Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Information Disclosure [Abstract]

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