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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting

Schedule of Condensed Consolidated Interim Statements of Operations of Company's segments

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


		Oaxaca, Mexico			Michigan, USA			Corporate and Other			Total
For the three months ended September 30, 2025
Sales, net		$	24,878		$	-		$	-		$	24,878
Production costs			15,613			-			-			15,613
Depreciation and amortization			2,584			26			-			2,610
Reclamation and remediation			434			-			-			434
Mining gross profit (loss)			6,247			(26)			-			6,221
Exploration expense			799			191			-			990
G&A expenses, including Stock-based compensation			-			-			1,608			1,608
Other segment items ⁽¹⁾			2,651			4,150			536			7,337
Income (loss) before income taxes			2,797			(4,367)			(2,144)			(3,714)
Income tax provision												941
Net loss											$	(4,655)

Expenditures for long-lived assets		$	6,715		$	-		$	-		$	6,715

		Oaxaca, Mexico			Michigan, USA			Corporate and Other			Total
			Restated			Restated			Restated			Restated
For the three months ended September 30, 2024
Sales, net		$	13,272		$	-		$	-		$	13,272
Production costs			17,198			-			-			17,198
Depreciation and amortization			4,143			28			7			4,178
Reclamation and remediation			566			-			-			566
Mining gross loss			(8,635)			(28)			(7)			(8,670)
Exploration expense			767			177			-			944
G&A expenses, including Stock-based compensation			-			-			1,496			1,496
Other segment items ⁽¹⁾			1,295			3,374			506			5,175
Loss before income taxes			(10,697)			(3,579)			(2,009)			(16,285)
Income tax benefit												(3,608)
Net loss											$	(12,677)

Expenditures for long-lived assets		$	3,269		$	-		$	-		$	3,269

(1)	Please see Note 20—Other Expense, net in Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited) for additional information.


		Oaxaca, Mexico			Michigan, USA			Corporate and Other			Total
For the nine months ended September 30, 2025
Sales, net		$	48,460		$	-		$	-		$	48,460
Production costs			39,179			-			-			39,179
Depreciation and amortization			7,585			78			7			7,670
Reclamation and remediation			1,262			-			-			1,262
Mine gross profit (loss)			434			(78)			(7)			349
Exploration expense			1,649			562			-			2,211
G&A expenses, including Stock-based compensation			-			-			4,191			4,191
Other segment items ⁽¹⁾			3,861			12,157			934			16,952
Loss before income taxes			(5,076)			(12,797)			(5,132)			(23,005)
Income tax provision												1,455
Net loss											$	(24,460)

Expenditures for long-lived assets		$	12,647		$	-		$	-		$	12,647

		Oaxaca, Mexico			Michigan, USA			Corporate and Other			Total
		Restated			Restated			Restated			Restated
For the nine months ended September 30, 2024
Sales, net		$	52,756		$	-		$	-		$	52,756
Production costs			51,074			-			-			51,074
Depreciation and amortization			14,115			83			23			14,221
Reclamation and remediation			1,892			-			-			1,892
Mine gross loss			(14,325)			(83)			(23)			(14,431)
Exploration expense			1,850			524			-			2,374
G&A expenses, including Stock-based compensation			-			-			3,622			3,622
Other segment items ⁽¹⁾			2,909			10,975			362			14,246
Loss before income taxes			(19,084)			(11,582)			(4,007)			(34,673)
Income tax provision												10,686
Net loss											$	(45,359)

Expenditures for long-lived assets		$	7,565		$	-		$	-		$	7,565

(1)

Please see Note 20—Other Expense, net in Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited) for additional information.

Schedule of Condensed Consolidated Interim Balance Sheets relating to the Company's segments

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


		Oaxaca, Mexico			Michigan, USA			Corporate and Other			Total
As of September 30, 2025
Total current assets		$	22,002		$	18		$	9,205		$	31,225
Total non-current assets ⁽¹⁾			43,181			89,398			535			133,114
Total assets		$	65,183		$	89,416		$	9,740		$	164,339

		Oaxaca, Mexico			Michigan, USA			Corporate and Other			Total
As of December 31, 2024
Total current assets		$	16,073		$	50		$	457		$	16,580
Total non-current assets ⁽¹⁾			38,926			90,328			40			129,294
Total assets		$	54,999		$	90,378		$	497		$	145,874

(1)

As of September 30, 2025, the total non-current assets included capital investments of $12.6 million in Oaxaca, Mexico, nil in Michigan, USA, and nil in Corporate and Other. As of December 31, 2024, the total non-current assets included capital investments of $8.6 million in Oaxaca, Mexico, nil in Michigan, USA, and nil in Corporate and Other.