Debt, Net

3 Months Ended

Mar. 31, 2021

Debt covenants

The Company’s debt agreements contain representations and warranties, events of default, restrictions and limitations, reporting requirements, and covenants that are customary for agreements of these types.

As of March 31, 2021, the Company was in compliance with all covenants under its debt agreements.

Debt balances

In February 2021, the Company financed the $0.4 million purchase of a rental fuel/lube truck with a note payable to the vendor with an interest rate of 0.99%, requiring equal monthly payments for 48 months.

The following table summarizes the components of debt (dollars in thousands):


	March 31, 2021		December 31, 2020
Debt, net, current:
Sprott Credit Agreement(1)	$	7,753	$	5,274
Note payable	99		—
Less, debt issuance costs	(411)		(154)
Total	$	7,441	$	5,120

Debt, net, non-current:
Subordinated Notes	$	86,917	$	84,797
Sprott Credit Agreement, net of original issue discount ($13.6 million, net)	61,901		61,894
Note payable	307		—
Less, debt issuance costs	(3,281)		(4,026)
Total	$	145,844	$	142,665

(1)Amount includes: (i) $2.2 million of Additional Interest, as defined in the Sprott Credit Agreement, and (ii) $5.6 million scheduled principal payments under the Sprott Credit Agreement, all due in the next twelve months.

The following table summarizes the Company's contractual payments of long-term debt, including current maturities, for the five years subsequent to March 31, 2021 (dollars in thousands):


2021	$	7,698
2022	20,821
2023	24,516
2024	24,508
2025	93,020
Total	170,563
Less, original issue discount, net of amortization ($3.4 million)	(13,586)
Less, debt issuance costs, net of amortization ($0.4 million)	(3,692)
Total debt, net, current and non-current	$	153,285

Interest expense, net of capitalized interest

The following table summarizes the components of recorded Interest expense, net of capitalized interest (dollars in thousands):


	Three Months Ended March 31,
	2021		2020
Sprott Credit Agreement	$	2,640	$	—
Subordinated Notes	2,120		—
Amortization of debt issuance costs	335		672
Other interest expense	8		—
2.0 Lien Notes	—		7,816
1.5 Lien Notes	—		5,139
1.25 Lien Notes	—		3,352
First Lien Agreement	—		2,867
Promissory Note	—		85
Capitalized interest	(654)		(44)
Total	$	4,449	$	19,887

The Company capitalizes interest to Plant, equipment, and mine development, net on the condensed consolidated balance sheets for construction projects in accordance with ASC Topic 835, Interest. Except for the First Lien Agreement and other interest expense, amounts shown in the table above represent non-cash interest expense charges.