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CAPITAL STOCK | 12 Months Ended
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Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
CAPITAL STOCK [Text Block] | 15. CAPITAL STOCK Authorized As at December 31, 2021, the authorized share capital of the Company was an unlimited number of common shares without par value. Common Shares During the year ended December 31, 2021, the Company: Issued 1,055,400 common shares for gross proceeds of $1,407 pursuant to the exercise of stock options. Issued 4,667 common shares valued at $13 pursuant to an agreement with a consultant to the Company. Issued 232,750 common shares with a value of $183 pursuant to the restricted share unit plan with executives and management of the Company. Issued 114,785 common shares valued at $434 (US$375) related to the Oijärvi acquisition agreement (Note 9). Issued 12,323,048 common shares valued at $41,898 related to the acquisition of the SSR Mining royalty portfolio (Note 9). Issued 450,730 common shares at a value of $1,557 or $3.46 per share as part of the Sprott Credit Facility (Note 14). Completed a non-brokered private placement in two tranches and issued 6,500,000 units at a price of $3.30 per unit for gross proceeds of $21,450. Each unit consisted of one common share and one half of one share purchase warrant. Each full warrant entitles the holder thereof to purchase one common share of the Company at a price of $4.00 per common share in the first year and $4.50 per common share in the second year. Using the residual value method with respect to the measurement of shares and warrants issued as private placement units, $63 was allocated to the value of the warrant component. In consideration for arranging the private placement, the Company paid finder's fees of $630 in cash and issued 149,282 finder's warrants. Each finder's warrant entitles the holder to purchase one common share at a price of $3.50 per common share for one year from closing. The Company recorded $75 in share capital and reserves related to the fair value of the finders' warrants. The fair value of the finder's warrants issued as part of the private placement was estimated as of the date of the issuance using the Black-Scholes pricing model with the following weighted average assumptions: risk-free interest rate of 0.92%, dividend yield of 0%, volatility of 43.95% and an expected life of 1 year. The Company paid an additional $138 in legal and regulatory costs related to the private placement. During the year ended December 31, 2020 the Company: Issued 1,967,800 common shares for gross proceeds of $2,156 pursuant to the exercise of stock options. Issued 52,000 common shares valued at $136 pursuant to the Kaukua Royalty acquisition (Note 9). Issued 103,271 common shares valued at $399 pursuant to the Frontline Royalty and other property interest acquisition (Note 9). Stock Options The Company adopted a stock option plan (the "Plan") pursuant to the policies of the TSX-V. The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time. The vesting terms are determined at the time of the grant, subject to the terms of the plan. During the years ended December 31, 2021 and 2020, the change in stock options outstanding was as follows:
|  | Number |  |  | Weighted Average Exercise Price
Balance as at December 31, 2019 |  | 6,714,700 |  | $ | 1.30 |
Granted |  | 1,645,500 |  |  | 2.62
Exercised |  | (1,967,800 | ) |  | 1.10 |
Forfeited |  | (10,000 | ) |  | 1.70 |
Balance as at December 31, 2020 |  | 6,382,400 |  | $ | 1.70 |
Granted |  | 1,801,500 |  |  | 3.98 |
Exercised |  | (1,055,400 | ) |  | 1.33 |
Forfeited |  | (20,000 | ) |  | 3.96 |
Balance as at December 31, 2021 |  | 7,108,500 |  |  | 2.33 |
Number of options exercisable as at December 31, 2021 |  | 7,098,500 |  | $ | 2.32 |
The following table summarizes information about the stock options which were outstanding and exercisable at December 31, 2021:
Date Granted |  | Number of Options |  |  | Exercisable |  |  | Exercise Price $ |  |  | Expiry Date |
August 28, 2017 |  | 1,045,000 |  |  | 1,045,000 |  |  | 1.20 |  |  | August 28, 2022 |
July 10, 2018 |  | 1,289,000 |  |  | 1,289,000 |  |  | 1.30 |  |  | July 10, 2023 |
November 28, 2018 |  | 10,000 |  |  | 10,000 |  |  | 1.57 |  |  | November 28, 2023 |
December 14, 2018 |  | 20,000 |  |  | 20,000 |  |  | 1.42 |  |  | December 14, 2023 |
June 6, 2019 |  | 1,375,000 |  |  | 1,375,000 |  |  | 1.70 |  |  | June 6, 2024 |
November 18, 2019 |  | 30,000 |  |  | 30,000 |  |  | 1.80 |  |  | November 18, 2024 |
January 21, 2020 |  | 60,000 |  |  | 60,000 |  |  | 2.22 |  |  | January 21, 2025 |
April 22, 2020 |  | 20,000 |  |  | 20,000 |  |  | 2.50 |  |  | April 22, 2025 |
June 10, 2020 |  | 1,444,000 |  |  | 1,444,000 |  |  | 2.62 |  |  | June 10, 2025 |
October 5, 2020 |  | 29,000 |  |  | 29,000 |  |  | 3.50 |  |  | October 5, 2025 |
May 6, 2021* |  | 1,241,500 |  |  | 1,231,500 |  |  | 4.11 |  |  | May 6, 2026 |
May 12, 2021 |  | 15,000 |  |  | 15,000 |  |  | 4.28 |  |  | May 12, 2026 |
June 21, 2021 |  | 20,000 |  |  | 20,000 |  |  | 3.67 |  |  | June 21, 2026 |
August 19, 2021 |  | 500,000 |  |  | 500,000 |  |  | 3.66 |  |  | August 19, 2026 |
September 8, 2021 |  | 10,000 |  |  | 10,000 |  |  | 3.51 |  |  | September 8, 2026 |
Total |  | 7,108,500 |  |  | 7,098,500 |  |  |  |  |  |  |
* Includes options granted for investor relations services that vest 25% every 4 months from the date of grant. The weighted average remaining useful life of exercisable stock options is 2.73 years (December 31, 2020 - 2.82 years). Restricted share units In 2017, the Company introduced a long-term restricted share unit plan ("RSUs"). The RSUs entitle employees, directors, or officers to common shares of the Company upon vesting based on vesting terms determined by the Company's Board of Directors at the time of grant. A total of 3,200,000 RSU's are reserved for issuance under the plan and the number of shares issuable pursuant to all RSUs granted under this plan, together with any other compensation arrangement of the Company that provides for the issuance of shares, shall not exceed ten percent (10%) of the issued and outstanding shares at the grant date. During the years ended December 31, 2021 and 2020, the change in RSU's outstanding is as follows:
|  | Number |
Balance as at December 31, 2019 |  | 958,500 |
Vested |  | (312,500 | )
Granted |  | 430,000 |
Balance as at December 31, 2020 |  | 1,076,000 |
Vested |  | (326,500 | )
Granted |  | 470,000 |
Balance as at December 31, 2021 |  | 1,219,500 |
The following table summarizes information about the RSU's which were outstanding at December 31, 2021:
Evaluation Date |  | December 31, 2020 |  |  | Granted |  |  | Vested |  |  | Expired/Cancelled |  |  | December 31, 2021 |
December 31, 2020* |  | 312,500 |  |  | - |  |  | (312,500 | ) |  | - |  |  | - |
December 31, 2021** |  | 312,500 |  |  | - |  |  | - |  |  | - |  |  | 312,500 |
November 18, 2022 |  | 21,000 |  |  | - |  |  | (14,000 | ) |  | - |  |  | 7,000 |
December 31, 2022 |  | 430,000 |  |  | - |  |  | - |  |  | - |  |  | 430,000 |
December 31, 2023 |  | - |  |  | 470,000 |  |  | - |  |  | - |  |  | 470,000 |
Total |  | 1,076,000 |  |  | 470,000 |  |  | (326,500 | ) |  | - |  |  | 1,219,500 |
*Based on the achievement of performance as evaluated by the Compensation Committee, it was ascertained that 312,500 RSU's with an evaluation date of December 31, 2020 had vested during the year ended December 31, 2021 based on preset performance criteria previously established on the grant date. **Subsequent to the year ended December 31, 2021 it was ascertained that 234,750 RSU's with an evaluation date of December 31, 2021 had vested based on preset performance criteria previously established on the grant date. Warrants During the years ended December 31, 2021 and 2020, the change in warrants outstanding was as follows:
|  | Number |  |  | Weighted Average Exercise Price |
Balance as at December 31, 2019 and 2020 |  | - |  | $ | - |
Issued |  | 3,399,280 |  |  | 3.98 |
Balance as at December 31, 2021 |  | 3,399,280 |  | $ | 3.98 |
The following table summarizes information about the warrants which were outstanding at December 31, 2021:
Date Issued |  | Number of Warrants |  |  | Exercisable |  |  | Exercise Price $ |  |  | Expiry Date |
November 5, 2021 |  | 148,082 |  |  | 148,082 |  |  | 3.50 |  |  | November 7, 2022 |
November 16, 2021 |  | 1,200 |  |  | 1,200 |  |  | 3.50 |  |  | November 17, 2022 |
November 5, 2021 |  | 3,249,998 |  |  | 3,249,998 |  |  | 4.00 |  |  | November 5, 2023 |
Total |  | 3,399,280 |  |  | 3,399,280 |  |  |  |  |  |  |
Share-based Payments During the year ended December 31, 2021, the Company recorded aggregate share-based payments of $5,216 (2020 - $3,121) as they relate to the fair value of stock options and RSU's vested during the year and the fair value of incentive stock grants. Share-based payments for the years ended December 31, 2021 and 2020 are allocated to expense accounts as follows:
Year ended December 31, 2021 |  | General and Administrative Expenses |  |  | Project and Royalty Generation Costs |  |  | Total |
Fair value of stock options vested | $ | 1,759 |  | $ | 1,510 |  | $ | 3,269 |
RSU's vested |  | 1,611 |  |  | - |  |  | 1,611 |
RSU's settled in cash |  | 309 |  |  | 27 |  |  | 336 |
| $ | 3,679 |  | $ | 1,537 |  | $ | 5,216 |
Year ended December 31, 2020 |  | General and Administrative Expenses |  |  | Project and Royalty Generation Costs |  |  | Total |
Fair value of stock options vested | $ | 1,241 |  | $ | 979 |  | $ | 2,220 |
RSU's vested |  | 695 |  |  | - |  |  | 695 |
RSU's settled in cash |  | 58 |  |  | 148 |  |  | 206 |
| $ | 1,994 |  | $ | 1,127 |  | $ | 3,121 |
The weighted average fair value of the stock options granted during the year ended December 31, 2021 was $1.81 (2020 - $1.35) per stock option. The fair value of stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:
|  | Year ended |  |  | Year ended |
|  | December 31, 2021 |  |  | December 31, 2020 |
Risk free interest rate |  | 0.88% |  |  | 0.42% |
Expected life (years) |  | 5 |  |  | 5 |
Expected volatility |  | 53.3% |  |  | 61.7% |
Dividend yield |  | 0% |  |  | 0% |

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