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Restatement of Financial Statements (Tables)

9 Months Ended

Sep. 30, 2025

Restatement of Financial Statements

Schedule of Company's restatement impact for the three and nine months ended September 30, 2024 financial statements


		UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		For the three months ended September 30, 2024									For the nine months ended September 30, 2024
		As Previously Reported			Restatement Impacts			Restated			As Previously Reported			Restatement Impacts			Restated

		(U.S. dollars in thousands, except share and per share amounts)
Sales, net		$	13,272		$	-		$	13,272		$	52,756		$	-		$	52,756
Cost of sales:
Production costs			17,198			-			17,198			51,074			-			51,074
Depreciation and amortization			4,178			-			4,178			14,221			-			14,221
Reclamation and remediation			566			-			566			1,892			-			1,892
Total cost of sales			21,942			-			21,942			67,187			-			67,187
Mine gross loss			(8,670)			-			(8,670)			(14,431)			-			(14,431)
Costs and expenses:
General and administrative expenses			1,293			-			1,293			2,975			-			2,975
Mexico exploration expenses			767			-			767			1,850			-			1,850
Michigan Back Forty Project expenses			202			(25)			177			549			(25)			524
Stock-based compensation			203			-			203			647			-			647
Other expense, net			2,977			2,198			5,175			10,846			3,400			14,246
Total costs and expenses			5,442			2,173			7,615			16,867			3,375			20,242
Loss before income taxes			(14,112)			(2,173)			(16,285)			(31,298)			(3,375)			(34,673)
Income tax (benefit) provision			(3,617)			9			(3,608)			10,952			(266)			10,686
Net loss		$	(10,495)		$	(2,182)		$	(12,677)		$	(42,250)		$	(3,109)		$	(45,359)
Net loss per common share:
Basic and diluted net loss per common share		$	(0.11)		$	(0.03)		$	(0.14)		$	(0.46)		$	(0.04)		$	(0.50)

Weighted average shares outstanding:
Basic and diluted			93,279,750			-			93,279,750			91,005,507			-			91,005,507


		UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
		For the three months ended September 30, 2024
		Number of Common Shares		Par Value of Common Shares			Additional Paid- in Capital			Retained Earnings (Accumulated Deficit)			Treasury Stock			Accumulated Other Comprehensive Loss			Total Shareholders' Equity

As Previously Reported		(U.S. dollars in thousands, except share amounts)
Balance, June 30, 2024		92,629,246		$	93		$	114,049		$	(40,066)		$	(5,884)		$	(1,171)		$	67,021
Stock-based compensation		-			-			184			-			-			-			184
Issuance of common stock, net of issuance costs		1,230,180			1			598			-			-			-			599
Net loss		-			-			-			(10,495)			-			-			(10,495)
Balance, September 30, 2024		93,859,426		$	94		$	114,831		$	(50,561)		$	(5,884)		$	(1,171)		$	57,309

Restatement Impacts
Balance, June 30, 2024		-		$	-		$	-		$	(17,192)		$	-		$	-		$	(17,192)
Stock-based compensation		-			-			-			-			-			-			-
Issuance of common stock, net of issuance costs		-			-			-			-			-			-			-
Net loss		-			-			-			(2,182)			-			-			(2,182)
Balance, September 30, 2024		-		$	-		$	-		$	(19,374)		$	-		$	-		$	(19,374)

Restated
Balance, June 30, 2024		92,629,246		$	93		$	114,049		$	(57,258)		$	(5,884)		$	(1,171)		$	49,829
Stock-based compensation		-			-			184			-			-			-			184
Issuance of common stock, net of issuance costs		1,230,180			1			598			-			-			-			599
Net loss		-			-			-			(12,677)			-			-			(12,677)
Balance, September 30, 2024		93,859,426		$	94		$	114,831		$	(69,935)		$	(5,884)		$	(1,171)		$	37,935


		UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
		For the nine months ended September 30, 2024
		Number of Common Shares		Par Value of Common Shares			Additional Paid- in Capital			Retained Earnings (Accumulated Deficit)			Treasury Stock			Accumulated Other Comprehensive Loss			Total Shareholders' Equity

As Previously Reported		(U.S. dollars in thousands, except share amounts)
Balance, December 31, 2023		89,030,436		$	89		$	111,970		$	(8,311)		$	(5,884)		$	(1,171)		$	96,693
Stock-based compensation		-			-			463			-			-			-			463
Common stock issued for vested restricted stock units		196,991			-			-			-			-			-			-
Issuance of common stock, net of issuance costs		4,708,993			5			2,429			-			-			-			2,434
Surrender of common stock for taxes due on vesting		(76,994)			-			(31)			-			-			-			(31)
Net loss		-			-			-			(42,250)			-			-			(42,250)
Balance, September 30, 2024		93,859,426		$	94		$	114,831		$	(50,561)		$	(5,884)		$	(1,171)		$	57,309

Restatement Impacts
Balance, December 31, 2023		-		$	-		$	-		$	(16,265)		$	-		$	-		$	(16,265)
Stock-based compensation		-			-			-			-			-			-			-
Common stock issued for vested restricted stock units		-			-			-			-			-			-			-
Issuance of common stock, net of issuance costs		-			-			-			-			-			-			-
Surrender of common stock for taxes due on vesting		-			-			-			-			-			-			-
Net loss		-			-			-			(3,109)			-			-			(3,109)
Balance, September 30, 2024		-		$	-		$	-		$	(19,374)		$	-		$	-		$	(19,374)

Restated
Balance, December 31, 2023		89,030,436		$	89		$	111,970		$	(24,576)		$	(5,884)		$	(1,171)		$	80,428
Stock-based compensation		-			-			463			-			-			-			463
Common stock issued for vested restricted stock units		196,991			-			-			-			-			-			-
Issuance of common stock, net of issuance costs		4,708,993			5			2,429			-			-			-			2,434
Surrender of common stock for taxes due on vesting		(76,994)			-			(31)			-			-			-			(31)
Net loss		-			-			-			(45,359)			-			-			(45,359)
Balance, September 30, 2024		93,859,426		$	94		$	114,831		$	(69,935)		$	(5,884)		$	(1,171)		$	37,935


	UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
	For the nine months ended September 30, 2024
	As Previously Reported			Restatement Impacts			Restated

	(U.S. dollars in thousands)
Cash flows from operating activities:
Net loss	$	(42,250)		$	(3,109)		$	(45,359)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income tax expense (benefit)		10,775			(266)			10,509
Depreciation and amortization		15,589			-			15,589
Stock-based compensation		647			-			647
Interest on streaming liabilities		6,356			3,256			9,612
Other operating adjustments, net		4,446			-			4,446
Changes in operating assets and liabilities:
Accounts receivable		(1,078)			-			(1,078)
Inventories		1,185			-			1,185
Prepaid expenses and other current assets		(1,291)			1,045			(246)
Other non-current assets		(154)			-			(154)
Accounts payable and other accrued liabilities		4,937			(926)			4,011
Cash settled liability awards		(67)			-			(67)
Mining royalty and income taxes payable, net		(1,048)			-			(1,048)
Net cash used in operating activities		(1,953)			-			(1,953)

Cash flows from investing activities:
Capital expenditures		(6,353)			-			(6,353)
Proceeds from the sale of investment in Maritime		1,178			-			1,178
Net cash used in investing activities		(5,175)			-			(5,175)

Cash flows from financing activities:
Proceeds from the ATM sales, net of issuance costs		2,434			-			2,434
Other financing activities		(33)			-			(33)
Net cash provided by financing activities		2,401			-			2,401
Effect of exchange rate changes on cash and cash equivalents		(175)			-			(175)

Net decrease in cash and cash equivalents		(4,902)			-			(4,902)
Cash and cash equivalents at beginning of period		6,254			-			6,254
Cash and cash equivalents at end of period	$	1,352		$	-		$	1,352

Supplemental Cash Flow Information
Income and mining taxes paid	$	1,088		$	-		$	1,088
Non-cash investing or financing activities:
Value of common shares issued for RSU redemption	$	49		$	-		$	49
Balance of capital expenditures in accounts payable	$	385		$	1		$	386
Balance of equipment financing	$	1,041		$	-		$	1,041