Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

	Year Ended December 31,
In thousands	2024		2023		2022
Change in the value of equity securities(1)	$	—	$	3,384	$	(63,529)
Termination of gold zero cost collars	—		—		(3,139)
Fair value adjustments, net	$	—	$	3,384	$	(66,668)

(1) Includes unrealized losses on held equity securities of nil, nil and $47.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Accounting standards establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), secondary priority to quoted prices in inactive markets or observable inputs (Level 2), and the lowest priority to unobservable inputs (Level 3).

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 December 31, 2024
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Provisional metal sales contracts	$	222	$	—	$	222	$	—
Liabilities:
Provisional metal sales contracts	$	70	$	—	$	70	$	—

	Fair Value at December 31, 2023
In thousands	Total		Level 1		Level 2		Level 3
Assets:
Provisional metal sales contracts	$	318	$	—	$	318	$	—
Silver forwards	3,312		—		3,312		—
	$	3,630	$	—	$	3,630	$	—
Liabilities:
Gold forwards	$	1,981	$	—	$	1,981	$	—

The Company’s provisional metal sales contracts include concentrate and certain doré sales contracts that are valued using pricing models with inputs derived from observable market data, including forward market prices.

The Company’s gold and silver forward contracts are valued using pricing models with inputs derived from observable market data, including forward market prices, yield curves, and credit spreads.

No assets or liabilities were transferred between fair value levels in the year ended December 31, 2024.

The fair value of financial assets and liabilities carried at book value in the financial statements at December 31, 2024 and December 31, 2023 is presented in the following table:

	December 31, 2024
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
2029 Senior Notes(1)	$	290,058	$	278,014	$	—	$	278,014	$	—
Revolving Credit Facility(2)	$	195,000	$	195,000	$	—	$	195,000	$	—
Deferred Cash Due 2025	$	9,644	$	9,673	$	—	$	9,673	$	—
Deferred Cash Due 2026	$	4,505	$	4,533	$	—	$	4,533	$	—

(1) Net of unamortized debt issuance costs of $3.1 million.

(2) Unamortized debt issuance costs of $3.4 million included in Other Non-Current Assets.

	December 31, 2023
In thousands	Book Value		Fair Value		Level 1		Level 2		Level 3
Liabilities:
2029 Senior Notes(1)	$	295,115	$	271,272	$	—	$	271,272	$	—
Revolving Credit Facility(2)	$	175,000	$	175,000	$	—	$	175,000	$	—

(1) Net of unamortized debt issuance costs of $3.9 million.

(2) Unamortized debt issuance costs of $2.8 million included in Other Non-Current Assets.

The fair value of the 2029 Senior Notes was estimated using quoted market prices. The fair value of the RCF approximates book value as the liability is secured, has a variable interest rate, and lacks significant credit concerns.

In July 2024, the Company completed the purchase of the Fresnillo mining concessions. Total consideration includes a cash payment of $10 million paid at closing, the Deferred Cash Due 2025 of $10 million, and the Deferred Cash Due 2026 of $5 million. The fair value of the Deferred Cash Due 2025 and Deferred Cash Due 2026 was estimated using the pricing model with inputs derived from observable and unobservable data, including yield curves and credit spreads. The model inputs can generally be verified and do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy.