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Note 7 - Income and Mining Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income and Mining Tax Benefit (Provision) | Major components of our income and mining tax benefit (provision) for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | (3,846 | ) |  | $ | (3,915 | ) |  | $ | (7,073 | )
Foreign |  |  | (3,322 | ) |  |  | (5,119 | ) |  |  | (6,316 | )
Total current income and mining tax provision |  |  | (7,168 | ) |  |  | (9,034 | ) |  |  | (13,389 | )
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  | (17,058 | ) |  |  | 2,064 |  |  |  | 43,708 |
Foreign |  |  | 23,004 |  |  |  | 14,536 |  |  |  | (750 | )
Total deferred income and mining tax benefit |  |  | 5,946 |  |  |  | 16,600 |  |  |  | 42,958 |
Total income and mining tax (provision) benefit |  | $ | (1,222 | ) |  | $ | 7,566 |  |  | $ | 29,569 |
Schedule of Domestic and Foreign Components of Income (Loss) Before Income and Mining Taxes | Domestic and foreign components of income (loss) before income and mining taxes for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Domestic |  | $ | 43,745 |  |  | $ | (6,343 | ) |  | $ | 38,003 |
Foreign |  |  | (126,740 | ) |  |  | (38,571 | ) |  |  | (32,477 | )
Total |  | $ | (82,995 | ) |  | $ | (44,914 | ) |  | $ | 5,526 |
Schedule of Effective Income Tax Reconciliation | The annual tax benefit (provision) is different from the amount that would be provided by applying the statutory federal income tax rate to our pretax income (loss). The reasons for the difference are (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Computed “statutory” benefit (provision) |  | $ | 17,429 |  |  |  | 21 | % |  | $ | 9,432 |  |  |  | 21 | % |  | $ | (1,161 | ) |  |  | 21 | %
Percentage depletion |  |  | 4,205 |  |  |  | 5 |  |  |  | 8,542 |  |  |  | 19 |  |  |  | 8,076 |  |  |  | (146 | )
Change in valuation allowance |  |  | (20,016 | ) |  |  | (24 | ) |  |  | (8,113 | ) |  |  | (18 | ) |  |  | 38,058 |  |  |  | (689 | )
State taxes, net of federal tax benefit |  |  | (2,731 | ) |  |  | (3 | ) |  |  | (158 | ) |  |  | — |  |  |  | 965 |  |  |  | (17 | )
Foreign currency remeasurement of monetary assets and liabilities |  |  | (4,155 | ) |  |  | (5 | ) |  |  | 4,559 |  |  |  | 10 |  |  |  | (3,625 | ) |  |  | 66 |
Rate differential on foreign earnings |  |  | 6,553 |  |  |  | 8 |  |  |  | 1,515 |  |  |  | 3 |  |  |  | 2,445 |  |  |  | (44 | )
Compensation |  |  | (1,636 | ) |  |  | (2 | ) |  |  | 173 |  |  |  | 0 |  |  |  | 1,094 |  |  |  | (20 | )
Mining and other taxes |  |  | (1,359 | ) |  |  | (2 | ) |  |  | (6,609 | ) |  |  | (15 | ) |  |  | (13,799 | ) |  |  | 250 |
Other |  |  | 488 |  |  |  | 1 |  |  |  | (1,775 | ) |  |  | (3 | ) |  |  | (2,484 | ) |  |  | 45 |
Total (provision) benefit |  | $ | (1,222 | ) |  |  | (1 | )% |  | $ | 7,566 |  |  |  | 17 | % |  | $ | 29,569 |  |  |  | (535 | )%
Schedule of Components of Net Deferred Tax Assets and Liabilities | The individual components of our net deferred tax assets and liabilities are reflected in the table below (in thousands).
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued reclamation costs |  | $ | 33,451 |  |  | $ | 33,007 |
Deferred exploration |  |  | 22,341 |  |  |  | 22,584 |
Foreign net operating losses |  |  | 52,091 |  |  |  | 71,391 |
Domestic net operating losses |  |  | 214,137 |  |  |  | 211,381 |
Foreign exchange loss |  |  | 22,247 |  |  |  | 24,235 |
Foreign tax credit carryforward |  |  | 2,026 |  |  |  | 2,493 |
Miscellaneous |  |  | 35,060 |  |  |  | 39,628 |
Total deferred tax assets |  |  | 381,353 |  |  |  | 404,719 |
Valuation allowance |  |  | (100,910 | ) |  |  | (72,856 | )
Total deferred tax assets |  |  | 280,443 |  |  |  | 331,863 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Miscellaneous |  |  | (12,950 | ) |  |  | (9,020 | )
Properties, plants and equipment |  |  | (369,445 | ) |  |  | (427,584 | )
Total deferred tax liabilities |  |  | (382,395 | ) |  |  | (436,604 | )
Net deferred tax liability |  | $ | (101,952 | ) |  | $ | (104,741 | )
Schedule of Changes in Valuation Allowance | The changes in the valuation allowance for the years ended December 31, 2023, 2022 and 2021, are as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Balance at beginning of year |  | $ | (72,856 | ) |  | $ | (39,152 | ) |  | $ | (77,210 | )
Valuation allowance on deferred tax assets acquired with the ATAC (2023) and Alexco (2022) acquisitions |  |  | (8,077 | ) |  |  | (25,591 | ) |  |  | — |
Increase related to non-recognition of deferred tax assets due to uncertainty of recovery and increase related to non-utilization of net operating loss carryforwards |  |  | (21,114 | ) |  |  | (13,256 | ) |  |  | (20,304 | )
Decrease related to either or a combination of (i) utilization, (ii) release due to future benefit, and (iii) expiration of deferred tax assets as applicable |  |  | 1,137 |  |  |  | 5,143 |  |  |  | 58,362 |
Balance at end of year |  | $ | (100,910 | ) |  | $ | (72,856 | ) |  | $ | (39,152 | )

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