XML 246 R24.htm IDEA: XBRL DOCUMENT v3.25.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2024
Derivative Financial Instruments [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
(a)Derivative assets
The following is a summary of the Company’s derivative assets at December 31, 2024 and 2023:
Note20242023
Foreign exchange contracts16(b)(i)$— $18,107 
Other81 89 
$81 $18,196 
Classified and presented as:
Current$— $17,700 
Non-current(1)
81 496 
$81 $18,196 
(1)    Included in other non-current assets.
(b)Derivative liabilities
The following is a summary of the Company’s derivative liabilities at December 31, 2024 and 2023:
Note20242023
Foreign exchange contracts16(b)(i)$54,280 $35 
Gold contracts16(b)(ii)20,501 4,009 
Greenstone Contingent Consideration16(b)(iii)86,223 11,279 
Other1,931 4,588 
$162,935 $19,911 
Classified and presented as:
Current$116,563 $8,829 
Non-current46,372 11,082 
$162,935 $19,911 
(i)Foreign exchange contracts
In accordance with its foreign currency exchange risk management program, the Company uses foreign exchange contracts to manage its exposure to currency risk on expenditures in CAD, Brazilian Réal (“BRL”), and Mexican Pesos (“MXN”). At December 31, 2024, the Company had in place USD:CAD, USD:BRL, and USD:MXN put and call options with the following notional amounts, weighted average rates and maturity dates:
USD notional amountCall options’ weighted average strike pricePut options’ weighted average strike price
CurrencyWithin 1 year1-2 years
CAD$270,000 $59,000 1.33 1.41 
BRL382,000 39,000 5.37 5.97 
MXN153,000 5,000 18.15 20.81 
16.    DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
(b)Derivative liabilities (continued)
(i)Foreign exchange contracts (continued)
The following table summarizes the changes in the carrying amount of the outstanding foreign exchange contracts during the years ended December 31, 2024 and 2023:
20242023
Net asset – beginning of year$(18,072)$(4,702)
Settlements9,625 32,843 
Change in fair value62,727 (46,213)
Net liability (asset) – end of year$54,280 $(18,072)
The fair value of the outstanding foreign exchange contracts at December 31, 2024 and 2023 is presented as follows:
20242023
Net liability (asset) presented as:
Current derivative assets$— $(17,700)
Non-current derivative assets— (407)
Current derivative liabilities47,792 35 
Non-current derivative liabilities6,488 — 
$54,280 $(18,072)
(ii)Gold contracts
During the year ended December 31, 2024, the Company entered into gold collar contracts with a weighted average put and call strike price of $2,139 and $2,806, respectively, per ounce for a total of 367,996 notional ounces over the period from February 2024 to June 2026. During the year ended December 31, 2023, the Company entered into gold collar contracts with a weighted average put and call strike price of $1,929 and $2,127, respectively, per ounce for a total of 253,608 notional ounces over the period from February 2023 to June 2024. At December 31, 2024, the Company had 139,998 total notional ounces remaining under its outstanding gold collar contracts to be settled as follows:
Notional ouncesPut options’ weighted average strike priceCall options’ weighted average strike price
Within 1 year1-2 years
120,000 19,998 $2,164 $3,071 
Concurrent with the Gold Prepay Transactions (note 14(b)), the Company entered into financial swap agreements for gold bullion whereby the Company would receive $2,170 and $2,109 per ounce in exchange for paying the spot price for 1,290 and 264 ounces per month, respectively, from October 2024 to July 2026. On October 29, 2024, the swap agreements were amended to change the effective date of the swap period to March 2025 through September 2026 and increase the total notional ounces over the swap period by 736 ounces to 34,919 ounces. Under the amended swap agreements, the Company will receive a weighted average of $2,204 per ounce in exchange for paying the spot price.
The following table summarizes the changes in the carrying amount of the outstanding gold contracts during the years ended December 31, 2024 and 2023:
20242023
Liability – beginning of year$4,009 $— 
Change in fair value39,974 3,201 
Settlements(23,482)808 
Liability – end of year$20,501 $4,009 
16.    DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
(b)Derivative liabilities (continued)
(ii)Gold contracts (continued)
The fair value of the outstanding gold contracts at December 31, 2024 and 2023 is presented as follows:
20242023
Current derivative liabilities$9,871 $2,279 
Non-current derivative liabilities10,630 1,730 
$20,501 $4,009 
(iii)Greenstone Contingent Consideration
As part of the consideration for the Company’s acquisition of a 10% interest in Greenstone in April 2021, the Company assumed a contingent payment obligation to deliver 2,200 ounces of refined gold, the cash equivalent value of such refined gold, or a combination thereof, upon reaching each production milestone of 250,000 ounces, 500,000 ounces and 700,000 ounces at Greenstone. On May 13, 2024, as part of the Greenstone Acquisition (note 5), the Company assumed an obligation to deliver an additional 8,911 ounces for a total of 11,111 ounces deliverable upon reaching each of the above production milestones.
The following table summarizes the changes in the carrying amount of the contingent consideration derivative liability during the years ended December 31, 2024 and 2023:
Note20242023
Balance – beginning of year$11,279 $8,280 
Assumed on Greenstone Acquisition551,698 — 
Change in fair value23,246 2,999 
Balance – end of year$86,223 $11,279 
The fair value of the contingent consideration derivative liability at December 31, 2024 and 2023 is presented as follows:
20242023
Current derivative liabilities$57,839 $4,029 
Non-current derivative liabilities28,384 7,250 
$86,223 $11,279