Deferred Consideration (Tables)

6 Months Ended

Jun. 30, 2021

Summary of valuation of deferred consideration

The Company determined the present value of the deferred consideration of $226,706 and $230,137 at June 30, 2021 and December 31, 2020 using the following assumptions:


	June 30, 2021			December 31, 2020
Forward-looking gold price (low) – per ounce	$	1,772		$	1,903
Forward-looking gold price (high) – per ounce	$	2,927		$	2,662
Forward-looking gold price (weighted average) – per ounce	$	2,109		$	2,117
Discount rate		9.0	%		9.0	%
Perpetual growth rate		1.4	%		0.9	%

Schedule of Deferred Consideration

During the three and six months ended June 30, 2021 and 2020, the Company recognized the following in respect of deferred consideration:


	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020

Contractual gold payments	$	4,314	$	4,063		$	8,584	$	7,823
Contractual gold payments – gold ounces paid		2,375		2,375			4,750		4,750
Gain/(loss) on revaluation of deferred consideration – gold payments (1)	$	497	$	(23,358	)	$	3,329	$	(25,566	)

(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.