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DEBT
 9 Months Ended
Sep. 30, 2023
DEBT  
DEBT.

NOTE 10 DEBT

On May 19, 2023, the Company repaid outstanding amounts to Sprott Private Resource Lending II (Collector), LP (“Sprott”) of $25.0 million in principal and $0.1 million in accrued interest. The Company subsequently entered into the Third Amended and Restated Credit Agreement (“ARCA”) effective May 23, 2023, which included the following revisions:

●Sprott was removed as the administrative agent and lender. An affiliate of Robert R. McEwen remained as a lender and replaced Sprott as the administrative agent.
●An affiliate of Robert R. McEwen added the $15.0 million outstanding under its unsecured promissory note with the Company dated March 31, 2022, as an advance under the ARCA, forming a loan of $40.0 million with interest payable monthly at a rate of 9.75% per annum. Concurrently, the unsecured promissory note was cancelled.
●Scheduled repayments of principal under the ARCA were extended by 18 months compared with the Second Amended and Restated Credit Agreement. Monthly repayments of principal in the amount of $1.0 million are due beginning on January 31, 2025, and will continue for 18 months, followed by a final principal payment of $21.0 million and any accrued interest on August 31, 2026. The remaining principal terms of the original agreement remained unchanged.

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A reconciliation of the Company’s debt for the nine months ended September 30, 2023, and for the year ended December 31, 2022, is as follows:

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​

​

​

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Nine months ended

    

​

Year ended

​

​

​

September 30, 2023

​

​

December 31, 2022

Balance, beginning of year

​

$

63,979

​

$

48,866

Promissory note- initial recognition

​

​

—

​

​

15,000

Principal repayment on debt

​

​

(25,000)

​

​

—

Interest expense

​

 

4,007

​

 

5,488

Interest payments

​

 

(2,986)

​

 

(4,875)

Bonus Interest - Equity based financing fee

​

​

—

​

​

(500)

Balance, end of period

​

$

40,000

​

$

63,979

Less: current portion

​

​

—

​

​

10,000

Long-term portion

​

$

40,000

​

$

53,979

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​