Contract Liabilities

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Contract Liabilities

Contract Liabilities

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

	September 30, 2022		December 31, 2021
Assets held for sale
Equipment not in use(1)	$	6,355	$	—
Plant and equipment
Process equipment(2)	327		—
Total	$	6,682	$	—

(1)As of September 30, 2022, the Company has received two non-refundable option payments: (i) $5.4 million in accordance with the sales agreement for one ball mill, for which the Company will receive final payments totaling $0.9 million no later than December 29, 2022 and (ii) $1.0 million in accordance with the sales agreement for one SAG mill and one ball mill, for which the Company will receive final payment of $11.0 million no later than March 31, 2023. Please see Note 7 - Assets Held for Sale for additional details.

(2)As of September 30, 2022, the Company has received a non-refundable option payment of $0.3 million in accordance with the sales agreement for one mercury retort. The Company will receive the final payment of $0.1 million once the asset is received by the buyer.

Revenues

The table below is a summary of the Company’s gold and silver sales (dollars in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
	Amount		Ounces Sold	Amount		Ounces Sold	Amount		Ounces Sold	Amount		Ounces Sold
Gold sales	$	8,456	4,817	$	29,129	16,354	$	21,057	11,557	$	77,570	43,244
Silver sales	302		15,131	2,547		105,478	698		32,010	9,143		352,480
Total	$	8,758		$	31,676		$	21,755		$	86,713

The Company’s gold and silver sales during the three and nine months ended September 30, 2022 and 2021 were attributable to the following customers:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
	Amount		Percentage		Amount		Percentage		Amount		Percentage		Amount		Percentage
Customer A	$	8,665	98.9	%	$	4,284	13.5	%	$	11,163	51.3	%	$	7,945	9.2	%
Customer B	93		1.1	%	27,392		86.5	%	10,592		48.7	%	78,337		90.3	%
Customer C	—		—	%	—		—	%	—		—	%	431		0.5	%
Total	$	8,758	100.0	%	$	31,676	100.0	%	$	21,755	100.0	%	$	86,713	100.0	%

During the third quarter of 2021, the Company received $1.6 million in sales consideration for which the Company had not satisfied its performance obligation under its contract with the customer as of September 30, 2021. Such consideration received is included in Contract liabilities.