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Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data | The following table summarizes the results of operations for the three months ended March 31, 2024, June 30, 2024, September 30, 2024, and December 31, 2024:
| Three months ended
| March 31, | June 30, | September 30, | December 31,
(in thousands except per share data) |  |  |  |
Revenue | $ | 30,394 |  | $ | 5,320 |  | $ | 9,258 |  | $ | 13,362 |
Cost of goods sold | 30,863 |  | 10,428 |  | 10,600 |  | 13,650 |
Gross profit (loss) | (469) |  | (5,108) |  | (1,342) |  | (288) |
Operating costs: |  |  |  |
Depreciation, amortization and accretion | 836 |  | 783 |  | 792 |  | 958 |
Mineral property expenditures | 3,896 |  | 10,233 |  | 3,112 |  | 12,522 |
General and administrative | 6,259 |  | 5,953 |  | 9,973 |  | 4,871 |
Other operating costs | 818 |  | 894 |  | 1,628 |  | 1,448 |
Loss from operations | (12,278) |  | (22,971) |  | (16,847) |  | (20,087) |
Other expense | (17) |  | — |  | — |  | — |
Interest expense | (399) |  | (445) |  | (445) |  | (446) |
Interest income | 440 |  | 908 |  | 651 |  | 477 |
Realized (loss) gain on marketable securities | 252 |  | — |  | — |  | (4) |
Unrealized (loss) gain on marketable securities | (821) |  | (1,396) |  | (1,474) |  | 980 |
Net loss for the period before taxes and non controlling interest | (12,823) |  | (23,904) |  | (18,115) |  | (19,080) |
Income tax benefit | (5,929) |  | — |  | — |  | — |
Net loss for the period | (6,894) |  | (23,904) |  | (18,115) |  | (19,080) |
Net loss for the period attributable to: Non controlling interest shareholders | (660) |  | (1,980) |  | (1,980) |  | (1,981) |
Net loss for the period attributable to: Stockholders | $ | (6,234) |  | $ | (21,924) |  | $ | (16,135) |  | $ | (17,099) |
Basic and diluted loss per share | $ | (0.04) |  | $ | (0.12) |  | $ | (0.09) |  | $ | (0.09) |
3 month weighted average number of shares | 173,486,569 |  | 183,237,488 |  | 185,184,856 |  | 185,943,689 |
The following table summarizes the consolidated balance sheets as of March 31, 2024, June 30, 2024, September 30, 2024, and December 31, 2024:
(in thousands except per share data) | March 31, 2024 |  | June 30, 2024 |  | September 30, 2024 |  | December 31, 2024
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 90,091 |  |  | $ | 55,750 |  |  | $ | 46,348 |  |  | $ | 39,701 |
Prepaid expenses and other current assets | 3,430 |  |  | 7,359 |  |  | 1,688 |  |  | 2,700 |
Marketable securities | 17,594 |  |  | 16,025 |  |  | 20,565 |  |  | 24,046 |
Inventory | 10,784 |  |  | 26,756 |  |  | 27,408 |  |  | 20,967 |
Total current assets | 121,899 |  |  | 105,890 |  |  | 96,009 |  |  | 87,414 |
Mineral rights and properties, net | 274,490 |  |  | 274,490 |  |  | 273,961 |  |  | 271,922 |
Property, plant and equipment, net | 16,277 |  |  | 17,863 |  |  | 18,837 |  |  | 24,017 |
Intangible assets, net | 501 |  |  | 494 |  |  | 493 |  |  | 471 |
Restricted cash | 7,680 |  |  | 7,705 |  |  | 7,751 |  |  | 7,751 |
Marketable securities, non-current | 1,250 |  |  | 1,258 |  |  | 755 |  |  | 837 |
Right of use assets - operating lease | 403 |  |  | 423 |  |  | 378 |  |  | 310 |
Total assets | $ | 422,500 |  |  | $ | 408,123 |  |  | $ | 398,184 |  |  | $ | 392,722 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 3,520 |  |  | $ | 3,157 |  |  | $ | 5,579 |  |  | $ | 7,464 |
Accounts payable - related parties | 139 |  |  | 104 |  |  | 200 |  |  | 2,378 |
Note payable - related party | 20,282 |  |  | 20,734 |  |  | 21,187 |  |  | 20,108 |
Operating lease liabilities, current | 177 |  |  | 193 |  |  | 195 |  |  | 130 |
Total current liabilities | 24,118 |  |  | 24,188 |  |  | 27,161 |  |  | 30,080 |
Deferred tax liabilities | 26,980 |  |  | 26,980 |  |  | 26,980 |  |  | 26,980 |
Asset retirement obligations | 10,962 |  |  | 11,113 |  |  | 11,332 |  |  | 16,918 |
Operating lease liabilities, non-current | 240 |  |  | 244 |  |  | 202 |  |  | 202 |
Total liabilities | 62,300 |  |  | 62,525 |  |  | 65,675 |  |  | 74,180 |
Commitments and contingencies (Note 12) |  |  |  |  |  |  |
Stockholders’ equity |  |  |  |  |  |  |
Common stock | 367,518 |  |  | 375,070 |  |  | 377,753 |  |  | 380,325 |
Additional paid-in-capital | 50,087 |  |  | 50,954 |  |  | 58,417 |  |  | 59,856 |
Accumulated deficit | (95,892) |  |  | (118,191) |  |  | (134,321) |  |  | (150,848) |
Accumulated other comprehensive gain (loss) | (607) |  |  | 274 |  |  | (4,338) |  |  | (3,597) |
Total stockholders' equity | 321,106 |  |  | 308,107 |  |  | 297,511 |  |  | 285,736 |
Non-controlling interests | 39,094 |  |  | 37,491 |  |  | 34,998 |  |  | 32,806 |
Total equity | 360,200 |  |  | 345,598 |  |  | 332,509 |  |  | 318,542 |
Total liabilities and stockholders' equity | $ | 422,500 |  |  | $ | 408,123 |  |  | $ | 398,184 |  |  | $ | 392,722 |

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