What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2021-11-05 compared with 2021-08-05 · 73 added, 69 removed, 172 unchanged (45% of the section changed)

16 unchanged sentences

Increases or decreases in primary aluminum prices result in increases and decreases in our revenues (assuming all other factors are unchanged).

From time to time, we may seek to manage our exposure to fluctuations in the LME price of primary aluminum and/or associated regional premiums through financial instruments designed to protect our downside price risk exposure.

Information regarding financial contracts is included in Note 13.

Derivatives and risks affiliated with such financial contracts are disclosed specifically in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

We have seen increases in the pricing of aluminum throughout the first half of 2021.

The average LME price for primary aluminum was $2,004 per tonne for January 2021, increasing to an average LME price for primary aluminum of $2,324 in April 2021 and then to $2,439 in June 2021.

The average MWP price was $330 per tonne in January 2021, increasing to $517 in April 2021 and then to $608 in June 2021.

The average European Duty Paid premium was $152 per tonne in January 2021, increasing to $231 in April 2021 and then to $251 in June 2021.

We have seen increases in the pricing of aluminum throughout 2021.

The average LME price for primary aluminum was $2,004 per tonne for January 2021, increasing to an average LME price for primary aluminum of $2,439 in June 2021 and then to $2,840 per tonne in September 2021.

The average MWP price was $330 per tonne in January 2021, increasing to $608 in June 2021 and then to $765 in September 2021.

The average European Duty Paid premium was $152 per tonne in January 2021, increasing to $251 in June 2021 and then to $383 in September 2021.

Results of Operations

The following discussion for the three and six months ended June 30, 2021 reflects no change in production capacities at our operating facilities.

The following discussion for the three and nine months ended September 30, 2021 reflects no change in production capacities at our operating facilities.

Our net sales are impacted primarily by the LME price for aluminum, regional and value-added premiums, and the volume and product mix of aluminum we ship during the period.

2 unchanged sentences

In general, our results reflect the market cost of alumina on an approximately three-month lag reflecting the terms of our alumina contracts and inventory levels.

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2021 2020 2021 2020

10 unchanged sentences

Tonnes Net Sales (in millions) Tonnes Net Sales (in millions) Tonnes Net Sales (in millions)

3rd Quarter 117,951 $ 366.6 78,144 $ 207.6 196,095 $ 574.2

2nd Quarter 112,792 314.0 78,102 180.1 190,894 494.1

1 unchanged sentence

Total 347,180 $ 956.2 235,506 $ 551.9 582,686 $ 1,508.1

3rd Quarter 118,835 $ 221.8 84,187 $ 138.4 203,022 $ 360.2

2nd Quarter 130,645 246.6 79,664 145.9 210,309 392.5

3 unchanged sentences

Net sales (in millions) 2021 2020

Three months ended June 30, $ 528.0 $ 401.9

Six months ended June 30, $ 972.0 $ 823.1

Net sales (excluding alumina sales) increased by $101.6 million for the three months ended June 30, 2021, compared to the same period in 2020, primarily driven by favorable LME and regional premium price realizations of $130.6 million, partially offset by unfavorable volume of $29.4 million.

Net sales (excluding alumina sales) increased by $126.6 million for the six months ended June 30, 2021, compared to the same period in 2020, primarily driven by favorable LME and regional premium price realizations of $171.2 million, partially offset by unfavorable volume of $47.2 million.

Three months ended September 30, $ 581.4 $ 392.9

Nine months ended September 30, $ 1,553.4 $ 1,216.0

Net sales (excluding alumina sales) increased by $215.7 million for the three months ended September 30, 2021, compared to the same period in 2020, primarily driven by favorable LME and regional premium price realizations of $222.1 million, offset by unfavorable volume of $6.4 million.

Net sales (excluding alumina sales) increased by $339.7 million for the nine months ended September 30, 2021, compared to the same period in 2020, primarily driven by favorable LME and regional premium price realizations of $336.9 million.

Gross profit (loss) (in millions) 2021 2020

Three months ended June 30, $ 20.9 $ (13.0)

Six months ended June 30, $ 0.2 $ (8.2)

Gross profit increased by $33.9 million for the three months ended June 30, 2021, compared to the same period in 2020, primarily driven by favorable LME and regional premium price realizations of $130.6 million partially offset by unfavorable power price realizations of $42.1 million, unfavorable alumina price realizations of $18.2 million, unfavorable volume impacts of $8.1 million and increased operating costs.

Gross profit increased by $8.4 million for the six months ended June 30, 2021, compared to the same period in 2020, primarily driving by favorable LME and regional premium price realizations of $171.2 million, partially offset by unfavorable

power price realizations of $81.5 million, unfavorable alumina price realizations of $26.4 million, unfavorable volume impacts of $23.2 million and increased operating costs.

Three months ended September 30, $ 54.6 $ (27.1)

Nine months ended September 30, $ 54.8 $ (35.3)

Gross profit increased by $81.7 million for the three months ended September 30, 2021, compared to the same period in 2020, primarily driven by favorable LME and regional premium price realizations of $222.1 million partially offset by unfavorable power price realizations of $64.6 million, unfavorable alumina price realizations of $25.4 million, unfavorable volume impacts of $6.6 million and increased operating costs.

Gross profit increased by $90.1 million for the nine months ended September 30, 2021, compared to the same period in 2020, primarily driven by favorable LME and regional premium price realizations of $336.9 million as well as favorable sales mix of $28.8 million, partially offset by unfavorable power price realizations of $146.3 million, unfavorable alumina price realizations of $51.5 million, and increased operating costs.

Selling, general and administrative expenses (in millions) 2021 2020

Three months ended June 30, $ 8.7 $ 11.8

Six months ended June 30, $ 24.8 $ 20.7

Selling, general and administrative expenses decreased by $3.1 million for the three months ended June 30, 2021 compared to the same period in 2020, primarily driven by a decrease in share-based compensation costs due to differences in fluctuations of the stock price period over period.

Selling, general and administrative expenses increased by $4.1 million for the six months ended June 30, 2021 compared to the same period in 2020, primarily driven by an increase in share-based compensation costs.

Three months ended September 30, $ 14.2 $ 11.0

Nine months ended September 30, $ 39.0 $ 31.7

Selling, general and administrative expenses increased by $3.2 million for the three months ended September 30, 2021 compared to the same period in 2020, primarily driven by an increase in share-based compensation costs due to fluctuations of the stock price period over period and other compensation costs.

Selling, general and administrative expenses increased by $7.3 million for the nine months ended September 30, 2021 compared to the same period in 2020, primarily driven by an increase in share-based compensation costs.

Net gain (loss) on forward and derivative contracts (in millions) 2021 2020

Three months ended June 30, $ (64.4) $ 3.7

Six months ended June 30, $ (162.5) $ 7.5

For the three months ended June 30, 2021, net loss on forward and derivative contracts increased by $68.1 million compared to the same period in 2020 primarily due to increases in LME and MWP prices from March 31, 2021 to June 30, 2021.

For the six months ended June 30, 2021, net loss on forward and derivative contracts increased by $170.0 million compared to the same period in 2020 primarily due to increases in LME and MWP prices in the first six months of 2021.

Three months ended September 30, $ (76.7) $ (9.4)

Nine months ended September 30, $ (239.2) $ (1.9)

For the three months ended September 30, 2021, net loss on forward and derivative contracts increased by $67.3 million compared to the same period in 2020 primarily due to increases in LME and MWP prices from June 30, 2021 to September 30, 2021, and partially offset by gains in respect of derivative contracts due to Nord Pool power price increases.

For the nine months ended September 30, 2021, net loss on forward and derivative contracts increased by $237.3 million compared to the same period in 2020 primarily due to increases in LME and MWP prices in the first nine months of 2021, and partially offset by gains in respect of derivative contracts due to Nord Pool power price increases.

Derivatives to the consolidated financial statements included herein for additional information.

Income tax benefit (expense) (in millions) 2021 2020

Three months ended June 30, $ 48.3 $ (0.9)

Six months ended June 30, $ 50.6 $ 1.9

Three months ended September 30, $ (6.8) $ (0.3)

Nine months ended September 30, $ 43.8 $ 1.6

We have a valuation allowance against all of our U.S.

and certain foreign deferred tax assets.

The period to period change is primarily due to a discrete tax benefit of $49.8 million in the current quarter tax provision related to the recognition of certain foreign deferred tax assets.

The period to period change is primarily due to a discrete tax benefit of $49.8 million in the second quarter tax provision related to the recognition of certain foreign deferred tax assets.

The deferred tax asset represents the future tax benefit we expect to realize for deductible costs related to our historical investment in Nordural Helguvik ehf (“Helguvik”).

During the period, it became apparent this deferred tax asset would be realized in the foreseeable future.

As this deferred tax asset is expected to be realized prior to expiration, we have not recorded a valuation allowance.

Income Taxes to the consolidated financial statements included herein for additional information.

5 unchanged sentences

We believe that cash provided from operations and financing activities will be adequate to cover our operations and business needs over the next twelve months.

As of June 30, 2021, we had cash and cash equivalents of approximately $9.0 million and unused availability under our revolving credit facilities of $99.6 million, resulting in a total liquidity position of approximately $108.6 million.

As of September 30, 2021, we had cash and cash equivalents of approximately $57.6 million and unused availability under our revolving credit facilities of $69.2 million, resulting in a total liquidity position of approximately $126.8 million.

On April 14, 2021, we issued $250.0 million in aggregate principal amount of our senior secured notes that will mature in 2028 (the "2028 Notes") and used a portion of the proceeds to purchase $195.9 million of our 12.0% senior secured notes due 2025 (the "2025 Notes") pursuant to a cash tender offer for the 2025 Notes.

2 unchanged sentences

The remaining proceeds from the Convertible Notes offering were used to repay borrowings under our revolving credit facilities and to pay for the cost of the capped call transactions in connection with the issuance of the Convertible Notes.

With these transactions, we have effectively extended the maturities of our principal debt obligations, reduced the interest rate on these obligations, and raised additional liquidity through the issuance of convertible senior notes.

Available Cash

Our available cash and cash equivalents balance at June 30, 2021, was $9.0 million compared to $81.6 million at December 31, 2020.

Our available cash and cash equivalents balance at September 30, 2021, was $57.6 million compared to $81.6 million at December 31, 2020.

Sources and Uses of Cash

Our statements of cash flows are summarized below:

Six months ended June 30,

Nine months ended September 30,

(in millions)

5 unchanged sentences

The changes in working capital are primarily attributable to timing of receivable collections and timing of raw material receipts.

The increase in net cash used in investing activities was primarily due to higher spending on capital projects during the six months ended June 30, 2021, driven by capital investments in the Mt.

The increase in net cash used in investing activities was primarily due to higher spending on capital projects during the nine months ended September 30, 2021, driven by capital investments in the Mt.

Holly restart project.

The decrease in net cash provided by financing activities was primarily due to increased repayments of borrowings on the revolving credit facilities, offset by the issuance of the convertible senior notes in April 2021.

The increase in net cash provided by financing activities was primarily due to increased borrowings on the revolving credit facilities and issuance of the Convertible Notes.

Availability Under Our Credit Facilities

6 unchanged sentences

The Iceland revolving credit facility matures in November 2024.

On November 2, 2021, Grundartangi entered into an eight-year Term Facility Agreement with Arion Bank hf, to provide for borrowings up to $130 million in connection with the casthouse project at Grundartangi (the “Casthouse Facility”).

Under the Casthouse Facility, repayments of principal amounts will be made in equal quarterly installments, the first payment occurring 30 months after the first drawdown by Grundartangi.

The availability of funds under our credit facilities is limited by a specified borrowing base consisting of certain accounts receivable, inventory and qualified cash deposits which meet the lenders' eligibility criteria.

1 unchanged sentence

decreases in the price of aluminum and/or curtailments of production capacity would decrease our borrowing base by reducing our accounts receivable and inventory balances.

As of June 30, 2021, our U.S.

As of September 30, 2021, our U.S.

revolving credit facility had a borrowing base of $175.0 million, $17.3 million in borrowings and $108.5 million in letters of credit outstanding.

Of the outstanding letters of credit, $12.1 million are related to our power commitments, $54.2 million are related to hedging collateral, and the remainder are primarily for the purpose of securing certain debt and workers’

compensation commitments.

As of June 30, 2021, our Iceland revolving credit facility had a borrowing base of $50.0 million and no outstanding borrowings.

As of June 30, 2021, our credit facilities had $99.6 million of net availability after consideration of our outstanding borrowings and letters of credit.

Of the outstanding letters of credit, $12.1 million are related to our power commitments, $78.3 million are related to hedging collateral, and the remainder are primarily for the purpose of securing certain debt and workers’ compensation commitments.

As of September 30, 2021, our Iceland revolving credit facility had a borrowing base of $50.0 million and $30.0 million in outstanding borrowings.

As of September 30, 2021, our credit facilities had $69.2 million of net availability after consideration of our outstanding borrowings and letters of credit.

We may borrow and make repayments under our credit facilities in the ordinary course based on a number of factors, including the timing of payments from our customers and payments to our suppliers.

4 unchanged sentences

Our Iceland revolving credit facility contains a covenant that requires Grundartangi to maintain a minimum equity ratio.

As of June 30, 2021, we were in compliance with all such covenants or maintained availability above such covenant triggers.

As of September 30, 2021, we were in compliance with all such covenants or maintained availability above such covenant triggers.

Senior Notes and Convertible Senior Notes

On April 14, 2021, we issued $250.0 million principal of senior secured notes that will mature on May 1, 2028, unless earlier refinanced in accordance with their terms.

On April 14, 2021, we issued $250.0 million principal of senior secured notes that will mature on April 1, 2028, unless earlier refinanced in accordance with their terms.

Interest on the 2028 Notes is payable semi-annually on April 1 and October 1 of each year, beginning on October 1, 2021, at a rate of 7.5% per year.

9 unchanged sentences

and (ix) effect a consolidation or merger.

On April 9, 2021, we issued $86.3 million in aggregate principal amount of convertible senior notes due 2028, unless earlier converted, repurchased or redeemed.

On April 9, 2021, we issued $86.3 million in aggregate principal amount of Convertible Notes, unless earlier converted, repurchased or redeemed.

The principal included the full exercise of the option by the initial purchasers of the Convertible Notes to purchase $11.3 million of additional principal amount.

The Notes bear interest semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2021, at a rate of 2.75% per annum in cash.

The Convertible m Notes bear interest semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2021, at a rate of 2.75% per annum in cash.

We applied the net proceeds from the offering of the 2028 Notes and a portion of the net proceeds from the Convertible Notes described above toward payment of the total consideration amount to holders whose 2025 Notes were accepted and purchased in the tender offer and to fund the redemption of any remaining 2025 Notes.

1 unchanged sentence

On April 29, 2019, we entered into a term loan agreement with Glencore Ltd.

pursuant to which the Company borrowed $40.0 million.

pursuant to which the Company borrowed $40.0 million (the "Hawesville Term Loan”).

Borrowings under the Hawesville Term Loan were used to partially finance the second phase of the Hawesville restart project.

2 unchanged sentences

The Hawesville Term Loan is not secured by any collateral.

As of June 30, 2021, the outstanding balance of the Hawesville Term Loan was $10.0 million.

As of September 30, 2021, the outstanding balance of the Hawesville Term Loan was $5.0 million.

Supplemental Guarantor Financial Information

The Company has filed a Registration Statement on Form S-3 (the "Universal Shelf Registration Statement") with the SEC pursuant to which the Company may, from time to time, offer an indeterminate amount of securities, which may include securities that are guaranteed by certain of the Company's subsidiaries.

As of June 30, 2021, we have not issued any debt securities pursuant to the Universal Shelf Registration Statement.

As of September 30, 2021, we have not issued any debt securities pursuant to the Universal Shelf Registration Statement.

However, the securities that we may issue in the future may limit our ability, and the ability of certain of our subsidiaries, to pay dividends or make distributions in respect of capital stock.

5 unchanged sentences

We allocate corporate expenses or income to our subsidiaries and charge interest on certain intercompany balances.

The following summarized financial information of both the Company and the Guarantors Subsidiaries ("Guarantors") is presented on a combined basis.

Intercompany balances and transactions between the Company and the Guarantors have been

eliminated and the summarized financial information does not reflect investments of the Company or the Guarantors in the Non-Guarantor Subsidiaries ("Non-Guarantors").

The following summarized financial information of both the Company and the Guarantor Subsidiaries ("Guarantors") is presented on a combined basis.

Intercompany balances and transactions between the Company and the Guarantors have been eliminated and the summarized financial information does not reflect investments of the Company or the Guarantors in the Non-Guarantor Subsidiaries ("Non-Guarantors").

The Company’s or Guarantors’ amounts due from, amounts due to, and transactions with the Non-Guarantors are disclosed below:

June 30, 2021 December 31, 2020

September 30, 2021 December 31, 2020

Current assets $ 334.6 $ 252.4

2 unchanged sentences

Non-current liabilities 619.4 483.7

Six months ended June 30, 2021

Nine months ended September 30, 2021

Net sales $ 997.9

2 unchanged sentences

Net income (loss) (227.2)

As of June 30, 2021 and December 31, 2020, an intercompany receivable due to the Company and Guarantors from the Non-Guarantors totaled $18.8 million and $14.6 million, respectively, and an intercompany non-current loan due to the Company from the Non-Guarantors totaled $544.2 million and $554.9 million, respectively.

As of September 30, 2021 and December 31, 2020, an intercompany receivable due to the Company and Guarantors from the Non-Guarantors totaled $16.9 million and $14.6 million, respectively, and an intercompany non-current loan due to the Company from the Non-Guarantors totaled $540.2 million and $554.9 million, respectively.

Contingent Commitments

1 unchanged sentence

This contingent obligation consists of the aggregate payments made to Big Rivers by the third party on CAKY’s behalf in excess of the agreed upon base amount under the long-term cost-based power contract with Kenergy.

As of June 30, 2021, the principal and accrued interest for the contingent obligation was $27.4 million, which was fully offset by a derivative asset.

As of September 30, 2021, the principal and accrued interest for the contingent obligation was $27.7 million, which was fully offset by a derivative asset.

We may be required to make installment payments for the contingent obligation in the future.

These payments are contingent based on the LME price of primary aluminum and the level of Hawesville’s operations.

Based on the LME forward market at June 30, 2021, we believe that we will not be required to make payments on the contingent obligation during the term of the agreement, which expires in 2028.

Based on the LME forward market at September 30, 2021 and current level of Hawesville's operations, we do not believe it is likely that we will be required to make payments on the contingent obligation during the term of the agreement, which expires in 2028.

There can be no assurance that circumstances will not change thus accelerating the timing of such payments.

Employee Benefit Plan Contributions

In 2013, we entered into a settlement agreement with the Pension Benefit Guarantee Corporation ("PBGC") regarding an alleged "cessation of operations" at our Ravenswood facility.

Pursuant to the terms of the agreement, we agreed to make additional contributions (above any minimum required contributions) to our defined benefit pension plans totaling approximately $17.4 million.

Under certain circumstances, in periods of lower primary aluminum prices relative to our cost of operations, we are able to defer one or more of these payments, but would then be required to provide the PBGC with acceptable security for deferred payments.

We did not make any contributions in the three month periods ended June 30, 2021 and 2020.

We have elected to defer certain payments under the PBGC agreement and have provided the PBGC with the appropriate security.

The remaining contributions under this agreement are approximately $9.6 million.

In 2013, we entered into a settlement agreement with the Pension Benefit Guarantee Corporation (the "PBGC") regarding an alleged "cessation of operations" at our Ravenswood f acility (the "PBGC Settlement Agreement").

Pursuant to the terms of the PBGC Settlement Agreement, we agreed to make additional contributions (above any minimum required contributions) to our defined benefit pension plans totaling approximately $17.4 million.

Under certain circumstances, in periods of lower primary aluminum prices relative to our cost of operations, we were able to defer one or more of these payments, provided that we provide the PBGC with acceptable security for such deferred payments.

We did not make any contributions for the three or nine month periods ended September 30, 2021, and 2020.

We historically elected to defer certain payments under the PBGC Settlement Agreement and provided the PBGC with the appropri ate security.

On October 1, 2021, we amended the PBGC Settlement Agreement such that we removed the deferral mechanism and agreed to contribute approximately $2.4 million per year to our defined benefit pension plans for a total of approximately $9.6 million, over the next four years beginning on November 30, 2022 and ending on November 30, 2025, subject to acceleration if certain terms and conditions are met in such amendment.

Section 232 Aluminum Tariff

4 unchanged sentences

In addition to primary aluminum products, the tariffs also cover certain other semi-finished products.

All imports that directly compete with our products are covered by the tariff, with the exception of imports from Australia, Argentina, Canada and Mexico or imports that receive a product exclusion from the Department of Commerce.

All imports that directly compete with our products are covered by the tariff, with the exception of imports from Australia, Argentina, Canada and Mexico and imports from the European Union up to a quota limit of 18,000 metric tonnes or imports that receive a product exclusion from the Department of Commerce.

In March 2018, we announced our intention to return our Hawesville smelter, which since 2015 had been operating at approximately 40% capacity, to full production and upgrade its existing reduction technology.

1 unchanged sentence

The second phase of the project involves the rebuilding of the pots from the two potlines that had continued to operate past their expected life cycle and the implementation of certain new technology across all production.

These two potlines were taken out of production in February and September 2019, respectively.

The rebuild of the first of these potlines was completed in the second quarter of 2020 with total project costs to date of approximately $108.3 million .

These two potlines were taken out of production in February and September 2019, respectively, and the rebuild of the first of these potlines was completed in the second quarter of 2020 with total project costs to date of approximately $108.3 million .

Our Hawesville facility experienced several equipment issues in late December 2020 that partially reduced the plant’s production level;

1 unchanged sentence

The rebuild of the fifth and final potline and the completion of the technology upgrades is expected to be completed over the next several years subject to market conditions .

Our new power contract with Santee Cooper for the Mt.

Holly aluminum smelter began on April 1, 2021 and runs through December 2023.

Our power contract with Santee Cooper for the Mt.

Holly smelter began on April 1, 2021 and runs through December 2023.

It is expected to provide sufficient energy to allow the Mt.

7 unchanged sentences

We made no repurchases during the years ended 2018, 2019, and 2020.

As of June 30, 2021, we had $43.7 million remaining under the repurchase program authorization.

As of September 30, 2021, we had $43.7 million remaining under the repurchase program authorization.

The repurchase program may be expanded, suspended or discontinued by our Board, in its sole discretion, at any time.

2 unchanged sentences

Later in November 2009, the USW and representatives of a retiree class filed a separate suit against CAWV, Century Aluminum Company, Century Aluminum Master Welfare Benefit Plan, and various John Does with respect to the foregoing.

On August 18, 2017, the District Court for the Southern District of West Virginia approved a settlement agreement in respect of these actions, pursuant to which, CAWV agreed to make payments into a trust for the benefit of the CAWV Retirees in the aggregate amount of $23.0 million over the course of ten years.

On August 18, 2017, the District Court for the Southern District of West Virginia approved a settlement agreement in respect of these actions, pursuant to which,

CAWV agreed to make payments into a trust for the benefit of the CAWV Retirees in the aggregate amount of $23.0 million over the course of ten years.

Upon approval of the settlement, we paid $5.0 million to the aforementioned trust in September 2017 and agreed to pay the remaining amounts under the settlement agreement in annual increments of $2.0 million for nine years.

At June 30, 2021, we had $2.0 million in other current liabilities and $7.8 million in other liabilities related to this agreement.

At September 30, 2021, we had $2.0 million in other current liabilities and $6.0 million in other liabilities related to this agreement.

We are a defendant in several actions relating to various aspects of our business.

3 unchanged sentences

We intend to finance our future capital expenditures from available cash, cash flow from operations and if necessary, borrowing under our existing revolving credit facilities.

For major investment projects we would likely seek financing from

various capital and loan markets and may potentially pursue the formation of strategic alliances.

For major investment projects we would likely seek financing from various capital and loan markets and may potentially pursue the formation of strategic alliances.

We may be unable, however, to issue additional debt or equity securities, or enter into other financing arrangements on attractive terms, or at all, due to a number of factors including a lack of demand, unfavorable pricing, poor economic conditions, unfavorable interest rates, or our financial condition or credit rating at the time.

1 unchanged sentence

and international markets and economies may adversely affect our liquidity, our ability to access the debt or capital markets and our financial condition.

Capital expenditures incurred for the six months ended June 30, 2021 were $6.3 million, excluding expenditures of $22.4 million associated with the restart project at Mt.

Capital expenditures incurred for the nine months ended September 30, 2021 were $12.9 million, excluding expenditures of $38.9 million associated with the restart project at Mt.

We estimate our total capital spending in 2021, excluding the Mt.

1 unchanged sentence

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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis