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 March 31, 2024 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $2,070 and $1,825 per ounce, respectively, and a short-term and long-term silver price of $23.34 and $23.33 per ounce, respectively.
+Added: The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at June 30, 2024 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $2,338 and $1,963 per ounce, respectively, and a short-term and long-term silver price of $28.84 and $24.85 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 49,950 and 1.8 million ounces of gold and silver, respectively, at March 31, 2024 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.
−Removed: The weighted average fixed price on the forward contracts is $2,100 per ounce of gold and $26.00 per ounce of silver.
+Added: The Company had forward contracts for gold and silver that settled monthly through June 2024 in order to protect cash flow during the Rochester expansion ramp-up.
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 Item 1A of this Report.
−Removed: At March 31, 2024, the fair value of the gold forward contracts was a liability of $8.0 million and the fair value of the silver forward contracts was an asset of $1.8 million.
−Removed: For the year ended March 31, 2024, the Company recognized a loss of $1.0 million and a gain of $0.8 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 March 31, 2024 would result in a net realized loss and gain of $13.7 million and $7.9 million, respectively.
−Removed: A 10% increase and decrease in the price of silver at March 31, 2024 would result in a net realized loss and gain of $1.6 million and $7.2 million, respectively.
−Removed: The March 31, 2024 closing price of gold and silver was $2,214 and $24.54 per ounce, respectively.
−Removed: As of April 30, 2024, the closing price of gold and silver was $2,307 and $26.66, per ounce, respectively.
+Added: For additional information, please see the section titled “Item 1A - Risk Factors” in this Report.
+Added: For the six months ended June 30, 2024, the Company recognized a loss of $12.9 million and $4.3 million related to expired gold and silver contracts, respectively.
+Added: The Company had no outstanding gold or silver hedging contracts at June 30, 2024.
Provisional Metal Sales
4 unchanged sentences
The mark-to-market gains and losses are recorded in earnings.
−Removed: At March 31, 2024, the Company had outstanding provisionally priced sales of 11,781 ounces of gold at an average price of $2,112.
−Removed: Changes in gold prices resulted in provisional pricing mark-to-market gain of $490 thousand during the 12 months ended March 31, 2024.
+Added: At June 30, 2024, the Company had outstanding provisionally priced sales of 12,313 ounces of gold at an average price of $2,346.
+Added: Changes in gold prices resulted in provisional pricing mark-to-market gain of $1.0 million during the three months ended June 30, 2024.
A 10% change in realized gold prices would cause revenue to vary by $2.9 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 March 31, 2024.
+Added: The Company had no outstanding foreign currency forward exchange contracts at June 30, 2024.
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 March 31, 2024.
+Added: The Company had no outstanding interest rate swaps at June 30, 2024.
Investment Risk
Equity Price Risk
−Removed: The Company is exposed to changes in the fair value of our investments in equity securities.
−Removed: The Company had no equity securities at March 31, 2024.
+Added: The Company had no equity securities at June 30, 2024.
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.