Deferred Consideration (Tables)

9 Months Ended

Sep. 30, 2020

Summary of valuation of deferred consideration

The Company determined the present value of the deferred consideration of $207,748 and $173,024 at September 30, 2020 and December 31, 2019 using the following assumptions:


	September 30, 2020			December 31, 2019
Forward-looking gold price (low) – per ounce	$	1,889		$	1,535
Forward-looking gold price (high) – per ounce	$	2,678		$	2,328
Forward-looking gold price (weighted average) – per ounce	$	2,104		$	1,757
Discount rate		10.0	%		10.0	%
Perpetual growth rate		0.9	%		1.5	%

Schedule of Deferred Consideration

During the three and nine months ended September 30, 2020 and 2019, the Company recognized the following in respect of deferred consideration:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Contractual gold payments	$	4,539		$	3,502		$	12,362		$	9,710
Contractual gold payments – gold ounces paid		2,375			2,375			7,125			7,125
Loss on revaluation of deferred consideration – gold payments (1)	$	(8,870	)	$	(6,306	)	$	(34,436	)	$	(5,939	)

(1)	Losses arise due to increases in the forward-looking price of gold and the magnitude of any gain or loss is highly correlated to the magnitude of the change in the forward-looking price of gold.