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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial instruments [Abstract] |
Disclosure of financial assets by categories | Financial assets and liabilities by categories:
December 31, 2022 | Amortized cost | FVTPL | FVTOCI | Total
Financial Assets: |  |  |  |
Cash and cash equivalents | $ | 107,005 |  | $ | — |  | $ | — |  | $ | 107,005 |
Trade receivables from provisional concentrates sales (1) | — |  | 50,258 |  | — |  | 50,258 |
Receivable not arising from sale of metal concentrates (1) | 77,442 |  |  | — |  | 77,442 |
Short-term investments | — |  | 35,337 |  | — |  | 35,337 |
Long-term investment (2) | — |  | — |  | 121,200 |  | 121,200 |
Derivative assets | — |  | 2,883 |  | — |  | 2,883 |
| $ | 184,447 |  | $ | 88,478 |  | $ | 121,200 |  | $ | 394,125 |
Financial Liabilities: |  |  |  |
Derivative liabilities | $ | — |  | $ | 1,780 |  | $ | — |  | $ | 1,780 |
Debt | $ | 193,722 |  | $ | — |  | $ | — |  | $ | 193,722 |
(1)Included in Trade and other receivables. (2)The Company's investment in Maverix (Note 13).
December 31, 2021 | Amortized cost | FVTPL |  | Total
Financial Assets: |  |  |  |
Cash and cash equivalents | $ | 283,550 |  | $ | — |  |  | $ | 283,550 |
Trade receivables from provisional concentrates sales (1) | — |  | 40,020 |  |  | 40,020 |
Receivable not arising from sale of metal concentrates (1) | 76,902 |  | — |  |  | 76,902 |
Short-term investments | — |  | 51,723 |  |  | 51,723 |
Derivative assets | — |  | 3,995 |  |  | 3,995 |
| $ | 360,452 |  | $ | 95,738 |  |  | $ | 456,190 |
Financial Liabilities: |  |  |  |
Derivative liabilities | $ | — |  | $ | 351 |  |  | $ | 351 |
Debt | $ | 15,300 |  | $ | — |  |  | $ | 15,300 |
(1)Included in Trade and other receivables.
Disclosure of financial liabilities by categories | Financial assets and liabilities by categories:
December 31, 2022 | Amortized cost | FVTPL | FVTOCI | Total
Financial Assets: |  |  |  |
Cash and cash equivalents | $ | 107,005 |  | $ | — |  | $ | — |  | $ | 107,005 |
Trade receivables from provisional concentrates sales (1) | — |  | 50,258 |  | — |  | 50,258 |
Receivable not arising from sale of metal concentrates (1) | 77,442 |  |  | — |  | 77,442 |
Short-term investments | — |  | 35,337 |  | — |  | 35,337 |
Long-term investment (2) | — |  | — |  | 121,200 |  | 121,200 |
Derivative assets | — |  | 2,883 |  | — |  | 2,883 |
| $ | 184,447 |  | $ | 88,478 |  | $ | 121,200 |  | $ | 394,125 |
Financial Liabilities: |  |  |  |
Derivative liabilities | $ | — |  | $ | 1,780 |  | $ | — |  | $ | 1,780 |
Debt | $ | 193,722 |  | $ | — |  | $ | — |  | $ | 193,722 |
(1)Included in Trade and other receivables. (2)The Company's investment in Maverix (Note 13).
December 31, 2021 | Amortized cost | FVTPL |  | Total
Financial Assets: |  |  |  |
Cash and cash equivalents | $ | 283,550 |  | $ | — |  |  | $ | 283,550 |
Trade receivables from provisional concentrates sales (1) | — |  | 40,020 |  |  | 40,020 |
Receivable not arising from sale of metal concentrates (1) | 76,902 |  | — |  |  | 76,902 |
Short-term investments | — |  | 51,723 |  |  | 51,723 |
Derivative assets | — |  | 3,995 |  |  | 3,995 |
| $ | 360,452 |  | $ | 95,738 |  |  | $ | 456,190 |
Financial Liabilities: |  |  |  |
Derivative liabilities | $ | — |  | $ | 351 |  |  | $ | 351 |
Debt | $ | 15,300 |  | $ | — |  |  | $ | 15,300 |
(1)Included in Trade and other receivables.
Disclosure of financial instruments at fair value through profit or loss | The losses from short-term investments recorded at FVTPL for the year ended December 31, 2022 and 2021 were as follows:
| 2022 | 2021
Unrealized losses on short-term investments | $ | (16,615) |  | $ | (60,355) |
Realized gains on short-term investments | 394 |  | 633 |
| $ | (16,221) |  | $ | (59,722) |
The gains (losses) on derivatives for the year ended December 31, 2022 and 2021 were comprised of the following:
| 2022 | 2021
Realized gains on derivatives | $ | 9,877 |  | $ | 9,156 |
Unrealized losses on derivatives | (2,541) |  | (3,763) |
| $ | 7,336 |  | $ | 5,393 |
Disclosure of financial instruments designated at fair value through profit or loss | The losses from the Company's long-term investment (Note 13) recorded at FVTOCI for the year ended December 31, 2022 and 2021 were as follows:
| 2022 | 2021
Unrealized loss on long-term investment | $ | (3,477) |  | $ | — |
Disclosure of assets and liabilities in the fair value hierarchy | The levels in the fair value hierarchy into which the Company’s financial assets and liabilities that are measured and recognized on the Consolidated Statements of Financial Position at fair value on a recurring basis were categorized as follows:
| At December 31, 2022 | At December 31, 2021
| Level 1 | Level 2 | Level 1 | Level 2
Assets and Liabilities: |  |  |  |
Short-term investments | $ | 35,337 |  | $ | — |  | $ | 51,723 |  | $ | — |
Long-term investment | 121,200 |  | — |  | — |  | — |
Trade receivables from provisional concentrate sales | — |  | 50,258 |  | — |  | 40,020 |
Derivative assets | — |  | 2,883 |  | — |  | 3,995 |
Derivative liabilities | — |  | (1,780) |  | — |  | (351) |
| $ | 156,537 |  | $ | 51,361 |  | $ | 51,723 |  | $ | 43,664 |
Disclosure of credit risk exposure | Cash and cash equivalents, trade accounts receivable and other receivables that represent the maximum credit risk to the Company consist of the following:
| December 31, 2022 | December 31, 2021
Cash and cash equivalents | $ | 107,005 |  | $ | 283,550 |
Trade accounts receivable (1) | 50,258 |  | 40,020 |
Supplier advances (1) | 8,914 |  | 11,228 |
Employee loans (1) | 338 |  | 667 |
(1)Included in Trade and other receivables.
Disclosure of maturity analysis for derivative financial liabilities | The following tables summarize the remaining contractual maturities of the Company's financial liabilities and operating and capital commitments on an undiscounted basis:
Payments due by period 2022
| Within 1 year | 2 - 3 years | 4- 5 years | After 5 years | Total
Accounts payable and accrued liabilities other than: | $ | 291,436 |  | $ | — |  | $ | — |  | $ | — |  | $ | 291,436 |
Severance liabilities | 13,860 |  | 1,039 |  | 645 |  | 4,489 |  | 20,033 |
Payroll liabilities | 2,758 |  | — |  | — |  | — |  | 2,758 |
Total accounts payable and accrued liabilities | 308,054 |  | 1,039 |  | 645 |  | 4,489 |  | 314,227 |
Income tax payables | 25,833 |  | — |  | — |  | — |  | 25,833 |
Derivative liabilities | 1,780 |  | — |  | — |  | — |  | 1,780 |
Debt |  |  |  |  |
Repayment of principal | 13,712 |  | 173,435 |  | 6,575 |  | — |  | 193,722 |
Interest and standby fees | 11,222 |  | 17,681 |  | 125 |  | — |  | 29,028 |
Provisions (1)(2) | 3,448 |  | 2,423 |  | — |  | 1,081 |  | 6,952 |
Future payroll liabilities | 2,465 |  | 8,659 |  | — |  | — |  | 11,124 |
Total contractual obligations (2) | $ | 366,514 |  | $ | 203,237 |  | $ | 7,345 |  | $ | 5,570 |  | $ | 582,666 |
(1)Total litigation provision (Note 16). (2)Amounts above do not include payments related to closure and decommissioning (current $14.4 million, long-term $281.8 million) discussed in Note 16, lease obligations discussed in Note 17, the $20.8 million deferred credit arising from the Navidad acquisition discussed in Note 20, and deferred tax liabilities of $140.3 million in Note 30.
Payments due by period 2021
| Within 1 year | 2 - 3 years | 4- 5 years | After 5 years | Total
Accounts payable and accrued liabilities other than: | $ | 275,629 |  | $ | — |  | $ | — |  | $ | — |  | $ | 275,629 |
Severance liabilities | 26,695 |  | 404 |  | 33 |  | 4,450 |  | 31,582 |
Payroll liabilities | 3,763 |  | — |  | — |  | — |  | 3,763 |
Total accounts payable and accrued liabilities | 306,087 |  | 404 |  | 33 |  | 4,450 |  | 310,974 |
Income tax payables | 59,133 |  | — |  | — |  | — |  | 59,133 |
Derivative liabilities | 351 | — |  | — |  | — |  | 351 |
Debt |  |  |  |  |
Repayment of principal | 3,400 |  | 6,800 |  | 5,100 |  | — |  | 15,300 |
Interest and standby fees | 2,613 |  | 4,867 |  | 1,432 |  | — |  | 8,912 |
Provisions (1)(2) | 2,738 |  | 2,553 |  | — |  | — |  | 5,291 |
Future payroll liabilities | 3,352 |  | 9,058 |  | — |  | — |  | 12,410 |
Total contractual obligations (2) | $ | 377,674 |  | $ | 23,682 |  | $ | 6,565 |  | $ | 4,450 |  | $ | 412,371 |
(1)Total litigation provision (Note 16). (2)Amounts above do not include payments related to closure and decommissioning (current $5.3 million, long-term $237.6 million) discussed in Note 16, lease obligations discussed in Note 17, the $20.8 million deferred credit arising from the Navidad acquisition discussed in Note 20, and deferred tax liabilities of $184.8 million in Note 30.
Disclosure of exposure to currency risk through financial assets and liabilities | The Company is exposed to currency risk through the following financial assets and liabilities, and deferred tax assets and liabilities denominated in foreign currencies:
At December 31, 2022 | Cash and short-term investments | Other current and non-current assets | Income taxes receivable (payable), current and non- current | Accounts payable and accrued liabilities and non- current liabilities | Deferred tax assets and liabilities
Canadian Dollar | $ | 40,904 |  | $ | 2,602 |  | $ | — |  | $ | (42,345) |  | $ | 24,048 |
Mexican Peso | 3,082 |  | 32,587 |  | 12,649 |  | (42,992) |  | (16,295) |
Argentine Peso | 9,348 |  | 9,339 |  | 856 |  | (33,479) |  | — |
Bolivian Boliviano | 4,849 |  | 6,645 |  | (5,154) |  | (8,655) |  | (4,492) |
European Euro | 40 |  | — |  | — |  | — |  | — |
Peruvian Sol | 3,183 |  | 20,233 |  | (523) |  | (28,873) |  | (87,719) |
Guatemala quetzal | 59 |  | 105 |  | (63) |  | (7,265) |  | — |
| $ | 61,465 |  | $ | 71,511 |  | $ | 7,765 |  | $ | (163,609) |  | $ | (84,458) |
At December 31, 2021 | Cash and short-term investments | Other current and non-current assets | Income taxes receivable (payable), current and non- current | Accounts payable and accrued liabilities and non- current liabilities | Deferred tax assets and liabilities(1)
Canadian Dollar | $ | 60,507 |  | $ | 3,389 |  | $ | — |  | $ | (27,448) |  | $ | 36,799 |
Mexican Peso | 1,159 |  | 7,681 |  | (14,633) |  | (25,985) |  | (64,297) |
Argentine Peso | 12,488 |  | 20,358 |  | 1,502 |  | (19,525) |  | (13) |
Bolivian Boliviano | 8,397 |  | 499 |  | (7,943) |  | (23,914) |  | (6,954) |
European Euro | 49 |  | — |  | — |  | — |  | — |
Peruvian Sol | 8,585 |  | 17,295 |  | (22,234) |  | (54,953) |  | (94,367) |
Guatemala quetzal | 169 |  | 539 |  | (91) |  | (9,919) |  | — |
| $ | 91,354 |  | $ | 49,761 |  | $ | (43,399) |  | $ | (161,744) |  | $ | (128,832) |
At December 31, 2022, the Company had outstanding positions on its foreign currency exposure of Mexican peso ("MXN"), Peruvian sol ("PEN") and Canadian dollar ("CAD") purchases. The Company recorded the following derivative gains and losses on currencies for the year ended December 31, 2022 and 2021:
|  |  | 2022 | 2021
Mexican peso gains (losses) |  |  | $ | 1,507 |  | $ | (202) |
Peruvian sol gains (losses) |  |  | 3,471 |  | (3,744) |
Canadian dollar (losses) gains |  |  | (2,944) |  | 851 |
|  |  | $ | 2,034 |  | $ | (3,095) |
Schedule of derivative gains and losses | The Company recorded the following derivative gains and losses on commodities for the year ended December 31, 2022 and 2021:
|  |  | 2022 | 2021
Zinc gains |  |  | $ | 1,701 |  | $ | 137 |
Copper losses |  |  | — |  | (1,139) |
Diesel gains |  |  | 4,499 |  | 9,397 |
Other |  |  | (898) |  | 94 |
|  |  | $ | 5,302 |  | $ | 8,489 |

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