3 unchanged sentences
The Company does not actively engage in the practice of trading derivative instruments for profit.
−Removed: Additional information about the Company’s derivative financial instruments may be found in Note 12 -- Derivative Financial Instruments in the notes to the Condensed Consolidated Financial Statements.
+Added: Additional information about the Company’s derivative financial instruments may be found in Note 13 -- Derivative Financial Instruments & Hedging Activities in the notes to the Condensed Consolidated Financial Statements.
This discussion of the Company’s market risk assessments contains “forward looking statements”.
3 unchanged sentences
Gold and silver prices may fluctuate widely due to numerous factors, such as U.S.
−Removed: dollar strength or weakness, demand, investor sentiment, inflation or deflation, and global mine production.
+Added: dollar strength or weakness, global political and economic conditions, demand, investor sentiment, inflation or deflation, and global mine production.
The Company’s profitability and cash flow may be significantly impacted by changes in the market price of gold and silver.
2 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 September 30, 2024 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $2,474 and $2,017 per ounce, respectively, and a short-term and long-term silver price of $29.43 and $25.78 per ounce, respectively.
+Added: The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at March 31, 2025 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $2,860 and $2,392 per ounce, respectively, and a short-term and long-term silver price of $31.88 and $29.93 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.
2 unchanged sentences
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.
−Removed: 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.
−Removed: The forward contracts expose us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price is below the spot price of a commodity, and (ii) price risk to the extent that the spot price exceeds the contract price for quantities of our production covered under contract positions.
−Removed: To reduce counter-party credit exposure, the Company enters into contracts with institutions management deems credit-worthy and limits credit exposure to each institution.
−Removed: The Company does not anticipate non-performance by any of its counterparties.
+Added: The contracts were net cash settled and, if the spot price of gold at the time of expiration was lower than the fixed price or higher than the fixed prices, it resulted in a realized gain or loss, respectively.
+Added: The forward contracts exposed us to (i) credit risk in the form of non-performance by counterparties for contracts in which the contract price is below the spot price of a commodity, and (ii) price risk to the extent that the spot price exceeds the contract price for quantities of our production covered under contract positions.
+Added: To reduce counter-party credit exposure, the Company entered into contracts with institutions management deems credit-worthy and limits credit exposure to each institution.
For additional information, please see the section titled “Item 1A - Risk Factors” in this Report.
−Removed: For the nine months ended September 30, 2024, the Company recognized a loss of $12.9 million and $4.3 million related to expired gold and silver contracts, respectively.
−Removed: The Company had no outstanding gold or silver hedging contracts at September 30, 2024.
+Added: The Company acquired existing zero cost collar hedges for 1,600 ounces of gold and 200,000 ounces of silver on February 14, 2025 as part of its acquisition of SilverCrest that settled monthly through March 2025.
+Added: The Company had no outstanding gold or silver hedging contracts at March 31, 2025.
Provisional Metal Sales
4 unchanged sentences
The mark-to-market gains and losses are recorded in earnings.
−Removed: At September 30, 2024, the Company had outstanding provisionally priced sales of 12,213 ounces of gold at an average price of $2,568.
−Removed: Changes in gold prices resulted in provisional pricing mark-to-market gain of $0.4 million during the three months ended September 30, 2024.
+Added: At March 31, 2025, the Company had outstanding provisionally priced sales of 11,400 ounces of gold at
+Added: an average price of $2,966.
+Added: Changes in gold prices resulted in provisional pricing mark-to-market loss of $0.2 million during the twelve months ended March 31, 2025.
A 10% change in realized gold prices would cause revenue to vary by $3.4 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 September 30, 2024.
+Added: The Company had no outstanding foreign currency forward exchange contracts at March 31, 2025.
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 September 30, 2024.
+Added: The Company had no outstanding interest rate swaps at March 31, 2025.
Investment Risk
Equity Price Risk
−Removed: The Company had no equity securities at September 30, 2024.
+Added: The Company had no equity securities at March 31, 2025.
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.