Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

16. Leases

The Company has operating and financing leases for mining equipment, office equipment, office space and transloading terminals with remaining lease terms ranging from less than one year to approximately three years. Some of these leases include both lease and non-lease components which are accounted for as a single lease component as the Company has elected the practical expedient to combine these components for all leases. As most of the leases do not provide an implicit rate, the Company calculated the “right-of-use” (“ROU”) assets and lease liabilities using its secured incremental borrowing rate at the lease commencement date.

As of June 30, 2024 and December 31, 2023, the Company had the following ROU assets and lease liabilities within its Condensed Consolidated Balance Sheets:

		June 30,		December 31,
		2024		2023
Assets	Balance Sheet Classification
Operating lease right-of-use assets	Other noncurrent assets	$	8,303	$	9,626
Financing lease right-of-use assets	Other noncurrent assets		973		1,621
Total Lease Assets		$	9,276	$	11,247
Liabilities	Balance Sheet Classification
Financing lease liabilities - current	Accrued expenses and other current liabilities	$	2,608	$	1,041
Operating lease liabilities - current	Accrued expenses and other current liabilities		2,843		2,789
Financing lease liabilities - long-term	Other noncurrent liabilities		-		2,079
Operating lease liabilities - long-term	Other noncurrent liabilities		5,909		7,351
		$	11,360	$	13,260
Weighted average remaining lease term in years
Operating leases			2.82		3.32
Finance leases			0.75		1.25
Weighted average discount rate
Operating leases			5.5%		5.5%
Finance leases			6.4%		6.4%

Information related to leases was as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2024		2023			2024		2023
	(In thousands)				(In thousands)
Operating lease information:
Operating lease cost	$	786	$	831		$	1,589	$	1,661
Operating cash flows from operating leases		788		876			1,654		1,704
Financing lease information:
Financing lease cost	$	393	$	393		$	786	$	786
Operating cash flows from financing leases		303		303			605		605

Future minimum lease payments under non-cancellable leases as of June 30, 2024 were as follows:

	Operating		Finance
Year	Leases		Leases
	(In thousands)
2024	$	1,627	$	605
2025		3,266		2,111
2026		3,080		—
2027		1,533		—
2028		—		—
Thereafter		—		—
Total minimum lease payments	$	9,506	$	2,716
Less imputed interest		(754)		(108)
Total lease liabilities	$	8,752	$	2,608