Financial instruments and financial risk factors (Tables)

3 Months Ended

Mar. 31, 2023

Financial Instruments [Abstract]

Schedule of fair value measurement of assets

The Company’s financial assets measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows:

As at March 31, 2023	Balance		Level 2
Accounts receivable	$	3.7	$	3.7
As at December 31, 2022
Accounts receivable	$	4.3	$	4.3

Schedule of fair value measurement of liabilities

The Company’s financial liabilities measured at fair value on a recurring basis are measured under level 2 of the hierarchy and were calculated as follows:

As at March 31, 2023	Balance		Level 1		Level 2
Conversion feature of convertible debt (refer to Note 11)	$	23.2	$	—	$	23.2
As at December 31, 2022
Conversion feature of convertible debt (refer to Note 11)	$	22.5	$	—	$	22.5

Schedule of Financial Liabilities

The Corporation’s undiscounted significant contractual obligations and interest and principal repayments in respect of its financial liabilities and provisions are presented in the following table:

Undiscounted, at March 31,									2023
	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years
Accounts payable and accrued liabilities	$	53.5	$	53.5	$	—	$	—	$	—
Lease liabilities	76.8		8.4		15.9		13.4		39.1
Restoration	0.5		0.2		0.1		—		0.2
Convertible debt principal	318.4		—		—		318.4		—
Convertible debt interest	127.7		—		—		127.7		—
Total	$	576.9	$	62.1	$	16.0	$	459.5	$	39.3

Schedule of fair value measurement of price

The following table sets out the Company's exposure, as at March 31, 2023 and December 31, 2022, in relation to the impact of movements in the cobalt and nickel price for the provisionally invoiced sales volume of Black Mass & Equivalents by metric tonne:

	Cobalt				Nickel
As at	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
BM&E Metric tonnes subject to fair value pricing adjustments	4,359		4,428		4,359		4,428
10% increase in prices	$	0.4	$	0.8	$	1.1	$	1.4
10% decrease in prices	$	(0.4)	$	(0.8)	$	(1.1)	$	(1.4)

The following table sets out the period end commodity prices for cobalt and nickel as at March 31, 2023 and December 31, 2022:

Market price per tonne
As at	March 31, 2023		December 31, 2022
Cobalt	$	35,935	$	41,337
Nickel	23,050		30,400