Revenue - product sales and recycling services

6 Months Ended

Jun. 30, 2023

Product sales revenue [Abstract]

Revenue - product sales and recycling services

Revenue – product sales and recycling services

For the	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Product revenue recognized in the period	$	5.0	$	4.3	$	12.2	$	7.6
Fair value pricing adjustments	(1.9)		(4.7)		(6.0)		(0.3)
Product sales	3.1		(0.4)		6.2		7.3
Recycling services	0.5		0.4		1.0		0.7
Revenue	$	3.6	$	—	$	7.2	$	8.0

For the	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Product revenue recognized in the period	$	5.0	$	4.3	$	12.2	$	7.6
Recycling services	0.5		0.4		1.0		0.7
Total revenue before FV pricing adjustment	$	5.5	$	4.7	$	13.2	$	8.3

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 at the time of 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 20 for the impact of movements in the cobalt and nickel prices.