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Fair value measurement (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure of detailed information about financial instruments [line items]

Summary of carrying values, fair values and fair value hierarchy of the Group's financial instruments

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		​		30 June 2023				31 December 2022				1 January 2022
US$ thousand	​	Level	​	Carrying value		Fair value	​	Carrying value		Fair value	​	Carrying value		Fair value
Financial assets
Amortized cost
Trade and other receivables		​	​	20,881		20,881		53		53		—		—
​		​	​	20,881		20,881		53		53		—		—
Fair value through profit or loss
Cash and cash equivalents		1		43,732		43,732		42		42		955		955
Investments		1		—		—		268,909		268,909		265,156		265,156
Derivative financial assets
Silver stream embedded derivative		3		3,740		3,740		—		—		—		—
Copper stream embedded derivative		3		5,479		5,479		—		—		—		—
​	​	​		52,951		52,951		268,951		268,951		266,111		266,111
Total financial assets				73,832		73,832		269,004		269,004		266,111		266,111
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Financial liabilities
Amortized cost
Trade and other payables				63,754		63,754		927		927		604		604
Lease liability				16,247		16,247		—		—		—		—
Loans and borrowings				425,907		425,907		786		786		—		—
Other financial liabilities (excluding contingent consideration)				10,326		10,326		280,996		285,428		253,530		274,436
​	​	​		516,234		516,234		282,709		287,141		254,134		275,040
Fair value through profit or loss
Other financial liabilities (contingent consideration)
Royalty Deed		3		43,130		43,130		—		—		—		—
Contingent copper consideration		3		97,200		97,200		—		—		—		—
Deferred consideration		2		75,000		75,000		—		—		—		—
Derivative financial liabilities
Public Warrants		1		12,374		12,374		4,335		4,335		5,174		5,174
Private Warrants		2		9,150		9,150		3,107		3,107		3,266		3,266
Mezz Warrants		3		13,310		13,310		—		—		—		—
Mezz Facility embedded derivative		2		42,821		42,821		—		—		—		—
​	​	​		292,985		292,985		7,442		7,442		8,440		8,440
Total financial liabilities				809,219		809,219		290,151		294,583		262,574		283,480

Summary of fair values of the Group's derivative financial assets and liabilities

​

​	​	​	​	​	​	​	​	​
​		​		30 June		31 December		1 January
US$ thousand	​	Note	​	2023	​	2022	​	2022
Derivative financial assets
Current
Silver stream embedded derivative		(a)		705		—		—
Copper stream embedded derivative		(b)		9		—		—
​	​	​		714		—	​	—
​	​	​	​	​	​	​	​	​
Non-current
Silver stream embedded derivative		(a)		3,035		—		—
Copper stream embedded derivative		(b)		5,470		—		—
​	​	​		8,505		—		—
Total derivative financial assets	​	​		9,219		—		—
​	​	​	​	​	​	​	​	​
Derivative financial liabilities
Current
Warrants		(c)		—		—		—
Mezz facility embedded derivative		(d)		11,792		—		—
Conversion option		(e)		—		—		—
​	​	​		11,792		—		—
​	​	​	​	​	​	​	​	​
Non-current
Warrants		(c)		34,834		7,443		8,440
Mezz facility embedded derivative		(d)		31,029		—		—
Conversion option		(e)		—		—		—
​	​	​		65,863		7,443		8,440
Total derivative financial liabilities	​	​		77,655		7,443		8,440

Summary of fair values of the contingent consideration

​

​	​	​	​	​	​	​	​	​
​		​		30 June		31 December		1 January
US$ thousand	​	Note	​	2023	​	2022	​	2022
Royalty deed		(a)		43,130		—		—
Contingent copper consideration		(b)		97,200		—		—
Deferred consideration		(c)		75,000		—		—
​	​	​		215,330		—	​	—

Royalty Deed

Disclosure of detailed information about financial instruments [line items]

Summary of a continuity schedule for liabilities

​

​	​	​	​	​
​		Six months ended 30 June
US$ thousand	​	2023		2022
Balance, beginning of period		—		—
Initial recognition		43,130		—
Change in fair value		—		—
Royalty payments		—		—
Balance, end of period		43,130		—

Contingent copper consideration

Disclosure of detailed information about financial instruments [line items]

Summary of a key inputs were used for the valuation of assets

​

​	​	​	​	​	​	​	​
​		30 June			31 December		1 January
​	​	2023		​	2022	​	2022
Long-term copper price	​	$	3.63		—		—
Copper spot price	​	$	3.77		—		—
Annual price volatility	​		25.70	%	—		—
Annual inflation rate	​		1.07	%	—		—
Risk-free rate	​		3.97	%	—		—
Reversion factor	​		11.55	%	—		—

Summary of a continuity schedule for liabilities

​

​	​	​	​	​
​	​	Six months ended 30 June
US$ thousand		2023		2022
Balance, beginning of period		—		—
Initial recognition		97,200		—
Change in fair value		—		—
Balance, end of period		97,200		—

Warrant Liability [Member]

Disclosure of detailed information about financial instruments [line items]

Summary of warrants

​

​	​	​	​	​	​	​
​		​		Private		​
​	​	​	​	Placement	​	​
US$ thousand	​	Public Warrants	​	Warrants	​	Mezz Warrants
For six months ended 30 June 2023	​	​	​	​	​	​
Balance, beginning of period		4,335		3,108		—
Promissory note conversion warrants		—		102		—
Issuance of warrants		—		—		13,665
Change in fair value		8,039		5,940		(355)
Balance, end of period		12,374		9,150		13,310
For six months ended 30 June 2022
Balance, beginning of period		5,174		3,266		—
Issuance of warrants		—		480		—
Change in fair value		(401)		(325)		—
Exercise of warrants		—		—		—
Balance, end of period		4,773		3,421		—

Summary of assumptions used for valuation of liabilities

​

​	​	​	​	​	​	​	​
​		30 June			31 December		1 January
​	​	2023		​	2022	​	2022
Risk-free rate		​	3.93	%	—		—
Warrant expected life		​	5 years		—		—
Expected volatility		​	53.94	%	—		—
Expected dividend yield		​	0	%	—		—
Share price	​	$	10.30		—		—

Mezz Facility Embedded Derivative [Member]

Disclosure of detailed information about financial instruments [line items]

Summary of a continuity schedule for liabilities

​

​	​	​	​	​
​		Six months ended 30 June
US$ thousand	​	2023		2022
Balance, beginning of period		—		—
Initial recognition		42,098		—
Change in fair value		723		—
Balance, end of period		42,821		—

Conversion Option of Sponsor Convertible Note [Member]

Disclosure of detailed information about financial instruments [line items]

Summary of assumptions used for valuation of liabilities

​

​	​	​	​	​	​	​	​
​		24 May 2022			​	​
​	​	Conversion (Final		​	6 May 2022 Borrowing
​	​	Measurement)		​	(Initial Measurement)
Underlying warrant value	​	$	0.60	​	$	0.80	​
Exercise price	​	$	1.50	​	$	1.50	​
Holding period	​		0.35	​		0.40	​
Risk-free rate	​		1.25	%		1.18	%
Volatility	​		59.57	%		55.35	%

Silver stream embedded derivative

Disclosure of detailed information about financial instruments [line items]

Summary of a key inputs were used for the valuation of assets

​

​	​	​	​	​	​	​	​
​		30 June			31 December		1 January
​	​	2023		​	2022	​	2022
Silver spot price (per oz)	​	$	22.81		—		—
Own credit spread	​		8.81	%	—		—
Average silver price (per oz)	​	$	24.38		—		—

Summary of a continuity schedule for embedded derivative assets

​

​	​	​	​	​
​		Six months ended 30 June
US$ thousand	​	2023	​	2022
Balance, beginning of period		—		—
Initial recognition		—		—
Change in fair value		3,740		—
Balance, end of period		3,740		—

Copper stream embedded derivative

Disclosure of detailed information about financial instruments [line items]

Summary of a key inputs were used for the valuation of assets

​

​	​	​	​	​	​	​	​
​		30 June			31 December		1 January
​	​	2023		​	2022	​	2022
Copper spot price (per tonne)	​	$	8,323		—		—
Copper price volatility	​		26.35	%
Own credit spread	​		9.49	%	—		—
Average copper price (per tonne)	​	$	8,341		—		—

Summary of a continuity schedule for embedded derivative assets

​

​	​	​	​	​
​		Six months ended 30 June
US$ thousand	​	2023	​	2022
Balance, beginning of period		—		—
Initial recognition		4,430		—
Change in fair value		1,049		—
Balance, end of period		5,479		—

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