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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2024
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS | 26. FAIR VALUE MEASUREMENTS
| (a) | Financial Assets and Financial Liabilities by Category
​ The carrying amounts of the Company’s financial assets and financial liabilities by category are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31, 2024 |  | ​ | Fair value through OCI $ |  | ​ | Fair value through profit or loss $ | ​ | ​ | Amortized cost $ | ​ | ​ | Total $
Financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 231,328 | ​ | ​ | 231,328
Trade receivables concentrate sales | ​ | ​ | - | ​ | ​ | 18,920 | ​ | ​ | - | ​ | ​ | 18,920
Trade receivables doré sales | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 7,782 | ​ | ​ | 7,782
Investments in equity securities | ​ | ​ | 119 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 119
Other receivables | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 4,332 | ​ | ​ | 4,332
Total financial assets | ​ | ​ | 119 | ​ | ​ | 18,920 | ​ | ​ | 243,442 | ​ | ​ | 262,481
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trade payables | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (91,180) | ​ | ​ | (91,180)
Payroll payable | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (30,345) | ​ | ​ | (30,345)
Share units payable | ​ | ​ | - | ​ | ​ | (14,063) | ​ | ​ | - | ​ | ​ | (14,063)
2024 Convertible Notes | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (126,031) | ​ | ​ | (126,031)
Other payables | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (84,383) | ​ | ​ | (84,383)
Total financial liabilities | ​ | ​ | - | ​ | ​ | (14,063) | ​ | ​ | (331,939) | ​ | ​ | (346,002)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31, 2023 |  | ​ | Fair value through OCI $ |  | ​ | Fair value through profit or loss $ | ​ | ​ | Amortized cost $ | ​ | ​ | Total $
Financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 128,148 | ​ | ​ | 128,148
Trade receivables concentrate sales | ​ | ​ | - | ​ | ​ | 16,819 | ​ | ​ | - | ​ | ​ | 16,819
Trade receivables doré sales | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 3,151 | ​ | ​ | 3,151
Investments in equity securities | ​ | ​ | 80 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 80
Other receivables | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 5,189 | ​ | ​ | 5,189
Total financial assets | ​ | ​ | 80 | ​ | ​ | 16,819 | ​ | ​ | 136,488 | ​ | ​ | 153,387
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trade payables | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (100,387) | ​ | ​ | (100,387)
Payroll payable | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (21,896) | ​ | ​ | (21,896)
Share units payable | ​ | ​ | - | ​ | ​ | (9,259) | ​ | ​ | - | ​ | ​ | (9,259)
Metal forward sales contracts liability | ​ | ​ | - | ​ | ​ | (81) | ​ | ​ | - | ​ | ​ | (81)
Credit facilities | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (162,946) | ​ | ​ | (162,946)
2019 Convertible Debentures | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (43,901) | ​ | ​ | (43,901)
Other payables | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (82,807) | ​ | ​ | (82,807)
Total financial liabilities | ​ | ​ | - | ​ | ​ | (9,340) | ​ | ​ | (411,937) | ​ | ​ | (421,277)
​ ​
| (b) | Fair Values of Financial Assets and Financial Liabilities
​ The following methods and assumptions were used to estimate the fair value of each class of financial instrument: ​ Trade receivables – Trade receivables arising from the sales of metal concentrates are subject to provisional pricing, and the final selling price is adjusted at the end of a quotational period. These are marked to market at each reporting date based on the forward price corresponding to the expected settlement date. ​ Investments in equity securities – Investments in equity securities are recorded at fair value based on the quoted market price at the end of each reporting period with changes in fair value through other comprehensive loss. ​ Share units payable – The fair values is based on quoted market prices. ​ Metal forward sales contracts – Fair value is calculated as the present value of the estimated contractual cash flows. Estimates of future cash flows are based on futures prices. These are discounted using a yield curve, and adjusted for credit risk of the Company or the counterparty. ​ Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company categorizes the fair value estimates by a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: ​ Level 1 – Observable inputs such as quoted prices in active markets; Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. ​ ​ ​ During the year ended December 31, 2024 and 2023, there were no transfers of amounts between Level 1, Level 2, and Level 3 of the fair value hierarchy. The fair values of the Company’s financial assets and financial liabilities that are measured at fair value, including their levels in the fair value hierarchy are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31, 2024 |  | ​ | Level 1 $ |  | ​ | Level 2 $ |  | ​ | Level 3 $ |  | ​ | Total $
Trade receivables concentrate sales | ​ | ​ | - | ​ | ​ | 18,920 | ​ | ​ | - | ​ | ​ | 18,920
Investments in equity securities | ​ | ​ | 119 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 119
Share units payable | ​ | ​ | - | ​ | ​ | (14,063) | ​ | ​ | - | ​ | ​ | (14,063)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31, 2023 |  | ​ | Level 1 $ |  | ​ | Level 2 $ |  | ​ | Level 3 $ |  | ​ | Total $
Trade receivables concentrate sales | ​ | ​ | - | ​ | ​ | 16,819 | ​ | ​ | - | ​ | ​ | 16,819
Investments in equity securities | ​ | ​ | 80 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 80
Metal forward sales contracts liability | ​ | ​ | - | ​ | ​ | (81) | ​ | ​ | - | ​ | ​ | (81)
Share units payable | ​ | ​ | - | ​ | ​ | (9,259) | ​ | ​ | - | ​ | ​ | (9,259)
​
| (c) | Financial Assets and Financial Liabilities Not Already Measured at Fair Value
​ The estimated fair values by the Level 2 fair value hierarchy of the Company’s financial liabilities that are not accounted for at a fair value as compared to the carrying amount were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024 | ​ | December 31, 2023
​ | ​ | ​ | Carrying amount $ | ​ | ​ | Fair value $ | ​ | ​ | Carrying amount $ | ​ | ​ | Fair value $
2024 Convertible Notes (1) | ​ | ​ | (126,031) | ​ | ​ | (177,330) | ​ | ​ | - | ​ | ​ | -
Credit facilities | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (162,946) | ​ | ​ | (165,000)
2019 Convertible Debentures (1) | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (43,901) | ​ | ​ | (44,344)
​ | ​ | ​ | (126,031) | ​ | ​ | (177,330) | ​ | ​ | (206,847) | ​ | ​ | (209,344)
​
| (1) | The carrying amounts of the 2024 Convertible Notes and 2019 Convertible Debentures represents the liability components (Note 13), while the fair value represents the liability and equity components. The fair value of the 2024 Convertible Notes is based on the quoted prices in markets that are not active for the underlying securities. As at December 31, 2023, the fair value of the 2019 Convertible Debentures is based on the quoted market price of the convertible debentures.

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