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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative instruments, future settlement | At September 30, 2024, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces | 2024 |  | 2025 and Thereafter
Provisional gold sales contracts | $ | 31,366 |  |  | $ | — |
Average gold price per ounce | $ | 2,568 |  |  | $ | — |
Notional ounces | 12,213 |  |  | — |
Fair value of the derivative instruments | The following summarizes the classification of the fair value of the derivative instruments designated as cash flow hedges:
| September 30, 2024
In thousands | Prepaid expenses and other |  | Other assets |  | Accrued liabilities and other
Gold forwards | $ | — |  |  | $ | — |  |  | $ | — |
Silver forwards | $ | — |  |  | $ | — |  |  | $ | — |
| December 31, 2023
In thousands | Prepaid expenses and other |  | Other assets |  | Accrued liabilities and other
Gold forwards | $ | — |  |  | $ | — |  |  | $ | 1,981 |
Silver forwards | $ | 3,312 |  |  | $ | — |  |  | $ | — |
The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Amount of Gain (Loss) Recognized in AOCI |  |  |  |  |  |  |  |  |
Gold forwards | $ | — |  |  | $ | 6,736 |  |  | $ | (10,886) |  |  | $ | (1,317) |  |  |
Silver forwards | — |  |  | 491 |  |  | (7,621) |  |  | 8,458 |  |  |
| $ | — |  |  | $ | 7,227 |  |  | $ | (18,507) |  |  | $ | 7,141 |  |  |
Amount of (Gain) Loss Reclassified from AOCI to Earnings |  |  |  |  |  |  |  |  |
Gold forwards | $ | — |  |  | $ | (2,723) |  |  | $ | 12,867 |  |  | $ | (3,615) |  |  |
Silver forwards | — |  |  | (2,197) |  |  | 4,309 |  |  | (4,215) |  |  |
| $ | — |  |  | $ | (4,920) |  |  | $ | 17,176 |  |  | $ | (7,830) |  |  |
The following summarizes the classification of the fair value of the derivative instruments:
| September 30, 2024 |  |  |  |  |  |
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Provisional metal sales contracts | $ | 359 |  |  | $ | 143 |  |  |  |  |  |  |
| December 31, 2023
In thousands | Prepaid expenses and other |  | Accrued liabilities and other |  |  |  |  |  |
Provisional metal sales contracts | $ | 318 |  |  | $ | — |  |  |  |  |  |  |
Gain losses on derivative instruments | The following represent mark-to-market gains (losses) on derivative instruments in the three and nine months ended September 30, 2024 and 2023, respectively (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Financial statement line | Derivative | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Revenue | Provisional metal sales contracts | $ | 407 |  |  | $ | 14 |  |  | $ | (101) |  |  | $ | (305) |  |  |
Credit Risk The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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