XML 76 R44.htm IDEA: XBRL DOCUMENT v3.24.0.1

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

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 Note 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.

X

- 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

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-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 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information about fair value of asset and liability not measured at fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2E

+ Details

Name:	us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration