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Reclamation and Remediation

9 Months Ended

Sep. 30, 2025

Reclamation and Remediation

Reclamation and Remediation

13. Reclamation and Remediation

The following table presents the changes in reclamation and remediation obligations for the nine months ended September 30, 2025 and for the year ended December 31, 2024:

​

​	​	​	​	​	​	​
​	​	2025		​	2024
​	​	(in thousands)
Reclamation liabilities – balance at beginning of period	​	$	1,839	​	$	2,233
Foreign currency exchange loss (gain)	​	​	213	​	​	(394)
Reclamation liabilities – balance at end of period	​	​	2,052	​	​	1,839
​	​	​	​	​	​	​
Asset retirement obligation – balance at beginning of period	​	​	8,838	​	​	9,562
Changes in estimate (1)	​	​	-	​	​	512
Liability for Aquila drillhole capping	​	​	-	​	​	(329)
Accretion	​	​	565	​	​	793
Foreign currency exchange loss (gain)	​	​	1,047	​	​	(1,700)
Asset retirement obligation – balance at end of period	​	​	10,450	​	​	8,838
Total period end balance	​	$	12,502	​	$	10,677

(1) In 2024, the Company updated its closure plan study, which resulted in a $0.5 million increase in the estimated liability and ARO asset.

The following table presents the reclamation and remediation obligations as of September 30, 2025 and December 31, 2024:

​

​	​	​	​	​	​	​
​		As of		​	As of
​	​	September 30,		​	December 31,
​	​	2025			2024
​	​	(in thousands)
Current reclamation and remediation liabilities (1)	​	$	8	​	$	8
Non-current reclamation and remediation liabilities	​	​	12,494	​	​	10,669
Total	​	$	12,502	​	$	10,677

​

(1) The current portion of reclamation and remediation liabilities related to drill hole capping in Aquila, Michigan, are included in Accrued expenses and other current liabilities. Please see Note 11— Accrued Expenses and Other Liabilities in Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited) for additional information.

The Company’s undiscounted reclamation liabilities of $2.1 million and $1.8 million as of September 30, 2025 and December 31, 2024, respectively, are related to DDGM. These represent reclamation liabilities that were expensed through 2013 before proven and probable reserves were established and the Company was considered to be a development stage entity; therefore, most of the costs, including asset retirement costs, were not allowed to be capitalized as part of the Company’s property, plant, and mine development.

The Company’s asset retirement obligations reflect the additions to the asset for reclamation and remediation costs in Property, Plant, and Mine Development, post-2013 development stage status, which are discounted using a credit adjusted risk-free rate of 10%. As of September 30, 2025 and December 31, 2024, the Company’s asset retirement obligation was $10.5 million and $8.8 million, respectively, primarily related to DDGM in Mexico.

​

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- References

No definition available.

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- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481850/410-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 410
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/410-20/tableOfContent

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 20
-Topic 410
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481850/410-20-50-2

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