Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of income tax expense (benefit)

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

	Year Ended December 31,
	2024		2023
Current
Federal	$	—	$	—
Deferred
Federal	(13,786)		(11,428)
Change in Valuation Allowance	13,786		11,428
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 2024 and 2023 to the income tax provision (dollars in thousands):

	Year Ended December 31,
	2024		2023
Loss before income taxes	$	(60,896)	$	(55,026)
United States statutory income tax rate	21%		21%
Income tax benefit at United States statutory income tax rate	(12,788)		(11,555)
Change in valuation allowance	13,786		11,428
Warrant fair value adjustment	—		(37)
Adjustment of prior year income taxes	(1,067)		164
Nondeductible expenses	69		—
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,
	2024		2023
Net operating loss	$	74,056	$	74,821
Mineral properties	52,303		48,677
Plant, equipment, and mine development	1,415		1,373
Intangible assets	15,687		17,192
Deferred gain on sale of royalty	6,266		6,266
Asset retirement obligation	2,762		1,674
Interest expense carryforward	9,156		—
Accrued compensation	629		593
Stock-based compensation	1,998		1,835
Inventories	947		835
Assets held-for-sale	476		(398)
Other	990		31
Valuation allowance	(166,685)		(152,899)
Total	$	—	$	—