The Company is subject to various financial risks that could have a significant impact on profitability, levels of operating cash flow and financial conditions. Ongoing financial market conditions may have an impact on interest rates, gold prices and currency rates.

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company manages this risk through regular monitoring of its cash flow requirements to support ongoing operations and expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its business requirements, taking into account anticipated cash flows from operations and holdings of cash and cash equivalents. The Company ensures that it has sufficient cash and cash equivalents and loan facilities available to meet its short term obligations.


	Notes	2024		2025		2026		2027 onwards		Total
Accounts payable and accrued liabilities		$	317.6	$	—	$	—	$	—	$	317.6
Gold sale prepayment arrangement1	20	240.7		10.9		—		—		251.6
Lease liabilities	16	27.6		29.9		26.2		37.6		121.3
Equipment loans	19(d)	4.9		1.6		0.8		—		7.3
Credit Facility	19(a)	—		—		—		—		—
Notes	19(b)	—		—		—		450.0		450.0
Term Loan	19(c)	—		—		—		400.0		400.0
		$	590.8	$	42.4	$	27.0	$	887.6	$	1,547.8

1.The Company is required to physically deliver 143,750 gold ounces over the course of 2024 and 6,250 gold ounces in Q1 2025 as part of the revised 2022 Prepay Arrangements. The value in the table represents the carrying value of the deferred revenue (note 20).

Included in the cash and cash equivalents balance of $367.1 million as at December 31, 2023 is $81.7 million held by the Côté UJV and $70.9 million held by Essakane. The Côté UJV requires its joint venture partners to fund, in advance, two months of future expenditures. The Company uses dividends and intercompany loans to repatriate funds from its operations and the timing of dividends may impact the liquidity position of the Company.

Under the terms of the Company’s derivative agreements, counterparties cannot require the immediate settlement of outstanding derivatives, except upon the occurrence of customary events of default such as covenant breaches, including financial covenants, insolvency or bankruptcy. The Company generally mitigates liquidity risk associated with these instruments by spreading out the maturity of its derivatives over time.

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The maximum amount of credit risk is equal to the balance of cash and cash equivalents, receivables, short-term investments, derivative assets and restricted cash. Where applicable, the measurement of the fair value of derivatives accounts for counterparty credit risk.

Credit risk is also related to receivables from governments and the deferred consideration receivable from the sale of Sadiola. The receivables from governments primarily relate to value added and sales taxes. The Company has rights to these receivables based on application of tax laws and regularly monitors collection of the amounts, however the timing of receiving the amounts could be prolonged.

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. For hedging activities, it is the risk that the fair value of a derivative might be adversely affected by a change in underlying commodity prices or currency exchange rates, and that this in turn affects the Company’s financial condition.

The Company mitigates market risk by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken, establishing trading agreements with counterparties under which there are no requirements to post any collateral or make any margin calls on derivatives. Counterparties cannot require settlement solely because of an adverse change in the fair value of a derivative. Market risk comprises the following types of risks: share and commodity market price risk, currency risk, and interest rate risk.

The Company manages its exposure to the Canadian dollar by executing option and forward contracts. The Company’s objective is to hedge its exposure to the Canadian dollar resulting from operating and capital expenditure requirements at some of its mine sites, corporate offices and development projects.

The Company has designated option and forward contracts as cash flow hedges for its highly probable forecasted Canadian dollar expenditure requirements. The Company has elected to only designate the change in the intrinsic value of options in the hedging relationships. The change in fair value of the time value component of options is recorded in OCI as a cost of hedging (note 21(c)).

As at December 31, 2023, the Company's outstanding derivative contracts which qualified for hedge accounting and the periods in which the cash flows are expected to occur and impact the consolidated statements of earnings (loss) and property, plant and equipment balance on the consolidated balance sheets are as follows:

1.The Company executed Canadian dollar collar options, which consist of Canadian dollar call and put options within the given range in 2024. The Company will recognize a gain from the difference between a lower market price and the Canadian dollar call strike price. The Company will incur a loss from the difference between a higher market price and the Canadian dollar put strike price.

The table below sets out the fair value of the Company's outstanding derivative contracts which qualified for hedge accounting as at December 31, 2023, and what the fair value would have been based on an increase or decrease of 10% in the U.S. dollar exchange rate. The entire change in fair value would be recorded in the consolidated statements of comprehensive income (loss) as OCI.

Low sulfur diesel and fuel oil are key inputs to extract tonnage and, in some cases, to wholly or partially power operations, construction and development activities. Brent crude oil and West Texas Intermediate ("WTI") crude oil prices are components of diesel and fuel oil costs, respectively, such that changes in the price of crude oil directly impact diesel and fuel oil costs. The Company established a hedging strategy to economically hedge future consumption of diesel and fuel oil at the Essakane mine for operating purposes and at the Côté Gold project for construction and production ramp up purposes. The Company has designated option contracts as cash flow hedges for the crude oil component of its highly probable forecasted low sulfur diesel and fuel oil purchases.

As at December 31, 2023, the Company’s outstanding crude oil derivative contracts, which qualified for hedge accounting, and the periods in which the cash flows are expected to occur and impact on the consolidated statements of earnings (loss) are as follows:

2.The Company executed Brent collar options, which consist of put and call options with strike prices within the given range in 2024. The Company will incur a loss from the difference between a lower market price and the put strike price. The Company will recognize a gain from the difference between a higher market price and the call strike price.

The table below sets out the fair value of the Company's outstanding crude oil derivative contracts which qualified for hedge accounting as at December 31, 2023, and what the fair value would have been based on an increase or a decrease of 10% of the price. The entire change in fair value would be recorded in the consolidated statements of comprehensive income (loss) as OCI.

Movements in the spot price of gold have a direct impact on the Company’s consolidated financial statements as gold bullion is sold at prevailing market prices which fluctuate in line with market forces. The Company’s hedging strategy is designed to mitigate gold price risk during the Côté Gold project construction and ramp up period.

The Company has designated option contracts as cash flow hedges for its highly probable forecasted gold bullion sales. The Company has elected to only designate the change in the intrinsic value of options in the hedging relationships. The changes in fair value of the time value component of options is recorded in OCI as a cost of hedging and reclassified to earnings (loss) when revenue for the underlying gold sale is recognized. During 2021, the Company entered into a gold prepayment arrangement (note 20) which included a collar instrument as part of the broader arrangement. The collar introduced a gold floor price of $1,700 per ounce and a cap price of $2,100 per ounce allowing the Company to participate in price increases to $2,100 per ounce. The Company has designated this collar as a cash flow hedge in relation to the highly probable gold sale commitments during 2024.

As at December 31, 2023, the Company’s outstanding gold bullion derivative contracts, which qualified for hedge accounting, and the periods in which the cash flows are expected to occur and impact the consolidated statements of earnings (loss), are as follows:

2.The Company executed gold collar options, which consist of gold put and call options with strike prices within the given range in 2024. The Company will incur a loss from the difference between a higher market price and the call strike price. The Company will recognize a gain from the difference between a lower market price and the put strike price.

The table below sets out the fair value of the Company's outstanding gold bullion derivative contracts which qualified for hedge accounting as at December 31, 2023, and what the fair value would have been based on an increase or decrease of 10% in the price of gold. The entire change in fair value would be recorded in the consolidated statements of comprehensive income (loss) as OCI.

Share market price exposure risk is related to the fluctuation in the market price of marketable securities. The Company’s portfolio of marketable securities is not part of its core operations, and accordingly, gains and losses from these marketable securities are not representative of the Company’s performance during the year. Consequently, the Company has designated all of its investments in marketable securities to be measured at FVTOCI. The Company’s portfolio of marketable securities is primarily focused on the mining sector and relates entirely to investments in equity securities.


	Years ended December 31,
		2023		2022
Proceeds from sale of marketable securities		$	0.4	$	27.6
Acquisition date fair value of marketable securities sold		(0.2)		(27.9)
Gain (loss) on sale of marketable securities recorded in OCI		0.2		(0.3)

Impairment loss on OCI realized on marketable securities sold		(1.5)		(2.6)
Net realized change in fair value of marketable securities		$	(1.3)	$	(2.9)

At December 31, 2023, the impact of an increase of 10% in the fair value of marketable securities would have resulted in an increase in unrealized gains, net of tax of $1.3 million that would have been included in OCI with no impact on net earnings (loss). The impact of a decrease of 10% in the fair value of marketable securities would have resulted in a decrease in unrealized gains, net of tax, of $1.3 million that would have been included in OCI with no impact on net earnings (loss).


	Canadian dollar contracts		Oil contracts		Gold price contracts		Total
Balance, January 1, 2022	$	24.5	$	38.5	$	1.0	$	64.0
Unrealized gain (loss) recognized in cash flow hedge reserve	(13.1)		41.4		1.4		29.7
Realized (gain) loss reclassified or adjusted from cash flow hedge reserve	(7.2)		(37.5)		(0.8)		(45.5)

Unrealized (gain) loss reclassified or adjusted from cash flow hedge reserve due to hedge de-designation	—		(17.3)		—		(17.3)
Time value excluded from hedge relationship	(1.0)		(4.7)		(1.7)		(7.4)
Balance, December 31, 2022	$	3.2	$	20.4	$	(0.1)	$	23.5
Unrealized gain (loss) recognized in cash flow hedge reserve	2.9		(1.4)		(2.9)		(1.4)
Realized (gain) loss reclassified or adjusted from cash flow hedge reserve	(4.4)		(12.2)		0.2		(16.4)

Unrealized (gain) loss reclassified or adjusted from cash flow hedge reserve due to hedge de-designation	—		(0.2)		—		(0.2)
Time value excluded from hedge relationship	(0.1)		(0.9)		(6.4)		(7.4)
Balance, December 31, 2023	$	1.6	$	5.7	$	(9.2)	$	(1.9)

Consisting of:
Current portion of hedge asset	$	1.6	$	5.7	$	—	$	7.3
Non-current portion of hedge asset	—		—		—		—
Current portion of hedge liability	$	—	$	—	$	(9.2)	$	(9.2)
Non-current portion of hedge liability	—		—		—		—
	$	1.6	$	5.7	$	(9.2)	$	(1.9)


			Years ended December 31,
	2023	2022
Consolidated balance sheets
Property, plant and equipment			$	(4.3)	$	(9.8)

Consolidated statements of earnings (loss)
Revenues			1.1		0.8
Cost of sales			(11.4)		(19.0)
General and administrative expenses			(0.2)		(0.6)

			(10.5)		(18.8)
Discontinued operations			(0.6)		(15.2)
			$	(15.4)	$	(43.8)

Revenues for the year ended December 31, 2023 include $1.1 million (December 31, 2022 - $1.1 million) of losses related to premiums previously paid and realized during the year. Crude oil derivative contracts exceeded highly probable future oil consumption and resulted in the de-designation of these contracts (note 21(d)).

3.Crude oil derivative contracts includes $7.8 million of unrealized loss on partial discontinuation of hedging relationship previously related to Rosebel, $nil of unrealized losses and $9.4 million of realized gains (December 31, 2022 - $17.3 million unrealized gains on partial discontinuation of hedging relationship previously related to Rosebel, $1.5 million of unrealized losses and $1.1 million of realized gains).