Deferred Consideration (Tables)

12 Months Ended

Dec. 31, 2021

Summary of valuation of deferred consideration

The Company determined the present value of the deferred consideration of $228,062 and $230,137 at December 31, 2021 and 2020 using the following assumptions:


	December 31, 2021			December 31, 2020
Forward-looking gold price (low) – per ounce	$	1,833		$	1,903
Forward-looking gold price (high) – per ounce	$	2,705		$	2,662
Forward-looking gold price (weighted average) – per ounce	$	2,106		$	2,117
Discount rate		9.0	%		9.0	%
Perpetual growth rate		1.0	%		0.9	%

Schedule of Deferred Consideration

During the years ended December 31, 2021 and 2020, the Company recognized the following in respect of deferred consideration:


	Years Ended December 31,
	2021		2020			2019
Contractual gold payments	$	17,096	$	16,811		$	13,226
Contractual gold payments – gold ounces paid		9,500		9,500			9,500
Gain/(loss) on revaluation of deferred consideration – gold payments (1)	$	2,018	$	(56,821	)	$	(11,293	)

(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.