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Debt, Net
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt, Net Debt, Net
Second Amendment to the Second A&R Agreement
On July 1, 2023, the Company entered into the Second Amendment to the Second A&R Agreement, by and between the Company, Sprott Private Resource Lending II (Collector), LP (the “Lender”), the Lender, Sprott Resource Lending Corp. (“Arranger” and together with the Lender, the “Sprott Parties”), and certain subsidiaries of the Company as guarantors. The Second Amendment to the Second A&R Agreement amends the Second A&R Agreement dated March 30, 2022, which in turn amended the Amended and Restated Credit Agreement, dated as of May 29, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the Sprott Credit Agreement.

The Second Amendment to the Second A&R Agreement: (i) corrects a cross-reference error; and (ii) implements a replacement of LIBOR with three-month Secured Overnight Financing Rate (“SOFR”) effective July 1, 2023.
Voluntary partial prepayment
On January 5, 2024, the Company voluntarily pre-paid $34.7 million of the first lien loan, along with $3.3 million for the additional interest balance, totaling $38.0 million with a remaining outstanding balance of $15.0 million. As a result of this payment, the applicable margin was reduced by 100 basis points through the final payment.
Debt covenants
The Company’s debt agreements contain representations and warranties, events of default, restrictions and limitations, reporting requirements, and covenants that are customary for agreements of these types.
As of March 31, 2024, the Company was in compliance with all financial covenants under its debt agreements.
Debt balances
The following table summarizes the components of Debt, net (in thousands):
March 31,
2024		December 31,
2023
Debt, net, current:
Sprott Credit Agreement$— $2,200 
Notes payable130 130 
Total$130 $2,330 
Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $2.4 million as of March 31, 2024, and $8.3 million as of December 31, 2023, net of amortization
$12,643 $42,530 
Subordinated Notes104,180 101,639 
Notes payable43 76 
Less, debt issuance costs(456)(1,628)
Total$116,410 $142,617 
The following table summarizes the Company’s contractual payments of Debt, net, including current maturities, for the five years subsequent to March 31, 2024 (in thousands):
202498 
202554 
202622 
2027119,180 
2028— 
Sub-total119,353 
Less, original issue discount, net of accumulated amortization of $17,973
(2,357)
Less, debt issuance costs, net of accumulated amortization of $4,431
(456)
Total debt, net$116,540 
Interest expense
The following table summarizes the components of recorded Interest expense (in thousands):
Three Months Ended
March 31,
20242023
Sprott Credit Agreement(1)
$502$1,471 
Subordinated Notes(2)
2,5412,299 
Amortization of original issue discount(3)
158549 
Amortization of debt issuance costs(3)
46115 
Other interest expense12 
Accelerated amortization of original issue discount and issuance costs (4)
6,871 — 
Total$10,119 $4,436 
(1)The Sprott Credit Agreement bears interest monthly at a floating rate of SOFR plus 6.0% and the current effective interest rate is 18.1% including amortization.
(2)The Subordinated Notes bear interest at 10.0% per annum (non-cash), payable in-kind on a quarterly basis.
(3)The effective interest rate for the amortization of the discount and issuance costs as of March 31, 2024 was 1.6%.
(4)On January 5, 2024, the Company voluntarily prepaid $38.0 million of its first lien debt, and the Company charged Interest expense $6.9 million for accelerated amortization of original issue discount and issuance costs associated with the prepayment.