FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value, by Balance Sheet Grouping

The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands):


	Fair value at March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash	$	634,086	$	—	$	—	$	634,086

Marketable securities (1)		40,270		—		—		40,270
Trade receivables from provisional sales, net (2)		—		87,276		—		87,276
Derivative assets (3)		—		9,317		—		9,317
Deferred consideration		—		—		28,494		28,494
	$	674,356	$	96,593	$	28,494	$	799,443

Liabilities:
Contingent consideration liabilities	$	—	$	—	$	107,249	$	107,249

	$	—	$	—	$	107,249	$	107,249

(1)Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges.

(2)The Company’s provisional metal sales contracts, included in Trade and other receivables in the Condensed Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. The changes in fair value of provisional metal sales have been recorded in Revenue in the Condensed Consolidated Statements of Operations.

(3)At times, the Company manages a portion of its exposure to fluctuation in diesel prices and foreign currency exchange rates through derivative financial instruments. In periods when the Company has open derivative positions, the derivative assets and liabilities are valued using pricing models with inputs derived from observable market data, including quoted prices in active markets. The Company’s diesel collar instruments, included in Prepaids and other current assets in the Condensed Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. As of March 31, 2026, the Company has outstanding diesel collar contracts with an aggregate notional volume of approximately 11.0 million gallons, which are expected to settle through December 2026. The gain of $12.2 million resulting from diesel collar contracts has been recorded in Cost of sales in the Condensed Consolidated Statements of Operations.


	Fair value at December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash	$	524,750	$	—	$	—	$	524,750
Marketable securities (1)		40,779		—		—		40,779
Trade receivables from provisional sales, net (2)		—		90,148		—		90,148
Deferred consideration		—		—		27,755		27,755
	$	565,529	$	90,148	$	27,755	$	683,432
Liabilities:
Contingent consideration liabilities	$	—	$	—	$	192,981	$	192,981
Other		—		1,202		—		1,202
	$	—	$	1,202	$	192,981	$	194,183

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the Condensed Consolidated Financial Statements (in thousands):


	Three Months Ended March 31,
	2026		2025
Deferred consideration assets:
Balance as of January 1	$	27,755	$	26,383
Revaluations		739		864


Balance as of March 31	$	28,494	$	27,247

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	Three Months Ended March 31,
	2026		2025
Contingent consideration liabilities:
Balance as of January 1	$	192,981	$	29,642
Revaluations		1,768		2,071
Additions		—		135,462
Payments (1)		(87,500)		—
Balance as of March 31	$	107,249	$	167,175

(1)During the first quarter of 2026, the Company completed the payment of $87.5 million to Newmont and was relieved of the contingent payment associated with the Carlton Tunnel. Refer to Note 3 for additional information.

Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The fair value of the 2019 Notes as compared to the carrying amounts were as follows (in thousands):


		March 31, 2026				December 31, 2025
	Level	Carrying amount		Fair value		Carrying amount		Fair value
2019 Notes (1)	1	$	—	$	—	$	229,640	$	300,677

(1)The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. During the three months ended March 31, 2026, holders of the 2019 Notes exercised their conversion rights and elected to convert their holdings to common shares. Refer to Note 16 for additional information.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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