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Reclamation Liabilities

12 Months Ended

Dec. 31, 2025

Reclamation Liabilities

Reclamation Liabilities

6.Reclamation Liabilities

a. Administrative Settlement Agreement and Order on Consent (“ASAOC”)

On January 15, 2021, the Company agreed to an ASAOC. The Company has accounted for its obligation under the ASAOC as an environmental reclamation liability. The provision for the liability associated with the terms of the ASAOC is based on cost estimates developed with the use of engineering consultants, independent contractor quotes and the Company’s internal development team. The timing of cash flows is based on the latest schedule for early action items. The estimated environmental reclamation liability may be subject to change based on changes to cost estimates and is adjusted for actual work performed. During the year ended December 31, 2025, the Company spent $nil (2024: $2.3 million) on ASAOC activities. At December 31, 2025, no further costs were accrued associated with this liability. Movements in the environmental reclamation liability during the years ended December 31, 2025 and 2024 are as follows:

​

​	​	​	​	​	​	​
​	​	Years ended December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Balance at beginning of year	​	$	—	​	$	765
Additions	​		—	​		1,524
Work performed on early action items	​		—	​		(2,289)
Balance at end of year	​	$	—	​	$	—

​

The Company provided $7.5 million in financial assurance for Phase 1 projects under the ASAOC. The Company paid $3.0 million in cash collateral for a surety bond related to the ASAOC statement of work in early 2021.

b. Asset Retirement Obligation (“ARO”)

Below is a reconciliation as of December 31, 2025 and 2024 of the ARO for the Project which are included in our estimated costs to reclaim environmental disturbance to date of $0.5 million and nil, respectively. The estimated reclamation and closure costs added in 2025 were discounted using a credit adjusted, risk-free interest rate of 7.0% and an inflation rate of 2.7%.

​

​	​	​	​	​	​	​
​	​	Years ended December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Balance at beginning of year	​	$	—	​	$	—
Additions and changes to estimates	​		534	​		—
Balance at end of year	​	$	534	​	$	—
​	​	​	​	​	​	​
Current portion	​	$	—	​	$	—
Non-current portion	​		534	​		—
Balance	​	$	534	​	$	—

​

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- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

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