Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments, future settlement

At March 31, 2024, the Company had the following derivative cash flow hedge instruments that settle as follows:


In thousands except average prices and notional ounces	2024		2025 and Thereafter
Gold forwards
Average gold fixed price per ounce	$	2,100	$	—
Notional ounces	49,950		—
Silver forwards
Average silver fixed price per ounce	$	26.00	$	—
Notional ounces	1,800,000		—

At March 31, 2024, the Company had the following derivative instruments that settle as follows:


In thousands except average prices and notional ounces	2024		2025 and Thereafter
Provisional gold sales contracts	$	24,885	$	—
Average gold price per ounce	$	2,112	$	—
Notional ounces	11,781		—

Fair value of the derivative instruments

The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:


	March 31, 2024
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	—	$	—	$	7,994
Silver forwards	$	1,847	$	—	$	—


	December 31, 2023
In thousands	Prepaid expenses and other		Other assets		Accrued liabilities and other
Gold forwards	$	—	$	—	$	1,981
Silver forwards	$	3,312	$	—	$	—

The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months ended March 31, 2024, and 2023, respectively (in thousands).


	Three Months Ended March 31,
		2024		2023
Amount of Gain (Loss) Recognized in AOCI
Gold forwards		$	(6,992)	$	(13,984)
Silver forwards		(633)		1,056


		$	(7,625)	$	(12,928)

Amount of (Gain) Loss Reclassified from AOCI to Earnings
Gold forwards		$	979	$	(2,261)
Silver forwards		(832)		(1,873)


		$	147	$	(4,134)

The following summarizes the classification of the fair value of the derivative instruments:


	March 31, 2024
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	809	$	—


	December 31, 2023
In thousands	Prepaid expenses and other		Accrued liabilities and other
Provisional metal sales contracts	$	318	$	—

Gain losses on derivative instruments

The following represent mark-to-market gains (losses) on derivative instruments in the three months ended March 31, 2024, and 2023, respectively (in thousands):


		Three Months Ended March 31,
Financial statement line	Derivative		2024		2023
Revenue	Provisional metal sales contracts		$	490	$	(249)


			$	490	$	(249)

Credit Risk

The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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