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FEDERAL INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
FEDERAL INCOME TAXES |
Schedule of components of future tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (thousands of dollars)
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Non‑Current: |  | ​ |  |  | ​ |
Net operating loss carryforwards | ​ | $ | 26,939 | ​ | $ | 24,228
Capital loss carryforwards | ​ |  | 22,501 | ​ |  | 22,508
Mineral properties | ​ |  | 1,586 | ​ |  | 1,759
Capitalized joint venture costs | ​ |  | 3,725 | ​ |  | 3,725
Fixed assets | ​ |  | 1,912 | ​ |  | 1,916
Capitalized transaction costs | ​ |  | 1,145 | ​ |  | 1,144
Share based compensation | ​ | ​ | 186 | ​ | ​ | 98
Accrued compensation | ​ |  | 248 | ​ |  | 5
Other | ​ |  | 148 | ​ |  | 93
Deferred tax assets | ​ |  | 58,390 | ​ |  | 55,476
Valuation allowance | ​ |  | (58,331) | ​ |  | (55,387)
Net deferred tax assets | ​ |  | 59 | ​ |  | 89
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Non‑Current: | ​ |  |  | ​ |  |
Other | ​ |  | (59) | ​ |  | (89)
Deferred tax liabilities | ​ |  | (59) | ​ |  | (89)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax asset (liability) | ​ | $ | — | ​ | $ | —
Schedule of valuation allowance by tax jurisdiction | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (thousands of dollars)
United States | ​ | $ | 49,768 | ​ | $ | 46,663
Australia | ​ |  | 4,638 | ​ |  | 4,792
Turkey | ​ |  | 3,925 | ​ |  | 3,932
Total valuation allowance | ​ | $ | 58,331 | ​ | $ | 55,387
Schedule of loss from operations before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ |  | 2024 |  | 2023
​ | ​ | (thousands of dollars)
United States | ​ | $ | (12,614) | ​ | $ | (7,714)
Australia | ​ |  | (7) | ​ |  | (7)
Turkey | ​ |  | (36) | ​ |  | (30)
​ | ​ | $ | (12,657) | ​ | $ | (7,751)
Schedule of reconciliation of expected income tax on net income at statutory rates | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2024 |  | 2023
​ | ​ | (thousands of dollars)
Net loss | ​ | $ | (12,657) | ​ | $ | (7,751)
Statutory tax rate | ​ |  | 21% | ​ |  | 21%
Tax recovery at statutory rate | ​ |  | (2,658) | ​ |  | (1,628)
State tax rate | ​ | ​ | (661) | ​ | ​ | (569)
Foreign tax rate | ​ |  | (3) | ​ |  | (3)
Change in U.S. tax rates | ​ |  | (15) | ​ |  | (367)
Other adjustments | ​ |  | 139 | ​ |  | 530
Settlement of mineral properties in Turkey | ​ | ​ | — | ​ | ​ | 2,696
Operating loss carryforward adjustment | ​ |  | 152 | ​ |  | 104
Operating loss Section 382 adjustment | ​ |  | — | ​ |  | (407)
Nondeductible expenses and other permanent items | ​ |  | 102 | ​ |  | 26
Change in valuation allowance | ​ |  | 2,944 | ​ |  | (382)
Income tax expense (recovery) | ​ | $ | — | ​ | $ | —

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