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Revenue - product sales and recycling services
 14 Months Ended
Dec. 31, 2022
Product sales revenue [Abstract]  
Revenue - product sales and recycling services Revenue – product sales and recycling services
For the two months ended December 31,20222021
Product revenue recognized in the period
$3.5 $1.5 
Fair value pricing adjustments2.3 1.2 
Product sales5.8 2.7 
Recycling services0.1 0.1 
Revenue$5.9 $2.8 

For the two months ended December 31,20222021
Product revenue recognized in the period$3.5 $1.5 
Recycling services0.1 0.1 
Total revenue before FV pricing adjustment$3.6 $1.6 

Product revenue from black mass and black mass equivalents ("Black Mass & Equivalents" or "BM&E") and shredded metal, and the related trade accounts receivable, are measured at initial recognition using provisional prices for the constituent metals on initial recognition. Any unsettled sales at the end of each reporting period are remeasured using the market prices of the constituent metals at the period end. Changes in fair value are recognized as an adjustment to product revenue, and the related accounts receivable, and can result in gains and losses when the applicable metal prices increase or decrease from the date of initial recognition.

Refer to Note 12 for the impact of movements in the cobalt and nickel prices.