XML 21 R10.htm IDEA: XBRL DOCUMENT
v3.22.2

OPERATING SEGMENTS | 6 Months Ended
--- | ---
Jun. 30, 2022
Segment Reporting [Abstract] |
OPERATING SEGMENTS | OPERATING SEGMENTS The Company currently has four producing mines and a portfolio of precious metal dominant projects. Each individual operating mine site and the Company's exploration, evaluation and development properties are considered reportable segments. Operating results of operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. The following tables provide a summary of financial information related to the Company's segments (in thousands):
| Three Months Ended June 30, 2022
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Exploration, evaluation and development properties(2) |  | Corporate and other (1) |  | Total
Revenue | $ | 108,743 |  | $ | 85,425 |  | $ | 79,110 |  | $ | 46,305 |  | $ | — |  | $ | — |  | $ | 319,583 |
Production costs | $ | 63,095 |  | $ | 50,422 |  | $ | 19,015 |  | $ | 32,396 |  | $ | — |  | $ | — |  | $ | 164,928 |
Depletion, depreciation, and amortization | $ | 27,081 |  | $ | 8,395 |  | $ | 14,370 |  | $ | 4,002 |  | $ | — |  | $ | — |  | $ | 53,848 |
Exploration, evaluation, and reclamation costs | $ | 643 |  | $ | 1,045 |  | $ | 2,972 |  | $ | 2,131 |  | $ | 4,605 |  | $ | (152) |  | $ | 11,244 |
Transaction, integration, and SEC conversion expense | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Impairment of long-lived and other assets | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Operating income | $ | 17,194 |  | $ | 25,563 |  | $ | 42,745 |  | $ | 7,763 |  | $ | (4,608) |  | $ | (18,562) |  | $ | 70,095 |
Capital expenditures | $ | 3,915 |  | $ | 15,331 |  | $ | 8,852 |  | $ | 2,262 |  | $ | — |  | $ | — |  | $ | 30,360 |
Total assets as of June 30, 2022 | $ | 2,139,413 |  | $ | 599,062 |  | $ | 583,523 |  | $ | 302,529 |  | $ | 934,861 |  | $ | 608,563 |  | $ | 5,167,951 |
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) The Company entered into an agreement on January 12, 2022 to sell its Pitarrilla project. The assets related to the Pitarrilla project are classified as Current assets held for sale on the Condensed Consolidated Balance Sheets as of June 30, 2022. Refer to Note 18 for further information.
| Three Months Ended June 30, 2021
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Exploration, evaluation and development properties |  | Corporate and other (1) |  | Total
Revenue | $ | 140,654 |  | $ | 109,533 |  | $ | 67,127 |  | $ | 59,636 |  | $ | — |  | $ | — |  | $ | 376,950 |
Production costs | $ | 69,737 |  | $ | 51,590 |  | $ | 15,467 |  | $ | 30,152 |  | $ | — |  | $ | — |  | $ | 166,946 |
Depletion, depreciation, and amortization | $ | 29,365 |  | $ | 8,481 |  | $ | 12,525 |  | $ | 5,622 |  | $ | — |  | $ | — |  | $ | 55,993 |
Exploration, evaluation, and reclamation costs | $ | 3,589 |  | $ | 935 |  | $ | 3,483 |  | $ | 441 |  | $ | 3,238 |  | $ | 162 |  | $ | 11,848 |
Transaction, integration, and SEC conversion expense | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 894 |  | $ | 894 |
Impairment of long-lived and other assets | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 22,345 |  | $ | — |  | $ | 22,345 |
Operating income | $ | 37,108 |  | $ | 48,527 |  | $ | 35,534 |  | $ | 22,884 |  | $ | (25,587) |  | $ | (14,750) |  | $ | 103,716 |
Capital expenditures | $ | 10,719 |  | $ | 11,873 |  | $ | 9,128 |  | $ | 2,245 |  | $ | — |  | $ | — |  | $ | 33,965 |
Total assets as of June 30, 2021 | $ | 2,305,611 |  | $ | 523,421 |  | $ | 458,067 |  | $ | 270,705 |  | $ | 999,930 |  | $ | 596,175 |  | $ | 5,153,909 |
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes.
| Six Months Ended June 30, 2022
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Exploration, evaluation and development properties(2) |  | Corporate and other (1) |  | Total
Revenue | $ | 246,150 |  | $ | 154,318 |  | $ | 169,967 |  | $ | 104,594 |  | $ | — |  | $ | — |  | $ | 675,029 |
Production costs | $ | 125,679 |  | $ | 89,157 |  | $ | 35,425 |  | $ | 68,187 |  | $ | — |  | $ | — |  | $ | 318,448 |
Depletion, depreciation, and amortization | $ | 57,594 |  | $ | 15,283 |  | $ | 29,749 |  | $ | 9,964 |  | $ | — |  | $ | — |  | $ | 112,590 |
Exploration, evaluation, and reclamation costs | $ | 1,692 |  | $ | 1,788 |  | $ | 5,346 |  | $ | 2,612 |  | $ | 8,857 |  | $ | 807 |  | $ | 21,102 |
Transaction, integration, and SEC conversion expense | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,217 |  | $ | 1,217 |
Impairment of long-lived and other assets | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Operating income (loss) | $ | 59,731 |  | $ | 48,089 |  | $ | 99,436 |  | $ | 23,669 |  | $ | (8,858) |  | $ | (36,102) |  | $ | 185,965 |
Capital expenditures | $ | 10,786 |  | $ | 33,566 |  | $ | 21,766 |  | $ | 4,475 |  | $ | — |  | $ | — |  | $ | 70,593 |
Total assets as of June 30, 2022 | $ | 2,139,413 |  | $ | 599,062 |  | $ | 583,523 |  | $ | 302,529 |  | $ | 934,861 |  | $ | 608,563 |  | $ | 5,167,951 |
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) The Company entered into an agreement on January 12, 2022 to sell its Pitarrilla project. The assets related to the Pitarrilla project are classified as Current assets held for sale on the Condensed Consolidated Balance Sheets as of June 30, 2022. Refer to Note 18 for further information.
| Six Months Ended June 30, 2021
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Exploration, evaluation and development properties |  | Corporate and other (1) |  | Total
Revenue | $ | 292,176 |  | $ | 225,506 |  | $ | 112,834 |  | $ | 112,918 |  | $ | — |  | $ | — |  | $ | 743,434 |
Production costs | $ | 136,154 |  | $ | 105,301 |  | $ | 32,028 |  | $ | 55,326 |  | $ | — |  | $ | — |  | $ | 328,809 |
Depletion, depreciation, and amortization | $ | 59,943 |  | $ | 17,415 |  | $ | 22,122 |  | $ | 10,292 |  | $ | — |  | $ | — |  | $ | 109,772 |
Exploration, evaluation, and reclamation costs | $ | 6,657 |  | $ | 1,693 |  | $ | 6,356 |  | $ | 866 |  | $ | 5,276 |  | $ | 404 |  | $ | 21,252 |
Transaction, integration, and SEC conversion expense | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 5,386 |  | $ | 5,386 |
Impairment of long-lived and other assets | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 22,349 |  | $ | — |  | $ | 22,349 |
Operating income (loss) | $ | 84,866 |  | $ | 101,200 |  | $ | 52,301 |  | $ | 44,812 |  | $ | (27,625) |  | $ | (22,655) |  | $ | 232,899 |
Capital expenditures | $ | 19,754 |  | $ | 35,286 |  | $ | 22,567 |  | $ | 5,521 |  | $ | — |  | $ | — |  | $ | 83,128 |
Total assets as of June 30, 2021 | $ | 2,305,611 |  | $ | 523,421 |  | $ | 458,067 |  | $ | 270,705 |  | $ | 999,930 |  | $ | 596,175 |  | $ | 5,153,909 |
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. Geographic Area The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes, by location as of June 30, 2022 and December 31, 2021 (in thousands):
| June 30, 2022 |  | December 31, 2021
Türkiye | $ | 2,724,071 |  |  | $ | 2,744,707 |
Canada |  | 315,400 |  |  |  | 292,264 |
United States |  | 312,463 |  |  |  | 307,857 |
Argentina |  | 122,276 |  |  |  | 123,834 |
Mexico |  | 573 |  |  |  | 48,345 |
Peru |  | 504 |  |  |  | 527 |
Total | $ | 3,475,287 |  |  | $ | 3,517,534 |
The following is revenue information by geographic area based on the location for the three and six months ended June 30 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Türkiye | $ | 108,743 |  |  | $ | 140,654 |  |  | $ | 246,150 |  |  | $ | 292,176 |
Canada |  | 79,110 |  |  |  | 67,127 |  |  |  | 169,967 |  |  |  | 112,834 |
United States |  | 85,425 |  |  |  | 109,533 |  |  |  | 154,318 |  |  |  | 225,506 |
Argentina |  | 46,305 |  |  |  | 59,636 |  |  |  | 104,594 |  |  |  | 112,918 |
Total | $ | 319,583 |  |  | $ | 376,950 |  |  | $ | 675,029 |  |  | $ | 743,434 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration