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Note 19 - Transition Period Comparative Data
 12 Months Ended
Dec. 31, 2024
Transition Period Comparative Data [Abstract]  
Transition Period Comparative Data

19. 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

 

 

$

—