OPERATING SEGMENTS | OPERATING SEGMENTS The Company currently has four producing mines which represent the Company’s reportable and operating segments. The Company identifies its segments according to how the chief operating decision maker ("CODM") evaluates financial performance and allocates resources. The Company's CODM is the chief executive officer. The CODM assesses the segments' performance by using each segments' operating income and primarily relies on operating income for each segment during the annual budgeting and forecasting process. On a quarterly basis, the CODM reviews budget-to-actual variances for profit metrics to inform decisions on the allocation of operating and capital resources across segments. The following tables provide a summary of financial information related to the Company's segments (in thousands): Year ended December 31, 2024 Çöpler (3) Marigold Seabee Puna Segments Total Corporate and other (1) Consolidated Revenue $ 64,298 $ 409,025 $ 191,768 $ 330,527 $ 995,618 $ — $ 995,618 Cost of sales (2) $ 36,215 $ 244,312 $ 77,846 $ 155,659 $ 514,032 $ — $ 514,032 Depreciation, depletion, and amortization $ 13,130 $ 36,047 $ 48,008 $ 33,007 $ 130,192 $ — $ 130,192 General and administrative expense $ — $ — $ — $ — $ — $ 62,885 $ 62,885 Exploration and evaluation $ 1,468 $ 13,097 $ 15,010 $ 5,639 $ 35,214 $ 6,590 $ 41,804 Reclamation and remediation costs $ 274,877 $ 2,895 $ 1,336 $ 17,763 $ 296,871 $ — $ 296,871 Impairment charges of long-lived and other assets $ 114,230 $ — $ 369 $ — $ 114,599 $ — $ 114,599 Care and maintenance (4) $ 108,675 $ — $ 11,605 $ — $ 120,280 $ — $ 120,280 Other operating expense (income), net $ 36,951 $ 2,710 $ 622 $ 2,118 $ 42,401 $ (5,161) $ 37,240 Operating income (loss) $ (521,247) $ 109,959 $ 36,972 $ 116,342 $ (257,974) $ (64,311) $ (322,285) Interest expense $ (6,925) $ — $ — $ (917) $ (7,842) $ (5,186) $ (13,028) Interest income $ 16 $ 6,757 $ 4,561 $ 976 $ 12,310 $ 4,425 $ 16,735 Other income (expense) $ 343 $ (917) $ (124) $ 4,552 $ 3,854 $ 5,681 $ 9,535 Foreign exchange gain (loss) $ 113 $ (8) $ (208) $ (1,023) $ (1,126) $ (8,565) $ (9,691) Income (loss) before income and mining taxes $ (527,701) $ 115,790 $ 41,201 $ 119,929 $ (250,781) $ (67,953) $ (318,734) Capital expenditures $ 14,472 $ 39,070 $ 33,832 $ 16,794 $ 104,168 $ 42,051 $ 146,219 Total assets as of December 31, 2024 $ 2,688,583 $ 889,570 $ 380,980 $ 333,652 $ 4,292,785 $ 896,235 $ 5,189,020 (1) Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. (3) All operations at Çöpler ceased on February 13, 2024, following the Çöpler Incident. (4) Care and maintenance expense represents the following: 1) direct costs not associated with the environmental reclamation and remediation costs of $61.6 million and depreciation of $47.1 million during the suspension of operations at Çöpler starting in the first quarter of 2024; and 2) direct costs of $9.4 million and depreciation of $2.2 million during the suspension of operations at Seabee during the third quarter of 2024. Year ended December 31, 2023 Çöpler Marigold Seabee Puna Segments Total Corporate and other (1) Consolidated Revenue $ 442,417 $ 538,244 $ 164,346 $ 281,920 $ 1,426,927 $ — $ 1,426,927 Cost of sales (2) $ 268,628 $ 289,063 $ 82,898 $ 163,558 $ 804,147 $ — $ 804,147 Depreciation, depletion, and amortization $ 93,808 $ 46,236 $ 40,533 $ 33,435 $ 214,012 $ — $ 214,012 General and administrative expense $ 5,489 $ — $ — $ 247 $ 5,736 $ 61,721 $ 67,457 Exploration and evaluation $ 6,990 $ 12,295 $ 16,324 $ 7,135 $ 42,744 $ 7,441 $ 50,185 Reclamation and remediation costs $ 1,709 $ 2,764 $ 1,164 $ 3,061 $ 8,698 $ — $ 8,698 Impairment charges of long-lived and other assets $ 353,322 $ — $ — $ 2,637 $ 355,959 $ 5,653 $ 361,612 Impairment charges of goodwill $ — $ — $ 49,786 $ — $ 49,786 $ — $ 49,786 Other operating expense (income), net $ 512 $ — $ 508 $ — $ 1,020 $ 254 $ 1,274 Operating income (loss) $ (288,041) $ 187,886 $ (26,867) $ 71,847 $ (55,175) $ (75,069) $ (130,244) Interest expense $ (9,046) $ — $ — $ (807) $ (9,853) $ (6,763) $ (16,616) Interest income $ 1,507 $ — $ 7,039 $ 6,826 $ 15,372 $ 7,242 $ 22,614 Other income (expense) $ 304 $ 1,086 $ (146) $ 35,625 $ 36,869 $ (9,332) $ 27,537 Foreign exchange gain (loss) $ (7,823) $ — $ (709) $ (44,982) $ (53,514) $ (52,185) $ (105,699) Income (loss) before income and mining taxes $ (303,099) $ 188,972 $ (20,683) $ 68,510 $ (66,300) $ (136,108) $ (202,408) Capital expenditures $ 89,165 $ 82,252 $ 37,521 $ 13,193 $ 222,131 $ — $ 222,131 Total assets as of December 31, 2023 $ 2,915,262 $ 782,353 $ 464,033 $ 324,794 $ 4,486,442 $ 899,331 $ 5,385,773 (1) Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. Year ended December 31, 2022 Çöpler Marigold Seabee Puna Segments Total Corporate and other (1) Consolidated Revenue $ 355,070 $ 348,817 $ 244,692 $ 199,454 $ 1,148,033 $ — $ 1,148,033 Cost of sales (2) $ 189,825 $ 206,014 $ 74,679 $ 137,424 $ 607,942 $ — $ 607,942 Depreciation, depletion, and amortization $ 76,628 $ 34,255 $ 49,445 $ 21,119 $ 181,447 $ — $ 181,447 General and administrative expense $ 3,125 $ 1 $ 11 $ 257 $ 3,394 $ 68,266 $ 71,660 Exploration and evaluation $ 2,891 $ 15,908 $ 13,313 $ 5,382 $ 37,494 $ 9,317 $ 46,811 Reclamation and remediation costs $ 1,245 $ 2,274 $ 791 $ 1,725 $ 6,035 $ — $ 6,035 Care and maintenance ( 3) $ 41,800 $ — $ — $ — $ 41,800 $ — $ 41,800 Other operating expense (income), net $ — $ — $ — $ — $ — $ 2,070 $ 2,070 Operating income (loss) $ 39,556 $ 90,365 $ 106,453 $ 33,547 $ 269,921 $ (79,653) $ 190,268 Interest expense $ (11,915) $ (54) $ — $ (410) $ (12,379) $ (6,737) $ (19,116) Interest income $ 2,306 $ — $ 2,789 $ 4,517 $ 9,612 $ 6,699 $ 16,311 Gain on acquisition of Kartaltepe $ 81,852 $ — $ — $ — $ 81,852 $ — $ 81,852 Other income (expense) $ (3,487) $ (2,975) $ (110) $ 12,329 $ 5,757 $ (1,777) $ 3,980 Foreign exchange gain (loss) $ 4,987 $ 1 $ (1,143) $ (44,292) $ (40,447) $ 7,987 $ (32,460) Income (loss) before income (expense) $ 113,300 $ 87,337 $ 107,990 $ 5,691 $ 314,318 $ (73,483) $ 240,835 Capital expenditures $ 35,729 $ 58,795 $ 38,193 $ 10,446 $ 143,163 $ — $ 143,163 Total assets as of December 31, 2022 $ 3,298,757 $ 667,834 $ 581,574 $ 315,060 $ 4,863,225 $ 391,432 $ 5,254,657 (1) Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. (3) Care and maintenance expense represents direct costs and depreciation incurred at Çöpler during the temporary suspension of operations in the third quarter of 2022. Geographic area The following are long-lived assets, excluding Goodwill , Restricted cash and Deferred income taxes , by location as of December 31 (in thousands): December 31, 2024 2023 Türkiye $ 3,367,857 $ 3,369,116 Canada 305,098 320,922 United States 407,304 372,639 Argentina 72,125 104,313 Total $ 4,152,384 $ 4,166,990 The following is revenue information by geographic area based on the location of production for the years ended December 31, (in thousands): Year Ended December 31, 2024 2023 2022 Türkiye $ 64,298 $ 442,417 $ 355,070 Canada 191,768 164,346 244,692 United States 409,025 538,244 348,817 Argentina 330,527 281,920 199,454 Total $ 995,618 $ 1,426,927 $ 1,148,033 |