13 unchanged sentences
To mitigate the risks associated with gold, silver, zinc and lead price fluctuations, the Company may enter into option contracts to hedge future production.
−Removed: The Company had outstanding Asian put and call option contracts in net-zero-cost collar contracts on 211,350 ounces of gold at June 30, 2021 that settle monthly through December 2022.
+Added: The Company had outstanding Asian put and call option contracts in net-zero-cost collar contracts on 171,675 ounces of gold at September 30, 2021 that settle monthly through December 2022.
The Company is targeting to hedge up to 50% of expected gold production through 2021 and 2022 and may in the future layer on additional hedges as circumstances warrant.
6 unchanged sentences
For additional information, please see the section titled “Risk Factors” in the 2020 10-K and part II, Item 1A of this report.
−Removed: At June 30, 2021, the fair value of the put and call zero cost collars contracts was a liability of $0.08 million.
−Removed: For the quarter ended June 30, 2021 the Company recognized a loss of $0.4 million related to expired options in Revenue and the remaining outstanding options were included in accumulated other comprehensive income (loss) .
−Removed: A 10% increase in the price of gold at June 30, 2021 would result in a realized loss of $6.4 million a nd 10% decrease would result in a realized gain of $6.7 million .
−Removed: As of June 30, 2021, the closing price of gold was $1,763 per ounce.
−Removed: As of July 26, 2021, the closing price of gold was $1,800 per ounce.
+Added: At September 30, 2021, the fair value of the put and call zero cost collars contracts was an asset of $1.6 million.
+Added: For the nine months ended September 30, 2021 the Company recognized a loss of $0.9 million related to expired options in Revenue and the remaining outstanding options were included in accumulated other comprehensive income (loss) .
+Added: A 10% increase in the price of gold at September 30, 2021 would result in a realized loss of $2.5 million a nd 10% decrease would result in a realized gain of $9.3 million .
+Added: As of September 30, 2021, the closing price of gold was $1,743 per ounce.
+Added: As of October 25, 2021, the closing price of gold was $1,805 per ounce.
Provisional Gold, Silver, Zinc and Lead Sales
4 unchanged sentences
The mark-to-market gains and losses are recorded in earnings.
−Removed: At June 30, 2021, the Company had outstanding provisionally priced sales of 14,324 ounces of gold at an average price of $1,858.
−Removed: Changes in gold prices resulted in provisional pricing mark-to-market loss of $0.7 million during the three months ended June 30, 2021.
+Added: At September 30, 2021, the Company had outstanding provisionally priced sales of 15,966 ounces of gold at an average price of $1,786.
+Added: Changes in gold prices resulted in provisional pricing mark-to-market loss of $0.6 million during the nine months ended September 30, 2021.
A 10% change in realized gold prices would cause revenue to vary by $2.9 million.
7 unchanged sentences
To manage foreign currency risk, the Company may enter into foreign currency forward exchange contracts.
−Removed: At June 30, 2021, the Company entered into foreign currency forward contracts to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions.
−Removed: The Company had outstanding foreign currency forward exchange contracts to receive $0.8 billion Mexican Pesos at June 30, 2021 with an average exchange rate of 25.28 that settle monthly through December 2021.
−Removed: At June 30, 2021, the fair value of the foreign currency forward exchange contracts was a net asset of $7.5 million.
−Removed: For the three months ended June 30, 2021 the Company has recognized a gain of $3.5 million related to expired options in Cost Applicable to Sales and Pre-development, Reclamation and Othe r, respectively, and an unrealized gain of $7.5 million related to outstanding options in AOCI.
−Removed: A 10% increase or decrease in the exchange rates at June 30, 2021 would result in a realized gain of $4.1 million or $8.8 million, respectively.
+Added: At September 30, 2021, the Company entered into foreign currency forward contracts to manage this risk and designated these instruments as cash flow hedges of forecasted foreign denominated transactions.
+Added: The Company had outstanding foreign currency forward exchange contracts to receive $0.4 billion Mexican Pesos at September 30, 2021 with an average exchange rate of 25.43 that settle monthly through December 2021.
+Added: At September 30, 2021, the fair value of the foreign currency forward exchange contracts was a net asset of $3.3 million.
+Added: For the nine months ended September 30, 2021 the Company has recognized a gain of $10.5 million related to expired options in Cost Applicable to Sales and Pre-development, Reclamation and Othe r, respectively, and an unrealized gain of $3.3 million related to outstanding options in AOCI.
+Added: A 10% increase or decrease in the exchange rates at September 30, 2021 would result in a realized gain of $1.8 million or $4.2 million, respectively.
Interest Rates
6 unchanged sentences
Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates.
−Removed: The Company had no outstanding interest rate swaps at June 30, 2021.
+Added: The Company had no outstanding interest rate swaps at September 30, 2021.
Investment Risk
1 unchanged sentence
We are exposed to changes in the fair value of our investments in equity securities.
−Removed: For the three months ended June 30, 2021, the Company recognized unrealized gains of $36.6 million in Fair value adjustments, net due to increases in the stock price of those equity securities.
−Removed: At June 30, 2021, the fair value of the equity securities was $174.4 million.
−Removed: A 10% change in realized equity prices would cause unrealized gains to vary by $17.4 million.
+Added: For the nine months ended September 30, 2021, the Company recognized unrealized losses of $3.7 million in Fair value adjustments, net due to decreases in the stock price of those equity securities.
+Added: At September 30, 2021, the fair value of the equity securities was $139.7 million.
+Added: A 10% change in realized equity prices would result in an unrealized gain or loss of $14.0 million.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.