XML 24 R13.htm IDEA: XBRL DOCUMENT v3.22.4
REVENUE
12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE 
The following table represents revenues by product (in thousands): 
Years Ended December 31,
 202220212020
Gold doré sales
Çöpler
$352,740 $600,790 $205,535 
Marigold
348,692 426,288 409,746 
Seabee
244,581 213,766 135,177 
Concentrate sales
Puna
201,859 229,959 105,350 
Other (1)
Çöpler
2,330 7,097 — 
Marigold
125 103 53 
Seabee
111 94 53 
Puna
(2,405)(3,898)(2,825)
Total
$1,148,033 $1,474,199 $853,089 
(1)Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré.
Revenue by metal
Revenue by metal type for the years ended December 31, are as follows (in thousands): 
Years Ended December 31,
202220212020
Gold 
$
946,013 
$
1,240,844 
$
750,458 
Silver 153,280 183,378 92,260 
Lead 37,519 33,070 8,815 
Zinc 11,060 13,511 4,275 
Other
161 3,396 (2,719)
Total   
$
1,148,033 
$
1,474,199 
$
853,089 
During 2022, sales to Central Bank of Türkiye, CIBC, and Bank of Montreal accounted for 31%, 28% and 16% of the Company's total revenues, respectively. During 2021, sales to Central Bank of Türkiye and CIBC accounted for 41% and 30% of the Company's total revenues, respectively. During 2020, sales to CIBC, Central Bank of Türkiye, and Bank of Montreal accounted for 45%, 24%, and 14%, of the Company's total revenues, respectively.
Provisional metal sales
For the years ended December 31, 2022, 2021 and 2020, changes in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase of $2.8 million, a decrease of $(1.0) million and a decrease of $(1.5) million respectively, which has been recorded in Revenue.
At December 31, 2022, the Company had silver sales of $4.4 million ounces at an average price of $20.59 per ounce, zinc sales of $2.0 million pounds at an average price of $1.39 per pound, and lead sales of $19.1 million pounds at an average price of $0.91 per pound, subject to final pricing per the contractual terms over the next several months.