Debt, Net

6 Months Ended

Jun. 30, 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 June 30, 2021, the Company was in compliance with all covenants under its debt agreements.

Debt balances

The following table summarizes the components of Debt, net (dollars in thousands):


	June 30, 2021		December 31, 2020
Debt, net, current:
Sprott Credit Agreement(1)	$	9,711	$	5,274
Note payable(2)	100		—
Less, debt issuance costs	(198)		(154)
Total	$	9,613	$	5,120

Debt, net, non-current:
Subordinated Notes	$	89,090	$	84,797
Sprott Credit Agreement, net of original issue discount ($8.2 million, net)	61,782		61,894
Note payable(2)	282		—
Less, debt issuance costs	(3,298)		(4,026)
Total	$	147,856	$	142,665

(1)Amount included: (i) $2.2 million of Additional Interest, as defined in the Sprott Credit Agreement, and (ii) $7.5 million scheduled principal payments under the Sprott Credit Agreement, all due in the next twelve months.

(2)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 Company's contractual payments of Debt, net, including current maturities, for the five years subsequent to June 30, 2021 (dollars in thousands):


July 1, 2021 through December 31, 2021	$	4,906
2022	17,332
2023	24,836
2024	24,837
2025	101,475
Total	173,386
Less, original issue discount, net of amortization ($4.6 million)	(12,421)
Less, debt issuance costs, net of amortization ($0.4 million)	(3,496)
Total Debt, net, current and non-current	$	157,469

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Sprott Credit Agreement	$	2,767	$	796	$	5,407	$	796
Subordinated Notes	2,173		711		4,293		711
Amortization of debt issuance costs	350		635		685		1,307
Other interest expense	8		8		16		8
2.0 Lien Notes	—		5,085		—		12,901
1.5 Lien Notes	—		3,496		—		8,635
1.25 Lien Notes	—		2,866		—		6,218
First Lien Agreement	—		1,708		—		4,575
Promissory Note	—		57		—		142
Capitalized interest	—		(290)		(654)		(334)
Total	$	5,298	$	15,072	$	9,747	$	34,959

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.