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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2024
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Related party loan Artmin entered into loan agreements with Horizon, as lender, to fund Horizon’s portion of working capital spend of the Hod Maden project. The loans are unsecured and bear interest at the credit default swap premium of Türkiye plus a fixed spread of 4.0% at the end of each calendar quarter. The loans mature five years from the close date ranging from June 2028 to December 2029. Artmin’s loans with Horizon had a total borrowing capacity of $48.4 million, of which $18.0 million was outstanding as of December 31, 2024. The liability is included in Debt, related party in the Consolidated Balance Sheets. As of December 31, 2024, no repayments have been made. Interest expense for these loans totaled $0.7 million and $0.2 million for the year ended December 31, 2024 and 2023, respectively. The interest expense on the loan is included in Interest expense in the Consolidated Statements of Operations. Related party line of credit During 2024, the Company’s majority owned subsidiary, Anagold Madenncilik Sanayi ve Ticaret A.Ş, entered into loan agreements with Aktif Bank, as lender, to fund Lidya Mines’ portion of reclamation and environmental obligations. Aktif Bank is a wholly owned subsidiary of Çalik Holding. Çalik Holding owns 100% of Lidya Mines, which is the Company’s joint venture partner. The loan agreements provide for a non-revolving credit facility in an aggregate principal amount of up to $11.0 million and matures August 8, 2025, and bears interest at the rate of 10.0% per annum. The loans are guaranteed by Lidya Madencilik Sanayi ve Ticaret A.Ş. As of December 31, 2024, the outstanding balance of the loan was $11.0 million and is included in Current portion of debt, related party in the Consolidated Balance Sheets. As of December 31, 2024, no repayments have been made. Interest expense totaled $0.3 million for the year ended December 31, 2024. The interest expense on the loan is included in Interest expense in the Consolidated Statements of Operations.

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