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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 387,882 |  |  | $ | — |  |  | $ | — |  |  | $ | 387,882 |
Marketable securities (1) |  | 34,631 |  |  |  | — |  |  |  | — |  |  |  | 34,631 |
Trade receivables from provisional sales, net (2) |  | — |  |  |  | 78,687 |  |  |  | — |  |  |  | 78,687 |
Deferred consideration |  | — |  |  |  | — |  |  |  | 26,383 |  |  |  | 26,383 |
| $ | 422,513 |  |  | $ | 78,687 |  |  | $ | 26,383 |  |  | $ | 527,583 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 29,642 |  |  | $ | 29,642 |
Other |  | — |  |  |  | 68 |  |  |  | — |  |  |  | 68 |
| $ | — |  |  | $ | 68 |  |  | $ | 29,642 |  |  | $ | 29,710 |
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.
| Fair value at December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 492,393 |  |  | $ | — |  |  | $ | — |  |  | $ | 492,393 |
Restricted cash |  | 101 |  |  |  | — |  |  |  | — |  |  |  | 101 |
Marketable securities (1) |  | 28,351 |  |  |  | — |  |  |  | — |  |  |  | 28,351 |
Trade receivables from provisional sales, net (2) |  | — |  |  |  | 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 |
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 4 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%.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables set forth a summary of the quantitative and qualitative information related to the significant observable and unobservable inputs used in the calculation of the Company’s Level 3 financial assets and liabilities (in thousands):
Description |  | December 31, 2024 |  | Valuation technique |  | Significant input |  | Range, point estimate or average
Deferred consideration (1) |  | $ | 26,383 |  | Discounted cash flow |  | Discount rate |  | 8.5% - 12.5%
Contingent consideration (2) |  | $ | 29,642 |  |  | Discounted cash flow |  | Discount rate |  | 6.0%
Probability of delineation of new reserves | 10.0%
Description |  | December 31, 2023 |  | Valuation technique |  | Significant input |  | Range, point estimate or average
Deferred consideration (1) |  | $ | 21,213 |  | Discounted cash flow |  | Discount rate |  | 12.0% - 12.5%
Contingent consideration (2) |  | $ | 29,648 |  |  | Discounted cash flow |  | Discount rate |  | 6.0%
| Probability of delineation of new reserves |  | 10.0%
1)The Company's deferred consideration assets consist of the contingent payment associated with completion of certain project milestones related to the Yenipazar royalty included in the Royalty Portfolio sale and the contingent payment associated with the completion of certain project milestones at the San Luis project (refer to Note 4 for further information). 2)The Company's contingent consideration liabilities include the contingent consideration tied to completion of operational milestones and delineation of new reserves at the Hod Maden project (refer to Note 4 for further information). The fair value of the $30.0 million in milestone payments payable to Lidya Mines in accordance with an agreed upon schedule beginning at the start of construction and ending on the first anniversary of commercial production is $25.2 million as of December 31, 2024 and 2023. The fair value of the contingent consideration tied to completion of operational milestones was determined using a discounted cash flow model. The fair value of the $84.0 million payable to Lidya Mines upon the delineation of an additional 500,000 gold equivalent ounces of mineral reserves at the Hod Maden project in excess of the project's current mineral reserves and resources is $4.4 million at December 31, 2024 and 2023.
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):
| 2024 |  | 2023
Deferred consideration assets: |  |  |  |  |
Balance as of January 1 | $ | 21,213 |  |  | $ | 24,369 |
Revaluations |  | 2,792 |  |  |  | (2,683) |
Receipt of deferred consideration |  | — |  |  |  | (473) |
Additions |  | 2,378 |  |  |  | — |
Balance as of December 31 | $ | 26,383 |  |  | $ | 21,213 |
| 2024 |  | 2023
Contingent consideration liabilities: |  |  |  |  |
Balance as of January 1 | $ | 29,648 |  |  | $ | — |
Assumption of contingent consideration |  | — |  |  |  | 28,600 |
Revaluations |  | (6) |  |  |  | 1,048 |
Balance as of December 31 | $ | 29,642 |  |  | $ | 29,648 |
Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The fair value of the 2019 Notes as compared to the carrying amounts were as follows:
|  |  | December 31,
|  |  | 2024 |  | 2023
| Level |  | Carrying amount |  | Fair value |  |  | Carrying amount |  |  | Fair value
2019 Notes (1) | 1 |  | $ | 228,572 |  |  | $ | 220,292 |  |  | $ | 227,516 |  |  | $ | 216,545 |
(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.

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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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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