XML 68 R43.htm IDEA: XBRL DOCUMENT v3.24.0.1
Share Capital (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure Of Share Capital, Reserves And Other Equity Interests [Abstract]  
Schedule of Dividends
Declaration datePayment datePer share in C$Amount paid in C$
Amount paid in USD$
December 15, 2021January 17, 2022$0.015 $1,470 $1,163 
January 17, 2022February 15, 2022$0.015 1,467 1,154 
February 15, 2022March 15, 2022$0.015 1,466 1,157 
March 15, 2022April 15, 2022$0.015 1,469 1,174 
April 18, 2022May 16, 2022$0.015 1,471 1,145 
May 16, 2022June 15, 2022$0.015 1,468 1,160 
June 16, 2022July 15, 2022$0.015 1,464 1,138 
July 18, 2022August 15, 2022$0.015 1,465 1,145 
August 17, 2022September 15, 2022$0.015 1,465 1,115 
Total$13,205 $10,351 
Schedule of Share Purchase Warrants Liability Classified
The following table summarizes the change in the number of issued and outstanding share purchase warrants and the associated warrant liabilities during the year ended December 31, 2023:
UnitsAmount
(Recast - Note 13c)
2019 PP Unlisted Warrants – exercise price C$5.40, exercisable until Nov 5, 2023
Balance at December 31, 20213,260,870$3,695 
  Fair value adjustment (Note 19)
—(3,336)
Balance at December 31, 20223,260,870$359 
  Expired (Note 19)
(3,260,870)(359)
Balance at December 31, 2023——
2020 PP Unlisted Warrants – exercise price of C$6.50, exercisable until Feb 6, 2023(2)
As at December 31, 20217,142,857$3,060 
  Fair value adjustment (Note 19)
—(3,053)
Balance at December 31, 20227,142,857$7 
  Expired (Note 19)
(7,142,857)(7)
Balance at December 31, 2023——
Listed Warrants(1) – exercise price C$2.21, exercisable until Apr 30, 2024
As at December 31, 202110,304,455$25,440 
 Exercised(240,200)(612)
  Fair value adjustment (Note 19)
—(15,161)
Balance at December 31, 202210,064,255$9,667 
 Exercised(763,103)(924)
  Fair value adjustment (Note 19)
—6,329 
Balance at December 31, 20239,301,152$15,072 
Aris Unlisted Warrants(2) – exercise price C$6.00, exercisable until Dec 19, 2024
Balance at December 31, 2021——
Replacement Warrants for Aris Gold Transaction (Note 5)
1,650,000238 
  Fair value adjustment (Note 19)
—350 
Balance at December 31, 20221,650,000$588 
  Fair value adjustment (Note 19)
—(35)
Balance at December 31, 20231,650,000$553 
Aris Listed Warrants(2) – exercise price C$5.50, exercisable until Jul 29, 2025
Balance at December 31, 2021——
Replacement Warrants for Aris Gold Transaction (Note 5)29,084,3778,573 
  Fair value adjustment (Note 19)—2,600 
Balance at December 31, 202229,084,377$11,173 
Exercised(25,000)(21)
  Fair value adjustment (Note 19)
—(171)
Balance at December 31, 202329,059,377$10,981 
Balance at December 31, 2022 - total warrant liabilities$21,794 
Balance at December 31, 2023 - total warrant liabilities$26,606 
Less: current portion(15,625)
Non-current portion as at December 31, 2023$10,981 
(1)Subsequent to December 31, 2023, 301,772 warrants were exercised.
(2)Number of replacement warrants and exercise price have been adjusted by the share Exchange Ratio of 0.5.
Schedule of Assumptions of Stock Options
The fair value of the Unlisted Warrants was determined using the Black-Scholes option pricing model and Level 2 fair value inputs as follows:
Valuation InputsAris Unlisted Warrants
Expected volatility51 %
Liquidity discount2 %
Risk-free interest rate3.88 %
Expected life of warrants1.0 year
Dividends yield0 %
A summary of the inputs used in the determination of the fair values of the stock options granted in the periods ended December 31, 2023 and December 31, 2022, using the Black-Scholes option pricing model, is as follows:

January 26,
2022
March 23, 2022(1)
April 1,
2022
June 1,
2022(1)
January 12,
2023		May 12,
2023		October 2,
2023
Total options issued600,000702,2571,091,000208,1151,691,96426,81560,152
Market price of shares at grant dateC$5.45 C$3.80 C$5.84 C$3.72 C$4.03 C$3.40 C$3.09 
Exercise priceC$5.45 C$3.80 C$5.84 C$3.72 C$4.03 C$3.40 C$3.09 
Dividends expected3.30 %Nil3.29 %NilNilNilNil
Expected volatility55.33 %45.43 %54.49 %52.22 %58.36 %55.47 %46.95 %
Risk-free interest rate1.22 %3.74 %2.24 %3.74 %3.67 %3.50 %4.64 %
Expected life of options2.5 years2.5 years2.5 years2.7 years3.0 years3.01 years3.00 years
Vesting terms2 years2 years
(2)
1 year2 years
(2)
2 years
(2)
2 years
(2)
2 years
(2)
(1)Number of units, market price and exercise price used in the Black-Scholes calculations have been adjusted for the Exchange Ratio.
(2)50% of the options vest one year after issue date, the remaining 50% vest two years after issue date.
Schedule of Change in Stock Options Outstanding

A summary of the change in the stock options outstanding during the periods ended December 31, 2023 and December 31, 2022 is as follows:
Options
outstanding		Weighted average
exercise price (C$)
Balance at December 31, 20212,482,332$4.49 
Options granted1,691,0005.70 
Replacement options for Aris Acquisition (Note 5)
3,615,9124.36 
Exercised (1)
(194,999)2.55 
Expired or cancelled(880,739)5.01 
Balance at December 31, 20226,713,506$4.71 
Options granted1,778,9313.99 
Exercised (2)
(528,241)3.27 
Expired or cancelled(683,076)5.11 
Balance at December 31, 2023 (3)
7,281,120$4.57 
(1)The weighted average share price at the date stock options were exercised was C$5.45.
(2)The weighted average share price at the date stock options were exercised was C$4.10.
(3)Subsequent to December 31, 2023, 2,525,561 stock options with an exercise price of C$4.09 were granted by the Company, 88,287 stock options were exercised, and 508,190 stock options expired.
Schedule of Stock Options Outstanding
The table below summarizes information about the stock options outstanding and the common shares issuable as at December 31, 2023:
Expiry dateOutstandingVested stock optionsRemaining contractual life in yearsExercise price
(C$/share)
April 1, 2024179,700179,7000.25$3.67 
April 1, 2025465,000465,0001.254.05 
July 2, 202550,00050,0001.516.88 
April 1, 2026730,000730,0002.256.04 
January 26, 202790,00045,0003.075.45 
April 1, 2027801,000801,0003.255.84 
February 12, 2024508,190508,1900.126.20 
April 6, 20244,4394,4390.274.70 
March 1, 20251,935,0001,935,0001.174.00 
March 23, 2025599,806299,9061.233.80 
May 31, 2025208,115104,0581.423.72 
June 26, 202530,00030,0001.495.00 
January 12, 20261,592,903—2.034.03 
May 12, 202626,815—2.373.40 
October 2, 202660,152—2.763.09 
Balance at December 31, 20237,281,1205,152,2931.67$4.57 
Schedule of DSU and PSU Liability
PSUs are cash-settled in accordance with their terms at the prevailing market price (the five-day volume weighted average price) of the shares immediately before the last day of the performance period of the shares. The performance thresholds are as follows:

PerformanceComparative three-year TSR versus S&P/TSX Global Gold IndexVesting (% of grant)
Below thresholdMore than 25% points below index0%
Threshold25% points below index50%
TargetMatches index100%
Maximum50% points above index200%
A summary of changes to the DSU liability, included in accounts payable and accrued liabilities, during the year ended December 31, 2023 and the year ended December 31, 2022 is as follows:
UnitsAmount
Balance at December 31, 2021705,880$2,979 
Granted and vested during the period273,630766 
Paid(879,368)(2,291)
Replacement DSUs for Aris Gold Transaction (Note 5)
233,676549 
Change in fair value—(1,127)
Exchange difference—(50)
Balance at December 31, 2022333,818$826 
Granted and vested during the period241,223649 
Change in fair value—428 
Balance at December 31, 2023⁽¹⁾575,041$1,903 
(1)Subsequent to December 31, 2023, 108,219 DSUs were paid in cash upon vesting.
A summary of changes to the PSU liability, included in other long-term liabilities, during the year ended December 31, 2023 and the year ended December 31, 2022 is as follows:
UnitsAmount
Balance at December 31, 2021378,613$1,200 
Unvested PSUs recognized in the period191,433605 
Paid(570,046)(1,777)
Replacement PSUs for Aris Gold Transaction (Note 5)
706,286557 
Change in fair value—(293)
Balance at December 31, 2022706,286$292 
Unvested PSUs recognized in the period796,7581,178 
Vested PSUs recognized in the period—29 
Paid(30,325)(47)
Change in fair value—1,352 
Balance at December 31, 2023 ⁽¹⁾1,472,719$2,804 
Less: current portion(1,991)
Non-current portion as at December 31, 2023$813 
(1)Subsequent to December 31, 2023, 282,666 PSUs were paid in cash upon vesting and 915,319 PSUs that vest in approximately three years were granted by the Company.
Schedule of Share-based Compensation Expense
Year ended December 31,
20232022
Stock-option expense$1,475 $1,740 
DSU expense1,077 (362)
PSU expense2,559 321 
Total$5,111 $1,699 
Less: amount capitalized to E&E assets related to stock options— (284)
Total$5,111 $1,415 
13.    Share Capital (cont.)
Schedule of Earnings (Loss) per Share
December 31, 2023December 31, 2022
 (Recast - Note 13c)
Weighted
average
shares
outstanding		Net
earnings
(loss)		Net
earnings
(loss) per
share		Weighted
average
shares
outstanding		Net
earnings
(loss)		Net
earnings
(loss) per
share
Basic EPS136,735,317$11,419 $0.08 108,162,090$(4,858)$(0.04)
Effect of dilutive stock-options5,717— —— 
Effect of Convertible Debenture— — 3,789,474(3,457)
Effect of dilutive warrants321,471— 4,889,630(20,315)
Diluted EPS137,062,505$11,419 $0.08 116,841,194$(28,630)$(0.25)
Schedule of Items Excluded from EPS
The following table lists the number of warrants, stock options and Convertible Debenture which were excluded from the computation of diluted earnings per share. Instruments were excluded because either the instruments were not vested, the exercise prices exceeded the average market value of the common shares or the impact of including the in the money securities were anti-dilutive to EPS.
Year ended December 31,
20232022
 (Recast - Note 13c)
Stock options6,893,3055,314,711
Convertible Debenture3,789,474—
Warrants43,224,65446,217,034