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Notes Payable
 9 Months Ended
Sep. 30, 2025
Notes Payable  
Notes Payable

10. Notes Payable

 

At September 30, 2025 and December 31, 2024, notes payable are as follows:

 

 

 

September 30,

2025

 

 

December 31,

2024

 

Mine Equipment

 

 

 

 

 

 

Monthly payments of $107,574 and $55,803 as of September 30, 2025 and December 31, 2024, respectively

 

$2,173,838

 

 

$962,384

 

Mill Equipment

 

 

 

 

 

 

 

 

Monthly payments of $15,621 and $11,498 as of September 30, 2025 and December 31, 2024, respectively

 

 

571,380

 

 

 

540,773

 

Buildings/Land

 

 

 

 

 

 

 

 

Monthly payments of $2,500 and $2,500 as of September 30, 2025 and December 31, 2024, respectively

 

 

218,223

 

 

 

229,582

 

Total notes payable

 

 

2,963,441

 

 

 

1,732,739

 

Due within one year

 

 

1,214,226

 

 

 

709,381

 

Due after one year

 

$1,749,215

 

 

$1,023,358

 

 

All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at September 30, 2025 are as follows:

 

10/1/2025 – 9/30/2026

 

$1,214,226

 

10/1/2026 – 9/30/2027

 

 

898,306

 

10/1/2027 – 9/30/2028

 

 

440,330

 

10/1/2028 – 9/30/2029

 

 

338,170

 

10/1/2029 – 9/30/2030

 

 

72,409

 

Total

 

$2,963,441