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Derivatives

9 Months Ended

Sep. 30, 2025

Derivatives

17. Derivatives

Embedded Derivatives

Concentrate sales contracts contain embedded derivatives due to the provisional pricing terms for shipments pending final settlement. At the end of each reporting period, the Company records an adjustment to accounts receivable and sales to reflect the mark-to-market adjustments for outstanding provisional invoices based on forward metal prices. Please see Note—22 Fair Value Measurement in Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited) for additional information on the realized and unrealized gain (loss) recorded to adjust accounts receivable and revenue.

The following table summarizes the Company’s unsettled sales contracts at September 30, 2025 with the quantities of metals under contract subject to final pricing expected to occur through January 2026:


		Gold			Silver			Copper			Lead			Zinc				Total
		(ounces)			(ounces)			(tonnes)			(tonnes)			(tonnes)
Under contract			1,643			493,509			81			448			1,176
Average forward price (per ounce or tonne)		$	3,448		$	40.17		$	9,778		$	1,956		$	2,790
Unsettled sales contracts value (in thousands)		$	5,665		$	19,824		$	792		$	876		$	3,281		$	30,438

The Company manages credit risk by entering into arrangements with counterparties believed to be financially strong, and by requiring other credit risk mitigants, as appropriate. The Company actively evaluates the implicit creditworthiness of its counterparties, and monitors credit exposures.