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Deferred Consideration (Tables) | 3 Months Ended
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Mar. 31, 2021
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Summary of valuation of deferred consideration | The Company determined the present value of the deferred consideration of $227,146 and $230,137 at March 31, 2021 and December 31, 2020 using the following assumptions:
|  | March 31, 2021 |  |  | December 31, 2020 |
Forward-looking gold price (low) – per ounce |  | $ | 1,717 |  |  | $ | 1,903 |
Forward-looking gold price (high) – per ounce |  | $ | 3,201 |  |  | $ | 2,662 |
Forward-looking gold price (weighted average) – per ounce |  | $ | 2,136 |  |  | $ | 2,117 |
Discount rate |  |  | 9.0 % |  |  |  | 9.0 % |
Perpetual growth rate |  |  | 1.7 % |  |  |  | 0.9 % |
Schedule of Deferred Consideration | During the three months ended March 31, 2021 and 2020, the Company recognized the following in respect of deferred consideration:
|  | Three Months Ended March 31, |
|  | 2021 |  |  | 2020 |
Contractual Gold Payments |  | $ | 4,270 |  |  | $ | 3,760 |
Contractual Gold Payments – gold ounces paid |  |  | 2,375 |  |  |  | 2,375 |
Gain/(loss) on revaluation of deferred consideration – gold payments(1) |  | $ | 2,832 |  |  | $ | (2,208 | )
(1) | Gains on revaluation of deferred consideration – gold payments result from a decrease in spot gold prices, a decrease in the forward-looking price of gold, a decrease in the perpetual growth rate and an increase in the discount rate used to compute the present value of the annual payment obligations. Losses on revaluation of deferred consideration – gold payments result from an increase in spot gold prices, an increase in the forward-looking price of gold, an increase in the perpetual growth rate and a decrease in the discount rate used to compute the annual payment obligations.

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