Zinc Zero Cost Collar

6 Months Ended

Jun. 30, 2022

Zinc Zero Cost Collar

Zinc Zero Cost Collar

17. Zinc Zero Cost Collar

During the three and six months ended June 30, 2022 and 2021, the realized and unrealized losses related to the Company’s Zinc Zero Cost Collar are the following:

	For the three months ended June 30,				For the six months ended June 30,
	2022		2021		2022		2021
	(in thousands)				(in thousands)
Realized loss on zinc zero cost collar	$	829	$	-	$	2,457	$	-
Unrealized gain on zinc zero cost collar (1)		(4,628)		-		(2,119)		-
Total	$	(3,799)	$	-	$	338	$	-

(1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions.

On May 18, 2021, the Company entered into a Trading Agreement with Auramet International LLC that governs nonexchange traded, over-the-counter, spot, forward and option transactions on both a deliverable and non-deliverable basis involving various metals and currencies. Please see Note 14 - Derivatives and Note 17 - Zinc Zero Cost Collar for additional information. As of June 30, 2022, the zinc zero cost collar was in an asset position ($0.3 million), while in prior periods we had a liability related to the program.