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Financial Instruments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Of Financial Assets and Liabilities [Abstract]  
Carrying Amount of Financial Assets
The carrying amounts of the Company’s financial assets and financial liabilities by category are as follows:
At December 31, 2023
Amortized costFVTPLFVOCITotal
Financial assets
Cash and cash equivalents$191,995 $— $— $191,995 
Marketable securities— 683 91,983 92,666 
Trade receivables9,916 — — 9,916 
Derivative assets(1)
— 18,196 — 18,196 
Restricted cash(2)
17,463 — — 17,463 
Other financial assets(3)
16,164 25,200 — 41,364 
Total financial assets$235,538 $44,079 $91,983 $371,600 
Financial liabilities
Trade payables and accrued liabilities$230,689 $— $— $230,689 
Loans and borrowings924,980 — — 924,980 
Derivative liabilities(1)
— 19,911 — 19,911 
Lease liabilities(4)
46,728 — — 46,728 
Other financial liabilities(5)
36,716 — — 36,716 
Total financial liabilities$1,239,113 $19,911 $— $1,259,024 
At December 31, 2022
Financial assets
Cash and cash equivalents$200,769 $— $— $200,769 
Marketable securities— 984 35,883 36,867 
Trade receivables8,180 — — 8,180 
Derivative assets(1)
— 36,743 — 36,743 
Restricted cash(2)
16,452 — — 16,452 
Other financial assets(3)
39,051 — 2,294 41,345 
Total financial assets$264,452 $37,727 $38,177 $340,356 
Financial liabilities
Trade payables and accrued liabilities$226,028 $— $— $226,028 
Loans and borrowings828,024 — — 828,024 
Derivative liabilities(1)
— 10,705 — 10,705 
Lease liabilities(4)
35,500 — — 35,500 
Other financial liabilities(5)
13,853 — — 13,853 
Total financial liabilities$1,103,405 $10,705 $— $1,114,110 
(1)     Includes current and non-current derivatives (note 16).
(2)    Includes current and non-current restricted cash. At December 31, 2023, the Company had $2.1 million (2022 – $1.9 million) of current restricted cash included in prepaid expenses and other current assets.
(3)    Other financial assets at December 31, 2023 include other current and non-current receivables (2022 – current and non-current receivables from asset sales and other receivables (notes 7 and 11). Other financial assets measured at FVTPL at December 31, 2023 relate to the Bear Creek Convertible Note (note 11(a)). Other financial assets measured at FVOCI at December 31, 2022 relate to the investment in PGI (note 11(b)).
(4)    Includes current and non-current lease liabilities (note 18(b)).
(5)    Other financial liabilities include the Equipment Facility (note 17(a)).
The fair values of the Company’s financial assets and financial liabilities that are measured at fair value in the statement of financial position and the levels in the fair value hierarchy into which the inputs to the valuation techniques used to measure the fair values are categorized are as follows:
At December 31, 2023
Level 1(3)
Level 2(4)
Level 3(5)
Total
Marketable securities$92,666 $— $— $92,666 
Derivative assets(1)
— 18,196 — 18,196 
Other financial assets(2)
— 25,200 — 25,200 
Derivative liabilities(1)
— (4,212)(15,699)(19,911)
Net financial assets (liabilities)$92,666 $39,184 $(15,699)$116,151 
At December 31, 2022
Marketable securities$36,867 $— $— $36,867 
Derivative assets(1)
— 36,743 — 36,743 
Other financial assets(2)
— — 2,294 2,294 
Derivative liabilities(1)
— (2,425)(8,280)(10,705)
Net financial assets (liabilities)$36,867 $34,318 $(5,986)$65,199 
(1)Includes current and non-current derivatives (note 16).
(2)Other financial assets measured at fair value at December 31, 2023 relate to the Bear Creek Convertible Note (note 11(a)). Other financial assets measured at fair value at December 31, 2022 relate to the investment in PGI (note 11(b)).
(3)The fair values of marketable securities are based on the quoted market price of the underlying securities.
(4)The fair values of derivative assets and certain derivative liabilities are measured using Level 2 inputs. The fair values of the Company’s foreign currency contracts are based on forward foreign exchange rates and the fair values of the Company’s gold contracts are based on forward metal prices. The fair values of the Company’s investments in warrants and share purchase warrant liability at December 31, 2022 were determined using the Black-Scholes option pricing model that uses a combination of quoted market prices and market-derived inputs such as expected volatility.
The fair value of the Bear Creek Convertible Note is determined using FINCAD’s convertible debt valuation model based on the contractual terms of the Bear Creek Convertible Note and market-derived inputs including Bear Creek’s share price and share price volatility, and a market interest rate that reflects the risks associated with the financial instrument.
(5)The fair value of the Company’s power purchase agreement derivative liability at Santa Luz is calculated as the net present value of the expected future cash flows based on contractual and projected future energy prices discounted using a market interest rate that reflects the risks associated with the liability.
The fair value of the contingent consideration derivative liability relating to Greenstone is calculated as the present value of projected future cash flows using a market-interest rate that reflects the risk associated with the delivery of the contingent consideration. The projected cash flows are affected by assumptions related to the achievement of production milestones.
Carrying Amount of Financial Liabilities
The carrying amounts of the Company’s financial assets and financial liabilities by category are as follows:
At December 31, 2023
Amortized costFVTPLFVOCITotal
Financial assets
Cash and cash equivalents$191,995 $— $— $191,995 
Marketable securities— 683 91,983 92,666 
Trade receivables9,916 — — 9,916 
Derivative assets(1)
— 18,196 — 18,196 
Restricted cash(2)
17,463 — — 17,463 
Other financial assets(3)
16,164 25,200 — 41,364 
Total financial assets$235,538 $44,079 $91,983 $371,600 
Financial liabilities
Trade payables and accrued liabilities$230,689 $— $— $230,689 
Loans and borrowings924,980 — — 924,980 
Derivative liabilities(1)
— 19,911 — 19,911 
Lease liabilities(4)
46,728 — — 46,728 
Other financial liabilities(5)
36,716 — — 36,716 
Total financial liabilities$1,239,113 $19,911 $— $1,259,024 
At December 31, 2022
Financial assets
Cash and cash equivalents$200,769 $— $— $200,769 
Marketable securities— 984 35,883 36,867 
Trade receivables8,180 — — 8,180 
Derivative assets(1)
— 36,743 — 36,743 
Restricted cash(2)
16,452 — — 16,452 
Other financial assets(3)
39,051 — 2,294 41,345 
Total financial assets$264,452 $37,727 $38,177 $340,356 
Financial liabilities
Trade payables and accrued liabilities$226,028 $— $— $226,028 
Loans and borrowings828,024 — — 828,024 
Derivative liabilities(1)
— 10,705 — 10,705 
Lease liabilities(4)
35,500 — — 35,500 
Other financial liabilities(5)
13,853 — — 13,853 
Total financial liabilities$1,103,405 $10,705 $— $1,114,110 
(1)     Includes current and non-current derivatives (note 16).
(2)    Includes current and non-current restricted cash. At December 31, 2023, the Company had $2.1 million (2022 – $1.9 million) of current restricted cash included in prepaid expenses and other current assets.
(3)    Other financial assets at December 31, 2023 include other current and non-current receivables (2022 – current and non-current receivables from asset sales and other receivables (notes 7 and 11). Other financial assets measured at FVTPL at December 31, 2023 relate to the Bear Creek Convertible Note (note 11(a)). Other financial assets measured at FVOCI at December 31, 2022 relate to the investment in PGI (note 11(b)).
(4)    Includes current and non-current lease liabilities (note 18(b)).
(5)    Other financial liabilities include the Equipment Facility (note 17(a)).
The fair values of the Company’s financial assets and financial liabilities that are measured at fair value in the statement of financial position and the levels in the fair value hierarchy into which the inputs to the valuation techniques used to measure the fair values are categorized are as follows:
At December 31, 2023
Level 1(3)
Level 2(4)
Level 3(5)
Total
Marketable securities$92,666 $— $— $92,666 
Derivative assets(1)
— 18,196 — 18,196 
Other financial assets(2)
— 25,200 — 25,200 
Derivative liabilities(1)
— (4,212)(15,699)(19,911)
Net financial assets (liabilities)$92,666 $39,184 $(15,699)$116,151 
At December 31, 2022
Marketable securities$36,867 $— $— $36,867 
Derivative assets(1)
— 36,743 — 36,743 
Other financial assets(2)
— — 2,294 2,294 
Derivative liabilities(1)
— (2,425)(8,280)(10,705)
Net financial assets (liabilities)$36,867 $34,318 $(5,986)$65,199 
(1)Includes current and non-current derivatives (note 16).
(2)Other financial assets measured at fair value at December 31, 2023 relate to the Bear Creek Convertible Note (note 11(a)). Other financial assets measured at fair value at December 31, 2022 relate to the investment in PGI (note 11(b)).
(3)The fair values of marketable securities are based on the quoted market price of the underlying securities.
(4)The fair values of derivative assets and certain derivative liabilities are measured using Level 2 inputs. The fair values of the Company’s foreign currency contracts are based on forward foreign exchange rates and the fair values of the Company’s gold contracts are based on forward metal prices. The fair values of the Company’s investments in warrants and share purchase warrant liability at December 31, 2022 were determined using the Black-Scholes option pricing model that uses a combination of quoted market prices and market-derived inputs such as expected volatility.
The fair value of the Bear Creek Convertible Note is determined using FINCAD’s convertible debt valuation model based on the contractual terms of the Bear Creek Convertible Note and market-derived inputs including Bear Creek’s share price and share price volatility, and a market interest rate that reflects the risks associated with the financial instrument.
(5)The fair value of the Company’s power purchase agreement derivative liability at Santa Luz is calculated as the net present value of the expected future cash flows based on contractual and projected future energy prices discounted using a market interest rate that reflects the risks associated with the liability.
The fair value of the contingent consideration derivative liability relating to Greenstone is calculated as the present value of projected future cash flows using a market-interest rate that reflects the risk associated with the delivery of the contingent consideration. The projected cash flows are affected by assumptions related to the achievement of production milestones.
Assets and Liabilities Not Measured at Fair Value
At December 31, 2023 and 2022, the carrying amounts of the Company’s cash and cash equivalents, trade and other current receivables, restricted cash, and trade payables and accrued liabilities approximate their fair values due to the short-term nature of the instruments.
The fair values of the Company’s other financial assets and financial liabilities, excluding lease liabilities, that are not measured at fair value in the statement of financial position as compared to the carrying amounts were as follows:
December 31, 2023December 31, 2022
LevelCarrying amountFair valueCarrying amountFair value
Non-current receivables from asset sales(1)
3$— $— $20,965 $20,965 
Revolving Facility(2)
2527,368 539,454 560,788 582,118 
2023 Convertible Notes(3)
1123,720 181,453 — — 
2020 Convertible Notes(3)
2135,288 142,203 132,196 135,014 
2019 Convertible Notes(3)
2138,604 147,033 135,040 146,367 
Equipment Facility(4)
231,070 31,710 9,601 10,965 
(1)The fair values of non-current receivables from sales of the Company’s non-core assets (note 11) are calculated as the present value of expected future cash flows based on expected amounts and timing of the future cash flows discounted using a market rate of interest for similar instruments.
(2)The fair value of the Revolving Facility (note 13(a)) is calculated as the present value of future cash flows based on the contractual cash flows discounted using a market rate of interest for similar instruments.
(3)The carrying amounts of the 2023 Convertible Notes, 2020 Convertible Notes and 2019 Convertible Notes represent the liability components of the convertible notes, while the fair values represent the liability and equity components of the convertible notes. The fair value of the 2023 Convertible Notes (13(b)) at December 31, 2023 is based on the quoted market price of the underlying securities. The fair value of the 2020 Convertible Notes (note 13(c)) at December 31, 2023 represents the fair value of the liability component of $132.8 million (2022 – $130.0 million) and the fair value of the equity component of $9.4 million (2022 – $5.0 million). The fair value of the 2019 Convertible Notes (note 13(c)) at December 31, 2023 represents the fair value of the liability component of $138.1 million (2022 – $134.9 million) and the fair value of the equity component of $8.9 million (2022 – $11.5 million). The fair values of the liability components of the 2020 Convertible Notes and 2019 Convertible Notes are calculated as the present value of future cash flows based on the contractual cash flows discounted using a market rate of interest for similar instruments.
(4)The fair value of the Equipment Facility (note 17(a)) at December 31, 2023 is calculated as the present value of future cash flows based on the contractual cash flows discounted using a market rate of interest for similar instruments.