XML 145 R31.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Segmented and Geographic Information and Major Customers
 12 Months Ended
Dec. 31, 2023
Segmented and Geographic Information and Major Customers  
Segmented and geographic information, and major customers

26. Segmented and geographic information, and major customers

 

a. Segmented information

 

The Company’s operations comprise of four reporting segments engaged in acquisition, exploration, development and exploration of mineral resource properties in Mexico and the United States. Management has determined the operating segments based on the reports reviewed by the chief operating decision makers that are used to make strategic decisions.

 

b. Geographic information

 

All revenues from sales of concentrates for the years ended December 31, 2023, 2022 and 2021 were earned in Mexico and the United States. The following segmented information is presented as at and during the years ended December 31, 2023, 2022 and 2021. The Cosalá Operations segment operates in Mexico while the Galena Complex and Relief Canyon segments operate in the United States.

 

 

As at December 31, 2023

 

 

As at December 31, 2022

 

 

 

Cosalá Operations

 

 

Galena

Complex

 

 

Relief

Canyon

 

 

Corporate

and Other

 

 

Total

 

 

Cosalá Operations

 

 

Galena

Complex

 

 

Relief

Canyon

 

 

Corporate

and Other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$687

 

 

$791

 

 

$43

 

 

$540

 

 

$2,061

 

 

$317

 

 

$204

 

 

$717

 

 

$726

 

 

$1,964

 

Trade and other receivables

 

 

7,068

 

 

 

2,388

 

 

 

-

 

 

 

30

 

 

 

9,486

 

 

 

3,921

 

 

 

7,593

 

 

 

-

 

 

 

38

 

 

 

11,552

 

Inventories

 

 

6,310

 

 

 

2,244

 

 

 

103

 

 

 

-

 

 

 

8,657

 

 

 

5,390

 

 

 

2,727

 

 

 

718

 

 

 

-

 

 

 

8,835

 

Prepaid expenses

 

 

1,003

 

 

 

909

 

 

 

404

 

 

 

516

 

 

 

2,832

 

 

 

745

 

 

 

1,232

 

 

 

452

 

 

 

601

 

 

 

3,030

 

Restricted cash

 

 

162

 

 

 

53

 

 

 

4,136

 

 

 

-

 

 

 

4,351

 

 

 

141

 

 

 

53

 

 

 

3,945

 

 

 

-

 

 

 

4,139

 

Property, plant and equipment

 

 

51,600

 

 

 

73,490

 

 

 

27,404

 

 

 

607

 

 

 

153,101

 

 

 

52,141

 

 

 

70,479

 

 

 

37,927

 

 

 

752

 

 

 

161,299

 

Total assets

 

$66,830

 

 

$79,875

 

 

$32,090

 

 

$1,693

 

 

$180,488

 

 

$62,655

 

 

$82,288

 

 

$43,759

 

 

$2,117

 

 

$190,819

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade and other payables

 

$12,184

 

 

$4,843

 

 

$1,421

 

 

$4,512

 

 

$22,960

 

 

$12,861

 

 

$8,029

 

 

$2,658

 

 

$3,512

 

 

$27,060

 

Derivative instruments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,230

 

 

 

1,230

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

991

 

 

 

991

 

Shares pending issuance from retraction

 

 

-

 

 

 

-

 

 

 

-

 

 

 

436

 

 

 

436

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Pre-payment facility

 

 

-

 

 

 

2,250

 

 

 

-

 

 

 

-

 

 

 

2,250

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Other long-term liabilities

 

 

30

 

 

 

1,074

 

 

 

-

 

 

 

506

 

 

 

1,610

 

 

 

-

 

 

 

1,192

 

 

 

-

 

 

 

623

 

 

 

1,815

 

Metals contract liability

 

 

-

 

 

 

-

 

 

 

-

 

 

 

36,837

 

 

 

36,837

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

30,989

 

 

 

30,989

 

Convertible debenture

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15,384

 

 

 

15,384

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,621

 

 

 

9,621

 

Promissory notes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,275

 

 

 

4,275

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,500

 

 

 

2,500

 

Royalty payable

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,947

 

 

 

3,947

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Government loan

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

222

 

 

 

-

 

 

 

-

 

 

 

222

 

Post-employment benefit obligations

 

 

-

 

 

 

6,537

 

 

 

-

 

 

 

-

 

 

 

6,537

 

 

 

-

 

 

 

6,969

 

 

 

-

 

 

 

-

 

 

 

6,969

 

Decommissioning provision

 

 

2,605

 

 

 

5,563

 

 

 

4,025

 

 

 

-

 

 

 

12,193

 

 

 

2,070

 

 

 

5,603

 

 

 

4,042

 

 

 

-

 

 

 

11,715

 

Deferred tax liabilities

 

 

629

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

629

 

 

 

348

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

348

 

Total liabilities

 

$15,448

 

 

$20,267

 

 

$5,446

 

 

$67,127

 

 

$108,288

 

 

$15,279

 

 

$22,015

 

 

$6,700

 

 

$48,236

 

 

$92,230

 

 

 

 

Year ended December 31, 2023

 

 

Year ended December 31, 2022

 

 

 

Cosalá Operations

 

 

Galena

Complex

 

 

Relief

Canyon

 

 

Corporate

and Other

 

 

Total

 

 

Cosalá Operations

 

 

Galena

Complex

 

 

Relief

Canyon

 

 

Corporate

and Other

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$46,163

 

 

$43,283

 

 

$116

 

 

$-

 

 

$89,562

 

 

$53,418

 

 

$31,405

 

 

$193

 

 

$-

 

 

$85,016

 

Cost of sales

 

 

(36,160)

 

 

(38,132)

 

 

(768)

 

 

-

 

 

 

(75,060)

 

 

(33,371)

 

 

(30,969)

 

 

(7,752)

 

 

-

 

 

 

(72,092)

Depletion and amortization

 

 

(7,982)

 

 

(9,093)

 

 

(3,614)

 

 

(160)

 

 

(20,849)

 

 

(7,375)

 

 

(7,473)

 

 

(6,338)

 

 

(154)

 

 

(21,340)

Care and maintenance costs

 

 

-

 

 

 

(594)

 

 

(3,248)

 

 

-

 

 

 

(3,842)

 

 

-

 

 

 

(513)

 

 

(3,987)

 

 

-

 

 

 

(4,500)

Corporate general and administrative

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,606)

 

 

(8,606)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(9,380)

 

 

(9,380)

Exploration costs

 

 

(835)

 

 

(2,455)

 

 

(142)

 

 

-

 

 

 

(3,432)

 

 

(1,296)

 

 

(2,122)

 

 

(366)

 

 

-

 

 

 

(3,784)

Accretion on decommissioning provision

 

 

(212)

 

 

(217)

 

 

(158)

 

 

-

 

 

 

(587)

 

 

(164)

 

 

(158)

 

 

(105)

 

 

-

 

 

 

(427)

Interest and financing expense

 

 

(296)

 

 

(414)

 

 

(633)

 

 

(6,846)

 

 

(8,189)

 

 

(210)

 

 

(63)

 

 

(1,199)

 

 

(326)

 

 

(1,798)

Foreign exchange gain (loss)

 

 

(664)

 

 

-

 

 

 

-

 

 

 

1,068

 

 

 

404

 

 

 

(863)

 

 

-

 

 

 

-

 

 

 

(2,695)

 

 

(3,558)

Gain on disposal of assets

 

 

-

 

 

 

283

 

 

 

119

 

 

 

-

 

 

 

402

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Impairment to property, plant and equipment

 

 

-

 

 

 

-

 

 

 

(6,000)

 

 

-

 

 

 

(6,000)

 

 

-

 

 

 

-

 

 

 

(13,440)

 

 

-

 

 

 

(13,440)

Loss on metals contract liability

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,396)

 

 

(3,396)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(657)

 

 

(657)

Other gain on derivatives

 

 

-

 

 

 

-

 

 

 

-

 

 

 

120

 

 

 

120

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

214

 

 

 

214

 

Fair value loss on royalty payable

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(760)

 

 

(760)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gain on government loan forgiveness

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,277

 

 

 

-

 

 

 

-

 

 

 

4,277

 

Income (loss) before income taxes

 

 

14

 

 

 

(7,339)

 

 

(14,328)

 

 

(18,580)

 

 

(40,233)

 

 

10,139

 

 

 

(5,616)

 

 

(32,994)

 

 

(12,998)

 

 

(41,469)

Income tax recovery (expense)

 

 

1,876

 

 

 

184

 

 

 

-

 

 

 

-

 

 

 

2,060

 

 

 

(4,695)

 

 

977

 

 

 

-

 

 

 

-

 

 

 

(3,718)

Net income (loss) for the year

 

$1,890

 

 

$(7,155)

 

$(14,328)

 

$(18,580)

 

$(38,173)

 

$5,444

 

 

$(4,639)

 

$(32,994)

 

$(12,998)

 

$(45,187)

 

 

 

Year ended December 31, 2021

 

 

 

 Cosalá Operations

 

 

 Galena Complex

 

 

 Relief Canyon

 

 

 Corporate and Other

 

 

 Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$5,491

 

 

$34,915

 

 

$4,645

 

 

$-

 

 

$45,051

 

Cost of sales

 

 

(3,605)

 

 

(31,367)

 

 

(49,822)

 

 

-

 

 

 

(84,794)

Depletion and amortization

 

 

(1,657)

 

 

(6,623)

 

 

(7,355)

 

 

(160)

 

 

(15,795)

Care and maintenance costs

 

 

(7,309)

 

 

(997)

 

 

(4,427)

 

 

-

 

 

 

(12,733)

Corporate general and administrative

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(10,267)

 

 

(10,267)

Exploration costs

 

 

(58)

 

 

(3,181)

 

 

(636)

 

 

-

 

 

 

(3,875)

Accretion on decommissioning provision

 

 

(125)

 

 

(28)

 

 

(50)

 

 

-

 

 

 

(203)

Interest and financing expense

 

 

(186)

 

 

-

 

 

 

(1,766)

 

 

(2,918)

 

 

(4,870)

Foreign exchange gain

 

 

184

 

 

 

-

 

 

 

-

 

 

 

207

 

 

 

391

 

Impairment to property, plant and equipment

 

 

(356)

 

 

-

 

 

 

(55,623)

 

 

-

 

 

 

(55,979)

Loss on metals contract liability

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(20,780)

 

 

(20,780)

Other gain on derivatives

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,668

 

 

 

1,668

 

Loss before income taxes

 

 

(7,621)

 

 

(7,281)

 

 

(115,034)

 

 

(32,250)

 

 

(162,186)

Income tax recovery (expense)

 

 

(98)

 

 

518

 

 

 

-

 

 

 

1,190

 

 

 

1,610

 

Net loss for the year

 

$(7,719)

 

$(6,763)

 

$(115,034)

 

$(31,060)

 

$(160,576)

c. Major customers

 

For the year ended December 31, 2023, the Company sold concentrates and finished goods to two major customers accounting for 51% of revenues from Cosalá Operations and 48% of revenues from Galena Complex (2022 and 2021: two major customers accounting for 83% of revenues from Cosalá Operations and Galena Complex and 16% of revenues from Galena Complex, and two major customers accounting for 90% of revenues from Cosalá Operations and Galena Complex and 9% of revenues from Relief Canyon, respectively).