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Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Revenue

Schedule of revenue from the sale of concentrate


		For the three months ended September 30,						For the nine months ended September 30,
		2025			2024			2025			2024

		(in thousands)						(in thousands)
Doré sales, net
Gold		$	126		$	-		$	1,213		$	24
Silver			9			-			54			1
Less: Refining charges			(1)			-			(10)			(6)
Total doré sales, net			134			-			1,257			19
Concentrate sales
Gold			4,858			3,416			9,166			17,173
Silver			17,271			5,424			29,825			17,332
Copper			659			917			1,545			5,099
Lead			417			918			1,481			3,342
Zinc			1,868			4,045			6,390			13,108
Less: Treatment and refining charges			(607)			(1,394)			(1,602)			(4,410)
Total concentrate sales, net			24,466			13,326			46,805			51,644
Realized gain - embedded derivative, net ⁽¹⁾			20			344			76			1,333
Unrealized gain (loss) - embedded derivative, net			258			(398)			322			(240)
Total sales, net		$	24,878		$	13,272		$	48,460		$	52,756

(1)

Copper lead, and zinc are co-products. In the realized gain - embedded derivative, net, there is $51 thousand loss and $139 thousand loss related to these co-products for the three and nine months ended September 30, 2025, respectively. There is $0.2 million and $0.5 million gain, in the realized gain - embedded derivative, net, related to the co-products for both the three and nine months ended September 30, 2024, respectively.