CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Income Statement | ||
| Share of net income related to joint venture | $ 31,670 | $ 46,517 |
| Service fee earned as operators of joint venture | 5,747 | 5,413 |
| General and administrative expenses | (15,286) | (11,100) |
| Exploration and evaluation expenditures | (2,009) | (1,411) |
| Income from operations and joint venture | 20,122 | 39,419 |
| Impairment reversal on investment in joint venture | 0 | 7,631 |
| Impairment of exploration and evaluation assets | 0 | (1,628) |
| Transaction costs | (378) | 0 |
| Finance income | 6,255 | 1,036 |
| Finance expense | (23) | (5,647) |
| Foreign exchange gain (loss) | 109 | (2) |
| Net income and comprehensive income for the year | $ 26,085 | $ 40,809 |
| Weighted average number of shares outstanding: | ||
| Basic | 224,946,412 | 224,943,453 |
| Diluted | 225,176,714 | 224,947,807 |
| Net income per share: | ||
| Basic | $ 0.12 | $ 0.18 |
| Diluted | $ 0.12 | $ 0.18 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands |
Share capital [Member] |
Equity reserves [Member] |
Accumulated deficit [Member] |
Total |
|---|---|---|---|---|
| Beginning Balance at Dec. 31, 2021 | $ 579,591 | $ 51,879 | $ (498,707) | $ 132,763 |
| Beginning Balance (shares) at Dec. 31, 2021 | 224,943,453 | |||
| Statements [Line Items] | ||||
| Share-based compensation expense | 119 | $ 119 | ||
| Net income and comprehensive income for the year | 40,809 | 40,809 | ||
| Ending Balance at Dec. 31, 2022 | 579,591 | 51,998 | (457,898) | $ 173,691 |
| Ending Balance (shares) at Dec. 31, 2022 | 224,943,453 | |||
| Statements [Line Items] | ||||
| Issuance of common shares on exercise of stock options | 28 | (9) | $ 19 | |
| Issuance of common shares on exercise of stock options (shares) | 29,333 | |||
| Share-based compensation expense | 1,123 | $ 1,123 | ||
| Net income and comprehensive income for the year | 26,085 | 26,085 | ||
| Ending Balance at Dec. 31, 2023 | $ 579,619 | $ 53,112 | $ (431,813) | $ 200,918 |
| Ending Balance (shares) at Dec. 31, 2023 | 224,972,786 |
Nature of operations |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Nature Of Operations [Abstract] | |
| Nature of operations [Text Block] |
1. Nature of operations Galiano Gold Inc. ("Galiano" or the "Company") was incorporated on September 23, 1999 under the Business Corporations Act of British Columbia, Canada. The Company's head office and principal address is located at 1640 ‐ 1066 West Hastings Street Vancouver, British Columbia, V6E 3X1, Canada. The Company's registered and records office is located at Suite 3500, 1133 Melville Street, Vancouver, V6E 4E5. The Company's common shares trade on the Toronto Stock Exchange ("TSX") and NYSE American Exchange ("NYSE American") under the ticker symbol "GAU". During the year, the Company's principal business activity was the operation of the Asanko Gold Mine ("the AGM") through a joint venture arrangement (the "JV") associated with the Company's 45% equity interest in the entity that holds the AGM mining licenses and gold exploration tenements (see note 10). The Government of Ghana has a 10% free‐carried interest in the AGM. The AGM consists of four main open‐pit mining areas: Abore, Miradani North, Nkran and Esaase, multiple satellite deposits and exploration projects located on the Asankrangwa Gold Belt in the Amansie West District of the Republic of Ghana ("Ghana"), West Africa. In addition to its interest in the AGM, the Company holds a 100% interest in the Asumura property in Ghana. |
Proposed business combination |
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| Proposed Business Combination [Abstract] | |||||||||||||||||||||||||||||||
| Proposed business combination [Text Block] |
2. Proposed business combination On December 21, 2023, the Company announced it had entered into a binding share purchase agreement (the "SPA") with subsidiaries of Gold Fields Limited ("Gold Fields") to acquire Gold Fields' 45% interest in the AGM (the "Acquisition"). The objective of the Acquisition is to consolidate ownership of the AGM and establish Galiano as growing gold producer with robust financial strength, owning and operating one of the largest gold mines in West Africa. Upon closing of the Acquisition, the Company will own a 90% interest in the AGM with the Government of Ghana continuing to hold a 10% free-carried interest (non-controlling interest). Under the terms of the SPA, total consideration payable to Gold Fields will comprise the following:
Gold Fields will also receive a 1% net smelter return royalty on production from the Nkran deposit beginning upon 100,000 gold ounces being produced, and subject to a maximum of 447,000 gold ounces of production. The Acquisition is not subject to shareholder votes, but is subject to various closing conditions, including receipt of all required regulatory approvals in North America and Ghana, which includes the approvals of the TSX and NYSE American stock exchanges. The Acquisition is expected to close in the first quarter of 2024. Acquisition related costs incurred in 2023 amounted to $0.4 million, have been expensed, and are presented as transaction costs in the Statement of Operations and Comprehensive Income. |
Basis of presentation |
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| Basis Of Preparation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of presentation [Text Block] |
3. Basis of presentation (a) Statement of compliance These consolidated financial statements have been prepared using accounting policies in accordance with IFRS as issued by the IASB and Interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC"). These consolidated financial statements were authorized for issue and approved by the Board of Directors on February 16, 2024. (b) Basis of presentation and consolidation These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments carried at fair value. All amounts are expressed in thousands of United States dollars, unless otherwise stated, and the United States dollar is the functional currency of the Company and each of its subsidiaries. References to C$ are to Canadian dollars. These consolidated financial statements incorporate the financial information of the Company and its subsidiaries as at December 31, 2023. Subsidiaries are entities controlled by the Company. Control exists when the Company has power, directly or indirectly, to govern the financial and operating policies of an entity as to obtain benefits from its activities. Subsidiaries are included in the consolidated financial statements of the Company from the effective date of acquisition up to the effective date of disposition or loss of control. All significant intercompany amounts and transactions between the Company and its subsidiaries have been eliminated on consolidation. The principal subsidiaries and joint arrangements to which the Company is a party, as well as their geographic locations, were as follows as at December 31, 2023:
1 Name changed from Asanko Gold Exploration Ghana Ltd. to Galiano Gold Exploration Ghana Ltd. effective March 29, 2023. |
Significant accounting policies |
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| Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant accounting policies [Text Block] |
4. Significant accounting policies The accounting policies described in this section were those applied by the Company and/or the JV (see note 10) during the years ended December 31, 2023 and 2022. (a) Investments in joint arrangements The Company conducts a portion of its business through joint arrangements where the parties are bound by contractual arrangements establishing joint control and decisions about the activities that significantly affect the returns of the investee require unanimous consent. A joint arrangement is classified as either a joint operation or a joint venture, subject to the terms that govern each investor's rights and obligations in the arrangement. In a joint operation, the investor has rights and obligations to the separate assets and liabilities of the investee and in a joint venture, the investors have rights to the net assets of the joint arrangement. For a joint operation, the Company recognizes its share of the assets, liabilities, revenue, and expenses of the joint arrangement, while for a joint venture, the Company accounts for its investment in the joint arrangement using the equity method. Under the equity method, the Company's investment in a joint venture is initially recognized at cost and subsequently increased or decreased to recognize the Company's share of net earnings or losses of the joint venture, after any adjustments necessary for impairment losses or reversal of impairment losses after the initial recognition date. The total carrying amount of the Company's investment in a joint venture also includes any long‐term debt interests which in substance form part of the Company's net investment. The Company's share of a joint venture's losses that are in excess of its investment are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture. The Company's share of net earnings or losses of a joint venture are recognized in net earnings during the period. Dividends and repayment of capital received from a joint venture are accounted for as a reduction in the carrying amount of the Company's investment. Balances between the Company and its joint ventures are not eliminated, but rather disclosed as related party transactions or balances. At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in a joint venture is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the joint venture's operations. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its fair value less costs of disposal and value‐in‐use. If the recoverable amount of an investment is less than the carrying amount, the carrying amount is reduced to its recoverable amount and a corresponding impairment loss is recognized in the period in which the relevant circumstances are identified. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of the recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. Following an impairment reversal, the Company will continue to recognize its share of net earnings to the extent the investment is anticipated to be recoverable through future cash flows of the joint venture. A reversal of an impairment loss is recognized in net earnings in the period in which the reversal occurs. Similar to the assessment of impairment for subsidiaries, the Company reviews the mining properties and plant and equipment for a joint arrangement at the cash‐generating unit level to determine whether there is any indication that these assets are impaired. (b) Foreign currency translation Transactions in foreign currencies are initially recorded at the functional currency rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies (i.e. those currencies other than the functional currency) are translated at the functional currency rate of exchange at the date of the statement of financial position. Foreign exchange gains (losses) are recorded in the consolidated statement of operations and comprehensive income for the year. Non‐monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non‐monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. (c) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and short‐term investments with remaining maturities at initial recognition of ninety days or less, or that are fully redeemable without penalty or loss of interest. (d) Inventories Gold on hand, gold in process and stockpiled ore inventories are recorded at the lower of weighted average production cost and net realizable value. The cost of inventories includes the cost of raw materials, direct labour, mine‐site overhead expenses and applicable depreciation and depletion. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long‐ term metal prices less estimated future costs to convert the inventories from their respective states into saleable form less estimated costs to sell. Production costs are included in work‐in‐process inventory based on current costs incurred up to the point of dore production. The costs of finished goods represent the costs of work‐in‐process inventories plus applicable treatment costs. The costs of inventories sold during the period are presented as production costs and depreciation and depletion, as applicable, in the statement of operations and comprehensive income for the year. Additions to the cost of ore stockpiles are based on the related current cost of production for the year, while reductions in the cost of ore stockpiles are based on the weighted‐average cost per tonne of ore in the stockpile. Stockpiles are segregated between current and non‐current inventories in the consolidated statement of financial position based on the planned period of usage. Supplies and spare parts are valued at the lower of weighted‐average cost and net realizable value. Replacement costs of materials and spare parts are generally used as the best estimate of net realizable value. Provisions are recorded to reduce the carrying amount of materials and spare parts inventory to net realizable value to reflect current intentions for the use of redundant or slow‐moving items, or for physically obsolete items. Provisions for redundant and slow‐moving items are made by reference to specific items of inventory. The Company reverses write‐downs where there is a subsequent increase in net realizable value and where the inventory is still on hand. (e) Mineral properties, plant and equipment ("MPP&E") i. Mineral properties Recognition Capitalized costs of mining properties include the following:
Stripping costs In open pit mining operations, it is necessary to incur costs to remove overburden and other mine waste materials in order to access the ore from which minerals can be extracted economically. Stripping costs incurred in order to provide initial access to the ore body (referred to as pre-production stripping) are capitalized as incurred. Stripping costs incurred during the production stage of an open pit mine are accounted for as production costs in the consolidated statement of operations and comprehensive income during the period that the stripping costs were incurred, unless these costs provide a future economic benefit. Production phase stripping costs are considered to generate a future economic benefit when (i) it is probable that future economic benefit associated with the stripping activity will flow to the entity; (ii) the entity can identify the component of the ore body for which access has been improved; and (iii) the costs relating to the stripping activity associated with that component can be measured reliably. These costs are capitalized as mineral properties, plant and equipment. Production costs are allocated between inventory produced and the stripping asset based on the volume of waste extracted compared with the expected volume, for a given volume of ore production. Stripping costs incurred and capitalized during the production phase are depleted using the units‐of‐production method over the proven and probable reserves (ore tonnes) of the component of the ore body to which access has been improved as a result of the specific stripping activity. Management reviews the estimates of the waste and ore in each identified component of operating open pit mines at the end of each financial year, and when events and circumstances indicate that such a review should be made. Changes to the estimated identification of components and the associated waste and ore within each component are accounted for prospectively. Exploration and evaluation expenditures Exploration and evaluation expenditures include the costs of acquiring rights to explore, exploratory drilling and related exploration costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit which contain proven and probable reserves. Exploration and evaluation expenditures incurred on a mineral deposit, with the exception of acquisition costs and costs arising from the recognition of an asset retirement provision, are expensed as incurred up to the date of establishing that costs incurred on a mineral deposit are technically feasible and commercially viable. Expenditures incurred on a mineral deposit subsequent to the establishment of its technical feasibility and commercial viability are capitalized and included in the carrying amount of the related mining property. The technical feasibility and commercial viability of a mineral deposit is assessed based on a combination of factors, such as, but not limited to:
Borrowing costs Borrowing costs directly relating to the financing of qualifying assets are added to the capitalized cost of those related assets until such time as the assets are substantially ready for their intended use or sale which, in the case of mining properties, is when they are capable of commercial production. Where funds have been borrowed specifically to finance a project, the amount capitalized represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. Capitalized borrowing costs are depreciated over the life of the related asset. All other borrowing costs are recognized in the consolidated statement of operations and comprehensive income in the year in which they are incurred. Borrowing costs are included as part of interest paid in the statement of cash flows. Depletion Mineral properties in production are depleted on a deposit‐by‐deposit basis using the units‐of‐production method over the mine's estimated proven and probable reserves, with the exception of deferred stripping which is depleted using the unit‐of‐ production method over the reserves that directly benefit from the specific stripping activity, and will commence when the mine is capable of operating in the manner intended by management. In the event proven and probable reserves are not identified management will use their best estimate from internally generated information. The Company uses a number of criteria to assess whether the mine is in the condition necessary for it to be capable of operating in a manner intended by management. These criteria include, but are not limited to:
Mineral properties in development are not depleted. ii. Plant and equipment Recognition The cost of plant and equipment consists of the purchase price, costs directly attributable to the delivery of the asset to the location and the condition necessary for it to be capable of operating in the manner intended by management, including the cost of testing whether these assets are operating in the manner intended by management. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. Where significant components of an asset have differing useful lives, depreciation is calculated on each separate component. Depreciation Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The carrying amounts of plant and equipment are depreciated using either the straight‐line or units‐of‐production method over the shorter of the estimated useful life of the asset or the life of mine. The significant classes of depreciable plant and equipment and their estimated useful lives are as follows:
Management reviews the estimated useful lives, residual values and depreciation methods of the Company's plant and equipment at the end of each financial year, and when events and circumstances indicate that such a review should be made. Changes to estimated useful lives, residual values or depreciation methods resulting from such review are accounted for prospectively. Major maintenance and repairs Expenditure on major maintenance and repairs includes the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that future economic benefits associated with the item will be available to the Company, that expenditure is capitalized and the carrying amount of the item replaced is derecognized. Similarly, overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefits will be available and any remaining carrying amounts of the cost of previous overhauls are derecognized. All other maintenance and repair costs are expensed as incurred. iii. Impairment of non‐financial assets The carrying amounts of assets included in mineral properties, plant and equipment are reviewed for impairment when events and changes in circumstances indicate that the related carrying amounts may not be recoverable. If any such indication exists, the recoverable amount of the relevant cash‐generating unit ("CGU") is estimated in order to determine the extent of impairment. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The carrying amounts of the CGUs are compared to their recoverable amounts where the recoverable amount is the higher of value‐in‐use ("VIU") and fair value less costs to sell ("FVLCS"). FVLCS is defined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants at the measurement date. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. The fair value of mine sites is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects. If a reliable estimate of future cash flows cannot be made, then fair value is determined by reference to market prices for comparable assets. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. An impairment is recognized immediately in the consolidated statement of operations and comprehensive income. Mineral properties, plant and equipment that have been impaired are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed. When an impairment loss reverses in a subsequent period, the revised carrying amount shall not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset previously, less subsequent depletion and depreciation. Reversals of impairment losses are recognized in the consolidated statement of operations and comprehensive income in the period in which the reversals occur. iv. Derecognition Upon disposal or abandonment, the carrying amounts of mineral properties and plant and equipment are derecognized and any associated gains or losses are recognized in the consolidated statement of operations and comprehensive income. (f) Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether it has the right to obtain substantially all of the economic benefits from and to direct the use of the identified asset. At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand‐alone prices. The Company recognizes a right‐of‐use asset and a lease liability at the lease commencement date. The right‐of‐use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset, or the site on which it is located, less any lease incentives received. The right‐of‐use asset is subsequently depreciated using the straight‐line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right‐of‐use asset reflects that the Company will exercise a purchase option. In that case, the right‐of‐use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right‐of‐use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following:
The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option, or if there is a revised in‐substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right‐of‐use asset or is recorded in the consolidated statement of operations and comprehensive income if the carrying amount of the right‐of‐use asset has been reduced to zero. The Company has elected to apply the practical expedient under IFRS 16 to account for certain lease arrangements that include both lease and non-lease components as a single lease component. Short‐term leases and leases of low‐value assets The Company has elected not to recognize right‐of‐use assets and lease liabilities for leases of low‐value assets and short‐term leases, including office equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight‐ line basis over the lease term. (g) Provisions General Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statement of operations and comprehensive income, net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre‐tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as finance expense in the consolidated statement of operations and comprehensive income. Asset retirement provisions An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. The Company records the estimated present value of future cash flows associated with site reclamation as a liability when the liability is incurred with a corresponding increase in the carrying value of the related assets. Discount rates using a pre‐tax, risk‐free rate that reflect the time value of money are used to calculate the net present value. The liability is accreted over time to reflect the unwinding of the discount with the accretion expense included in finance costs in the consolidated statement of operations and comprehensive income. Changes in estimates or circumstances include changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration activities, changes to cost estimates, changes to the discount rate and changes to the risk‐free interest rates. Changes in estimates that result in a change to the carrying value of the asset retirement provision have a corresponding change in the carrying amount of the related asset. (h) Revenue from contracts with customers Revenue is derived from the sale of gold and by‐products. Revenue is recognized for contracts with customers when there is persuasive evidence that all of the following criteria are met:
Revenue from gold and any by‐product metals is generally recorded at the time of physical delivery of the refined gold (i.e. when gold is credited to the counterparty's gold account), which is also the date when control of the gold passes to the customer. Revenue from saleable gold produced during the testing phase of production activities, and the cost of producing those items, is recognized in profit or loss. (i) Government royalties Royalty payments to governments which are based on gross revenue are not considered income taxes and are recognized as an expense in the statement of operations and comprehensive income. (j) Financial instruments (i) Financial assets Recognition and measurement The Company recognizes a financial asset in its statement of financial position when the Company becomes party to the contractual provisions of the instrument. All financial assets are initially recorded at fair value plus directly attributable transaction costs and classified as either (i) financial assets subsequently measured at amortized cost, (ii) financial assets subsequently measured at fair value through other comprehensive income or (iii) financial assets subsequently measured at fair value through profit or loss. The basis of classification takes into consideration both the Company's business model for managing and the contractual cash flow characteristics of the financial assets. A financial asset is measured at amortized cost if the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through other comprehensive income if the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive income. Fair value changes in financial assets classified as fair value through profit or loss, if any, are recognized in the consolidated statement of operations and comprehensive income. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: a. the contractual rights to receive cash flows from the asset have expired, or b. the Company has transferred its contractual rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass‐through 'arrangement; and either (a) the Company has transferred substantially all the risks and rewards of ownership of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. (ii) Financial liabilities Recognition and measurement All financial liabilities are initially recorded at fair value less transaction costs. All financial liabilities are subsequently measured at amortized cost using the effective interest method, except for: - financial liabilities at fair value through profit or loss; - financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies; - financial guarantee contracts; - commitments to provide a loan at a below‐market interest rate; and - contingent consideration recognized by an acquirer in a business combination to which IFRS 3, Business combinations, applies. An entity may, at initial recognition, irrevocably designate a financial liability as measured at fair value through profit or loss when a contract contains one or more embedded derivatives, or when doing so results in more relevant information, because either (a) it eliminates or significantly reduces a measurement or recognition inconsistency (i.e. an accounting mismatch); or (b) a group of financial liabilities or financial assets and financial liabilities is managed, and its performance is evaluated on a fair value basis. Fair value changes of financial liabilities classified as fair value through profit or loss, if any, are recognized in the consolidated statement of operations and comprehensive income. (k) Share‐based compensation The Company has a share option plan and share unit plan which are described in note 12. The Company records all share‐based compensation for options using the fair value method with graded vesting. Under the fair value method, share‐based payments are measured at the fair value of the consideration received or the fair value of the equity instruments issued or liabilities incurred, whichever is more reliably measurable, and are charged over the vesting period to the consolidated statement of operations and comprehensive income. The offset is credited to equity reserves ratably over the vesting period, after adjusting for the number of awards that are expected to vest. For share options, the fair value of share‐based compensation awards is determined at the date of grant using the Black‐Scholes option pricing model. Cash-settled awards are fair valued using the number of estimated vested awards multiplied by the share price of the Company's common shares. Expenses recognized for unvested forfeited awards are reversed. For awards that are cancelled, any expense not yet recognized is recognized immediately in the statement of operations and comprehensive income. Where the terms of an equity‐settled award are modified, as a minimum an expense is recognized as if the terms had not been modified over the original vesting period. In addition, an expense is recognized for any modification which increases the total fair value of the share‐based payment arrangement as measured at the date of modification, over the remainder of the vesting period. For cash‐settled share‐based payments (see note 12), the Company measures the goods or services acquired and the liability incurred at the fair value of the liability. The corresponding share‐based compensation expense is recognized over the vesting period of the award. As these awards will be settled in cash, the liability is remeasured at fair value at each reporting period and at the date of settlement, with changes in fair value recognized in the consolidated statement of operations and comprehensive income in the period incurred. (l) Income taxes Income tax on the profit or loss for the years presented comprises current and deferred income tax. Income tax is recognized in the consolidated statement of operations and comprehensive income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current income tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred income tax is recognized in respect of unused tax losses, tax credits and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the tax rates that have been substantively enacted at the reporting date. A deferred income tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a future income tax asset will be recovered, it does not recognize the asset. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its tax assets and liabilities on a net basis. The Company records foreign exchange gains and losses representing the impacts of movements in foreign exchange rates on the tax bases of non‐monetary assets and liabilities which are denominated in foreign currencies. Foreign exchange gains and losses relating to the translation of the deferred income tax balance from local statutory accounts to functional currency accounts are included in deferred income tax expense or recovery in the consolidated statement of operations and comprehensive income. (m) Income per share Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The computation of diluted income per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on income per share. For this purpose, the treasury stock method is used for the assumed proceeds upon the exercise of stock options that are used to purchase common shares at the average market price during the period. |
Changes in accounting standards |
12 Months Ended |
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Dec. 31, 2023 | |
| Disclosure of voluntary change in accounting policy [abstract] | |
| Changes in accounting standards [Text Block] |
5. Changes in accounting standards (a) Accounting standards adopted during the year The Company adopted the following new IFRS standard effective January 1, 2023. The nature and impact of the new standard on the Company's current period financial statements, if any, are outlined below. Adoption of the standard was made in accordance with the applicable transitional provisions. Amendments to IAS 1 On February 12, 2021, the IASB issued Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2, Making Materiality Judgements). The amendments help companies provide useful accounting policy disclosures and include requiring companies to disclose their material accounting policies rather than their significant accounting policies; clarifying that accounting policies related to immaterial transactions, other events or conditions are themselves immaterial and as such need not be disclosed; and clarifying that not all accounting policies that relate to material transactions, other events or conditions are themselves material to a company's financial statements. The amendments are effective for annual periods beginning on or after January 1, 2023, with early adoption permitted. The amendments to IAS 1 did not have a material impact on the Company's annual consolidated financial statements for the year ended December 31, 2023. (b) Accounting standards and amendments issued but not yet adopted There were no accounting standards or amendments to existing standards issued but not yet adopted as of December 31, 2023 that are expected to have a material effect on the Company's or the JV's financial statements in the future. |
Significant accounting judgements and estimates |
12 Months Ended |
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Dec. 31, 2023 | |
| Disclosure of changes in accounting estimates [abstract] | |
| Significant accounting judgements and estimates [Text Block] |
6. Significant accounting judgements and estimates The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Management believes the judgements, estimates and assumptions used in these consolidated financial statements are reasonable; however, actual results could differ from those estimates and could impact future results of operations and cash flows. The accounting judgements and estimates which have the most significant effect on these financial statements and the financial results of the JV are as follows: Judgements Assessment of indicators of impairment or impairment reversal of equity investment in joint venture and MPP&E The Company considers both external and internal sources of information in assessing whether there are any indications that its equity investment in the JV and/or the JV's MPP&E are impaired, or if a previously recognized impairment has reversed. External sources of information the Company considers include changes in the market, economic and legal environment in which the JV operates that are not within its control and affect the recoverable amount of the Company's equity investment. Internal sources of information the Company considers include the manner in which MPP&E of the JV are being used or are expected to be used and indications of economic performance of the assets. The judgements are subject to risk and uncertainty; hence, there is the possibility that changes in circumstances will alter these assumptions, which may impact the recoverable amount of the assets. In such circumstances, the carrying value of the Company's equity investment in the JV and/or the JV's MPP&E may be impaired or a prior period's impairment charge reversed with the impact recorded in the consolidated statement of operations and comprehensive income. Estimates Recoverable amount assessments of the equity investment in the JV and MPP&E When facts and circumstances suggest the carrying value of the Company's equity investment in the JV and/or the JV's MPP&E may be impaired, or a previously recognized impairment may have reversed, the Company is required to estimate the recoverable amount through a FVLCS or VIU approach. Estimating the recoverable amount requires management to make significant estimates about the future life of mine cash flows of the AGM which may include, but may not be limited to, changes to the current estimates of in‐situ ounces, ore tonnes to be mined in future periods, strip ratios, head grades, recovery rates, gold price assumptions, mining costs, processing costs, trucking costs, capital and closure costs, as well as discount rates. When assessing the recoverable amount of a CGU without defined mineral reserves, management may be required to make significant estimates about the fair value of in‐situ mineral resources by reference to market values for comparable assets. When facts and circumstances suggest the carrying value of the JV's MPP&E may be impaired or a previously recognized impairment has reversed, the same policies and set of assumptions as described above are applied. Mineral reserves Estimates of the quantities of proven and probable mineral reserves form the basis for the JV's life‐of‐mine plans, which are used for a number of key business and accounting purposes, including: the calculation of depletion expense, the capitalization of stripping costs, the forecasting and timing of cash flows related to the asset retirement provision and impairment assessments, if any. To the extent that these estimates of proven and probable mineral reserves vary, there could be changes in depletion expense, stripping assets, asset retirement provisions and impairment charges (or reversals) recorded. Depletion of mineral interests and plant and equipment Estimates are made of recoverable ounces in the JV's mining properties which are depleted based on recoverable tonnes contained in proven and probable reserves. To the extent that changes are made to the estimate of proven and probable reserves, the depletion charge may change. Plant and equipment are depreciated to their estimated residual value over the estimated useful life of the asset. Should the actual useful life of the plant or equipment vary, future depreciation charges may change. Measurement of inventory costs The JV estimates quantities of ore in stockpiles and in process and the recoverable gold contained in this material in order to determine the cost of inventories and the weighted average costs of finished goods sold during the period. To the extent that these estimates vary, production costs of finished goods may change. Net realizable value of inventory Estimates of net realizable value are based on the most reliable evidence available, at the time that the estimates are made, of the amount that the inventories are expected to realize. In order to determine the net realizable value of gold dore, gold‐in‐process and stockpiled ore, the JV estimates future metal selling prices, production forecasts, realized grades and recoveries, timing of processing, and future costs to convert the respective inventories into saleable form, if applicable. Reductions in metal price forecasts, increases in estimated future costs to convert, reductions in the number of recoverable ounces, and a delay in timing of processing can result in a write‐down of the carrying amounts of the JV's stockpiled ore inventory. Materials and other supplies held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. However, to the extent net realizable value of materials and spares must be estimated, replacement costs of the materials and spare parts are generally used as the best estimate of net realizable value. Current and deferred Income taxes In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. Levels of future taxable income are affected by, among other things, market gold prices, production costs, quantities of proven and probable gold reserves, interest rates and foreign currency exchange rates. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the financial statements. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period that the changes occur. Asset retirement provisions Provisions for reclamation and closure cost obligations represent management's best estimate of the present value of the future cash outflows required to settle closure cost liabilities. Significant judgements and estimates are required in forming assumptions of future activities, future cash outflows, the timing of those cash outflows and application of discount and inflation rates. These assumptions are formed based on environmental and regulatory requirements or the Company's environmental policies which may give rise to constructive obligations. The JV's assumptions are reviewed at the end of each reporting period and adjusted to reflect management's current best estimate and changes in any of the above factors can result in a change to the provision recognized by the JV. Changes to these estimates and judgements may result in actual expenditures in the future differing from the amounts currently provided for. Preferred shares The Company holds preferred shares (without a fixed redemption date) in the JV which have been classified as financial assets measured at fair value through profit or loss. As at December 31, 2023, management estimated the fair value of the preferred shares by discounting the forecast future preferred share redemptions from the AGM. Several estimates were made to determine the forecast future cash flows including, but not limited to, long‐term realized gold prices, mineable reserves, mining and processing costs per tonne, ore grades, and metallurgical recoveries. Additionally, judgement was required to determine the appropriate discount rate used to calculate the present value of the forecast future cash flows. |
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| Cash and cash equivalents [Text Block] |
7. Cash and cash equivalents
The Company's short‐term investments are held with highly rated Canadian financial institutions. The weighted average interest rate earned on short-term investments at December 31, 2023 was approximately 5.5%. |
Balances due from/to related party |
12 Months Ended |
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Dec. 31, 2023 | |
| Disclosure Of Transactions Between Related Parties Abstract | |
| Balances due from/to related party [Text Block] |
8. Balances due from/to related party Under the terms of the Joint Venture Agreement (the “JVA”) that governs the management of the JV (note 10), the Company remains the manager and operator of the JV and receives a fee for services rendered to the JV of $7.3 million per annum (originally $6.0 million, but adjusted annually for inflation) less 20% withholding taxes payable in Ghana. During the year ended December 31, 2023, the Company earned a service fee of $5.8 million (year ended December 31, 2022 - $5.4 million). For the year ended December 31, 2023, the service fee was comprised of a gross service fee of $7.2 million less withholding taxes payable in Ghana of $1.4 million (year ended December 31, 2022 - gross service fee of $6.8 million less withholding taxes of $1.4 million). As at December 31, 2023, the Company had a receivable due from the JV in respect of the service fee in the amount of $1.0 million, net of withholding taxes (December 31, 2022 ‐ $1.7 million). As at December 31, 2023, the Company had a payable due to the JV in the amount of $3.2 million relating to reimbursement for third party supplier costs and administrative and exploration services performed by the JV on the Company’s wholly owned Asumura property in Ghana (December 31, 2022 – $1.4 million). During the year ended December 31, 2023, the JV provided administrative and exploration services on the Company’s Asumura property totaling $0.2 million (year ended December 31, 2022 – $0.3 million). All transactions with related parties have occurred in the normal course of operations. All amounts are unsecured, non‐interest bearing and have no specific terms of settlement. |
Financial assets |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of financial assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial assets [Text Block] |
9. Financial assets As part of the joint venture transaction (note 10), the Company initially subscribed to 184.9 million non‐voting fixed redemption price redeemable preferred shares in Shika Group Finance Limited (the "preferred shares"), which were issued at a par value of $1 per redeemable share. The preferred shares have no fixed redemption date. As these preferred shares have no contractual fixed terms of repayment that arise on specified dates, they are measured at fair value through profit or loss at each reporting period end. The following table summarizes the change in the carrying amount of the Company's preferred shares held in the joint venture during the years presented:
As at December 31, 2023, the Company re‐measured the fair value of the redeemable preferred shares to $70.2 million. Management’s best estimate of the fair value of the preferred shares was determined by discounting forecast future preferred share redemptions using a discount rate of 15.0% (December 31, 2022 – discount rate of 14.8%). For the year ended December 31, 2023, the Company recognized an upward fair value adjustment on its preferred shares of $3.4 million in finance income (year ended December 31, 2022 – $5.6 million downward fair value adjustment recognized in finance expense). The preferred shares are classified as a Level 3 financial asset in the fair value hierarchy. |
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| Investment In Joint Venture [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in joint venture [Text Block] |
10. Investment in joint venture The Company is party to an arrangement under which the Company and a subsidiary of Gold Fields each own a 45% equity interest in Asanko Gold Ghana Ltd. ("AGGL"), which owns the AGM. The Government of Ghana retains a 10% free‐carried interest in AGGL. The Company and Gold Fields also each own a 50% interest in Adansi Gold Company (GH) Ltd. ("Adansi Ghana"), which owns a number of exploration licenses, and finally the Company and Gold Fields each have a 50% interest in the JV entity, Shika Group Finance Limited ("Shika"). As the JV is structured within the legal entities of AGGL, Adansi Ghana and Shika, the JV represents a joint venture as defined under IFRS 11 - Joint Arrangements, and the Company equity accounts for its interest in the JV. The following table summarizes the change in the carrying amount of the Company's investment in the joint venture:
The Company recognized its 45% interest in the JV's net earnings for the year ended December 31, 2023, which amounted to $31.7 million (year ended December 31, 2022 - $46.5 million). During the year ended December 31, 2022, the Company reversed a $7.6 million impairment charge previously recorded on its equity investment as a result of the AGM's reinstating its mineral reserves as of December 31, 2022. Operating and financial results of the AGM JV for the years ended December 31, 2023 and 2022 Summarized financial information for the Company's investment in the JV is outlined in the table below. All disclosures in this note 10 are on a 100% JV basis, unless otherwise indicated. The JV applies the same material accounting policies as the Company as described in note 4. Statement of Income for the years ended December 31, 2023 and 2022
The assets and liabilities of the AGM JV, on a 100% basis, as at December 31, 2023 and 2022 were as follows:
The Company has provided the following incremental disclosures for stakeholders to evaluate the financial performance and financial condition of the AGM. All amounts in the following tables and descriptions are on a 100% basis. (i) Revenue AGGL has an offtake agreement (the "Offtake Agreement") with a special purpose vehicle of Red Kite Opportunities Master Fund Limited ("Red Kite") under which the AGM will sell 100% of future gold production from the AGM up to a maximum of 2.2 million ounces. The gold sale price will be a spot price selected by Red Kite during a nine‐day quotational period following shipment of gold from the mine. During the year ended December 31, 2023, the AGM sold a portion of its production to the Bank of Ghana under the country's gold buying program. As agreed with Red Kite, gold ounces sold to the Bank of Ghana were considered delivered under the Offtake Agreement, and in consideration the AGM paid to Red Kite a "make whole" payment which was calculated in a similar manner to a nine‐day quotational period. The "make whole" payments made to Red Kite were recognized as a reduction of revenues. During the year ended December 31, 2023, the AGM sold 134,163 ounces of gold to Red Kite under the Offtake Agreement (year ended December 31, 2022 - 167,849 ounces). As of December 31, 2023, the AGM has delivered 1,601,268 gold ounces to Red Kite under the Offtake Agreement. Included in revenue of the AGM is $0.6 million relating to by-product silver sales for the year ended December 31, 2023 (year ended December 31, 2022 - $0.6 million). (ii) Production costs The following is a summary of production costs by nature for the AGM, on a 100% basis, for the years ended December 31, 2023 and 2022:
During the year ended December 31, 2023, the AGM recognized a $0.7 million reversal of previously recorded net realizable value adjustments on its stockpile inventory, of which $0.5 million was credited against production costs and $0.2 million was credited against depreciation expense. The gold price assumption applied in the net realizable value calculation was $2,090 per ounce, and management estimated future costs of processing the stockpiles based upon historical and projected information. During the year ended December 31, 2022, the AGM recognized a $15.3 million reversal of previously recorded net realizable value adjustments on its stockpile inventory, of which $11.0 million was credited against production costs and $4.3 million was credited against depreciation expense. The gold price assumption applied in the net realizable value calculation was $1,850 per ounce, and management estimated future costs of processing the stockpiles based upon historical and projected information. (iii) Royalties All of the AGM's concessions are subject to a 5% gross revenue royalty payable to the Government of Ghana. The AGM's Akwasiso mining concession is also subject to an additional 2% net smelter return royalty payable to the previous owner of the mineral tenement, and the AGM's Esaase mining concession is also subject to an additional 0.5% net smelter return royalty payable to the Bonte Liquidation Committee. On April 3, 2023, the Government of Ghana imposed a special levy, the Growth and Sustainability Levy ("GSL"), on all companies operating in Ghana with an effective date of May 1, 2023. The purpose of the GSL is to support growth and fiscal sustainability of the Ghanaian economy. For mining companies in Ghana, the GSL is levied at a rate of 1% of gold revenues for the fiscal years 2023 to 2025. The JV has presented the 1% GSL as royalties expense in profit and loss. (iv) Impairment reversal on MPP&E During the year ended December 31, 2022, the AGM recorded an impairment reversal on MPP&E of $63.2 million resulting from an improved outlook and new life of mine plan for the AGM. (v) Severance expense During the year ended December 31, 2022, the JV completed a process of right‐sizing its workforce and recognized an $18.0 million severance expense associated with restructuring its labour force, which was recorded within general and administrative expenses. (vi) Finance expense and income The following is a summary of finance expense incurred by the JV for the years ended December 31, 2023 and 2022:
For the year ended December 31, 2023, finance income of $4.6 million related primarily to interest earned on cash balances and short-term investments (year ended December 31, 2022 - $0.8 million of finance income related primarily to interest earned on cash balances). (vii) Inventories The following is a summary of inventories held by the AGM, on a 100% basis, as at December 31, 2023 and 2022:
During the year ended December 31, 2023, the JV recognized a $4.4 million provision against supplies inventory which was recorded in production costs (year ended December 31, 2022 - nil). Additionally, during the year ended December 31, 2023, the JV reclassified $2.6 million of insurance and capital spares to mineral properties, plant and equipment (year ended December 31, 2022 - nil). (viii) Reclamation deposit The AGM is required to provide security to the Environmental Protection Agency of Ghana ("EPA") for the performance by the AGM of its reclamation obligations in respect of its mining leases. The AGM deposits a reclamation deposit in a Ghanaian bank and the reclamation deposit is required to be held until receiving a final reclamation completion certificate from the EPA. The AGM is expected to be released from this requirement 45 days following the third anniversary of the date that the AGM receives a final completion certificate. The reclamation deposit accrues interest and is $5.3 million as of December 31, 2023 (December 31, 2022 - $5.0 million). Additionally, bank guarantees of $16.4 million have been provided to the EPA, 50% of which is provided by the Company (see note 13). (ix) Mineral properties, plant and equipment Additions to mineral properties, plant and equipment During the year ended December 31, 2023, the AGM capitalized $55.3 million in expenditures related to MPP&E, excluding asset retirement costs (year ended December 31, 2022 - additions of $17.1 million). Additionally, during the year ended December 31, 2023, the JV also capitalized $18.8 million in right-of-use assets associated with a mining services contract. The AGM did not incur any deferred stripping costs during the years ended December 31, 2023 or 2022. (x) Lease liabilities The following table shows the movement in the lease liabilities of the AGM for the years ended December 31, 2023 and 2022:
(xi) Asset retirement provisions The following table shows the movement in the asset retirement provisions of the AGM for the years ended December 31, 2023 and 2022:
The asset retirement provisions consist of reclamation and closure costs for the JV's Ghanaian mining properties. Reclamation and closure activities include land rehabilitation, dismantling of buildings and mine facilities, ongoing care and maintenance and other costs. As at December 31, 2023, the AGM's reclamation cost estimates were discounted using a long‐term risk‐free discount rate of 3.9% (December 31, 2022 - 3.9%). (xii) Legal provision A services provider of the AGM filed a dispute with an arbitration tribunal alleging the AGM breached the terms of a services agreement and claimed approximately $25 million in damages. The arbitrator ruled in favour of the AGM that there had not been a breach of any terms of the contract, yet made an award to the counterparty of approximately $13 million plus interest for services rendered. The AGM, consistent with the arbitration ruling, maintains the view that there was no breach of contract and all contractual amounts were paid as due. The AGM therefore is undertaking an appeals process in the Court of Appeal in Ghana. A provision of $7.0 million has been recorded as of December 31, 2023 (December 31, 2022 - $2.0 million), as management's best estimate to settle the claim. While the Company cannot reasonably predict the ultimate outcome of these actions, and inherent uncertainties exist in predicting such outcomes, the Company believes the estimated provision is reasonable based on the information currently available. (xiii) Preferred shares There was no change in the JV partners' preferred share investments in the JV for the years ended December 31, 2023 and 2022. As of December 31, 2023, the JV partners in combination continue to own 264.9 million preferred shares. (xiv) Cash flows The cash flows of the AGM, on a 100% basis, were as follows for the years ended December 31, 2023 and 2022:
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Share capital |
12 Months Ended |
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Dec. 31, 2023 | |
| Disclosure of classes of share capital [abstract] | |
| Share capital [Text Block] |
11. Share capital (a) Authorized: Unlimited common shares without par value or restrictions. (b) Base shelf prospectus On December 21, 2022, the Company filed a final short form base shelf prospectus (the "Prospectus") under which the Company may sell from time‐to‐time common shares, warrants, subscription receipts, units, debt securities and/or share purchase contracts of the Company, up to an aggregate of $300 million. The Prospectus has a term of 25‐months from the filing date. As of December 31, 2023, no securities were issued under the Prospectus. |
Equity reserves and long-term incentive plan awards |
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| Disclosure of reserves within equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity reserves and long-term incentive plan awards [Text Block] |
12. Equity reserves and long‐term incentive plan awards The Company has a stock option plan and a share unit plan under which restricted share units ("RSUs"), performance share units ("PSUs") and deferred share units ("DSUs") may be awarded to directors, officers, employees and other service providers. All awards under the share unit plan may be designated by the Company's Board of Directors to be settled in either cash, shares or a combination thereof. As of December 31, 2023, all units awarded have been cash‐settled. Under the two plans, when combined, the number of shares issuable cannot exceed 9% of the issued and outstanding common shares of the Company. Specifically, shares reserved for issuance under the share unit plan, when designated as equity‐settled, may not exceed 5% of the issued and outstanding common shares of the Company. Share units awarded as cash‐settled units will not be considered in computing the limits of the share unit plan. RSUs, PSUs and DSUs are cash-settled awards and therefore represent financial liabilities, which are recorded at fair value at each reporting date and adjusted for the completed proportion of the vesting period, with any changes recorded as shared-based compensation expense in the Statement of Operations and Comprehensive Income. The financial liability associated with these cash-settled awards is recorded in accounts payable and accrued liabilities for amounts expected to be settled within one year, and a separate long-term incentive plan liability for amounts to be settled in excess of one year, as of the balance sheet date. (a) Stock options Options granted typically vest in one-third increments every twelve months following the grant date for a total vesting period of three years. Stock options have a maximum term of 5 years following the grant date. The following table is a reconciliation of the movement in the number of stock options outstanding for the years ended December 31, 2023 and 2022:
During the year ended December 31, 2023, the Company recognized share‐based compensation expense relating to stock options of $1.1 million (year ended December 31, 2022 - $0.1 million). During the year ended December 31, 2023, there were 29,333 stock options exercised with a weighted average exercise price of C$0.84 for total aggregate proceeds of $19 (year ended December 31, 2022 - nil). The fair value of stock options granted is determined using the Black Scholes pricing model. For options granted during the year ended December 31, 2023, the weighted average expected life, dividend yield and forfeiture rate were 3.65 years, and 20.28%, respectively. For options granted during the year ended December 31, 2022, the weighted average expected life, dividend yield and forfeiture rate were 3.76 years, and 15.92%, respectively. Other weighted‐average conditions and assumptions used in the Black Scholes models were as follows for options granted during the years presented:
The following table summarizes the stock options outstanding and exercisable as at December 31, 2023:
(b) Restricted share units RSUs granted vest in one-third increments every twelve months following the grant date for a total vesting period of three years. The following table is a reconciliation of the movement in the number of RSU awards outstanding for the years ended December 31, 2023 and 2022:
For all RSUs granted during the year ended December 31, 2023, the awards vest in three equal tranches over a service period of three years and had an estimated weighted-average forfeiture rate of 24.23% (year ended December 31, 2022 - awards granted vest over a service period of three years and had an estimated forfeiture rate of 22.8%). The following table is a reconciliation of the movement in the RSU liability for the years ended December 31, 2023 and 2022:
(c) Performance share units PSUs vest in either one-half or one-third increments every twelve months following the grant date for a total vesting period of two or three years and also contain a performance condition(s) applied to the number of units that vest on a yearly basis. The number of units that vest will be determined by the Company's relative share price performance in comparison to a peer group of companies or upon achievement of certain Company strategic objectives. The PSU performance multiplier ranges from 0% to 150%. The following table is a reconciliation of the movement in the number of PSU awards outstanding for the years ended December 31, 2023 and 2022:
For all PSUs granted during the year ended December 31, 2023, the awards vest in three equal tranches over a service period of three years and had an estimated weighted-average forfeiture rate of 18.84% (year ended December 31, 2022 - awards granted vest over a service period of two or three years and had an estimated weighted-average forfeiture rate of 18.84%). The following table is a reconciliation of the movement in the PSU liability for the years ended December 31, 2023 and 2022:
(d) Deferred share units DSUs granted vest over a period of one year and will be paid to directors upon their retirement from the Board of Directors of the Company or upon a change of control. The following table is a reconciliation of the movement in the number of DSU awards outstanding for the years ended December 31, 2023 and 2022:
For all DSUs granted during the year ended December 31, 2023, the awards vest over a service period of one year and had an estimated weighted-average forfeiture rate of nil (year ended December 31, 2022 - awards granted had no vesting terms or conditions and had an estimated weighted-average forfeiture rate of nil). The following table is a reconciliation of the movement in the DSU liability for the years ended December 31, 2023 and 2022:
The financial liability associated with cash‐settled DSU awards is presented in the Statement of Financial Position within accounts payable and accrued liabilities. (e) Phantom share units On November 6, 2020, the Company granted 1,000,000 cash-settled phantom share units to the Chair of the Board. The units vested three years from the grant date, but will only become payable upon the Chair's departure from the Board or upon a change of control of the Company, in a cash settlement amount equal to the value of 1,000,000 common shares as at the Chair's departure date or date of change of control. The phantom share units represent a financial liability, as they will be settled in cash, and are marked-to-market at each reporting period end and presented in the Statement of Financial Position within accounts payable and accrued liabilities. The following table is a reconciliation of the movement in the phantom share unit liability for the years ended December 31, 2023 and 2022:
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Commitments and contingencies |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statements [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and contingencies [Text Block] |
13. Commitments and contingencies Commitments The following table reflects the Company's contractual obligations as they fall due, excluding commitments and liabilities of the JV, as at December 31, 2023 and 2022:
In addition to the above commitments, the Company has provided various parent company guarantees related to the unfunded portion of the AGM's reclamation bond in the amount of $8.2 million (December 31, 2022 ‐ $5.9 million). Contingencies Due to the nature of its business, the Company and/or the JV may be subject to regulatory investigations, claims, lawsuits and other proceedings in the ordinary course of its business. While the Company cannot reasonably predict the ultimate outcome of these actions, and inherent uncertainties exist in predicting such outcomes, the Company believes that the ultimate resolution of these actions is not reasonably likely to have a material adverse effect on the Company's or JV's financial condition or future results of operations. |
General and administrative ("G&A") expenses |
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| General and administrative ("G&A") expenses [Text Block] |
14. General and administrative ("G&A") expenses The following is a summary of G&A expenses incurred by the Company during the years ended December 31, 2023 and 2022. The G&A expenses for the years presented include, but are not limited to, those expenses incurred in order to earn the service fee as operators of the JV (note 10).
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Exploration and evaluation ("E&E") expenditures |
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| Exploration And Evaluation Expenditures Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration and evaluation ("E&E") expenditures [Text Block] |
15. Exploration and evaluation ("E&E") expenditures The following is a summary of E&E expenses incurred by the Company during the years ended December 31, 2023 and 2022. E&E expenses incurred relate to work performed on the Company's wholly owned Asumura and Mali properties.
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Finance income and expense |
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| Disclosure Of Finance Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Finance income and expense [Text Block] |
16. Finance income and expense (a) Finance income The following is a summary of finance income recorded by the Company during the years ended December 31, 2023 and 2022:
(b) Finance expense The following is a summary of finance expense recorded by the Company during the years ended December 31, 2023 and 2022:
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Income tax |
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| Income tax [Text Block] |
17. Income tax (a) Tax expense Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings from continuing operations before taxes. These differences result from the following items:
(b) Deferred tax liabilities and assets The significant components of the Company's deferred tax assets and liabilities as at December 31, 2023 and 2022 were as follows:
As at December 31, 2023, the Company has tax losses of $75.4 million (December 31, 2022 - $73.9 million) in Canada which expire between 2027 and 2043. Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following:
The aggregate amount of deductible temporary differences associated with investments in subsidiaries for which deferred taxes have not been recognized as at December 31, 2023 was $88.2 million (December 31, 2022 - deductible temporary differences of $133.1 million). |
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Income per share |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income per share [Text Block] |
18. Income per share For the years ended December 31, 2023 and 2022, the calculation of basic and diluted earnings per share is based on the following data:
For the year ended December 31, 2023, excluded from the calculation of weighted average shares outstanding were 8,271,335 stock options that were determined to be anti‐dilutive (year ended December 31, 2022 - 1,400,539 stock options were determined to be anti‐dilutive). |
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Supplemental cash flow information |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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| Supplemental cash flow information [Text Block] |
19. Supplemental cash flow information The following table summarizes the changes in non‐cash working capital for the years ended December 31, 2023 and 2022:
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Segmented information |
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| Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segmented information [Text Block] |
20. Segmented information Geographic Information As at December 31, 2023, the Company has only one reportable operating segment being the corporate function with its head office in Canada. Total assets in West Africa include the Company's 45% interest in the AGM JV. Geographic allocation of total assets and liabilities
Geographic allocation of the Statement of Operations and Comprehensive Income For the year ended December 31, 2023:
For the year ended December 31, 2022:
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Capital management |
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| Statements [Line Items] | |
| Capital management [Text Block] |
21. Capital management The Company's objectives in managing capital are to ensure that the Company has the financial capacity to support its operations with sufficient capability to manage unforeseen operational or industry developments, to ensure the Company has the capital and capacity to support the long‐term growth strategies of the JV, and to provide returns for shareholders and benefits for other stakeholders. The Company defines capital that it manages as total shareholders' equity, being a total of $200.9 million as at December 31, 2023 (December 31, 2022 - $173.7 million). The Company is not subject to externally imposed capital requirements or covenants. The Company manages its capital structure and makes adjustments to it in light of general economic conditions, the risk characteristics of the underlying assets and the Company's working capital requirements associated with ongoing operations and corporate development plans. The Company does not currently pay dividends. The Board of Directors reviews and approves any material transactions out of the ordinary course of business, including proposals on acquisitions or other major investments or divestitures, as well as capital and operating budgets. The Company's investment policy is to invest its cash in highly liquid short‐term interest‐bearing investments with maturities of 180 days or less from the original date of acquisition. The Company has not made any changes to its policies and processes for managing capital during the year. |
Financial instruments |
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| Disclosure of detailed information about financial instruments [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial instruments [Text Block] |
22. Financial instruments As at December 31, 2023, the Company's financial instruments consist of cash and cash equivalents, receivable due from related party, preferred shares in the JV, accounts payable and accrued liabilities, payable due to related party and long‐term incentive plan liabilities. The Company classifies cash and cash equivalents, accounts receivable, the related party receivable, accounts payable and accrued liabilities and accounts payable due to related party as financial assets or liabilities and are measured at amortized cost. The preferred shares in the JV and long‐term incentive plan liabilities are a financial asset and a financial liability, respectively, measured at fair value through profit or loss and fall within Level 3 of the fair value hierarchy as discussed below. The fair value hierarchy comprises: Level 1 - fair values based on unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - fair values based on inputs that are observable for the asset or liability, either directly or indirectly; and Level 3 - fair values based on inputs for the asset or liability that are not based on observable market data. There were no transfers between the levels during the years ended December 31, 2023 or 2022. As at December 31, 2023, the carrying and fair values of the Company's financial instruments by category are as follows:
1 Accounts payable includes the current portion of long-term incentive plan liabilities, which are measured at fair value through profit or loss. The risk exposure arising from these financial instruments is summarized as follows: (a) Credit risk Credit risk is the risk of an unexpected loss if a customer or the issuer of a financial instrument fails to meet its contractual obligations. The Company is subject to credit risk on cash and cash equivalent balances held at banks in Canada, Isle of Man and Mali. The risk of loss associated with cash investments is considered to be low as the majority of the Company's cash and cash equivalents are held with highly rated banking institutions. As at December 31, 2023, the Company had a receivable due from the JV of $1.0 million (December 31, 2022 - $1.7 million). Credit risk associated with the related party receivable is considered to be low based on the liquidity of available funds of the JV. In addition, the Company is exposed to credit risk on its preferred share investments in the JV (note 9). With respect to the 132.4 million preferred shares, credit risk is mitigated by monitoring the financial condition of the JV on a regular basis. The Company's maximum exposure to credit risk in relation to the preferred shares at the reporting date is the carrying value of the financial asset totaling $70.2 million. (b) Liquidity risk Liquidity risk encompasses the risk that the Company cannot meet its financial obligations as they fall due. The Company manages liquidity risk through a rigorous planning and budgeting process, which is reviewed and updated on a regular basis, to help determine the funding requirements to support current operations, expansion and development plans, and by managing the Company's capital structure (note 21). By managing liquidity risk, the Company aims to ensure that it will have sufficient liquidity to settle obligations and liabilities as they fall due. Subsequent to the JV Transaction, the Company's only direct source of revenue is the service fee earned as operators of the AGM JV, as any free cash flows generated by AGM are no longer within the Company's exclusive control as the disposition of cash from the JV is governed by the JVA (note 10). However, through a combination of the Company's cash balance and interest earned thereon, cash flows from its investment in the JV, and the ongoing management fee receipts from the JV (note 8), the Company believes it is in a position to meet all working capital requirements, contractual obligations and commitments as they fall due. The Company's cash flows, however, and its ability to meet working capital requirements and contractual obligations are significantly influenced by the price of gold and the performance of the AGM. The Company aims to manage its liquidity by ensuring that, even in a low gold price environment, it can manage spending and provide adequate cash flow to meet all commitments. As at December 31, 2023, the Company had a cash and cash equivalents balance of $55.3 million (December 31, 2022 - $56.1 million) allowing it to settle current liabilities of $12.0 million (December 31, 2022 - $5.8 million) as they become due. (c) Market risk (i) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As disclosed in note 9, the Company holds preferred shares in the JV which are carried at fair value through profit or loss with fair value determined by reference to a discounted cash flow model. Changes in interest rates would impact the discount rate applied to forecast future cash flows and accordingly the fair value of the preferred shares; however, changes in interest rates would not impact the amount or timing of forecast future cash flows. With all other variables unchanged, a 1% decrease (increase) in the preferred share discount rate would have resulted in a $2.5 million increase and a $2.4 million decrease, respectively, to the Company's net income for the year ended December 31, 2023 (year ended December 31, 2022 - 1% decrease (increase) in the discount rate would have resulted in a $2.8 million increase and a $2.7 million decrease, respectively, to the Company's net income for the year). The Company's cash and cash equivalents earn interest income at variable rates and accordingly future interest income is subject to fluctuations in short‐term interest rates. A +/‐1% change in short‐term interest rates during the year would have resulted in a $0.6 million increase or decrease to the Company's interest income for the year ended December 31, 2023 (year ended December 31, 2022 - $0.5 million increase or decrease). (ii) Foreign currency risk As at December 31, 2023 and 2022, the Company's exposure to foreign currency risk was limited to the balances presented below. Acronyms of "ZAR" and "XOF" refer to the South African Rand and West African Franc, respectively.
A +/‐10% change in the prevailing exchange rates as at December 31, 2023, with all other variables held constant, would have resulted in a $0.8 million decrease (increase) to the Company's net income for the year ended December 31, 2023 (year ended December 31, 2022 - $0.3 million decrease (increase) to net income). (iii) Price risk Price risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices, other than those arising from currency risk or interest rate risk. Future cash flows from the JV are expected to be received as redemptions of the Company’s preferred shares in the JV (note 9). From time to time, the JV enters into hedging programs to manage the AGM’s exposure to gold price risk with an objective of margin protection. For the year ended December 31, 2023, the fair value of the preferred shares would not be materially impacted by a 5% increase (decrease) in the gold price as there would be no change to the estimated timing of distributions made to the JV partners (year ended December 31, 2022 – 10% increase (decrease) in the gold price would not have materially impacted the fair value of preferred shares as there would be no change to the estimated timing of distributions). |
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Related party transactions |
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| Statements [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Related party transactions [Text Block] |
23. Related party transactions In addition to the service fee earned as operator of the JV and administrative and exploration services provided by the JV to the Company on its wholly owned Asumura property (note 8), the Company's related party transactions included compensation paid to key management personnel (being directors and executive officers of the Company), which was as follows for the years ended December 31, 2023 and 2022:
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Significant accounting policies (Policies) |
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| Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in joint arrangements [Policy Text Block] |
(a) Investments in joint arrangements The Company conducts a portion of its business through joint arrangements where the parties are bound by contractual arrangements establishing joint control and decisions about the activities that significantly affect the returns of the investee require unanimous consent. A joint arrangement is classified as either a joint operation or a joint venture, subject to the terms that govern each investor's rights and obligations in the arrangement. In a joint operation, the investor has rights and obligations to the separate assets and liabilities of the investee and in a joint venture, the investors have rights to the net assets of the joint arrangement. For a joint operation, the Company recognizes its share of the assets, liabilities, revenue, and expenses of the joint arrangement, while for a joint venture, the Company accounts for its investment in the joint arrangement using the equity method. Under the equity method, the Company's investment in a joint venture is initially recognized at cost and subsequently increased or decreased to recognize the Company's share of net earnings or losses of the joint venture, after any adjustments necessary for impairment losses or reversal of impairment losses after the initial recognition date. The total carrying amount of the Company's investment in a joint venture also includes any long‐term debt interests which in substance form part of the Company's net investment. The Company's share of a joint venture's losses that are in excess of its investment are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture. The Company's share of net earnings or losses of a joint venture are recognized in net earnings during the period. Dividends and repayment of capital received from a joint venture are accounted for as a reduction in the carrying amount of the Company's investment. Balances between the Company and its joint ventures are not eliminated, but rather disclosed as related party transactions or balances. At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in a joint venture is impaired. Objective evidence includes observable data indicating there is a measurable decrease in the estimated future cash flows of the joint venture's operations. When there is objective evidence that an investment is impaired, the carrying amount of such investment is compared to its recoverable amount, being the higher of its fair value less costs of disposal and value‐in‐use. If the recoverable amount of an investment is less than the carrying amount, the carrying amount is reduced to its recoverable amount and a corresponding impairment loss is recognized in the period in which the relevant circumstances are identified. When an impairment loss reverses in a subsequent period, the carrying amount of the investment is increased to the revised estimate of the recoverable amount to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been previously recognized. Following an impairment reversal, the Company will continue to recognize its share of net earnings to the extent the investment is anticipated to be recoverable through future cash flows of the joint venture. A reversal of an impairment loss is recognized in net earnings in the period in which the reversal occurs. Similar to the assessment of impairment for subsidiaries, the Company reviews the mining properties and plant and equipment for a joint arrangement at the cash‐generating unit level to determine whether there is any indication that these assets are impaired. |
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| Foreign currency translation [Policy Text Block] |
(b) Foreign currency translation Transactions in foreign currencies are initially recorded at the functional currency rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies (i.e. those currencies other than the functional currency) are translated at the functional currency rate of exchange at the date of the statement of financial position. Foreign exchange gains (losses) are recorded in the consolidated statement of operations and comprehensive income for the year. Non‐monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non‐monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. |
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| Cash and cash equivalents [Policy Text Block] |
(c) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and short‐term investments with remaining maturities at initial recognition of ninety days or less, or that are fully redeemable without penalty or loss of interest. |
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| Inventories [Policy Text Block] |
(d) Inventories Gold on hand, gold in process and stockpiled ore inventories are recorded at the lower of weighted average production cost and net realizable value. The cost of inventories includes the cost of raw materials, direct labour, mine‐site overhead expenses and applicable depreciation and depletion. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long‐ term metal prices less estimated future costs to convert the inventories from their respective states into saleable form less estimated costs to sell. Production costs are included in work‐in‐process inventory based on current costs incurred up to the point of dore production. The costs of finished goods represent the costs of work‐in‐process inventories plus applicable treatment costs. The costs of inventories sold during the period are presented as production costs and depreciation and depletion, as applicable, in the statement of operations and comprehensive income for the year. Additions to the cost of ore stockpiles are based on the related current cost of production for the year, while reductions in the cost of ore stockpiles are based on the weighted‐average cost per tonne of ore in the stockpile. Stockpiles are segregated between current and non‐current inventories in the consolidated statement of financial position based on the planned period of usage. Supplies and spare parts are valued at the lower of weighted‐average cost and net realizable value. Replacement costs of materials and spare parts are generally used as the best estimate of net realizable value. Provisions are recorded to reduce the carrying amount of materials and spare parts inventory to net realizable value to reflect current intentions for the use of redundant or slow‐moving items, or for physically obsolete items. Provisions for redundant and slow‐moving items are made by reference to specific items of inventory. The Company reverses write‐downs where there is a subsequent increase in net realizable value and where the inventory is still on hand. |
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| Mineral properties, plant and equipment ("MPP&E") [Policy Text Block] |
(e) Mineral properties, plant and equipment ("MPP&E") i. Mineral properties Recognition Capitalized costs of mining properties include the following:
Stripping costs In open pit mining operations, it is necessary to incur costs to remove overburden and other mine waste materials in order to access the ore from which minerals can be extracted economically. Stripping costs incurred in order to provide initial access to the ore body (referred to as pre-production stripping) are capitalized as incurred. Stripping costs incurred during the production stage of an open pit mine are accounted for as production costs in the consolidated statement of operations and comprehensive income during the period that the stripping costs were incurred, unless these costs provide a future economic benefit. Production phase stripping costs are considered to generate a future economic benefit when (i) it is probable that future economic benefit associated with the stripping activity will flow to the entity; (ii) the entity can identify the component of the ore body for which access has been improved; and (iii) the costs relating to the stripping activity associated with that component can be measured reliably. These costs are capitalized as mineral properties, plant and equipment. Production costs are allocated between inventory produced and the stripping asset based on the volume of waste extracted compared with the expected volume, for a given volume of ore production. Stripping costs incurred and capitalized during the production phase are depleted using the units‐of‐production method over the proven and probable reserves (ore tonnes) of the component of the ore body to which access has been improved as a result of the specific stripping activity. Management reviews the estimates of the waste and ore in each identified component of operating open pit mines at the end of each financial year, and when events and circumstances indicate that such a review should be made. Changes to the estimated identification of components and the associated waste and ore within each component are accounted for prospectively. Exploration and evaluation expenditures Exploration and evaluation expenditures include the costs of acquiring rights to explore, exploratory drilling and related exploration costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit which contain proven and probable reserves. Exploration and evaluation expenditures incurred on a mineral deposit, with the exception of acquisition costs and costs arising from the recognition of an asset retirement provision, are expensed as incurred up to the date of establishing that costs incurred on a mineral deposit are technically feasible and commercially viable. Expenditures incurred on a mineral deposit subsequent to the establishment of its technical feasibility and commercial viability are capitalized and included in the carrying amount of the related mining property. The technical feasibility and commercial viability of a mineral deposit is assessed based on a combination of factors, such as, but not limited to:
Borrowing costs Borrowing costs directly relating to the financing of qualifying assets are added to the capitalized cost of those related assets until such time as the assets are substantially ready for their intended use or sale which, in the case of mining properties, is when they are capable of commercial production. Where funds have been borrowed specifically to finance a project, the amount capitalized represents the actual borrowing costs incurred. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. Capitalized borrowing costs are depreciated over the life of the related asset. All other borrowing costs are recognized in the consolidated statement of operations and comprehensive income in the year in which they are incurred. Borrowing costs are included as part of interest paid in the statement of cash flows. Depletion Mineral properties in production are depleted on a deposit‐by‐deposit basis using the units‐of‐production method over the mine's estimated proven and probable reserves, with the exception of deferred stripping which is depleted using the unit‐of‐ production method over the reserves that directly benefit from the specific stripping activity, and will commence when the mine is capable of operating in the manner intended by management. In the event proven and probable reserves are not identified management will use their best estimate from internally generated information. The Company uses a number of criteria to assess whether the mine is in the condition necessary for it to be capable of operating in a manner intended by management. These criteria include, but are not limited to:
Mineral properties in development are not depleted. ii. Plant and equipment Recognition The cost of plant and equipment consists of the purchase price, costs directly attributable to the delivery of the asset to the location and the condition necessary for it to be capable of operating in the manner intended by management, including the cost of testing whether these assets are operating in the manner intended by management. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. Where significant components of an asset have differing useful lives, depreciation is calculated on each separate component. Depreciation Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. The carrying amounts of plant and equipment are depreciated using either the straight‐line or units‐of‐production method over the shorter of the estimated useful life of the asset or the life of mine. The significant classes of depreciable plant and equipment and their estimated useful lives are as follows:
Management reviews the estimated useful lives, residual values and depreciation methods of the Company's plant and equipment at the end of each financial year, and when events and circumstances indicate that such a review should be made. Changes to estimated useful lives, residual values or depreciation methods resulting from such review are accounted for prospectively. Major maintenance and repairs Expenditure on major maintenance and repairs includes the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that future economic benefits associated with the item will be available to the Company, that expenditure is capitalized and the carrying amount of the item replaced is derecognized. Similarly, overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefits will be available and any remaining carrying amounts of the cost of previous overhauls are derecognized. All other maintenance and repair costs are expensed as incurred. iii. Impairment of non‐financial assets The carrying amounts of assets included in mineral properties, plant and equipment are reviewed for impairment when events and changes in circumstances indicate that the related carrying amounts may not be recoverable. If any such indication exists, the recoverable amount of the relevant cash‐generating unit ("CGU") is estimated in order to determine the extent of impairment. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The carrying amounts of the CGUs are compared to their recoverable amounts where the recoverable amount is the higher of value‐in‐use ("VIU") and fair value less costs to sell ("FVLCS"). FVLCS is defined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants at the measurement date. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. The fair value of mine sites is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects. If a reliable estimate of future cash flows cannot be made, then fair value is determined by reference to market prices for comparable assets. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. An impairment is recognized immediately in the consolidated statement of operations and comprehensive income. Mineral properties, plant and equipment that have been impaired are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed. When an impairment loss reverses in a subsequent period, the revised carrying amount shall not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset previously, less subsequent depletion and depreciation. Reversals of impairment losses are recognized in the consolidated statement of operations and comprehensive income in the period in which the reversals occur. iv. Derecognition Upon disposal or abandonment, the carrying amounts of mineral properties and plant and equipment are derecognized and any associated gains or losses are recognized in the consolidated statement of operations and comprehensive income. |
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| Leases [Policy Text Block] |
(f) Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether it has the right to obtain substantially all of the economic benefits from and to direct the use of the identified asset. At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand‐alone prices. The Company recognizes a right‐of‐use asset and a lease liability at the lease commencement date. The right‐of‐use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset, or the site on which it is located, less any lease incentives received. The right‐of‐use asset is subsequently depreciated using the straight‐line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right‐of‐use asset reflects that the Company will exercise a purchase option. In that case, the right‐of‐use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right‐of‐use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following:
The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option, or if there is a revised in‐substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right‐of‐use asset or is recorded in the consolidated statement of operations and comprehensive income if the carrying amount of the right‐of‐use asset has been reduced to zero. The Company has elected to apply the practical expedient under IFRS 16 to account for certain lease arrangements that include both lease and non-lease components as a single lease component. Short‐term leases and leases of low‐value assets The Company has elected not to recognize right‐of‐use assets and lease liabilities for leases of low‐value assets and short‐term leases, including office equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight‐ line basis over the lease term. |
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| Provisions [Policy Text Block] |
(g) Provisions General Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statement of operations and comprehensive income, net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre‐tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as finance expense in the consolidated statement of operations and comprehensive income. Asset retirement provisions An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. The Company records the estimated present value of future cash flows associated with site reclamation as a liability when the liability is incurred with a corresponding increase in the carrying value of the related assets. Discount rates using a pre‐tax, risk‐free rate that reflect the time value of money are used to calculate the net present value. The liability is accreted over time to reflect the unwinding of the discount with the accretion expense included in finance costs in the consolidated statement of operations and comprehensive income. Changes in estimates or circumstances include changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration activities, changes to cost estimates, changes to the discount rate and changes to the risk‐free interest rates. Changes in estimates that result in a change to the carrying value of the asset retirement provision have a corresponding change in the carrying amount of the related asset. |
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| Revenue from contracts with customers [Policy Text Block] |
(h) Revenue from contracts with customers Revenue is derived from the sale of gold and by‐products. Revenue is recognized for contracts with customers when there is persuasive evidence that all of the following criteria are met:
Revenue from gold and any by‐product metals is generally recorded at the time of physical delivery of the refined gold (i.e. when gold is credited to the counterparty's gold account), which is also the date when control of the gold passes to the customer. Revenue from saleable gold produced during the testing phase of production activities, and the cost of producing those items, is recognized in profit or loss. |
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| Government royalties [Policy Text Block] |
(i) Government royalties Royalty payments to governments which are based on gross revenue are not considered income taxes and are recognized as an expense in the statement of operations and comprehensive income. |
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| Financial instruments [Policy Text Block] |
(j) Financial instruments (i) Financial assets Recognition and measurement The Company recognizes a financial asset in its statement of financial position when the Company becomes party to the contractual provisions of the instrument. All financial assets are initially recorded at fair value plus directly attributable transaction costs and classified as either (i) financial assets subsequently measured at amortized cost, (ii) financial assets subsequently measured at fair value through other comprehensive income or (iii) financial assets subsequently measured at fair value through profit or loss. The basis of classification takes into consideration both the Company's business model for managing and the contractual cash flow characteristics of the financial assets. A financial asset is measured at amortized cost if the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through other comprehensive income if the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset is measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive income. Fair value changes in financial assets classified as fair value through profit or loss, if any, are recognized in the consolidated statement of operations and comprehensive income. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: a. the contractual rights to receive cash flows from the asset have expired, or b. the Company has transferred its contractual rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass‐through 'arrangement; and either (a) the Company has transferred substantially all the risks and rewards of ownership of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. (ii) Financial liabilities Recognition and measurement All financial liabilities are initially recorded at fair value less transaction costs. All financial liabilities are subsequently measured at amortized cost using the effective interest method, except for: - financial liabilities at fair value through profit or loss; - financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies; - financial guarantee contracts; - commitments to provide a loan at a below‐market interest rate; and - contingent consideration recognized by an acquirer in a business combination to which IFRS 3, Business combinations, applies. An entity may, at initial recognition, irrevocably designate a financial liability as measured at fair value through profit or loss when a contract contains one or more embedded derivatives, or when doing so results in more relevant information, because either (a) it eliminates or significantly reduces a measurement or recognition inconsistency (i.e. an accounting mismatch); or (b) a group of financial liabilities or financial assets and financial liabilities is managed, and its performance is evaluated on a fair value basis. Fair value changes of financial liabilities classified as fair value through profit or loss, if any, are recognized in the consolidated statement of operations and comprehensive income. |
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| Share-based compensation [Policy Text Block] |
(k) Share‐based compensation The Company has a share option plan and share unit plan which are described in note 12. The Company records all share‐based compensation for options using the fair value method with graded vesting. Under the fair value method, share‐based payments are measured at the fair value of the consideration received or the fair value of the equity instruments issued or liabilities incurred, whichever is more reliably measurable, and are charged over the vesting period to the consolidated statement of operations and comprehensive income. The offset is credited to equity reserves ratably over the vesting period, after adjusting for the number of awards that are expected to vest. For share options, the fair value of share‐based compensation awards is determined at the date of grant using the Black‐Scholes option pricing model. Cash-settled awards are fair valued using the number of estimated vested awards multiplied by the share price of the Company's common shares. Expenses recognized for unvested forfeited awards are reversed. For awards that are cancelled, any expense not yet recognized is recognized immediately in the statement of operations and comprehensive income. Where the terms of an equity‐settled award are modified, as a minimum an expense is recognized as if the terms had not been modified over the original vesting period. In addition, an expense is recognized for any modification which increases the total fair value of the share‐based payment arrangement as measured at the date of modification, over the remainder of the vesting period. For cash‐settled share‐based payments (see note 12), the Company measures the goods or services acquired and the liability incurred at the fair value of the liability. The corresponding share‐based compensation expense is recognized over the vesting period of the award. As these awards will be settled in cash, the liability is remeasured at fair value at each reporting period and at the date of settlement, with changes in fair value recognized in the consolidated statement of operations and comprehensive income in the period incurred. |
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| Income taxes [Policy Text Block] |
(l) Income taxes Income tax on the profit or loss for the years presented comprises current and deferred income tax. Income tax is recognized in the consolidated statement of operations and comprehensive income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current income tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred income tax is recognized in respect of unused tax losses, tax credits and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the tax rates that have been substantively enacted at the reporting date. A deferred income tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a future income tax asset will be recovered, it does not recognize the asset. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its tax assets and liabilities on a net basis. The Company records foreign exchange gains and losses representing the impacts of movements in foreign exchange rates on the tax bases of non‐monetary assets and liabilities which are denominated in foreign currencies. Foreign exchange gains and losses relating to the translation of the deferred income tax balance from local statutory accounts to functional currency accounts are included in deferred income tax expense or recovery in the consolidated statement of operations and comprehensive income. |
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| Income per share [Policy Text Block] |
(m) Income per share Basic income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The computation of diluted income per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on income per share. For this purpose, the treasury stock method is used for the assumed proceeds upon the exercise of stock options that are used to purchase common shares at the average market price during the period. |
Basis of presentation (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of subsidiaries [Table Text Block] |
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Significant accounting policies (Tables) |
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Dec. 31, 2023 | |||||||||||
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| Disclosure of detailed information about estimated useful life or depreciation rate [Table Text Block] |
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Cash and cash equivalents (Tables) |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents [abstract] | ||||||||||||||||||||||||||||||||||||
| Disclosure of detailed information about cash and cash equivalents [Table Text Block] |
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Financial assets (Tables) |
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| Disclosure of financial assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of redeemable preference share with determinable redemption date [Table Text Block] |
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Investment in Joint Venture (Tables) - Asanko Gold Mine (AGM) [Member] |
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| Disclosure of joint ventures [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of investment in joint venture using equity method [Table Text Block] |
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| Disclosure of operating and financial results of the JV [Table Text Block] |
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| Disclosure of production costs of joint venture [Table Text Block] |
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| Disclosure of finance expenses incurred by the joint ventures [Table Text Block] |
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| Disclosure of summary of inventories held by the AGM of joint venture [Table Text Block] |
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| Disclosure of movement in lease liabilities of the AGM [Table Text Block] |
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| Disclosure of movement in asset retirement obligation [Table Text Block] |
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| Disclosure of cash flows of joint venture [Table Text Block] |
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Equity reserves and long-term incentive plan awards (Tables) |
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| Disclosure of reserves within equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of number and weighted average exercise prices of other equity instruments [Table Text Block] |
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| Disclosure of detailed information about options, valuation assumptions [Table Text Block] |
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| Disclosure of range of exercise prices of outstanding share options [Table Text Block] |
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| Disclosure of amount and movement in restricted share units [Table Text Block] |
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| Disclosure of RSU liability [Table Text Block] |
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| Disclosure of amount and movement in performance share units [Table Text Block] |
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| Disclosure of Performance share units liability [Table Text Block] |
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| Disclosure of amount and movement in deferred share units [Table Text Block] |
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| Disclosure of Deferred share units liability [Table Text Block] |
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| Disclosure of Phantom share units liability [Table Text Block] |
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Commitments and contingencies (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statements [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of detailed information about commitments [Table Text Block] |
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General and administrative ("G&A") expenses (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of detailed information about general and administrative expense [Table Text Block] |
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Exploration and evaluation ("E&E") expenditures (Tables) |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exploration And Evaluation Expenditures Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of detailed information about exploration and evaluation expenditures [Table Text Block] |
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Finance income and expense (Tables) |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure Of Finance Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of detailed information about finance income [Table Text Block] |
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| Disclosure of detailed information about finance expense [Table Text Block] |
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Income tax (Tables) |
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| Income Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of detailed information about effective income tax expense (recovery) [Table Text Block] |
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| Disclosure of deferred taxes [Table Text Block] |
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| Disclosure of temporary difference, unused tax losses and unused tax credits [Table Text Block] |
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Income per share (Tables) |
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| Statements [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of earnings per share [Table Text Block] |
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Supplemental cash flow information (Tables) |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Statements [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of changes in noncash working capital [Table Text Block] |
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Segmented information (Tables) |
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| Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of geographic allocation of total assets and liabilities [Table Text Block] |
Geographic allocation of total assets and liabilities
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| Disclosure of geographic allocation of the statement of operations and comprehensive income (loss) [Table Text Block] |
Geographic allocation of the Statement of Operations and Comprehensive Income For the year ended December 31, 2023:
For the year ended December 31, 2022:
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Financial instruments (Tables) |
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| Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of detailed information about financial instruments by category [Table Text Block] |
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| Disclosure of nature and extent of risks arising from financial instruments [Table Text Block] |
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Related party transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||
| Statements [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
| Disclosure of information about key management personnel [Table Text Block] |
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Nature of operations (Narrative) (Details) - Asanko Gold Mine [Member] - Definitive Agreements [Member] |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Disclosure of joint ventures [line items] | |
| Agreement description | a joint venture arrangement |
| Percentage of economic interest | 45.00% |
| Proportion of ownership interests held by Government of Ghana | 10.00% |
| Percentage of economic interest in exploration assets | 100.00% |
Cash and cash equivalents (Narrative) (Details) |
Dec. 31, 2023 |
|---|---|
| Cash and cash equivalents [abstract] | |
| Weighted average interest rate earned on short-term investments | 5.50% |
Cash and cash equivalents - Disclosure of cash and cash equivalents (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Cash and cash equivalents [abstract] | |||
| Cash held in banks | $ 15,827 | $ 18,563 | |
| Short-term investments (maturities of 90 days or less) | 39,443 | 37,548 | |
| Cash and cash equivalents | $ 55,270 | $ 56,111 | $ 53,521 |
Balances due from or to related party (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of transactions between related parties [line items] | ||
| Payable due to related party | $ 3,152 | $ 1,364 |
| Services Agreement [Member] | Joint ventures [Member] | ||
| Disclosure of transactions between related parties [line items] | ||
| JV service fee per annum | 7,300 | |
| Fee and commission income, before adjustments for inflation | $ 6,000 | |
| Withholding taxes payable | 20.00% | |
| Service fee earned as operators of joint venture | $ 5,800 | 5,400 |
| Service fee income, gross | 7,200 | 6,800 |
| Withholding taxes incurred | 1,400 | 1,400 |
| Amounts receivable, related party transactions | 1,000 | 1,700 |
| Payable due to related party | 3,200 | 1,400 |
| Asumura property | $ 200 | $ 300 |
Financial assets (Narrative) (Details) - J V Finco [Member] $ / shares in Units, shares in Millions, pure in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Jul. 31, 2018
$ / shares
shares
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Disclosure of financial assets [line items] | |||
| Preference shares redeemable share subscribed | shares | 184.9 | ||
| Preference shares redeemable par value | $ / shares | $ 1 | ||
| Redeemable Preference Shares With No Fixed Redemption Date [Member] | |||
| Disclosure of financial assets [line items] | |||
| Fair value of preference shares subscribed | $ 70.2 | ||
| Discount rate of future preference share redemptions | 15.0 | 14.8 | |
| Accretion expense | $ 3.4 | $ 5.6 | |
Financial assets - Disclosure of detailed information about redeemable preference shares with no fixed redemption date (Details) - J V Finco [Member] - preference shares held in the joint venture [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of financial assets [line items] | ||
| Number of shares, beginning of year | 132,400,000 | |
| Balance, beginning of year | $ 66,809 | $ 72,426 |
| Fair value adjustment for the year | $ 3,356 | (5,617) |
| Redemption of preferred shares during the year, shares | 0 | |
| Redemption of preferred shares during the year | $ 0 | 0 |
| Balance, end of year | $ 70,165 | $ 66,809 |
| Number of shares, end of year | 132,400,000 | 132,400,000 |
Investment in joint venture - Disclosure of Investment in joint venture using equity method (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of transactions between related parties [line items] | ||
| Balance, beginning of year | $ 54,148 | $ 0 |
| Company's share of the JV's net income for the year | 31,670 | 46,517 |
| Impairment reversal on investment in JV | 0 | (7,631) |
| Balance, end of year | $ 85,818 | $ 54,148 |
Investment in joint venture - Disclosure of Production costs of joint venture (Details) - Asanko Gold Mine (AGM) [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of transactions between related parties [line items] | ||
| Raw materials and consumables | $ (58,463) | $ (57,265) |
| Salary and employee benefits | (22,010) | (27,649) |
| Contractors | (37,369) | (56,133) |
| Change in stockpile, gold-in-process and gold dore inventories | (8,173) | (20,867) |
| Insurance, government fees, permits and other | (20,790) | (17,935) |
| Total production costs | $ (146,805) | $ (179,849) |
Investment in joint venture - Disclosure of detailed information about summary of finance expenses incurred by JV (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of transactions between related parties [line items] | ||
| Accretion charges on asset retirement provisions | $ (2,394) | $ (2,527) |
| Interest on lease liabilities | (17) | (25) |
| Other | (6) | (5) |
| Total finance expense | (23) | (5,647) |
| Asanko Gold Mine [Member] | ||
| Disclosure of transactions between related parties [line items] | ||
| Accretion charges on asset retirement provisions | (2,394) | (2,527) |
| Interest on lease liabilities | (1,601) | (207) |
| Unrealized loss on gold hedging instruments | (970) | 0 |
| Interest and fees associated with revolving credit facility | (164) | (400) |
| Withholding taxes | (270) | (3,134) |
| Other | (190) | (203) |
| Total finance expense | $ (5,589) | $ (6,471) |
Investment in joint venture - Summary of inventories held by AGM of joint venture (Details) - Asanko Gold Mine (AGM) [Member] - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Disclosure of transactions between related parties [line items] | ||
| Gold dore on hand | $ 5,095 | $ 3,592 |
| Gold-in-process | 1,516 | 937 |
| Ore stockpiles | 10,274 | 23,802 |
| Materials and spare parts | 21,209 | 25,672 |
| Total current inventories | $ 38,094 | $ 54,003 |
Investment in joint venture - Disclosure of movement in the lease liabilities of the AGM (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of transactions between related parties [line items] | ||
| Lease payments | $ (127) | $ (130) |
| Interest expense | 17 | 25 |
| Less: current portion of lease liabilities | (125) | (110) |
| Total non-current portion of lease liabilities | 78 | 204 |
| Asanko Gold Mine [Member] | ||
| Disclosure of transactions between related parties [line items] | ||
| Balance, beginning of period | 891 | 10,492 |
| Recognition of leases entered into during the period | 18,765 | 5,537 |
| Lease payments | (1,932) | (15,345) |
| Interest expense | 1,601 | 207 |
| Total lease liabilities, end of period | 19,325 | 891 |
| Less: current portion of lease liabilities | (4,485) | (778) |
| Total non-current portion of lease liabilities | $ 14,840 | $ 113 |
Investment in joint venture - Summary of movement in asset retirement obligation (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Investment In Joint Venture [Abstract] | ||
| Balance, beginning of year | $ 58,148 | $ 81,028 |
| Accretion expense | 2,394 | 2,527 |
| Change in estimate | 2,736 | (25,331) |
| Reclamation undertaken during the year | (266) | (76) |
| Total asset retirement provisions, end of year | $ 63,012 | $ 58,148 |
Share capital (Narrative) (Details) $ in Millions |
1 Months Ended |
|---|---|
|
Dec. 21, 2022
USD ($)
| |
| Disclosure of classes of share capital [abstract] | |
| Aggregate amount of prospectus | $ 300 |
| Term of prospectus | 25 months |
Equity reserves and long-term incentive plan awards (Narrative) (Details) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Nov. 06, 2020
shares
|
Dec. 31, 2023
$ / shares
|
Dec. 31, 2023
USD ($)
Share
yr
|
Dec. 31, 2022
USD ($)
yr
|
|
| Disclosure of reserves within equity [line items] | ||||
| Description for number of shares issuable under two plans | Under the two plans, when combined, the number of shares issuable cannot exceed 9% of the issued and outstanding common shares of the Company. Specifically, shares reserved for issuance under the share unit plan, when designated as equity‐settled, may not exceed 5% of the issued and outstanding common shares of the Company. | |||
| Description of vesting requirements for Stock options arrangement | Options granted typically vest in one-third increments every twelve months following the grant date for a total vesting period of three years. Stock options have a maximum term of 5 years following the grant date. | |||
| Share-based payments | $ 1,100 | $ 100 | ||
| Number of share options exercised in share-based payment arrangement | Share | 29,333 | |||
| Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 0.84 | |||
| Proceeds from exercise of options | $ 19 | $ 0 | ||
| Option life, share options granted (years) | yr | 3.65 | 3.76 | ||
| Expected dividend, share options granted | ||||
| Forfeiture rate, share options granted | 20.28% | 15.92% | ||
| Restricted share units [Member] | ||||
| Disclosure of reserves within equity [line items] | ||||
| Forefeiture rate, restricted share units granted | 24.23% | 22.80% | ||
| Performance Share Units [Member] | ||||
| Disclosure of reserves within equity [line items] | ||||
| Forefeiture rate, restricted share units granted | 18.84% | 18.84% | ||
| Description of vesting requirements for Stock options arrangement | PSUs vest in either one-half or one-third increments every twelve months following the grant date for a total vesting period of two or three years and also contain a performance condition(s) applied to the number of units that vest on a yearly basis. | |||
| Performance Share Units [Member] | Bottom of range [Member] | ||||
| Disclosure of reserves within equity [line items] | ||||
| Parentage of performance multiplier | 0.00% | |||
| Performance Share Units [Member] | Top of range [Member] | ||||
| Disclosure of reserves within equity [line items] | ||||
| Parentage of performance multiplier | 150.00% | |||
| Deferred Share Units [Member] | ||||
| Disclosure of reserves within equity [line items] | ||||
| Description of vesting requirements for Stock options arrangement | For all DSUs granted during the year ended December 31, 2023, the awards vest over a service period of one year and had an estimated weighted-average forfeiture rate of nil (year ended December 31, 2022 - awards granted had no vesting terms or conditions and had an estimated weighted-average forfeiture rate of nil). | |||
| Phantom Share Units [Member] | ||||
| Disclosure of reserves within equity [line items] | ||||
| Phantom shares granted | shares | 1,000,000 | |||
Equity reserves and long-term incentive plan awards - disclosure of detailed information about options, valuation assumptions (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2023
CAD ($)
Share
$ / shares
|
Dec. 31, 2022
CAD ($)
Share
$ / shares
|
|
| Disclosure of reserves within equity [abstract] | ||
| Number of options granted | Share | 4,574,000 | 4,790,000 |
| Weighted average exercise price | $ / shares | $ 0.85 | $ 0.66 |
| Weighted average risk-free interest rate | 3.49% | 2.71% |
| Weighted average volatility | 58.00% | 57.94% |
| Weighted average Black-Scholes value | $ | $ 0.32 | $ 0.24 |
Equity reserves and long-term incentive plan awards - disclosure of amount and movement in restricted share units (Details) - Restricted share units [Member] - Share |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of reserves within equity [line items] | ||
| Balance, beginning of year | 534,508 | 1,184,594 |
| Granted | 366,200 | 299,900 |
| Settled in cash | (279,069) | (599,107) |
| Cancelled/forfeited | (57,402) | (350,879) |
| Balance, end of year | 564,237 | 534,508 |
Equity reserves and long-term incentive plan awards - disclosure of movement in RSUs liability (Details) - Restricted share units [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of reserves within equity [line items] | ||
| Balance, beginning of year | $ 169 | $ 575 |
| Awards vested and change in fair value during the year, net of cancelled/forfeited awards | 265 | (95) |
| Settled in cash during the year | (169) | (311) |
| Total RSU liability, end of year | 265 | 169 |
| Less: current portion of RSU liability | (195) | (143) |
| Total non-current RSU liability, end of year | $ 70 | $ 26 |
Equity reserves and long-term incentive plan awards - disclosure of amount and movement in performance share units (Details) - Performance Share Units [Member] - Share |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of reserves within equity [line items] | ||
| Balance, beginning of year | 1,739,401 | 571,000 |
| Granted | 1,287,200 | 1,588,900 |
| Settled in cash | (908,429) | (88,167) |
| Added due to performance condition | 563,857 | 0 |
| Cancelled/forfeited | (180,547) | (332,332) |
| Balance, end of year | 2,501,482 | 1,739,401 |
Equity reserves and long-term incentive plan awards - disclosure of movement in PSUs liability (Details) - Performance Share Units [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of reserves within equity [line items] | ||
| Balance, beginning of year | $ 503 | $ 87 |
| Awards vested and change in fair value during the year, net of cancelled/forfeited awards | 1,577 | 462 |
| Settled in cash during the year | (583) | (46) |
| Total PSU liability, end of year | 1,497 | 503 |
| Less: current portion of PSU liability | (1,249) | (334) |
| Total non-current PSU liability, end of year | $ 248 | $ 169 |
Equity reserves and long-term incentive plan awards - disclosure of amount and movement in deferred share units (Details) - Deferred Share Units [Member] - Share |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of reserves within equity [line items] | ||
| Balance, beginning of year | 3,132,000 | 844,200 |
| Granted | 1,942,400 | 2,287,800 |
| Settled in cash during the year | (860,875) | 0 |
| Cancelled/forfeited | (145,250) | 0 |
| Balance, end of year | 4,068,275 | 3,132,000 |
Equity reserves and long-term incentive plan awards - disclosure of movement in DSUs liability (Details) - Deferred Share Units [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of reserves within equity [line items] | ||
| Balance, beginning of year | $ 1,664 | $ 608 |
| Awards vested and change in fair value during the year, net of cancelled/forfeited awards | 2,663 | 1,056 |
| Settled in cash during the year | (549) | 0 |
| Total DSU liability, end of year | $ 3,778 | $ 1,664 |
Equity reserves and long-term incentive plan awards - disclosure of movement in phantom share unit liability (Details) - Phantom Share Units [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of reserves within equity [line items] | ||
| Balance, beginning of year | $ 381 | $ 277 |
| Awards vested and change in fair value during the year | 536 | 104 |
| Total phantom share unit liability, end of year | $ 917 | $ 381 |
Commitments and contingencies (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Asanko Gold Ghana Limited [Member] | ||
| Statements [Line Items] | ||
| Amount of reclamation bond on the unfunded portion | $ 8.2 | $ 5.9 |
General and administrative ("G&A") expenses - Disclosure of detailed information about general and administrative expense (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Selling, general and administrative expense [abstract] | ||
| Wages, benefits and consulting | $ (6,276) | $ (6,515) |
| Office, rent and administration | (1,316) | (1,324) |
| Professional and legal | (458) | (724) |
| Share-based compensation | (6,164) | (1,646) |
| Travel, marketing, investor relations and regulatory | (929) | (745) |
| Depreciation | (143) | (146) |
| Total G&A expense | $ (15,286) | $ (11,100) |
Exploration and evaluation ("E&E") expenditures - Disclosure of exploration and evaluation expenditures (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Exploration And Evaluation Expenditures Disclosure [Abstract] | ||
| Contractors and consulting | $ (251) | $ (326) |
| Drilling and assays | (1,492) | (603) |
| Field supplies and camp costs | (31) | (109) |
| Crop compensation, community and permitting | (224) | (368) |
| Other | (11) | (5) |
| Total E&E expenditures | $ (2,009) | $ (1,411) |
Finance income and expense - Disclosure of detailed information about finance income (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure Of Finance Income [Abstract] | ||
| Fair value adjustment on redeemable preference shares | $ 3,356 | $ 0 |
| Interest income and other | 2,899 | 1,036 |
| Total finance income | $ 6,255 | $ 1,036 |
Finance income and expense- Disclosure of detailed information about finance expense (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure Of Finance Income [Abstract] | ||
| Fair value adjustment on redeemable preference shares | $ 0 | $ (5,617) |
| Interest on lease liability | (17) | (25) |
| Other | (6) | (5) |
| Total finance expense | $ (23) | $ (5,647) |
Income tax (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Disclosure Of Income Tax [Line Items] | ||
| Taxable temporary differences associated with investments in subsidiaries for which deferred taxes have not been recognized | $ 88.2 | $ 133.1 |
| Canada [Member] | ||
| Disclosure Of Income Tax [Line Items] | ||
| Tax losses | $ 75.4 | $ 73.9 |
Income tax - Disclosure of detailed information about effective income tax expense (recovery) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax [Abstract] | ||
| Average statutory tax rate | 27.00% | 27.00% |
| Income before income taxes | $ 26,085 | $ 40,809 |
| Expected income tax expense | 7,043 | 11,018 |
| Increase in income tax expense (recovery) resulting from: | ||
| Share of net income related to joint venture | (8,551) | (12,560) |
| Impairment reversal on equity investment in joint venture | 0 | (2,060) |
| Fair value adjustment on redeemable preferences shares | (906) | 1,517 |
| Impairment loss on exploration and evaluation assets | 0 | 440 |
| Share-based compensation | 303 | 32 |
| Other | 6 | 2 |
| True-up prior year balances | (94) | 194 |
| Effect of differences in tax rate in foreign jurisdictions | (65) | (110) |
| Change in unrecognized tax assets | 2,264 | 1,529 |
| Foreign exchange and other | 0 | (2) |
| Income tax expense | $ 0 | $ 0 |
Income tax - Disclosure of deferred taxes (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Disclosure Of Income Tax [Line Items] | ||
| Net deferred tax assets | $ 0 | $ 0 |
| Lease Liability [Member] | ||
| Disclosure Of Income Tax [Line Items] | ||
| Deferred tax assets | 55 | 85 |
| Right-of-use asset [Member] | ||
| Disclosure Of Income Tax [Line Items] | ||
| Deferred tax liabilities | $ (55) | $ (85) |
Income per share (Narrative) (Details) - Share |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Stock options [Member] | ||
| Disclosure of instruments with potential future dilutive effect not included in calculation of diluted earnings per share [line items] | ||
| Description of instruments with potential future dilutive effect not included in calculation of diluted earnings per share | 8,271,335 | 1,400,539 |
Income per share - Disclosure of Earnings per share (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings Per Shares [Abstract] | ||
| Net income for the year | $ 26,085 | $ 40,809 |
| Weighted average number of ordinary shares - basic | 224,946,412 | 224,943,453 |
| Effect of dilutive stock options | 230,302 | 4,354 |
| Weighted average number of ordinary shares - diluted | 225,176,714 | 224,947,807 |
Supplemental cash flow information - Disclosure of changes in noncash working capital (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Supplemental Cash Flows Information [Abstract] | ||
| Receivables and receivable due from related party | $ 678 | $ 5,643 |
| Prepaid expenses and deposits | (9) | 10 |
| Accounts payable, accrued liabilities and payable due to related party | 1,206 | 1,445 |
| Change in non-cash working capital | $ 1,875 | $ 7,098 |
Segmented information (Narrative) (Details) |
Dec. 31, 2023 |
|---|---|
| Asanko Gold Mine (AGM) [Member] | |
| Disclosure of operating segments [line items] | |
| Percentage of interest acquired | 45.00% |
Capital management (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Capital Management [Line Items] | ||
| Total common shareholders' equity | $ 200.9 | $ 173.7 |
Related party transactions - Disclosure of information about key management personnel (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Related party transactions [abstract] | ||
| Salaries and benefits | $ 1,873 | $ 1,942 |
| Share-based compensation | 4,671 | 1,343 |
| Total compensation | $ 6,544 | $ 3,285 |