Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Recurring fair value measurements

The following table sets forth by level within the fair value hierarchy, the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands):

	Hierarchy Level	March 31, 2025		December 31, 2024
Equity securities, current	1	$	739	$	454
Equity securities, non-current	1	—		151
Total(1)		$	739	$	605
5-Year Private Warrants(2)	2	$	1	$	6

(1)    The value of equity securities was determined using the closing price of the publicly traded Canadian gold mining company on the last day of the period as quoted on the TSX Venture Exchange. See Note 4 – Equity Securities for additional information.

(2)     The value of 5-Year Private Warrants was determined using the closing price of the 5-Year Public Warrants on the last day of the period as quoted on the NASDAQ Exchange. See Note 11 – Warrant Liabilities for additional information on the fair value of the Company’s liability classified warrants.

Items disclosed at fair value

The Sprott Credit Agreement and the Subordinated Notes are privately held, and, as such, there is no public market or trading information available for such debt instruments. As of March 31, 2025 and December 31, 2024, the estimated fair value of the Company’s debt instruments was $112.7 million and $108.0 million, respectively, compared to the carrying value of $128.0 million and $125.0 million, respectively. The estimated fair value of the principal of the Company’s debt instruments, including capitalized interest, was determined using a market approach in which pricing information for publicly traded, non-convertible debt instruments with speculative ratings was analyzed to derive a mean trading multiple to apply to the March 31, 2025 and December 31, 2024 balances.