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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 13 to the audited consolidated financial statements in the Company’s 2024 Annual Report on Form 10-K for further information on the Company's assets and liabilities measured at fair value. 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 September 30, 2025 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 409,332 |  |  | $ | — |  |  | $ | — |  |  | $ | 409,332 |  |
Marketable securities (1) |  | 50,636 |  |  |  | — |  |  |  | — |  |  |  | 50,636 |  |
Trade receivables from provisional sales, net (2) |  | — |  |  |  | 76,499 |  |  |  | — |  |  |  | 76,499 |  |
Deferred consideration |  | — |  |  |  | — |  |  |  | 25,491 |  |  |  | 25,491 |  |
| $ | 459,968 |  |  | $ | 76,499 |  |  | $ | 25,491 |  |  | $ | 561,958 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liabilities | $ | — |  |  | $ | — |  |  | $ | 178,306 |  |  | $ | 178,306 |  |
Other |  | — |  |  |  | 180 |  |  |  | — |  |  |  | 180 |  |
| $ | — |  |  | $ | 180 |  |  | $ | 178,306 |  |  | $ | 178,486 |  |
(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 Condensed 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, 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 liabilities | $ | — |  |  | $ | — |  |  | $ | 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 Condensed 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. Deferred and contingent consideration are included in Level 3 as certain assumptions used in the calculation of the fair value are not based on observable market data. 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):
| Nine Months Ended September 30, |
| 2025 |  | 2024 |
Deferred consideration assets: |  |  |  |  |  |
Balance as of January 1 | $ | 26,383 |  |  | $ | 21,213 |  |
Revaluations |  | 358 |  |  |  | 2,208 |  |
Additions |  | — |  |  |  | 2,378 |  |
Collections |  | (1,250) |  |  |  | — |  |
Balance as of September 30 | $ | 25,491 |  |  | $ | 25,799 |  |
| Nine Months Ended September 30, |
| 2025 |  | 2024 |
Contingent consideration liabilities: |  |  |  |  |
Balance as of January 1 | $ | 29,642 |  |  | $ | 29,648 |  |
Revaluations |  | 6,900 |  |  |  | (1,492) |  |
Additions |  | 141,764 |  |  |  | — |  |
Balance as of September 30 | $ | 178,306 |  |  | $ | 28,156 |  |
Fair values of financial assets and liabilities not already measured at fair value The fair value of the 2019 Notes as compared to the carrying amounts were as follows (in thousands):
|  |  | September 30, 2025 |  | December 31, 2024
| Level |  | Carrying amount |  | Fair value |  | Carrying amount |  | Fair value
2019 Notes (1) | 1 |  | $ | 229,365 |  |  | $ | 324,646 |  |  | $ | 228,572 |  |  | $ | 220,292 |
(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 The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: 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 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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