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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,
 202320222021
Canada$(5,229)$(23,964)$(7,549)
Foreign105,261 (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,
 202320222021
Income (loss) before income taxes$100,032 $(59,944)$1,448 
Combined federal and provincial rate26.5 %26.5 %26.5 %
Expected income tax (benefit)26,508 (15,885)384 
Share-based compensation(893)572 (89)
Other non-deductible/non-taxable items2,015 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,
 20232022
Inventories$547 $5,984 
Short-term investments209 209 
Operating loss carry forwards93,241 108,827 
Capital loss carry forwards849 881 
Deferred revenue and other2,431 5,433 
Mineral properties and deferred costs, United States16,872 18,727 
Mineral properties and deferred costs, Canada1,726 1,815 
Asset retirement obligations2,894 3,976 
Property, plant and equipment986 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 EndedBalance  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.

CountryTypeAmountExpiry Date
CanadaNon-capital losses$51,555 2027 - 2039
CanadaAllowable capital losses$3,204 None
CanadaInvestment tax credits$1,165 2023-2027
United StatesPre-2018 net operating losses$194,499 2026-2036
United StatesPost-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.