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Income and mining taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME AND MINING TAXES [Abstract] |
Schedule of the composition of income tax expense | The following table outlines the composition of income tax expense between current tax and deferred tax:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2023 | 2022
CURRENT INCOME AND MINING TAX EXPENSE |  |  |  |
Canada |  |  | 2.1 |  | 1.9 |
Foreign |  |  | — |  | 2.3 |
|  |  | 2.1 |  | 4.2 |
DEFERRED INCOME AND MINING TAX EXPENSE |  |  |  |
Canada |  |  | 3.2 |  | (2.8) |
|  |  | 3.2 |  | (2.8) |
Total income tax expense |  |  | 5.3 |  | 1.4 |
Schedule of reconciliation of Income tax recovery | The differences result from the following items:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2023 | 2022
Loss before taxes |  |  | (59.2) | (65.4) |
Canadian federal and provincial income tax rates |  |  | 25.6 | % | 25.8 | %
Income tax recovery based on above rates |  |  | (14.8) | (16.9) |
INCREASE (DECREASE) DUE TO |  |  |  |
Permanent differences |  |  | (2.1) | 4.6 |
Different statutory tax rates on earnings of foreign subsidiaries |  |  | (0.1) | 0.2 |
Foreign exchange on non-monetary assets and liabilities |  |  | 0.9 | (1.6) |
Other foreign exchange differences |  |  | (7.8) | 20.8 |
Canadian mining tax |  |  | 5.3 | (1.2) |
Change in unrecognized deferred tax assets |  |  | 23.9 | (7.1) |
Other |  |  | — |  | 2.6 |
Income tax expense |  |  | 5.3 | 1.4 |
Schedule of deferred tax assets and liabilities | The following tables provide analysis of the deferred tax assets and liabilities, all of which are located in Canada:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2023 | 2022
DEFERRED TAX ASSETS |  |  |  |
Capital losses |  |  | 5.7 |  | 6.0 |
Property, plant and equipment and Mining interests |  |  | 44.6 |  | 45.5 |
Tax credits |  |  | 65.4 |  | 62.7 |
Ontario Mining Tax |  |  | 35.7 |  | 43.5 |
Non-current derivative financial liabilities |  |  | 184.0 |  | 127.9 |
Deferred income tax assets |  |  | 335.4 |  | 285.6 |
Unrecognized deferred tax asset |  |  | 330.4 |  | 285.6 |
Deferred income tax asset (in respect of Ontario mining tax, net) |  |  | 5.0 |  | — |
DEFERRED TAX LIABILITIES |  |  |  |
British Columbia Mining Tax |  |  | (74.8) |  | (66.8) |
Deferred income tax liabilities, net |  |  | (74.8) |  | (66.8) |
Schedule of the movement in the net deferred tax liabilities | The following table outlines the movement in the net deferred tax liabilities:
|  | Year ended December 31
(in millions of U.S. dollars) |  |  | 2023 | 2022
MOVEMENT IN THE NET DEFERRED TAX LIABILITIES |  |  |  |
Balance at the beginning of the year |  |  | (66.8) |  | (69.6) |
Recognized in net (loss) earnings |  |  | (3.2) |  | 2.8 |
Total movement in the net deferred tax liabilities |  |  | (70.0) |  | (66.8) |

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