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Long-term debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Instruments [Abstract] |
Schedule of borrowings | Long-term debt consists of the following:
| As at December 31 | As at December 31
(in millions of U.S. dollars) | 2024 | 2023
LONG-TERM DEBT |  |
Senior unsecured notes - due July 15, 2027 (a) | 397.0 |  | 396.0 |
Credit Facility (b) | — |  | — |
Total long-term debt | 397.0 |  | 396.0 |
Schedule of applicable redemption prices on 2027 Unsecured Notes | The 2027 Unsecured Notes are redeemable by the Company in whole or in part during the 12 month period beginning on July 15 of the years indicated at the redemption prices below, expressed as a percentage of the principal amount of the 2027 Unsecured Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date:
Date | Redemption prices (%)
July 15, 2024 | 101.88 |
July 15, 2025 and thereafter | 100.00 |
Schedule of significant covenants | Significant financial covenants are as follows:
| Twelve months ended December 31 | Twelve months ended December 31
Financial Covenant | 2024 | 2023
FINANCIAL COVENANTS |  |  |
Minimum interest coverage ratio (Adjusted EBITDA to interest) | >3.0 : 1.0 | 11.0 : 1 | 8.1 : 1
Maximum leverage ratio (net debt to Adjusted EBITDA) | <4.5 : 1.0 | 1.1 : 1 | 1.4 : 1
Maximum secured leverage ratio (secured debt to Adjusted EBITDA) | <2.0 : 1.0 | 0.1 : 1 | 0.1 : 1
Schedule of reconciliation of liabilities arising from financing activities explanatory | The following is a summary of the changes in liabilities arising from financing activities for the year ended December 31, 2024:
| As at December 31, 2023 | Borrowings | Repayments/Extinguishments | Fair Value changes | Interest & Accretion |  | As at December 31, 2024
Liabilities arising from financing activities |  |  |  |  |
Long-term debt | 396.0 | — |  | — |  | — |  | 1.0 |  | 397.0
Interest payable | 14.1 | — |  | (30.0) |  | — |  | 30.0 |  |  | 14.1 |
Rainy River gold stream obligation | 199.9 | — |  | (34.2) |  | 51.6 |  | — |  |  | 217.3
New Afton free cash flow interest obligation | 543.4 |  | — |  | (634.6) |  | 91.2 |  | — |  |  | — |
Credit facility | — |  | 100.0 |  | (100.0) |  | — |  | — |  |  | — |
Total | 1,153.3 |  | 100.0 |  | (798.8) |  | 142.8 |  | 31.0 |  |  | 628.3 |

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