14 unchanged sentences
The primary factors that influence the need to record write-downs of our stockpiles, leach pads and product inventory include short-term and long-term metals prices and costs for production inputs such as labor, fuel and energy, materials and supplies as well as realized ore grades and recovery rates.
−Removed: The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at June 30, 2023 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $1,976 and $1,810 per ounce, respectively, and a short-term and long-term silver price of $24.13 and $22.85 per ounce, respectively.
+Added: The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at September 30, 2023 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $1,928 and $1,816 per ounce, respectively, and a short-term and long-term silver price of $23.57 and $23.25 per ounce, respectively.
The net realizable value measurement involves the use of estimates and assumptions unique to each mining operation regarding current and future operating and capital costs, metal recoveries, production levels, commodity prices, proven and probable reserve quantities, engineering data and other factors.
1 unchanged sentence
To mitigate the risks associated with metal price fluctuations, the Company may enter into option contracts to hedge future production.
−Removed: The Company had outstanding forward contracts on 111,498 and 2.5 million ounces of gold and silver, respectively, at June 30, 2023 that settle monthly through December 2023.
+Added: The Company had outstanding forward contracts on 55,749 and 1.2 million ounces of gold and silver, respectively, at September 30, 2023 that settle monthly through December 2023.
The Company is targeting to hedge up to 70% of expected gold production and 50% of expected silver production for 2023 in order to protect cash flow during a period of elevated capital expenditures, and may in the future layer on additional hedges as circumstances warrant.
5 unchanged sentences
For additional information, please see the section titled “Risk Factors” in the 2022 10-K and part II, Item 1A of this Report.
−Removed: At June 30, 2023, the fair value of the gold and silver forward contracts was an asset of $3.4 million and $5.9 million for the gold and silver forward contracts, respectively.
−Removed: For the six months ended June 30, 2023, the Company recognized a gain $0.9 million and $2.0 million related to expired gold and silver contracts, respectively, in Revenue and the remaining outstanding gold and silver forward contracts were included in Accumulated other comprehensive income (loss) .
−Removed: A 10% increase and decrease in the price of gold at June 30, 2023 would result in a net realized loss and gain of $17.8 million and $25.5 million, respectively.
−Removed: A 10% increase and decrease in the price of silver at June 30, 2023 would result in a net realized loss and gain of $1.1 million and $10.8 million, respectively.
−Removed: The June 30, 2023 closing price of gold and silver was $1,912 and $22.47 per ounce, respectively.
−Removed: As of August 8, 2023, the closing price of gold and silver was $1,926 and $23.04, per ounce respectively.
+Added: At September 30, 2023, the fair value of the gold and silver forward contracts was an asset of $7.4 million and $4.2 million for the gold and silver forward contracts, respectively.
+Added: For the nine months ended September 30, 2023, the Company recognized a gain $3.6 million and $4.2 million related to expired gold and silver contracts, respectively, in Revenue and the remaining outstanding gold and silver forward contracts were included in Accumulated other comprehensive income (loss) .
+Added: A 10% increase and decrease in the price of gold at September 30, 2023 would result in a net realized loss and gain of $7.3 million and $14.1 million, respectively.
+Added: A 10% increase and decrease in the price of silver at September 30, 2023 would result in a net realized loss and gain of $0.4 million and $5.7 million, respectively.
+Added: The September 30, 2023 closing price of gold and silver was $1,871 and $23.08 per ounce, respectively.
+Added: As of November 7, 2023, the closing price of gold and silver was $1,961 and $22.54, per ounce respectively.
Provisional Metal Sales
4 unchanged sentences
The mark-to-market gains and losses are recorded in earnings.
−Removed: At June 30, 2023, the Company had outstanding provisionally priced sales of 6,498 ounces of gold at an average price of $1,957.
−Removed: Changes in gold prices resulted in provisional pricing mark-to-market loss of $0.1 million during the three months ended June 30, 2023.
+Added: At September 30, 2023, the Company had outstanding provisionally priced sales of 13,828 ounces of gold at an average price of $1,920.
+Added: Changes in gold prices resulted in provisional pricing mark-to-market loss of $0.0 million during the three months ended September 30, 2023.
A 10% change in realized gold prices would cause revenue to vary by $2.7 million.
8 unchanged sentences
In 2020, 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 no outstanding foreign currency forward exchange contracts at June 30, 2023.
+Added: The Company had no outstanding foreign currency forward exchange contracts at September 30, 2023.
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, 2023.
+Added: The Company had no outstanding interest rate swaps at September 30, 2023.
Investment Risk
1 unchanged sentence
The Company is exposed to changes in the fair value of our investments in equity securities.
−Removed: For the three months ended June 30, 2023, the Company recognized unrealized losses of $3.7 million in Fair value adjustments, net due to increases in the stock price of those equity securities.
−Removed: At June 30, 2023, the fair value of the equity securities was $9.2 million.
+Added: For the three months ended September 30, 2023, the Company recognized unrealized losses of $2.0 million in Fair value adjustments, net due to increases in the stock price of those equity securities.
+Added: At September 30, 2023, the fair value of the equity securities was $7.2 million.
A 10% change in realized equity prices would result in an unrealized gain or loss of $0.7 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.