Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of income tax expense (benefit)

The Company’s loss before income taxes was attributable solely to domestic operations in the United States. The components of the Company’s income tax expense (benefit) were as follows (in thousands):

	Year Ended December 31,
	2022		2021
Current
Federal	$	—	$	(1,530)
Deferred
Federal	(17,719)		(14,495)
Change in valuation allowance	17,719		14,495
Income tax benefit	$	—	$	(1,530)

Schedule of effective income tax rate reconciliation

The following table provides a reconciliation of income taxes computed at the United States federal statutory tax rate of 21% in 2022 and 2021 to the income tax provision (in thousands):

	Year Ended December 31,
	2022		2021
Loss before income taxes	$	(60,828)	$	(90,094)
United States statutory income tax rate	21%		21%
Income tax (benefit) at United States statutory income tax rate	(12,774)		(18,920)
Change in valuation allowance	17,719		14,495
Warrant fair value adjustment	33		3,030
Adjustment of prior year income taxes	(4,978)		—
Other	—		(135)
Income tax benefit	$	—	$	(1,530)

Components of deferred tax assets

The components of the Company’s deferred tax assets are as follows (in thousands):

	Year Ended December 31,
	2022		2021
Net operating loss	$	49,765	$	30,355
Mineral properties	39,322		39,371
Plant, equipment, and mine development	23,219		25,506
Intangible assets	18,698		20,204
Royalty	6,266		6,266
Asset retirement obligation	2,163		1,083
Stock-based compensation	536		856
Accrued compensation	1,258		502
Inventories	221		76
Lease liability	23		—
Valuation allowance	(141,471)		(124,219)
Total net deferred tax assets	$	—	$	—