v3.25.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value of the derivative instruments
The following table sets forth the after-tax gains (losses) on derivatives designated as cash flow hedges that have been included in AOCI and the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three and six months ended June 30, 2025 and 2024, respectively (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
 Amount of Gain (Loss) Recognized in AOCI
Gold forwards$— $(3,893)$— $(10,886)
Silver forwards— (6,988)— (7,621)
$— $(10,881)$— $(18,507)
Amount of (Gain) Loss Reclassified from AOCI to Earnings
Gold forwards$— $11,887 $— $12,867 
Silver forwards— 5,141 — 4,309 
$— $17,028 $— $17,176 
The following summarizes the classification of the fair value of the derivative instruments:
 June 30, 2025
In thousandsPrepaid expenses and otherAccrued liabilities and other
Provisional metal sales contracts$299 $62 
 December 31, 2024
In thousandsPrepaid expenses and otherAccrued liabilities and other
Provisional metal sales contracts$222 $70 
Derivative instruments, future settlement
At June 30, 2025, the Company had the following derivative instruments that settle as follows:
In thousands except average prices and notional ounces20252026 and Thereafter
Provisional gold sales contracts$44,127 $— 
Average gold price per ounce$3,349 $— 
Notional ounces13,175 — 
Gain losses on derivative instruments
The following represent mark-to-market gains (losses) on derivative instruments in the three and six months ended June 30, 2025 and 2024, respectively (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
Financial statement lineDerivative2025202420252024
RevenueProvisional metal sales contracts$(122)$(998)$85 $(508)
$(122)$(998)$85 $(508)
Credit Risk
The credit risk exposure related to any derivative instrument is limited to the unrealized gains, if any, on outstanding contracts based on current market prices. To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution. The Company does not anticipate non-performance by any of its counterparties.