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Segment Reporting
 12 Months Ended
Dec. 31, 2022
Segment Reporting  
Segment Reporting

22. Segment Reporting

As of December 31, 2022, the Company has organized its operations into three geographic regions. The geographic regions include Oaxaca, Mexico, Michigan, U.S.A. and Corporate and Other. Oaxaca, Mexico represents the Company’s only production stage property. Michigan, U.S.A. is an advanced exploration stage property. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The Company’s business activities that are not considered production stage or advanced exploration stage properties are included in Corporate and Other.

The following table shows selected information from the Consolidated Balance Sheets relating to the Company’s segments (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Oaxaca,
Mexico

​

Michigan,
USA

​

Corporate
and Other

​

Consolidated

As of December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

Total current assets

​

$

38,032

​

$

272

​

$

7,795

​

$

46,099

Total non-current assets

​

​

63,342

​

​

92,927

​

​

1,803

​

​

158,072

Total assets

​

$

101,374

​

$

93,199

​

$

9,598

​

$

204,171

Total current liabilities

​

$

20,035

​

$

3,352

​

$

1,295

​

$

24,682

Total non-current liabilities

​

​

5,533

​

​

60,648

​

​

1,544

​

​

67,725

Total shareholders' equity

​

​

75,806

​

​

29,199

​

​

6,759

​

​

111,764

Total liabilities and shareholders' equity

​

$

101,374

​

$

93,199

​

$

9,598

​

$

204,171

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2021

​

​

​

​

​

​

​

​

​

​

​

​

Total current assets

​

$

50,057

​

$

5,528

​

$

3,330

​

$

58,915

Total non-current assets

​

​

66,756

​

​

90,018

​

​

73

​

​

156,847

Total assets

​

$

116,813

​

$

95,546

​

$

3,403

​

$

215,762

Total current liabilities

​

$

25,833

​

$

2,459

​

$

1,367

​

$

29,659

Total non-current liabilities

​

​

1,436

​

​

63,438

​

​

479

​

​

65,353

Total shareholders' equity

​

​

89,544

​

​

29,649

​

​

1,557

​

​

120,750

Total liabilities and shareholders' equity

​

$

116,813

​

$

95,546

​

$

3,403

​

$

215,762

​

The following table shows selected information from the Consolidated Statements of Operations relating to the Company’s segments (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Oaxaca,
Mexico

​

Michigan,

USA (1)

​

Corporate
and Other

​

Consolidated

For the year ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

Sales, net

​

$

138,724

​

$

-

​

$

-

​

$

138,724

Total mine cost of sales, including depreciation

​

​

108,863

​

​

75

​

​

38

​

​

108,976

Exploration expense

​

​

4,244

​

​

8,805

​

​

-

​

​

13,049

Total other costs and expenses, including G&A

​

​

2,741

​

​

1,415

​

​

10,305

​

​

14,461

Provision for income taxes

​

​

8,061

​

​

(1,123)

​

​

1,621

​

​

8,559

Net income (loss)

​

$

14,815

​

$

(9,172)

​

$

(11,964)

​

$

(6,321)

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 2021

​

​

​

​

​

​

​

​

​

​

​

​

Sales, net

​

$

125,196

​

$

-

​

$

-

​

$

125,196

Total mine cost of sales, including depreciation

​

​

88,449

​

​

-

​

​

-

​

​

88,449

Exploration expense

​

​

4,813

​

​

55

​

​

18

​

​

4,886

Total other costs and expenses, including G&A

​

​

3,995

​

​

1,167

​

​

9,056

​

​

14,218

Provision for income taxes

​

​

8,518

​

​

305

​

​

792

​

​

9,615

Net income (loss)

​

$

19,421

​

$

(1,527)

​

$

(9,866)

​

$

8,028

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)Michigan, USA was acquired on December 10, 2021.