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Financial instruments and financial risk factors
 12 Months Ended
Dec. 31, 2023
Investments, All Other Investments [Abstract]  
Financial instruments and financial risk factors Financial instruments and financial risk factors
Fair values
The Company’s financial assets and financial liabilities measured at fair value on a recurring basis are as follows:
As at December 31, 2023BalanceLevel 1Level 2
Accounts receivable (subject to provisional pricing)
$0.6$—$0.6
Conversion feature of convertible debt (refer to Note 17)0.4—0.4
As at December 31, 2022BalanceLevel 1Level 2
Accounts receivable (subject to provisional pricing)$1.2$—$1.2
Conversion feature of convertible debt (refer to Note 17)22.5—22.5
As at October 31, 2022BalanceLevel 1Level 2
Accounts receivable (subject to provisional pricing)$2.0$—$2.0
Conversion feature of convertible debt (refer to Note 17)43.9—43.9
As at October 31, 2021BalanceLevel 1Level 2
Accounts receivable (subject to provisional pricing)$2.8$—$2.8
Warrants (refer to Note 18)82.153.528.6
Conversion feature of convertible debt (refer to Note 17)29.0—29.0
Refer to Note 6 above for additional details related to measurement of accounts receivable and the concentration of credit risk of accounts receivable.
Market risk
The Company is exposed to commodity price movements for the inventory it holds and produces. Commodity price risk management activities are currently limited to monitoring market prices. The Company's revenues are sensitive to the market prices of the constituent payable metals in its products, notably cobalt and nickel.
The following table sets out the Company's exposure, in relation to the impact of movements in the Cobalt and Nickel price for the provisionally invoices sales volume:
As at December 31, 2023
Cobalt
Nickel
Metric tonnes subject to fair value pricing adjustments
2,313.02,313.0
10% increase in prices
$0.2$0.3
10% decrease in prices
$(0.2)$(0.3)
As at December 31, 2022
Cobalt
Nickel
Metric tonnes subject to fair value pricing adjustments
4,428.04,428.0
10% increase in prices
$0.8$1.4
10% decrease in prices
$(0.8)$(1.4)
As at October 31, 2022
Cobalt
Nickel
Metric tonnes subject to fair value pricing adjustments
4,202.04,202.0
10% increase in prices
$1.1$1.0
10% decrease in prices
$(1.1)$(1.0)
As at October 31, 2021CobaltNickel
Metric tonnes subject to fair value pricing adjustments
1,728.01,728.0
10% increase in prices
$0.3$0.4
10% decrease in prices
$(0.3)$(0.4)
The following table sets out the period end commodity prices for Cobalt and Nickel:
As at December 31, 2023
Market price per tonne
Cobalt
$28,660
Nickel
$16,250
As at December 31, 2022
Market price per tonne
Cobalt
$41,337
Nickel
$30,400
As at October 31, 2022Market price per tonne
Cobalt
$53,462
Nickel
$21,710
As at October 31, 2021
Market price per tonne
Cobalt
$60,407
Nickel
$19,300