XML 85 R19.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES For financial reporting purposes, income before taxes includes the following components:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Canada | $ | (5,229) |  |  | $ | (23,964) |  |  | $ | (7,549) |
Foreign | 105,261 |  |  | (35,980) |  |  | 8,997 |
Total | $ | 100,032 |  |  | $ | (59,944) |  |  | $ | 1,448 |
A reconciliation of income tax expense (benefit) and the product of accounting income before income tax, multiplied by the combined Canadian federal and provincial income tax rate (the rate applicable to the Canadian parent company) is as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Income (loss) before income taxes | $ | 100,032 |  |  | $ | (59,944) |  |  | $ | 1,448 |
Combined federal and provincial rate | 26.5 | % |  | 26.5 | % |  | 26.5 | %
Expected income tax (benefit) | 26,508 |  |  | (15,885) |  |  | 384 |
Share-based compensation | (893) |  |  | 572 |  |  | (89) |
Other non-deductible/non-taxable items | 2,015 |  |  | 3,977 |  |  | 159 |
Unrecognized deferred tax assets | (27,354) |  |  | 11,336 |  |  | (454) |
Income tax expense | $ | 276 |  |  | $ | — |  |  | $ | — |
The components of the net deferred tax assets as of December 31, 2023 and 2022 are as follows:
| Years Ended December 31,
| 2023 |  | 2022
Inventories | $ | 547 |  |  | $ | 5,984 |
Short-term investments | 209 |  |  | 209 |
Operating loss carry forwards | 93,241 |  |  | 108,827 |
Capital loss carry forwards | 849 |  |  | 881 |
Deferred revenue and other | 2,431 |  |  | 5,433 |
Mineral properties and deferred costs, United States | 16,872 |  |  | 18,727 |
Mineral properties and deferred costs, Canada | 1,726 |  |  | 1,815 |
Asset retirement obligations | 2,894 |  |  | 3,976 |
Property, plant and equipment | 986 |  |  | 1,079 |
Total deferred tax assets | $ | 119,755 |  |  | $ | 146,931 |
Less: valuation allowance | (119,755) |  |  | (146,931) |
Net deferred tax assets | $ | — |  |  | $ | — |
As of December 31, 2023, and 2022, the Company recorded a valuation allowance against the net deferred tax assets for the above related items in the financial statements as management did not consider it more likely than not that the Company will be able to realize the deferred tax assets in the future. The following table summarizes the changes to the valuation allowance:
For the Years Ended |  | Balance |  |  |  |  |  | Balance
December 31, |  | Beginning of Period |  | Additions (1) |  | Deductions (2) |  | End of Period
2023 |  | $ | 146,931 |  |  | $ | — |  |  | $ | (27,176) |  |  | $ | 119,755 |
2022 |  | $ | 135,503 |  |  | $ | 11,927 |  |  | $ | (499) |  |  | $ | 146,931 |
(1)There were no additions to the valuation allowance for the year ended December 31, 2023. For the year ended December 31, 2022, additions to the valuation allowance were due to additional losses incurred and increases to other tax assets such as mineral property, reclamation obligations and deferred revenue. (2)For the year ended December 31, 2023, the reductions to the valuation allowance were due to the utilization of loss carryforwards and the decrease to tax assets such as inventory, mineral property and property, plant and equipment. For the year ended December 31, 2022, the reductions to the valuation allowance are primarily due to the decreases to other tax assets such as inventories. The following table summarizes the Company's capital losses and net operating losses as of December 31, 2023 that can be applied against future taxable profit.
Country |  | Type |  | Amount |  | Expiry Date
Canada |  | Non-capital losses |  | $ | 51,555 |  |  | 2027 - 2039
Canada |  | Allowable capital losses |  | $ | 3,204 |  |  | None
Canada |  | Investment tax credits |  | $ | 1,165 |  |  | 2023-2027
United States |  | Pre-2018 net operating losses |  | $ | 194,499 |  |  | 2026-2036
United States |  | Post-2017 net operating losses |  | $ | 105,802 |  |  | None
Under Section 382 of the Internal Revenue Code of 1986, a corporation that undergoes an ownership change is subject to limitations on its use of pre-change tax attributes and carryforwards to offset future taxable income. The Company had an ownership change in 2015 and is subject to an annual limitation for the use of loss carryforwards generated prior to 2015. In addition, as a result of the Tax Cuts and Jobs Act, United States net operating loss carryforwards generated after December 31, 2017, are limited to usage at 80% of taxable income and will be permitted to be carried forward indefinitely. Utilization of the Canadian loss carry forwards will be subject to the Acquisition of Control Rules in any year as a result of previous changes in ownership. The Company files income tax returns in the U.S. federal and various state jurisdictions with varying statutes of limitations. The Company’s NOL from all years may be subject to adjustment for three or four years following the year in which utilized. We do not anticipate that any potential tax adjustments will have a significant impact on our financial position or results of operations. The Company’s policy is to include interest and penalties related to uncertain tax positions in the income tax expense line on the financial statements. As of December 31, 2023, the Company does not have any uncertain tax positions.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration