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TIMBERLINE ACQUISITION | 9 Months Ended
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Sep. 30, 2024
TIMBERLINE ACQUISITION |
TIMBERLINE ACQUISITION | NOTE 17 TIMBERLINE ACQUISITION ​ On August 19, 2024, the Company completed the acquisition of Timberline. The acquisition of Timberline expands the Company’s existing portfolio of exploration-stage Mineral Property Interests in Nevada. ​ The Company accounted for the acquisition of Timberline as an asset acquisition, according to ASC 805 – Business Combinations. Consideration transferred to acquire Timberline was measured at fair value and includes direct acquisition-related expenses. Pursuant to the Agreement and Plan of Merger, the Company issued 1,839,306 common shares with a fair value of $18.3 million and 205,349 warrants with a fair value of $0.9 million as part of the consideration. Additionally, outstanding notes payable amounting to $1.9 million were settled and included in the consideration. The Company’s previously held 3.3% equity interest was measured at a fair value of $0.6 million and included in consideration. ​ The following table summarizes the purchase price and the estimated fair value of assets acquired and liabilities assumed on August 19, 2024: ​
​ | ​ | ​ | ​
​ | ​ | Fair value
​ | ​ | August 19, 2024
Purchase price: | ​ | ​ | ​
Common shares | ​ | $ | 18,301
Warrants | ​ |  | 913
Direct acquisition costs | ​ |  | 52
Previously held equity interest | ​ |  | 563
Notes receivable | ​ |  | 1,897
​ | ​ | $ | 21,726
​
​ | ​ | ​ | ​
​ | ​ | Fair value
​ | ​ | August 19, 2024
Identifiable assets acquired and liabilities assumed: | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 603
Prepaid and other current assets | ​ | ​ | 64
Mineral property interests | ​ | ​ | 22,369
Restrictive time deposits | ​ | ​ | 529
Accounts payable and accrued liabilities | ​ | ​ | (477)
Asset retirement obligation | ​ | ​ | (256)
Deferred income tax liability | ​ | ​ | (1,106)
​ | ​ | $ | 21,726
​

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- Definition The entire disclosure for asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480123/805-50-15-3 + Details
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