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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
OPERATING SEGMENTS | OPERATING SEGMENTS The Company currently has four producing mines which represent the Company’s reportable and operating segments. The Company identifies its segments according to how the chief operating decision maker ("CODM") evaluates financial performance and allocates resources. The Company's CODM is the chief executive officer. The CODM assesses the segments' performance by using each segments' operating income and primarily relies on operating income for each segment during the annual budgeting and forecasting process. On a quarterly basis, the CODM reviews budget-to-actual variances for profit metrics to inform decisions on the allocation of operating and capital resources across segments. The following tables provide a summary of financial information related to the Company's segments (in thousands):
| Year ended December 31, 2024
|  | Çöpler (3) |  |  | Marigold |  |  | Seabee |  |  | Puna |  |  | Segments Total |  |  | Corporate and other (1) |  |  | Consolidated
Revenue | $ | 64,298 |  |  | $ | 409,025 |  |  | $ | 191,768 |  |  | $ | 330,527 |  |  | $ | 995,618 |  |  | $ | — |  |  | $ | 995,618 |
Cost of sales (2) | $ | 36,215 |  |  | $ | 244,312 |  |  | $ | 77,846 |  |  | $ | 155,659 |  |  | $ | 514,032 |  |  | $ | — |  |  | $ | 514,032 |
Depreciation, depletion, and amortization | $ | 13,130 |  |  | $ | 36,047 |  |  | $ | 48,008 |  |  | $ | 33,007 |  |  | $ | 130,192 |  |  | $ | — |  |  | $ | 130,192 |
General and administrative expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 62,885 |  |  | $ | 62,885 |
Exploration and evaluation | $ | 1,468 |  |  | $ | 13,097 |  |  | $ | 15,010 |  |  | $ | 5,639 |  |  | $ | 35,214 |  |  | $ | 6,590 |  |  | $ | 41,804 |
Reclamation and remediation costs | $ | 274,877 |  |  | $ | 2,895 |  |  | $ | 1,336 |  |  | $ | 17,763 |  |  | $ | 296,871 |  |  | $ | — |  |  | $ | 296,871 |
Impairment charges of long-lived and other assets | $ | 114,230 |  |  | $ | — |  |  | $ | 369 |  |  | $ | — |  |  | $ | 114,599 |  |  | $ | — |  |  | $ | 114,599 |
Care and maintenance (4) | $ | 108,675 |  |  | $ | — |  |  | $ | 11,605 |  |  | $ | — |  |  | $ | 120,280 |  |  | $ | — |  |  | $ | 120,280 |
Other operating expense (income), net | $ | 36,951 |  |  | $ | 2,710 |  |  | $ | 622 |  |  | $ | 2,118 |  |  | $ | 42,401 |  |  | $ | (5,161) |  |  | $ | 37,240 |
Operating income (loss) | $ | (521,247) |  |  | $ | 109,959 |  |  | $ | 36,972 |  |  | $ | 116,342 |  |  | $ | (257,974) |  |  | $ | (64,311) |  |  | $ | (322,285) |
Interest expense | $ | (6,925) |  |  | $ | — |  |  | $ | — |  |  | $ | (917) |  |  | $ | (7,842) |  |  | $ | (5,186) |  |  | $ | (13,028) |
Interest income | $ | 16 |  |  | $ | 6,757 |  |  | $ | 4,561 |  |  | $ | 976 |  |  | $ | 12,310 |  |  | $ | 4,425 |  |  | $ | 16,735 |
Other income (expense) | $ | 343 |  |  | $ | (917) |  |  | $ | (124) |  |  | $ | 4,552 |  |  | $ | 3,854 |  |  | $ | 5,681 |  |  | $ | 9,535 |
Foreign exchange gain (loss) | $ | 113 |  |  | $ | (8) |  |  | $ | (208) |  |  | $ | (1,023) |  |  | $ | (1,126) |  |  | $ | (8,565) |  |  | $ | (9,691) |
Income (loss) before income and mining taxes | $ | (527,701) |  |  | $ | 115,790 |  |  | $ | 41,201 |  |  | $ | 119,929 |  |  | $ | (250,781) |  |  | $ | (67,953) |  |  | $ | (318,734) |
Capital expenditures | $ | 14,472 |  |  | $ | 39,070 |  |  | $ | 33,832 |  |  | $ | 16,794 |  |  | $ | 104,168 |  |  | $ | 42,051 |  |  | $ | 146,219 |
Total assets as of December 31, 2024 | $ | 2,688,583 |  |  | $ | 889,570 |  |  | $ | 380,980 |  |  | $ | 333,652 |  |  | $ | 4,292,785 |  |  | $ | 896,235 |  |  | $ | 5,189,020 |
(1)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. (2)Excludes depreciation, depletion, and amortization. (3)All operations at Çöpler ceased on February 13, 2024, following the Çöpler Incident. (4)Care and maintenance expense represents the following: 1) direct costs not associated with the environmental reclamation and remediation costs of $61.6 million and depreciation of $47.1 million during the suspension of operations at Çöpler starting in the first quarter of 2024; and 2) direct costs of $9.4 million and depreciation of $2.2 million during the suspension of operations at Seabee during the third quarter of 2024.
| Year ended December 31, 2023
|  | Çöpler |  |  | Marigold |  |  | Seabee |  |  | Puna |  |  | Segments Total |  |  | Corporate and other (1) |  |  | Consolidated
Revenue | $ | 442,417 |  |  | $ | 538,244 |  |  | $ | 164,346 |  |  | $ | 281,920 |  |  | $ | 1,426,927 |  |  | $ | — |  |  | $ | 1,426,927 |
Cost of sales (2) | $ | 268,628 |  |  | $ | 289,063 |  |  | $ | 82,898 |  |  | $ | 163,558 |  |  | $ | 804,147 |  |  | $ | — |  |  | $ | 804,147 |
Depreciation, depletion, and amortization | $ | 93,808 |  |  | $ | 46,236 |  |  | $ | 40,533 |  |  | $ | 33,435 |  |  | $ | 214,012 |  |  | $ | — |  |  | $ | 214,012 |
General and administrative expense | $ | 5,489 |  |  | $ | — |  |  | $ | — |  |  | $ | 247 |  |  | $ | 5,736 |  |  | $ | 61,721 |  |  | $ | 67,457 |
Exploration and evaluation | $ | 6,990 |  |  | $ | 12,295 |  |  | $ | 16,324 |  |  | $ | 7,135 |  |  | $ | 42,744 |  |  | $ | 7,441 |  |  | $ | 50,185 |
Reclamation and remediation costs | $ | 1,709 |  |  | $ | 2,764 |  |  | $ | 1,164 |  |  | $ | 3,061 |  |  | $ | 8,698 |  |  | $ | — |  |  | $ | 8,698 |
Impairment charges of long-lived and other assets | $ | 353,322 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,637 |  |  | $ | 355,959 |  |  | $ | 5,653 |  |  | $ | 361,612 |
Impairment charges of goodwill | $ | — |  |  | $ | — |  |  | $ | 49,786 |  |  | $ | — |  |  | $ | 49,786 |  |  | $ | — |  |  | $ | 49,786 |
Other operating expense (income), net | $ | 512 |  |  | $ | — |  |  | $ | 508 |  |  | $ | — |  |  | $ | 1,020 |  |  | $ | 254 |  |  | $ | 1,274 |
Operating income (loss) | $ | (288,041) |  |  | $ | 187,886 |  |  | $ | (26,867) |  |  | $ | 71,847 |  |  | $ | (55,175) |  |  | $ | (75,069) |  |  | $ | (130,244) |
Interest expense | $ | (9,046) |  |  | $ | — |  |  | $ | — |  |  | $ | (807) |  |  | $ | (9,853) |  |  | $ | (6,763) |  |  | $ | (16,616) |
Interest income | $ | 1,507 |  |  | $ | — |  |  | $ | 7,039 |  |  | $ | 6,826 |  |  | $ | 15,372 |  |  | $ | 7,242 |  |  | $ | 22,614 |
Other income (expense) | $ | 304 |  |  | $ | 1,086 |  |  | $ | (146) |  |  | $ | 35,625 |  |  | $ | 36,869 |  |  | $ | (9,332) |  |  | $ | 27,537 |
Foreign exchange gain (loss) | $ | (7,823) |  |  | $ | — |  |  | $ | (709) |  |  | $ | (44,982) |  |  | $ | (53,514) |  |  | $ | (52,185) |  |  | $ | (105,699) |
Income (loss) before income and mining taxes | $ | (303,099) |  |  | $ | 188,972 |  |  | $ | (20,683) |  |  | $ | 68,510 |  |  | $ | (66,300) |  |  | $ | (136,108) |  |  | $ | (202,408) |
Capital expenditures | $ | 89,165 |  |  | $ | 82,252 |  |  | $ | 37,521 |  |  | $ | 13,193 |  |  | $ | 222,131 |  |  | $ | — |  |  | $ | 222,131 |
Total assets as of December 31, 2023 | $ | 2,915,262 |  |  | $ | 782,353 |  |  | $ | 464,033 |  |  | $ | 324,794 |  |  | $ | 4,486,442 |  |  | $ | 899,331 |  |  | $ | 5,385,773 |
(1)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. (2)Excludes depreciation, depletion, and amortization.
|  | Year ended December 31, 2022
|  |  | Çöpler |  |  | Marigold |  |  | Seabee |  |  | Puna |  |  | Segments Total |  |  | Corporate and other (1) |  |  | Consolidated
Revenue |  | $ | 355,070 |  |  | $ | 348,817 |  |  | $ | 244,692 |  |  | $ | 199,454 |  |  | $ | 1,148,033 |  |  | $ | — |  |  | $ | 1,148,033 |
Cost of sales (2) |  | $ | 189,825 |  |  | $ | 206,014 |  |  | $ | 74,679 |  |  | $ | 137,424 |  |  | $ | 607,942 |  |  | $ | — |  |  | $ | 607,942 |
Depreciation, depletion, and amortization |  | $ | 76,628 |  |  | $ | 34,255 |  |  | $ | 49,445 |  |  | $ | 21,119 |  |  | $ | 181,447 |  |  | $ | — |  |  | $ | 181,447 |
General and administrative expense |  | $ | 3,125 |  |  | $ | 1 |  |  | $ | 11 |  |  | $ | 257 |  |  | $ | 3,394 |  |  | $ | 68,266 |  |  | $ | 71,660 |
Exploration and evaluation |  | $ | 2,891 |  |  | $ | 15,908 |  |  | $ | 13,313 |  |  | $ | 5,382 |  |  | $ | 37,494 |  |  | $ | 9,317 |  |  | $ | 46,811 |
Reclamation and remediation costs |  | $ | 1,245 |  |  | $ | 2,274 |  |  | $ | 791 |  |  | $ | 1,725 |  |  | $ | 6,035 |  |  | $ | — |  |  | $ | 6,035 |
Care and maintenance ( 3) |  | $ | 41,800 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 41,800 |  |  | $ | — |  |  | $ | 41,800 |
Other operating expense (income), net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,070 |  | $ | 2,070 |
Operating income (loss) |  | $ | 39,556 |  |  | $ | 90,365 |  |  | $ | 106,453 |  |  | $ | 33,547 |  |  | $ | 269,921 |  |  | $ | (79,653) |  |  | $ | 190,268 |
Interest expense |  | $ | (11,915) |  |  | $ | (54) |  |  | $ | — |  |  | $ | (410) |  |  | $ | (12,379) |  |  | $ | (6,737) |  |  | $ | (19,116) |
Interest income |  | $ | 2,306 |  |  | $ | — |  |  | $ | 2,789 |  |  | $ | 4,517 |  |  | $ | 9,612 |  |  | $ | 6,699 |  |  | $ | 16,311 |
Gain on acquisition of Kartaltepe |  | $ | 81,852 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 81,852 |  |  | $ | — |  |  | $ | 81,852 |
Other income (expense) |  | $ | (3,487) |  |  | $ | (2,975) |  |  | $ | (110) |  |  | $ | 12,329 |  |  | $ | 5,757 |  |  | $ | (1,777) |  |  | $ | 3,980 |
Foreign exchange gain (loss) |  | $ | 4,987 |  |  | $ | 1 |  |  | $ | (1,143) |  |  | $ | (44,292) |  |  | $ | (40,447) |  |  | $ | 7,987 |  |  | $ | (32,460) |
Income (loss) before income (expense) |  | $ | 113,300 |  |  | $ | 87,337 |  |  | $ | 107,990 |  |  | $ | 5,691 |  |  | $ | 314,318 |  |  | $ | (73,483) |  |  | $ | 240,835 |
Capital expenditures |  | $ | 35,729 |  |  | $ | 58,795 |  |  | $ | 38,193 |  |  | $ | 10,446 |  |  | $ | 143,163 |  |  | $ | — |  |  | $ | 143,163 |
Total assets as of December 31, 2022 |  | $ | 3,298,757 |  |  | $ | 667,834 |  |  | $ | 581,574 |  |  | $ | 315,060 |  |  | $ | 4,863,225 |  |  | $ | 391,432 |  |  | $ | 5,254,657 |
(1)Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. (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 in the third quarter of 2022. Geographic area The following are long-lived assets, excluding Goodwill, Restricted cash and Deferred income taxes, by location as of December 31 (in thousands):
| December 31,
| 2024 |  | 2023
Türkiye | $ | 3,367,857 |  |  | $ | 3,369,116 |
Canada |  | 305,098 |  |  |  | 320,922 |
United States |  | 407,304 |  |  |  | 372,639 |
Argentina |  | 72,125 |  |  |  | 104,313 |
Total | $ | 4,152,384 |  |  | $ | 4,166,990 |
The following is revenue information by geographic area based on the location of production for the years ended December 31, (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Türkiye | $ | 64,298 |  |  | $ | 442,417 |  |  | $ | 355,070 |
Canada |  | 191,768 |  |  |  | 164,346 |  |  |  | 244,692 |
United States |  | 409,025 |  |  |  | 538,244 |  |  |  | 348,817 |
Argentina |  | 330,527 |  |  |  | 281,920 |  |  |  | 199,454 |
Total | $ | 995,618 |  |  | $ | 1,426,927 |  |  | $ | 1,148,033 |

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