Zinc Zero Cost Collar

12 Months Ended

Dec. 31, 2022

Zinc Zero Cost Collar

Zinc Zero Cost Collar

17. Zinc Zero Cost Collar

During the years ended December 31, 2022 and 2021, the realized and unrealized losses related to the Company’s Zinc Zero Cost Collar are the following:

	For the year ended December 31,
	2022		2021
	(in thousands)
Realized loss on zinc zero cost collar	$	2,014	$	1,156
Unrealized (gain) loss on zinc zero cost collar (1)		(1,844)		1,844
Total	$	170	$	3,000

(1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions.

Effective May 18, 2021, GRC entered into Trading Agreement with Auramet International LLC that govern nonexchange traded, over-the-counter, spot, forward and option transactions on both a deliverable and non-deliverable basis involving various metals and currencies. In 2022, the Company had a realized loss of $2.0 million and an unrealized gain of $1.8 million related to the program. In 2021, the Company had a realized loss of $1.2 million and an unrealized loss of $1.8 million related to the program. Please see Note 14—Derivatives in Item 8—Financial Statements and

Supplementary Data for additional information. As of December 31, 2022, the current program concluded, but the Company may enter into similar zinc zero cost collar call and put options in the future.