Revenue

12 Months Ended

Dec. 31, 2021

REVENUE

Revenue from contracts with customers during the years ended December 31, 2021 and 2020 disaggregated by metal were as follows:


	2021		2020
Gold	$	1,079,321	$	844,076
Silver	2,965		1,312
Total revenue	$	1,082,286	$	845,388

(a)Gold offtake arrangement

As part of the Leagold Acquisition (note 5(e)), the Company assumed offtake arrangements with Orion Mine Finance (“Orion”) that provide for gold offtake of 50% of the gold production from Los Filos and 35% of the gold production from the Fazenda, RDM, Pilar and Santa Luz mines at market prices, until a cumulative delivery of 1.1 million ounces and 0.7 million ounces, respectively, to Orion has been achieved. At December 31, 2021, the Company had delivered a total of 0.3 million ounces and 0.2 million ounces, respectively, to Orion under the terms of the offtake arrangements.

(b)Silver streaming arrangement

As part of the Leagold Acquisition, the Company assumed a silver streaming agreement with Wheaton Precious Metals Corp. (“WPM”) under which the Company must sell to WPM a minimum of 5.0 million payable silver ounces produced by Los Filos from August 5, 2010 to the earlier of the termination of the agreement and October 15, 2029 at the lesser of $3.90 per ounce and the prevailing market price, subject to an inflationary adjustment. The contract price is revised each year on the anniversary date of the contract and was $4.53 per ounce at December 31, 2021. At December 31, 2021, a total of 2.0 million ounces had been delivered to WPM under the terms of the streaming agreement. As the Company's obligation under the silver stream agreement will be satisfied through the delivery of silver ounces produced by Los Filos, it was determined that the contract was entered into and continues to be held for the purpose of the delivery of a non-financial item in accordance with the Company's expected sale or usage requirements, and accordingly not accounted for as a financial instrument.