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FAIR VALUE MEASUREMENTS | 12 Months Ended
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Dec. 31, 2023
Fair Value Measurement [Abstract] |
FAIR VALUE MEASUREMENTS | Fair Value Measurements The fair value hierarchy categorizes into three levels the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). •Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities which the entity can access at the measurement date. •Level 2 inputs are inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either directly or indirectly such as those derived from prices. •Level 3 inputs are unobservable inputs for the asset or liability. There have been no changes in the classification of the financial instruments in the fair value hierarchy since December 31, 2022. (a)The Company's fair values of financial assets and liabilities
| December 31, 2023 |  |
| Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value |  |
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 367.1 |  | $ | 367.1 |  | $ | — |  | $ | — |  | $ | 367.1 |  |  |
Restricted cash | 90.5 |  | 90.5 |  | — |  | — |  | 90.5 |  |  |
Marketable securities | 14.2 |  | 14.2 |  | — |  | — |  | 14.2 |  |  |
Bond fund investments | 2.0 |  | 2.0 |  | — |  | — |  | 2.0 |  |  |
Deferred consideration from the sale of Sadiola | 15.2 |  | — |  | — |  | 15.2 |  | 15.2 |  |  |
Derivatives |  |  |  |  |  |  |
Currency contracts | 1.6 |  | — |  | 1.6 |  | — |  | 1.6 |  |  |
Crude oil contracts 1 | 5.7 |  | — |  | 5.7 |  | — |  | 5.7 |  |  |
Embedded derivative - prepayment options on Term Loan | 5.1 |  | — |  | 5.1 |  | — |  | 5.1 |  |  |
| $ | 501.4 |  | $ | 473.8 |  | $ | 12.4 |  | $ | 15.2 |  | $ | 501.4 |  |  |
Liabilities |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |
Gold bullion contracts | $ | (9.2) |  | $ | — |  | $ | (9.2) |  | $ | — |  | $ | (9.2) |  |  |
TARF | (1.4) |  | — |  | (1.4) |  | — |  | (1.4) |  |  |
Extendible Forwards 2 | (0.5) |  | — |  | (0.5) |  | — |  | (0.5) |  |  |
Long-term debt - Notes 3 | (452.5) |  | (388.3) |  | — |  | — |  | (388.3) |  |  |
Long-term debt - Term Loan 4 | (400.9) |  | — |  | (411.0) |  | — |  | (411.0) |  |  |
Long-term debt - equipment loans 5 | (7.3) |  | — |  | (7.3) |  | — |  | (7.3) |  |  |
| $ | (871.8) |  | $ | (388.3) |  | $ | (429.4) |  | $ | — |  | $ | (817.7) |  |  |
1.Includes hedge and non-hedge derivatives. 2.The carrying amount excludes unamortized deferred gains of $nil. 3.The carrying amount excludes unamortized deferred transaction costs of $4.5 million and the embedded derivative. 4.The carrying amount excludes unamortized deferred transaction costs of $8.2 million, the 3% original discount and the embedded derivative. 5.The carrying amount excludes unamortized deferred transaction costs of $0.1 million.
| December 31, 2022 |  |
| Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value |  |
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 407.8 |  | $ | 407.8 |  | $ | — |  | $ | — |  | $ | 407.8 |  |  |
Restricted cash | 56.3 |  | 56.3 |  | — |  | — |  | 56.3 |  |  |
Marketable securities and warrants | 6.1 |  | 5.7 |  | — |  | 0.4 |  | 6.1 |  |  |
Bond fund investments | 2.0 |  | 2.0 |  | — |  | — |  | 2.0 |  |  |
Deferred consideration from the sale of Sadiola | 19.6 |  | — |  | — |  | 19.6 |  | 19.6 |  |  |
Derivatives |  |  |  |  |  |  |
Currency contracts | 3.3 |  | — |  | 3.3 |  | — |  | 3.3 |  |  |
Crude oil contracts 1 | 36.2 |  | — |  | 36.2 |  | — |  | 36.2 |  |  |
Gold bullion contracts | 4.6 |  | — |  | 4.6 |  | — |  | 4.6 |  |  |
| $ | 535.9 |  | $ | 471.8 |  | $ | 44.1 |  | $ | 20.0 |  | $ | 535.9 |  |  |
Liabilities |  |  |  |  |  |  |
Derivatives |  |  |  |  |  |  |
Currency contracts | $ | (0.1) |  | $ | — |  | $ | (0.1) |  | $ | — |  | $ | (0.1) |  |  |
Gold bullion contracts | (4.7) |  | — |  | (4.7) |  | — |  | (4.7) |  |  |
TARF | (11.2) |  | — |  | (11.2) |  | — |  | (11.2) |  |  |
Extendible Forwards 2 | (1.8) |  | — |  | (1.8) |  | — |  | (1.8) |  |  |
Long-term debt - Credit Facility | (455.0) |  | — |  | (455.0) |  | — |  | (455.0) |  |  |
Long-term debt - Notes 3 | (453.1) |  | (352.5) |  | — |  | — |  | (352.5) |  |  |
Long-term debt - equipment loan 4 | (16.2) |  | — |  | (15.8) |  | — |  | (15.8) |  |  |
| $ | (942.1) |  | $ | (352.5) |  | $ | (488.6) |  | $ | — |  | $ | (841.1) |  |  |
1.Includes hedge and non-hedge derivatives. 2.The carrying amount excludes unamortized deferred gains of $0.9 million. 3.The carrying amount excludes unamortized deferred transaction costs of $5.5 million and the embedded derivative. 4.The carrying amount excludes unamortized deferred transaction costs of $0.1 million. (b)Valuation techniques Cash, cash equivalents, short-term investments and restricted cash Cash, cash equivalents, short-term investments and restricted cash are included in Level 1 due to the short-term maturity of these financial assets. Marketable securities and warrants The fair value of marketable securities included in Level 1 is determined based on a market approach. The closing price is a quoted market price from the exchange market which is the principal active market for the particular security. The fair value of investments in equity instruments which are not actively traded is determined using valuation techniques which require inputs that are both unobservable and significant, and therefore were categorized as Level 3 in the fair value hierarchy. The Company uses the latest market transaction price for these securities, obtained from the entity, to value these marketable securities.
Marketable securities included in level 3 |  |  |  |
Balance, December 31, 2022 | $ | 0.4 |  |  |  |
Reclassification to Level 1 | (0.4) |  |  |  |
Balance, December 31, 2023 | $ | — |  |  |  |
Bond fund investments The fair value of bond fund investments included in Level 1 is measured using quoted prices (unadjusted) in active markets. Deferred consideration from the sale of Sadiola The significant estimates and assumptions used in determining the fair value of the contingent payments were the production profile and discount rate and therefore classified within Level 3 of the fair value hierarchy. Derivatives - options and forwards For derivative contracts, the Company obtains a valuation of the contracts from counterparties of those contracts. The Company assesses the reasonableness of these valuations through internal methods and third-party valuations. The Company then calculates a credit valuation adjustment to reflect the counterparty’s or the Company’s own default risk. Valuations are based on market valuations considering interest rate and volatility, taking into account the credit risk of the financial instrument. Valuations of derivative contracts are therefore classified within Level 2 of the fair value hierarchy. Derivative - TARF The fair value of the TARF as at December 31, 2023 was $1.4 million (December 31, 2022 - $11.2 million) and is accounted for at FVTPL. The TARF contractually obligates the Company to future sales of U.S. dollars that are determined by future USDCAD exchange rates in line with notional amounts established by the arrangement. The valuation is based on the discounted estimated cash flows resulting from prevailing USDCAD rates at each future monthly option fixing date. Key inputs used in the valuation include the credit spread, volatility parameter, the risk-free rate curve and future USDCAD exchange rates. Valuation of the TARF is therefore classified within Level 2 of the fair value hierarchy. Derivative - Extendible forward arrangement The fair value of the extendible forward arrangement as at December 31, 2023 was $0.5 million (December 31, 2022 - $1.8 million) and is accounted for at FVTPL. For both forward contracts and the extension option within this arrangement, the Company obtains a valuation of the contracts from the counterparty. The Company assesses the reasonableness of these valuations through internal methods and third-party valuations. The Company calculates a credit valuation adjustment to reflect the default risk of the counterparty or the Company. Valuations are based on market valuations considering interest rate and volatility, taking into account the credit risk of the financial instrument. Valuations of derivative contracts are therefore classified within Level 2 of the fair value hierarchy. Embedded derivatives - Prepayment options on the Notes and Term Loan The fair value of the embedded derivatives as at December 31, 2023 was $5.1 million (December 31, 2022 - $nil) and is accounted for at FVTPL. The valuation is based on the discounted cash flows at the risk-free rate to determine the present value of the prepayment option. Key inputs used in the valuation include the credit spread, volatility parameter and the risk-free rate curve. Valuation of the prepayment option is therefore classified within Level 2 of the fair value hierarchy. Unsecured High Yield Notes The fair value of the Notes as at December 31, 2023 was $388.3 million (December 31, 2022 - $352.5 million). The fair value of the Notes is determined using quoted prices (unadjusted) in active markets, and is therefore classified within Level 1 of the fair value hierarchy. Credit Facility The fair value of the Credit Facility as at December 31, 2023 was $nil (December 31, 2022 - $455.0 million) which is approximately its carrying amount and drawn amount, and is therefore classified within Level 2 of the fair value hierarchy. Term Loan The fair value of the Term Loan as at December 31, 2023 was $411.0 million (December 31, 2022 - $nil). Key inputs used in the valuation include the credit spread, volatility parameter and the risk-free rate curve. Valuation of the Term Loan is therefore classified within Level 2 of the fair value hierarchy. Equipment loans The fair value of the equipment loans as at December 31, 2023 was $7.3 million (December 31, 2022 - $15.8 million). The fair value of the equipment loans is determined by applying a discount rate, reflecting the credit spread based on the Company's credit ratings to future cash flows and is therefore classified within Level 2 of the fair value hierarchy. Other financial assets and liabilities The fair value of all other financial assets and liabilities of the Company approximate their carrying amounts.

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- Definition Fair Value Measurement [Abstract] + References No definition available. + Details
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