Deferred Consideration (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Assumptions Used in Valuation of Deferred Consideration

The Company determined the present value of the deferred consideration of $224,953 and $230,137 at September 30, 2021 and December 31, 2020 using the following assumptions:


	September 30, 2021			December 31, 2020
Forward-looking gold price (low) – per ounce	$	1,756		$	1,903
Forward-looking gold price (high) – per ounce	$	2,906		$	2,662
Forward-looking gold price (weighted average) – per ounce	$	2,093		$	2,117
Discount rate		9.0	%		9.0	%
Perpetual growth rate		1.4	%		0.9	%

Schedule of Deferred Consideration

During the three and nine months ended September 30, 2021 and 2020, the Company recognized the following in respect of deferred consideration:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		2020			2021		2020
Contractual gold payments	$	4,250	$	4,539		$	12,834	$	12,362
Contractual gold payments – gold ounces paid		2,375		2,375			7,125		7,125
Gain/(loss) on revaluation of deferred consideration – gold payments (1)	$	1,737	$	(8,870	)	$	5,066	$	(34,436	)

(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 present value of the annual payment obligations.