Financial Instruments and Risk Management (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Disclosure of detailed information about financial instruments [abstract] |
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| Disclosure of fair value measurement of assets |
| | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | December 31, 2023 | | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | | Financial assets (liabilities) | | | | | | | | Fair value through profit or loss | | | | | | | Gold options not designated as hedging instruments1 | — | | — | | — | | — | | (0.8) | | — | | Gold forwards acquired from Argonaut not designated as hedging instruments 1 | — | | (140.0) | | — | | — | | — | | — | | | Share purchase warrants | — | | — | | — | | — | | (0.4) | | — | | | Fair value through OCI | | | | | | | | Equity securities | 24.0 | | — | | — | | 13.0 | | — | | — | | Currency derivatives designated as hedging instruments1 | — | | (9.0) | | — | | — | | 6.6 | | — | | Fuel derivatives designated as hedging instruments1 | — | | (0.1) | | — | | — | | (0.2) | | — | | | $24.0 | | ($149.1) | | $— | | $13.0 | | $5.2 | | $— | |
1. On a gross basis, total derivatives recognized as at December 31, 2024 consist of total assets of nil, and total liabilities of $149.1 million ($9.1 million and $140.0 million classified as current and non-current liabilities, respectively) included in consolidated statements of financial position (December 31, 2023 - total assets of $6.6 million and total liabilities of $1.0 million). Fair Value Methodology
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| Disclosure of fair value measurement of liabilities |
| | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | December 31, 2023 | | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | | Financial assets (liabilities) | | | | | | | | Fair value through profit or loss | | | | | | | Gold options not designated as hedging instruments1 | — | | — | | — | | — | | (0.8) | | — | | Gold forwards acquired from Argonaut not designated as hedging instruments 1 | — | | (140.0) | | — | | — | | — | | — | | | Share purchase warrants | — | | — | | — | | — | | (0.4) | | — | | | Fair value through OCI | | | | | | | | Equity securities | 24.0 | | — | | — | | 13.0 | | — | | — | | Currency derivatives designated as hedging instruments1 | — | | (9.0) | | — | | — | | 6.6 | | — | | Fuel derivatives designated as hedging instruments1 | — | | (0.1) | | — | | — | | (0.2) | | — | | | $24.0 | | ($149.1) | | $— | | $13.0 | | $5.2 | | $— | |
1. On a gross basis, total derivatives recognized as at December 31, 2024 consist of total assets of nil, and total liabilities of $149.1 million ($9.1 million and $140.0 million classified as current and non-current liabilities, respectively) included in consolidated statements of financial position (December 31, 2023 - total assets of $6.6 million and total liabilities of $1.0 million). Fair Value Methodology
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| Disclosure of information about credit exposures designated as measured at fair value through profit or loss |
The effective portion of the changes in fair value of the currency option and forward contracts for the years ended December 31, 2024 and 2023 recorded in accumulated other comprehensive loss is: | | | | | | | | | | | | December 31, 2024 | December 31, 2023 | | Balance, beginning of the period | $6.4 | | ($1.9) | | | Change in value on currency instruments | (15.5) | | 18.1 | | | Add: realized loss on CAD currency instruments | 0.8 | | 1.0 | | | Less: realized gain on MXN currency instruments | (0.9) | | (8.1) | | | Deferred income tax related to hedging instrument | 3.9 | | (2.7) | | | ($5.3) | | $6.4 | |
The effective portion of the changes in fair value of the fuel option contracts for the years ended December 31, 2024 and 2023 recorded in accumulated other comprehensive loss is: | | | | | | | | | | | | | | December 31, 2024 | December 31, 2023 | | | | | | | Balance, beginning of the period | | | ($0.1) | | $0.1 | | | Change in value on fuel contracts | | | (0.1) | | (0.2) | | | Add: realized loss on fuel contracts | | | 0.1 | | — | | | Deferred income tax related to fuel contracts | | | (0.1) | | — | | | | | ($0.2) | | ($0.1) | |
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| Schedule of Contracts Settled on Monthly Basis |
The open contracts, which settle on a monthly basis, are summarized as at December 31, 2024: Canadian dollar contracts:
| | | | | | | | | | | | | | | | Period Covered | Contract type | Contracts
(CAD$ Millions) | Average minimum rate (USD/CAD) | Average maximum
rate (USD/CAD) | | | | | | | 2025 | Forwards | 24.0 | 1.41 | — | | 2025 | Collars | 603.0 | 1.35 | 1.42 | | | | | | | | | | |
Mexican Peso contracts: | | | | | | | | | | | | | | | | | Period Covered | Contract type | Contracts
(MXN Millions) | Average minimum rate (MXN/USD) | Average maximum
rate (MXN/USD) | | | 2025 | Collars | 1,260.0 | 19.04 | 22.58 | | | | | | | | | | | | | | | | | | | |
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| Schedule of Foreign Currency Exchange Rate Risk |
| | | | | | | | | | December 31, 2024 | December 31, 2023 | | Impact of a 10% change in foreign exchange rates | | | | Canadian dollar | $14.5 | | $10.0 | | | Mexican peso | 5.3 | | 1.3 | |
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| Disclosure of credit risk exposure |
The currencies of the Company's financial instruments and other foreign currency denominated assets and liabilities based on notional amounts, denominated in U.S dollar equivalents were as follows: | | | | | | | | | | | | | | | | Canadian Dollars | Mexican Peso | | December 31,
2024 | December 31,
2023 | December 31,
2024 | December 31,
2023 | | | | | | | Cash and cash equivalents | $18.9 | | $25.0 | | $11.8 | | $12.4 | | | Equity securities | 24.0 | | 13.0 | | — | | — | | | Amounts receivable | 35.9 | | 14.9 | | 10.1 | | 38.6 | | | Other monetary net liabilities | (66.8) | | (16.8) | | (6.6) | | (6.6) | | | Accounts payable and accrued liabilities | (153.6) | | (124.1) | | (17.7) | | (16.4) | | | Income taxes payable | (3.2) | | (0.1) | | (45.6) | | (40.2) | | | Total exposure to currency risk | (144.8) | | (88.1) | | (48.0) | | (12.2) | | | | | | |
The Company's maximum exposure to credit risk is as follows: | | | | | | | | | | December 31, 2024 | December 31, 2023 | | Cash and cash equivalents | $327.2 | | $224.8 | | | Derivative assets | — | | 6.6 | | | Other receivables | 4.2 | | 11.2 | | | Total financial instrument exposure to credit risk | $331.4 | | $242.6 | |
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| Schedule of Maturities of Debt |
The following table shows the maturities of contractual and other commitments. The amount presented represents the future undiscounted principal and interest cash flows therefore do not equate to the carrying amounts on the consolidated statements of financial position. | | | | | | | | | | | | | | | | | | | Less than 1 year | 2 - 3 years | 4 - 5 years | More than 5 years | Total | | Leases | 17.2 | | 19.7 | | 2.7 | | — | | 39.6 | | | Debt | — | | — | | 250.0 | | — | | 250.0 | | | Accounts payable and accrued liabilities | 233.0 | | — | | — | | — | | 233.0 | | | Decommissioning liabilities | 6.5 | | 36.6 | | 58.7 | | 92.0 | | 193.8 | | | Capital commitments | 131.1 | | 6.0 | | — | | — | | 137.1 | | | $387.8 | | $62.3 | | $311.4 | | $92.0 | | $853.5 | |
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