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FEDERAL INCOME TAXES (Tables)

12 Months Ended

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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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