Contract Liabilities

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Contract Liabilities

Contract Liabilities

As of June 30, 2024 and December 31, 2023, Contract liabilities were $0.3 million and $1.6 million, respectively. As of June 30, 2024, the Company held $0.3 million as a non-refundable deposit in accordance with the Equipment Purchase Agreement for two substation transformers. The sale is anticipated to be completed within the third quarter of 2024.

As of December 31, 2023, the Company had received non-refundable deposit payments totaling $1.6 million in accordance with the Equipment Purchase Agreement for one SAG mill, one ball mill, and two substation transformers. Partial cancellation of the agreement was received on March 1, 2024, with $1.5 million of the deposit recognized as Other income during the first quarter of 2024 and cancellation of the remainder of the agreement was received on April 5, 2024 with the remaining balance of $0.1 million recognized as Other income during the second quarter of 2024. See Note 8 – Assets held-for-sale for additional details.