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OPERATING SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2021
OPERATING SEGMENT REPORTING |
OPERATING SEGMENT REPORTING | NOTE 3 OPERATING SEGMENT REPORTING The Company is a mining and minerals production and exploration company focused on precious metals in the United States, Canada, Mexico, and Argentina. The Company’s chief operating decision maker (“CODM”) reviews the operating results, assesses performance and makes decisions about the allocation of resources to these segments at the geographic region level or major mine/project where the economic characteristics of the individual mines or projects within a geographic region are not alike. As a result, these operating segments also represent the Company’s reportable segments for accounting purposes. The Company’s business activities that are not considered operating segments are included in General and Administrative and Other and are provided in this note for reconciliation purposes. The CODM reviews segment income or loss, defined as gold and silver sales less production costs applicable to sales, depreciation and depletion, advanced projects and exploration costs, for all segments except for the MSC segment, which is evaluated based on the attributable equity income or loss. Gold and silver sales and production costs applicable to sales for the reportable segments are reported net of intercompany transactions. Capital expenditures include costs capitalized in mineral property interests and plant and equipment in the respective periods. Significant information relating to the Company’s reportable operating segments for the periods presented is summarized in the tables below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended September 30, 2021 |  | USA |  | Canada |  | Mexico |  | MSC |  | Los Azules |  | Total
Revenue from gold and silver sales | ​ | $ | 21,683 | ​ | $ | 14,227 | ​ | $ | 1,219 | ​ | $ | — | ​ | $ | — | ​ | $ | 37,129
Production costs applicable to sales | ​ | ​ | (18,753) | ​ | ​ | (9,635) | ​ | ​ | (2,372) | ​ | ​ | — | ​ | ​ | — | ​ |  | (30,760)
Depreciation and depletion | ​ | ​ | (2,140) | ​ | ​ | (3,885) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (6,025)
Gross profit (loss) | ​ | ​ | 790 | ​ | ​ | 707 | ​ | ​ | (1,153) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 344
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (234) | ​ | ​ | (871) | ​ | ​ | (1,872) | ​ | ​ | — | ​ | ​ | (1,036) | ​ |  | (4,013)
Exploration | ​ | ​ | (1,432) | ​ | ​ | (4,817) | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (6,245)
Loss from investment in Minera Santa Cruz S.A. | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2,650) | ​ | ​ | — | ​ |  | (2,650)
Other operating | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Segment (loss) | ​ | $ | (876) | ​ | $ | (4,981) | ​ | $ | (3,021) | ​ | $ | (2,650) | ​ | $ | (1,036) | ​ | $ | (12,564)
General and Administrative and other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,678)
Loss before income and mining taxes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | $ | (18,242)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 353 | ​ | ​ | 10,775 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | $ | 11,128
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine months ended September 30, 2021 |  | USA |  | ​ | Canada | ​ | Mexico | ​ | MSC |  | Los Azules |  | Total
Revenue from gold and silver sales | ​ | $ | 60,919 | ​ | $ | 34,966 | ​ | $ | 5,690 | ​ | $ | — | ​ | $ | — | ​ | $ | 101,575
Production costs applicable to sales | ​ | ​ | (53,376) | ​ | ​ | (22,622) | ​ | ​ | (9,483) | ​ | ​ | — | ​ | ​ | — | ​ |  | (85,481)
Depreciation and depletion | ​ | ​ | (6,208) | ​ | ​ | (10,469) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (16,677)
Gross profit (loss) | ​ | ​ | 1,335 | ​ | ​ | 1,875 | ​ | ​ | (3,793) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (583)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (203) | ​ | ​ | (2,058) | ​ | ​ | (3,338) | ​ | ​ | — | ​ | $ | (1,036) | ​ |  | (6,635)
Exploration | ​ | ​ | (3,887) | ​ | ​ | (12,532) | ​ | ​ | (14) | ​ | ​ | — | ​ | ​ | (1,684) | ​ |  | (18,117)
Impairment of mineral property interests and plant and equipment (Note 8) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Loss from investment in Minera Santa Cruz S.A. | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,077) | ​ | ​ | — | ​ |  | (5,077)
Other operating | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Segment loss | ​ | $ | (2,755) | ​ | $ | (12,715) | ​ | $ | (7,145) | ​ | $ | (5,077) | ​ | $ | (2,720) | ​ | $ | (30,412)
General and Administrative and other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (9,322)
Loss before income and mining taxes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | $ | (39,734)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 1,110 | ​ | $ | 20,342 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 21,452
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended September 30, 2020 |  | USA |  | Canada |  | Mexico |  | MSC |  | Los Azules |  | Total
Revenue from gold and silver sales | ​ | $ | 13,042 | ​ | $ | 10,352 | ​ | $ | 4,001 | ​ | $ | — | ​ | $ | — | ​ | $ | 27,395
Production costs applicable to sales | ​ | ​ | (10,791) | ​ | ​ | (8,874) | ​ | ​ | (3,861) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (23,526)
Depreciation and depletion | ​ | ​ | (2,099) | ​ | ​ | (2,404) | ​ | ​ | (67) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,570)
Gross (loss) profit | ​ | ​ | 152 | ​ | ​ | (926) | ​ | ​ | 73 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (701)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (240) | ​ | ​ | (2,784) | ​ | ​ | (1,003) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,027)
Exploration | ​ | ​ | (2,395) | ​ | ​ | (1,189) | ​ | ​ | (427) | ​ | ​ | — | ​ | ​ | (412) | ​ | ​ | (4,423)
Loss from investment in Minera Santa Cruz S.A. | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,582 | ​ | ​ | — | ​ | ​ | 2,582
Segment loss | ​ | $ | (2,483) | ​ | $ | (4,899) | ​ | $ | (1,357) | ​ | $ | 2,582 | ​ | $ | (412) | ​ | $ | (6,569)
General and Administrative and other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3,361)
Loss before income and mining taxes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | $ | (9,930)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 106 | ​ | $ | 488 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 594
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine months ended September 30, 2020 |  | USA |  | Canada |  | Mexico |  | MSC |  | Los Azules |  | Total
Revenue from gold and silver sales | ​ | $ | 38,129 | ​ | $ | 27,257 | ​ | $ | 11,700 | ​ | $ | — | ​ | $ | — | ​ | $ | 77,086
Production costs applicable to sales | ​ | ​ | (38,863) | ​ | ​ | (24,231) | ​ | ​ | (11,173) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (74,267)
Depreciation and depletion | ​ | ​ | (8,527) | ​ | ​ | (7,336) | ​ | ​ | (217) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (16,080)
Gross (loss) profit | ​ | ​ | (9,261) | ​ | ​ | (4,310) | ​ | ​ | 310 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (13,261)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Advanced projects | ​ | ​ | (789) | ​ | ​ | (5,609) | ​ | ​ | (3,066) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (9,464)
Exploration | ​ | ​ | (5,235) | ​ | ​ | (4,434) | ​ | ​ | (463) | ​ | ​ | — | ​ | ​ | (1,629) | ​ | ​ | (11,761)
Impairment of mineral property interests and plant and equipment (Note 8) | ​ | ​ | (83,805) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (83,805)
Loss from investment in Minera Santa Cruz S.A. | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,139) | ​ | ​ | — | ​ | ​ | (1,139)
Other operating | ​ | ​ | (1,390) | ​ | ​ | (578) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,968)
Segment loss | ​ | $ | (100,480) | ​ | $ | (14,931) | ​ | $ | (3,219) | ​ | $ | (1,139) | ​ | $ | (1,629) | ​ | $ | (121,398)
General and Administrative and other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8,661)
Loss before income and mining taxes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | $ | (130,059)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | $ | 4,712 | ​ | $ | 4,428 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 9,140
​ ​ ​ Geographic Information Geographic information includes the long-lived asset balances and revenues presented for the Company’s operating segments, as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Long-lived Assets | ​ | Revenue (1) | ​ | Revenue (1)
​ | ​ | September 30, | ​ | December 31, | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 | ​ | 2020
USA | ​ | $ | 43,176 | ​ | $ | 46,801 | ​ | $ | 21,683 | ​ | $ | 13,042 | ​ | $ | 60,919 | ​ | $ | 38,129
Canada | ​ | ​ | 97,187 | ​ | ​ | 78,986 | ​ | ​ | 14,227 | ​ | ​ | 10,352 | ​ | ​ | 34,966 | ​ | ​ | 27,257
Mexico | ​ | ​ | 20,018 | ​ | ​ | 20,021 | ​ | ​ | 1,219 | ​ | ​ | 4,001 | ​ | ​ | 5,690 | ​ | ​ | 11,700
Argentina (2) | ​ | ​ | 287,268 | ​ | ​ | 299,816 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total consolidated | ​ | $ | 447,649 | ​ | $ | 445,624 | ​ | $ | 37,129 | ​ | $ | 27,395 | ​ | $ | 101,575 | ​ | $ | 77,086
(1) | Presented based on the location from which the precious metals originated.
(2) | Includes Investment in MSC of $95.7 million as of September 30, 2021 (December 31, 2020 – $108.3 million).

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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