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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2024
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 14 – SUBSEQUENT EVENTS Fairbanks Agreement for Mining Claims In January 2025, the Company executed an option agreement to acquire the ownership rights to one hundred and twenty mining claims located in the Fairbanks District of Alaska (“Fairbanks Agreement”). Payments are to be made by the Company as follows to acquire these claims:
Payment Date |  | Payment Amount |
January 2025 |  | $ | 100,000 |
July 2025 |  |  | 50,000 |
January 2026 |  |  | 50,000 |
July 2026 |  |  | 50,000 |
January 2027 |  |  | 50,000 |
July 2027 |  |  | 50,000 |
January 2028 |  |  | 50,000 |
July 2028 |  |  | 50,000 |
January 2029 |  |  | 100,000 |
July 2029 |  |  | 100,000 |
January 2030 |  |  | 100,000 |
July 2030 |  |  | 2,250,000 |
Total |  | $ | 3,000,000 |
These payments will be capitalized when paid in the “Mineral rights and interests” component of “Properties, plants and equipment, net” in the Consolidated Balance Sheets. The Fairbanks Agreement requires a royalty payment by the Company based on the production from the claims (“Net Smelter Royalty on Claims”) and another royalty payment by the Company based on the production from certain areas surrounding these one hundred and twenty mining claims (“Net Smelter Royalty on Surrounding Area”). A certain percentage of the Net Smelter Royalty on Claims can be purchased back by the Company with certain factors causing an escalation in this buyback amount. Also, the Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $2,250,000 on exploring and developing these claims over five years from the agreement date, with various milestones over this five-year period. The Fairbanks Agreement can be terminated without cause at any time by the Company with thirty days’ notice. Supply Agreement Our Montana facility purchases ore primarily from one supplier located in Canada. In February 2025, the Company renewed its annual contract with this supplier for calendar year 2025, which had similar terms and conditions as the prior contract other than as follows: i) larger quantities of ore supply for fiscal year 2025 were projected, ii) pricing terms were amended to include tiered pricing based on ore supply volume, and iii) immediate termination or suspension of the contract by either party was included should the cost of any tariff, import duty, or other similar charge make this arrangement uneconomical. BRZ Lease BRZ has a lease with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on property in Preston, Idaho, in exchange for an annual payment and a royalty payment, which is based on the amount of zeolite shipped from the leased property (“BRZ Lease”). In February 2025, the Company extended the BRZ Lease through December 31, 2034 with similar terms and conditions as the prior agreement. Personal Residence Purchase In February 2025, the Company purchased a personal residence located near its operations in Thompson Falls, Montana for $445,000, which will be used by management personnel working in Montana. This asset and related expenses will be included in the “All Other” category in the Company’s segment reporting. Philipsburg Lease The Company leases a metals concentration facility in Philipsburg, Montana. In February 2025, the Company amended its Philipsburg Lease extending the term of the lease to September 2, 2026 and changing the fixed monthly lease payments to $10,000 per month through the month of June 2025, $25,000 per month during the months of July 2025 to October 2025, and $95,000 per month thereafter to the end of the lease term. Sale of Common Stock In February 2025, the Company sold 200,000 shares of its common stock in an “at the market offering” at a weighted average price of $2.042 for gross proceeds of $408,400. Common Stock Warrants In February and March of 2025, the Company issued 400,000 shares of common stock related to the exercise of warrants and received gross proceeds, at a weighted average exercise price of $0.85, of $340,000.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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