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 13 -- Derivative Financial Instruments & Hedging Activities 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 Consolidated Financial Statements.
This discussion of the Company’s market risk assessments contains “forward looking statements”.
−Removed: For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to Item 2 of this Report - Cautionary Statement Concerning Forward-Looking Statements.
+Added: For additional information regarding forward-looking statements and risks and uncertainties that could impact the Company, please refer to “Item 2 - Cautionary Statement Concerning Forward-Looking Statements” in this Report.
Actual results and actions could differ materially from those discussed below.
−Removed: Gold and Silver Prices
−Removed: Gold and silver prices may fluctuate widely due to numerous factors, such as U.S.
+Added: Gold, Silver and Copper Prices
+Added: Gold, silver and copper prices may fluctuate widely due to numerous factors, such as U.S.
dollar strength or weakness, global political and economic conditions, demand, investor sentiment, inflation or deflation, and global mine production.
−Removed: The Company’s profitability and cash flow may be significantly impacted by changes in the market price of gold and silver.
−Removed: Decreases in the market price of gold and silver can also significantly affect the value of our metal inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as significantly impact our carrying value of long-lived assets.
+Added: The Company’s profitability and cash flow may be significantly impacted by changes in the market price of gold, silver and copper.
+Added: Decreases in the market price of gold, silver and copper can also significantly affect the value of our metal inventory, stockpiles and leach pads, and it may be necessary to record a write-down to the net realizable value, as well as significantly impact our carrying value of long-lived assets.
Net realizable value represents the estimated future sales price based on short-term and long-term metals prices, less estimated costs to complete production and bring the product to sale.
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, 2025 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $3,457 and $2,759 per ounce, respectively, and a short-term and long-term silver price of $39.40 and $32.00 per ounce, respectively.
+Added: The significant assumptions in determining the stockpile, leach pad and metal inventory adjustments at March 31, 2026 included production cost and capitalized expenditure assumptions unique to each operation, a short-term and long-term gold price of $4,873 and $3,992 per ounce, respectively, and a short-term and long-term silver price of $84.33 and $54.91 per ounce, and a short-term copper price of $5.83 per pound.
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.
6 unchanged sentences
For additional information, please see the section titled “Item 1A - Risk Factors” in this Report.
−Removed: 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.
−Removed: The Company had no outstanding gold or silver hedging contracts at September 30, 2025.
Provisional Metal Sales
2 unchanged sentences
Depending on the difference between the price at the time of sale and the final settlement price, embedded derivatives are recorded as either a derivative asset or liability.
−Removed: The embedded derivatives do not qualify for hedge accounting and, as a result, are marked to the market gold and silver price at the end of each period from the provisional sale date to the date of final settlement.
+Added: The embedded derivatives do not qualify for hedge accounting and, as a result, are marked to the market gold, silver and copper price at the end of each period from the provisional sale date to the date of final settlement.
The mark-to-market gains and losses are recorded in earnings.
−Removed: At September 30, 2025, the Company had outstanding provisionally priced sales of 13,178 ounces of gold at an average price of $3,564.
−Removed: Changes in gold prices resulted in provisional pricing mark-to-market loss of $1.5 million during
−Removed: the three months ended September 30, 2025.
−Removed: A 10% change in realized gold prices would cause revenue to vary by $4.7 million.
+Added: At March 31, 2026, the Company had outstanding provisionally priced sales of 16,743 ounces of gold at an average price of $4,795 and of 11 million pounds of copper at an average price of $5.58.
+Added: Changes in gold and copper prices resulted in provisional pricing mark-to-market loss of $1 million and gain of $1 million for gold and copper,
+Added: respectively, during the three months ended March 31, 2026.
+Added: A 10% change in realized gold and copper prices would cause revenue to vary by $8 million and $6 million for gold and copper, respectively.
+Added: Gold and Copper swap
+Added: Prior to completing the New Gold Transaction, New Gold had entered into gold and copper swap contracts to reduce exposure to gold and copper prices.
+Added: The embedded derivatives do not qualify for hedge accounting and are marked to market through earnings each period until final settlement.
+Added: At March 31, 2026, the Company had outstanding gold and copper swap contracts of 7,550 ounces of gold at an average price of $4,964 and of 11 million pounds of copper at an average price of $5.63.
+Added: Changes in gold and copper prices resulted in swap contract gain of $1 million and $0.2 million for gold and copper, respectively, during 11 days ended March 31, 2026.
Foreign Currency
7 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, 2025.
+Added: The Company had no outstanding foreign currency forward exchange contracts at March 31, 2026.
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, 2025.
+Added: The Company had no outstanding interest rate swaps at March 31, 2026.
Investment Risk
Equity Price Risk
−Removed: The Company’s equity securities were not significant at September 30, 2025.
+Added: The Company’s equity securities were not significant at March 31, 2026.
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.