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v3.23.1

Financial Instruments and Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract] |
Disclosure of fair value measurement of assets |
| December 31, 2022 | December 31, 2021
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2
Financial assets (liabilities) |  |  |  |  |
Fair value through profit or loss |  |  |  |  |
Esperanza Milestone Payments (note 14) | — |  | — |  | 19.1 |  | — |  | — |
Esperanza silver stream held for sale (note 14) | — |  | — |  | 5.0 |  | — |  | — |
Gold options | — |  | 0.1 |  | — |  | — |  | 0.5 |
Fair value through OCI |  |  |  |  |
Equity securities | 18.6 |  | — |  | — |  | 23.9 |  | — |
Currency hedging derivative instruments | — |  | (4.3) |  | — |  | — |  | 2.6 |
Fuel options | — |  | — |  | — |  | — |  | 0.4 |
| $18.6 |  | ($4.2) |  | $24.1 |  | $23.9 |  | $3.5 |
Disclosure of fair value measurement of liabilities |
| December 31, 2022 | December 31, 2021
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2
Financial assets (liabilities) |  |  |  |  |
Fair value through profit or loss |  |  |  |  |
Esperanza Milestone Payments (note 14) | — |  | — |  | 19.1 |  | — |  | — |
Esperanza silver stream held for sale (note 14) | — |  | — |  | 5.0 |  | — |  | — |
Gold options | — |  | 0.1 |  | — |  | — |  | 0.5 |
Fair value through OCI |  |  |  |  |
Equity securities | 18.6 |  | — |  | — |  | 23.9 |  | — |
Currency hedging derivative instruments | — |  | (4.3) |  | — |  | — |  | 2.6 |
Fuel options | — |  | — |  | — |  | — |  | 0.4 |
| $18.6 |  | ($4.2) |  | $24.1 |  | $23.9 |  | $3.5 |
Disclosure of detailed information about financial instruments | Company held shares in the following companies:
| Fair Value as at
Company | December 31, 2022 |
Zacatecas Silver Corp. | $6.7 |  |
Red Pine Exploration Inc. | 5.7 |  |
Orford Mining Corp. | 2.0 |  |
Aztec Minerals Corp. | 1.6 |  |
Monarch Mining Corp. | 0.5 |  |
Manitou Gold Inc. | 0.7 |  |
Other investments | 1.4 |  |
| $18.6 |  |
As at December 31, 2021 the Company held shares in various companies with a fair value of $23.9 million.
Disclosure of detailed information about hedges | The fair value of derivative instrument Asset (Liability) is as follows:
|  |  | December 31, | December 31,
|  |  | 2022 | 2021
Derivatives designated as hedging instruments |  |  |  |
Currency hedging derivative instruments |  |  | (4.3) |  | $2.6 |
Fuel options |  |  | — |  | 0.4 |
|  |  | ($4.3) |  | $3.0 |
Derivatives not designated as hedging instruments |  |  |  |
Gold options |  |  | $0.1 |  | 0.5 |
Disclosure of information about credit exposures designated as measured at fair value through profit or loss |
| December 31, | December 31,
| 2022 | 2021
Balance, beginning of the period | $4.0 |  | $5.7 |
Unrealized (loss) gain on currency instruments | (8.5) |  | 2.1 |
Less: realized loss (gain) on CAD currency instruments | 5.0 |  | (1.7) |
Less: realized gain on MXN currency instruments | (3.9) |  | (2.1) |
Deferred income tax related to hedging instrument | 1.5 |  | — |
| ($1.9) |  | $4.0 |
The effective portion of the changes in fair value of the fuel contracts for the years ended December 31, 2022 and 2021 recorded in accumulated other comprehensive (loss) income is:
|  |  | December 31, | December 31,
|  |  | 2022 | 2021
Balance, beginning of the period |  |  | $0.4 |  | $0.4 |
Unrealized gain on fuel contracts |  |  | 2.5 |  | 0.6 |
Less: realized gain on fuel contracts |  |  | (2.9) |  | (0.6) |
Deferred income tax related to fuel contracts |  |  | 0.1 |  | — |
|  |  | $0.1 |  | $0.4 |
Schedule of Contracts Settled on Monthly Basis | The open contracts, which settle on a monthly basis, are summarized as at December 31, 2022: Canadian dollar contracts
Period Covered | Contract type | Contracts (CAD$ Millions) | Average minimum rate (USD/CAD) | Average maximum rate (USD/CAD)
2023 | Collars | 558.0 | 1.29 | 1.35
2023 | Forwards | 30.0 | 1.31 | —
Mexican Peso contracts
Period Covered | Contract type | Contracts (MXN Millions) | Average minimum rate (MXN/USD) | Average maximum rate (MXN/USD) |
2023 | Collars | 1,020.0 | 20.46 | 22.59 |
Schedule of Outstanding Derivative Contracts | The following gold collar contracts are outstanding as of December 31, 2022:
Period Covered | Contract type | Ounces subject to contract | Average purchase put option | Average sold call option
2023 1 | Collars | 44,100 | $1,755 | $2,144
1.The Company also has 44,100 of sold put options at an average price of $1,596 per ounce that mature in the same period as the corresponding collars. The following fuel option contracts are outstanding as of December 31, 2022:
Period Covered | Contract type | Gallons subject to contract | Average purchase call option/gallon | Average sold put option/gallon
2023 | Collars | 1,512,000 | $3.20 | $2.92
Schedule of Foreign Currency Exchange Rate Risk |
| December 31, 2022 | December 31, 2021
Impact of a 10% change in foreign exchange rates |  |
Canadian dollar | $3.6 |  | $1.4 |
Mexican peso | 0.3 |  | 0.4 |
Disclosure of credit risk exposure | The currencies of the Company's financial instruments and other foreign currency denominated liabilities based on notional amounts, denominated in U.S dollar equivalents were as follows:
| Canadian Dollars | Mexican Peso
| December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021
Cash and cash equivalents | $21.6 |  | $21.3 |  | $4.1 |  | $8.8 |
Equity securities | 18.6 |  | 23.9 |  | — |  | — |
Amounts receivable | 16.6 |  | 7.9 |  | 21.5 |  | 21.0 |
Other monetary assets (liabilities) | 9.8 |  | 17.2 |  | (0.8) |  | (0.6) |
Accounts payable and accrued liabilities | (102.7) |  | (83.8) |  | (19.3) |  | (26.1) |
Deferred income taxes | (642.1) |  | (561.2) |  | (18.8) |  | (62.0) |
Total exposure to currency risk | (678.2) |  | (574.7) |  | (13.3) |  | (58.9) |
The Company's maximum exposure to credit risk is as follows:
| December 31, 2022 | December 31, 2021
Cash and cash equivalents | $129.8 |  | $172.5 |
Esperanza Milestone Payments (note 14) | 19.1 |  | — |
Other receivables | 4.6 |  | 4.0 |
Total financial instrument exposure to credit risk | $153.5 |  | $176.5 |
Schedule of Maturities of Debt | The following table shows the maturities of contractual commitments. The amount presented represents the future undiscounted principal and interest cash flows, and therefore, do not equate to the carrying amounts on the consolidated statements of financial position.
| Less than 1 year | 2 - 3 years | 4 - 5 years | More than 5 years | Total
Operating and financing leases | 0.5 |  | 0.9 |  | 0.2 |  | — |  | 1.6 |
Accounts payable and accrued liabilities | 181.2 |  | — |  | — |  | — |  | 181.2 |
Decommissioning liability | 8.5 |  | 43.3 |  | 12.0 |  | 70.2 |  | 134.0 |
Contract mining | 43.0 |  | 52.4 |  | 30.1 |  | — |  | 125.5 |
Capital commitments | 124.8 |  | 30.6 |  | — |  | — |  | 155.4 |
| $358.0 |  | $127.2 |  | $42.3 |  | $70.2 |  | $597.7 |

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