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Deferred Consideration (Tables) | 12 Months Ended
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Dec. 31, 2020
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Summary of valuation of deferred consideration | The Company determined the present value of the deferred consideration of $230,137 and $173,024 at December 31, 2020 and December 31, 2019 using the following assumptions:
|  | December 31, 2020 |  |  | December 31, 2019 |
Forward-looking gold price (low) – per ounce |  | $ | 1,903 |  |  | $ | 1,535 |
Forward-looking gold price (high) – per ounce |  | $ | 2,662 |  |  | $ | 2,328 |
Forward-looking gold price (weighted average) – per ounce |  | $ | 2,117 |  |  | $ | 1,757 |
Discount rate |  |  | 9.0 | % |  |  | 10.0 | %
Perpetual growth rate |  |  | 0.9 | % |  |  | 1.5 | %
Schedule of Deferred Consideration | During the years ended December 31, 2020 and 2019, the Company recognized the following in respect of deferred consideration:
|  | Years Ended December 31, |
|  | 2020 |  |  | 2019 |
Contractual Gold Payments |  | $ | 16,811 |  |  | $ | 13,226 |
Contractual Gold Payments – gold ounces paid |  |  | 9,500 |  |  |  | 9,500 |
Loss on revaluation of deferred consideration – gold payments (1) |  | $ | (56,821 | ) |  | $ | (11,293 | )
(1) | Losses arise due to increases in the forward-looking price of gold and the magnitude of any loss is highly correlated to the magnitude of the change in the forward-looking price of gold. In addition, losses arise due to increases in the perpetual growth rate and a reduction in the discount rate used to compute the present value of the annual payment obligations.

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