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Convertible debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Convertible Debt
As atDecember 31,
2024		December 31, 2023
KSP Convertible Notes (a)$119.3 $99.1 
Glencore Convertible Notes (b)243.8 189.0 
Total Convertible Debt at end of the period$363.1 $288.1 
KSP Convertible Notes
As atDecember 31, 2024December 31, 2023
Principal of convertible note at beginning of period$119.3 $110.2 
Issuance of convertible notes14.4 9.1 
Principal of convertible notes at end of the period$133.7 $119.3 
Conversion feature at beginning of period$— $6.0 
Conversion feature issued— — 
Fair value gain on embedded derivative— (6.0)
Conversion feature at end of period$— $— 
Debt component at beginning of the period$99.1 $85.4 
Debt component issued14.4 9.1 
Transaction costs— — 
Accrued interest paid in kind(14.4)(9.1)
Accrued interest expense20.2 13.7 
Debt component at end of period$119.3 $99.1 
Total convertible debt at end of period$119.3 $99.1 
The KSP Convertible Notes as at December 31, 2024, comprised the following:
NoteDate IssuedAmount Issued
Initial KSP NoteSeptember 29, 2021$100.0 
PIK NoteDecember 31, 20211.8 
PIK NoteJune 30, 20224.1 
PIK NoteDecember 31, 20224.3 
PIK NoteJune 30, 20234.4 
PIK NoteDecember 31, 20234.7 
PIK NoteJune 30, 20247.2 
PIK NoteDecember 31. 20247.2 
Total$133.7 
Glencore Convertible Notes
As atDecember 31, 2024December 31, 2023
Principal of convertible note at beginning of period$225.3 $208.1 
Issuance of convertible notes102.2 17.2 
Principal of convertible note at end of period$327.5 $225.3 
Conversion feature at beginning of period$0.4 $16.5 
Change in the period:
Fair value gain for the year ended December 31, 2023(16.1)
Fair value loss on the conversion features embedded in the A&R Glencore Convertible Notes from January 1, 2024 to March 25, 20241.8 
Extinguishment of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification(2.2)
Issuance of conversion feature embedded in Glencore Senior Secured Convertible Note59.0 — 
Issuance of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification99.2 
Fair value gain on the conversion features from March 26, 2024 to December 31, 2024(106.9)
Conversion feature at end of period$51.3 $0.4 
Debt component at beginning of period$188.6 $164.9 
Change in the period:
Issuance of debt component21.2 17.2 
Accrued interest paid in kind(21.2)(17.2)
Accrued interest expense for the year ended December 31, 2023— 23.7 
Accrued interest and accretion expense from January 1, 2024 to March 25, 20245.9 — 
Extinguishment of the debt component related to A&R Glencore Convertible Notes as part of the modification(194.5)
Issuance of debt component of the Glencore Senior Secured Convertible Note48.0 — 
Issuance of the debt component of the A&R Glencore Convertible Notes as part of the modification124.4 
Accrued interest expense from March 26, 2024 to December 31, 202428.7 — 
Transaction costs(8.6)— 
Debt component at end of period$192.5 $188.6 
Total Glencore convertible debt at end of period$243.8 $189.0 
Reconciliation of net change in Convertible debt to Debt extinguishment loss in the year ended December 31, 2024
Extinguishment of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification$(2.2)
Issuance of conversion feature embedded in Glencore Senior Secured Convertible Note59.0 
Issuance of the conversion feature embedded in the A&R Glencore Convertible Notes as part of the modification99.2 
Total change in the conversion features156.0 
Extinguishment of the debt component related to A&R Glencore Convertible Notes as part of the modification(194.5)
Issuance of debt component of the Glencore Senior Secured Convertible Note48.0 
Issuance of the debt component of the A&R Glencore Convertible Notes as part of the modification124.4 
Total change in the debt components(22.1)
Total net change in convertible debt in the year ended December 31, 2024133.9 
Proceeds from convertible debt(75.0)
Debt extinguishment loss$58.9 
The Company has elected to pay interest by PIK since the first interest payment on the Glencore Unsecured Convertible Note on November 30, 2022 and since the first interest payment on the Glencore Senior Secured Convertible Note on December 31, 2024. The First A&R Glencore Note, the Second A&R Glencore Note and the Glencore Senior Secured Convertible Note are referred to collectively as the “Glencore Convertible Notes”, and as at December 31, 2024, comprised the following:
NoteDate IssuedAmount Issued
First A&R Glencore NoteMarch 25, 2024$116.6 
Second A&R Glencore NoteMarch 25, 2024114.6 
Senior Secured Convertible Glencore NoteMarch 25, 202475.0 
PIKDecember 31, 202421.2 
Total$327.4 
Schedule of Maturities of Long-Term Debt The amount of maturities and sinking fund
requirements for convertible debt instruments, with interest components rolled into principal, for each of the next five years are as follows as of December 31:
2025$— 
2026$164.2 
2027— 
2028— 
2029343.9 
Thereafter238.0 
Total$746.1 
Fair Value Measurement Inputs and Valuation Techniques The assumptions used in the model were as follows:
December 31, 2023December 31, 2024
Risk free interest rate4.1%4.4%
Expected life of options2.7 years1.72 years
Expected dividend yield0.0%0.0%
Expected stock price volatility65%82%
Share Price$4.68$1.79
The embedded derivatives were valued using the Finite Difference Method. The assumptions used in the model were as follows:
December 31, 2023December 31, 2024
Risk free interest rate3.8%4.4%
Expected life of options3.4 years4.2 years
Expected dividend yield0.0%0.0%
Expected stock price volatility65%82%
Share Price$4.68$1.79