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Loans and borrowings (Tables)

6 Months Ended

Jun. 30, 2023

Loans and borrowings

Summary of carrying amounts of the Group's loans and borrowings

​

​	​	​	​	​	​	​
​		30 June		31 December		1 January
US$ thousand	​	2023	​	2022	​	2022
Current
Senior syndicated facility agreement		29,590		—		—
Copper purchase agreement		493		—		—
Silver purchase agreement		12,462		—		—
Promissory note – related party		—		786		—
​		42,545		786		—
​	​	​	​	​	​	​
Non-current
Mezzanine debt facility		75,663		—		—
Senior syndicated facility agreement		165,531		—		—
Copper purchase agreement		79,366		—		—
Silver purchase agreement		62,802		—		—
​		383,362		—		—
​		425,907		786		—

Summary of variation in the copper price used to determine the margin rate as well as the composition of interest payments

​

​	​	​	​	​
LME Copper Price		Margin		Payment
<$3.40/LB		12.00	%	100% capitalised / 0% cash
>$3.40/lb to $3.85/lb		10.00	%	60% capitalised / 40% cash
>$3.85/lb		8.00	%	0% capitalised / 100% cash

Summary of Copper Stream Percentage under the Copper Purchase Agreement

​

​	​	​	​
Time Period		Copper Stream Percentage
Closing to 1st Anniversary of the Closing Date		0	%
1st Anniversary of the Closing Date to 5th Anniversary		3% (the “First Stream Percentage”)	​
5th Anniversary until 33,000 metric tonnes of refined copper delivered to Osisko (the “Threshold Quantity”)		4.875% (the “Second-Threshold Stream Percentage”)	​
Thereafter from the date that the Threshold Quantity has been met		2.25% (the “Tail Stream Percentage”)	​

Summary of Buy-Down Options under the Copper Purchase Agreement

​

​	​	​	​	​	​	​	​
​		Buy-Down Option 1		​		Buy-Down Option 2
Buy-Down Amount	​	$	40 million	​	$	20 million	​
Second-Threshold Stream Percentage	​		3.25	%		4.0625	%
Tail Stream Percentage	​		1.50	%		1.875	%
Threshold Quantity	​		23,900 tonnes	​		28,450 tonnes	​

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The disclosure of detailed information about borrowings. [Refer: Borrowings]

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IFRS
-Number 7
-IssueDate 2023-01-01
-Paragraph 7
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The disclosure of detailed information about the Buy-Down Options under the arrangement.

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