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Derivative financial instruments
 12 Months Ended
Dec. 31, 2024
Derivative Financial Instruments [Abstract]  
Derivative financial instruments
28. Derivative financial instruments
December 31, 2024December 31, 2023
Assets
Foreign currency collars$— $1,338 
Euro forward contracts— 1,513 
Interest rate swaps— 458 
Foreign currency forward contracts— 6,229 
Share purchase warrants52 — 
Total assets$52 $9,538 

Classified as:December 31, 2024December 31, 2023
Current$52 $2,502 
Non-current— 7,036 
$52 $9,538 

December 31, 2024December 31, 2023
Liabilities
Foreign currency collars$194 $— 
Euro forward contracts2,353 35 
Gold collars20,465 3,026 
Gold commodity swaps18,149 2,966 
Copper commodity swaps3,165 1,032 
Interest rate swaps12,167 12,063 
Foreign currency forward contracts4,837 — 
Total liabilities$61,330 $19,122 

Classified as:December 31, 2024December 31, 2023
Current$25,587 $279 
Non-current35,743 18,843 
$61,330 $19,122 
28. Derivative financial instruments (continued)
(a)Foreign Currency Collars
The Company enters into zero-cost collars (purchase of a put option and sale of a call option) to reduce the risk associated with fluctuations of the Euro and Canadian dollar at Olympias and Lamaque, respectively. These derivatives set a band within which the Company expected to be able to protect against currency movements, either above or below specific strike prices.
In the year ended December 31, 2024, Canadian dollar collars totalling US$106.0 million (2023: US$96.0 million) and Euro collars totalling €78.0 million (2023: €75.4 million) expired without financial settlement.
In December 2024, the Company entered into new zero-cost collars that mature monthly from January to December 2025 (Canadian dollar collars - US$7.5 million monthly; Euro collars $6.0 million monthly).
These derivatives are not designated as hedging instruments. Changes in the fair value of the foreign currency collars are recorded in other income (expense).
As at December 31, 2024, the Company's outstanding foreign currency collars were as follows:
2025
Canadian dollar collars
   Canadian dollar contracts US$90,000 
   Weighted average put strike price (USD:CDN)1.33
   Weighted average call strike price (USD:CDN)1.56
Euro collars
   Euro contractsUS$72,000 
   Weighted average put strike price (EUR:USD)1.10
   Weighted average call strike price (EUR:USD)0.99

Year ended December 31,
20242023
Opening derivative asset$1,338 $— 
Change in fair value(1,537)1,346 
Settlements5 (8)
Closing derivative (liability) asset$(194)$1,338 
28. Derivative financial instruments (continued)
(b)Euro Forward Contracts
In August 2023, the Company entered into foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Company’s equity commitment for the Skouries Project. From January 2025 to May 2025, €5.0 million will be delivered to the Company every month at a forward rate of EUR/USD 1.1160.
In October 2023, the Company entered into additional foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate. From January 2025 to May 2025, €2.5 million will be delivered to the Company every month at a forward rate of EUR/USD 1.0785.
The foreign currency forward contracts have not been designated as hedging instruments. Changes in the fair value of the foreign currency forward contracts are recorded in other income (expense). Changes in the fair value of foreign currency forward contracts outstanding during the year ended December 31, 2024 were as follows:
Year ended December 31,
20242023
Opening derivative asset$1,478 $— 
Change in fair value(5,088)1,478 
Settlements1,257 — 
Closing derivative (liability) asset$(2,353)$1,478 

During the year ended December 31, 2024, €52.5 million was delivered to the Company, on which a US$1.3 million realized loss was recognized.

(c)Gold Collars
In May 2023, the Company entered into zero-cost collars (purchase of a put option and sale of a call option) to reduce the risk associated with fluctuations of the price of gold and to manage cash flow variability during the construction period of Skouries. Under the gold collars, 16,667 ounces settle monthly during the period from June 2023 through December 2025.
These derivatives are not designated as hedging instruments. Changes in the fair value of the gold collars are recorded in other income (expense).
As at December 31, 2024, the Company's outstanding gold collars were as follows:
2025
Gold ounces 200,004 
Weighted average put strike price per ounceUS$1,900 
Weighted average call strike price per ounceUS$2,667 
28. Derivative financial instruments (continued)
(c)Gold Collars (continued)
Changes in the fair value of gold collars outstanding during the year ended December 31, 2024 were as follows:
Year ended December 31,
20242023
Opening derivative liability$(3,026)$— 
Change in fair value(17,439)(3,026)
Closing derivative liability$(20,465)$(3,026)

Gold collars totalling 200,004 ounces expired during the year ended December 31, 2024 without financial settlement.

(d)Gold and Copper Commodity Swaps
In April 2023, in conjunction with the Term Facility, the Company entered into gold and copper commodity swap contracts for settlement on July 7, 2026 based on the average applicable commodity price over the period of June 1, 2026 to June 30, 2026. The gold commodity swap contracts total 32,000 ounces at a forward price of US$2,160 per ounce and will be financially settled. The copper commodity swap contracts total 6,160 tonnes of copper at a forward price of US$8,525 per tonne and will be financially settled.
These derivatives have not been designated as hedging instruments. Changes in the fair value of the gold and copper forward sales contracts are recorded in other income (expense).
Changes in the fair value of gold commodity swaps outstanding during the year ended December 31, 2024 were as follows:
Year ended December 31,
Gold commodity swaps20242023
Opening derivative liability$(2,966)$— 
Change in fair value(15,183)(2,966)
Closing derivative liability$(18,149)$(2,966)

Changes in the fair value of copper commodity swaps outstanding during the year ended December 31, 2024 were as follows:
Year ended December 31,
Copper commodity swaps20242023
Opening derivative liability$(1,032)$— 
Change in fair value(2,133)(1,032)
Closing derivative liability$(3,165)$(1,032)
28. Derivative financial instruments (continued)
(e)Interest Rate Swaps
In April 2023, in conjunction with the Term Facility, the Company entered into interest rate swaps covering 70% of the variable interest rate exposure under the six-months EURIBOR index. The interest rate swaps have a fixed rate of 3.11% and mature on December 31, 2032. The interest payment frequency is every six months.
The interest rate swaps have not been designated as hedging instruments. Changes in the fair value of the interest rate swaps are recorded in other income (expense).
In June 2024, the Company entered into interest rate swaps with an effective date of December 31, 2025, under a six-months EURIBOR index. The interest rate swaps have a fixed rate of 2.748% and mature on December 31, 2032. The interest payment frequency is every six months.
Changes in the fair value of interest rate swaps outstanding during the year ended December 31, 2024 were as follows:
Year ended December 31,
20242023
Opening derivative liability$(11,605)$— 
Change in fair value850 (11,182)
Settlements(1,412)(423)
Closing derivative liability$(12,167)$(11,605)

During the year ended December 31, 2024, interest rate swap settlements resulted in realized derivative cash gains of $1.4 million for the Company.

(f)Foreign Currency Forward Contracts
In April 2023, in conjunction with the Term Facility, the Company entered into foreign exchange forward contracts to fix the U.S. Dollar to Euro exchange rate for a portion of the Term Facility repayments. From June 30, 2026 to December 31, 2029, €17.0 million will be delivered to the Company every six months at an average forward rate of EUR/USD 1.1473. From June 28, 2030 to December 30, 2032, €11.4 million will be delivered to the Company every six months at an average forward rate of EUR/USD 1.1704.
The foreign currency forward contracts have not been designated as hedging instruments. Changes in the fair value of the foreign currency forward contracts will be recorded in other income (expense).
Changes in the fair value of foreign currency forward contracts outstanding during the year ended December 31, 2024 were as follows:
Year ended December 31,
20242023
Opening derivative asset$6,229 $— 
Change in fair value(11,066)6,229 
Closing derivative (liability) asset
$(4,837)$6,229