18 unchanged sentences
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 130,500 ounces of gold at December 31, 2022 that settle monthly through December 2023.
−Removed: 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.
−Removed: In early 2023, the Company added 49,998 ounces of gold forward contracts and 3.2 million ounces of silver forward contracts that settle monthly through December 2023.
−Removed: Taking into account the additional gold and silver hedges added in early 2023, the weighted average fixed price on the forward contracts is $1,961 per ounce of gold and $24.55 per ounce of silver.
+Added: The Company had outstanding forward contracts on 94,950 and 3.1 million ounces of gold and silver, respectively, at December 31, 2023 that settle monthly through June 2024 in order to protect cash flow during the Rochester expansion ramp up, and may in the future layer on additional hedges as circumstances warrant.
+Added: The weighted average fixed price on the forward contracts is $2,076 per ounce of gold and $25.16 per ounce of silver.
The contracts are generally net cash settled and, if the spot price of gold at the time of expiration is lower than the fixed price or higher than the fixed prices, it would result in a realized gain or loss, respectively.
2 unchanged sentences
The Company does not anticipate non-performance by any of its counterparties.
−Removed: 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 December 31, 2022, the fair value of the gold forward contracts was an asset of $12.3 million.
−Removed: For the year ended December 31, 2022, the Company recognized a gain of $28.5 million related to expired contracts in Revenue and the remaining outstanding forwards contracts were included in accumulated other comprehensive income (loss) .
+Added: For additional information, please see the section titled “Risk Factors” in Item 1A of this Report.
+Added: At December 31, 2023, the fair value of the gold forward contracts was a liability of $2.0 million and the fair value of the silver forward contracts was an asset of $3.3 million.
+Added: For the year ended December 31, 2023, the Company recognized gains of $3.7 million and $7.0 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) .
A 10% increase and decrease in the price of gold at December 31, 2023 would result in a net realized loss and gain of $14.8 million and $23.7 million, respectively.
−Removed: The December 31, 2022 closing price of gold was $1,814 per ounce.
−Removed: As of February 22, 2023, the closing price of gold was $1,836 per ounce.
+Added: A 10% increase and decrease in the price of silver at December 31, 2023 would result in a net realized loss and gain of $3.8 million and $11.1 million, respectively.
+Added: The December 31, 2023 closing price of gold and silver was $2,078 and $23.79 per ounce, respectively.
+Added: As of February 20, 2024, the closing price of gold and silver was $2,029 and $23.06, per ounce, respectively.
Provisional Metal Sales
5 unchanged sentences
At December 31, 2023, the Company had outstanding provisionally priced sales of 15,537 ounces of gold at an average price of $2,032.
−Removed: Changes in gold prices resulted in provisional pricing mark-to-market gain of $0.37 million during the twelve months ended December 31, 2022.
+Added: Changes in gold prices resulted in provisional pricing mark-to-market gain of $30 thousand during the twelve months ended December 31, 2023.
A 10% change in realized gold prices would cause revenue to vary by $3.2 million.
22 unchanged sentences
The Company is exposed to changes in the fair value of our investments in equity securities.
−Removed: For the year ended December 31, 2022, the Company recognized unrealized losses of $47.9 million in Fair value adjustments, net due to decreases in the stock price of those equity securities.
−Removed: At December 31, 2022, the fair value of the equity securities was $44.2 million.
−Removed: A 10% change in realized equity prices would result in an unrealized gain or loss of $4.4 million.
+Added: The Company had no equity securities at December 31, 2023.
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.