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FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2020
Financial Instruments [Abstract] |
Disclosure of information about terms and conditions of hedging instruments and market risk | The following table summarizes the financial information relating to the future anticipated diesel consumption at Marigold that the Company has hedged as at December 31, 2020:
| 2021 | 2022
Gallons hedged (in thousands) | 10,440 |  | 1,380 |
Portion of forecast diesel consumption hedged (%) | 89.2 |  | 12.7 |
Floor price ($/gallon) (1) | 1.54 |  | 1.48 |
Cap price ($/gallon) (1) | 1.91 |  | 1.80 |
(1) Based on the U.S. Gulf Coast Ultra-Low Sulfur Diesel Index. The following table summarizes the financial information relating to the future anticipated diesel consumption at Seabee that the Company has hedged as at December 31, 2020:
|  | 2021
Litres hedged (in thousands) |  | 3,560 |
Portion of forecast diesel consumption hedged (%) |  | 94.9 |
Floor price ($/litre) (1) |  | 0.43 |
Cap price ($/litre)(1) |  | 0.48 |
(1) Based on the NYMEX Heating Oil Ultra-Low Sulphur Diesel Index. As at December 31, 2020, the Company had the following hedge positions outstanding:
| 2021 | 2022
Notional amount (in thousands of CAD) | 24,957 |  | 9,000 |
Portion of forecast exposure hedged (%) | 33.9 |  | 11.9 |
Floor level (CAD per 1 USD) | 1.32 |  | 1.35 |
Cap level (CAD per 1 USD) | 1.38 |  | 1.42 |
Disclosure of nature and extent of risks arising from financial instruments | At December 31, 2020, the Company was primarily exposed to currency risk through the following financial assets and liabilities denominated in foreign currencies:
| December 31, 2020
| TRY | CAD | ARS
Financial assets |  |  |
Cash and cash equivalents | $ | 1,435 |  | $ | 4,556 |  | $ | 3,325 |
Marketable securities | — |  | 25,235 |  | — |
Accounts receivable and other financial assets (1) | 11,395 |  | 363 |  | 2,670 |
Financial liabilities |  |  |
Trade and other payables | (33,904) |  | (39,445) |  | (8,576) |
Lease liabilities (1) | (6,389) |  | (3,284) |  | — |
Other financial liabilities | (3,195) |  | (13,933) |  | (3) |
| $ | (30,658) |  | $ | (26,508) |  | $ | (2,584) |
| December 31, 2019
| TRY | CAD | ARS
Financial assets |  |  |
Cash and cash equivalents | $ | — |  | $ | 4,786 |  | $ | 146 |
Marketable securities | — |  | 65,586 |  | — |
Accounts receivable and other financial assets (1) | — |  | — |  | 1,250 |
Financial liabilities |  |  |
Trade and other payables | — |  | (26,695) |  | (13,411) |
Lease liabilities(1) | — |  | (3,679) |  | — |
Other financial liabilities | — |  | — |  | — |
| $ | — |  | $ | 39,998 |  | $ | (12,015) |
(1)Includes current and non-current portion.
Disclosure of sensitivity analysis for types of market risk | As at December 31, 2020, depreciation of the TRY, CAD, and ARS against the USD would have resulted in an increase to the Company's total comprehensive income as follows:
Year ended December 31 |  | 2020
TRY |  | $ | 2,453 |
CAD |  | 1,935 |
ARS |  | 485 |
Disclosure of credit risk exposure | The Company's maximum exposure to credit risk as at December 31, 2020 and December 31, 2019 was as follows:
| December 31, 2020 | December 31, 2019
Cash and cash equivalents | $ | 860,637 |  | $ | 503,647 |
Trade receivables | 38,456 |  | 54,164 |
Value added tax receivable | 30,279 |  | 21,416 |
Restricted cash | 35,288 |  | 2,339 |
Other current and non-current financial assets | 16,219 |  | 15,625 |
| $ | 980,879 |  | $ | 597,191 |
Disclosure of liquidity risk | The Company enters into contracts in the normal course of business that give rise to commitments for future minimum payments. The following table summarizes the remaining contractual maturities of the Company's financial liabilities, operating and capital commitments, shown in contractual undiscounted cash flows:
| Payments due by period (as at December 31, 2020)
| Less than one year | 1 - 3 years | 4-5 years | After 5 years | Total
Accounts payable and accrued liabilities | $ | 123,534 |  | $ | — |  | $ | — |  | $ | — |  | $ | 123,534 |
Convertible notes (principal portion) (note 14(a)) | — |  | — |  | — |  | 230,000 |  | 230,000 |
Term Loan and other debt (principal portion (note 14(b)) | 71,025 |  | 142,063 |  | — |  | — |  | 213,088 |
Interest payments on debt (notes 14(a) and 14(b)) | 12,840 |  | 17,585 |  | 11,500 |  | 2,875 |  | 44,800 |
Lease liabilities | 12,452 |  | 21,376 |  | 19,522 |  | 133,049 |  | 186,399 |
Derivative liabilities | 3,764 |  | 117 |  | — |  | — |  | 3,881 |
Reclamation and closure costs | 1,840 |  | 13,248 |  | 2,064 |  | 122,290 |  | 139,442 |
Operating expenditure commitments | 2,900 |  | 752 |  | — |  | — |  | 3,652 |
Capital expenditure commitments | 20,077 |  | — |  | — |  | — |  | 20,077 |
Other | 696 |  | 330 |  | 327 |  | — |  | 1,353 |
Total contractual obligations | $ | 249,128 |  | $ | 195,471 |  | $ | 33,413 |  | $ | 488,214 |  | $ | 966,226 |

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