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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes |
Components of net income before income taxes and extraordinary item | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ | ​ | 2022 | ​ | 2021
​ | ​ | (in thousands)
U.S. Operations | ​ | $ | (18,317) | ​ | $ | (6,369)
Foreign Operations (1) | ​ | ​ | 20,555 | ​ | ​ | 24,012
Total income before income taxes | ​ | $ | 2,238 | ​ | $ | 17,643
​
| (1) | Foreign operations are predominantly in Mexico, as activities in Canada are minimal.
Calculation of Income Taxes Provision | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ | ​ | 2022 | ​ | 2021
​ | ​ | (in thousands)
Current taxes: | ​ | ​
State | ​ | $ | (254) | ​ | $ | 305
Foreign | ​ | ​ | 12,358 | ​ | ​ | 11,426
Total current taxes | ​ | $ | 12,104 | ​ | $ | 11,731
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred taxes: | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | (895) | ​ | $ | -
State | ​ | ​ | 25 | ​ | ​ | -
Foreign | ​ | ​ | (2,675) | ​ | ​ | (2,116)
Total deferred taxes | ​ | $ | (3,545) | ​ | $ | (2,116)
Total income tax provision | ​ | $ | 8,559 | ​ | $ | 9,615
​
Differences between provision for income taxes and income tax determined | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2022 | ​ | 2021
​ | ​ | (in thousands)
Tax at statutory rates | ​ | $ | 470 | ​ | $ | 3,705
Foreign rate differential | ​ | ​ | 1,867 | ​ | ​ | 2,095
Changes in valuation allowance | ​ | ​ | (5,115) | ​ | ​ | (975)
Tax losses subject to limitation | ​ | ​ | 8,306 | ​ | ​ | -
Mexico mining tax | ​ | ​ | 2,168 | ​ | ​ | 1,590
Foreign exchange | ​ | ​ | 311 | ​ | ​ | 535
Stock option expiration | ​ | ​ | 519 | ​ | ​ | 2,471
Mexico withholding tax | ​ | ​ | 1,328 | ​ | ​ | 679
Deduction for inflation in Mexico | ​ | ​ | (1,083) | ​ | ​ | (981)
U.S. state income tax | ​ | ​ | (786) | ​ | ​ | 514
Other | ​ | ​ | 574 | ​ | ​ | (18)
Tax provision | ​ | $ | 8,559 | ​ | $ | 9,615
​
Tax Effects of Temporary Differences That Give Rise to Significant Portions of Deferred Tax Assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, | ​
​ | ​ | 2022 |  | 2021 |
​ | ​ | ​ | (in thousands) | ​
Non-current deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax loss carryforward | ​ | $ | 25,626 | ​ | $ | 29,496 | ​
Property, plant, and mine development | ​ | ​ | 1,429 | ​ | ​ | 572 | ​
Share-based compensation | ​ | ​ | 511 | ​ | ​ | 1,068 | ​
Foreign tax credits | ​ | ​ | 4,089 | ​ | ​ | 4,089 | ​
Inventory | ​ | ​ | 45 | ​ | ​ | 142 | ​
Foreign Mining Tax | ​ | ​ | 1,106 | ​ | ​ | 793 | ​
Accrued Expenses | ​ | ​ | 5,606 | ​ | ​ | 3,363 | ​
Gold and silver stream agreements liability | ​ | ​ | 2,144 | ​ | ​ | 1,681 | ​
Employee profit sharing obligation | ​ | ​ | 663 | ​ | ​ | 566 | ​
Zinc Derivatives | ​ | ​ | - | ​ | ​ | 608 | ​
Other | ​ | ​ | 1,344 | ​ | ​ | 472 | ​
Total deferred tax assets | ​ | $ | 42,563 | ​ | $ | 42,850 | ​
Valuation allowance | ​ | ​ | (31,818) | ​ | ​ | (36,933) | ​
Deferred tax assets after valuation allowance | ​ | $ | 10,745 | ​ | $ | 5,917 | ​
Deferred tax liability – Property, plant and mine development | ​ | ​ | (17,724) | ​ | ​ | (16,722) | ​
Deferred tax liability – Other | ​ | ​ | (2,245) | ​ | ​ | (2,321) | ​
Total deferred tax liabilities | ​ | $ | (19,969) | ​ | $ | (19,043) | ​
Net deferred tax liability | ​ | $ | (9,224) | ​ | $ | (13,126) | ​
​

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