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Deferred revenue
 3 Months Ended
Nov. 30, 2023
Deferred Revenue  
Deferred revenue

 

8.Deferred revenue

 

On August 11, 2022, the Company entered into a $5.0 million prepaid Gold Doré Purchase Agreement (“Agreement”) with OCIM Metals and Mining S.A. (“OCIM”). The Agreement requires funds to be made available to the Company in two tranches. During the three months ended November 30, 2023, the Company fully settled $2.5 million drawn on the first tranche of the Agreement. On July 11, 2023, the Company drew $1.0 million from the second tranche of the Agreement in exchange for delivering 46.4 ounces of gold per month, commencing October 2023, for a total of 603 ounces of gold over 13 months. On September 26, 2023, the Company drew an additional $0.5 million from the second tranche of the Agreement in exchange for delivering 23.5 ounces of gold per month, commencing December 2023, for a total of 305.4 ounces of gold over 13 months. On November 29, 2023, the Company drew an additional $1.0 million from the second tranche of the Agreement in exchange for delivering 44.1 ounces of gold per month, commencing February 2024, for a total of 573.2 ounces of gold over 13 months.

 

     
     Amount  
As at August 31, 2023  $1,727 
Drawdown   1,500 
Accretion of deferred revenue   112 
Revenue recognized   (922)
As at November 30, 2023  $2,417 

 

          
    

November 30, 2023

   

 

August 31, 2023

 

   Current portion of deferred revenue  $2,108   $1,549 
   Deferred revenue   309    178 
Balance at end of period  $2,417   $1,727