Fair value measurement (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair value measurement |
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| Summary of carrying values, fair values and fair value hierarchy of the Group's financial instruments |
| | | | | | | | | | | | | | | 30 June 2025 | | 31 December 2024 | US$ thousand | | Level | | Carrying value | | Fair value | | Carrying value | | Fair value | Financial assets | | | | | | | | | | | Fair value through profit or loss | | | | | | | | | | | Cash and cash equivalents | | 1 | | 102,109 | | 102,109 | | 171,897 | | 171,897 | Investments | | 1 | | 5,538 | | 5,538 | | 3,984 | | 3,984 | Trade and other receivables | | 1 | | 14,904 | | 14,904 | | 7,310 | | 7,310 | Total financial assets | | | | 122,551 | | 122,551 | | 183,191 | | 183,191 | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | Amortised cost | | | | | | | | | | | Trade and other payables | | | | 79,742 | | 79,742 | | 51,050 | | 51,050 | Lease liability | | | | 7,444 | | 7,444 | | 10,233 | | 10,233 | Loans and borrowings | | 2 | | 367,576 | | 389,440 | | 403,191 | | 414,526 | Other financial liabilities (excluding contingent consideration) | | | | 225 | | 225 | | 328 | | 328 | | | | | 454,987 | | 476,851 | | 464,802 | | 476,137 | Fair value through profit or loss | | | | | | | | | | | Other financial liabilities (contingent consideration) | | | | | | | | | | | Royalty deed | | 3 | | 46,515 | | 46,515 | | 47,661 | | 47,661 | Contingent copper consideration | | 3 | | 119,590 | | 119,590 | | 94,050 | | 94,050 | Derivative financial liabilities | | | | | | | | | | | Mezz Warrants | | 3 | | 14,835 | | 14,835 | | 11,066 | | 11,066 | Mezzanine debt facility embedded | | | | | | | | | | | derivative | | 2 | | — | | — | | 34,713 | | 34,713 | Silver stream embedded derivative | | 3 | | 34,112 | | 34,112 | | 16,163 | | 16,163 | Copper stream embedded derivative | | 3 | | 8,081 | | 8,081 | | 5,182 | | 5,182 | Commodity swap liability | | 2 | | 18,708 | | 18,708 | | 12,120 | | 12,120 | | | | | 241,841 | | 241,841 | | 220,955 | | 220,955 | Total financial liabilities | | | | 696,828 | | 718,692 | | 685,757 | | 697,092 |
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| Summary of fair values of the Group's derivative financial assets and liabilities |
| | | | | | | | | | | 30 June | | 31 December | US$ thousand | | Note | | 2025 | | 2024 | | | | | | | | Derivative financial liabilities | | | | | | | Current | | | | | | | Silver stream embedded derivative | | (a) | | 5,090 | | 2,566 | Copper stream embedded derivative | | (b) | | 1,924 | | 981 | Mezzanine debt facility embedded derivative | | (d) | | — | | 11,587 | Commodity swap liability | | (e) | | 18,708 | | 7,045 | | | | | 25,722 | | 22,179 | Non-current | | | | | | | Silver stream embedded derivative | | (a) | | 29,022 | | 13,597 | Copper stream embedded derivative | | (b) | | 6,157 | | 4,201 | Warrants | | (c) | | 14,835 | | 11,066 | Mezzanine debt facility embedded derivative | | (d) | | — | | 23,126 | Commodity swap liability | | (e) | | — | | 5,075 | | | | | 50,014 | | 57,065 | Total derivative financial liabilities | | | | 75,736 | | 79,244 |
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| Summary of fair values of the contingent consideration |
| | | | | | | | | | | 30 June | | 31 December | US$ thousand | | Note | | 2025 | | 2024 | Royalty deed | | (a) | | 46,515 | | 47,661 | Contingent copper consideration | | (b) | | 119,590 | | 94,050 | | | | | 166,105 | | 141,711 |
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| Royalty deed |
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| Fair value measurement |
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| Summary of a continuity schedule for liabilities |
| | | | | | | Six months ended 30 June | US$ thousand | | 2025 | | 2024 | | | | | | Balance as of beginning of period | | 47,661 | | 43,985 | Change in fair value | | 1,304 | | 7,213 | Royalty accruals and payments | | (2,450) | | (4,778) | Balance as of end of period | | 46,515 | | 46,420 |
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| Contingent copper consideration |
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| Fair value measurement |
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| Summary of a key inputs were used for the valuation of assets |
| | | | | | | | | | 30 June | | 31 December | | | | 2025 | | 2024 | | | | | | | | | | Long-term copper price | | $ | 4.20 | | $ | 4.25 | | Copper spot price | | $ | 4.56 | | $ | 3.92 | | Annual price volatility | | | 20.12 | % | | 20.70 | % | Annual inflation rate | | | 1.00 | % | | 1.07 | % | Risk-free rate | | | 4.49 | % | | 4.72 | % | Reversion factor | | | 11.55 | % | | 11.55 | % |
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| Summary of a continuity schedule for liabilities |
| | | | | | | Six months ended 30 June | US$ thousand | | 2025 | | 2024 | Balance as of beginning of period | | 94,050 | | 84,200 | Change in fair value | | 25,540 | | 10,200 | Balance as of end of period | | 119,590 | | 94,400 |
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| Warrants |
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| Fair value measurement |
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| Summary of warrants |
| | | | | | | | | | | Private | | | | | | | Placement | | | US$ thousand | | Public Warrants | | Warrants | | Mezz Warrants | | | | | | | | For six months ended 30 June 2025 | | | | | | | Balance as of beginning of period | | — | | — | | 11,066 | Change in fair value | | — | | — | | 3,769 | Balance as of end of period | | — | | — | | 14,835 |
| | | | | | | | | | | Private | | | | | | | Placement | | | | | Public Warrants | | Warrants | | Mezz Warrants | For six months ended 30 June 2024 | | | | | | | Balance as of beginning of period | | 15,113 | | 11,176 | | 16,906 | Change in fair value | | 22,655 | | 16,754 | | 1,436 | Redemption of warrants | | (37,768) | | (27,930) | | — | Balance as of end of period | | — | | — | | 18,342 |
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| Summary of assumptions used for valuation of liabilities |
| | | | | | | | | | 30 June | | 31 December | | | | 2025 | | 2024 | | Risk-free rate | | | 4.19 | % | | 4.02 | % | Warrant expected life | | | 3 years | | | 3.5 years | | Expected volatility | | | 56.10 | % | | 49.23 | % | Expected dividend yield | | | 0 | % | | 0 | % | Share price (US$) | | $ | 12.25 | | $ | 10.62 | |
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| Commodity swap liability |
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| Fair value measurement |
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| Summary of fair values of the Group's derivative financial assets and liabilities |
| | | | | | | | | | Counterparty | | Citibank | | BMO | | Westpac / NBC | | | | | | | | | | | Effective date | | | 1 July 2023 | | | 1 July 2023 | | | 1 July 2023 | Termination date | | | 31 May 2026 | | | 30 May 2026 | | | 31 May 2026 | Total notional quantity (MT) | | | 12,255 | | | 12,255 | | | 12,255 | Fixed price (US$) | | | 8,204.49 | | | 8,214.35 | | | 8,112.85 | Reference price | | LME cash settlement price for Copper | Settlement frequency | | | Monthly | | | Monthly | | | Monthly |
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| Silver stream embedded derivative |
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| Fair value measurement |
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| Summary of a key inputs were used for the valuation of assets |
| | | | | | | | | 30 June | | 31 December | | | | 2025 | | 2024 | | Silver spot price (per oz) | | 36.11 | | $ | 28.91 | | Own credit spread | | 8.32 | % | | 7.99 | % |
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| Summary of a continuity schedule for embedded derivative assets |
| | | | | | | Six months ended 30 June | US$ thousand | | 2025 | | 2024 | | | | | | Balance as of beginning of period | | 16,163 | | (3,090) | Change in fair value | | 17,949 | | 18,652 | Balance as of end of period | | 34,112 | | 15,562 |
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| Copper stream embedded derivative |
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| Fair value measurement |
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| Summary of a key inputs were used for the valuation of assets |
| | | | | | | | | | 30 June | | 31 December | | | | 2025 | | 2024 | | Copper spot price (per tonne) | | $ | 10,040 | | $ | 8,653 | | Copper price volatility | | | 21.55 | % | | 23.55 | % | Own credit spread | | | 9.00 | % | | 8.67 | % |
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| Summary of a continuity schedule for embedded derivative assets |
| | | | | | | Six months ended 30 June | US$ thousand | | 2025 | | 2024 | | | | | | Balance as of beginning of period | | 5,182 | | (773) | Initial recognition | | — | | — | Change in fair value | | 2,899 | | 8,946 | Balance as of end of period | | 8,081 | | 8,173 |
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