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Fair Value Measurement
 9 Months Ended
Sep. 30, 2025
Fair Value Measurement  
Fair Value Measurement

22. Fair Value Measurement

Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2

Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3

Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

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. These assets and liabilities are remeasured for each reporting period. The following tables set forth certain of the Company’s assets and liabilities measured at fair value by level within the fair value hierarchy as of September 30, 2025 and December 31, 2024:

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As of

​

As of

    

​

​

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September 30, 

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December 31,

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Input Hierarchy Level

​

​

2025

    

2024

​

​

​

​

(in thousands)

​

​

Cash and cash equivalents

​

$

9,797

​

$

1,628

​

Level 1

Accounts receivable, net

​

$

12,939

​

$

2,184

​

Level 2

Investment in equity securities-Green Light Metals

​

$

-

​

$

852

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Level 3

​

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash and cash equivalents: Cash and cash equivalents consist primarily of cash deposits and are valued at cost, approximating fair value.

Accounts receivable, net: Accounts receivable, net include amounts due to the Company for deliveries of concentrates and doré sold to customers. Concentrate sales contracts provide for provisional pricing as specified in such contracts. These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to reflect the mark-to-market of outstanding provisional invoices based on the forward price curve. Because these provisionally priced sales have not yet settled as of the reporting date, the mark-to-market adjustment related to these invoices is included in accounts receivable as of each reporting date.

At September 30, 2025 and December 31, 2024, the Company had an unrealized gain of $0.3 million and an unrealized loss of $7 thousand, respectively, included in its accounts receivable on the accompanying Condensed Consolidated Interim Balance Sheets related to mark-to-market adjustments on the embedded derivatives. Please see Note 17—Derivatives in Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited) for additional information.

Investment in equity securities—Green Light Metals: Upon maturity on December 28, 2022, the Company received 12,250,000 private shares of Green Light Metals, which settled the promissory note receivable from Green Light Metals. The shares received represented approximately 28.5% ownership at the time. In the first quarter of 2025, through Aquila, the Company entered into a share purchase agreement with multiple purchasers to sell all of its interest in the Green Light Metals shares, for C$0.10 per share, for total net proceeds of C$1.2 million ($0.9 million), which was received on February 11, 2025. As of December 31, 2024, the value of this equity investment was $0.9 million.

Gains and losses related to changes in the fair value of embedded derivatives were included in the Condensed Consolidated Interim Statements of Operations, as shown in the following table (in thousands):

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For the three months ended September 30, 

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For the nine months ended September 30, 

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Statements of Operations Classification

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2025

    

2024

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2025

    

2024

    

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Note

(in thousands)

​

​

Realized and unrealized derivative gain (loss), net

17

$

278

​

$

(54)

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​

$

398

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$

1,093

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Sales, net

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Realized/Unrealized Derivatives

The following tables summarize the Company’s realized/unrealized derivatives for the periods presented (in thousands):

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​

​

​

​

​

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Gold

    

Silver

    

Copper

    

Lead

    

Zinc

    

Total

For the three months ended September 30, 2025

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Realized gain (loss)

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$

61

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$

10

​

$

(10)

​

$

(5)

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$

(36)

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$

20

Unrealized gain

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​

37

​

​

164

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​

11

​

​

-

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​

46

​

​

258

Total realized/unrealized derivatives, net

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$

98

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$

174

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$

1

​

$

(5)

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$

10

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$

278

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​

​

​

​

​

​

​

​

​

​

​

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Gold

​

Silver

​

Copper

​

Lead

​

Zinc

​

Total

For the three months ended September 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Realized gain (loss)

​

$

57

​

$

130

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$

(48)

​

$

46

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$

160

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$

345

Unrealized (loss) gain

​

​

(6)

​

​

(215)

​

​

34

​

​

(68)

​

​

(144)

​

​

(399)

Total realized/unrealized derivatives, net

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$

51

​

$

(85)

​

$

(14)

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$

(22)

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$

16

​

$

(54)

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​

​

​

​

​

​

​

​

​

​

Gold

​

Silver

​

Copper

​

Lead

​

Zinc

​

Total

For the nine months ended September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Realized gain (loss)

​

$

145

​

$

70

​

$

(1)

​

$

(16)

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$

(122)

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$

76

Unrealized gain

​

​

93

​

​

148

​

​

16

​

​

22

​

​

43

​

​

322

Total realized/unrealized derivatives, net

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$

238

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$

218

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$

15

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$

6

​

$

(79)

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$

398

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​

​

​

​

​

​

​

​

​

​

​

​

Gold

​

Silver

​

Copper

​

Lead

​

Zinc

​

Total

For the nine months ended September 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Realized gain

​

$

443

​

$

415

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$

79

​

$

39

​

$

358

​

$

1,334

Unrealized (loss) gain

​

​

(42)

​

​

(83)

​

​

(13)

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​

6

​

​

(109)

​

​

(241)

Total realized/unrealized derivatives, net

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$

401

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$

332

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$

66

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$

45

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$

249

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$

1,093

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