Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
Current
Federal	$	—	$	—
Deferred
Federal	(11,428)		(17,719)
Change in Valuation Allowance	11,428		17,719
Income tax expense (benefit)	$	—	$	—

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 2023 and 2022, to the income tax provision (dollars in thousands):

	Year Ended December 31,
	2023		2022
Loss before income taxes	$	(55,026)	$	(60,828)
United States statutory income tax rate	21%		21%
Income tax (benefit) at United States statutory income tax rate	(11,555)		(12,774)
Change in valuation allowance	11,428		17,719
Warrant fair value adjustment	(37)		33
Adjustment of prior year income taxes	164		(4,978)
Income tax expense (benefit)	$	—	$	—

Components of deferred tax assets

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

	Year Ended December 31,
	2023(1)		2022
Net operating loss	$	74,821	$	49,765
Mineral properties	48,677		39,322
Plant, equipment, and mine development	1,373		23,219
Intangible assets	17,192		18,698
Deferred gain on sale of royalty	6,266		6,266
Asset retirement obligation	1,674		2,163
Accrued compensation	593		1,258
Stock-based compensation	1,835		536
Inventories	835		221
Assets available for sale	(398)		—
Other	31		23
Valuation allowance	(152,899)		(141,471)
Total	$	—	$	—

(1)During 2023, the Company determined that it did not timely elect out of Internal Revenue Code (“IRC”) § 168(k) bonus depreciation for 2020 and 2021, and therefore its reported 2023 deferred tax assets related primarily to Net operating loss, Mineral properties, and Plant, equipment, and mine development included adjustments to reflect the proper IRC § 168(k) bonus depreciation.