Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Adjustments to Comprehensive income (Loss)

	Three Months Ended March 31,
In thousands	2022		2021
Unrealized gain (loss) on equity securities	$	13,744	$	(4,568)
Realized gain (loss) on equity securities	—		769
Termination of gold zero cost collars	(3,139)		—
Fair value adjustments, net	$	10,605	$	(3,799)

Financial assets and liabilities measured at fair value on recurring basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis (at least annually) by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

	Fair Value at March 31, 2022
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities including warrants	$	164,127	$	161,894	$	2,233	$	—
Provisional metal sales contracts	461		—		461		—
	$	164,588	$	161,894	$	2,694	$	—
Liabilities:
Gold forwards	$	1,832	$	—	$	1,832	$	—
Provisional metal sales contracts	46		—		46		—
	$	1,878	$	—	$	1,878	$	—

	Fair Value at December 31, 2021
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Equity securities	$	132,197	$	132,197	$	—	$	—
Provisional metal sales contracts	86		—		86		—
	$	132,283	$	132,197	$	86	$	—
Liabilities:
Gold zero cost collars	$	1,212	$	—	$	1,212	$	—
Provisional metal sales contracts	162		—		162		—
	$	1,374	$	—	$	1,374	$	—

Changes in the fair value of the Company's Level 3 financial liabilities

The following table presents the changes in the fair value of the Company's Level 3 financial assets:

In thousands	Fair value at December 31, 2021		Initial valuation		Revaluation		Fair value at March 31, 2022
Assets:
Royalties	$	—	$	11,200	$	—	$	11,200
Contingent consideration	$	—	$	1,150	$	—	$	1,150
	$	—	$	12,350	$	—	$	12,350

No assets or liabilities were transferred between fair value levels in the three months ended March 31, 2022.

Financial Assets and Liabilities not Measured at Fair Value

The fair value of financial assets and liabilities carried at book value in the financial statements at March 31, 2022 and December 31, 2021 is presented in the following table:

	March 31, 2022
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Promissory note	$	4,709	$	4,709	$	—	$	4,709	$	—
Deferred cash consideration	$	7,350	$	7,350	$	—	$	7,350	$	—
Liabilities:
2029 Senior Notes(1)	$	368,508	$	319,390	$	—	$	319,390	$	—
Revolving Credit Facility(2)	$	55,000	$	55,000	$	—	$	55,000	$	—

(1) Net of unamortized debt issuance costs of $6.5 million

(2) Unamortized debt issuance costs of $2.2 million included in Other Non-Current Assets.

	December 31, 2021
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
2029 Senior Notes(1)	$	368,273	$	337,384	$	—	$	337,384	$	—
Revolving Credit Facility(2)	$	65,000	$	65,000	$	—	$	65,000	$	—

(1) Net of unamortized debt issuance costs of $6.7 million.

(2) Unamortized debt issuance costs of $2.4 million included in Other Non-Current Assets.