XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.23.2

OPERATING SEGMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables provide a summary of financial information related to the Company's segments (in thousands):
| Three Months Ended June 30, 2023
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Corporate and other (1) |  | Total
Revenue | $ | 97,856 |  |  | $ | 117,806 |  |  | $ | 30,058 |  |  | $ | 55,306 |  |  | $ | — |  |  | $ | 301,026 |
Cost of sales (2) | $ | 54,949 |  |  | $ | 63,965 |  |  | $ | 18,272 |  |  | $ | 33,454 |  |  | $ | — |  |  | $ | 170,640 |
Depletion, depreciation, and amortization | $ | 20,099 |  |  | $ | 9,982 |  |  | $ | 8,360 |  |  | $ | 6,200 |  |  | $ | — |  |  | $ | 44,641 |
Exploration, evaluation, and reclamation costs | $ | 1,738 |  |  | $ | 3,807 |  |  | $ | 5,565 |  |  | $ | 3,064 |  |  | $ | 1,974 |  |  | $ | 16,148 |
Operating income (loss) | $ | 19,744 |  |  | $ | 40,053 |  |  | $ | (2,139) |  |  | $ | 12,552 |  |  | $ | (17,281) |  |  | $ | 52,929 |
Capital expenditures | $ | 13,719 |  |  | $ | 33,677 |  |  | $ | 12,027 |  |  | $ | 1,901 |  |  | $ | — |  |  | $ | 61,324 |
Total assets as of June 30, 2023 | $ | 3,261,738 |  |  | $ | 730,579 |  |  | $ | 521,586 |  |  | $ | 314,706 |  |  | $ | 910,870 |  |  | $ | 5,739,479 |
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization.
| Three Months Ended June 30, 2022
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Corporate and other (1) |  | Total
Revenue | $ | 108,743 |  |  | $ | 85,425 |  |  | $ | 79,110 |  |  | $ | 46,305 |  |  | $ | — |  |  | $ | 319,583 |
Cost of sales (2) | $ | 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 | $ | 749 |  |  | $ | 4,046 |  |  | $ | 2,972 |  |  | $ | 2,131 |  |  | $ | 1,346 |  |  | $ | 11,244 |
Operating income (loss) | $ | 17,087 |  |  | $ | 22,562 |  |  | $ | 42,745 |  |  | $ | 7,764 |  |  | $ | (20,063) |  |  | $ | 70,095 |
Capital expenditures | $ | 3,915 |  |  | $ | 15,331 |  |  | $ | 8,852 |  |  | $ | 2,262 |  |  | $ | — |  |  | $ | 30,360 |
Total assets as of June 30, 2022 | $ | 2,951,865 |  |  | $ | 635,283 |  |  | $ | 583,523 |  |  | $ | 302,530 |  |  | $ | 694,750 |  |  | $ | 5,167,951 |
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. During the first quarter of 2023, the Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The exploration, evaluation and development properties are no longer considered a reportable segment and the portfolio of prospective exploration tenures, near or adjacent to the existing operations (near-mine) are included in the respective reportable segment and the greenfield standalone prospects are included in Corporate and other. (2) Excludes depreciation, depletion, and amortization.
| Six Months Ended June 30, 2023 |
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Corporate and other (1) |  |  | Total
Revenue | $ | 208,369 |  |  | $ | 215,974 |  |  | $ | 62,151 |  |  | $ | 129,146 |  |  | $ | — |  |  | $ | 615,640 |  |
Cost of sales (2) | $ | 129,595 |  |  | $ | 118,506 |  |  | $ | 41,537 |  |  | $ | 80,299 |  |  | $ | — |  |  | $ | 369,937 |  |
Depletion, depreciation, and amortization | $ | 42,750 |  |  | $ | 18,556 |  |  | $ | 17,347 |  |  | $ | 13,083 |  |  | $ | — |  |  | $ | 91,736 |  |
Exploration, evaluation, and reclamation costs | $ | 2,722 |  |  | $ | 7,575 |  |  | $ | 9,724 |  |  | $ | 4,901 |  |  | $ | 3,924 |  |  | $ | 28,846 |  |
Operating income (loss) | $ | 31,240 |  |  | $ | 71,337 |  |  | $ | (6,457) |  |  | $ | 30,775 |  |  | $ | (36,981) |  |  | $ | 89,914 |  |
Capital expenditures | $ | 23,788 |  |  | $ | 63,269 |  |  | $ | 20,472 |  |  | $ | 4,478 |  |  | $ | — |  |  | $ | 112,007 |  |
Total assets as of June 30, 2023 | $ | 3,261,738 |  |  | $ | 730,579 |  |  | $ | 521,586 |  |  | $ | 314,706 |  |  | $ | 910,870 |  |  | $ | 5,739,479 |  |
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization.
| Six Months Ended June 30, 2022
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Corporate and other (1) |  | Total
Revenue | $ | 246,150 |  |  | $ | 154,318 |  |  | $ | 169,967 |  |  | $ | 104,594 |  |  | $ | — |  |  | $ | 675,029 |
Cost of sales (2) | $ | 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 | $ | 1,837 |  |  | $ | 7,887 |  |  | $ | 5,346 |  |  | $ | 2,612 |  |  | $ | 3,420 |  |  | $ | 21,102 |
Operating income (loss) | $ | 59,585 |  |  | $ | 41,990 |  |  | $ | 99,436 |  |  | $ | 23,670 |  |  | $ | (38,716) |  |  | $ | 185,965 |
Capital expenditures | $ | 10,786 |  |  | $ | 33,566 |  |  | $ | 21,766 |  |  | $ | 4,475 |  |  | $ | — |  |  | $ | 70,593 |
Total assets as of June 30, 2022 | $ | 2,951,865 |  |  | $ | 635,283 |  |  | $ | 583,523 |  |  | $ | 302,530 |  |  | $ | 694,750 |  |  | $ | 5,167,951 |
(1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. During the first quarter of 2023, the Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The exploration, evaluation and development properties are no longer considered a reportable segment and the portfolio of prospective exploration tenures, near or adjacent to the existing operations (near-mine) are included in the respective reportable segment and the greenfield standalone prospects are included in Corporate and other. (2) Excludes depreciation, depletion, and amortization.
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | The following are non-current assets, excluding Goodwill, Restricted cash and Deferred income taxes, by location as of June 30, 2023 and December 31, 2022 (in thousands):
| June 30, 2023 |  | December 31, 2022
Türkiye | $ | 3,725,669 |  |  | $ | 3,064,482 |
Canada |  | 324,684 |  |  |  | 311,937 |
United States |  | 363,428 |  |  |  | 321,423 |
Argentina |  | 119,556 |  |  |  | 127,661 |
Mexico |  | 495 |  |  |  | 536 |
Peru |  | 481 |  |  |  | 482 |
Total | $ | 4,534,313 |  |  | $ | 3,826,521 |
Schedule of Revenue from External Customers by Geographic Areas | 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,
| 2023 |  | 2022 |  | 2023 |  | 2022
Türkiye | $ | 97,856 |  |  | $ | 108,743 |  |  | $ | 208,369 |  |  | $ | 246,150 |
Canada |  | 30,058 |  |  |  | 79,110 |  |  |  | 62,151 |  |  |  | 169,967 |
United States |  | 117,806 |  |  |  | 85,425 |  |  |  | 215,974 |  |  |  | 154,318 |
Argentina |  | 55,306 |  |  |  | 46,305 |  |  |  | 129,146 |  |  |  | 104,594 |
Total | $ | 301,026 |  |  | $ | 319,583 |  |  | $ | 615,640 |  |  | $ | 675,029 |

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph a -SubTopic 10 -Topic 280 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the names of foreign countries in which material long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets are located, and amount of such long-lived assets located in that country or foreign geographic area. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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