Assets Held For Sale

6 Months Ended

Jun. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Assets Held For Sale

Assets Held-For-Sale

As of June 30, 2024 and December 31, 2023, Assets held-for-sale was comprised of equipment not-in-use of $7.1 million.

In May 2024, the Company entered into an Equipment Purchase Agreement to sell $2.0 million of unused equipment classified as equipment not-in-use. In connection with entry into this agreement, the Company received a $0.3 million nonrefundable deposit payment. The deposit has been included in Contract liabilities. See Note 10 – Contract Liabilities for additional details.

In August 2022 and with subsequent amendments, the Company entered into an Equipment Purchase Agreement to sell a total of $13.6 million of equipment. In connection with entry into the Equipment Purchase Agreement, the Company received $1.6 million in nonrefundable deposit payments. Effective March 1, 2024, the buyer terminated a portion of the Equipment Purchase Agreement related to one ball mill and one semi-autogenous (“SAG”) mill and effective April 5, 2024, the buyer terminated the balance of the Equipment Purchase Agreement. In accordance with Topic 606, Revenue from Contracts with Customers, because the sale did not materialize, $1.5 million was recognized as Other income in the first quarter of 2024 and the Company recognized the remaining $0.1 million in nonrefundable deposit payments as Other income in the second quarter of 2024.