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Note 10 - Investment in Peak Gold, LLC | 12 Months Ended
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Dec. 31, 2024
Investment Company [Abstract] |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 10. Investment in Peak Gold, LLC The Company recorded its initial investment at the historical book value of the assets contributed to the Peak Gold JV which was approximately $1.4 million. As of December 31, 2024, the Company has contributed approximately $106.2 million to the Peak Gold JV. The following table is a roll-forward of our investment in the Peak Gold JV as of December 31, 2024:
|  | Investment |
|  | in Peak Gold, LLC |
Investment balance at December 31, 2023 |  | $ | 28,064,405 |
Investment in Peak Gold LLC |  |  | 15,450,000 |
Loss from equity investment in Peak Gold LLC |  |  | (140,253 | )
Investment balance at March 31, 2024 |  | $ | 43,374,152 |
Investment in Peak Gold LLC |  |  | 11,790,000 |
Loss from equity investment in Peak Gold LLC |  |  | (695,633 | )
Investment balance at June 30, 2024 |  | $ | 54,468,519 |
Investment in Peak Gold LLC |  |  | 4,050,000 |
Distributions received from Peak Gold, LLC |  |  | (19,500,000 | )
Income from equity investment in Peak Gold LLC |  |  | 28,525,857 |
Investment balance at September 30, 2024 |  | $ | 67,544,376 |
Investment in Peak Gold LLC |  |  | — |
Distributions received from Peak Gold, LLC |  |  | (21,000,000 | )
Income from equity investment in Peak Gold LLC |  |  | 13,979,246 |
Investment balance at December 31, 2024 |  | $ | 60,523,622 |
The following table presents the condensed balance sheets for the Peak Gold JV as of December 31, 2024 and December 31, 2023 in accordance with US GAAP:
|  | December 31, 2024 |  |  | December 31, 2023 |
ASSETS |  |  |  |  |  |
Current assets |  | $ | 166,365,590 |  |  | $ | 20,303,084 |
Non-current assets |  |  | 218,643,898 |  |  |  | 207,706,448 |
TOTAL ASSETS |  | $ | 385,009,488 |  |  | $ | 228,009,532 |
LIABILITIES AND MEMBERS’EQUITY |  |  |  |  |  |
Current liabilities |  | $ | 45,985,161 |  |  | $ | 23,303,400 |
Non-current liabilities |  |  | 59,031,019 |  |  |  | 32,910,212 |
TOTAL LIABILITIES |  | $ | 105,016,180 |  |  | $ | 56,213,612 |
MEMBERS’ EQUITY |  |  | 279,993,308 |  |  |  | 171,795,920 |
TOTAL LIABILITIES AND MEMBERS’ EQUITY |  | $ | 385,009,488 |  |  | $ | 228,009,532 |
The following table presents the condensed results of operations for the Peak Gold JV for the fiscal year ended December 31, 2024, the six month period ended December 31, 2023 and the fiscal year ended June 30, 2023 in accordance with US GAAP:
|  | Fiscal Year Ended |  |  | Six Months Ended |  |  | Fiscal Year Ended |
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | June 30, 2023 |
Revenue |  | $ | 344,859,461 |  |  | $ | - |  |  | $ | - |
Cost of sales |  |  | (168,125,264 | ) |  |  | — |  |  |  | — |
Gross profit |  |  | 176,734,197 |  |  |  | — |  |  |  | — |
Other expenses |  |  | (37,836,809 | ) |  |  | (6,914,374 | ) |  |  | (9,314,686 | )
Net Income/(Loss) |  | $ | 138,897,388 |  |  | $ | (6,914,374 | ) |  | $ | (9,314,686 | )
The Company’s share of the Peak Gold JV’s results of operations for the fiscal year ended December 31, 2024 was income of $41.7 million. The Company’s share of the Peak Gold JV’s results of operations for the six months ended December 31, 2023 and fiscal year ended June 30, 2023 were a loss of $2.1 million and $2.8 million, respectively. The Peak Gold JV income and losses do not include any provisions related to income taxes as the Peak Gold JV is treated as a partnership for income tax purposes. The Company's cumulative investment in the Peak Gold JV exceeded its cumulative losses as of December 31, 2024; therefore the Company’s investment in the Peak Gold JV as of December 31, 2024 was $60.5 million. The Company's cumulative investment in the Peak Gold JV, exceeded the Company's cumulative losses as of December 31, 2023, therefore, recorded a $28.1 million investment in Peak Gold JV as of December 31, 2023. For the fiscal year ended June 30, 2023, the Company’s share of the Peak Gold JV’s inception-to-date cumulative loss of $44.8 million, exceeded the Company's cumulative investment in the Peak Gold JV and the equity method of accounting was suspended, which resulted in suspended losses and an investment balance of zero at June 30, 2023. If the Company elects not to fund its interest in the Peak Gold JV, its interest would be diluted.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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