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Note 19 - Transition Period Comparative Data (Tables) | 12 Months Ended
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Dec. 31, 2024
Transition Period Comparative Data [Abstract] |
Transition Period Comparative Data | The following tables presents certain comparative financial information for the fiscal year ended December 31, 2024 and twelve months ended December 31, 2023.
|  | Fiscal Year Ended December 31, |  |  | Unaudited Year Ended December 31, |
|  | 2024 |  |  | 2023 |
EXPENSES: |  |  |  |  |  |
Claim rental expense |  | $ | (589,461 | ) |  | $ | (508,024 | )
Exploration expense |  |  | (4,059,505 | ) |  |  | (3,078,202 | )
Depreciation expense |  |  | (121,876 | ) |  |  | (120,693 | )
Accretion expense |  |  | (9,542 | ) |  |  | (12,170 | )
Impairment from loss, net of recovery |  |  | — |  |  |  | (7,111 | )
General and administrative expense |  |  | (10,611,271 | ) |  |  | (11,243,873 | )
Total expenses |  | $ | (15,391,655 | ) |  |  | (14,970,073 | )
Income/(loss) from equity investment in Peak Gold, LLC |  |  | 41,669,216 |  |  |  | (18,125,595 | )
Total income/(expense) from operations |  |  | 26,277,561 |  |  |  | (33,095,668 | )
OTHER INCOME/(EXPENSE): |  |  |  |  |  |
Interest income |  |  | 352,869 |  |  |  | 81,969 |
Insurance recoveries |  |  | — |  |  |  | — |
Interest expense |  |  | (11,731,622 | ) |  |  | (3,422,409 | )
Gain/(loss) on derivative contracts |  |  | (54,150,141 | ) |  |  | (23,417,781 | )
Gain/(loss) on Spot sales |  |  | 1,209,293 |  |  |  | — |
Unrealized gain/(loss) on marketable securities |  |  | (199,018 | ) |  |  | — |
Other income |  |  | 127,366 |  |  |  | 746,582 |
Total other expense |  |  | (64,391,253 | ) |  |  | (26,011,639 | )
LOSS BEFORE INCOME TAXES |  |  | (38,113,692 | ) |  |  | (59,107,307 | )
Income tax benefit |  |  | 83,401 |  |  |  | — |
NET LOSS |  | $ | (38,030,291 | ) |  | $ | (59,107,307 | )
NET LOSS PER SHARE |  |  |  |  |  |
Basic and diluted |  | $ | (3.49 | ) |  | $ | (7.14 | )
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING |  |  |  |  |  |
Basic and diluted |  |  | 10,896,228 |  |  |  | 8,283,357 |
|  | Fiscal Year Ended |  |  | Unaudited Year Ended |
|  | December 31, 2024 |  |  | December 31, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net loss |  | $ | (38,030,291 | ) |  | $ | (59,107,307 | )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |  |
Stock-based compensation |  |  | 2,638,635 |  |  |  | 2,955,433 |
Depreciation expense |  |  | 121,876 |  |  |  | 120,693 |
Accretion expense |  |  | 9,542 |  |  |  | 12,170 |
Non-cash portion for lease expense |  |  | 180 |  |  |  | — |
Impairment expense |  |  | — |  |  |  | 7,111 |
Equity (earnings) loss from investment in Peak Gold, LLC |  |  | (41,669,216 | ) |  |  | 18,125,595 |
Cash distributions from Peak Gold, LLC |  |  | 40,500,000 |  |  |  | — |
Unrealized loss from derivative contracts |  |  | 34,274,326 |  |  |  | 23,417,781 |
Unrealized loss from marketable securities |  |  | 199,018 |  |  |  | — |
Drawdown of Silver Royalty |  |  | (127,366 | ) |  |  | — |
Interest expense paid in stock |  |  | 400,048 |  |  |  | 605,518 |
Deferred tax benefit |  |  | (90,511 | ) |  |  | — |
Change in the fair value of contingent consideration |  |  | — |  |  |  | (746,583 | )
Amortization of debt discount and issuance costs |  |  | 4,108,887 |  |  |  | 253,729 |
Changes in operating assets and liabilities: |  |  |  |  |  |
Decrease (increase) in prepaid expenses and other |  |  | 339,627 |  |  |  | (296,314 | )
Increase (decrease) in accounts payable and other accrued liabilities |  |  | (1,326,643 | ) |  |  | 1,087,031 |
Increase in income taxes receivable |  |  | (649,125 | ) |  |  | — |
Net cash provided by (used in) operating activities |  |  | 698,987 |  |  |  | (13,565,143 | )
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |
Cash invested in Peak Gold, LLC |  |  | (31,290,000 | ) |  |  | (46,190,000 | )
Acquisition of HighGold Mining Inc. and Avidian Gold Corp., net of cash acquired |  |  | (815,613 | ) |  |  | — |
Acquisition of other assets |  |  | (23,667 | ) |  |  | (8,048 | )
Net cash used in investing activities |  |  | (32,129,280 | ) |  |  | (46,198,048 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |
Cash paid for shares withheld from employees for payroll tax withholding |  |  | — |  |  |  | (87,804 | )
Cash proceeds from debt |  |  | 30,000,000 |  |  |  | 27,647,500 |
Principal repayments on debt |  |  | (7,900,000 | ) |  |  | — |
Cash proceeds from warrant exercise |  |  | — |  |  |  | 6,886,000 |
Cash proceeds from common stock and warrant issuance, net |  |  | 15,477,398 |  |  |  | 35,219,884 |
Debt issuance costs |  |  | (1,568,974 | ) |  |  | (3,161,152 | )
Net cash provided by financing activities |  |  | 36,008,424 |  |  |  | 66,504,428 |
NET INCREASE IN CASH AND RESTRICTED CASH |  |  | 4,578,131 |  |  |  | 6,741,237 |
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD |  |  | 15,737,391 |  |  |  | 8,996,154 |
CASH AND RESTRICTED CASH, END OF PERIOD |  | $ | 20,315,522 |  |  | $ | 15,737,391 |
Supplemental disclosure of cash flow information |  |  |  |  |  |
Cash paid for: |  |  |  |  |  |
Interest expense |  | $ | 7,229,674 |  |  | $ | 1,826,286 |
Income taxes |  |  | 656,235 |  |  |  | — |
Non-cash investing and financing activities: |  |  |  |  |  |
Commitment fee derecognized and added to debt discount |  |  | 787,306 |  |  |  | — |
Shares issue for acquisitions |  |  | 35,331,402 |  |  |  | — |
Consideration payable for Avidian acquisition |  |  | 557,945 |  |  |  | — |
Accrued transaction costs for HighGold acquisition |  |  | 21,919 |  |  |  | — |
Total non-cash investing and financing activities: |  | $ | 36,698,572 |  |  | $ | — |

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