40-F/A

UNITED STATES	OMB APPROVAL
SECURITIES AND EXCHANGE COMMISSION
	OMB Number: 3235-0381
Washington, D.C. 20549	Expires: September 30, 2018
	Estimated average burden
FORM 40-F/A Amendment No. 2	hours per response. . . ...429.93

[Check one]

	¨	REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
OR
	x	ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: December 31, 2017         Commission File Number: 001-38141

Sierra Metals Inc.

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant’s name into English (if applicable))

Canada

(Province or other jurisdiction of incorporation or organization):

1021

(Primary Standard Industrial Classification Code Number (if applicable))

Not Applicable

(I.R.S. Employer Identification Number (if applicable))

79 Wellington Street, West, Ste. 2100, Toronto, Ontario M5K 1H1 (416) 366-7777

(Address and telephone number of Registrant’s principal executive offices)

Cogency Global Inc.

10 East 40th Street, 10th Floor, New York, NY 10016 (800) 221-0102

(Name, address (including zip code) and telephone number (including area code)
of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Common Shares	NYSE American
Title of each class	Name of each exchange on which registered

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

For annual reports, indicate by check mark the information filed with this Form:

Annual information form x         Audited annual financial statements x

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

Common Shares: 163,029,548

Indicate by check mark whether the Registrant by filing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934 (the “Exchange Act”). If “Yes” is marked, indicate the file number assigned to the Registrant in connection with such Rule.

Yes ¨   No x

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes x   No ¨

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company x

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

¨

Not applicable

EXPLANATORY NOTE

Sierra Metals Inc. (the “Company” or “we” or “us”) is a Canadian issuer eligible to file its annual report pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on Form 40-F (“Form 40-F”) pursuant to the multi-jurisdictional disclosure system of the Exchange Act. We filed our Annual Report on Form 40-F for the fiscal year ended December 31, 2017 on March 22, 2018, and we filed Amendment No. 1 to our 2017 Form 40-F on March 26, 2018.

This Amendment No. 2 to our 2017 Form 40-F is being filed solely to furnish the Company's financial statements as of and for the fiscal year ended December 31, 2017 formatted in XBRL (eXtensible Business Reporting Language). In accordance with the policy of the Securities Exchange Commission stated in Release No. 33-9002, we are filing this Amendment No. 2 within the 30-day period following the filing of our Form 40-F available to first-time XBRL filers.

The Company is filing this Amendment No. 2 solely to furnish the information set forth above. Other than as set forth herein, this Amendment No. 2 does not modify or update any disclosures and makes no changes to the Form 40-F.

INDEX TO EXHIBITS

Consents

101

The following financial statements from Sierra Metals Inc. 's Annual Report on Form 40-F for the fiscal year ended December 31, 2017, formatted in XBRL (eXtensible Business Reporting Language): 101.INS XBRL Instance Document 101.SCH XBRL Taxonomy Extension Scheme Document 101.CAL XBRL Taxonomy Calculation Linkbase Document 101.DEF XBRL Extension Definition Linkbase Document 101.LAB XBRL Taxonomy Extension Linkbase Document

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing this Form 40-F and has duly caused this amendment to our annual report to be signed on its behalf by the undersigned, thereto duly authorized.

	SIERRA METALS INC.
	By:	/s/ Igor Gonzales
	Name:	Igor Gonzales
	Title:	President and Chief Executive Officer
Date: April 2, 2018

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Document And Entity Information	12 Months Ended
	Dec. 31, 2017 shares
Document And Entity Information [Abstract]
Entity Registrant Name	Sierra Metals Inc.
Entity Central Index Key	0001705259
Trading Symbol	smts
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	163,029,548
Document Type	40-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY

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Consolidated Statements of Financial Position - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents		$ 23,878	$ 42,145
Trade and other receivables		27,876	17,854
Income tax receivable		220	281
Prepaid expenses		1,130	873
Inventories		20,799	21,309
Current assets		73,903	82,462
Non-current assets:
Property, plant and equipment		266,240	281,828
Other assets			234
Deferred income tax		458	288
Total assets		340,601	364,812
Current liabilities:
Accounts payable and accrued liabilities		32,319	29,828
Income taxes payable		9,440	2,357
Deferred revenue			4,904
Loans payable		28,977	29,378
Decommissioning liability		1,372	1,910
Other liabilities	[1]	8,579	4,509
Current liabilities		80,687	72,886
Non-current liabilities:
Loans payable		35,883	49,304
Deferred income tax		30,341	43,569
Decommissioning liability		11,899	11,942
Other liabilities		1,113	1,149
Total liabilities		159,923	178,850
EQUITY
Share capital		230,283	228,326
Accumulated deficit		(88,121)	(80,775)
Other reserves		12,409	12,717
Equity attributable to owners of the Company		154,571	160,268
Non-controlling interest		26,107	25,694
Total equity		180,678	185,962
Total liabilities and equity		$ 340,601	$ 364,812

[1] Profit sharing and other employee related obligations

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Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Profit or loss [abstract]
Revenue	$ 205,118	$ 143,180
Cost of sales
Mining costs	(100,979)	(81,832)
Depletion, depreciation and amortization	(58,175)	(44,568)
Cost of sales	159,154	126,400
Gross profit from mining operations	45,964	16,780
General and administrative expenses	(20,339)	(14,869)
Selling expenses	(7,543)	(6,965)
Exploration and evaluation expenditures		(1,103)
Income (loss) from operations	18,082	(6,157)
Other income	818	1,574
Foreign currency exchange gain (loss)	(1,737)	1,295
Interest expense and other finance costs	(3,263)	(3,676)
Loss on spin out of Plexmar net assets	(4,412)
Income (loss) before income taxes	9,488	(6,964)
Income tax (expense) recovery:
Current tax expense	(23,416)	(9,629)
Deferred tax recovery	13,068	3,872
Income tax expense	(10,348)	(5,757)
Net income (loss)	(860)	(12,721)
Net income (loss) attributable to:
Shareholders of the Company	(4,645)	(12,265)
Non-controlling interests	3,785	(456)
Total income (loss)	$ (860)	$ (12,721)
Weighted average shares outstanding (000s)
Basic (in shares)	162,554	161,908
Diluted (in shares)	162,554	161,908
Basic earnings (loss) per share	$ (0.03)	$ (0.08)
Diluted earnings (loss) per share	$ (0.03)	$ (0.08)

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement of comprehensive income [abstract]
Net income (loss)	$ (860)	$ (12,721)
Items that may be subsequently classified to net income (loss):
Currency translation adjustments on foreign operations	450	785
Total comprehensive income (loss)	(410)	(11,936)
Total comprehensive income (loss) attributable to shareholders	(4,195)	(11,480)
Non-controlling interests	3,785	(456)
Total comprehensive income (loss) attributable to shareholders	$ (410)	$ (11,936)

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Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Shares	Other reserves	Retained earnings (accumulated deficit)	Total attributable to shareholders	Non-controlling interest	Total
Balance at Dec. 31, 2015	$ 227,969	$ 11,471	$ (68,511)	$ 170,929	$ 26,645	$ 197,574
Balance (in shares) at Dec. 31, 2015	161,746,240
Exercise of RSUs	$ 357	(357)
Exercise of RSUs (in shares)	327,053
Share-based compensation expense		819		819		(819)
Dividends paid to non-controlling interest					(495)	(495)
Total comprehensive income (loss)		785	(12,265)	(11,480)	(456)	(11,936)
Balance at Dec. 31, 2016	$ 228,326	12,718	(80,776)	160,268	25,694	185,962
Balance (in shares) at Dec. 31, 2016	162,073,293
Exercise of RSUs	$ 1,957	(1,957)
Exercise of RSUs (in shares)	739,471
Share-based compensation expense		1,198		1,198		(1,198)
Dividends paid to non-controlling interest					(3,372)	(3,372)
Distribution of capital of Plexmar net assets			(2,700)	(2,700)		2,700
Total comprehensive income (loss)		450	(4,645)	(4,195)	3,785	(410)
Balance at Dec. 31, 2017	$ 230,283	$ 12,409	$ (88,121)	$ 154,571	$ 26,107	$ 180,678
Balance (in shares) at Dec. 31, 2017	162,812,764

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net income (loss) from operations	$ (860)	$ (12,721)
Items not affecting cash:
Depletion, depreciation and amortization	58,236	45,711
Share-based compensation	1,198	819
Interest expense and other finance costs	3,263	3,676
Loss on spin out of Plexmar net assets	4,412
NRV adjustment to inventory	2,106
Current income tax expense	23,416	9,629
Deferred income tax recovery	(13,068)	(3,872)
Unrealized foreign currency exchange gain (loss)	619	1,061
Operating cash flows before movements in working capital	79,785	44,303
Net changes in non-cash working capital items	(7,899)	(1,523)
Cash received from deferred revenue		4,904
Decomissioning liabilities settled	(1,423)	(468)
Income taxes paid	(15,994)	(3,576)
Cash generated from operating activities	54,469	43,640
Cash flows from investing activities
Capital expenditures	(51,607)	(25,352)
Cash used in investing activities	(51,607)	(25,352)
Cash flows from (used in) financing activities
Proceeds from issuance of notes payable	14,750	3,750
Proceeds from issuance of loans and credit facilities	15,000	20,000
Repayment of loans and credit facilities	(44,516)	(20,545)
Loans interest paid	(2,953)	(3,674)
Dividends paid to non-controlling interest	(3,372)	(495)
Cash from (used in) financing activities	(21,091)	(964)
Effect of foreign exchange rate changes on cash and cash equivalents	(38)	(281)
Increase (decrease) in cash and cash equivalents	(18,267)	17,043
Cash and cash equivalents, beginning of year	42,145	25,102
Cash and cash equivalents, end of year	$ 23,878	$ 42,145

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Description of business and nature of operations

12 Months Ended

Dec. 31, 2017

Description Of Business And Nature Of Operations Disclosure [Abstract]

Description of business and nature of operations

1 Description of business and nature of operations

Sierra Metals Inc. (“Sierra Metals” or the “Company”) was incorporated under the Canada Business Corporations Act on April 11, 1996, and is a Canadian and Peruvian listed mining company focused on the production, exploration and development of precious and base metals in Peru and Mexico. The Company’s key priorities are to generate strong cash flows and to maximize shareholder value.

The Company’s shares are listed on the TSX, NYSE American Exchange, and the Bolsa de Valores de Lima (“BVL”) and its registered office is 79 Wellington St W, Suite 2100, Toronto, Ontario, M5K 1H1, Canada.

The Company owns an 81.84% interest in the polymetallic Yauricocha Mine in Peru and a 100% interest in the Bolivar and Cusi Mines in Mexico. In addition to its producing mines, the Company also owns various exploration projects in Mexico and Peru.

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Significant accounting policies

12 Months Ended

Dec. 31, 2017

Disclosure Of Significant Accounting Policies [Abstract]

Significant accounting policies

2 Significant accounting policies

The significant accounting policies used in the preparation of these consolidated financial statements are as follows:

(a) Basis of preparation

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). The financial statements were approved by the Board of Directors on March 20, 2018.

(b) Basis of consolidation

These consolidated financial statements include the accounts of the Company and its subsidiaries, which are entities controlled by the Company. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control commences until the date that control ceases.

Non-controlling interests represent equity interests in subsidiaries owned by outside parties. Changes in the parent company’s ownership interest in subsidiaries that do not result in a loss of control are accounted for as equity transactions.

The principal subsidiaries of the Company and their geographical locations as at December 31, 2017 are as follows:

Name of the subsidiary	Ownership interest			Location
Dia Bras EXMIN Resources Inc.		100	%	Canada
Sociedad Minera Corona, S. A. (“Corona”) 1		81.84	%	Perú
Dia Bras Peru, S. A. C. (“Dia Bras Peru”) 1		100	%	Perú
Dia Bras Mexicana, S. A. de C. V. (“Dia Bras Mexicana”)		100	%	México
Servicios de Minería de la Sierra, S. A. de C. V.		100	%	México
Bolívar Administradores, S. A. de C. V.		100	%	México
Exploraciones Mineras Dia Bras, S. A. de C. V.		100	%	México
EXMIN, S. A. de C. V.		100	%	México

¹The Company, through its wholly owned subsidiary Dia Bras Peru, holds an 81.84% interest in Corona, which represents 92.33% of the voting shares. The Company consolidates Corona's financial results and records a non-controlling interest for the 18.16% that it does not own.

(c) Foreign currency translation

(i) Functional currency

Items included in the financial statements of each of the Company’s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”).

The functional currency of Sierra Metals Inc., the parent entity, is the Canadian dollar (“C$”). The functional currency of the Mexican and Peruvian subsidiaries is the United States dollar.

(ii) Presentation currency

The financial statements of entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities – at the closing rate at the date of the statement of financial position, income and expenses – at the average rate of the period (as this is considered a reasonable approximation of the actual rates prevailing at the transaction dates). All resulting differences are recognized in other comprehensive income as cumulative translation adjustments.

(iii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in currencies other than an entity’s functional currency are recognized in the consolidated statement of loss. 

(d) Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

(e) Financial Instruments

(i) Initial measurement

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument.

(ii) Classification and subsequent measurement

Subsequent measurement of financial assets and liabilities depends on the classification of such as assets and liabilities:

· Classified at Fair Value Through Profit or Loss (“FVTPL”): A financial asset or liability is measured at fair value with changes in fair values recognized in the consolidated statement of income (loss) in the period in which they arise. A financial asset or liability is classified in this category if acquired principally for the purpose of selling or repurchasing in the short term. Transaction costs directly attributable to financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Generally, the Company does not acquire financial assets for the purpose of selling in the short term. Derivatives are also included in this category unless they are designated as hedges. When the Company enters into derivative contracts these are designed to reduce the Company’s risk exposure related to assets, liabilities or anticipated transactions.

Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to their host contracts. Commodity-based embedded derivatives resulting from provisional sales prices of metals in concentrate are recognised in revenue as described in note 2(l).

· Loans and receivables: Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are initially recognized at the amount expected to be received less, when material, a discount to reduce the loans and receivables to fair value. Subsequently, loans and receivables are measured at amortized cost using the effective interest rate method less any provision for impairment.

The effective interest rate method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the term of the financial asset or financial liability, respectively. The interest rate used in the calculation, is the rate that exactly discounts estimated future cash receipts or payments throughout the term of the financial instrument to the net carrying amount of the financial asset or liability.

· Other financial liabilities: other financial liabilities are initially measured at fair value net of transaction costs incurred and are subsequently stated at amortised cost using the effective interest rate method.

(iii) Impairment of financial assets

At each reporting date, the Company assesses whether there is objective evidence that a financial asset (other than a financial asset classified as FVTPL) is impaired. A financial asset is impaired and impairment losses are recognized when there is objective evidence of impairment as a result of one or more events that have occurred after initial recognition of the asset and these have a negative impact on the estimated future cash flows of the financial asset, which can be reliably estimated. An impairment loss is recognized in net income (loss) for the period measured as the difference between the financial assets’ carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s effective interest rate at initial recognition.

Impairment losses on financial assets carried at amortized cost can be reversed in subsequent periods if the amount of the loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized.

(f) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments and has been identified as the President and Chief Executive Officer of the Company.

(g) Inventories

Inventories consist of concentrates, ore stockpiles, supplies and spare parts. Concentrates include stockpiled concentrates at milling operations or at warehouses. Stockpiled ore is comprised of in-process mineralized material awaiting processing at milling facilities and materials for use in milling operations. Concentrates and stockpiled ore are valued at the lower of average production cost and net realizable value (“NRV”). Concentrates and stockpiled ore inventory costs include all direct costs incurred in production including direct labor and materials, freight and amortization, and directly attributable overhead costs. NRV is calculated as the estimated price at the time of sale based on prevailing metal market prices less estimated future costs to convert the inventories into saleable form and estimated costs to sell. If the carrying value of inventory exceeds NRV, a write-down is recognized as production costs of sales in the consolidated statement of income (loss). If there is a subsequent increase in the value of the inventory, the previous write-downs to NRV are reversed up to cost to the extent that the related inventory has not been sold.

The supplies and spare parts inventories will be used for exploration and production and are valued at the lower of average cost and net realizable value. Cost includes acquisition, freight and other directly attributable costs.

(h) Exploration and evaluation expenditure

Exploration and evaluation expenditure comprises costs that are directly attributable to:

· Researching and analysing existing exploration data;

· Conducting geological studies, exploratory drilling and sampling;

· Examining and testing extraction and treatment methods; and /or

· Compiling pre-feasibility and feasibility studies

Exploration expenditures are costs incurred in the search for resources suitable for commercial exploitation and these costs are expensed in the period incurred. Evaluation expenditures are costs incurred in determining the technical feasibility and commercial viability of a mineral resource. Evaluation expenditures are capitalized when there is a high degree of confidence in the project’s viability and thus it is probable that future economic benefits will flow to the Company. Any items of property, plant and equipment used for exploration and evaluation are capitalised within property, plant and equipment. Capitalized evaluation expenditures are considered to be tangible assets as they form part of the underlying mineral property and are recorded within property, plant and equipment - exploration and evaluation expenditures.

(i) Property, plant and equipment

Property, plant and equipment is stated at cost, less accumulated depreciation and impairment losses. The cost of an item of property, plant and equipment comprises its purchase price, any costs directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated close down and restoration costs associated with the asset, and for qualifying assets, the associated borrowing costs. Once a mining project has been established as commercially viable, expenditure other than on land, buildings, plant and equipment is capitalized under ‘Mining properties’ together with any amount capitalized relating to that mining project from ‘Exploration and evaluation’.

Where an item of property, plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment and depreciated over their estimated useful lives.

Costs associated with commissioning new assets, in the period before they are capable of operating in the manner intended by management, are capitalized. Revenue generated during the development stage from the sale of concentrate and related costs can be deducted from capitalized costs only if the production of the saleable material is directly attributable to bringing the asset to the condition necessary for it to be capable of operating in the manner intended by management.

Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to future economic benefits and these costs can be measured reliably. Repairs and maintenance costs are charged to the consolidated statement of income (loss) during the period in which they are incurred.

Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine if shorter. Depreciation commences when the asset is available for use. Land is not depreciated. The major categories of property, plant and equipment are depreciated on a straight line basis using the following average estimated useful lives below:

Useful lives	Years
Vehicles, furniture and other assets	3 to 10
Machinery and equipment	5 to 20
Bulidings and other constructions	5 to 50

Mineral properties are depleted over the life of the mine using the units of production method. In applying the units of production method, depletion is normally calculated using the quantity of material to be extracted in current and future periods based on proven and probable reserves or measured and indicated resources. Such non-reserve material may be included in depletion calculations in limited circumstances and where there is a high degree of confidence in its economic extraction.

The Company conducts an annual review of residual values, useful lives, depletion and depreciation methods used for property, plant and equipment. Changes to estimated residual values or useful lives are accounted for prospectively.

(j) Impairment of non-financial assets

Property, plant and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment is assessed at the level of cash generating units (‘CGUs’). The recoverable amount is the higher of an asset’s fair value less costs to sell or value in use.

Fair value less costs to sell is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction. The best evidence of fair value is the value obtained from an active market or binding sales agreement. Where this information is not available, fair value can be estimated as the present value of future cash flows expected to be realized from the continued use of the asset including expansion projects. Value in use is determined as the present value of expected future cash flows to be realized from the continued use of the asset in its present condition and from its ultimate disposal.

Capitalized exploration expenditures are reviewed for indicators of impairment, which included a decision to discontinue activities in a specific area and the existence of sufficient data indicating that the carrying amount of an exploration and evaluation asset is unlikely to be recovered from the development or sale of the asset.

Non-financial assets that have suffered impairment are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed.

(k) Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized and included in the carrying amounts of those assets until they are ready for their intended use. All other borrowing costs are recognized as an expense in the period incurred. 

(l) Revenue recognition

Revenue from the sale of concentrates is recognized when the significant risks and rewards of ownership have been transferred to the customer; the sales price and costs can be measured reliably,

the Company has no significant continuing involvement and it is probable that the economic benefits will flow to the Company. The risks and rewards of ownership are transferred when title and insurance risk have passed to the customer and the concentrate has been delivered to a contractually agreed location.

Revenue from the sale of concentrate is recorded net of charges for shipping, refining and smelting. Revenue from the sale of material by-products is included within revenue.

Revenues from metal concentrates are provisionally priced based upon provisional assays and quoted metal prices. Revenues are recorded at the time title passes to the buyer. The Company records adjustments to revenues at each reporting period based on the quoted forward prices for the expected settlement period. Accordingly, the value of the concentrate receivable changes as the underlying commodity prices change. This pricing mechanism gives rise to an embedded derivative in accounts receivable that is recognized at fair value with changes in value recorded in revenue. Adjustments for weights and assays are recorded when results are determinable or on final settlement.

(m) Deferred revenue

The Company recognizes deferred revenue on the statement of financial position when it has received cash in return for an obligation to deliver concentrate in a future reporting period. As product is delivered under such an agreement, the deferred revenue balance is reduced as revenue is recognized on the statement of income.

(n) Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issuance of the shares are recognized as a deduction from equity.

(o) Share-based payments

The fair value of the estimated number of stock options and restricted share units (“RSUs”) awarded to employees, officers and directors that will eventually vest, determined as of the date of grant, is recognized as share-based compensation expense over the vesting period of the stock options and RSUs, with a corresponding increase to equity. The fair value of each tranche is determined using the Black-Scholes option pricing model with market related inputs as of the date of grant. The fair value of RSUs is the market value of the underlying shares as of the date of grant. The number of awards expected to vest is reviewed at least annually, with any change in the estimate recognized immediately in share-based payments expense with a corresponding adjustment to equity.

(p) Share repurchases

The Company deducts from contributed surplus any excess of consideration paid over book value where the Company has repurchased any of its own common shares. Book value is calculated as the weighted average price of the shares issued and outstanding prior to the cancellation date.

(q) Earnings (loss) per share

Basic earnings (loss) per share (“EPS”) is calculated by dividing the net income (loss) for the period attributable to the shareholders of the Company by the weighted average number of common shares outstanding during the period.

Diluted EPS is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. The Company’s potentially dilutive common shares comprise stock options granted to employees. In periods of loss, basic and diluted EPS are the same, as the effect of dilutive instruments is anti-dilutive.

(r) Income taxes

Tax expense comprises current and deferred income and resource taxes. Current income, deferred income and resources taxes are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that the parent is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

(s) Decommissioning and restoration liabilities

Decommissioning and restoration costs include the dismantling and demolition of infrastructure, the removal of residual materials and the remediation of disturbed areas. These costs are a normal consequence of mining activity and the majority of these expenditures are expected to be incurred at the end of the life of mine. Estimated decommissioning and restoration costs are provided in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of the estimated future costs discounted using the credit adjusted risk free rate. This provision is adjusted in each reporting period to reflect known developments, e.g. revisions to costs estimates and the timing of cash out flows.

The initial decommissioning and restoration provision together with other movements resulting from changes in estimated cash flows or the credit adjusted risk free rates is capitalized within property, plant and equipment and amortized over the life of the asset to which it relates except where it relates to a closed mine where the expenses are recognized in the statement of loss. Provision is made for the estimated present value of costs of environmental clean-up obligations outstanding as at the date of the statement of financial position, and these costs are charged to the income statement as an operating cost.

The amortization or unwinding of the discount applied in establishing the net present value of provision is accreted to the income statement in each accounting period with each interest charge included as a financing cost rather than as an operating cost.

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Significant accounting estimates and judgments

12 Months Ended

Dec. 31, 2017

Disclosure of changes in accounting estimates [abstract]

Significant accounting estimates and judgments

3 Significant accounting estimates and judgments

In the application of the Company’s accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the effects of uncertain future events on the carrying amounts of assets and liabilities. The estimates and associated assumptions are based on management’s best knowledge of the relevant facts and circumstances and historical experience. Actual results may differ from these estimates, potentially having a material future effect on the Company’s consolidated financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the significant judgements that management has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the consolidated financial statements:

(a)   Impairment review of asset carrying values

In accordance with the Company’s accounting policy (note 2(j)), at every reporting period, the Company assesses whether there are any indicators that the carrying value of its assets or Cash Generating Units (“CGUs”) may be impaired, which is a significant management judgment. Where there is an indication that the carrying amount of an asset may not be recoverable, the Company prepares a formal estimate of the recoverable amount by analyzing discounted cash flows. The resulting valuations are particularly sensitive to changes in estimates such as long term commodity prices, exchange rates, sales volume, operating costs, and discount rates. In the event of impairment, if there is a subsequent adverse change in any of the assumptions or estimates used in the discounted cash flow model, this could result in a further impairment of the asset. Also, in accordance with the Company’s accounting policy (note 2(h)), the Company capitalizes evaluation expenditures when there is a high degree of confidence that these costs are recoverable and have a probable future benefit. As at December 31, 2017 the Company assessed the carrying value of its long-lived assets and exploration and evaluation expenditures and determined that no impairment was required. 

(b)   Mineral reserves and resources

The Company estimates mineral reserves and resources based on information prepared by qualified persons as defined in accordance with the Canadian Securities Administrators’ National Instrument (“NI”) 43-101. These estimates form the basis of the Company’s life of mine (“LOM”) plans, which are used for a number of important and significant accounting purposes, including: the calculation of depletion expense and impairment charges, forecasting the timing of the payment of decommissioning costs and future taxes. There are significant uncertainties inherent in the estimation of mineral reserves and the assumptions used, including commodity prices, production costs, recovery rates and exchange rates. These assumptions may change significantly when new information becomes available and could result in mineral reserves being revised, which in turn would impact depletion expense, asset carrying values and the provision for decommissioning costs.

(c)   Deferred tax assets and liabilities

The Company’s management makes significant estimates and judgments in determining the Company’s tax expense for the period and the deferred tax assets and liabilities. Management interprets tax legislation in a variety of jurisdictions and makes estimates of the expected timing of the reversal of deferred tax assets and liabilities. In addition, management makes estimates related to expectations of future taxable income based on cash flows from operations and the application of existing tax laws in each jurisdiction. Assumptions used in the cash flow forecast are based on management’s estimates of future production and sales volume, commodity prices, operating costs, capital expenditures, dividends, and decommissioning and reclamation expenditures. These estimates are subject to risk and uncertainty and could result in an adjustment to the deferred tax provision and a corresponding credit or charge to the statement of loss. The Company is subject to assessments by various tax authorities who may interpret the tax laws differently. These differences may impact the final amount or the timing of the payment of taxes. The Company provides for such differences where known based on management’s best estimates of the probable outcome of these matters.

(d)   Decommissioning and restoration liabilities costs

The Company’s provision for decommissioning and restoration costs is based on management’s best estimate of the present value of the future cash outflows required to settle the liability. In determining the liability, management makes estimates about the future costs, inflation, foreign exchange rates, risks associated with the cash flows, and the applicable risk-free interest rates for discounting future cash flows. Changes in any of these estimates could result in a change in the provision recognized by the Company. Also, the ultimate costs of environmental disturbance are uncertain and cost estimates can vary in response to many factors including changes to the relevant legal requirements, the emergence of new restoration techniques or experience at other mine sites.

Changes in decommissioning and restoration liabilities are recorded with a corresponding change to the carrying amounts of the assets to which they relate. Adjustments made to the carrying amounts of the asset can result in a change to the depreciation charged in the consolidated statement of loss.

(e)   Functional currency

The functional currency for each of the Company’s subsidiaries is the currency of the primary economic environment in which the entity operates. The Company has determined that the functional currency of each entity is the U.S. dollar. Determination of functional currency may involve certain judgements to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment.

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Adoption of new accounting standards and future accounting changes

12 Months Ended

Dec. 31, 2017

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

Adoption of new accounting standards and future accounting changes

4 Adoption of new accounting standards and future accounting changes

Future accounting changes

The following standards and amendments to existing standards have been published and are mandatory for annual periods beginning January 1, 2018, or later periods:

IFRS 9, Financial Instruments: Recognition and measurement (“IFRS 9”)

The IASB issued its completed version of IFRS 9, Financial Instruments (“IFRS 9”) in July 2014. The completed standard provides revised guidance on the recognition and measurement of financial assets and liabilities. It also introduces a new expected credit loss model for calculating impairment for financial assets and liabilities. The new hedging guidance that was issued in November 2013 is incorporated into this new final standard.

This final version of IFRS 9 will be effective for annual periods beginning on or after January 1, 2018, with early adoption permitted. The Company is currently evaluating the extent of the impact of the adoption of this standard and does not foresee a material impact upon adopting this standard.

IFRS 15, Revenue from Contracts with Customers (“IFRS 15”)

IFRS 15, was issued in May 2014, which covers principles for reporting the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. The Company is currently evaluating the extent of the impact of the adoption of this standard and does not foresee a material impact upon adopting this standard.

IFRS 16, Leases (“IFRS 16”)

In January 2016, the IASB issued this standard which is effective for periods beginning on or after January 1, 2019, which replaces the current guidance in IAS 17, Leases, and is to be applied either retrospectively or a modified retrospective approach. Early adoption is permitted, but only in conjunction with IFRS 15, Revenue from Contracts with Customers. Under IAS 17, lessees were required to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet). IFRS 16 now requires lessees to recognize a lease liability reflective of future lease payments and a “right-of-use asset” for virtually all lease contracts. The Company has not yet determined the effect of adoption of IFRS 16 on its consolidated financial statements.

Adoption of new accounting standards

Amendments to IAS 7, Statements of Cash Flows (“IAS 7”)

The amendments require disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash changes. The amendments apply prospectively for annual periods beginning on or after January 1, 2017, with earlier application permitted. The Company has determined that there is no impact from adopting the amendments to IAS 7 on its consolidated financial statements.

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Trade and other receivables

12 Months Ended

Dec. 31, 2017

Trade and other receivables [abstract]

Trade and other receivables

5 Trade and other receivables

	December 31,		December 31,
	2017		2016
	$		$
Trade receivables		20,613		12,840
Sales tax receivables		7,210		4,617
Other receivables		53		397
		27,876		17,854

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Inventories

12 Months Ended

Dec. 31, 2017

Inventories [Abstract]

Inventories

6 Inventories

	December 31,		December 31,
	2017		2016
	$		$
Stockpiles		1,554		1,585
Concentrates		3,839		6,647
Supplies and spare parts		15,406		13,077
		20,799		21,309

Cost of sales are comprised of production costs of sales and depletion, depreciation and amortization, and represent the cost of inventories recognized as an expense for the years ended December 31, 2017 and 2016 of $159,154 and $126,400, respectively. Supplies and spare parts inventory as at December 31, 2017 is stated net of a provision of $1,663 (2016 - $1,384) to write inventories down due to obsolescence. Supplies and spare parts inventory held at NRV at December 31, 2017 was $9,045 (2016 - $6,561). During the year ended December 31, 2017, the Company wrote down stockpile and concentrate inventory to its NRV, recording a charge of $2,106 (2016 - $1,365). Stockpile and concentrate inventory held at NRV as at December 31, 2017 was $794 (2016 - $375).

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Property, plant and equipment

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about property, plant and equipment [abstract]

Property, plant and equipment

7 Property, plant and equipment

Cost	Plant and  equipment			Mining properties		Assets under  construction			Exploration and  evaluation  expenditure			Total $
Balance as of January 1, 2016		192,566			418,334		23,873			38,911			673,684
Additions		4,130			6,490		8,649			6,600			25,869
Disposals		(325	)		-		-			-			(325	)
Foreign exchange revaluation		-			-		-			(158	)		(158	)
Transfers		6,316			379		(6,316	)		(379	)		-
Balance as of December 31, 2016		202,687			425,203		26,206			44,974			699,070
Additions		8,632			6,959		20,595			15,758			51,944
Disposals		(1,038	)		-		-			(9,417	)		(10,455	)
Transfers		12,948			-		(12,948	)		-			-
Balance as of December 31, 2017		223,229			432,162		33,853			51,315			740,559
Balance as of January 1, 2016		106,436			252,381		-			13,041			371,858
Depletion, depreciation and amortization		15,818			29,616		-			-			45,434
Disposals		(50	)		-		-			-			(50	)
Balance as of December 31, 2016		122,204			281,997		-			13,041			417,242
Depletion, depreciation and amortization		20,799			37,176		-			-			57,975
Disposals		(898	)		-		-			-			(898	)
Balance as of December 31, 2017		142,105			319,173		-			13,041			474,319
Net Book Value - December 31, 2017		81,124			112,989		33,853			38,274			266,240
Net Book Value - December 31, 2016		80,483			143,206		26,206			31,933			281,828
Net Book Value - December 31, 2015		86,130			165,953		23,873			25,870			301,826

For the year ended December 31, 2017, depletion and depreciation expense of $57,975 (2016: $45,434) has been charged to depletion, depreciation and amortization in property, plant, and equipment. Additionally, depletion and depreciation expense of $1,133 (2016: $1,159) has been capitalized to inventory.

During the year ended December 31, 2017, the Company has capitalized borrowing costs amounting to $349 (2016 – $491) on qualifying assets. Borrowing costs were capitalized at the weighted average rate of 5.25%.

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Accounts payable and accrued liabilities

12 Months Ended

Dec. 31, 2017

Trade and other current payables [abstract]

Accounts payable and accrued liabilities

8 Accounts payable and accrued liabilities

	December 31,		December 31,
	2017		2016
	$		$
Trade payables		19,004		18,428
Other payables and accrued liabilities		13,315		11,400
		32,319		29,828

All accounts payable and accrued liabilities are expected to be settled within 12 months.

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Current and deferred income tax liability

12 Months Ended

Dec. 31, 2017

Current And Deferred Income Tax Liability [Abstract]

Current and deferred income tax liability

9 Current and deferred income tax liability

(a) Income and resource taxes

	2017			2016
	$			$
Current Tax Expense
Current income tax		23,416			9,629
		23,416			9,629
Deferred Tax Recovery
Deferred Tax Recovery		(13,068	)		(3,872	)
		(13,068	)		(3,872	)
Total tax expense		10,348			5,757

(b) Tax rate reconciliation

A reconciliation between income tax expense and the product of loss before income taxes multiplied by the combined Canadian federal and provincial income tax rate for the period ended December 31 is as follows:

	2017			2016
	$			$
Income (loss) before income taxes		9,488			(6,964	)
Expected Tax Rate @ 26.50% (2016 - 26.00%)		2,555			(1,780	)
Effect of tax rate differences		(512	)		2,365
Stock based compensation costs		258			195
Other Non-deductible expenses		449			(8,531	)
Unrealized foreign exchange income		148			42
Inflation Adjustment for Mexico tax purposes		(420	)		(214	)
Change in benefit of other temporary differences not recognized		2,280			8,273
Foreign exchange and other		(807	)		2,506
Mining royalties and other		6,397			2,901
		10,348			5,757

(c) Deferred tax asset and liability

Deferred tax assets have not been recognized in respect of the following temporary differences:

	2017			2016
	$			$
Non-capital and capital losses		35,512			25,777
Property, plant and equipment		60			38
Mineral properties		2,445			9,889
Other		(385	)		(87	)
		37,632			35,617

The significant components and movements of the Company’s net deferred tax assets and liabilities are as follows:

	Balance						Balance						Balance
	January 1,  2016			Change in  2016			December 31, 2016			Change in  2017			December 31,  2017
	$			$			$			$			$
Inventory		390			66			456			98			554
Other items		(364	)		243			(121	)		26			(95	)
Provisions		672			257			929			293			1,222
Decommissioning liabilities		3,714			380			4,094			(166	)		3,928
Non-capital losses		9,910			(3,235	)		6,675			1,373			8,048
Property, Plant, and equipment		(4,583	)		648			(3,935	)		2,138			(1,797	)
Mining assets		(53,926	)		3,624			(50,302	)		8,261			(42,041	)
Inventory		(3,287	)		348			(2,939	)		922			(2,017	)
Other items		1,832			(791	)		1,041			589			1,630
Deferred revenue		-			1,471			1,471			(1,471	)		-
Provisions		(1,498	)		(32	)		(1,530	)		974			(556	)
Mining royalties		1,003			(125	)		878			363			1,241
		(46,137	)		2,854			(43,283	)		13,400			(29,883	)

(d) Tax losses

In Canada, the Company has aggregate tax losses not recognized of $27,153 (December 31, 2016 – $26,051) expiring in periods from 2025 to 2036. Deferred tax assets have not been recognized in respect of these losses because it is not probable that future taxable profit will be available against which the company can utilise the benefits there from.

Also, the Company has $8,578 of capital losses that are without expiry as at December 31, 2017 (December 31, 2016 - $8,578).

(e) Unrecognized deferred tax liabilities

As at December 31, 2017, the Company has taxable temporary difference of $16,315 (2016 - $13,477) relating to investments in subsidiaries that has not been recognized because the Company controls whether the liability will be incurred and it is satisfied that it will not be incurred in the foreseeable future.

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Loans payable

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about borrowings [abstract]

Loans payable

10 Loans payable

	December 31,		December 31,
	2017		2016
	$		$
Current
Acquisition loan with Banco de Credito del Peru (a)		6,141		5,784
Operating loan with Banco de Credito del Peru (b)		6,309		6,211
Revolving credit facility with Banco de Credito del Peru (c)		15,000		-
Notes payable to Scotiabank and Interbank in Peru (d)		-		14,750
Other credit facilities (e)		-		1,179
Loan with FIFOMI (f)		1,527		1,454
		28,977		29,378
Non-current
Acquisition loan with Banco de Credito del Peru (a)		34,236		40,036
Operating loan with Banco de Credito del Peru (b)		-		6,238
Loan with FIFOMI (f)		1,647		3,030
		35,883		49,304
Total loans payable		64,860		78,682

(a) Corona Acquisition Loan with Banco de Credito del Peru S.A. (“BCP”)

On May 24, 2011, the Company’s wholly owned subsidiary Dia Bras Peru entered into a loan agreement with BCP amounting to $150,000. After deducting financing costs of $3,750, the net proceeds were $146,250. The proceeds from this loan were used to fund a portion of the purchase consideration for the acquisition of the Company’s 81.84% interest in Corona in Peru. The loan was repayable over 5 years ending on May 24, 2016 and carried interest at a rate of LIBOR plus 4.5% per annum, payable quarterly in arrears.

On August 7, 2015, Dia Bras Peru signed an amended agreement with BCP for the then outstanding debt balance of $48,000. The most significant amendments to the agreement were:

· The remaining $48M due on the facility was split into 2 tranches

· Tranche 1, in the amount of $24M has quarterly principal repayments of $1.5M beginning in November 2016 and ending in August 2020

· Tranche 2, in the amount of $24M has no quarterly principal repayments and to be repaid in full in August 2020

· One year principal repayment grace period

· Reduced Interest rate equal to 3.65% plus 3M LIBOR vs previous rate of 4.15% plus 3M LIBOR

· Term of the Facility extended for 5 Years

These amendments did not trigger the de-recognition rules under IAS 39 - Financial Instruments.

Principal repayments totalling $6,000 have been made for the year ended December 31, 2017 (2016 - $1,500).

The loan is recorded at amortized cost and is being accreted to face value over 5 years using an effective interest rate of 4.71%. An amortization expense related to the transaction costs for $217 has been recorded for the year ended December 31, 2017 (2016 - $300). Interest payments totalling $2,141 have been made for the year ended December 31, 2017 (2016 - $2,084).

The loan with BCP is secured by a pledge over Dia Bras Peru’s interest in Corona voting shares and is guaranteed by the Company. The Company is in compliance with all financial covenants as at December 31, 2017.

(b) Corona Operating Loan with BCP

On October 17, 2013, the Company’s subsidiary Corona, in which the Company has an interest of 81.84%, entered into a credit facility with BCP for up to $60,000. The credit facility is for a 5 year term and the funds can be drawn within the first 3 years in tranches of up to $40,000 during the first year, up to $30,000 during the second year and up to $20,000 during the third year. The loan bears interest of LIBOR plus 4.5% and the loan principal and interest are payable in quarterly installments over the term of the loan with the first payment due 15 months after the closing of the credit facility. The loan is guaranteed by the collection rights and future cash flows generated from the sale of ore concentrates and other products. The loan contains certain financial covenants, events of default and other provisions which are customary for a transaction of this nature. These covenants include maintaining an equity balance at the Corona level higher than $30 million, maintaining a Debt Service Coverage ratio higher than 1.1x, and maintaining a Net Financial Debt/EBITDA ratio lower than 2.0x.

The Company is in compliance with all financial covenants as at December 31, 2017.

On June 29, 2016, $5,000 was drawn from this facility bearing an interest rate of three months LIBOR plus 4.5%.

Principal repayments totalling $6,250 have been made for the year ended December 31, 2017 (2016 – $3,750). Interest payments totalling $827 have been made for the year ended December 31, 2017 (2016 – $716).

(c) DBP Credit Facility with BCP

On August 9, 2017, the Company’s subsidiary DBP, entered into a credit facility with BCP for up to $15,000. The credit facility is for a 1 year term and is being used to fund short term working capital requirements. On August 9, 2017, the Company drew $8,000 from this facility at an interest rate of LIBOR plus 0.95%. On August 31, 2017, the Company drew the remaining $7,000 from this facility at an interest rate of LIBOR plus 1.05%. The credit facility will be repaid in full on the anniversary date of August 9^th, while interest payments must be made quarterly. The credit facility is guaranteed by the common shares of DBP’s subsidiary Sociedad Minera Corona.

(d) Corona Notes payable with Scotiabank and Interbank Peru

In order to fund its short term working capital needs, Corona repaid and drew down the following notes payable:

· On May 6, 2016 a $15,000 revolving credit facility with Scotiabank was obtained. The credit facility bears an interest rate of three month LIBOR plus 1.90%. During the year ended December 31, 2017, $11,000 was drawn and subsequently repaid from this facility.

· On February 8, 2017, $3,750 was drawn from a revolving credit facility from Interbank Peru, bearing interest of three month LIBOR plus 1.90%, which matured on August 7, 2017.

During the year ended December 31, 2017 the Company repaid all of the notes payable amounts previously outstanding from the Scotiabank and Interbank facilities.

(e) Other credit facilities

· Pre-Export Finance Facility (“the Pre-Export Finance Facility”): On March 2, 2016, Dia Bras Mexicana (“DBM”) entered into a $4,000 Pre-Export Finance Facility with METAGRI S.A de C.V (“METAGRI”), to whom DBM sells all of its lead concentrate. The $4,000 facility was drawn down on March 2, 2016 and bore interest of 5.0% plus 1 year LIBOR.

Repayment took place against deliveries of lead concentrate for the period of April 2016 up to and including June 2017. METAGRI deducted seven hundred dollars per dry metric ton of material from the purchase price payable to DBM in the provisional payment for each dry metric ton of the material delivered to METAGRI under the sales contract, subject to a minimum monthly deduction of two hundred and seventy thousand dollars (“the minimum monthly deduction”) plus the accrued interest. If DBM failed to deliver the material during any month from April 2016 until and including June 2017, and/or the value of the material during any month is lower than the minimum monthly deduction plus the accrued interest, DBM would have repaid METAGRI the short-fall within two business days after METAGRI’s written notice.

The deductions were made until such time as the Pre-Export Finance Facility had been fully amortized and the interest had been fully serviced. DBM had agreed that METAGRI could set-off any final payment deferred under the sales contract against any outstanding Pre-Export Finance Facility or interest to ensure full amortization of the principal and service the interest.

During the year ended December 31, 2017, DBM made repayments totaling $1,178 (2016 - $2,822).

(f) FIFOMI loan

· During January 2015, the Company’s Mexican Subsidiary, Dia Bras Mexicana S.A. de C.V, received a loan of MXP$120 million from Nacional Financiera, Sociedad Fiduciaria del Fideicomiso de Fomento Minero (“FIFOMI”) to be used for working capital purposes and capital expenditures, specifically the expansion of the Piedras Verdes Plant.

On February 2, 2015, DBM drew MXP$120 million (US$7,995). After deducting transaction costs of US$124, net proceeds were US$7,871.

Monthly principal repayments have taken place over four years beginning in January 2016 at an interest rate of TIIE + 3%. Interest payments began in February 2015 and during the year ended December 31, 2017, DBM has made interest payments of $366 (MXP$6,918) (2016 – $357 (MXP$6,659)). Principal payments of $1,588 (MXP$30,000) (2016 - $1,473 (MXP$27,500) have been made during the year ended December 31, 2017.

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Deferred revenue

12 Months Ended

Dec. 31, 2017

Accruals and deferred income [abstract]

Deferred revenue

11 Deferred revenue

During December 2016 the Company received a payment of $4,904 for copper concentrate stockpiled at the Piedras Verdes Plant which was awaiting a new filter in order to further process and dry the concentrate. The Company entered into an agreement with their customer, Trafigura Mexico S.A. de C.V. (“Trafigura”) who agreed to pay for the concentrate in advance with certain stipulations. The Company had to pay interest to Trafigura on the advance payment at the LIBOR 3-month rate plus 3% from the date the advance payment was made to the date when the first provisional payment for the product was otherwise due. The 4,100 DMT of copper concentrate stockpiled had to be delivered according to the following schedule: 705 DMT during January 2017, 1,200 DMT during February 2017, 1,200 DMT during March 2017 and 950 DMT during April 2017. Since the copper concentrate inventory was not shipped to Trafigura during 2016, and the advance payment was received during 2016, as per the terms of the agreement and holding certificate granted, the payment was recorded as deferred revenue. The amount has been subsequently drawn down as the concentrate was shipped to Trafigura, which resulted in revenues being recognized in the first four months of 2017. Interest was accrued according with the terms of the agreement and was paid in full during the first four months of 2017.

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Decommissioning liability

12 Months Ended

Dec. 31, 2017

Disclosure of other provisions [abstract]

Decommissioning liability

12 Decommissioning liability

	December 31,			December 31,
	2017			2016
	$			$
Balance, beginning of period		13,852			13,977
Liabilities settled during the period		(1,424	)		(468	)
Interest cost		843			343
Revisions and new estimated cash flows		-			-
Balance, end of period		13,271			13,852
Less: current portion		(1,372	)		(1,910	)
Long-term decommissioning liability		11,899			11,942

The Company’s decommissioning liability represents the present value of estimated costs for required future decommissioning and other site restoration activities. The majority of the decommissioning and site restoration expenditures occur at the end of each operation’s life. During 2017 and 2016, the decommissioning liability was calculated based on the following key assumptions:

	2017				2016
	Mexico		Peru		Mexico		Peru
Estimated undiscounted cash flows ($)		1,021		15,203		1,021		16,206
Discount rate (%)		6.0		4.5		6.0		4.5
Settlement period  (years)		6		5-10		6		5-10

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Other liabilities

12 Months Ended

Dec. 31, 2017

Disclosure Of Other Liabilities Abstract

Other liabilities

13 Other liabilities

	December 31,		December 31,
	2017		2016
	$		$
Current
Profit-sharing and other employee related obligations (a)		8,579		4,509
Non-current
Other employee related obligations		1,113		1,149

(a) Profit sharing and other employee related obligations

As at December 31, 2017, there is a provision amounting to $5,487 for employee profit sharing in Peru and $3,092 for wages, salaries and other employee benefits outstanding (December 31, 2016 - $2,356 and $2,153, respectively).

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Share capital and share-based payments

12 Months Ended

Dec. 31, 2017

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share capital and share-based payments

14 Share capital and share-based payments

(a) Authorized capital

The Company has an unlimited amount of authorized common shares with no par value.

(b) Stock options

The changes in stock options outstanding during the years ended December 31, 2017 and December 31, 2016 was as follows:

	December 31,				December 31,
	2017				2016
			Weighted					Weighted
			average					average
	Number		exercise		Number			exercise
	of options		price C$		of options			price C$
Outstanding, beginning of period		-		-		7,116			3.40
Granted		-		-		-			-
Exercised		-		-		-			-
Forfeited		-		-		-			-
Expired		-		-		(7,116	)		3.40
Outstanding, end of period		-		-		-			-
Exercisable, end of period		-		-		-			-

There were no stock options outstanding or exercisable as at December 31, 2017.

(c) Restricted share units (“RSUs”)

The changes in RSU’s issued during the years ended December 31, 2017 and 2016 was as follows:

	December 31,			December 31,
	2017			2016
Outstanding, beginning of period		1,771,877			874,788
Granted		1,126,254			1,278,753
Exercised		(739,471	)		(327,053	)
Forfeited		(842,346	)		(54,611	)
Outstanding, end of period		1,316,314			1,771,877

On June 29, 2012, the Company’s shareholders approved the RSU plan, whereby RSUs may be granted to directors, officers, consultants or employees at the discretion of the Board of Directors. The RSU plan provides for the issuance of common shares from treasury upon the exercise of vested RSUs at no additional consideration. There is no cash settlement related to the vesting of RSU’s as they are all settled with equity. The current maximum number of common shares authorized for issue under the RSU plan is 8,000,000. The RSUs have vesting conditions determined by the Board of Directors.

During the year ended December 31, 2017, the Company granted one tranche of RSU’s totalling 1,126,254 which had a fair value of C$3.67 based on the closing share price at grant date. RSUs exercised during the year ended December 31, 2017 had a weighted average fair value of C$3.49 and the RSUs expired had a weighted average fair value of C$2.43 (2016 – C$1.51 and C$1.52, respectively). As at December 31, 2017, the weighted average fair value of the RSUs outstanding is C$2.45 (2016 – C$1.16).

The total RSU expense recognized during the year ended December 31, 2017 was $1,198 with a corresponding credit to other reserves (2016 - $819).

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Non-controlling interest

12 Months Ended

Dec. 31, 2017

Disclosure Of Non Controlling Interest [Abstract]

Non-controlling interest

15 Non-controlling interest

Set out below is the summarized financial information of our subsidiary Corona which has a material non-controlling interest (note 2(b)). The information below is before intercompany eliminations and after fair value adjustments on acquisition of the entity.

Summarized balance sheet
	December 31,			December 31,
	2017			2016
	$			$
Current
Assets		67,867			62,731
Liabilities		(39,466	)		(42,147	)
Total current net assets		28,401			20,584
Non-current
Assets		155,259			180,196
Liabilities		(39,404	)		(58,801	)
Total non-current net assets		115,855			121,395
Net assets		144,256			141,979

Summarized income statement
	For the year ended December 31,
	2017			2016
	$			$
Revenue		154,153			97,290
Income before income tax		30,855			1,400
Income tax expense		(10,014	)		(3,913	)
Total income (loss)		20,841			(2,513	)
Total income (loss) attributable to non-controlling interests		3,785			(456	)
Dividends paid to non-controlling interests		3,372			495

Summarized cash flows
	For the year ended December 31,
	2017			2016
	$			$
Cash flows from operating activities
Cash generated from operating activities		76,269			34,902
Net changes in non cash working capital items		(3,968	)		(5,885	)
Decomissioning liabilities settled		(1,423	)		(331	)
Income taxes paid		(15,994	)		(3,562	)
Net cash generated from operating activities		54,884			25,124
Net cash used in investing activities		(18,740	)		(11,587	)
Net cash from (used in) financing activities		(53,126	)		1,516
Effect of foreign exchange rate changes on cash and cash equivalents		13			4
Increase (decrease) in cash and cash equivalents		(16,969	)		15,057
Cash and cash equivalents, beginning of year		36,877			21,820
Cash and cash equivalents, end of period		19,908			36,877

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Expenses by nature

12 Months Ended

Dec. 31, 2017

Expenses by nature [abstract]

Expenses by nature

16 Expenses by nature

Mining costs include mine production costs, milling and transport costs, royalty expenses, site administration costs but not the primary mine development costs which are capitalized and depreciated over the specific useful life or reserves related to that development and ore included in depreciation and amortization. The mining costs for the year ended December 31, 2017 and 2016 relate to the Yauricocha, Bolivar and Cusi Mines.

(a) Mining costs

	2017		2016
	$		$
Employee compensation and benefits		23,046		17,857
Third party and contractors costs		43,041		36,473
Depreciation		58,175		44,568
Consumables		27,659		25,999
Changes in inventory and other		7,233		1,503
		159,154		126,400

(b) General and administrative expenses

	2017		2016
	$		$
Salaries and benefits		6,405		6,851
Consulting and professional fees		6,583		3,043
Other		1,581		368
Office expenses		1,604		1,384
Marketing and communication expenses		925		478
Share-based compensation expense		1,162		807
Listing and filing fees		390		199
Director expenses		1,168		1,446
Travelling expense		521		293
		20,339		14,869

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Other income (expenses)

12 Months Ended

Dec. 31, 2017

Disclosure Of Other Income Expenses [Abstract]

Other income (expenses)

17 Other income (expenses)

	2017		2016
	$		$
Gain on sale of supplies and fixed assets		58		59
Interest income		36		89
Reversal of legal accrual		-		704
Miscellaneous income (expenses)		724		722
		818		1,574

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Interest expense and other finance costs

12 Months Ended

Dec. 31, 2017

Disclosure Of Interest Expense And Other Finance Costs [Abstract]

Interest expense and other finance costs

18 Interest expense and other finance costs

	2017		2016
	$		$
Interest expense on BCP loan		2,370		2,084
Interest expense on other liabilities		4		920
Amortization of loan transaction costs		46		329
Interest cost on decommissioning liability		843		343
		3,263		3,676

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Segment reporting

12 Months Ended

Dec. 31, 2017

Disclosure of operating segments [abstract]

Segment reporting

19 Segment reporting

The Company primarily manages its business on the basis of the geographical location of its operating mines. The Company’s operating segments are based on the reports reviewed by the senior management group that are used to make strategic decisions. The Chief Executive Officer considers the business from a geographic perspective considering the performance of the Company’s business units. The corporate division only earns income that is considered to be incidental to the activities of the Company and thus it does not meet the definition of an operating segment; as such it has been included within “other reconciling items.”

The reporting segments identified are the following:

· Peru – Yauricocha Mine

· Mexico – Bolivar and Cusi Mines

The following is a summary of the reported amounts of net income (loss) and the carrying amounts of assets and liabilities by operating segment:

	Peru			Mexico						Canada
	Yauricocha Mine			Bolivar Mine			Mexico			Corporate			Total
Year ended December 31, 2017	$			$			Cusi Mine			$			$
Revenue		154,153			44,949			6,016			-			205,118
Production cost of sales		(67,542	)		(27,418	)		(6,019	)		-			(100,979	)
Depletion of mineral property		(31,448	)		(3,163	)		(690	)		-			(35,301	)
Depreciation and amortization of property, plant and equipment		(12,783	)		(8,275	)		(1,816	)		-			(22,874	)
Cost of sales		(111,773	)		(38,856	)		(8,525	)		-			(159,154	)
Gross profit (loss) from mining operations		42,380			6,093			(2,509	)		-			45,964
Income (loss) from operations		29,428			(1,328	)		(3,818	)		(6,200	)		18,082
Loss on spin out of Plexmar net assets		-			-			-			(4,412	)		(4,412	)
Interest expense and other finance costs		(2,801	)		-			(462	)		-			(3,263	)
Other income (expense)		1,156			(910	)		(153	)		725			818
Foreign currency exchange loss		222			(723	)		(128	)		(1,108	)		(1,737	)
Income (loss) before income tax		28,005			(2,961	)		(4,561	)		(10,995	)		9,488
Income tax expense		(10,047	)		(269	)		(32	)		-			(10,348	)
Net income (loss) from operations		17,958			(3,230	)		(4,593	)		(10,995	)		(860	)

December 31, 2017	Peru		Mexico		Canada
Total assets		205,233		132,826		2,542	340,601
Non-current assets		155,401		111,212		85	266,698
Total liabilities		134,323		24,086		1,514	159,923

	Peru			Mexico						Canada
	Yauricocha Mine			Bolivar Mine			Mexico			Corporate			Total
Year ended December 31, 2016	$			$			Cusi Mine			$			$
Revenue		97,290			33,267			12,623			-			143,180
Production cost of sales		(53,705	)		(23,064	)		(5,063	)		-			(81,832	)
Depletion of mineral property		(24,384	)		(3,426	)		(752	)		-			(28,562	)
Depreciation and amortization of property, plant and equipment		(7,812	)		(6,719	)		(1,475	)		-			(16,006	)
Cost of sales		(85,901	)		(33,209	)		(7,290	)		-			(126,400	)
Gross profit from mining operations		11,389			58			5,333			-			16,780
Income (loss) from operations		1,149			(7,125	)		3,757			(3,938	)		(6,157	)
Interest expense and other finance costs		(3,093	)		(335	)		(583	)		335			(3,676	)
Other income		919			540			119			(4	)		1,574
Foreign currency exchange gain (loss)		(312	)		1,578			346			(317	)		1,295
Income (loss) before income tax		(1,337	)		(5,342	)		3,639			(3,924	)		(6,964	)
Income tax (expense) recovery		(3,913	)		(1,511	)		(333	)		-			(5,757	)
Net income (loss) from operations		(5,250	)		(6,853	)		3,306			(3,924	)		(12,721	)

December 31, 2016	Peru		Mexico		Canada
Total assets		238,181		117,402		9,229	364,812
Non-current assets		180,260		97,329		8,341	285,930
Total liabilities		142,981		33,170		2,699	178,850

For the year ended December 31, 2017, 75% of the revenues ($154,153) were from two customers based in Peru and the remaining 25% of the revenues ($50,965) were from two customers based in Mexico. In Peru, the two customers accounted for 73% and 27% of the revenues. In Mexico, the two customers accounted for 88% and 12% of the revenues.

For the year ended December 31, 2016, 68% of the revenues ($97,290) were from two customers based in Peru and the remaining 32% of the revenues ($45,890) were from two customers based in Mexico. In Peru, the two customers accounted for 65% and 35% of the revenues. In Mexico, the two customers accounted for 73% and 27% of the revenues.

As at December 31, 2017, the trade receivable balance of $20,613 includes amounts outstanding of $4,616 and $15,997 from two customers in Mexico and two customers in Peru, respectively.

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Financial instruments and financial risk management

12 Months Ended

Dec. 31, 2017

Financial Instruments And Financial Risk Management [Abstract]

Financial instruments and financial risk management

20 Financial instruments and financial risk management

The Company’s financial instruments include cash and cash equivalents, trade receivables, financial assets, accounts payable and loans payable.

(a) Financial assets and liabilities by category

	Loans and  receivables		FVTPL		Available for  sale		Other financial  liabilities		Total
At December 31, 2017	$		$		$		$		$
Financial assets
Cash and cash equivalents		23,878		-		-		-		23,878
Trade receivables (1)		20,613		-		-		-		20,613
Total Financial assets		44,491		-		-		-		44,491
Financial liabilities
Accounts payable		-		-		-		19,004		19,004
Loans payable		-		-		-		64,860		64,860
Total Financial liabilities		-		-		-		83,864		83,864

	Loans and  receivables		FVTPL		Available for sale		Other financial  liabilities		Total
At December 31, 2016	$		$		$		$		$
Financial assets
Cash and cash equivalents		42,145		-		-		-		42,145
Trade receivables (1)		12,840		-		-		-		12,840
Total Financial assets		54,985		-		-		-		54,985
Financial liabilities
Accounts payable		-		-		-		18,428		18,428
Loans payable		-		-		-		78,682		78,682
Total Financial liabilities		-		-		-		97,110		97,110

⁽¹⁾Trade receivables exclude sales and income tax receivables.

(b) Fair value of financial instruments

As at December 31, 2017 and 2016, the fair value of the financial instruments approximates their carrying value.

(c) Fair value hierarchy

Financial instruments carried at fair value are categorized based on a three level valuation hierarchy that reflects the significance of inputs used in making the fair value measurements as follows:

Level 1 – quoted prices (unadjusted) in active markets for identical assets and liabilities

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices)

The Company’s metal concentrate sales are subject to provisional pricing with the selling prices adjusted at the end of the quotational period. The Company’s trade receivables are marked-to-market at each reporting period based on quoted forward prices for which there exists an active commodity market.

Level 3 – inputs for the asset or liability that are not based on observable market data.

At December 31, 2017 and 2016, the levels in the fair value hierarchy into which the Company’s financial assets and liabilities are measured and recognized on the Consolidated Statement of Financial Position are categorized as follows:

	December 31, 2017								December 31, 2016
	Level 1		Level 2		Level  3		Total		Level 1		Level 2		Level  3		Total
Recurring measurements	$		$		$		$		$		$		$		$
Trade receivables (1)		-		20,613		-		20,613		-		12,840		-		12,840
		-		20,613		-		20,613		-		12,840		-		12,840

⁽¹⁾Trade receivables exclude sales and income tax receivables.

There were no transfers between level 1 and level 2 during the years ended December 31, 2017 and 2016.

(d) Financial risk management

The Company is exposed to financial risks, including credit risk, liquidity risk, currency risk, interest rate risk and price risk. The aim of the Company’s overall risk management strategy is to reduce the potential adverse effect that these risks may have on the Company’s financial position and results. The Company’s Board of Directors has overall responsibility and oversight of management’s risk management practices. Risk management is carried out under policies approved by the Board of Directors. The Company may from time to time, use foreign exchange contracts and commodity price future and forward contracts to manage its exposure to fluctuations in foreign currency and metals prices. The Company does not ordinarily enter into hedging arrangements to cover long term commodity price risk unless it has the obligation to so under a credit facility, which would be approved of the Board of Directors.

i) Market Risk

(1) Currency risk

Currency risk is the risk that the fair values or future cash flows of the Company’s financial instruments will fluctuate because of changes in foreign exchange rates. The Company and its subsidiaries’ financial instruments are exposed to currency risk where those instruments are denominated in currencies that are not the same as their functional currency; exchange gains and losses in these situations impact net income or loss. The Company’s sales of silver, copper, lead and zinc are denominated in United States dollars and the Company’s costs are incurred in Canadian dollars, United States dollars, Mexican pesos and Peruvian Nuevo Soles. The United States dollar is the functional currency of the Peruvian and Mexican entities. The Canadian dollar is the functional currency of all other entities. The company also holds cash and cash equivalents, trade and other receivables and accounts payable that are subject to currency risk.

The following are the most significant areas of exposure to currency risk:

	December 31, 2017
	CAN dollar			Mexican  Peso			Peruvian  Nuevo  Soles			Total $
Cash and cash equivalents		132			167			634			933
Income tax and other receivables		158			9,618			918			10,694
		290			9,785			1,552			11,627
Accounts payable and other liabilities		(1,461	)		(30,674	)		(21,838	)		(53,973	)
Total		(1,171	)		(20,889	)		(20,286	)		(42,346	)

	December 31, 2016
	CAN dollar			Mexican  Peso			Peruvian  Nuevo  Soles			Total $
Cash and cash equivalents		244			67			1,857			2,168
Income tax and other receivables		411			8,933			457			9,801
		655			9,000			2,314			11,969
Accounts payable and other liabilities		(1,086	)		(24,234	)		(12,539	)		(37,859	)
Total		(431	)		(15,234	)		(10,225	)		(25,890	)

The Company manages and monitors this risk with the objective of mitigating the potential adverse effect that fluctuations in currencies against the Canadian dollar and US dollar could have on the Company’s Consolidated Statement of Financial Position and Consolidated Statement of income (loss). As at December 31, 2017, the Company has not entered into any derivative contracts to mitigate this risk.

A 10% appreciation in the US dollar exchange rate against the Peruvian Nuevo Soles and the Mexican Peso based on the financial assets and liabilities held at December 31, 2017, with all the other variables held constant, would have resulted in an increase to the Company’s net loss of $4,118 (increase in loss in 2016 of $2,500).

A 10% appreciation in the Canadian dollar exchange rate against the US dollar based on the financial assets and liabilities held at December 31, 2017 and 2016, with all the other variables held constant, would have resulted in a negligible impact to the Company’s net income (loss).

(2) Interest rate risk

Interest rate risk is the risk that the fair values or future cash flows of the Company will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk on its loans payable (note 10). The Company monitors its exposure to interest rates closely and has not entered into any derivative contracts to manage its risk. The weighted average interest rate paid by the Company during the year ended December 31, 2017 on its loans and notes payable in Peru was 4.31% (2016 – 4.47%). With all other variables unchanged a 1% increase in the interest rate would have increased the Company’s net loss by $541 (2016 - $635). The interest rate paid by the Company during the year ended December 31, 2017 on its loans payable in Mexico was 5.74% (2016 – 5.83%). With all other variables unchanged a 1% increase in the interest rate would have increased the Company’s net loss by $60 (2016 - $65).

(3) Commodity price risk

Commodity price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments in the market.

As at December 31, 2017 and 2016, the Company had certain amounts related to the sales of concentrates that have only been provisionally priced. Commodity price risk exists solely in Mexico as the Company fixes metal prices with the purchaser of its concentrates for specific sales for which concentrates have been delivered. The Company’s exposure to commodity price risk is as follows:

	2017			2016
Commodity	$			$
10% decrease in silver prices		(27	)		(32	)
10% decrease in copper prices		(456	)		(213	)
10% decrease in lead prices		(1	)		(1	)
10% decrease in gold prices		(87	)		(84	)

As at December 31, 2017 and 2016, the Company did not have any forward contracts outstanding.

ii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligation as they fall due. The Company has in place planning, budgeting and forecasting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansion and development plans. The Company tries to ensure that it has sufficient committed credit facilities to meet its short-term operating needs, note 10.

In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following table summarizes the remaining contractual maturities and undiscounted cash flows as at December 31, 2017 of the Company’s financial liabilities and operating and capital commitments:

	Within 1 year		1-2 years		2-5 years		After 5 years		Total		As at December 31,  2017
	$		$		$		$		$		$
Accounts payable and accrued liabilities		32,319		-		-		-		32,319		32,319
Loans payable		28,770		7,520		28,430		-		64,720		64,860
Interest on loans payable		207		197		250		-		654		777
Other liabilities		8,579		1,113		-		-		9,692		9,692
Total Commitments		69,875		8,830		28,680		-		107,385		107,648

In the opinion of management, the working captial at December 31, 2017, together with future cash flows from operations and available loan facilities, is sufficient to support the Company’s commitments through 2018.

iii) Credit risk

Credit risk is the risk that the counterparty to a financial instrument might fail to discharge its obligations under the terms of a financial contract. Credit risk is primarily associated with trade receivables; however, it also arises on cash and cash equivalents. The Company sells its concentrate to large international organizations. The Company is exposed to significant concentration of credit risk given that all of its revenues from Peru and Mexico were from two customers at each of the locations. At December 31, 2017 the Company has not recorded an allowance against trade receivables because it is confident that all of the balances will be collected in full when due and there have not been any issues collecting balances owed to the Company in the past.

The Company’s policy is to keep its cash and cash equivalents only with highly rated financial institutions and to only invest in government securities. The Company considers the risk of loss associated with cash and cash equivalents to be low. The counterparty to the financial asset is a large international financial institution with strong credit ratings and thus the credit risk is considered to be low.

The Company’s maximum exposure to credit risk is as follows:

	December 31,		December 31,
	2017		2016
	$		$
Cash and cash equivalents		23,878		42,145
Trade receivables		20,613		12,840
		44,491		54,985

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Capital management

12 Months Ended

Dec. 31, 2017

Disclosure of objectives, policies and processes for managing capital [abstract]

Capital management

21 Capital management

The Company’s objectives of capital management are to safeguard its ability to support the Company’s normal operating requirements on an ongoing basis; continue the development and exploration of its mining properties and pursue strategic growth initiatives, while minimizing the cost of such capital; and to provide an adequate return to its shareholders.

The capital of the Company consists of items included in equity attributable to owners of the Company and debt, net of cash and cash equivalents as follows:

	December 31,			December 31,
	2017			2016
	$			$
Equity attributable to owners of the Company		154,571			160,268
Loans payable		64,860			78,682
		219,431			238,950
Less: Cash and cash equivalents		(23,878	)		(42,145	)
		195,553			196,805

In order to facilitate the management of capital requirements, annual budgets are prepared and updated as necessary based on various factors, many of which are beyond the Company’s control. In assessing liquidity, the Company takes into account its expected cash flows from operations, including capital asset expenditures, and its cash and cash equivalents. The Board of Directors reviews the annual and updated budgets.

The Company ensures that there are sufficient committed credit facilities to meet its short term requirements. At December 31, 2017, the Company expects its current capital resources to be sufficient to support its normal operating requirements on an ongoing basis and planned development and explorations programs. At December 31, 2017, the Company was in compliance with the external capital requirements.

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Related party transactions

12 Months Ended

Dec. 31, 2017

Related party transactions [abstract]

Related party transactions

22 Related party transactions

(a) Related party transactions

During the year ended December 31, 2017, the Company recorded consulting fees of $200 (2016 - $200) to companies related by common directors or officers. At December 31, 2017, accounts payable and accrued liabilities include $Nil (2016 – $Nil) with these related parties. Related party transactions occurred in the normal course of business. As at December 31, 2017, the Company has accounts receivable outstanding from these related parties of $Nil (2016 - $284).

(b) Compensation of directors and key management personnel

The remuneration of the Company’s directors, officers and other key management personnel during the years ended December 31, 2017 and 2016 are as follows:

	2017		2016
	$		$
Salaries and other short term employment benefits		2,968		3,847
Share-based payments		2,753		897
Total compensation		5,720		4,744

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Supplemental cash flow information

12 Months Ended

Dec. 31, 2017

Disclosure Of Supplemental Cash Flow Information [Abstract]

Supplemental cash flow information

23 Supplemental cash flow information

Changes in working capital

	2017			2016
	$			$
Trade and other receivables		(10,092	)		(3,134	)
Financial and other assets		(427	)		209
Income tax receivable		61			1,050
Inventories		(1,624	)		(4,874	)
Accounts payable and accrued liabilities		5,116			4,164
Income taxes payable		(339	)		(115	)
Other liabilities		(594	)		1,177
		(7,899	)		(1,523	)

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Contingencies

12 Months Ended

Dec. 31, 2017

Disclosure of contingent liabilities [abstract]

Contingencies

24 Contingencies

The Company and its subsidiaries have been named as defendants in certain actions incurred in the normal course of business. In all cases the Company and its subsidiaries will continue to vigorously defend the actions and an accrual has been made in the consolidated financial statements for matters that are probable and can be reasonably estimated.

The contingencies outstanding associated with our Mexican subsidiaries are as follows:

a) In October 2009, Polo y Ron Minerals, S.A. de C.V. (“P&R”) sued the Company and one of its subsidiaries, Dia Bras Mexicana S.A. de C.V. P&R claimed damages for the cancellation of an option agreement (the “Option Agreement”) regarding the San Jose properties in Chihuahua, Mexico (the “San Jose Properties”). The Company believes that it has complied with all of its obligations pertaining to the Option Agreement. In October 2011, the 8th Civil Court of the Judicial District of Morelos in Chihuahua issued a resolution that absolved the Company from the claims brought against it by P&R on the basis that P&R did not provide evidence to support any of its claims. P&R appealed this resolution to the State Court, which overruled the previous resolution and ordered the Company to: (i) transfer to P&R 17 mining concessions from the Company’s Bolivar project, including the mining concessions where both mine operations and mineral reserves estimates are located; and (ii) pay $422,674 to P&R. In February 2013, a Federal Court in the State of Chihuahua granted the Company a temporary suspension of the adverse resolution issued by the State Court of Chihuahua, Mexico. On February 12, 2016 The Second Federal Collegiate Court of Civil and Labor Matters, of the Seventeenth circuit in the State of Chihuahua, ("the Federal Court") issued a new judgment ruling that the State Court lacked jurisdiction to rule on issues concerning mining titles, and that no previous rulings by the State Court against the Company shall stand. They ordered the cancellation of the previous adverse resolution by the state Court. The Company will continue to vigorously defend this claim. Sierra Metals continues to believe that the original claim is without merit.

b) In 2009, a personal action was filed in Mexico against DBM by an individual, Ambrosio Bencomo Muñoz as administrator of the intestate succession of Ambrosio Bencomo Casavantes y Jesus Jose Bencomo Muñoz, claiming the annulment and revocation of the purchase agreement of two mining concessions, Bolívar III and IV between Minera Senda de Plata S.A. de C.V. and Ambrosio Bencomo Casavantes, and with this, the nullity of purchase agreement between DBM and Minera Senda de Plata S.A. de C.V. In June 2011, the Sixth Civil Court of Chihuahua, Mexico, ruled that the claim was unfounded and dismissed the case, the plaintiff appealed to the State Court. The process is in the appealing court. The Company will continue to vigorously defend this action and is confident that the claim is of no merit.

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Distribution of Cautivo Mining Inc. Shares

12 Months Ended

Dec. 31, 2017

Disclosure For Spin Off Transaction Abstract

Distribution of Cautivo Mining Inc. Shares

25 Distribution of Cautivo Mining Inc. Shares

On August 8, 2017, the Company announced the completion of the previously announced distribution of Cautivo Mining Inc.’s (“Cautivo”) common shares, issuance of rights pursuant to Cautivo’s rights offering, and listing of the Cautivo Shares and the Rights on the Canadian Securities Exchange (the “CSE”).

The distribution was completed by distributing to holders of Sierra common shares (other than ineligible holders) of record on July 26, 2017 all of the issued and outstanding Cautivo Shares, being 3,253,588 Cautivo Shares, as a return of capital, reducing Sierra’s shareholdings in Cautivo from 100% to nil. The Cautivo Shares were distributed pursuant to a spin-off by Sierra and Sierra did not receive any proceeds from the distribution. Immediately following this distribution, Cautivo issued 11,904,761 Rights pursuant to the Rights Offering, whereby holders of Sierra common shares received 3.6589638 Rights for every Sierra common share held. For every whole Right held, a holder is entitled to subscribe for one Cautivo Share at a price of C$0.84 per share at any time from August 8, 2017 to August 29, 2017.

Effective August 8, 2017, the Cautivo Shares and the Rights commenced trading on the CSE under the trading symbols “CAI” and “CAI.RT”, respectively.

On July 26, 2017, the company disposed of Plexmar Resources and Cautivo Mining Inc. to the shareholders of the company as a return of capital.

A total of 3,253,588 shares were issued, as well as rights to subscribe for up to 11,904,761 shares at $0.84 per share. As a result of this transaction the Company realized a non-cash loss on distribution of the net assets of Plexmar of $4,412 and a distribution of capital of $2,700 to shareholders relating to the fair value of the assets distributed.

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Significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2017

Disclosure Of Significant Accounting Policies [Abstract]

Basis of preparation

Basis of preparation

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). The financial statements were approved by the Board of Directors on March 20, 2018.

Basis of consolidation

Basis of consolidation

These consolidated financial statements include the accounts of the Company and its subsidiaries, which are entities controlled by the Company. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date that control commences until the date that control ceases.

Non-controlling interests represent equity interests in subsidiaries owned by outside parties. Changes in the parent company’s ownership interest in subsidiaries that do not result in a loss of control are accounted for as equity transactions. 

The principal subsidiaries of the Company and their geographical locations as at December 31, 2017 are as follows:

Name of the subsidiary	Ownership interest			Location
Dia Bras EXMIN Resources Inc.		100	%	Canada
Sociedad Minera Corona, S. A. (“Corona”) 1		81.84	%	Perú
Dia Bras Peru, S. A. C. (“Dia Bras Peru”) 1		100	%	Perú
Dia Bras Mexicana, S. A. de C. V. (“Dia Bras Mexicana”)		100	%	México
Servicios de Minería de la Sierra, S. A. de C. V.		100	%	México
Bolívar Administradores, S. A. de C. V.		100	%	México
Exploraciones Mineras Dia Bras, S. A. de C. V.		100	%	México
EXMIN, S. A. de C. V.		100	%	México

¹The Company, through its wholly owned subsidiary Dia Bras Peru, holds an 81.84% interest in Corona, which represents 92.33% of the voting shares. The Company consolidates Corona's financial results and records a non-controlling interest for the 18.16% that it does not own.

Foreign currency translation

Foreign currency translation

(i) Functional currency

Items included in the financial statements of each of the Company’s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”).

The functional currency of Sierra Metals Inc., the parent entity, is the Canadian dollar (“C$”). The functional currency of the Mexican and Peruvian subsidiaries is the United States dollar.

(ii) Presentation currency

The financial statements of entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities – at the closing rate at the date of the statement of financial position, income and expenses – at the average rate of the period (as this is considered a reasonable approximation of the actual rates prevailing at the transaction dates). All resulting differences are recognized in other comprehensive income as cumulative translation adjustments.

(iii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in currencies other than an entity’s functional currency are recognized in the consolidated statement of loss.

Cash and cash equivalents

Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

Financial Instruments

Financial Instruments

(i) Initial measurement

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument.

(ii) Classification and subsequent measurement

Subsequent measurement of financial assets and liabilities depends on the classification of such as assets and liabilities:

· Classified at Fair Value Through Profit or Loss (“FVTPL”): A financial asset or liability is measured at fair value with changes in fair values recognized in the consolidated statement of income (loss) in the period in which they arise. A financial asset or liability is classified in this category if acquired principally for the purpose of selling or repurchasing in the short term. Transaction costs directly attributable to financial assets and liabilities classified as at FVTPL are expensed in the period in which they are incurred. Generally, the Company does not acquire financial assets for the purpose of selling in the short term. Derivatives are also included in this category unless they are designated as hedges. When the Company enters into derivative contracts these are designed to reduce the Company’s risk exposure related to assets, liabilities or anticipated transactions.

Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to their host contracts. Commodity-based embedded derivatives resulting from provisional sales prices of metals in concentrate are recognised in revenue as described in note 2(l).

· Loans and receivables: Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are initially recognized at the amount expected to be received less, when material, a discount to reduce the loans and receivables to fair value. Subsequently, loans and receivables are measured at amortized cost using the effective interest rate method less any provision for impairment.

The effective interest rate method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating the interest income or interest expense over the term of the financial asset or financial liability, respectively. The interest rate used in the calculation, is the rate that exactly discounts estimated future cash receipts or payments throughout the term of the financial instrument to the net carrying amount of the financial asset or liability.

· Other financial liabilities: other financial liabilities are initially measured at fair value net of transaction costs incurred and are subsequently stated at amortised cost using the effective interest rate method.

(iii) Impairment of financial assets

At each reporting date, the Company assesses whether there is objective evidence that a financial asset (other than a financial asset classified as FVTPL) is impaired. A financial asset is impaired and impairment losses are recognized when there is objective evidence of impairment as a result of one or more events that have occurred after initial recognition of the asset and these have a negative impact on the estimated future cash flows of the financial asset, which can be reliably estimated. An impairment loss is recognized in net income (loss) for the period measured as the difference between the financial assets’ carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s effective interest rate at initial recognition.

Impairment losses on financial assets carried at amortized cost can be reversed in subsequent periods if the amount of the loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized.

Segment reporting

Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is responsible for allocating resources and assessing performance of the operating segments and has been identified as the President and Chief Executive Officer of the Company.

Inventories

Inventories

Inventories consist of concentrates, ore stockpiles, supplies and spare parts. Concentrates include stockpiled concentrates at milling operations or at warehouses. Stockpiled ore is comprised of in-process mineralized material awaiting processing at milling facilities and materials for use in milling operations. Concentrates and stockpiled ore are valued at the lower of average production cost and net realizable value (“NRV”). Concentrates and stockpiled ore inventory costs include all direct costs incurred in production including direct labor and materials, freight and amortization, and directly attributable overhead costs. NRV is calculated as the estimated price at the time of sale based on prevailing metal market prices less estimated future costs to convert the inventories into saleable form and estimated costs to sell. If the carrying value of inventory exceeds NRV, a write-down is recognized as production costs of sales in the consolidated statement of income (loss). If there is a subsequent increase in the value of the inventory, the previous write-downs to NRV are reversed up to cost to the extent that the related inventory has not been sold.

The supplies and spare parts inventories will be used for exploration and production and are valued at the lower of average cost and net realizable value. Cost includes acquisition, freight and other directly attributable costs.

Exploration and evaluation expenditure

Exploration and evaluation expenditure

Exploration and evaluation expenditure comprises costs that are directly attributable to:

· Researching and analysing existing exploration data;

· Conducting geological studies, exploratory drilling and sampling;

· Examining and testing extraction and treatment methods; and /or

· Compiling pre-feasibility and feasibility studies

Exploration expenditures are costs incurred in the search for resources suitable for commercial exploitation and these costs are expensed in the period incurred. Evaluation expenditures are costs incurred in determining the technical feasibility and commercial viability of a mineral resource. Evaluation expenditures are capitalized when there is a high degree of confidence in the project’s viability and thus it is probable that future economic benefits will flow to the Company. Any items of property, plant and equipment used for exploration and evaluation are capitalised within property, plant and equipment. Capitalized evaluation expenditures are considered to be tangible assets as they form part of the underlying mineral property and are recorded within property, plant and equipment - exploration and evaluation expenditures.

Property, plant and equipment

Property, plant and equipment

Property, plant and equipment is stated at cost, less accumulated depreciation and impairment losses. The cost of an item of property, plant and equipment comprises its purchase price, any costs directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated close down and restoration costs associated with the asset, and for qualifying assets, the associated borrowing costs. Once a mining project has been established as commercially viable, expenditure other than on land, buildings, plant and equipment is capitalized under ‘Mining properties’ together with any amount capitalized relating to that mining project from ‘Exploration and evaluation’.

Where an item of property, plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment and depreciated over their estimated useful lives.

Costs associated with commissioning new assets, in the period before they are capable of operating in the manner intended by management, are capitalized. Revenue generated during the development stage from the sale of concentrate and related costs can be deducted from capitalized costs only if the production of the saleable material is directly attributable to bringing the asset to the condition necessary for it to be capable of operating in the manner intended by management.

Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to future economic benefits and these costs can be measured reliably. Repairs and maintenance costs are charged to the consolidated statement of income (loss) during the period in which they are incurred.

Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine if shorter. Depreciation commences when the asset is available for use. Land is not depreciated. The major categories of property, plant and equipment are depreciated on a straight line basis using the following average estimated useful lives below:

Useful lives	Years
Vehicles, furniture and other assets	3 to 10
Machinery and equipment	5 to 20
Bulidings and other constructions	5 to 50

Mineral properties are depleted over the life of the mine using the units of production method. In applying the units of production method, depletion is normally calculated using the quantity of material to be extracted in current and future periods based on proven and probable reserves or measured and indicated resources. Such non-reserve material may be included in depletion calculations in limited circumstances and where there is a high degree of confidence in its economic extraction.

The Company conducts an annual review of residual values, useful lives, depletion and depreciation methods used for property, plant and equipment. Changes to estimated residual values or useful lives are accounted for prospectively.

Impairment of non-financial assets

Impairment of non-financial assets

Property, plant and equipment and intangible assets with finite lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment is assessed at the level of cash generating units (‘CGUs’). The recoverable amount is the higher of an asset’s fair value less costs to sell or value in use.

Fair value less costs to sell is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction. The best evidence of fair value is the value obtained from an active market or binding sales agreement. Where this information is not available, fair value can be estimated as the present value of future cash flows expected to be realized from the continued use of the asset including expansion projects. Value in use is determined as the present value of expected future cash flows to be realized from the continued use of the asset in its present condition and from its ultimate disposal.

Capitalized exploration expenditures are reviewed for indicators of impairment, which included a decision to discontinue activities in a specific area and the existence of sufficient data indicating that the carrying amount of an exploration and evaluation asset is unlikely to be recovered from the development or sale of the asset.

Non-financial assets that have suffered impairment are tested for possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed.

Borrowing costs

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized and included in the carrying amounts of those assets until they are ready for their intended use. All other borrowing costs are recognized as an expense in the period incurred.

Revenue recognition

Revenue recognition

Revenue from the sale of concentrates is recognized when the significant risks and rewards of ownership have been transferred to the customer; the sales price and costs can be measured reliably,

the Company has no significant continuing involvement and it is probable that the economic benefits will flow to the Company. The risks and rewards of ownership are transferred when title and insurance risk have passed to the customer and the concentrate has been delivered to a contractually agreed location.

Revenue from the sale of concentrate is recorded net of charges for shipping, refining and smelting. Revenue from the sale of material by-products is included within revenue.

Revenues from metal concentrates are provisionally priced based upon provisional assays and quoted metal prices. Revenues are recorded at the time title passes to the buyer. The Company records adjustments to revenues at each reporting period based on the quoted forward prices for the expected settlement period. Accordingly, the value of the concentrate receivable changes as the underlying commodity prices change. This pricing mechanism gives rise to an embedded derivative in accounts receivable that is recognized at fair value with changes in value recorded in revenue. Adjustments for weights and assays are recorded when results are determinable or on final settlement.

Deferred revenue

Deferred revenue

The Company recognizes deferred revenue on the statement of financial position when it has received cash in return for an obligation to deliver concentrate in a future reporting period. As product is delivered under such an agreement, the deferred revenue balance is reduced as revenue is recognized on the statement of income.

Share capital

Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issuance of the shares are recognized as a deduction from equity.

Share-based payments

Share-based payments

The fair value of the estimated number of stock options and restricted share units (“RSUs”) awarded to employees, officers and directors that will eventually vest, determined as of the date of grant, is recognized as share-based compensation expense over the vesting period of the stock options and RSUs, with a corresponding increase to equity. The fair value of each tranche is determined using the Black-Scholes option pricing model with market related inputs as of the date of grant. The fair value of RSUs is the market value of the underlying shares as of the date of grant. The number of awards expected to vest is reviewed at least annually, with any change in the estimate recognized immediately in share-based payments expense with a corresponding adjustment to equity.

Share repurchases

Share repurchases

The Company deducts from contributed surplus any excess of consideration paid over book value where the Company has repurchased any of its own common shares. Book value is calculated as the weighted average price of the shares issued and outstanding prior to the cancellation date.

Earnings (loss) per share

Earnings (loss) per share

Basic earnings (loss) per share (“EPS”) is calculated by dividing the net income (loss) for the period attributable to the shareholders of the Company by the weighted average number of common shares outstanding during the period.

Diluted EPS is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. The Company’s potentially dilutive common shares comprise stock options granted to employees. In periods of loss, basic and diluted EPS are the same, as the effect of dilutive instruments is anti-dilutive.

Income taxes

Income taxes

Tax expense comprises current and deferred income and resource taxes. Current income, deferred income and resources taxes are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that the parent is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Decommissioning and restoration liabilities

Decommissioning and restoration liabilities

Decommissioning and restoration costs include the dismantling and demolition of infrastructure, the removal of residual materials and the remediation of disturbed areas. These costs are a normal consequence of mining activity and the majority of these expenditures are expected to be incurred at the end of the life of mine. Estimated decommissioning and restoration costs are provided in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of the estimated future costs discounted using the credit adjusted risk free rate. This provision is adjusted in each reporting period to reflect known developments, e.g. revisions to costs estimates and the timing of cash out flows.

The initial decommissioning and restoration provision together with other movements resulting from changes in estimated cash flows or the credit adjusted risk free rates is capitalized within property, plant and equipment and amortized over the life of the asset to which it relates except where it relates to a closed mine where the expenses are recognized in the statement of loss. Provision is made for the estimated present value of costs of environmental clean-up obligations outstanding as at the date of the statement of financial position, and these costs are charged to the income statement as an operating cost.

The amortization or unwinding of the discount applied in establishing the net present value of provision is accreted to the income statement in each accounting period with each interest charge included as a financing cost rather than as an operating cost.

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Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Significant Accounting Policies [Abstract]

Schedule of subsidiaries of the company and their geographical locations

Name of the subsidiary	Ownership interest			Location
Dia Bras EXMIN Resources Inc.		100	%	Canada
Sociedad Minera Corona, S. A. (“Corona”) 1		81.84	%	Perú
Dia Bras Peru, S. A. C. (“Dia Bras Peru”) 1		100	%	Perú
Dia Bras Mexicana, S. A. de C. V. (“Dia Bras Mexicana”)		100	%	México
Servicios de Minería de la Sierra, S. A. de C. V.		100	%	México
Bolívar Administradores, S. A. de C. V.		100	%	México
Exploraciones Mineras Dia Bras, S. A. de C. V.		100	%	México
EXMIN, S. A. de C. V.		100	%	México

¹The Company, through its wholly owned subsidiary Dia Bras Peru, holds an 81.84% interest in Corona, which represents 92.33% of the voting shares. The Company consolidates Corona's financial results and records a non-controlling interest for the 18.16% that it does not own.

Schedule of average estimated useful lives of property, plant and equipment

Useful lives	Years
Vehicles, furniture and other assets	3 to 10
Machinery and equipment	5 to 20
Bulidings and other constructions	5 to 50

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Trade and other receivables (Tables)

12 Months Ended

Dec. 31, 2017

Trade and other receivables [abstract]

Schedule of trade and other receivables

	December 31,		December 31,
	2017		2016
	$		$
Trade receivables		20,613		12,840
Sales tax receivables		7,210		4,617
Other receivables		53		397
		27,876		17,854

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Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Inventories [Abstract]

Schedule of inventories

	December 31,		December 31,
	2017		2016
	$		$
Stockpiles		1,554		1,585
Concentrates		3,839		6,647
Supplies and spare parts		15,406		13,077
		20,799		21,309

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Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about property, plant and equipment [abstract]

Schedule of property, plant and equipment

Cost	Plant and  equipment			Mining properties		Assets under  construction			Exploration and  evaluation  expenditure			Total $
Balance as of January 1, 2016		192,566			418,334		23,873			38,911			673,684
Additions		4,130			6,490		8,649			6,600			25,869
Disposals		(325	)		-		-			-			(325	)
Foreign exchange revaluation		-			-		-			(158	)		(158	)
Transfers		6,316			379		(6,316	)		(379	)		-
Balance as of December 31, 2016		202,687			425,203		26,206			44,974			699,070
Additions		8,632			6,959		20,595			15,758			51,944
Disposals		(1,038	)		-		-			(9,417	)		(10,455	)
Transfers		12,948			-		(12,948	)		-			-
Balance as of December 31, 2017		223,229			432,162		33,853			51,315			740,559
Balance as of January 1, 2016		106,436			252,381		-			13,041			371,858
Depletion, depreciation and amortization		15,818			29,616		-			-			45,434
Disposals		(50	)		-		-			-			(50	)
Balance as of December 31, 2016		122,204			281,997		-			13,041			417,242
Depletion, depreciation and amortization		20,799			37,176		-			-			57,975
Disposals		(898	)		-		-			-			(898	)
Balance as of December 31, 2017		142,105			319,173		-			13,041			474,319
Net Book Value - December 31, 2017		81,124			112,989		33,853			38,274			266,240
Net Book Value - December 31, 2016		80,483			143,206		26,206			31,933			281,828
Net Book Value - December 31, 2015		86,130			165,953		23,873			25,870			301,826

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Accounts payable and accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Trade and other current payables [abstract]

Schedule of accounts payable and accrued liabilities

	December 31,		December 31,
	2017		2016
	$		$
Trade payables		19,004		18,428
Other payables and accrued liabilities		13,315		11,400
		32,319		29,828

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Current and deferred income tax liability (Tables)

12 Months Ended

Dec. 31, 2017

Current And Deferred Income Tax Liability [Abstract]

Schedule of income and resource taxes

	2017			2016
	$			$
Current Tax Expense
Current income tax		23,416			9,629
		23,416			9,629
Deferred Tax Recovery
Deferred Tax Recovery		(13,068	)		(3,872	)
		(13,068	)		(3,872	)
Total tax expense		10,348			5,757

Schedule of reconciliation between income tax expense and the product of loss

	2017			2016
	$			$
Income (loss) before income taxes		9,488			(6,964	)
Expected Tax Rate @ 26.50% (2016 - 26.00%)		2,555			(1,780	)
Effect of tax rate differences		(512	)		2,365
Stock based compensation costs		258			195
Other Non-deductible expenses		449			(8,531	)
Unrealized foreign exchange income		148			42
Inflation Adjustment for Mexico tax purposes		(420	)		(214	)
Change in benefit of other temporary differences not recognized		2,280			8,273
Foreign exchange and other		(807	)		2,506
Mining royalties and other		6,397			2,901
		10,348			5,757

Schedule of temporary differences and components and movements of net deferred tax assets and liabilities

Deferred tax assets have not been recognized in respect of the following temporary differences:

	2017			2016
	$			$
Non-capital and capital losses		35,512			25,777
Property, plant and equipment		60			38
Mineral properties		2,445			9,889
Other		(385	)		(87	)
		37,632			35,617

The significant components and movements of the Company’s net deferred tax assets and liabilities are as follows:

	Balance						Balance						Balance
	January 1,  2016			Change in  2016			December 31, 2016			Change in  2017			December 31,  2017
	$			$			$			$			$
Inventory		390			66			456			98			554
Other items		(364	)		243			(121	)		26			(95	)
Provisions		672			257			929			293			1,222
Decommissioning liabilities		3,714			380			4,094			(166	)		3,928
Non-capital losses		9,910			(3,235	)		6,675			1,373			8,048
Property, Plant, and equipment		(4,583	)		648			(3,935	)		2,138			(1,797	)
Mining assets		(53,926	)		3,624			(50,302	)		8,261			(42,041	)
Inventory		(3,287	)		348			(2,939	)		922			(2,017	)
Other items		1,832			(791	)		1,041			589			1,630
Deferred revenue		-			1,471			1,471			(1,471	)		-
Provisions		(1,498	)		(32	)		(1,530	)		974			(556	)
Mining royalties		1,003			(125	)		878			363			1,241
		(46,137	)		2,854			(43,283	)		13,400			(29,883	)

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Loans payable (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about borrowings [abstract]

Schedule of loans payable

	December 31,		December 31,
	2017		2016
	$		$
Current
Acquisition loan with Banco de Credito del Peru (a)		6,141		5,784
Operating loan with Banco de Credito del Peru (b)		6,309		6,211
Revolving credit facility with Banco de Credito del Peru (c)		15,000		-
Notes payable to Scotiabank and Interbank in Peru (d)		-		14,750
Other credit facilities (e)		-		1,179
Loan with FIFOMI (f)		1,527		1,454
		28,977		29,378
Non-current
Acquisition loan with Banco de Credito del Peru (a)		34,236		40,036
Operating loan with Banco de Credito del Peru (b)		-		6,238
Loan with FIFOMI (f)		1,647		3,030
		35,883		49,304
Total loans payable		64,860		78,682

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Decommissioning liability (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of other provisions [abstract]

Schedule of decommissioning liability

	December 31,			December 31,
	2017			2016
	$			$
Balance, beginning of period		13,852			13,977
Liabilities settled during the period		(1,424	)		(468	)
Interest cost		843			343
Revisions and new estimated cash flows		-			-
Balance, end of period		13,271			13,852
Less: current portion		(1,372	)		(1,910	)
Long-term decommissioning liability		11,899			11,942

Schedule of key assumptions of calculation of decommissioning liability

	2017				2016
	Mexico		Peru		Mexico		Peru
Estimated undiscounted cash flows ($)		1,021		15,203		1,021		16,206
Discount rate (%)		6.0		4.5		6.0		4.5
Settlement period  (years)		6		5-10		6		5-10

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Other liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Other Liabilities Abstract

Schedule of other liabilities

	December 31,		December 31,
	2017		2016
	$		$
Current
Profit-sharing and other employee related obligations (a)		8,579		4,509
Non-current
Other employee related obligations		1,113		1,149

(a) Profit sharing and other employee related obligations

As at December 31, 2017, there is a provision amounting to $5,487 for employee profit sharing in Peru and $3,092 for wages, salaries and other employee benefits outstanding (December 31, 2016 - $2,356 and $2,153, respectively).

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Share capital and share-based payments (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Schedule of share capital and share-based payments

	December 31,				December 31,
	2017				2016
			Weighted					Weighted
			average					average
	Number		exercise		Number			exercise
	of options		price C$		of options			price C$
Outstanding, beginning of period		-		-		7,116			3.40
Granted		-		-		-			-
Exercised		-		-		-			-
Forfeited		-		-		-			-
Expired		-		-		(7,116	)		3.40
Outstanding, end of period		-		-		-			-
Exercisable, end of period		-		-		-			-

Schedule of changes in RSU's issued

	December 31,			December 31,
	2017			2016
Outstanding, beginning of period		1,771,877			874,788
Granted		1,126,254			1,278,753
Exercised		(739,471	)		(327,053	)
Forfeited		(842,346	)		(54,611	)
Outstanding, end of period		1,316,314			1,771,877

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Non-controlling interest (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Non Controlling Interest [Abstract]

Schedule of non-controlling interest

Summarized balance sheet
	December 31,			December 31,
	2017			2016
	$			$
Current
Assets		67,867			62,731
Liabilities		(39,466	)		(42,147	)
Total current net assets		28,401			20,584
Non-current
Assets		155,259			180,196
Liabilities		(39,404	)		(58,801	)
Total non-current net assets		115,855			121,395
Net assets		144,256			141,979

Summarized income statement
	For the year ended December 31,
	2017			2016
	$			$
Revenue		154,153			97,290
Income before income tax		30,855			1,400
Income tax expense		(10,014	)		(3,913	)
Total income (loss)		20,841			(2,513	)
Total income (loss) attributable to non-controlling interests		3,785			(456	)
Dividends paid to non-controlling interests		3,372			495

Summarized cash flows
	For the year ended December 31,
	2017			2016
	$			$
Cash flows from operating activities
Cash generated from operating activities		76,269			34,902
Net changes in non cash working capital items		(3,968	)		(5,885	)
Decomissioning liabilities settled		(1,423	)		(331	)
Income taxes paid		(15,994	)		(3,562	)
Net cash generated from operating activities		54,884			25,124
Net cash used in investing activities		(18,740	)		(11,587	)
Net cash from (used in) financing activities		(53,126	)		1,516
Effect of foreign exchange rate changes on cash and cash equivalents		13			4
Increase (decrease) in cash and cash equivalents		(16,969	)		15,057
Cash and cash equivalents, beginning of year		36,877			21,820
Cash and cash equivalents, end of period		19,908			36,877

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Expenses by nature (Tables)

12 Months Ended

Dec. 31, 2017

Expenses by nature [abstract]

Schedule of mining cost

	2017		2016
	$		$
Employee compensation and benefits		23,046		17,857
Third party and contractors costs		43,041		36,473
Depreciation		58,175		44,568
Consumables		27,659		25,999
Changes in inventory and other		7,233		1,503
		159,154		126,400

Schedule of general and administrative expenses

	2017		2016
	$		$
Salaries and benefits		6,405		6,851
Consulting and professional fees		6,583		3,043
Other		1,581		368
Office expenses		1,604		1,384
Marketing and communication expenses		925		478
Share-based compensation expense		1,162		807
Listing and filing fees		390		199
Director expenses		1,168		1,446
Travelling expense		521		293
		20,339		14,869

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Other income (expenses) (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Other Income Expenses [Abstract]

Schedule of other income (expenses)

	2017		2016
	$		$
Gain on sale of supplies and fixed assets		58		59
Interest income		36		89
Reversal of legal accrual		-		704
Miscellaneous income (expenses)		724		722
		818		1,574

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Interest expense and other finance costs (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Interest Expense And Other Finance Costs [Abstract]

Schedule of interest expense and other finance costs

	2017		2016
	$		$
Interest expense on BCP loan		2,370		2,084
Interest expense on other liabilities		4		920
Amortization of loan transaction costs		46		329
Interest cost on decommissioning liability		843		343
		3,263		3,676

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Segment reporting (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of operating segments [abstract]

Schedule of summary of the reported amounts of net income (loss) and the carrying amounts of assets and liabilities

	Peru			Mexico						Canada
	Yauricocha Mine			Bolivar Mine			Mexico			Corporate			Total
Year ended December 31, 2017	$			$			Cusi Mine			$			$
Revenue		154,153			44,949			6,016			-			205,118
Production cost of sales		(67,542	)		(27,418	)		(6,019	)		-			(100,979	)
Depletion of mineral property		(31,448	)		(3,163	)		(690	)		-			(35,301	)
Depreciation and amortization of property, plant and equipment		(12,783	)		(8,275	)		(1,816	)		-			(22,874	)
Cost of sales		(111,773	)		(38,856	)		(8,525	)		-			(159,154	)
Gross profit (loss) from mining operations		42,380			6,093			(2,509	)		-			45,964
Income (loss) from operations		29,428			(1,328	)		(3,818	)		(6,200	)		18,082
Loss on spin out of Plexmar net assets		-			-			-			(4,412	)		(4,412	)
Interest expense and other finance costs		(2,801	)		-			(462	)		-			(3,263	)
Other income (expense)		1,156			(910	)		(153	)		725			818
Foreign currency exchange loss		222			(723	)		(128	)		(1,108	)		(1,737	)
Income (loss) before income tax		28,005			(2,961	)		(4,561	)		(10,995	)		9,488
Income tax expense		(10,047	)		(269	)		(32	)		-			(10,348	)
Net income (loss) from operations		17,958			(3,230	)		(4,593	)		(10,995	)		(860	)

December 31, 2017	Peru		Mexico		Canada
Total assets		205,233		132,826		2,542	340,601
Non-current assets		155,401		111,212		85	266,698
Total liabilities		134,323		24,086		1,514	159,923

	Peru			Mexico						Canada
	Yauricocha Mine			Bolivar Mine			Mexico			Corporate			Total
Year ended December 31, 2016	$			$			Cusi Mine			$			$
Revenue		97,290			33,267			12,623			-			143,180
Production cost of sales		(53,705	)		(23,064	)		(5,063	)		-			(81,832	)
Depletion of mineral property		(24,384	)		(3,426	)		(752	)		-			(28,562	)
Depreciation and amortization of property, plant and equipment		(7,812	)		(6,719	)		(1,475	)		-			(16,006	)
Cost of sales		(85,901	)		(33,209	)		(7,290	)		-			(126,400	)
Gross profit from mining operations		11,389			58			5,333			-			16,780
Income (loss) from operations		1,149			(7,125	)		3,757			(3,938	)		(6,157	)
Interest expense and other finance costs		(3,093	)		(335	)		(583	)		335			(3,676	)
Other income		919			540			119			(4	)		1,574
Foreign currency exchange gain (loss)		(312	)		1,578			346			(317	)		1,295
Income (loss) before income tax		(1,337	)		(5,342	)		3,639			(3,924	)		(6,964	)
Income tax (expense) recovery		(3,913	)		(1,511	)		(333	)		-			(5,757	)
Net income (loss) from operations		(5,250	)		(6,853	)		3,306			(3,924	)		(12,721	)

December 31, 2016	Peru		Mexico		Canada
Total assets		238,181		117,402		9,229	364,812
Non-current assets		180,260		97,329		8,341	285,930
Total liabilities		142,981		33,170		2,699	178,850

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Financial instruments and financial risk management (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about financial instruments [line items]

Schedule of financial assets and liabilities by category

	Loans and  receivables			FVTPL			Available for  sale			Other financial  liabilities			Total
At December 31, 2017		$			$			$			$			$
Financial assets
Cash and cash equivalents			23,878			-			-			-			23,878
Trade receivables (1)			20,613			-			-			-			20,613
Total Financial assets			44,491			-			-			-			44,491
Financial liabilities
Accounts payable			-			-			-			19,004			19,004
Loans payable			-			-			-			64,860			64,860
Total Financial liabilities			-			-			-			83,864			83,864

	Loans and  receivables		FVTPL		Available for sale		Other financial  liabilities		Total
At December 31, 2016	$		$		$		$		$
Financial assets
Cash and cash equivalents		42,145		-		-		-		42,145
Trade receivables (1)		12,840		-		-		-		12,840
Total Financial assets		54,985		-		-		-		54,985
Financial liabilities
Accounts payable		-		-		-		18,428		18,428
Loans payable		-		-		-		78,682		78,682
Total Financial liabilities		-		-		-		97,110		97,110

Schedule of fair value measurements of assets

	December 31, 2017								December 31, 2016
	Level 1		Level 2		Level  3		Total		Level 1		Level 2		Level  3		Total
Recurring measurements	$		$		$		$		$		$		$		$
Trade receivables (1)		-		20,613		-		20,613		-		12,840		-		12,840
		-		20,613		-		20,613		-		12,840		-		12,840

⁽¹⁾Trade receivables exclude sales and income tax receivables.

Currency risk

Disclosure of detailed information about financial instruments [line items]

Schedule of exposure to risks

	December 31, 2017
	CAN dollar			Mexican  Peso			Peruvian  Nuevo  Soles			Total $
Cash and cash equivalents		132			167			634			933
Income tax and other receivables		158			9,618			918			10,694
		290			9,785			1,552			11,627
Accounts payable and other liabilities		(1,461	)		(30,674	)		(21,838	)		(53,973	)
Total		(1,171	)		(20,889	)		(20,286	)		(42,346	)

	December 31, 2016
	CAN dollar			Mexican  Peso			Peruvian  Nuevo  Soles			Total $
Cash and cash equivalents		244			67			1,857			2,168
Income tax and other receivables		411			8,933			457			9,801
		655			9,000			2,314			11,969
Accounts payable and other liabilities		(1,086	)		(24,234	)		(12,539	)		(37,859	)
Total		(431	)		(15,234	)		(10,225	)		(25,890	)

Commodity price risk

Disclosure of detailed information about financial instruments [line items]

Schedule of exposure to risks

	2017			2016
Commodity	$			$
10% decrease in silver prices		(27	)		(32	)
10% decrease in copper prices		(456	)		(213	)
10% decrease in lead prices		(1	)		(1	)
10% decrease in gold prices		(87	)		(84	)

Credit risk

Disclosure of detailed information about financial instruments [line items]

Schedule of exposure to risks

	December 31,		December 31,
	2017		2016
	$		$
Cash and cash equivalents		23,878		42,145
Trade receivables		20,613		12,840
		44,491		54,985

Liquidity risk

Disclosure of detailed information about financial instruments [line items]

Schedule of remaining contractual maturities and undiscounted cash flows

	Within 1 year		1-2 years		2-5 years		After 5 years		Total		As at December 31,  2017
	$		$		$		$		$		$
Accounts payable and accrued liabilities		32,319		-		-		-		32,319		32,319
Loans payable		28,770		7,520		28,430		-		64,720		64,860
Interest on loans payable		207		197		250		-		654		777
Other liabilities		8,579		1,113		-		-		9,692		9,692
Total Commitments		69,875		8,830		28,680		-		107,385		107,648

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Capital management (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of objectives, policies and processes for managing capital [abstract]

Schedule of capital of the Company

	December 31,			December 31,
	2017			2016
	$			$
Equity attributable to owners of the Company		154,571			160,268
Loans payable		64,860			78,682
		219,431			238,950
Less: Cash and cash equivalents		(23,878	)		(42,145	)
		195,553			196,805

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Related party transactions (Tables)

12 Months Ended

Dec. 31, 2017

Related party transactions [abstract]

Schedule of remuneration to directors and key management personnel

	2017		2016
	$		$
Salaries and other short term employment benefits		2,968		3,847
Share-based payments		2,753		897
Total compensation		5,720		4,744

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Supplemental cash flow information (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure Of Supplemental Cash Flow Information [Abstract]

Supplemental cash flow information

Changes in working capital

	2017			2016
	$			$
Trade and other receivables		(10,092	)		(3,134	)
Financial and other assets		(427	)		209
Income tax receivable		61			1,050
Inventories		(1,624	)		(4,874	)
Accounts payable and accrued liabilities		5,116			4,164
Income taxes payable		(339	)		(115	)
Other liabilities		(594	)		1,177
		(7,899	)		(1,523	)

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Description of business and nature of operations (Detail Textuals)	12 Months Ended
	Dec. 31, 2017
Yauricocha Mine
Description Of Business And Nature Of Operations Disclosure [Line Items]
Percentage of owned interest	81.84%
Bolivar
Description Of Business And Nature Of Operations Disclosure [Line Items]
Percentage of owned interest	100.00%
Cusi Mines
Description Of Business And Nature Of Operations Disclosure [Line Items]
Percentage of owned interest	100.00%

XML

Significant accounting policies (Details)	12 Months Ended
	Dec. 31, 2017
Dia Bras EXMIN Resources Inc.
Disclosure of subsidiaries [line items]
Ownership interest	100.00%
Location	Canada
Sociedad Minera Corona, S. A. ("Corona")
Disclosure of subsidiaries [line items]
Ownership interest	81.84%	[1]
Location	Peru	[1]
Dia Bras Peru, S. A. C. ("Dia Bras Peru")
Disclosure of subsidiaries [line items]
Ownership interest	100.00%	[1]
Location	Peru	[1]
Dia Bras Mexicana, S. A. de C. V. ("Dia Bras Mexicana")
Disclosure of subsidiaries [line items]
Ownership interest	100.00%
Location	Mexico
Servicios de Mineria de la Sierra, S. A. de C. V.
Disclosure of subsidiaries [line items]
Ownership interest	100.00%
Location	Mexico
Bolivar Administradores, S. A. de C. V.
Disclosure of subsidiaries [line items]
Ownership interest	100.00%
Location	Mexico
Exploraciones Mineras Dia Bras, S. A. de C. V.
Disclosure of subsidiaries [line items]
Ownership interest	100.00%
Location	Mexico
EXMIN, S. A. de C. V.
Disclosure of subsidiaries [line items]
Ownership interest	100.00%
Location	Mexico

[1] The Company, through its wholly owned subsidiary Dia Bras Peru, holds an 81.84% interest in Corona, which represents 92.33% of the voting shares. The Company consolidates Corona's financial results and records a non-controlling interest for the 18.16% that it does not own.

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Significant accounting policies (Details 1)	12 Months Ended
	Dec. 31, 2017
Vehicles, furniture and other assets | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	3 years
Vehicles, furniture and other assets | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	10 years
Machinery and equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	5 years
Machinery and equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	20 years
Bulidings and other constructions | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	5 years
Bulidings and other constructions | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life	50 years

XML

Significant accounting policies (Detail Textuals)	12 Months Ended
	Dec. 31, 2017
Disclosure of subsidiaries [line items]
Depreciation method	straight line basis
Corona
Disclosure of subsidiaries [line items]
Ownership interest through Dia Bras Peru	81.84%	[1]
Percentage of voting shares in subsidiary	92.33%
Unowned non controlling interest	18.16%

[1] The Company, through its wholly owned subsidiary Dia Bras Peru, holds an 81.84% interest in Corona, which represents 92.33% of the voting shares. The Company consolidates Corona's financial results and records a non-controlling interest for the 18.16% that it does not own.

XML

Trade and other receivables (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Trade and other receivables [abstract]
Trade receivables	[1]	$ 20,613	$ 12,840
Sales tax receivables		7,210	4,617
Other receivables		53	397
Total		$ 27,876	$ 17,854

[1] Trade receivables exclude sales and income tax receivables.

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Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Inventories [Abstract]
Stockpiles	$ 1,554	$ 1,585
Concentrates	3,839	6,647
Supplies and spare parts	15,406	13,077
Total	$ 20,799	$ 21,309

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Inventories (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Inventories Line Items
Cost of inventories recognised as expense	$ 159,154	$ 126,400
Provision for inventory write off	1,663	1,384
Inventory write-down	2,107	1,365
Supplies and spare parts
Inventories Line Items
Inventories, at net realisable value	9,045	6,561
Stockpile and concentrate
Inventories Line Items
Inventories, at net realisable value	$ 794	$ 375

XML

Property, plant and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Balance	$ 281,828	$ 301,826
Balance	266,240	281,828
Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance	699,070	673,684
Additions	51,944	25,869
Disposals	(10,455)	(325)
Foreign exchange revaluation		(158)
Transfers	0	0
Balance	740,559	699,070
Accumulated depreciation, amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Balance	417,242	371,858
Depletion, depreciation and amortization	57,975	45,434
Disposals	(898)	(50)
Balance	474,319	417,242
Plant and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Balance	80,483	86,130
Balance	81,124	80,483
Plant and equipment | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance	202,687	192,566
Additions	8,632	4,130
Disposals	(1,038)	(325)
Foreign exchange revaluation		0
Transfers	12,948	6,316
Balance	223,229	202,687
Plant and equipment | Accumulated depreciation, amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Balance	122,204	106,436
Depletion, depreciation and amortization	20,799	15,818
Disposals	(898)	(50)
Balance	142,105	122,204
Mining properties
Disclosure of detailed information about property, plant and equipment [line items]
Balance	143,206	165,953
Balance	112,989	143,206
Mining properties | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance	425,203	418,334
Additions	6,959	6,490
Disposals	0	0
Foreign exchange revaluation		0
Transfers	0	379
Balance	432,162	425,203
Mining properties | Accumulated depreciation, amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Balance	281,997	252,381
Depletion, depreciation and amortization	37,176	29,616
Disposals	0	0
Balance	319,173	281,997
Assets under construction
Disclosure of detailed information about property, plant and equipment [line items]
Balance	26,206	23,873
Balance	33,853	26,206
Assets under construction | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance	26,206	23,873
Additions	20,595	8,649
Disposals	0	0
Foreign exchange revaluation		0
Transfers	(12,948)	(6,316)
Balance	33,853	26,206
Assets under construction | Accumulated depreciation, amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Balance	0	0
Depletion, depreciation and amortization	0	0
Disposals	0	0
Balance	0	0
Exploration and evaluation expenditure
Disclosure of detailed information about property, plant and equipment [line items]
Balance	31,933	25,870
Balance	38,274	31,933
Exploration and evaluation expenditure | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Balance	44,974	38,911
Additions	15,758	6,600
Disposals	(9,417)	0
Foreign exchange revaluation		(158)
Transfers	0	(379)
Balance	51,315	44,974
Exploration and evaluation expenditure | Accumulated depreciation, amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Balance	13,041	13,041
Depletion, depreciation and amortization	0	0
Disposals	0	0
Balance	$ 13,041	$ 13,041

XML

Property, plant and equipment (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [abstract]
Depletion and depreciation expense	$ 57,975	$ 45,434
Depletion and depreciation expense capitalized to inventory	1,133	1,159
Borrowing costs capitalized	$ 349	$ 491
Capitalisation weighted average rate of borrowing costs	5.25%

XML

Accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Trade and other current payables [abstract]
Trade payables	$ 19,004	$ 18,428
Other payables and accrued liabilities	13,315	11,400
Accounts payable and accrued liabilities	$ 32,319	$ 29,828

XML

Current and deferred income tax liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Current Tax Expense
Current income tax	$ 23,416	$ 9,629
Total Current Tax Expense	23,416	9,629
Deferred Tax Recovery
Deferred Tax Recovery	(13,068)	(3,872)
Total Deferred Tax Recovery	(13,068)	(3,872)
Total tax expense	$ 10,348	$ 5,757

XML

Current and deferred income tax liability (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Current And Deferred Income Tax Liability [Abstract]
Income (loss) before income taxes	$ 9,488	$ (6,964)
Expected Tax Rate @ 26.50% (2016 - 26.00%)	2,555	(1,780)
Effect of tax rate differences	(512)	2,365
Stock based compensation costs	258	195
Other Non-deductible expenses	449	(8,531)
Unrealized foreign exchange income	148	42
Inflation Adjustment for Mexico tax purposes	(420)	(214)
Change in benefit of other temporary differences not recognized	2,280	8,273
Foreign exchange and other	807	2,506
Mining royalties and other	6,397	2,901
Income tax expense	$ 10,348	$ 5,757

XML

Current and deferred income tax liability (Details 2) - Temporary differences - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Non-capital and capital losses	$ 35,512	$ 25,777
Property, plant and equipment	60	38
Mineral properties	2,445	9,889
Other	(385)	(87)
TOTAL	$ 37,632	$ 35,617

XML

Current and deferred income tax liability (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	$ (43,283)	$ (46,137)
Change in deferred tax liability	13,400	2,854
Ending Balance	(29,883)	(43,283)
Inventory
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	456	390
Change in deferred tax liability	98	66
Ending Balance	554	456
Other items
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	(121)	(364)
Change in deferred tax liability	26	243
Ending Balance	(95)	(121)
Provisions
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	929	672
Change in deferred tax liability	293	257
Ending Balance	1,222	929
Decommissioning liabilities
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	4,094	3,714
Change in deferred tax liability	(166)	380
Ending Balance	3,928	4,094
Non capital losses
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	6,675	9,910
Change in deferred tax liability	1,373	(3,235)
Ending Balance	8,048	6,675
Property, Plant, and equipment
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	(3,935)	(4,583)
Change in deferred tax liability	2,138	648
Ending Balance	(1,797)	(3,935)
Mining assets
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	(50,302)	(53,926)
Change in deferred tax liability	8,261	3,624
Ending Balance	(42,041)	(50,302)
Inventory
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	(2,939)	(3,287)
Change in deferred tax liability	922	348
Ending Balance	(2,017)	(2,939)
Other items
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	1,041	1,832
Change in deferred tax liability	589	(791)
Ending Balance	1,630	1,041
Deferred revenue
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	1,471	0
Change in deferred tax liability	(1,471)	1,471
Ending Balance	0	1,471
Provisions
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	(1,530)	(1,498)
Change in deferred tax liability	974	(32)
Ending Balance	556	(1,530)
Mining royalties
Disclosure Of Deferred Income Taxes [Roll Forward]
Begining Balance	878	1,003
Change in deferred tax liability	363	(125)
Ending Balance	$ 1,241	$ 878

XML

Current and deferred income tax liability (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Current And Deferred Income Tax Liability [Abstract]
Unrealized aggregate tax losses	$ 27,153	$ 26,051
Capital losses without expiry	8,578	8,578
Taxable temporary difference of investments in subsidiaries that has not been recognized	$ 16,315	$ 13,477
Applicable tax rate	26.50%	26.00%

XML

Loans payable (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about borrowings [line items]
Current		$ 28,977	$ 29,378
Non-current		35,883	49,304
Total loans payable		64,860	78,682
Acquisition loan with Banco de Credito del Peru
Disclosure of detailed information about borrowings [line items]
Current	[1]	6,141	5,784
Non-current	[1]	34,236	40,036
Operating loan with Banco de Credito del Peru
Disclosure of detailed information about borrowings [line items]
Current	[2]	6,309	6,211
Non-current	[2]	0	6,238
Revolving credit facility with Banco de Credito del Peru
Disclosure of detailed information about borrowings [line items]
Current	[3]	15,000	0
Notes payable with Scotiabank and Interbank Peru
Disclosure of detailed information about borrowings [line items]
Current	[4]	0	14,750
Other credit facilities
Disclosure of detailed information about borrowings [line items]
Current	[5]	0	1,179
Loan with FIFOMI
Disclosure of detailed information about borrowings [line items]
Current	[6]	1,527	1,454
Non-current	[6]	$ 1,647	$ 3,030

[1] Corona Acquisition Loan with Banco de Credito del Peru S.A. ("BCP") On May 24, 2011, the Company's wholly owned subsidiary Dia Bras Peru entered into a loan agreement with BCP amounting to $150,000. After deducting financing costs of $3,750, the net proceeds were $146,250. The proceeds from this loan were used to fund a portion of the purchase consideration for the acquisition of the Company's 81.84% interest in Corona in Peru. The loan was repayable over 5 years ending on May 24, 2016 and carried interest at a rate of LIBOR plus 4.5% per annum, payable quarterly in arrears. On August 7, 2015, Dia Bras Peru signed an amended agreement with BCP for the then outstanding debt balance of $48,000. The most significant amendments to the agreement were:·The remaining $48M due on the facility was split into 2 tranches·Tranche 1, in the amount of $24M has quarterly principal repayments of $1.5M beginning in November 2016 and ending in August 2020·Tranche 2, in the amount of $24M has no quarterly principal repayments and to be repaid in full in August 2020·One year principal repayment grace period·Reduced Interest rate equal to 3.65% plus 3M LIBOR vs previous rate of 4.15% plus 3M LIBOR·Term of the Facility extended for 5 Years These amendments did not trigger the de-recognition rules under IAS 39 - Financial Instruments. Principal repayments totalling $6,000 have been made for the year ended December 31, 2017 (2016 - $1,500). The loan is recorded at amortized cost and is being accreted to face value over 5 years using an effective interest rate of 4.71%. An amortization expense related to the transaction costs for $217 has been recorded for the year ended December 31, 2017 (2016 - $300). Interest payments totalling $1,457 have been made for the year ended December 31, 2017 (2016 - $2,084). The loan with BCP is secured by a pledge over Dia Bras Peru's interest in Corona voting shares and is guaranteed by the Company. The Company is in compliance with all financial covenants as at December 31, 2017.

[2] Corona Operating Loan with BCP On October 17, 2013, the Company's subsidiary Corona, in which the Company has an interest of 81.84%, entered into a credit facility with the BCP for up to $60,000. The credit facility is for a 5 year term and the funds can be drawn within the first 3 years in tranches of up to $40,000 during the first year, up to $30,000 during the second year and up to $20,000 during the third year. The loan bears interest of LIBOR plus 4.5% and the loan principal and interest are payable in quarterly installments over the term of the loan with the first payment due 15 months after the closing of the credit facility. The loan is guaranteed by the collection rights and future cash flows generated from the sale of ore concentrates and other products. The loan contains certain financial covenants, events of default and other provisions which are customary for a transaction of this nature. These covenants include maintaining an equity balance at the Corona level higher than $30 million, maintaining a Debt Service Coverage ratio higher than 1.1x, and maintaining a Net Financial Debt/EBITDA ratio lower than 2.0x. The Company is in compliance with all financial covenants as at December 31, 2017. On June 29, 2016, $5,000 was drawn from this facility bearing an interest rate of three months LIBOR plus 4.5%. Principal repayments totalling $6,250 have been made for the year ended December 31, 2017 (2016 $3,750). Interest payments totalling $827 have been made for the year ended December 31, 2017 (2016 $716).

[3] DBP Credit Facility with BCP On August 9, 2017, the Company's subsidiary DBP, entered into a credit facility with the BCP for up to $15,000. The credit facility is for a 1 year term and is being used to fund short term working capital requirements. On August 9, 2017, the Company drew $8,000 from this facility at an interest rate of LIBOR plus 0.95%. On August 31, 2017, the Company drew the remaining $7,000 from this facility at an interest rate of LIBOR plus 1.05%. The credit facility will be repaid in full on the anniversary date of August 9th, while interest payments must be made quarterly. The credit facility is guaranteed by the common shares of DBP's subsidiary Sociedad Minera Corona.

[4] Corona Notes payable with Scotiabank and Interbank Peru In order to fund its short term working capital needs, Corona repaid and drew down the following notes payable: · On May 6, 2016 a $15,000 revolving credit facility with Scotiabank was obtained. The credit facility bears an interest rate of three month LIBOR plus 1.90%. · On February 8, 2017, $3,750 was drawn from a revolving credit facility from Interbank Peru, bearing interest of three month LIBOR plus 1.90%, which matured on August 7, 2017. During the year ended December 31, 2017 the Company repaid all of the notes payable amounts previously outstanding from the Scotiabank and Interbank facilities.

[5] Other credit facilities · Pre-Export Finance Facility ("the Pre-Export Finance Facility"): On March 2, 2016, Dia Bras Mexicana ("DBM") entered into a $4,000 Pre-Export Finance Facility with METAGRI S.A de C.V ("METAGRI"), to whom DBM sells all of its lead concentrate. The $4,000 facility was drawn down on March 2, 2016 and bore interest of 5.0% plus 1 year LIBOR. Repayment took place against deliveries of lead concentrate for the period of April 2016 up to and including June 2017. METAGRI deducted seven hundred dollars per dry metric ton of material from the purchase price payable to DBM in the provisional payment for each dry metric ton of the material delivered to METAGRI under the sales contract, subject to a minimum monthly deduction of two hundred and seventy thousand dollars ("the minimum monthly deduction") plus the accrued interest. If DBM failed to deliver the material during any month from April 2016 until and including June 2017, and/or the value of the material during any month is lower than the minimum monthly deduction plus the accrued interest, DBM would have repaid METAGRI the short-fall within two business days after METAGRI's written notice. The deductions were made until such time as the Pre-Export Finance Facility had been fully amortized and the interest had been fully serviced. DBM had agreed that METAGRI could set-off any final payment deferred under the sales contract against any outstanding Pre-Export Finance Facility or interest to ensure full amortization of the principal and service the interest. During the year ended December 31, 2017, DBM made repayments totaling $1,178 (2016 - $2,822).

[6] FIFOMI loan · During January 2015, the Company's Mexican Subsidiary, Dia Bras Mexicana S.A. de C.V, received a loan of MXP$120 million from Nacional Financiera, Sociedad Fiduciaria del Fideicomiso de Fomento Minero ("FIFOMI") to be used for working capital purposes and capital expenditures, specifically the expansion of the Piedras Verdes Plant. On February 2, 2015, DBM drew MXP$120 million (US$7,995). After deducting transaction costs of US$124, net proceeds were US$7,871. Monthly principal repayments have taken place over four years beginning in January 2016 at an interest rate of TIIE + 3%. Interest payments began in February 2015 and during the year ended December 31, 2017, DBM has made interest payments of $366 (MXP$6,918) (2016 $357 (MXP$6,659)). Principal payments of $1,588 (MXP$30,000) (2016 - $1,473 (MXP$27,500) have been made during the year ended December 31, 2017.

XML

Loans payable (Detail Textuals)
$ in Thousands, $ in Thousands

1 Months Ended

12 Months Ended

Aug. 09, 2017

USD ($)

Mar. 02, 2016

USD ($)

Aug. 07, 2015

USD ($)

Feb. 02, 2015

USD ($)

Jun. 29, 2016

USD ($)

Oct. 17, 2013

USD ($)

May 24, 2011

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2017

MXN ($)

Dec. 31, 2016

USD ($)

Dec. 31, 2016

MXN ($)

Aug. 31, 2017

USD ($)

Feb. 08, 2017

USD ($)

May 06, 2016

USD ($)

Feb. 02, 2015

MXN ($)

Jan. 31, 2015

MXN ($)

Disclosure of detailed information about borrowings [line items]

Current borrowings

$ 28,977

$ 29,378

Corona Acquisition Loan with Banco de Credito del Peru S.A. ("BCP")

Disclosure of detailed information about borrowings [line items]

Loan agreement amount

$ 150,000

Financing cost

3,750

Net proceeds from loan agreement

$ 146,250

Borrowing maturity

5 years

Current borrowings

6,141

5,784

Repayments of borrowings, classified as financing activities

6,000

1,500

Borrowing maturity extended

5 years

Amortized cost borrowing effective interest rate

4.71%

Amortization expense of borrowing transaction cost

217

300

Interest payment

2,141

2,084

Corona Acquisition Loan with Banco de Credito del Peru S.A. ("BCP") | Dia Bras

Disclosure of detailed information about borrowings [line items]

Current borrowings

$ 48,000

Corona Acquisition Loan with Banco de Credito del Peru S.A. ("BCP") | Dia Bras | Corona

Disclosure of detailed information about borrowings [line items]

Percentage of acquisition

81.84%

Corona Acquisition Loan with Banco de Credito del Peru S.A. ("BCP") | Tranche 1 quarterly principal repayments beginning in November 2016 Till August 2020 | Dia Bras

Disclosure of detailed information about borrowings [line items]

Current borrowings

24,000

Repayments of borrowings, classified as financing activities

1,500

Corona Acquisition Loan with Banco de Credito del Peru S.A. ("BCP") | Tranche 2 Due in Full August 2020 | Dia Bras

Disclosure of detailed information about borrowings [line items]

Current borrowings

$ 24,000

Corona Acquisition Loan with Banco de Credito del Peru S.A. ("BCP") | LIBOR interest rate

Disclosure of detailed information about borrowings [line items]

Adjustment to interest rate basis

4.50%

Interest rate

3.65%

4.15%

Description of interest rate basis

3M LIBOR

3M LIBOR

Corona Operating Loan with BCP

Disclosure of detailed information about borrowings [line items]

Current borrowings

6,309

6,211

Corona Operating Loan with BCP | Corona | Credit Facility

Disclosure of detailed information about borrowings [line items]

Loan agreement amount

$ 60,000

Percentage of acquisition

81.84%

Borrowing maturity

5 year

Adjustment to interest rate basis

4.50%

Repayments of borrowings, classified as financing activities

6,250

3,750

Interest payment

827

716

Withdrawal period

3 years

Maximum amount of withdrawal during first year

$ 40,000

Maximum amount of withdrawal during second year

30,000

Maximum amount of withdrawal during third year

$ 20,000

Borrowing first payment period due

15 months

Maximum amount of equity balance to be maintain under covenant

$ 30,000

Description of covenant condition

Debt Service Coverage ratio higher than 1.1x, and maintaining a Net Financial Debt/EBITDA ratio lower than 2.0x.

Amount of borrowing withdrawn

$ 5,000

Corona Operating Loan with BCP | LIBOR interest rate | Corona | Credit Facility

Disclosure of detailed information about borrowings [line items]

Adjustment to interest rate basis

4.50%

Description of interest rate basis

three months LIBOR

DBP Credit Facility with BCP

Disclosure of detailed information about borrowings [line items]

Current borrowings

15,000

0

DBP Credit Facility with BCP | Credit Facility

Disclosure of detailed information about borrowings [line items]

Loan agreement amount

$ 15,000

Borrowing maturity

1 year

DBP Credit Facility with BCP | LIBOR interest rate | Credit Facility

Disclosure of detailed information about borrowings [line items]

Adjustment to interest rate basis

0.95%

1.05%

Amount of borrowing withdrawn

$ 8,000

$ 7,000

Corona Notes payable with Scotiabank and Interbank Peru

Disclosure of detailed information about borrowings [line items]

Current borrowings

0

14,750

Amount of borrowing withdrawn

11

Corona Notes payable with Scotiabank and Interbank Peru | Corona | Scotiabank | Credit Facility

Disclosure of detailed information about borrowings [line items]

Loan agreement amount

$ 15,000

Corona Notes payable with Scotiabank and Interbank Peru | Corona | Interbank | Credit Facility

Disclosure of detailed information about borrowings [line items]

Loan agreement amount

$ 3,750

Corona Notes payable with Scotiabank and Interbank Peru | LIBOR interest rate | Corona | Scotiabank | Credit Facility

Disclosure of detailed information about borrowings [line items]

Adjustment to interest rate basis

1.90%

1.90%

Other credit facilities

Disclosure of detailed information about borrowings [line items]

Current borrowings

0

1,179

Other credit facilities | Dia Bras

Disclosure of detailed information about borrowings [line items]

Repayments of borrowings, classified as financing activities

1,178

2,822

Other credit facilities | Dia Bras | Pre-Export Finance Facility

Disclosure of detailed information about borrowings [line items]

Loan agreement amount

$ 4,000

Borrowing maturity

1 year

Interest rate

5.00%

Amount of borrowing withdrawn

$ 4,000

FIFOMI loan

Disclosure of detailed information about borrowings [line items]

Current borrowings

1,527

1,454

Principal payments

1,588

$ 30,000

1,473

$ 27,500

FIFOMI loan | Dia Bras

Disclosure of detailed information about borrowings [line items]

Loan agreement amount

$ 120,000

Financing cost

$ 124

Net proceeds from loan agreement

7,871

Interest payment

$ 366

$ 6,918

$ 357

$ 6,659

Amount of borrowing withdrawn

$ 7,995

$ 120,000

FIFOMI loan | TIIE

Disclosure of detailed information about borrowings [line items]

Adjustment to interest rate basis

3.00%

3.00%

Borrowing repayment term

4 years

XML

Deferred revenue (Detail Textuals) $ in Thousands	1 Months Ended				12 Months Ended
	Apr. 30, 2017 T	Mar. 31, 2017 T	Feb. 28, 2017 T	Jan. 31, 2017 T	Dec. 31, 2017 T	Dec. 31, 2016 USD ($)
Accruals And Deferred Income [Line Items]
Payment received for copper concentrate | $						$ 4,904
Trafigura Mexico S.A. de C.V. ("Trafigura")
Accruals And Deferred Income [Line Items]
Interest rate basis						LIBOR 3-month
Interest rate						3.00%
Delivery of ores | T	950	1,200	1,200	705	4,100

XML

Decommissioning liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of other provisions [abstract]
Balance	$ 13,852	$ 13,977
Liabilities settled during the period	(1,424)	(468)
Interest cost	843	343
Revisions and new estimated cash flows	0	0
Balance	13,271	13,852
Less: current portion	(1,372)	(1,910)
Long-term decommissioning liability	$ 11,899	$ 11,942

XML

Decommissioning liability (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Peru
Disclosure of other provisions [line items]
Estimated undiscounted cash flows	$ 15,203	$ 16,206
Discount rate	4.50%	4.50%
Mexico
Disclosure of other provisions [line items]
Estimated undiscounted cash flows	$ 1,021	$ 1,021
Discount rate	6.00%	6.00%
Settlement period	6 years	6 years
Minimum | Peru
Disclosure of other provisions [line items]
Settlement period	5 years	5 years
Maximum | Peru
Disclosure of other provisions [line items]
Settlement period	10 years	10 years

XML

Other liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Current
Profit-sharing and other employee related obligations	[1]	$ 8,579	$ 4,509
Non-current
Other employee related obligations		$ 1,113	$ 1,149

[1] Profit sharing and other employee related obligations

XML

Other liabilities (Detail Textuals) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Other Liabilities [Line Items]
Provision for wages, salaries and other employee benefits	$ 3,092	$ 2,153
PERU
Disclosure Of Other Liabilities [Line Items]
Provisions for employee benefits	$ 5,487	$ 2,356

XML

Share capital and share-based payments - (Details)	12 Months Ended
	Dec. 31, 2017 USD ($) Share	Dec. 31, 2016 USD ($) Share
Number of options
Outstanding, beginning of period | Share	0	7,116
Granted | Share	0	0
Exercised | Share	0	0
Forfeited | Share	0	0
Expired | Share	0	(7,116)
Outstanding, end of period | Share	0	0
Exercisable, end of period | Share	0	0
Weighted average exercise price C$
Outstanding, beginning of period | $	$ 0	$ 3.4
Granted | $	0	0
Exercised | $	0	0
Forfeited | $	0	0
Expired | $	0	3.4
Outstanding, end of period | $	0	0
Exercisable, end of period | $	$ 0	$ 0

XML

Share capital and share-based payments - (Details 1) - RSU - Share	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding, beginning of period	1,771,877	874,788
Granted	1,126,254	1,278,753
Exercised	(739,471)	(327,053)
Forfeited	(842,346)	(54,611)
Outstanding, end of period	1,316,314	1,771,877

XML

Share capital and share-based payments - (Detail Textuals) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) Share	Dec. 31, 2017 CAD ($) Share	Dec. 31, 2016 USD ($) Share	Dec. 31, 2016 CAD ($) Share	Jun. 29, 2012 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense	$ (1,198)		$ (819)
RSU
Disclosure of terms and conditions of share-based payment arrangement [line items]
Current maximum number of common shares authorized | shares					8,000,000
Number of RSU's granted under tranche one | Share	1,126,254	1,126,254	1,278,753	1,278,753
Fair value of RSU's granted under tranche one		$ 3.67
Weighted average fair value of RSUs exercised under tranche one		3.49		$ 1.51
Weighted average fair value of RSUs expired under tranche one		2.43		1.52
Weighted average fair value of RSUs outstanding under tranche one		$ 2.45		$ 1.16
Share-based compensation expense	$ 1,198		$ 819

XML

Non-controlling interest -Summarized balance sheet - (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current
Assets	$ 73,903	$ 82,462
Liabilities	(80,687)	(72,886)
Non-current
Assets	266,698	285,930
Corona
Current
Assets	67,867	62,731
Liabilities	(39,466)	(42,147)
Total current net assets	28,401	20,584
Non-current
Assets	155,259	180,196
Liabilities	(39,404)	(58,801)
Total non-current net assets	115,855	121,395
Net assets	$ 144,256	$ 141,979

XML

Non-controlling interest - Summarized income statement - (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of subsidiaries [line items]
Revenue	$ 205,118	$ 143,180
Income before income tax	9,488	(6,964)
Income tax expense	(10,348)	(5,757)
Total income (loss)	(860)	(12,721)
Total income (loss) attributable to non-controlling interests	3,785	(456)
Corona
Disclosure of subsidiaries [line items]
Revenue	154,153	97,290
Income before income tax	30,855	1,400
Income tax expense	(10,014)	(3,913)
Total income (loss)	20,841	(2,513)
Total income (loss) attributable to non-controlling interests	3,785	(456)
Dividends paid to non-controlling interests	$ 3,372	$ 495

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Non-controlling interest - Summarized cash flows - (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net changes in non cash working capital items	$ 7,899	$ 1,523
Net cash generated from operating activities	54,469	43,640
Net cash used in investing activities	(51,607)	(25,352)
Net cash from (used in) financing activities	(21,091)	(964)
Effect of foreign exchange rate changes on cash and cash equivalents	(38)	(281)
Increase (decrease) in cash and cash equivalents	(18,267)	17,043
Cash and cash equivalents, beginning of year	42,145	25,102
Cash and cash equivalents, end of year	23,878	42,145
Corona
Cash flows from operating activities
Cash generated from operating activities	76,269	34,902
Net changes in non cash working capital items	(3,968)	(5,885)
Decomissioning liabilities settled	(1,423)	(331)
Income taxes paid	(15,994)	(3,562)
Net cash generated from operating activities	54,884	25,124
Net cash used in investing activities	(18,740)	(11,587)
Net cash from (used in) financing activities	(53,126)	1,516
Effect of foreign exchange rate changes on cash and cash equivalents	13	4
Increase (decrease) in cash and cash equivalents	(16,969)	15,057
Cash and cash equivalents, beginning of year	36,877	21,820
Cash and cash equivalents, end of year	$ 19,908	$ 36,877

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Expenses by nature (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Expenses by nature [abstract]
Employee compensation and benefits	$ 23,046	$ 17,857
Third party and contractors costs	43,041	36,473
Depreciation	58,175	44,568
Consumables	27,659	25,999
Changes in inventory and other	7,233	1,503
Total Mining costs	$ 159,154	$ 126,400

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Expenses by nature (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Expenses by nature [abstract]
Salaries and benefits	$ 6,405	$ 6,851
Consulting and professional fees	6,583	3,043
Other	1,581	368
Office expenses	1,604	1,384
Marketing and communication expenses	925	478
Share-based compensation expense	1,162	807
Listing and filing fees	390	199
Director expenses	1,168	1,446
Travelling expense	521	293
Total General and administrative expenses	$ 20,339	$ 14,869

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Other income (expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Other Income Expenses [Abstract]
Gain on sale of supplies and fixed assets	$ 58	$ 59
Interest income	36	89
Reversal of legal accrual	0	704
Miscellaneous income (expenses)	724	722
Total Other income (expenses)	$ 818	$ 1,574

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Interest expense and other finance costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Interest Expense And Other Finance Costs [Abstract]
Interest expense on BCP loan	$ 2,370	$ 2,084
Interest expense on other liabilities	4	920
Amortization of loan transaction costs	46	329
Interest cost on decommissioning liability	843	343
Interest expense and other finance costs	$ 3,263	$ 3,676

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Segment reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of operating segments [line items]
Revenue	$ 205,118	$ 143,180
Production cost of sales	(100,979)	(81,832)
Depletion of mineral property	(35,301)	(28,562)
Depreciation and amortization of property, plant and equipment	(22,874)	(16,006)
Cost of sales	(159,154)	(126,400)
Gross profit (loss) from mining operations	45,964	16,780
Income (loss) from operations	18,082	(6,157)
Loss on spin out of Plexmar net assets	(4,412)
Interest expense and other finance costs	(3,263)	(3,676)
Other income (expense)	818	1,574
Foreign currency exchange gain (loss)	(1,737)	1,295
Profit (loss) before tax	9,488	(6,964)
Income tax expense	(10,348)	(5,757)
Net income (loss) from operations	(860)	(12,721)
Total assets	340,601	364,812
Non-current assets	266,698	285,930
Total liabilities	159,923	178,850
Operating segment | PERU
Disclosure of operating segments [line items]
Total assets	205,233	238,181
Non-current assets	155,401	180,260
Total liabilities	134,323	142,981
Operating segment | MEXICO
Disclosure of operating segments [line items]
Total assets	132,826	117,402
Non-current assets	111,212	97,329
Total liabilities	24,086	33,170
Operating segment | CANADA
Disclosure of operating segments [line items]
Total assets	2,542	9,229
Non-current assets	85	8,341
Total liabilities	1,514	2,699
Operating segment | Yauricocha Mine | PERU
Disclosure of operating segments [line items]
Revenue	154,153	97,290
Production cost of sales	(67,542)	(53,705)
Depletion of mineral property	(31,448)	(24,384)
Depreciation and amortization of property, plant and equipment	(12,783)	(7,812)
Cost of sales	(111,773)	(85,901)
Gross profit (loss) from mining operations	42,380	11,389
Income (loss) from operations	29,428	1,149
Loss on spin out of Plexmar net assets	0
Interest expense and other finance costs	(2,801)	(3,093)
Other income (expense)	1,156	919
Foreign currency exchange gain (loss)	222	(312)
Profit (loss) before tax	28,005	(1,337)
Income tax expense	(10,047)	(3,913)
Net income (loss) from operations	17,958	(5,250)
Operating segment | Bolivar Mine | MEXICO
Disclosure of operating segments [line items]
Revenue	44,949	33,267
Production cost of sales	(27,418)	(23,064)
Depletion of mineral property	(3,163)	(3,426)
Depreciation and amortization of property, plant and equipment	(8,275)	(6,719)
Cost of sales	(38,856)	(33,209)
Gross profit (loss) from mining operations	6,093	58
Income (loss) from operations	(1,328)	(7,125)
Loss on spin out of Plexmar net assets	0
Interest expense and other finance costs	0	(335)
Other income (expense)	(910)	540
Foreign currency exchange gain (loss)	(723)	1,578
Profit (loss) before tax	(2,961)	(5,342)
Income tax expense	(269)	(1,511)
Net income (loss) from operations	(3,230)	(6,853)
Operating segment | Cusi Mine | MEXICO
Disclosure of operating segments [line items]
Revenue	6,016	12,623
Production cost of sales	(6,019)	(5,063)
Depletion of mineral property	(690)	(752)
Depreciation and amortization of property, plant and equipment	(1,816)	(1,475)
Cost of sales	(8,525)	(7,290)
Gross profit (loss) from mining operations	(2,509)	5,333
Income (loss) from operations	(3,818)	3,757
Loss on spin out of Plexmar net assets	0
Interest expense and other finance costs	(462)	(583)
Other income (expense)	(153)	119
Foreign currency exchange gain (loss)	(128)	346
Profit (loss) before tax	(4,561)	3,639
Income tax expense	(32)	(333)
Net income (loss) from operations	(4,593)	3,306
Corporate | CANADA
Disclosure of operating segments [line items]
Revenue	0	0
Production cost of sales	0	0
Depletion of mineral property	0	0
Depreciation and amortization of property, plant and equipment	0	0
Cost of sales	0	0
Gross profit (loss) from mining operations	0	0
Income (loss) from operations	(6,200)	(3,938)
Loss on spin out of Plexmar net assets	(4,412)
Interest expense and other finance costs	0	335
Other income (expense)	725	(4)
Foreign currency exchange gain (loss)	(1,108)	(317)
Profit (loss) before tax	(10,995)	(3,924)
Income tax expense	0	0
Net income (loss) from operations	$ (10,995)	$ (3,924)

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Segment reporting (Detail Textuals) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Disclosure of operating segments [line items]
Revenue		$ 205,118	$ 143,180
Trade receivables	[1]	20,613	12,840
Two Customers | PERU
Disclosure of operating segments [line items]
Revenue		$ 154,153	$ 97,290
Percentage of revenue		75.00%	68.00%
Information about major customers		2	2
Trade receivables		$ 15,997
Two Customers | MEXICO
Disclosure of operating segments [line items]
Revenue		$ 50,965	$ 45,890
Percentage of revenue		25.00%	32.00%
Information about major customers		2	2
Trade receivables		$ 4,616
First Customer | PERU
Disclosure of operating segments [line items]
Percentage of revenue		73.00%	65.00%
First Customer | MEXICO
Disclosure of operating segments [line items]
Percentage of revenue		88.00%	73.00%
Second Customer | PERU
Disclosure of operating segments [line items]
Percentage of revenue		27.00%	35.00%
Second Customer | MEXICO
Disclosure of operating segments [line items]
Percentage of revenue		12.00%	27.00%

[1] Trade receivables exclude sales and income tax receivables.

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Financial instruments and financial risk management (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 23,878	$ 42,145	$ 25,102
Trade receivables	[1]	20,613	12,840
Total Financial assets		44,491	54,985
LIABILITIES
Accounts payable		19,004	18,428
Loans payable		64,860	78,682
Total Financial liabilities		83,864	97,110
Loans and receivables
ASSETS
Cash and cash equivalents		23,878	42,145
Trade receivables	[1]	20,613	12,840
Total Financial assets		20,613	12,840
LIABILITIES
Accounts payable		0	0
Loans payable		0	0
Total Financial liabilities		0	0
FVTPL
ASSETS
Cash and cash equivalents		0	0
Trade receivables	[1]	0	0
Total Financial assets		0	0
LIABILITIES
Accounts payable		0	0
Loans payable		0	0
Total Financial liabilities		0	0
Available for sale
ASSETS
Cash and cash equivalents		0	0
Trade receivables	[1]	0	0
Total Financial assets		0	0
LIABILITIES
Accounts payable		0	0
Loans payable		0	0
Total Financial liabilities		0	0
Other financial liabilities
ASSETS
Cash and cash equivalents		0	0
Trade receivables	[1]	0	0
Total Financial assets		0	0
LIABILITIES
Accounts payable		19,004	18,428
Loans payable		64,860	78,682
Total Financial liabilities		$ 83,864	$ 97,110

[1] Trade receivables exclude sales and income tax receivables.

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Financial instruments and financial risk management (Details 1) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Disclosure of fair value measurement of assets [line items]
Trade receivables	[1]	$ 20,613	$ 12,840
Level 1
Disclosure of fair value measurement of assets [line items]
Trade receivables		0	0
Level 2
Disclosure of fair value measurement of assets [line items]
Trade receivables		20,613	12,840
Level 3
Disclosure of fair value measurement of assets [line items]
Trade receivables		0	0
Trade receivables | Level 1
Disclosure of fair value measurement of assets [line items]
Trade receivables	[1]	0	0
Trade receivables | Level 2
Disclosure of fair value measurement of assets [line items]
Trade receivables	[1]	20,613	12,840
Trade receivables | Level 3
Disclosure of fair value measurement of assets [line items]
Trade receivables	[1]	$ 0	$ 0

[1] Trade receivables exclude sales and income tax receivables.

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Financial instruments and financial risk management (Details 2) S/ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2017 USD ($)	Dec. 31, 2017 CAD ($)	Dec. 31, 2017 MXN ($)	Dec. 31, 2017 PEN (S/)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CAD ($)	Dec. 31, 2016 MXN ($)	Dec. 31, 2016 PEN (S/)	Dec. 31, 2015 USD ($)
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	$ 23,878				$ 42,145				$ 25,102
Trade and other receivables	27,876				17,854
Currency Risk
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	933	$ 132	$ 167	S/ 634	2,168	$ 244	$ 67	S/ 1,857
Trade and other receivables	10,694	158	9,618	918	9,801	411	8,933	457
Assets subject to currency risk	11,627	290	9,785	1,552	11,969	655	9,000	2,314
Accounts payable and other liabilities	(53,973)	(1,461)	(30,674)	(21,838)	(37,859)	(1,086)	(24,234)	(12,539)
Total	$ (42,346)	$ (1,171)	$ (20,889)	S/ (20,286)	$ (25,890)	$ (431)	$ (15,234)	S/ (10,225)

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Financial instruments and financial risk management (Details 3) - Commodity price risk - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Sales revenue from silver
Disclosure of detailed information about financial instruments [line items]
10% decrease in commodity prices	$ (27)	$ (32)
Sales revenue from copper
Disclosure of detailed information about financial instruments [line items]
10% decrease in commodity prices	(456)	(213)
Sales revenue from lead
Disclosure of detailed information about financial instruments [line items]
10% decrease in commodity prices	(1)	(1)
Sales revenue from gold
Disclosure of detailed information about financial instruments [line items]
10% decrease in commodity prices	$ (87)	$ (84)

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Financial instruments and financial risk management (Details 4) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Accounts payable and accrued liabilities	$ 32,319	$ 29,828
Loans payable	64,860	$ 78,682
Interest on loans payable	777
Other liabilities	9,692
Total Commitments	107,648
Liquidity risk
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Accounts payable and accrued liabilities	32,319
Loans payable	64,720
Interest on loans payable	654
Other liabilities	9,692
Total Commitments	107,385
Liquidity risk | Within 1 year
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Accounts payable and accrued liabilities	32,319
Loans payable	28,770
Interest on loans payable	207
Other liabilities	8,579
Total Commitments	69,875
Liquidity risk | 1-2 Years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Accounts payable and accrued liabilities	0
Loans payable	7,520
Interest on loans payable	197
Other liabilities	1,113
Total Commitments	8,830
Liquidity risk | 2-5 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Accounts payable and accrued liabilities	0
Loans payable	28,430
Interest on loans payable	250
Other liabilities	0
Total Commitments	28,680
Liquidity risk | After 5 years
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Accounts payable and accrued liabilities	0
Loans payable	0
Interest on loans payable	0
Other liabilities	0
Total Commitments	$ 0

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Financial instruments and financial risk management (Details 5) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of risk management strategy related to hedge accounting [line items]
Cash and cash equivalents		$ 23,878	$ 42,145	$ 25,102
Trade receivables	[1]	20,613	12,840
Total Financial assets		44,491	54,985
Credit risk
Disclosure of risk management strategy related to hedge accounting [line items]
Cash and cash equivalents		23,878	42,145
Trade receivables		20,613	12,840
Total Financial assets		$ 44,491	$ 54,985

[1] Trade receivables exclude sales and income tax receivables.

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Financial instruments and financial risk management (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about financial instruments [abstract]
Percentage of appreciation in Canadian dollar exchange rate against US dollar	10.00%	10.00%
Percentage of appreciation in US dollar exchange rate against Peruvian Nuevo Soles and Mexican Peso	10.00%	10.00%
Net loss	$ 4,118	$ 2,500

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Financial instruments and financial risk management (Detail Textuals 1) - Interest rate risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Peru
Disclosure of detailed information about financial instruments [line items]
Weighted average interest rate for loans and notes payable	4.31%	4.47%
Variable in Interest rate	1.00%	1.00%
Increase (Decrease) in Net Loss	$ 541	$ 635
Mexico
Disclosure of detailed information about financial instruments [line items]
Weighted average interest rate for loans and notes payable	5.74%	5.83%
Variable in Interest rate	1.00%	1.00%
Increase (Decrease) in Net Loss	$ 60	$ 65

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Capital management (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of objectives, policies and processes for managing capital [abstract]
Equity attributable to owners of the Company	$ 154,571	$ 160,268
Loans payable	64,860	78,682
Capital including cash and cash equivalents	219,431	238,950
Less: Cash and cash equivalents	(23,878)	(42,145)	$ (25,102)
Capital	$ 195,553	$ 196,805

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Related party transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Related party transactions [abstract]
Salaries and other short term employment benefits	$ 2,968	$ 3,847
Share-based payments	2,753	897
Total compensation	$ 5,720	$ 4,744

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Related party transactions (Details 1) - Key management personnel of entity or parent [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of transactions between related parties [line items]
Consulting fees	$ 200	$ 200
Accounts payable and accrued liabilities
Accounts receivable		$ 284

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Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Supplemental Cash Flow Information [Abstract]
Trade and other receivables	$ (10,022)	$ (3,134)
Financial and other assets	(427)	209
Income tax receivable	61	1,050
Inventories	(1,624)	(4,874)
Accounts payable and accrued liabilities	5,116	4,164
Income taxes payable	(339)	(115)
Other liabilities	(594)	1,177
Total	$ 7,899	$ 1,523

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Contingencies (Details Textual) - Polo y Ron Minerals, S.A. de C.V. - Legal proceedings contingent liability $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) Concession
Disclosure of contingent liabilities [line items]
Number of mining concessions | Concession	17
Amount recognised as expenses from arrangement involving legal matter | $	$ 422,674

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Distribution of Cautivo Mining Inc. Shares (Detail Textuals) $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 29, 2017 $ / shares	Jul. 26, 2017 shares	Dec. 31, 2017 USD ($)
Disclosure Of Spin Off Transaction [Line Items]
Loss on spin out of Plexmar net assets | $			$ (4,412)
Distribution of capital of Plexmar net assets | $			$ 2,700
Cautivo Mining Inc | Spinoff
Disclosure Of Spin Off Transaction [Line Items]
Number of Cautivo shares as distribution to holders of Sierra | shares		3,253,588
Percentage of ownership interest by parent		10.00%
Reduced percentage of ownership interest by parent
Number of rights received pursuant to the Rights Offering | shares		11,904,761
Number of rights received for every Sierra common share held		3.6589638
Share price of subscribed common share for every whole right held | $ / shares	$ 0.84