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Income Taxes (Tables)

12 Months Ended

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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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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