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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, by Balance Sheet Grouping | The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands).
| Fair value at December 31, 2023
| Level 1 (1) |  | Level 2 (2) |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 492,393 |  |  | $ | — |  |  | $ | — |  |  | $ | 492,393 |
Restricted cash |  | 101 |  |  |  | — |  |  |  | — |  |  |  | 101 |
Marketable securities |  | 28,351 |  |  |  | — |  |  |  | — |  |  |  | 28,351 |
Trade receivables from provisional sales, net |  | — |  |  |  | 86,897 |  |  |  | — |  |  |  | 86,897 |
Deferred consideration |  | — |  |  |  | — |  |  |  | 21,213 |  |  |  | 21,213 |
| $ | 520,845 |  |  | $ | 86,897 |  |  | $ | 21,213 |  |  | $ | 628,955 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 29,648 |  |  | $ | 29,648 |
Option liability - EMX shares (3) |  | — |  |  |  | 1,431 |  |  |  | — |  |  |  | 1,431 |
| $ | — |  |  | $ | 1,431 |  |  | $ | 29,648 |  |  | $ | 31,079 |
| Fair value at December 31, 2022
| Level 1 (1) |  | Level 2 (2) |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 655,453 |  |  | $ | — |  |  | $ | — |  |  | $ | 655,453 |
Restricted cash |  | 33,653 |  |  |  | — |  |  |  | — |  |  |  | 33,653 |
Marketable securities |  | 44,841 |  |  |  | — |  |  |  | — |  |  |  | 44,841 |
Trade receivables from provisional sales, net |  | — |  |  |  | 49,897 |  |  |  | — |  |  |  | 49,897 |
Deferred consideration |  | — |  |  |  | — |  |  |  | 24,369 |  |  |  | 24,369 |
| $ | 733,947 |  |  | $ | 49,897 |  |  | $ | 24,369 |  |  | $ | 808,213 |
1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. 2)The Company’s provisional metal sales contracts, included in Trade and other receivables in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. 3)The fair value of the option liability, which represents the option of the holder to acquire a EMX common share from SSR (refer to N ote 3 for further information), was determined using the Black-Scholes model. The inputs to the Black-Scholes model included the EMX share price on the closing date of CAD $2.19 per share, exercise price of CAD $2.27 per Unit, one year maturity, one-year risk-free rate of 4.8%, and annualized volatility of 34.1%.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands):
| 2023 |  | 2022
Deferred consideration assets: |  |  |  |  |
Balance as of January 1 | $ | 24,369 |  |  | $ | 22,610 |
Receipt of deferred consideration |  | (473) |  |  |  | — |
Revaluations |  | (2,683) |  |  |  | 1,759 |
Balance as of December 31 | $ | 21,213 |  |  | $ | 24,369 |
| 2023 |  | 2022
Contingent consideration liabilities: |  |  |  |  |
Balance as of January 1 | $ | — |  |  | $ | — |
Assumption of contingent consideration |  | 28,600 |  |  |  | — |
Revaluations |  | 1,048 |  |  |  | — |
Balance as of December 31 | $ | 29,648 |  |  | $ | — |
Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The fair value of the 2019 Notes and Term Loan as compared to the carrying amounts were as follows:
|  |  | December 31,
|  |  | 2023 |  | 2022
| Level |  | Carrying amount |  | Fair value |  |  | Carrying amount |  |  | Fair value
2019 Notes (1) | 1 |  | $ | 227,516 |  |  | $ | 216,545 |  |  | $ | 226,510 |  |  | $ | 257,025 |
Term Loan (2) | 2 |  |  | — |  |  |  | — |  |  |  | 70,000 |  |  |  | 71,419 |
Total borrowings |  |  | $ | 227,516 |  |  | $ | 216,545 |  |  | $ | 296,510 |  |  | $ | 328,444 |
(1)The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. (2)The fair value disclosed for the Company's Term Loan is included in Level 2 as the fair value is determined by an independent third-party pricing source. On September 22, 2023, the Term Loan was terminated upon full repayment.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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