserve and resource quantities, and discount rates are used
by management in determining whether there are any indicators.
As at December 31, 2024, management did
not identify any impairment indicators on the Company\u2019s mineral properties, property, plant, and equipment.
Deferred taxes
\u2013 Deferred tax provisions are calculated by the Company while the actual amounts of income
tax expense are not final until tax returns are filed and accepted by the relevant authorities.
Judgment is
required in assessing whether deferred tax assets and certain deferred tax liabilities are recognized on the
balance sheet, in interpreting applicable tax laws, and what tax rate is expected to be applied in the year when
the related temporary differences reverse.
Deferred tax liabilities arising from temporary differences are
recognized unless the reversal of the temporary differences is not expected to occur in the foreseeable future
and can be controlled.
Assumptions about the generation of future taxable profits and repatriation of retained
earnings depend on management\u2019s estimates of future production and sales volumes, gold prices, reserves
and resources, operating costs, decommissioning and restoration costs, capital expenditures, dividends and
other capital management transactions.
These estimates and judgments are subject to risk and uncertainty
and could result in an adjustment to the deferred tax provision and a corresponding credit or charge to profit.
Decommissioning and site restoration provisions
\u2013 The Company has obligations for site restoration and
decommissioning related to Fruta del Norte.
The future obligations for decommissioning and site restoration
activities are estimated by the Company using mine closure plans or other similar studies which outline the
requirements that will be carried out to meet the obligations.
The provision for decommissioning and site
restoration is remeasured at the end of each reporting period for changes in estimates or circumstances.
Changes in estimates or circumstances include changes in legal or regulatory requirements, increased
obligations arising from additional mining and exploration activities, changes to cost estimates, and changes
to inflation and discount rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Mineral reserves and resources
\u2013 The Company estimates its mineral reserves and resources based on
information compiled and reviewed by qualified persons as defined in accordance with NI 43-101
requirements.
The estimation of mineral reserves and resources requires judgment to interpret geological
data and metallurgical testing, design of appropriate mining methods, recovery methods and establishment of
a life of mine production schedule.
The estimation of recoverable reserves is also based on assumptions
such as capital costs, operating costs and metal pricing.
New geological data or changes in the above
assumptions may change the economic viability of reserves and may, ultimately, result in the reserves being
revised.
Changes in the reserve or resource estimates may impact the fair value of financial instruments, the
valuation of property, plant and equipment and mineral properties, the depletion and depreciation of property,
plant and equipment and mineral properties, utilization of tax losses and decommissioning and site restoration
provisions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Assessment of impairment indicators
\u2013 Management applies significant judgement in assessing whether
indicators of impairment exist for a cash generating unit which would necessitate impairment testing.
Internal
and external factors such as significant changes in the use of the asset, commodity prices, foreign exchange
rates, capital and production forecasts, mineral reserve and resource quantities, and discount rates are used
by management in determining whether there are any indicators.
As at December 31, 2024, management did
not identify any impairment indicators on the Company\u2019s mineral properties, property, plant, and equipment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Decommissioning and site restoration provisions
\u2013 The Company has obligations for site restoration and
decommissioning related to Fruta del Norte.
The future obligations for decommissioning and site restoration
activities are estimated by the Company using mine closure plans or other similar studies which outline the
requirements that will be carried out to meet the obligations.
The provision for decommissioning and site
restoration is remeasured at the end of each reporting period for changes in estimates or circumstances.
Changes in estimates or circumstances include changes in legal or regulatory requirements, increased
obligations arising from additional mining and exploration activities, changes to cost estimates, and changes
to inflation and discount rates.(j)
Provisions
Asset retirement obligations
The Company recognizes a liability for an asset retirement obligation on long-lived assets when a present
legal or constructive obligation exists, as a result of past events, and the amount of the liability is reasonably
determinable.
Asset retirement obligations are initially recognized and recorded as a liability based on
estimated future cash flows discounted at a risk-free rate.
This is adjusted at each reporting period for changes
to factors including the expected amount of cash flows required to discharge the liability, the timing of such
cash flows and the risk-free discount rate.
Corresponding amounts and adjustments are added to the carrying
value of the related long-lived asset and depleted to operations over the life of the related asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "(d) Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual
provisions of the instrument.
Financial assets and liabilities are initially measured at fair value.
Transaction costs that are directly
attributable to the acquisition or issue of financial assets and liabilities (other than financial assets and financial
liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities measured at fair value through profit or loss are recognized
immediately in the statement of income.
Financial assets
The Company classifies its financial assets according to the following measurement categories:
i.
Amortized cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortized cost.
ii.
Fair value through other comprehensive loss (\u201cFVOCI\u201d)
Assets that are held for both collection of contractual cash flows and future potential sale, where the
assets\u2019 cash flows represent solely payments of principal and interest, are measured at fair value
through other comprehensive loss.
iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through
profit or loss.
Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired
or have been transferred and the Company has transferred substantially all the risks and rewards of
ownership.
Impairment of financial assets
The Company assesses the expected credit losses associated with its financial assets carried at amortized
cost and FVOCI.
The impairment methodology applied depends on whether there has been a significant
increase in credit risk.
Financial liabilities
The Company classifies its financial liabilities according to the following measurement categories:
i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\ue001
It has been incurred principally for the purpose of repurchasing it in the near term; or
\ue001
On initial recognition it is part of a portfolio of identified financial instruments that the
Company may manage together and has a recent actual pattern of short-term profit-taking;
or
\ue001
It is a derivative, except for a derivative that is a financial guarantee contract or a designated
and effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon
initial recognition if:
\ue001
Such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise; or
\ue001
The financial liability forms part of a group of financial assets or liabilities or both, which is
managed and its performance is evaluated on a fair value basis; or
\ue001
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits
the entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the
credit risk of that liability is recognised in other comprehensive income.
The remaining amount of
change in the fair value of liability is recognised in the statement of income.
Changes in fair value
attributable to a financial liability\u2019s credit risk that are recognised in other comprehensive income are
not subsequently reclassified to the statement of income; instead, they are transferred to retained
earnings upon derecognition of the financial liability.
ii.
Amortized cost
Liabilities not measured at FVPL are measured subsequently at amortized cost using the effective
interest method.
Financial liabilities are derecognized when, and only when, the Company\u2019s obligations are discharged,
cancelled or have expired.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "(d) Financial instruments
Financial assets and liabilities are recognized when the Company becomes a party to the contractual
provisions of the instrument.
Financial assets and liabilities are initially measured at fair value.
Transaction costs that are directly
attributable to the acquisition or issue of financial assets and liabilities (other than financial assets and financial
liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities measured at fair value through profit or loss are recognized
immediately in the statement of income.
Financial assets
The Company classifies its financial assets according to the following measurement categories:
i.
Amortized cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortized cost.
ii.
Fair value through other comprehensive loss (\u201cFVOCI\u201d)
Assets that are held for both collection of contractual cash flows and future potential sale, where the
assets\u2019 cash flows represent solely payments of principal and interest, are measured at fair value
through other comprehensive loss.
iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through
profit or loss.
Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired
or have been transferred and the Company has transferred substantially all the risks and rewards of
ownership.
Impairment of financial assets
The Company assesses the expected credit losses associated with its financial assets carried at amortized
cost and FVOCI.
The impairment methodology applied depends on whether there has been a significant
increase in credit risk.
Financial liabilities
The Company classifies its financial liabilities according to the following measurement categories:
i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\ue001
It has been incurred principally for the purpose of repurchasing it in the near term; or
\ue001
On initial recognition it is part of a portfolio of identified financial instruments that the
Company may manage together and has a recent actual pattern of short-term profit-taking;
or
\ue001
It is a derivative, except for a derivative that is a financial guarantee contract or a designated
and effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon
initial recognition if:
\ue001
Such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise; or
\ue001
The financial liability forms part of a group of financial assets or liabilities or both, which is
managed and its performance is evaluated on a fair value basis; or
\ue001
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits
the entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the
credit risk of that liability is recognised in other comprehensive income.
The remaining amount of
change in the fair value of liability is recognised in the statement of income.
Changes in fair value
attributable to a financial liability\u2019s credit risk that are recognised in other comprehensive income are
not subsequently reclassified to the statement of income; instead, they are transferred to retained
earnings upon derecognition of the financial liability.
ii.
Amortized cost
Liabilities not measured at FVPL are measured subsequently at amortized cost using the effective
interest method.
Financial liabilities are derecognized when, and only when, the Company\u2019s obligations are discharged,
cancelled or have expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Financial assets and liabilities are initially measured at fair value.
Transaction costs that are directly
attributable to the acquisition or issue of financial assets and liabilities (other than financial assets and financial
liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities measured at fair value through profit or loss are recognized
immediately in the statement of income.
Financial assets
The Company classifies its financial assets according to the following measurement categories:
i.
Amortized cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortized cost.
ii.
Fair value through other comprehensive loss (\u201cFVOCI\u201d)
Assets that are held for both collection of contractual cash flows and future potential sale, where the
assets\u2019 cash flows represent solely payments of principal and interest, are measured at fair value
through other comprehensive loss.
iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through
profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "Financial assets
The Company classifies its financial assets according to the following measurement categories:
i.
Amortized cost
Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortized cost.
ii.
Fair value through other comprehensive loss (\u201cFVOCI\u201d)
Assets that are held for both collection of contractual cash flows and future potential sale, where the
assets\u2019 cash flows represent solely payments of principal and interest, are measured at fair value
through other comprehensive loss.
iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through
profit or loss.
Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired
or have been transferred and the Company has transferred substantially all the risks and rewards of
ownership.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "iii.
Fair value through profit or loss (\u201cFVPL\u201d)
Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through
profit or loss.i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\ue001
It has been incurred principally for the purpose of repurchasing it in the near term; or
\ue001
On initial recognition it is part of a portfolio of identified financial instruments that the
Company may manage together and has a recent actual pattern of short-term profit-taking;
or
\ue001
It is a derivative, except for a derivative that is a financial guarantee contract or a designated
and effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon
initial recognition if:
\ue001
Such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise; or
\ue001
The financial liability forms part of a group of financial assets or liabilities or both, which is
managed and its performance is evaluated on a fair value basis; or
\ue001
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits
the entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the
credit risk of that liability is recognised in other comprehensive income.
The remaining amount of
change in the fair value of liability is recognised in the statement of income.
Changes in fair value
attributable to a financial liability\u2019s credit risk that are recognised in other comprehensive income are
not subsequently reclassified to the statement of income; instead, they are transferred to retained
earnings upon derecognition of the financial liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired
or have been transferred and the Company has transferred substantially all the risks and rewards of
ownership.Financial liabilities are derecognized when, and only when, the Company\u2019s obligations are discharged, cancelled or have expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "Impairment of financial assets
The Company assesses the expected credit losses associated with its financial assets carried at amortized
cost and FVOCI.
The impairment methodology applied depends on whether there has been a significant
increase in credit risk.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "Financial liabilities
The Company classifies its financial liabilities according to the following measurement categories:
i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\ue001
It has been incurred principally for the purpose of repurchasing it in the near term; or
\ue001
On initial recognition it is part of a portfolio of identified financial instruments that the
Company may manage together and has a recent actual pattern of short-term profit-taking;
or
\ue001
It is a derivative, except for a derivative that is a financial guarantee contract or a designated
and effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon
initial recognition if:
\ue001
Such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise; or
\ue001
The financial liability forms part of a group of financial assets or liabilities or both, which is
managed and its performance is evaluated on a fair value basis; or
\ue001
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits
the entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the
credit risk of that liability is recognised in other comprehensive income.
The remaining amount of
change in the fair value of liability is recognised in the statement of income.
Changes in fair value
attributable to a financial liability\u2019s credit risk that are recognised in other comprehensive income are
not subsequently reclassified to the statement of income; instead, they are transferred to retained
earnings upon derecognition of the financial liability.
ii.
Amortized cost
Liabilities not measured at FVPL are measured subsequently at amortized cost using the effective
interest method.
Financial liabilities are derecognized when, and only when, the Company\u2019s obligations are discharged,
cancelled or have expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "i.
FVPL
Liabilities that are (i) held for trading or (ii) designated as FVPL, are measured at FVPL.
A financial liability is classified as held for trading if:
\ue001
It has been incurred principally for the purpose of repurchasing it in the near term; or
\ue001
On initial recognition it is part of a portfolio of identified financial instruments that the
Company may manage together and has a recent actual pattern of short-term profit-taking;
or
\ue001
It is a derivative, except for a derivative that is a financial guarantee contract or a designated
and effective hedging instrument.
A financial liability that is not a financial liability held for trading may be designated as FVPL upon
initial recognition if:
\ue001
Such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise; or
\ue001
The financial liability forms part of a group of financial assets or liabilities or both, which is
managed and its performance is evaluated on a fair value basis; or
\ue001
It forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits
the entire combined contract to be designated as FVPL.
The amount of change in the fair value of the financial liability that is attributable to changes in the
credit risk of that liability is recognised in other comprehensive income.
The remaining amount of
change in the fair value of liability is recognised in the statement of income.
Changes in fair value
attributable to a financial liability\u2019s credit risk that are recognised in other comprehensive income are
not subsequently reclassified to the statement of income; instead, they are transferred to retained
earnings upon derecognition of the financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "(e) Cash and cash equivalents
Cash and cash equivalents include cash on hand and deposits held with banks, which are readily convertible
into known amounts of cash or mature within 90 days from the original dates of acquisition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "(f)
Inventories
Ore stockpiles, in-circuit and finished metal inventory are valued at the lower of weighted average production
cost and net realizable value.
Production costs include the cost of raw materials, direct labour, mine-site
overhead expenses and applicable depreciation and depletion of mineral properties, plant and equipment.
Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long-term
metal prices less estimated future production costs to convert the inventories into saleable form and estimated
costs to sell.
Ore stockpile inventory represents ore on the surface that has been extracted from the mine and is available
for further processing.
In-circuit inventory represents material in the mill circuit that is in the process of being
converted into a saleable form.
Finished metal inventory represents dor\u00e9 and concentrate located at the mine,
in transit to and at port, and dor\u00e9 at refineries.
Materials and supplies inventories are valued at the lower of weighted average cost and net realizable value
with a provision recorded for obsolete or slow-moving inventory.
Replacement costs of materials and spare
parts are generally used as the best estimate of net realizable value.
Any write-downs of inventory to net realizable value are recorded within cost of sales in the statement of
income.
If there is a subsequent increase in the value of inventory, the previous write-downs to net realizable
value are reversed up to cost to the extent that the related inventory has not been sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "(g)
Property, plant and equipment
Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses.
The
cost of an asset consists of its purchase price, any directly attributable costs of bringing the asset to its present
working condition and location for its intended use and an initial estimate of the costs of dismantling and
removing the item and restoring the site on which it is located.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
Company and the cost of the item can be measured reliably.
Depreciation of a majority of asset classes is calculated using the straight-line method to allocate its cost less
its residual value over its estimated useful life.
Mine and plant facilities are depleted using a unit of production
method over the total recoverable reserves.
The estimated useful lives of property, plant and equipment are
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Buildings
20 years
Machinery and equipment
5 to 10 years
Vehicles
5 years
Furniture and office equipment
3 to 10 years
Mine and plant facilities
based on total recoverable reserves on a unit of production basis
\n
Depreciation methods and estimated useful lives and residual values are reviewed annually and when facts
and circumstances require a re-estimate.
The Company reviews the estimated total recoverable reserves annually and when events and circumstances
indicate that such a review should be made.
Changes to estimated total recoverable reserves are accounted
for prospectively.
Expenditures on major maintenance or repairs, including the cost of the replacement of parts of assets and
overhaul costs or where an asset or part of an asset is replaced, the expenditure is capitalized and the
remaining carrying amount of the item repaired, overhauled or replaced is derecognized when it is probable
that future economic benefits associated with the item will be available to the Company.
All other costs are
expensed as incurred.
An item of plant and equipment is derecognized upon disposal or when no future economic benefits are
expected to arise from the continued use of the asset.
Any related gain or loss is determined as the difference
between the net disposal proceeds or residual value, as applicable, and the carrying amount of the asset, and
is recognized in the statement of income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "Depreciation of a majority of asset classes is calculated using the straight-line method to allocate its cost less
its residual value over its estimated useful life.
Mine and plant facilities are depleted using a unit of production
method over the total recoverable reserves.
The estimated useful lives of property, plant and equipment are
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Buildings
20 years
Machinery and equipment
5 to 10 years
Vehicles
5 years
Furniture and office equipment
3 to 10 years
Mine and plant facilities
based on total recoverable reserves on a unit of production basis
\n
Depreciation methods and estimated useful lives and residual values are reviewed annually and when facts
and circumstances require a re-estimate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "(h)
Exploration and evaluation (\u201cE&E\u201d) expenditures and mineral properties
Exploration and evaluation expenditures are those costs required to find a mineral property and determine
commercial viability.
E&E costs include costs to establish an initial mineral resource and determine whether
Inferred mineral resources can be upgraded to Measured and Indicated mineral resources and whether
Measured and Indicated mineral resources can be converted to Proven and Probable reserves.
E&E costs consist of, but are not limited to:
\ue001
gathering exploration data through topographical and geological studies;
\ue001
exploratory drilling, trenching and sampling;
\ue001
determining the volume and grade of the resource;
\ue001
test work on geology, metallurgy, mining, geotechnical and environmental; and
\ue001
conducting engineering, marketing and financial studies.
Project costs in relation to these activities are expensed as incurred until such time that the project
demonstrates technical feasibility and commercial viability.
Technical feasibility and commercial viability
generally coincides with the establishment of Proven and Probable mineral reserves.
Upon demonstrating
technical feasibility and commercial viability, and subject to an impairment analysis, any such future costs,
including costs incurred to increase Proven and Probable reserves, are capitalized as development costs
within mineral properties.
After initial recognition, mineral properties are valued at cost less accumulated depletion and any impairment
losses.
Costs associated with acquiring a mineral property are capitalized as incurred.
Upon commencement
of commercial production, mineral properties are depleted based on total recoverable reserves on a unit of
production basis.
The Company reviews the estimated total recoverable reserves annually and when events and circumstances
indicate that such a review should be made.
Changes to estimated total recoverable reserves are accounted
for prospectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "(i)
Impairment of non-financial assets
Assets that are subject to amortization are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recorded
immediately if the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the
higher of an asset\u2019s fair value less costs to sell and value in use.
For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating
units).
Fair value is the price that would be received from selling an asset or cash generating unit in an orderly
transaction between market participants at the measurement date.
Costs to sell are incremental costs directly
attributable to the disposal of an asset or cash generating unit.
Fair value less costs to sell is measured by
estimating future after tax cash flows using estimated future prices, mineral reserves and resources and
operating and capital costs.
All inputs used are those that an independent market participant would consider
appropriate.
Value in use is determined as the present value of the future cash flows expected to be derived from continuing
use of an asset or cash generating unit in its present form.
These 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 or cash generating unit for which estimates of future cash flows
have not been adjusted.
Non-financial assets that have been impaired in prior periods are reviewed for possible reversal of the
impairment at each reporting date.
When identified, a reversal of an impairment loss is recognized in the
statement of income immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "(j)
Provisions
Asset retirement obligations
The Company recognizes a liability for an asset retirement obligation on long-lived assets when a present
legal or constructive obligation exists, as a result of past events, and the amount of the liability is reasonably
determinable.
Asset retirement obligations are initially recognized and recorded as a liability based on
estimated future cash flows discounted at a risk-free rate.
This is adjusted at each reporting period for changes
to factors including the expected amount of cash flows required to discharge the liability, the timing of such
cash flows and the risk-free discount rate.
Corresponding amounts and adjustments are added to the carrying
value of the related long-lived asset and depleted to operations over the life of the related asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "(k)
Current and deferred income tax
Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other
comprehensive income or directly in equity.
In this case the tax is also recognized in other comprehensive
income or directly in equity, respectively.
i.
Current tax
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted on the statement of financial position date in the countries where the Company\u2019s subsidiaries
operate and generate taxable income.
Management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax regulation is subject to interpretation.
It
establishes provisions where appropriate on the basis of amounts expected to be paid to the tax
authorities.
ii.
Deferred tax
Deferred income tax is recognized on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated financial statements.
However, the
deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction affects neither
accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws)
that have been enacted or substantively enacted by the statement of financial position date and are
expected to apply when the related deferred income tax asset is realized or the deferred income tax
liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries,
except where the timing of the reversal of the temporary difference is controlled by the Company and
it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income taxes assets and
liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or
different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "ii.
Deferred tax
Deferred income tax is recognized on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated financial statements.
However, the
deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction affects neither
accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws)
that have been enacted or substantively enacted by the statement of financial position date and are
expected to apply when the related deferred income tax asset is realized or the deferred income tax
liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries,
except where the timing of the reversal of the temporary difference is controlled by the Company and
it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income taxes assets and
liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or
different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "(l)
Share capital
Common shares are classified as equity.
Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the
proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "(m) Stock-based compensation
The Company has a stock-based compensation plan, under which the entity receives services from
employees and non-employees as consideration for equity instruments (options and share units) of the
Company.
Stock options and share units granted to employees and non-employees are measured on the grant date.
The fair value of the employee and non-employee services received in exchange for the grant of the options
and share units are recognized as an expense.
The total amount to be expensed is determined by reference
to the fair value of the stock options and share units granted and the vesting periods.
The total expense is
recognized over the vesting period, which is the period over which all of the specified vesting conditions are
to be satisfied.
The cash subscribed for the shares issued when the options are exercised is credited to share capital, net of
any directly attributable transaction costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "(n) Earnings per share
Basic earnings per share is computed by dividing the net income available to common shareholders by the
weighted average number of shares outstanding during the reporting period.
Diluted earnings per share is
computed similar to basic earnings per share except that the weighted average shares outstanding are
increased to include additional shares for the assumed exercise of stock options, if dilutive.
The number of
additional shares is calculated by assuming that outstanding stock options were exercised and that the
proceeds from such exercises were used to acquire common stock at the average market price during the
reporting periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "(p) Revenue recognition
Revenues are presented based on the location where the sale originated and recognized when all of the
following criteria are met:
\ue001
Control has been transferred to the customer;
\ue001
Neither continuing managerial involvement to the degree usually associated with ownership, nor
effective control over the goods sold, has been retained;
\ue001
The amount of revenue can be reliably measured;
\ue001
It is probable that the economic benefits associated with the sale will flow to the Company; and
\ue001
The costs incurred or to be incurred in respect of the sale can be reliably measured.
These conditions are generally satisfied when title passes to the customer.
Dor\u00e9 sales
Revenues are recorded at the time of physical delivery, which is also the date that title of the gold and silver
passes to the customer.
The sales price is fixed on the date of sale based on the spot price.
Concentrate sales
Based on the terms of concentrate sales contracts with independent smelting companies, revenues are
recorded when the concentrate is loaded on vessels for shipment to the customers, which is also the date that
title passes to the customer.
Sales prices are provisionally set at that time based on the then market prices.
Subsequent determination of final gold prices can range from one to four months after shipment depending
on the customer. For sales that are provisionally priced at year end, an estimate of the adjustment to revenues
and trade receivables is calculated based on the expected month when the final gold price is forecast to be
determined and the related forward price of gold at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "4.
Trade receivables and other current assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Trade receivables (a)
$
155,948
$
93,036
VAT recoverable (b)
58,028
23,409
Prepaid expenses and others (c)
19,579
47,011
\u00a0
$
233,555
$
163,456
\n
(a)
Trade receivables represent the value of concentrate and dor\u00e9 sold as at period end for which the funds
are not yet received.
Consistent with industry standards, concentrate sales generally have relatively long
payment terms and are not settled in full until two to five months after export.
Concentrate sales are first recorded based on provisional prices.
For sales that are provisionally priced as
at December 31, 2024, an adjustment is estimated and recorded using the forward gold price at year end
for the future month when the final gold price for each individual sale is expected to be determined.
This
adjustment resulted in an increase of $5.1 million in trade receivables as of December 31, 2024 (December
31, 2023 - $7.8 million).
(b)
Subject to submission of VAT claims and their acceptance by the applicable tax authorities, VAT paid in
Ecuador by the Company is being refunded or applied as a credit against taxes payable, based on the level
of export sales in any given month.
Therefore, a portion of the VAT recoverable has been reclassified as
current assets based on the Company\u2019s assessment of the estimated time for processing VAT claims during
the next twelve months.
(c)
As at December 31, 2023, prepaid expenses and other included $27.4 million of credit notes issued by the
tax authorities in Ecuador relating to approved VAT claims.
During the year ended December 31, 2024,
these credit notes were fully utilized to offset taxes payable including statutory tax withholdings from
payments to vendors and the newly instituted monthly income tax instalment payments in Ecuador.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "4.
Trade receivables and other current assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Trade receivables (a)
$
155,948
$
93,036
VAT recoverable (b)
58,028
23,409
Prepaid expenses and others (c)
19,579
47,011
\u00a0
$
233,555
$
163,456
\n
(a)
Trade receivables represent the value of concentrate and dor\u00e9 sold as at period end for which the funds
are not yet received.
Consistent with industry standards, concentrate sales generally have relatively long
payment terms and are not settled in full until two to five months after export.
Concentrate sales are first recorded based on provisional prices.
For sales that are provisionally priced as
at December 31, 2024, an adjustment is estimated and recorded using the forward gold price at year end
for the future month when the final gold price for each individual sale is expected to be determined.
This
adjustment resulted in an increase of $5.1 million in trade receivables as of December 31, 2024 (December
31, 2023 - $7.8 million).
(b)
Subject to submission of VAT claims and their acceptance by the applicable tax authorities, VAT paid in
Ecuador by the Company is being refunded or applied as a credit against taxes payable, based on the level
of export sales in any given month.
Therefore, a portion of the VAT recoverable has been reclassified as
current assets based on the Company\u2019s assessment of the estimated time for processing VAT claims during
the next twelve months.
(c)
As at December 31, 2023, prepaid expenses and other included $27.4 million of credit notes issued by the
tax authorities in Ecuador relating to approved VAT claims.
During the year ended December 31, 2024,
these credit notes were fully utilized to offset taxes payable including statutory tax withholdings from
payments to vendors and the newly instituted monthly income tax instalment payments in Ecuador.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Trade receivables (a)
$
155,948
$
93,036
VAT recoverable (b)
58,028
23,409
Prepaid expenses and others (c)
19,579
47,011
\u00a0
$
233,555
$
163,456
\n(b)
Subject to submission of VAT claims and their acceptance by the applicable tax authorities, VAT paid in
Ecuador by the Company is being refunded or applied as a credit against taxes payable, based on the level
of export sales in any given month.
Therefore, a portion of the VAT recoverable has been reclassified as
current assets based on the Company\u2019s assessment of the estimated time for processing VAT claims during
the next twelve months.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Trade receivables (a)
$
155,948
$
93,036
VAT recoverable (b)
58,028
23,409
Prepaid expenses and others (c)
19,579
47,011
\u00a0
$
233,555
$
163,456
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "5.
Inventories
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Ore stockpile
$
8,254
$
6,922
Gold in circuit
8,546
7,849
Dor\u00e9 and concentrate
18,687
17,868
Materials and supplies
52,723
56,767
\u00a0
$
88,210
$
89,406
\n
As at December 31, 2024, the Company maintained a provision of $4.0 million (December 31, 2023 - $7.0 million)
associated with obsolete or slow-moving materials & supplies inventory.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "6.
Property, plant and equipment
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Mine and
Machinery
\u00a0
Furniture
\u00a0
\u00a0
Construction-
plant
and
\u00a0
and office
\u00a0
Cost
in
-
progress
facilities
equipment
Vehicles
equipment
Total
Balance, January 1,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
20
23
$
-
$
947,124
$
54,913
$
24,594
$
3,418
$ 1,030,049
Additions
7,009
39,320
649
1,076
1,110
49,164
Disposals and other
-
-
(5,971)
(1,230)
(1,995)
(9,196)
Cumulative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
translation adjustment
-
297
-
-
10
307
Balance, December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31, 20
23
7,009
986,741
49,591
24,440
2,543
1,070,324
Additions
38,363
47,629
1,086
423
2,730
90,231
Disposals and other
-
-
(1,465)
(1,561)
-
(3,026)
Reclassifications
(6,128)
6,128
-
-
-
-
Cumulative translation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjustment
-
(1,057)
-
-
(12)
(1,069)
Balance, December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31
, 20
24
$
39,244
$ 1,039,441
$
49,212
$
23,302
$
5,261
$
1,156,460
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Accumulated
\u00a0
Mine and
Machinery
\u00a0
Furniture
\u00a0
depletion and
Construction-
plant
and
\u00a0
and office
\u00a0
depreciation
in
-
progress
facilities
equipment
Vehicles
equipment
Total
Balance, January 1,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2023
$
-
$
206,579
$
23,620
$
16,867
$
1,684
$
248,750
Depletion and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
depreciation
-
100,225
6,481
3,946
589
111,241
Disposals and other
\u00a0
-
(5,432)
(1,230)
(1,995)
(8,657)
Cumulative translation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjustment
-
92
-
-
2
94
Balance, December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31, 2023
-
306,896
24,669
19,583
280
351,428
Depletion and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
depreciation
-
102,883
6,530
1,884
831
112,128
Disposals and other
-
-
(866)
(1,561)
-
(2,427)
Cumulative translation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjustment
-
(371)
-
-
(1)
(372)
Balance, December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31, 202
4
$
-
$
409,408
$
30,333
$
19,906
$
1,110
$
460,757
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2023
$
7,009
$
679,845
$
24,922
$
4,857
$
2,263
$
718,896
As at December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
202
4
$
39,244
$
630,033
$
18,879
$
3,396
$
4,151
$
695,703
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Mine and
Machinery
\u00a0
Furniture
\u00a0
\u00a0
Construction-
plant
and
\u00a0
and office
\u00a0
Cost
in
-
progress
facilities
equipment
Vehicles
equipment
Total
Balance, January 1,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
20
23
$
-
$
947,124
$
54,913
$
24,594
$
3,418
$ 1,030,049
Additions
7,009
39,320
649
1,076
1,110
49,164
Disposals and other
-
-
(5,971)
(1,230)
(1,995)
(9,196)
Cumulative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
translation adjustment
-
297
-
-
10
307
Balance, December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31, 20
23
7,009
986,741
49,591
24,440
2,543
1,070,324
Additions
38,363
47,629
1,086
423
2,730
90,231
Disposals and other
-
-
(1,465)
(1,561)
-
(3,026)
Reclassifications
(6,128)
6,128
-
-
-
-
Cumulative translation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjustment
-
(1,057)
-
-
(12)
(1,069)
Balance, December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31
, 20
24
$
39,244
$ 1,039,441
$
49,212
$
23,302
$
5,261
$
1,156,460
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Accumulated
\u00a0
Mine and
Machinery
\u00a0
Furniture
\u00a0
depletion and
Construction-
plant
and
\u00a0
and office
\u00a0
depreciation
in
-
progress
facilities
equipment
Vehicles
equipment
Total
Balance, January 1,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2023
$
-
$
206,579
$
23,620
$
16,867
$
1,684
$
248,750
Depletion and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
depreciation
-
100,225
6,481
3,946
589
111,241
Disposals and other
\u00a0
-
(5,432)
(1,230)
(1,995)
(8,657)
Cumulative translation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjustment
-
92
-
-
2
94
Balance, December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31, 2023
-
306,896
24,669
19,583
280
351,428
Depletion and
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
depreciation
-
102,883
6,530
1,884
831
112,128
Disposals and other
-
-
(866)
(1,561)
-
(2,427)
Cumulative translation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
adjustment
-
(371)
-
-
(1)
(372)
Balance, December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31, 202
4
$
-
$
409,408
$
30,333
$
19,906
$
1,110
$
460,757
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
As at December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2023
$
7,009
$
679,845
$
24,922
$
4,857
$
2,263
$
718,896
As at December 31,
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
202
4
$
39,244
$
630,033
$
18,879
$
3,396
$
4,151
$
695,703
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "7.
Mineral properties
Cost
Fruta del Norte
Balance, January 1, 2023
$
183,507
Adjustments to restoration asset
1,004
Depletion
(24,483)
Balance, December 31, 2023
160,028
Adjustments to restoration asset
(1,677)
Depletion
(25,319)
Balance,
December 31, 202
4
$
133,032
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "8.
Accounts payable and accrued liabilities
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Accounts payable
$
18,261
$
16,750
Accrued liabilities
52,051
38,792
Accrued profit sharing to employees and royalties
39,635
19,282
\u00a0
$
109,947
$
74,824
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "8.
Accounts payable and accrued liabilities
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Accounts payable
$
18,261
$
16,750
Accrued liabilities
52,051
38,792
Accrued profit sharing to employees and royalties
39,635
19,282
\u00a0
$
109,947
$
74,824
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "9.
Long-term debt
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Stream loan credit facility
$
-
$
276,183
Offtake derivative liability
-
29,464
\u00a0
$
-
$
305,647
Less: current portion
\u00a0 \u00a0
Stream loan credit facility
-
59,568
Offtake derivative liability
-
4,148
Long-term portion
$
-
$
241,931
\n
The stream loan credit facility (the \u201cStream Facility\u201d) and the offtake derivative liability (the \u201cOfftake\u201d) were
accounted for as financial liabilities at fair value through profit or loss until the closing of their buy out on June 27,
2024 (the \u201cClosing Date\u201d).
The total buy out price of $330 million was comprised of the remaining unamortized
principal balance of $94.4 million and finance expense of $235.6 million.
The derivative adjustments in the
Company\u2019s 2024 consolidated statements of income and comprehensive income reflect the reversal of
accumulated derivative adjustments recorded on the Stream Facility since its inception in 2017.
Until the Closing Date, the Company made scheduled monthly payments under the Stream Facility totaling $35.8
million (2023 \u2013 $79.9 million) of which $6.7 million (2024 \u2013 $17.5 million) was paid on account of principal; $3.7
million (2023 \u2013 $8.3 million) for accrued interest; and the remaining $25.4 million (2024 \u2013 $54.1 million) as a
finance expense.
Following the buy out of the Stream Facility, the remaining balance of deferred transaction
costs were recognized within finance expense. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "10. Reclamation provision
The Company\u2019s reclamation provision relates to the rehabilitation of Fruta del Norte.
The reclamation provision
has been calculated based on total estimated rehabilitation costs and discounted back to its present value.
The
pre-tax discount rate and inflation rate are adjusted annually and reflect current market assessments.
At December 31, 2024, the Company applied a pre-tax discount rate of 9.7% (2023 \u2013 9.4%) and an inflation rate
of 1.3% (2023 \u2013 1.4%).
The estimated total future liability for reclamation and remediation costs on an
undiscounted basis and adjusted for an estimate of future inflation is approximately $30.7 million (2023 \u2013 $30.2
million).
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Balance, beginning of year
$
8,722
$
7,049
Change in discount rate, amount, and timing of cash flows
(1,677)
1,004
Accretion of liability component of obligations
821
669
Balance, end of year
$
7,866
$
8,722
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "11. Share capital
Authorized:
\ue001
Unlimited number of common shares without par value
\ue001
Unlimited number of preference shares without par value
During the year ended December 31, 2024, the Company issued 804,340 common shares to Newmont
Corporation (\u201cNewmont\u201d), indirectly through its subsidiary Newcrest Canada Inc. (\u201cNewcrest\u201d), at a weighted
average price of CAD$22.40 per share for total proceeds of $13.1 million.
During the year ended December 31,
2023, 800,840 common shares were issued to Newcrest at a weighted average price of CAD$16.37 per share for
total proceeds of $9.6 million.
These issuances were completed in accordance with anti-dilution rights granted
from an initial investment into the Company by Newcrest, which was subsequently acquired by Newmont.
Income per common share
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Net income
$
426,050
$
179,457
Basic weighted average number of common shares outstanding
239,312,029
237,026,367
Dilutive stock options
1,414,639
1,461,520
Dilutive share units
699,657
663,574
Diluted weighted average number of common shares outstanding
241,426,325
239,151,461
Income per common share:
\u00a0 \u00a0
Basic
$
1.78
$
0.76
Diluted
1.76
0.75
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "Income per common share
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Net income
$
426,050
$
179,457
Basic weighted average number of common shares outstanding
239,312,029
237,026,367
Dilutive stock options
1,414,639
1,461,520
Dilutive share units
699,657
663,574
Diluted weighted average number of common shares outstanding
241,426,325
239,151,461
Income per common share:
\u00a0 \u00a0
Basic
$
1.78
$
0.76
Diluted
1.76
0.75
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "12. Stock-based compensation
Under an omnibus incentive plan (the \u201cOmnibus Plan\u201d) that allows for the reservation of a maximum 6% of the
common shares issued and outstanding for issuance at any given time, the Company may grant stock options,
restricted share units and deferred share units (collectively, the \u201cAwards\u201d).
Subject to specific provisions under
the Omnibus Plan, the eligibility, vesting period, term, and number of Awards are granted at the discretion of the
Company\u2019s board of directors.
Recipients of share units granted and outstanding on a dividend record date are entitled to receive an award of
additional share units equal to the cash dividends declared and paid on the Company\u2019s common shares (\u201cDividend
Equivalent\u201d).
Dividend Equivalents are calculated in accordance with the Omnibus Plan based on the number of
share units held, the dividend per share and the weighted average trading price of the Company\u2019s shares on the
TSX for the five days preceding the date the dividend was paid.
These additional share units are subject to the
same terms and conditions as the underlying share units.
i. Stock options
Stock options granted and outstanding under the Omnibus Plan and a pre-existing stock option plan (the
\u201cOption Plan\u201d) have an expiry date of five years and vest over a period of three or four years from date of
grant.
No additional stock options can be granted under the Option Plan.
During the year ended December 31, 2024, 350,900 stock options were granted under the Omnibus Plan.
Stock options are exercisable into one common share of the Company at the price specified in the terms of
the option agreement.
A continuity summary of the stock options granted and outstanding under the Omnibus Plan and Option Plan
is presented below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year
ended
Year ended
\u00a0
December 31, 2024
December 31, 2023
\u00a0 \u00a0
Weighted
\u00a0
Weighted
\u00a0 \u00a0
average
\u00a0
average
\u00a0
Number of
exercise price
Number of
exercise price
\u00a0
stock options
(CAD)
stock options
(CAD)
Balance, beginning of period
3,594,969
$
10.18
4,237,923
$
8.35
Granted
350,900
16.07
530,600
14.13
Forfeited
(112,167)
16.02
(17,002)
10.00
Exercised
(1)
(1,454,753)
8.40
(1,156,552)
5.28
Balance outstanding, end of period
2,378,949
$
11.87
3,594,969
$
10.18
Balance exercisable, end of period
1,523,442
$
10.99
2,299,121
$
9.30
\n
(1)
The weighted average share price on the exercise date for the stock options exercised during the year ended December
31, 2024 was CAD$19.65 (2023 - CAD$16.11).
(2)
No stock options granted under the Option Plan were outstanding as at December 31, 2024 (2023 \u2013 801,300 stock
options).
The following table summarizes information concerning outstanding options at December 31, 2024:
\n\n \n
Outstanding options
Weighted average
Range of
Number of
remaining
Weighted average
exercise prices
options
contractual life
exercise price
(CAD)
outstanding
(years)
(CAD)
$
9.79 to 10.72
1,254,889
1.68
$
10.08
$
10.73 to 13.87
459,160
0.77
12.43
$
13.88 to 29.54
664,900
3.60
14.86
2,378,949
2.04
$
11.87
\n
The fair value based method of accounting was applied to stock options granted to employees, including
\n
directors, and non-employees on the date of grant using the Black-Scholes option pricing model with the
\n
following weighted-average assumptions:
\n\n \n
December 31, 2024
December 31, 2023
Risk-free interest rate
3.16%
3.17%
Expected stock price volatility
33.29%
38.43%
Expected life
3.7 years
5 years
Expected dividends (CAD)
$0.55
$0.26
Weighted-average fair value per option granted (CAD)
$3.77
$4.57
\n
The equity-settled share-based payment reserve includes the fair value of employee options as measured at
\n
grant date and amortized over the period during which the employees become unconditionally entitled to the
\n
options.
\n
During the year ended December 31, 2024, the Company recorded stock-based compensation expense of
\n
$1.2 million (2023 \u2013 $1.8 million) related to options.
ii.
Share units
\n
Under the Omnibus Plan, the Company has granted restricted share units and deferred share units to eligible
\n
employees and non-employee directors as presented below.
\n\n \n
Restricted share units with
performance criteria
Restricted share units
Settlement at
Settlement at
Unitholder\u2019s
Settlement at
Unitholder\u2019s
Settlement at
Deferred
Option
Board\u2019s Option
Option
Board\u2019s Option
share units
Balance at January 1, 2023
152,052
377,252
25,270
160,871
34,678
Granted
-
167,300
-
134,884
9,007
Granted \u2013 Dividend Equivalent
-
18,300
-
5,744
607
Forfeited
-
-
(5,752)
(24,652)
-
Settled
(152,052)
-
(19,518)
(101,646)
(30,825)
Balance at December 31, 2023
-
562,852
-
175,201
13,467
Granted
-
240,871
-
132,180
30,934
Granted \u2013 Dividend Equivalent
-
16,564
-
6,126
1,194
Forfeited
-
(56,876)
-
(15,823)
-
Settled
-
(266,949)
-
(122,704)
-
Balance at December 31, 2024
-
496,462
-
174,980
45,595
\n
Restricted share units with performance criteria (\u201cPSUs\u201d)
\n
During the year ended December 31, 2024, the Company granted 240,871 PSUs that are settled in shares.
\n
In addition, in connection with dividends paid during the year ended December 31, 2024, 16,564 PSUs were
\n
granted as Dividend Equivalents.
During the year ended December 31, 2023, the Company granted 167,300
\n
PSUs as well as 18,300 PSUs as Dividend Equivalents.
\n
All PSUs that are settled in cash or common shares, at the unitholder\u2019s option, were settled through a
\n
combination of payment of cash or issuance of shares during the year ended December 31, 2023.
PSUs that
\n
are settled in shares that vested during the year ended December 31, 2024 were settled in cash as determined
\n
by the Company\u2019s board of directors resulting in additional stock-based compensation of $1.6 million.
\n
PSUs are granted to eligible employees and vest three years from date of grant subject to continued
\n
employment and certain performance conditions being met.
The number of PSUs that vest are adjusted using
\n
a multiplier that is based on total shareholder return by the Company\u2019s shares over the three-year period
\n
relative to a peer group as defined by the Company\u2019s board of directors.
Each vested PSU entitles the
\n
recipient to a payment of one common share or cash at the discretion of the Company\u2019s board of directors.
\n
In accordance with the Omnibus Plan and subject to the continued discretion of the Company\u2019s board of
\n
directors, PSUs are expected to generally settle in cash in future periods.
As a result, outstanding PSUs have
\n
been reclassified as financial liabilities measured at fair value as at December 31, 2024.
Using Monte Carlo simulation, the fair value of PSUs was measured as at the December 31, 2024 and on the
\n
date of grant during the year ended December 31, 2023 with the following weighted-average assumptions:
\n\n \n
December 31,
December 31,
2024
2023
Risk-free interest rate
2.75%
4.22%
Average expected volatility of the Company
and its peer group
37.66%
45.64%
Expected life
1 year
3 years
Expected dividends (CAD)
$1.13
$0.26I
Weighted-average fair value per unit (CAD)
$32.09
$12.38
\n
The fair value of PSUs measured at grant date are being amortized over the period during which the
\n
employees become unconditionally entitled to the PSUs.
During the year ended December 31, 2024,
\n
excluding PSUs that were settled in cash, the Company recorded stock-based compensation expense of
\n
$10.1 million (2023 \u2013 $1.4 million) relating to PSUs.
\n
Restricted share units without performance criteria (\u201cRSUs\u201d)
\n
During the year ended December 31, 2024, the Company granted 132,180 RSUs that are settled in shares.
\n
In addition, in connection with dividends paid during year ended December 31, 2024, 6,126 RSUs were
\n
granted as Dividend Equivalents.
During the year ended December 31, 2023, the Company granted 134,884
\n
RSUs as well as 5,744 RSUs as Dividend Equivalents.
\n
All RSUs that are settled in cash or common shares, at the unitholder\u2019s option, were settled through a payment
\n
of cash during the year ended December 31, 2023.
RSUs that vested during the year ended December 31,
\n
2024 were settled through a combination of payment of cash or issuance of shares as determined by the
\n
Company\u2019s board of directors. This resulted in additional stock-based compensation of $0.2 million.
\n
RSUs are granted to eligible employees and vest one to three years from date of grant subject to continued
\n
employment.
Each vested RSU entitles the recipient to a payment of one common share or cash at the
\n
discretion of the Company\u2019s board of directors.
\n
In accordance with the Omnibus Plan and subject to the continued discretion of the Company\u2019s board of
\n
directors, RSUs issued to employees are expected to generally settle in cash in future periods.
As a result,
\n
these RSUs have been reclassified as financial liabilities measured at fair value as at December 31, 2024.
\n
The fair value of RSUs was measured using the 5-day volume weighted average share price as at December
\n
31, 2024 and using the Black-Scholes option pricing model on the date of grant during the year ended
\n
December 31, 2023 with the following weighted-average assumptions:
\n\n \n
December 31,
December 31,
2024
2023
Risk-free interest rate
2.91%
3.88%
Expected stock price volatility
41.60%
39.36%
Expected life
2 years
2 years
Expected dividends (CAD)
$1.13
$0.26
Weighted-average fair value per unit (CAD)
$31.09
$17.33
The fair value of RSUs measured at grant date are being amortized over the period during which the
employees become unconditionally entitled to the RSUs.
During the year ended December 31, 2024,
excluding RSUs that were settled in cash, the Company recorded stock-based compensation expense of $2.1
million (2023 \u2013 $1.1 million) relating to RSUs.
Deferred share units (\u201cDSUs\u201d)
During the year ended December 31, 2024 and year ended December 31, 2023, the Company granted 30,934
DSUs and 9,007 DSUs, respectively, to non-employee directors.
In addition, in connection with dividends
paid by the Company during the year ended December 31, 2024, 1,194 DSUs were granted as Dividend
Equivalents (2023 - 607 DSUs).
The DSUs do not vest until the end of service as a director of the Company.
Each vested DSU entitles the recipient to a payment in shares.
During the year ended December 31, 2024, the Company recorded stock-based compensation expense of
$0.5 million (2023 \u2013 $0.2 million) relating to DSUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "12. Stock-based compensation
Under an omnibus incentive plan (the \u201cOmnibus Plan\u201d) that allows for the reservation of a maximum 6% of the
common shares issued and outstanding for issuance at any given time, the Company may grant stock options,
restricted share units and deferred share units (collectively, the \u201cAwards\u201d).
Subject to specific provisions under
the Omnibus Plan, the eligibility, vesting period, term, and number of Awards are granted at the discretion of the
Company\u2019s board of directors.
Recipients of share units granted and outstanding on a dividend record date are entitled to receive an award of
additional share units equal to the cash dividends declared and paid on the Company\u2019s common shares (\u201cDividend
Equivalent\u201d).
Dividend Equivalents are calculated in accordance with the Omnibus Plan based on the number of
share units held, the dividend per share and the weighted average trading price of the Company\u2019s shares on the
TSX for the five days preceding the date the dividend was paid.
These additional share units are subject to the
same terms and conditions as the underlying share units.
i. Stock options
Stock options granted and outstanding under the Omnibus Plan and a pre-existing stock option plan (the
\u201cOption Plan\u201d) have an expiry date of five years and vest over a period of three or four years from date of
grant.
No additional stock options can be granted under the Option Plan.
During the year ended December 31, 2024, 350,900 stock options were granted under the Omnibus Plan.
Stock options are exercisable into one common share of the Company at the price specified in the terms of
the option agreement.
A continuity summary of the stock options granted and outstanding under the Omnibus Plan and Option Plan
is presented below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year
ended
Year ended
\u00a0
December 31, 2024
December 31, 2023
\u00a0 \u00a0
Weighted
\u00a0
Weighted
\u00a0 \u00a0
average
\u00a0
average
\u00a0
Number of
exercise price
Number of
exercise price
\u00a0
stock options
(CAD)
stock options
(CAD)
Balance, beginning of period
3,594,969
$
10.18
4,237,923
$
8.35
Granted
350,900
16.07
530,600
14.13
Forfeited
(112,167)
16.02
(17,002)
10.00
Exercised
(1)
(1,454,753)
8.40
(1,156,552)
5.28
Balance outstanding, end of period
2,378,949
$
11.87
3,594,969
$
10.18
Balance exercisable, end of period
1,523,442
$
10.99
2,299,121
$
9.30
\n
(1)
The weighted average share price on the exercise date for the stock options exercised during the year ended December
31, 2024 was CAD$19.65 (2023 - CAD$16.11).
(2)
No stock options granted under the Option Plan were outstanding as at December 31, 2024 (2023 \u2013 801,300 stock
options).
\n\n\n\n\n\n
The following table summarizes information concerning outstanding options at December 31, 2024:
\n\n \n
Outstanding options
Weighted average
Range of
Number of
remaining
Weighted average
exercise prices
options
contractual life
exercise price
(CAD)
outstanding
(years)
(CAD)
$
9.79 to 10.72
1,254,889
1.68
$
10.08
$
10.73 to 13.87
459,160
0.77
12.43
$
13.88 to 29.54
664,900
3.60
14.86
2,378,949
2.04
$
11.87
\n
The fair value based method of accounting was applied to stock options granted to employees, including
\n
directors, and non-employees on the date of grant using the Black-Scholes option pricing model with the
\n
following weighted-average assumptions:
\n\n \n
December 31, 2024
December 31, 2023
Risk-free interest rate
3.16%
3.17%
Expected stock price volatility
33.29%
38.43%
Expected life
3.7 years
5 years
Expected dividends (CAD)
$0.55
$0.26
Weighted-average fair value per option granted (CAD)
$3.77
$4.57
\n
The equity-settled share-based payment reserve includes the fair value of employee options as measured at
\n
grant date and amortized over the period during which the employees become unconditionally entitled to the
\n
options.
\n
During the year ended December 31, 2024, the Company recorded stock-based compensation expense of
\n
$1.2 million (2023 \u2013 $1.8 million) related to options.
\n\n\n\n\n\n
ii.
Share units
\n
Under the Omnibus Plan, the Company has granted restricted share units and deferred share units to eligible
\n
employees and non-employee directors as presented below.
\n\n \n
Restricted share units with
performance criteria
Restricted share units
Settlement at
Settlement at
Unitholder\u2019s
Settlement at
Unitholder\u2019s
Settlement at
Deferred
Option
Board\u2019s Option
Option
Board\u2019s Option
share units
Balance at January 1, 2023
152,052
377,252
25,270
160,871
34,678
Granted
-
167,300
-
134,884
9,007
Granted \u2013 Dividend Equivalent
-
18,300
-
5,744
607
Forfeited
-
-
(5,752)
(24,652)
-
Settled
(152,052)
-
(19,518)
(101,646)
(30,825)
Balance at December 31, 2023
-
562,852
-
175,201
13,467
Granted
-
240,871
-
132,180
30,934
Granted \u2013 Dividend Equivalent
-
16,564
-
6,126
1,194
Forfeited
-
(56,876)
-
(15,823)
-
Settled
-
(266,949)
-
(122,704)
-
Balance at December 31, 2024
-
496,462
-
174,980
45,595
\n
Restricted share units with performance criteria (\u201cPSUs\u201d)
\n
During the year ended December 31, 2024, the Company granted 240,871 PSUs that are settled in shares.
\n
In addition, in connection with dividends paid during the year ended December 31, 2024, 16,564 PSUs were
\n
granted as Dividend Equivalents.
During the year ended December 31, 2023, the Company granted 167,300
\n
PSUs as well as 18,300 PSUs as Dividend Equivalents.
\n
All PSUs that are settled in cash or common shares, at the unitholder\u2019s option, were settled through a
\n
combination of payment of cash or issuance of shares during the year ended December 31, 2023.
PSUs that
\n
are settled in shares that vested during the year ended December 31, 2024 were settled in cash as determined
\n
by the Company\u2019s board of directors resulting in additional stock-based compensation of $1.6 million.
\n
PSUs are granted to eligible employees and vest three years from date of grant subject to continued
\n
employment and certain performance conditions being met.
The number of PSUs that vest are adjusted using
\n
a multiplier that is based on total shareholder return by the Company\u2019s shares over the three-year period
\n
relative to a peer group as defined by the Company\u2019s board of directors.
Each vested PSU entitles the
\n
recipient to a payment of one common share or cash at the discretion of the Company\u2019s board of directors.
\n
In accordance with the Omnibus Plan and subject to the continued discretion of the Company\u2019s board of
\n
directors, PSUs are expected to generally settle in cash in future periods.
As a result, outstanding PSUs have
\n
been reclassified as financial liabilities measured at fair value as at December 31, 2024.
\n\n\n\n\n\n
Using Monte Carlo simulation, the fair value of PSUs was measured as at the December 31, 2024 and on the
\n
date of grant during the year ended December 31, 2023 with the following weighted-average assumptions:
\n\n \n
December 31,
December 31,
2024
2023
Risk-free interest rate
2.75%
4.22%
Average expected volatility of the Company
and its peer group
37.66%
45.64%
Expected life
1 year
3 years
Expected dividends (CAD)
$1.13
$0.26I
Weighted-average fair value per unit (CAD)
$32.09
$12.38
\n
The fair value of PSUs measured at grant date are being amortized over the period during which the
\n
employees become unconditionally entitled to the PSUs.
During the year ended December 31, 2024,
\n
excluding PSUs that were settled in cash, the Company recorded stock-based compensation expense of
\n
$10.1 million (2023 \u2013 $1.4 million) relating to PSUs.
\n
Restricted share units without performance criteria (\u201cRSUs\u201d)
\n
During the year ended December 31, 2024, the Company granted 132,180 RSUs that are settled in shares.
\n
In addition, in connection with dividends paid during year ended December 31, 2024, 6,126 RSUs were
\n
granted as Dividend Equivalents.
During the year ended December 31, 2023, the Company granted 134,884
\n
RSUs as well as 5,744 RSUs as Dividend Equivalents.
\n
All RSUs that are settled in cash or common shares, at the unitholder\u2019s option, were settled through a payment
\n
of cash during the year ended December 31, 2023.
RSUs that vested during the year ended December 31,
\n
2024 were settled through a combination of payment of cash or issuance of shares as determined by the
\n
Company\u2019s board of directors. This resulted in additional stock-based compensation of $0.2 million.
\n
RSUs are granted to eligible employees and vest one to three years from date of grant subject to continued
\n
employment.
Each vested RSU entitles the recipient to a payment of one common share or cash at the
\n
discretion of the Company\u2019s board of directors.
\n
In accordance with the Omnibus Plan and subject to the continued discretion of the Company\u2019s board of
\n
directors, RSUs issued to employees are expected to generally settle in cash in future periods.
As a result,
\n
these RSUs have been reclassified as financial liabilities measured at fair value as at December 31, 2024.
\n
The fair value of RSUs was measured using the 5-day volume weighted average share price as at December
\n
31, 2024 and using the Black-Scholes option pricing model on the date of grant during the year ended
\n
December 31, 2023 with the following weighted-average assumptions:
\n\n \n
December 31,
December 31,
2024
2023
Risk-free interest rate
2.91%
3.88%
Expected stock price volatility
41.60%
39.36%
Expected life
2 years
2 years
Expected dividends (CAD)
$1.13
$0.26
Weighted-average fair value per unit (CAD)
$31.09
$17.33
The fair value of RSUs measured at grant date are being amortized over the period during which the
employees become unconditionally entitled to the RSUs.
During the year ended December 31, 2024,
excluding RSUs that were settled in cash, the Company recorded stock-based compensation expense of $2.1
million (2023 \u2013 $1.1 million) relating to RSUs.
Deferred share units (\u201cDSUs\u201d)
During the year ended December 31, 2024 and year ended December 31, 2023, the Company granted 30,934
DSUs and 9,007 DSUs, respectively, to non-employee directors.
In addition, in connection with dividends
paid by the Company during the year ended December 31, 2024, 1,194 DSUs were granted as Dividend
Equivalents (2023 - 607 DSUs).
The DSUs do not vest until the end of service as a director of the Company.
Each vested DSU entitles the recipient to a payment in shares.
During the year ended December 31, 2024, the Company recorded stock-based compensation expense of
$0.5 million (2023 \u2013 $0.2 million) relating to DSUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "13. Revenues
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Dor\u00e9 sales
(1)
$
423,550
$
324,792
Concentrate sales
772,200
576,026
Gain (loss) on provisionally priced trade
(2,700)
1,700
receivables
\u00a0 \u00a0
\u00a0
$
1,193,050
$
902,518
\n
(1)
During the year ended December 31, 2024, $177.9 million (2023 - $324.8 million) of dor\u00e9 sales were sold under the Offtake
to Newmont until the Closing Date of the Stream Facility and Offtake buy out.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "14. Operating expenses
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Direct production costs
$
244,373
$
242,412
Transportation
21,372
25,617
Direct sales costs, including employee portion of profit sharing
19,408
9,571
Change in inventories
(1,626)
1,201
\u00a0
$
283,527
$
278,802
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "15. Exploration \n \n
December 31,
December 31,
2024
2023
Catering and camp expenses
$
2,891
$
842
Concessions and land
699
492
Development
1,954
-
Drilling
17,667
11,336
Environmental
1,477
1,116
Geophysics
2,006
159
Salaries and benefits
6,204
4,667
Sampling and supplies
7,027
4,146
Others
1,243
962
$
41,168
$
23,720
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "16. Administration \n \n
December 31,
December 31,
2024
2023
Corporate social responsibility
$
2,119
$
2,260
Investor relations
285
386
Office and general
3,896
3,243
Professional fees
2,284
2,130
Regulatory and transfer agent
469
433
Salaries and benefits
6,739
7,409
Special government levy (a)
1,913
-
Stock-based compensation
15,734
4,468
Travel
1,092
703
$
34,531
$
21,032
\n
(a)
In March 2024, the Government of Ecuador introduced a special one-time temporary security contribution to
\n
strengthen security amid rising violence in the country. Half of this contribution was paid during 2024 while the
\nother half will be paid in 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "17. Finance expense \n \n
December 31,
December 31,
2024
2023
Interest expense
$
3,693
$
17,746
Finance charge
25,415
54,097
Finance expense on buy out of stream and offtake (Note 9)
235,575
-
Other finance costs
-
2,429
Accretion of transaction costs
1,859
10,997
$
266,542
$
85,269
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "\n \n
December 31,
December 31,
2024
2023
Interest expense
$
3,693
$
17,746
Finance charge
25,415
54,097
Finance expense on buy out of stream and offtake (Note 9)
235,575
-
Other finance costs
-
2,429
Accretion of transaction costs
1,859
10,997
$
266,542
$
85,269
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "18. Related party transactions
i. Key management compensation
Key management includes executive officers and directors of the Company.
The compensation paid or
payable to key management for employee services, including amounts paid to certain executive officers
following the end of their employment, during the year ended December 31 is shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Salaries, bonuses and benefits
$
5,226
$
6,611
Stock-based compensation
4,076
3,471
\u00a0
$
9,302
$
10,082
\n
ii.
Other related party transactions
During the year ended December 31, 2024, the Company incurred $1.3 million (2023 \u2013 $1.0 million), primarily
relating to office rental, renovation costs, and related services provided by a company associated with a
director of the Company.
In addition, the Company entered into transactions with its largest shareholder,
Newmont, during the year ended December 31, 2024 as disclosed in Note 9, Note 11, and Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "i. Key management compensation
Key management includes executive officers and directors of the Company.
The compensation paid or
payable to key management for employee services, including amounts paid to certain executive officers
following the end of their employment, during the year ended December 31 is shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Salaries, bonuses and benefits
$
5,226
$
6,611
Stock-based compensation
4,076
3,471
\u00a0
$
9,302
$
10,082
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "19. Income taxes
(a) Income tax expense
Current income tax expense is generated from net income for tax purposes in Ecuador relating to operations
at Fruta del Norte.
In addition to corporate income taxes in Ecuador which are levied at a rate of 22% and
dividend withholding taxes levied at a rate of 5% related to the anticipated portion of net income distributed
from Ecuador, included in current income tax expense is the portion of profit sharing payable to the
Government of Ecuador which is calculated at a rate of 12% of net income for tax purposes. The employee
portion of profit sharing, calculated at a rate of 3% of net income for tax purposes, is considered an
employment benefit and included in operating costs.
The rates used in Ecuador differ from the amount that would result from applying the Canadian federal and
provincial income tax rates to net income before tax.
These differences result from the following items:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
\u00a0
2024
2023
Net income before tax
$
634,117
$
285,038
Canadian federal and provincial income tax rates
27.00%
27.00%
Expected income tax expense based on the above rates
171,212
76,960
Increase (decrease) due to:
\u00a0 \u00a0
Differences in foreign tax rates
(4,731)
12,954
Non-deductible costs
7,130
5,889
Losses and temporary differences for which an income tax asset has
\u00a0 \u00a0
not been recognized
3,951
4,087
Non-taxable portion of capital gains
(1,176)
(235)
Withholding taxes (current and deferred)
31,681
5,926
Income tax expense
$
208,067
$
105,581
(b) Deferred income taxes
Deferred tax liabilities have been recognized on the statement of financial position as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
\u00a0
2024
2023
Inventories
$
3,697
$
2,383
Mineral properties and property, plant and equipment
137,070
115,599
Long-term debt
(65,018)
(45,408)
Trade receivables and other current assets
(10,475)
(3,209)
Accounts payable and accrued liabilities
(2,430)
(3,143)
Other
21,500
8,500
\u00a0
$
84,344
$
74,722
\n
Deductible temporary differences for which no deferred taxes assets have been recognized are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
\u00a0
2024
2023
Non-capital losses - Canada
$
24,205
$
28,864
Net-capital losses - Canada
5,192
7,910
Mineral properties and property, plant and equipment
66,866
55,617
Share issuance costs
-
207
Other
13,045
8,722
\u00a0
$
109,308
$
101,320
\n
As at December 31, 2024, the Company has the following tax losses which may be used to reduce future
taxable income:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year of
e
xpiry
Canada
2025
$
-
2026
-
2027
-
2028
-
2029 and onwards
24,205
Total
$
24,205
\n
(c) OECD Pillar Two
Effective January 1, 2025, the Company will be within the scope of OECD Pillar Two model rules.
Pillar Two
legislation was enacted in Canada effective January 1, 2024 and Singapore effective January 1, 2025.
Under
the legislation, the Company is liable to pay a top-up tax for the difference between the GloBE effective tax
rate for each jurisdiction and the 15% minimum rate.
The Company expects its effective tax rate in all
jurisdictions to exceed 15% and therefore, does not expect any material impact from exposure to Pillar Two
legislation.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
\u00a0
2024
2023
Net income before tax
$
634,117
$
285,038
Canadian federal and provincial income tax rates
27.00%
27.00%
Expected income tax expense based on the above rates
171,212
76,960
Increase (decrease) due to:
\u00a0 \u00a0
Differences in foreign tax rates
(4,731)
12,954
Non-deductible costs
7,130
5,889
Losses and temporary differences for which an income tax asset has
\u00a0 \u00a0
not been recognized
3,951
4,087
Non-taxable portion of capital gains
(1,176)
(235)
Withholding taxes (current and deferred)
31,681
5,926
Income tax expense
$
208,067
$
105,581
(b) Deferred income taxes
Deferred tax liabilities have been recognized on the statement of financial position as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
\u00a0
2024
2023
Inventories
$
3,697
$
2,383
Mineral properties and property, plant and equipment
137,070
115,599
Long-term debt
(65,018)
(45,408)
Trade receivables and other current assets
(10,475)
(3,209)
Accounts payable and accrued liabilities
(2,430)
(3,143)
Other
21,500
8,500
\u00a0
$
84,344
$
74,722
\n
Deductible temporary differences for which no deferred taxes assets have been recognized are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
\u00a0
2024
2023
Non-capital losses - Canada
$
24,205
$
28,864
Net-capital losses - Canada
5,192
7,910
Mineral properties and property, plant and equipment
66,866
55,617
Share issuance costs
-
207
Other
13,045
8,722
\u00a0
$
109,308
$
101,320
\n
As at December 31, 2024, the Company has the following tax losses which may be used to reduce future
taxable income:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year of
e
xpiry
Canada
2025
$
-
2026
-
2027
-
2028
-
2029 and onwards
24,205
Total
$
24,205
\n
(c) OECD Pillar Two
Effective January 1, 2025, the Company will be within the scope of OECD Pillar Two model rules.
Pillar Two
legislation was enacted in Canada effective January 1, 2024 and Singapore effective January 1, 2025.
Under
the legislation, the Company is liable to pay a top-up tax for the difference between the GloBE effective tax
rate for each jurisdiction and the 15% minimum rate.
The Company expects its effective tax rate in all
jurisdictions to exceed 15% and therefore, does not expect any material impact from exposure to Pillar Two
legislation.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "20. Supplemental cash information
Cash and cash equivalents are comprised of the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Cash
$
224,783
$
70,670
Short-term investments
124,417
197,355
\u00a0
$
349,200
$
268,025
\n
Other supplemental cash information:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
December 31,
December 31,
\u00a0
2024
2023
Income taxes paid
(1)
$
136,913
$
53,026
Change in accounts payable and accrued
\u00a0 \u00a0
liabilities related to:
\u00a0 \u00a0
Acquisition of property, plant and equipment
7,833
929
\n
(1)
Effective January 1, 2024, the Company is subject to monthly income tax instalment payments in Ecuador using
a rate published by the tax authorities in Ecuador based on the previous year\u2019s tax return.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "21. Segmented information
Operating segments are components of an entity that engage in business activities from which they incur expenses
and whose operating results are regularly reviewed by a chief operating decision maker to make resource
allocation decisions and to assess performance.
The Chief Executive Officer is responsible for allocating
resources and reviewing operating results of each operating segment on a periodic basis.
The Company\u2019s primary business activity is the Fruta del Norte operating mine in Ecuador where all revenues
originate.
Materially all of the Company\u2019s non-current assets and non-current liabilities relate to Fruta del Norte.
In addition, the Company conducts exploration activities and maintains a number of concessions in Ecuador
outside of Fruta del Norte.
The following are summaries of the Company\u2019s current and non-current assets, current and non-current liabilities,
and net income (loss):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fruta del
Exploration
Corporate
\u00a0
\u00a0
Norte
activities
and other
Total
As at December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0
Current assets
$
446,585
$
166
$
227,708
$
674,459
Non-current assets
852,348
78
596
853,022
Total assets
1,298,933
244
228,304
1,527,481
Current liabilities
204,667
1,478
9,370
215,515
Non-current liabilities
70,710
-
24,957
95,667
Total liabilities
275,377
1,478
34,327
311,182
For the year ended December 31, 2024
\u00a0 \u00a0 \u00a0 \u00a0
Revenues
1,193,050
-
-
1,193,050
Operating expenses
(283,527)
-
-
(283,527)
Royalty expenses
(69,158)
-
-
(69,158)
Depletion and depreciation
(136,979)
-
-
(136,979)
Income from mining operations
703,386
-
-
703,386
As at December 31, 2023
\u00a0 \u00a0 \u00a0 \u00a0
Current assets
$
477,929
$
941
$
55,017
$
533,887
Non-current assets
933,830
102
390
934,322
Total assets
1,411,759
1,043
55,407
1,468,209
Current liabilities
184,802
1,476
750
187,028
Non-current liabilities
316,875
-
8,500
325,375
Total liabilities
501,677
1,476
9,250
512,403
For the
year ended December 31, 2023
\u00a0 \u00a0 \u00a0 \u00a0
Revenues
902,518
-
-
902,518
Operating expenses
(278,802)
-
-
(278,802)
Royalty expenses
(51,934)
-
-
(51,934)
Depletion and depreciation
(136,602)
-
-
(136,602)
Income from mining operations
435,180
-
-
435,180
\n
The Company generated 69% of its revenue from four major customers during the year ended December 31, 2024
(2023 \u2013 77% from three major customers). However, the Company is not economically dependent on these customers
as gold and silver can be sold to and through numerous banks and commodity market traders worldwide.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "Operating segments are components of an entity that engage in business activities from which they incur expenses
and whose operating results are regularly reviewed by a chief operating decision maker to make resource
allocation decisions and to assess performance.
The Chief Executive Officer is responsible for allocating
resources and reviewing operating results of each operating segment on a periodic basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "22. Financial instruments and risk management
(a)
Fair value of financial instruments
The Company\u2019s financial instruments include cash, cash equivalents and certain receivables, which are
categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are
categorized as financial liabilities at amortized cost.
The fair value of these financial instruments approximates
their carrying values due to the short-term nature of these instruments.
Further, provisionally priced trade
receivables of $156.0 million (December 31, 2023 - $93.0 million) are measured at fair value using quoted
forward market prices (Fair value hierarchy level 2).
Fair value measurements and hierarchy
IFRS Accounting Standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques
used to measure fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities and the lower priority to unobservable inputs.
The three levels of the
fair value hierarchy are as follows:
Level 1: Quoted prices in active markets for identical assets or liabilities that the reporting entity has
the ability to access at the measurement date.
Level 2: Inputs that are observable, either directly or indirectly, for substantially the full term of the
asset or liability.
Level 3: Inputs that are both significant to the fair value measurement and unobservable.
(b) Financial risk management
The Company\u2019s financial instruments are exposed to a variety of financial risks by virtue of its activities or by
their nature.
Currency risk
Lundin Gold is a Canadian company, with foreign operations in Ecuador.
Revenues generated and
expenditures incurred in Ecuador are primarily denominated in U.S. dollars.
However, equity capital, if
needed, is typically raised in Canadian dollars.
As such, the Company is subject to risk due to fluctuations in
the exchange rates of foreign currencies.
Although the Company does not enter into derivative financial
instruments to manage its exposure, the Company tries to manage this risk by maintaining most of its cash in
U.S. dollars.
Based on this exposure, a 2% change in the U.S. dollar exchange rate would give rise to an
increase or decrease of approximately $3.7 million in net income for the year.
Credit risk
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet
its contractual obligations.
The majority of the Company\u2019s cash is held in large financial institutions with a
high investment grade rating.
The Company is also subject to credit risk associated with its trade receivables.
The Company manages this risk by only selling to a small group of reputable customers with strong financial
statements.
Concentration of credit risk
Cash and cash equivalents are held with high quality financial institutions.
Substantially all of the Company\u2019s
cash and cash equivalents held with financial institutions exceed government-insured limits.
The Company
has established a treasury policy that seeks to minimize its credit risk by entering into transactions with
investment grade creditworthy and reputable financial institutions and by monitoring the credit standing of
those financial institutions.
The Company seeks to limit the amount of exposure with any one counterparty in
accordance with its established treasury policy.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due.
Cash
flow forecasting is performed regularly to monitor the Company\u2019s liquidity requirements to ensure it has
sufficient cash to always meet its operational needs.
In addition, management is actively involved in the
review, planning and approval of significant expenditures and commitments.
Commodity price risk
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver.
Commodity price risks are affected by many factors that are outside the Company\u2019s control including global
or regional consumption patterns, the supply of and demand for metals, speculative activities, the availability
and costs of substitutes, inflation, and political and economic conditions.
The Company has not hedged the
price of any commodity at this time.
The fair value of a portion of the Company\u2019s trade receivables are impacted by fluctuations of commodity
prices.
Based on this exposure, an increase or decrease of 5% in gold and silver prices would increase or
decrease the fair value of the Company\u2019s trade receivables by $8.9 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "(a)
Fair value of financial instruments
The Company\u2019s financial instruments include cash, cash equivalents and certain receivables, which are
categorized as financial assets at amortized cost, and accounts payable and accrued liabilities, which are
categorized as financial liabilities at amortized cost.
The fair value of these financial instruments approximates
their carrying values due to the short-term nature of these instruments.
Further, provisionally priced trade
receivables of $156.0 million (December 31, 2023 - $93.0 million) are measured at fair value using quoted
forward market prices (Fair value hierarchy level 2).
Fair value measurements and hierarchy
IFRS Accounting Standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques
used to measure fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities and the lower priority to unobservable inputs.
The three levels of the
fair value hierarchy are as follows:
Level 1: Quoted prices in active markets for identical assets or liabilities that the reporting entity has
the ability to access at the measurement date.
Level 2: Inputs that are observable, either directly or indirectly, for substantially the full term of the
asset or liability.
Level 3: Inputs that are both significant to the fair value measurement and unobservable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "(b) Financial risk management
The Company\u2019s financial instruments are exposed to a variety of financial risks by virtue of its activities or by
their nature.
Currency risk
Lundin Gold is a Canadian company, with foreign operations in Ecuador.
Revenues generated and
expenditures incurred in Ecuador are primarily denominated in U.S. dollars.
However, equity capital, if
needed, is typically raised in Canadian dollars.
As such, the Company is subject to risk due to fluctuations in
the exchange rates of foreign currencies.
Although the Company does not enter into derivative financial
instruments to manage its exposure, the Company tries to manage this risk by maintaining most of its cash in
U.S. dollars.
Based on this exposure, a 2% change in the U.S. dollar exchange rate would give rise to an
increase or decrease of approximately $3.7 million in net income for the year.
Credit risk
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet
its contractual obligations.
The majority of the Company\u2019s cash is held in large financial institutions with a
high investment grade rating.
The Company is also subject to credit risk associated with its trade receivables.
The Company manages this risk by only selling to a small group of reputable customers with strong financial
statements.
Concentration of credit risk
Cash and cash equivalents are held with high quality financial institutions.
Substantially all of the Company\u2019s
cash and cash equivalents held with financial institutions exceed government-insured limits.
The Company
has established a treasury policy that seeks to minimize its credit risk by entering into transactions with
investment grade creditworthy and reputable financial institutions and by monitoring the credit standing of
those financial institutions.
The Company seeks to limit the amount of exposure with any one counterparty in
accordance with its established treasury policy.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due.
Cash
flow forecasting is performed regularly to monitor the Company\u2019s liquidity requirements to ensure it has
sufficient cash to always meet its operational needs.
In addition, management is actively involved in the
review, planning and approval of significant expenditures and commitments.
Commodity price risk
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver.
Commodity price risks are affected by many factors that are outside the Company\u2019s control including global
or regional consumption patterns, the supply of and demand for metals, speculative activities, the availability
and costs of substitutes, inflation, and political and economic conditions.
The Company has not hedged the
price of any commodity at this time.
The fair value of a portion of the Company\u2019s trade receivables are impacted by fluctuations of commodity
prices.
Based on this exposure, an increase or decrease of 5% in gold and silver prices would increase or
decrease the fair value of the Company\u2019s trade receivables by $8.9 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "Currency risk
Lundin Gold is a Canadian company, with foreign operations in Ecuador.
Revenues generated and
expenditures incurred in Ecuador are primarily denominated in U.S. dollars.
However, equity capital, if
needed, is typically raised in Canadian dollars.
As such, the Company is subject to risk due to fluctuations in
the exchange rates of foreign currencies.
Although the Company does not enter into derivative financial
instruments to manage its exposure, the Company tries to manage this risk by maintaining most of its cash in
U.S. dollars.
Based on this exposure, a 2% change in the U.S. dollar exchange rate would give rise to an
increase or decrease of approximately $3.7 million in net income for the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "Credit risk
Credit risk is the risk of a financial loss to the Company if a counterparty to a financial instrument fails to meet
its contractual obligations.
The majority of the Company\u2019s cash is held in large financial institutions with a
high investment grade rating.
The Company is also subject to credit risk associated with its trade receivables.
The Company manages this risk by only selling to a small group of reputable customers with strong financial
statements.
Concentration of credit risk
Cash and cash equivalents are held with high quality financial institutions.
Substantially all of the Company\u2019s
cash and cash equivalents held with financial institutions exceed government-insured limits.
The Company
has established a treasury policy that seeks to minimize its credit risk by entering into transactions with
investment grade creditworthy and reputable financial institutions and by monitoring the credit standing of
those financial institutions.
The Company seeks to limit the amount of exposure with any one counterparty in
accordance with its established treasury policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due.
Cash
flow forecasting is performed regularly to monitor the Company\u2019s liquidity requirements to ensure it has
sufficient cash to always meet its operational needs.
In addition, management is actively involved in the
review, planning and approval of significant expenditures and commitments.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "Commodity price risk
The Company is subject to commodity price risk from fluctuations in the market prices of gold and silver.
Commodity price risks are affected by many factors that are outside the Company\u2019s control including global
or regional consumption patterns, the supply of and demand for metals, speculative activities, the availability
and costs of substitutes, inflation, and political and economic conditions.
The Company has not hedged the
price of any commodity at this time.
The fair value of a portion of the Company\u2019s trade receivables are impacted by fluctuations of commodity
prices.
Based on this exposure, an increase or decrease of 5% in gold and silver prices would increase or
decrease the fair value of the Company\u2019s trade receivables by $8.9 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "23. Capital risk management
The Company\u2019s objectives when managing capital are to safeguard the Company\u2019s ability to continue as a going
concern and operate Fruta del Norte and to maintain a flexible capital structure which optimizes the cost of capital
at an acceptable risk while continuing to provide a return to shareholders through dividends.
In the management of capital, the Company considers items included in shareholders\u2019 equity. The Company
manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk
characteristics of the Company\u2019s assets.
In order to maintain or adjust the capital structure, the Company may
choose to attempt to issue new shares or debt instruments, acquire or dispose of assets, or to bring in joint venture
partners.
In order to facilitate the management of its capital requirements, the Company prepares annual budgets that are
updated as necessary depending on various factors, including successful capital deployment and general industry
conditions.
The annual and updated budgets are approved by the Board of Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "24. Commitments
Significant capital and other expenditures contracted as at December 31, 2024 but not recognized as liabilities are
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capital
\u00a0
\u00a0
expenditures
Other
2025
$
17,459
$
509
2026
-
509
2027 onward
-
6,189
Total
$
17,459
$
7,207
\n
The Company\u2019s sales are subject to a 5% net smelter royalty payable to the Government of Ecuador and a 1% net
revenue royalty payable to third parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "24. Commitments
Significant capital and other expenditures contracted as at December 31, 2024 but not recognized as liabilities are
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capital
\u00a0
\u00a0
expenditures
Other
2025
$
17,459
$
509
2026
-
509
2027 onward
-
6,189
Total
$
17,459
$
7,207
\n
The Company\u2019s sales are subject to a 5% net smelter royalty payable to the Government of Ecuador and a 1% net
revenue royalty payable to third parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300ZOV16K515FC525", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }