Deferred Consideration (Tables)

3 Months Ended

Mar. 31, 2021

Text Block [Abstract]

Summary of valuation of deferred consideration

The Company determined the present value of the deferred consideration of $227,146 and $230,137 at March 31, 2021 and December 31, 2020 using the following assumptions:

	March 31, 2021		December 31, 2020
Forward-looking gold price (low) – per ounce	$	1,717	$	1,903
Forward-looking gold price (high) – per ounce	$	3,201	$	2,662
Forward-looking gold price (weighted average) – per ounce	$	2,136	$	2,117
Discount rate		9.0%		9.0%
Perpetual growth rate		1.7%		0.9%

Schedule of Deferred Consideration

During the three months ended March 31, 2021 and 2020, the Company recognized the following in respect of deferred consideration:

	Three Months Ended March 31,
	2021		2020
Contractual Gold Payments	$	4,270	$	3,760
Contractual Gold Payments – gold ounces paid		2,375		2,375
Gain/(loss) on revaluation of deferred consideration – gold payments(1)	$	2,832	$	(2,208	)

(1) Gains on revaluation of deferred consideration – gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration – gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the annual payment obligations.