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Financial instruments and financial risk factors
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024BalanceLevel 1Level 2
Accounts receivable (subject to provisional pricing)
$0.6$—$0.6
Conversion feature of convertible debt (refer to Note 14)180.2—180.2
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 14)0.4—0.4
Refer to Note 4 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 invoiced sales volume:
As at March 31, 2024
Cobalt
Nickel
Metric tonnes subject to fair value pricing adjustments
1,124.71,124.7
10% increase in prices
$0.1$0.1
10% decrease in prices
$(0.1)$(0.1)
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)
The following table sets out the period end commodity prices for cobalt and nickel:
As at March 31, 2024
Market price per tonne
Cobalt
$27,778
Nickel
$16,525
As at December 31, 2023
Market price per tonne
Cobalt
$28,660
Nickel
$16,250