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INCOME AND MINING TAXES | 12 Months Ended
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Dec. 31, 2020
INCOME AND MINING TAXES. |
INCOME AND MINING TAXES | NOTE 20 INCOME AND MINING TAXES The Company’s deferred income and mining tax benefit consisted of:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
United States | ​ | $ | 817 | ​ | $ | 2,420 | ​ | $ | 2,185
Foreign | ​ | ​ | 573 | ​ | ​ | 1,424 | ​ | ​ | 585
Deferred tax benefit | ​ | $ | 1,390 | ​ | $ | 3,844 | ​ | $ | 2,770
​ The Company’s net loss before income and mining tax consisted of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2020 |  | 2019 | ​ | 2018
United States | ​ | $ | (127,524) | ​ | $ | (22,319) | ​ | $ | (27,001)
Foreign | ​ | ​ | (26,191) | ​ | ​ | (41,272) | ​ | ​ | (20,639)
Loss before income and mining taxes | ​ | $ | (153,715) | ​ | $ | (63,591) | ​ | $ | (47,640)
​ A reconciliation of the tax provision for 2020, 2019 and 2018 at statutory U.S. Federal and State income tax rates to the actual tax provision recorded in the financial statements is computed as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected tax recovery at |  | 2020 |  | 2019 |  | 2018
Loss before income and mining taxes | ​ | $ | (153,715) | ​ | $ | (63,591) | ​ | $ | (47,640)
Statutory tax rate | ​ | ​ | 21% | ​ | ​ | 21% | ​ | ​ | 21%
US Federal and State tax expense at statutory rate | ​ | ​ | (32,280) | ​ | ​ | (13,354) | ​ | ​ | (10,004)
Reconciling items: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity pickup in MSC | ​ |  | 374 | ​ |  | 2,626 | ​ |  | 2,966
Deferred foreign income inclusion | ​ |  | 795 | ​ |  | 598 | ​ |  | 5,963
Realized flow-through expenditures | ​ | ​ | 496 | ​ | ​ | 3,150 | ​ | ​ | 2,100
Realized flow-through premium | ​ | ​ | (338) | ​ | ​ | (2,954) | ​ | ​ | (1,675)
Tax rate changes | ​ | ​ | (147) | ​ | ​ | 976 | ​ |  | —
Adjustment for foreign tax rates | ​ |  | (2,043) | ​ |  | (200) | ​ |  | 40
Other permanent differences | ​ |  | (7,062) | ​ |  | 8,540 | ​ |  | 4,419
Unrealized foreign exchange rate (loss)/gain | ​ |  | 4,663 | ​ |  | (1,095) | ​ |  | (6,935)
NOL expires and revisions | ​ |  | 1,066 | ​ |  | 810 | ​ |  | (120)
Valuation allowance | ​ |  | 33,086 | ​ |  | (2,941) | ​ |  | 476
Income and mining tax recovery | ​ | $ | (1,390) | ​ | $ | (3,844) | ​ | $ | (2,770)
​ The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as at December 31, 2020 and 2019 respectively are presented below:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carryforward | ​ | $ | 66,085 | ​ | $ | 57,667 | ​
Mineral Properties | ​ |  | 66,038 | ​ |  | 60,299 | ​
Other temporary differences | ​ |  | 30,999 | ​ |  | 14,356 | ​
Total gross deferred tax assets | ​ |  | 163,122 | ​ |  | 132,322 | ​
Less: valuation allowance | ​ |  | (154,298) | ​ |  | (121,212) | ​
Net deferred tax assets | ​ | $ | 8,824 | ​ | $ | 11,110 | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquired mineral property interests | ​ | ​ | (12,637) | ​ | ​ | (16,024) | ​
Total deferred tax liabilities | ​ | $ | (12,637) | ​ | $ | (16,024) | ​
Deferred income and mining tax liability | ​ | $ | (3,813) | ​ | $ | (4,914) | ​
​ The Company reviews the measurement of its deferred tax assets at each balance sheet date. On the basis of available information at December 31, 2020, the Company has provided a valuation allowance for certain of its deferred assets where the Company believes it is more likely than not that some portion or all of such assets will not be realized. The change in valuation allowance of approximately $33.1 million primarily reflects the impact of losses during the year from impairments and operations. The table below summarizes changes to the valuation allowance:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the year ended December 31, |  | Balance at beginning of year |  | Additions(a) |  | Deductions(b) |  | Balance at end of year
2020 | ​ | $ | 121,212 | ​ | $ | 39,794 | ​ | $ | (6,708) | ​ | $ | 154,298
2019 | ​ | ​ | 124,153 | ​ | ​ | 2,104 | ​ | ​ | (5,045) | ​ | ​ | 121,212
2018 | ​ | ​ | 123,648 | ​ | ​ | 12,232 | ​ | ​ | (11,727) | ​ | ​ | 124,153
(a) | The additions to valuation allowance mainly result from the Company and its subsidiaries incurring losses and exploration expenses for tax purposes which do not meet the more-likely-than-not criterion for recognition of deferred tax assets.
(b) | The reductions to valuation allowance mainly result from release of valuation allowance, expiration of the Company’s tax attributes, foreign exchange reductions of tax attributes in Canada, Mexico and Argentina and inflationary adjustments to tax attributes in Argentina.
As at December 31, 2020 and 2019, the Company did not have any income-tax related accrued interest and tax penalties. The following table summarizes the Company’s losses that can be applied against future taxable profit:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Country |  | Type of Loss |  | Amount |  | Expiry Period
United States(a) | ​ | Net-operating losses | ​ | $ | 167,784 | ​ | 2027-Unlimited
Mexico | ​ | Net-operating losses | ​ | ​ | 37,117 | ​ | 2022-2030
Canada(a) | ​ | Net-operating losses | ​ | ​ | 35,888 | ​ | 2025-2040
Argentina(a) | ​ | Net-operating losses | ​ | ​ | 41,522 | ​ | 2021-2025
(a) | The losses in the United States, Canada, and Argentina are part of multiple consolidating groups, and therefore, may be restricted in use to specific projects.
The Company or its subsidiaries file income tax returns in the United States, Canada, Mexico, and Argentina. These tax returns are subject to examination by local taxation authorities provided the tax years remain open to audit under the relevant statute of limitations. The following summarizes the open tax years by major jurisdiction: United States: 2017 to 2020 Canada: 2013 to 2020 Mexico: 2016 to 2020 Argentina: 2016 to 2020 ​

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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