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OPERATING SEGMENTS (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Corporate and other (1) |  | Total
Revenue | $ | 114,462 |  |  | $ | 158,620 |  |  | $ | 36,625 |  |  | $ | 75,683 |  |  | $ | — |  |  | $ | 385,390 |
Cost of sales (2) | $ | 69,830 |  |  | $ | 81,464 |  |  | $ | 19,939 |  |  | $ | 43,437 |  |  | $ | — |  |  | $ | 214,670 |
Depreciation, depletion and amortization | $ | 25,600 |  |  | $ | 13,505 |  |  | $ | 9,015 |  |  | $ | 7,870 |  |  | $ | — |  |  | $ | 55,990 |
Exploration, evaluation, and reclamation costs | $ | 1,725 |  |  | $ | 4,187 |  |  | $ | 4,908 |  |  | $ | 4,655 |  |  | $ | 1,584 |  |  | $ | 17,059 |
Operating income (loss) | $ | 15,274 |  |  | $ | 59,463 |  |  | $ | 2,763 |  |  | $ | 17,040 |  |  | $ | (17,075) |  |  | $ | 77,465 |
Capital expenditures | $ | 26,979 |  |  | $ | 13,259 |  |  | $ | 8,579 |  |  | $ | 5,422 |  |  | $ | — |  |  | $ | 54,239 |
Total assets as of September 30, 2023 | $ | 3,258,055 |  |  | $ | 775,957 |  |  | $ | 526,813 |  |  | $ | 314,901 |  |  | $ | 873,934 |  |  | $ | 5,749,660 |
(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 September 30, 2022
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Corporate and other (1) |  | Total
Revenue | $ | 4,245 |  |  | $ | 84,216 |  |  | $ | 33,346 |  |  | $ | 44,820 |  |  | $ | — |  |  | $ | 166,627 |
Cost of sales (2) | $ | 306 |  |  | $ | 53,684 |  |  | $ | 17,894 |  |  | $ | 34,568 |  |  | $ | — |  |  | $ | 106,452 |
Depreciation, depletion and amortization | $ | 242 |  |  | $ | 8,794 |  |  | $ | 9,187 |  |  | $ | 3,332 |  |  | $ | — |  |  | $ | 21,555 |
Exploration, evaluation, and reclamation costs | $ | 1,215 |  |  | $ | 5,765 |  |  | $ | 4,535 |  |  | $ | 3,825 |  |  | $ | 2,980 |  |  | $ | 18,320 |
Care and maintenance (3) | $ | 41,800 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 41,800 |
Operating income (loss) | $ | (39,792) |  |  | $ | 15,973 |  |  | $ | 1,730 |  |  | $ | 3,023 |  |  | $ | (15,998) |  |  | $ | (35,064) |
Capital expenditures | $ | 4,663 |  |  | $ | 16,974 |  |  | $ | 10,131 |  |  | $ | 3,445 |  |  | $ | — |  |  | $ | 35,213 |
Total assets as of September 30, 2022 | $ | 2,963,851 |  |  | $ | 610,497 |  |  | $ | 564,508 |  |  | $ | 305,058 |  |  | $ | 551,344 |  |  | $ | 4,995,258 |
(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. (3) Care and maintenance expense represents direct costs and depreciation incurred at Çöpler during the temporary suspension of operations.
| Nine Months Ended September 30, 2023 |
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Corporate and other (1) |  |  | Total
Revenue | $ | 322,831 |  |  | $ | 374,594 |  |  | $ | 98,776 |  |  | $ | 204,829 |  |  | $ | — |  |  | $ | 1,001,030 |  |
Cost of sales (2) | $ | 199,425 |  |  | $ | 199,970 |  |  | $ | 61,476 |  |  | $ | 123,736 |  |  | $ | — |  |  | $ | 584,607 |  |
Depreciation, depletion and amortization | $ | 68,350 |  |  | $ | 32,062 |  |  | $ | 26,362 |  |  | $ | 20,953 |  |  | $ | — |  |  | $ | 147,727 |  |
Exploration, evaluation, and reclamation costs | $ | 4,447 |  |  | $ | 11,762 |  |  | $ | 14,632 |  |  | $ | 9,556 |  |  | $ | 5,508 |  |  | $ | 45,905 |  |
Operating income (loss) | $ | 46,514 |  |  | $ | 130,800 |  |  | $ | (3,694) |  |  | $ | 47,815 |  |  | $ | (54,056) |  |  | $ | 167,379 |  |
Capital expenditures | $ | 50,767 |  |  | $ | 76,528 |  |  | $ | 29,051 |  |  | $ | 9,900 |  |  | $ | — |  |  | $ | 166,246 |  |
Total assets as of September 30, 2023 | $ | 3,258,055 |  |  | $ | 775,957 |  |  | $ | 526,813 |  |  | $ | 314,901 |  |  | $ | 873,934 |  |  | $ | 5,749,660 |  |
(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.
| Nine Months Ended September 30, 2022
| Çöpler |  | Marigold |  | Seabee |  | Puna |  | Corporate and other (1) |  | Total
Revenue | $ | 250,395 |  |  | $ | 238,534 |  |  | $ | 203,313 |  |  | $ | 149,414 |  |  | $ | — |  |  | $ | 841,656 |
Cost of sales (2) | $ | 125,985 |  |  | $ | 142,841 |  |  | $ | 53,319 |  |  | $ | 102,755 |  |  | $ | — |  |  | $ | 424,900 |
Depreciation, depletion and amortization | $ | 57,836 |  |  | $ | 24,077 |  |  | $ | 38,936 |  |  | $ | 13,296 |  |  | $ | — |  |  | $ | 134,145 |
Exploration, evaluation, and reclamation costs | $ | 3,052 |  |  | $ | 13,652 |  |  | $ | 9,881 |  |  | $ | 6,437 |  |  | $ | 6,400 |  |  | $ | 39,422 |
Care and maintenance (3) | $ | 41,800 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 41,800 |
Operating income (loss) | $ | 19,793 |  |  | $ | 57,963 |  |  | $ | 101,166 |  |  | $ | 26,693 |  |  | $ | (54,714) |  |  | $ | 150,901 |
Capital expenditures | $ | 15,449 |  |  | $ | 50,540 |  |  | $ | 31,897 |  |  | $ | 7,920 |  |  | $ | — |  |  | $ | 105,806 |
Total assets as of September 30, 2022 | $ | 2,963,851 |  |  | $ | 610,497 |  |  | $ | 564,508 |  |  | $ | 305,058 |  |  | $ | 551,344 |  |  | $ | 4,995,258 |
(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. (3) Care and maintenance expense represents direct costs and depreciation incurred at Çöpler during the temporary suspension of operations.
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 September 30, 2023 and December 31, 2022 (in thousands):
| September 30, 2023 |  | December 31, 2022
Türkiye | $ | 3,733,255 |  |  | $ | 3,064,482 |
Canada |  | 333,150 |  |  |  | 311,937 |
United States |  | 361,142 |  |  |  | 321,423 |
Argentina |  | 113,381 |  |  |  | 127,661 |
Mexico |  | 489 |  |  |  | 536 |
Peru |  | 478 |  |  |  | 482 |
Total | $ | 4,541,895 |  |  | $ | 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 nine months ended September 30 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Türkiye | $ | 114,462 |  |  | $ | 4,245 |  |  | $ | 322,831 |  |  | $ | 250,395 |
Canada |  | 36,625 |  |  |  | 33,346 |  |  |  | 98,776 |  |  |  | 203,313 |
United States |  | 158,620 |  |  |  | 84,216 |  |  |  | 374,594 |  |  |  | 238,534 |
Argentina |  | 75,683 |  |  |  | 44,820 |  |  |  | 204,829 |  |  |  | 149,414 |
Total | $ | 385,390 |  |  | $ | 166,627 |  |  | $ | 1,001,030 |  |  | $ | 841,656 |

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