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Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash $ 20,058,477 $ 15,504,819
Restricted cash 257,045 232,572
Prepaid expenses and other 1,114,522 1,112,910
Income taxes receivable 649,125 0
Total current assets 22,079,169 16,850,301
LONG-TERM ASSETS:    
Investment in Peak Gold, LLC (NOTE 10) 60,523,622 28,064,405
Property & equipment, net 50,577,097 13,326,347
Commitment fee 0 350,575
Marketable securities 712,375 0
Total long-term assets 111,813,094 41,741,327
TOTAL ASSETS 133,892,263 58,591,628
CURRENT LIABILITIES:    
Accounts payable 418,836 250,739
Accrued liabilities 2,803,598 2,241,087
Advance royalty reimbursement 855,548 0
Derivative contract liability 29,076,582 2,679,784
Debt, current portion 42,600,000 7,900,000
Total current liabilities 75,754,564 13,071,610
NON-CURRENT LIABILITIES:    
Advance royalty reimbursement 217,086 1,200,000
Asset retirement obligations 255,769 246,227
Contingent consideration liability 1,100,480 1,100,480
Derivative Liability - noncurrent 28,615,525 20,737,997
Debt non-current portion, net 26,369,199 36,779,859
Deferred tax liability 306,995 0
Total non-current liabilities 56,865,054 60,064,563
TOTAL LIABILITIES 132,619,618 73,136,173
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred Stock, 15,000,000 shares authorized 0 0
Common Stock, $0.01 par value, 45,000,000 shares authorized; 12,230,959 shares issued and 12,228,479 shares outstanding as of December 31, 2024; 9,454,233 shares issued and 9,451,753 shares outstanding as of December 31, 2023 122,308 94,542
Additional paid-in capital 178,270,782 124,451,067
Treasury stock at cost (2,480 shares at December 31, 2024, and 2,480 shares at December 31, 2023) (48,308) (48,308)
Accumulated deficit (177,072,137) (139,041,846)
STOCKHOLDERS’ EQUITY (DEFICIT) 1,272,645 (14,544,545)
TOTAL LIABILITIES AND MEMBERS’ EQUITY $ 133,892,263 $ 58,591,628