10 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D Forei gn e x ch ange Move ment s in foreign e x chang e are p r i m aril y due to the revaluatio n of monetary asset s and li abilities at the balan ce sh e e t date a nd the app re ciat ion o r de pre c iation of th e Ca nadi an dollar and M e xi can pe so comp ared to the US dollar in the current period Forei gn e x ch ange forwa r d contract s For the three months end ed March 31 2020 the Com pan y re co gnized a fore ign exchan ge loss of 03 million associ ated with t he Companys foreign exch ange forward contract s Gold st ream obligation For the three months en de d March 31 2020 the Com pan y recogni zed a loss on the revaluatio n of the gold strea m obli g a t ion de rivative inst rume nt of 92 millio n The lo ss was p r ima r il y d r ive n b y a lo wer di scount rate Gold optio n contra cts For the three months e nde d March 31 2 020 t he Com pan y re cog n i z ed a n unreal ized lo ss on the revaluatio n of the gold pri c e option contracts of 12 million due to an increa se i n gold pri c e s A realize d loss of 83 million wa s re cog n ized in reve nue d u rin g the perio d Mesq uite sal e pro c ee ds In the prioryear pe riod t he 21 milli on gain on t he Mesquite sale receivab le rep r e s ent s outstandi ng workin g ca pital pro c ee ds collecte d in the first qua rter of 2019 CSPs re cla m ation clo s ure cost obli gatio n Cer r o San Pedro tran sition ed to the reclamation pha se of its mine life cycl e effective De cemb e r 31 2018 The re valu ation of Cerro San Pedro s recl amatio n and clo s u r e cost obligatio n is a result o f change s in estimate s to the expe cted ca sh flows Income tax The current a nd pri o rye ar incom e tax re co very relate s prim aril y to curre n t and d e ferred min e ral taxe s in the perio d On an adjust ed earni ng s basi s the adjusted tax exp e n se for the three month s ended March 3 1 2020 was 16 million compared to 10 in the prioryear peri od The adjusted tax expense excludes t he impact of inve ntory writ edo wn s and other gain s a nd lo sses on t he co nsolida t ed income st atement Ple a se refe r to the NonGAAP Financial Perform a nce Measures section of this MDA Net income loss For the th ree months end ed Ma rch 31 2020 the n e t incom e lo s s de crea se d prim aril y d ue to lowe r revenu es Adjus t ed ne t earnings lo ss Net losse s ha ve be en adju s ted for in ven t ory write do wn s and othe r gain s and lo ss es o n the consolidate d incom e state m ent Key el ements in oth e r gain s an d loss e s are un derg r o und p r oject cost s at Rain y River the fair valu e chan ges fo r the gold stre am obligati o n fair value ch ange s for co pper a nd gol d price optio n contract s fair value cha n g e s for fo reig n excha nge fo rw ard contra ct s financi a l in st rum ent tran sa ction cost s and a forei g n excha nge g a inslo ss Th e adju s ted e n tries are al so impa cted f o r ta x to the extent that th e