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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | 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,
| 2024 |  | 2023 |  | 2022
Income (loss) before income taxes | $ | (48,213) |  |  | $ | 100,032 |  |  | $ | (59,944) |
Combined federal and provincial rate | 26.50 | % |  | 26.50 | % |  | 26.50 | %
Expected income tax (benefit) | (12,776) |  |  | 26,508 |  |  | (15,885) |
Share-based compensation | 225 |  |  | (893) |  |  | 572 |
Transaction costs | 2,849 |  |  | — |  |  | — |
Other non-deductible/non-taxable items | 2,553 |  |  | 2,015 |  |  | 3,977 |
Foreign tax rate differences | (418) |  |  | — |  |  | — |
Unrecognized deferred tax assets | 7,195 |  |  | (27,354) |  |  | 11,336 |
Income tax benefit (expense) | $ | (372) |  |  | $ | 276 |  |  | $ | — |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax assets are as follows:
| Years Ended December 31,
| 2024 |  | 2023
Operating loss carry forwards | $ | 117,493 |  |  | $ | 93,241 |
Mineral properties and deferred costs, United States | 13,990 |  |  | 16,872 |
Property, plant and equipment | 8,907 |  |  | 986 |
Accruals & reserves | 6,923 |  |  | — |
Deferred revenue and other | 4,722 |  |  | 2,431 |
Mineral properties and deferred costs, Other | 2,808 |  |  | — |
Asset retirement obligations | 1,909 |  |  | 2,894 |
Mineral properties and deferred costs, Canada | 1,724 |  |  | 1,726 |
Mineral properties and deferred costs, Madagascar | 1,263 |  |  | — |
Capital loss carry forwards | 837 |  |  | 849 |
Inventories | 832 |  |  | 547 |
Short-term investments | 209 |  |  | 209 |
Total deferred tax assets | 161,617 |  |  | 119,755 |
Less: valuation allowance | (161,617) |  |  | (119,755) |
Net deferred tax assets | $ | — |  |  | $ | — |
Summary of Valuation Allowance | 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
2024 |  | $ | 119,755 |  |  | $ | 45,743 |  |  | $ | (3,881) |  |  | $ | 161,617 |
2023 |  | $ | 146,931 |  |  | $ | — |  |  | $ | (27,176) |  |  | $ | 119,755 |
(1)The additions to the valuation allowance during the year ended December 31, 2024 result from the generation of additional tax losses and deferred tax assets acquired from Base Resources. For the year ended December 31, 2023, there were no additions to the valuation allowance. (2)For the year ended December 31, 2024, the reductions to the valuation allowance result from the decrease to tax assets such as ARO and mineral properties in the U.S. For the year ended December 31, 2023, the reductions to the valuation allowance are primarily due to the decreases to other tax assets such as inventories.
Summary of Operating Loss Carryforwards | The following table summarizes the Company's capital losses and net operating losses as of December 31, 2024 that can be applied against future taxable income.
Country |  | Type |  | Amount |  | Expiry Date |  |  |  |  |  |  |  |
Canada |  | Non-capital losses |  | $ | 55,970 |  |  | 2027 - 2039 |  |  |  |  |  |  |  |
Canada |  | Allowable capital losses |  | 3,157 |  |  | None |  |  |  |  |  |  |  |
Canada |  | Investment tax credits |  | 1,148 |  |  | 2024-2027 |  |  |  |  |  |  |  |
United States |  | Pre-2018 net operating losses |  | 194,434 |  |  | 2026-2036 |  |  |  |  |  |  |  |
United States |  | Post-2017 net operating losses |  | 122,005 |  |  | None |  |  |  |  |  |  |  |
Australia |  | Net operating losses |  | 61,411 |  |  | No expiration |  |  |  |  |  |  |  |
Madagascar |  | Net operating losses |  | 1,015 |  |  | 2025-2029 |  |  |  |  |  |  |  |
Other Jurisdictions |  | Net operating losses |  | 899 |  |  | Various |  |  |  |  |  |  |  |
Total |  |  |  | $ | 440,039 |  |  |  |  |  |  |  |  |  |  |
Schedule of Income before Income Tax, Domestic and Foreign | For financial reporting purposes, income before taxes includes the following components:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Canada | $ | (24,213) |  |  | $ | (5,229) |  |  | $ | (23,964) |
Foreign | (24,000) |  |  | 105,261 |  |  | (35,980) |
Total | $ | (48,213) |  |  | $ | 100,032 |  |  | $ | (59,944) |

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