| Schedule of Foreign Exchange Contracts, Statement of Financial Position |
As of March 31, 2026 and December 31, 2025, we recorded the following balances for the fair value of the foreign currency forward contracts (in millions):
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|
|
|
|
|
March 31, |
|
December 31, |
Balance sheet line item: |
|
2026 |
|
2025 |
Other current assets |
|
$0.4 |
|
$1.1 |
Other current liabilities |
|
(1.3) |
|
(0.8) |
|
As of December 31, 2025 and 2024, we recorded the following balances for the fair value of the contracts (in millions):
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|
|
|
|
|
|
|
|
|
December 31, |
|
Balance sheet line item: |
|
2025 |
|
|
2024 |
|
Other current assets |
|
$ |
1.1 |
|
|
$ |
— |
|
Other non-current assets |
|
|
— |
|
|
|
— |
|
Current derivative liabilities |
|
|
(0.8 |
) |
|
|
(2.4 |
) |
Non-current derivative liabilities |
|
|
— |
|
|
|
(0.4 |
) |
|
| Schedule of Notional Amounts of Outstanding Derivative Positions |
The following tables summarize the quantities of metals committed under forward metals contracts at March 31, 2026 and December 31, 2025 and designated and accounted for as cash flow hedges:
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|
|
|
|
|
|
|
|
|
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|
March 31, 2026 |
|
Pounds under contract (in 000's) |
|
|
Average price per pound |
|
|
|
Zinc |
|
|
Lead |
|
|
Zinc |
|
|
Lead |
|
|
|
(pounds) |
|
|
(pounds) |
|
|
(pounds) |
|
|
(pounds) |
|
Contracts on provisional sales |
|
|
|
|
|
|
|
|
|
|
|
|
2026 settlements |
|
|
13,173 |
|
|
|
15,653 |
|
|
$ |
1.33 |
|
|
$ |
1.04 |
|
Contracts on forecasted sales |
|
|
|
|
|
|
|
|
|
|
|
|
2026 settlements |
|
|
40,234 |
|
|
|
24,912 |
|
|
$ |
1.32 |
|
|
$ |
1.00 |
|
2027 settlements |
|
|
45,636 |
|
|
|
— |
|
|
$ |
1.40 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Pounds under contract (in 000's) |
|
|
Average price per ounce/pound |
|
|
|
Zinc |
|
|
Lead |
|
|
Zinc |
|
|
Lead |
|
|
|
(pounds) |
|
|
(pounds) |
|
|
(pounds) |
|
|
(pounds) |
|
Contracts on provisional sales |
|
|
|
|
|
|
|
|
|
|
|
|
2026 settlements |
|
|
18,850 |
|
|
|
13,117 |
|
|
$ |
1.37 |
|
|
$ |
1.05 |
|
Contracts on forecasted sales |
|
|
|
|
|
|
|
|
|
|
|
|
2026 settlements |
|
|
53,407 |
|
|
|
42,108 |
|
|
|
1.33 |
|
|
|
1.02 |
|
2027 settlements |
|
|
23,810 |
|
|
|
— |
|
|
|
1.36 |
|
|
N/A |
|
The following table summarize the quantities of silver and gold ounces committed under collars at March 31, 2026.
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|
|
|
|
|
|
|
|
Settlement Period |
|
Ounces under contract (in 000's) |
|
|
Average strike price per silver ounce |
|
|
Average strike price per gold ounce |
|
|
|
Silver (ounces) |
|
|
Gold (ounces) |
|
|
Minimum ($) |
|
|
Maximum ($) |
|
|
Minimum ($) |
|
|
Maximum ($) |
|
Contracts on provisional sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 settlements |
|
|
400 |
|
|
|
1 |
|
|
|
48.67 |
|
|
|
75.71 |
|
|
|
5,125.00 |
|
|
|
5,425.00 |
|
Contracts on forecasted sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 settlements |
|
|
350 |
|
|
|
— |
|
|
|
35.33 |
|
|
|
58.25 |
|
|
|
— |
|
|
|
— |
|
The following table summarizes the quantities of metals for which we have entered into put contracts and the strike price as of March 31, 2026:
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|
|
|
|
|
|
|
|
|
|
Settlement Period |
|
|
|
Production Protected (in 000's) |
|
|
Strike price per ounce |
|
|
|
|
|
Silver (ounces) |
|
|
($) |
|
Contracts on forecasted sales |
|
|
|
|
|
|
|
|
2026 settlements |
|
|
|
|
10,000 |
|
|
|
50.00 |
|
|
The following tables summarize the quantities of metals committed under forward sales contracts at December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Pounds under contract (in 000's) |
|
|
Average price per pound |
|
|
|
Zinc |
|
|
Lead |
|
|
Zinc |
|
|
Lead |
|
|
|
(pounds) |
|
|
(pounds) |
|
|
(pounds) |
|
|
(pounds) |
|
Contracts on provisional sales |
|
|
|
|
|
|
|
|
|
|
|
|
2026 settlements |
|
|
18,850 |
|
|
|
13,117 |
|
|
$ |
1.37 |
|
|
$ |
1.05 |
|
Contracts on forecasted sales |
|
|
|
|
|
|
|
|
|
|
|
|
2026 settlements |
|
|
53,407 |
|
|
|
42,108 |
|
|
$ |
1.33 |
|
|
$ |
1.02 |
|
2027 settlements |
|
|
23,810 |
|
|
|
— |
|
|
$ |
1.36 |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
Ounces/pounds under contract (in 000's) |
|
|
Average price per ounce/pound |
|
|
|
Silver |
|
|
Gold |
|
|
Zinc |
|
|
Lead |
|
|
Silver |
|
|
Gold |
|
|
Zinc |
|
|
Lead |
|
|
|
(ounces) |
|
|
(ounces) |
|
|
(pounds) |
|
|
(pounds) |
|
|
(ounces) |
|
|
(ounces) |
|
|
(pounds) |
|
|
(pounds) |
|
Contracts on provisional sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 settlements |
|
|
1,535 |
|
|
|
2 |
|
|
|
20,834 |
|
|
|
14,661 |
|
|
$ |
31.46 |
|
|
$ |
2,673 |
|
|
$ |
1.40 |
|
|
$ |
0.97 |
|
Contracts on forecasted sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 settlements |
|
|
— |
|
|
|
— |
|
|
|
59,194 |
|
|
|
47,840 |
|
|
N/A |
|
|
N/A |
|
|
$ |
1.39 |
|
|
$ |
0.99 |
|
2025 settlements |
|
|
— |
|
|
|
— |
|
|
|
6,283 |
|
|
|
52,911 |
|
|
N/A |
|
|
N/A |
|
|
$ |
1.41 |
|
|
$ |
1.03 |
|
The following tables summarize the quantities of metals hedged under Collars at December 31, 2025:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement Period |
|
Production Protected |
|
|
Average strike price per silver ounce |
|
|
Average strike price per gold ounce |
|
|
|
Silver (ounces) |
|
|
Gold (ounces) |
|
|
Minimum ($) |
|
|
Maximum ($) |
|
|
Minimum ($) |
|
|
Maximum ($) |
|
Contracts on provisional sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 settlements |
|
|
2,120 |
|
|
|
— |
|
|
|
49.78 |
|
|
|
63.43 |
|
|
N/A |
|
|
N/A |
|
Contracts on forecasted sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2026 settlements |
|
|
800 |
|
|
|
4 |
|
|
|
34.29 |
|
|
|
55.70 |
|
|
|
3,000 |
|
|
|
4,840 |
|
The following table summarizes the quantities of metals for which we have entered into put contracts and the average exercise prices as of December 31, 2025:
|
|
|
|
|
|
|
|
|
Settlement Period |
|
Production Protected |
|
|
Strike price per ounce |
|
|
|
Silver (ounces in 000's) |
|
|
($) |
|
Contracts on forecasted sales |
|
|
|
|
|
|
2026 settlements |
|
|
9,672 |
|
|
|
50.00 |
|
|
| Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location |
We recorded the following balances for the fair value of the forward metals, Collars and put contracts as of March 31, 2026 and December 31, 2025 (in millions):
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
Balance sheet line item: |
|
2026 |
|
|
2025 |
|
Other current assets |
|
$ |
16.2 |
|
|
$ |
8.6 |
|
Other non-current assets |
|
|
0.2 |
|
|
|
7.2 |
|
Other current liabilities |
|
|
(13.8 |
) |
|
|
(36.4 |
) |
Other non-current liabilities |
|
|
(1.5 |
) |
|
|
(1.9 |
) |
|
At December 31, 2025 and 2024, we recorded the following balances for the fair value of derivative contracts held at that time (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Balance sheet line item: |
|
Contracts in an asset position |
|
|
Contracts in a liability position |
|
|
Net asset (liability) |
|
|
Contracts in an asset position |
|
|
Contracts in a liability position |
|
|
Net asset (liability) |
|
Other current assets |
|
$ |
8.6 |
|
|
$ |
— |
|
|
$ |
8.6 |
|
|
$ |
11.5 |
|
|
$ |
— |
|
|
$ |
11.5 |
|
Other non-current assets |
|
|
7.2 |
|
|
|
— |
|
|
|
7.2 |
|
|
|
6.6 |
|
|
|
— |
|
|
|
6.6 |
|
Current derivatives liability |
|
|
— |
|
|
|
(36.4 |
) |
|
|
(36.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-current liability |
|
|
— |
|
|
|
(1.9 |
) |
|
|
(1.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|