Debt, Net

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt, Net

Debt, Net

The following table summarizes the components of Debt, net (in thousands):

	March 31, 2025		December 31, 2024
Debt, net, current:
Notes payable	$	28	$	54
Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $1,754 as of March 31, 2025, and $1,913 as of December 31, 2024, net of amortization	$	13,246	$	13,087
Subordinated Notes	114,995		112,190
Notes payable	15		22
Less, debt issuance costs	(320)		(354)
Total	$	127,936	$	124,945

The following table summarizes the Company’s contractual payments of Debt, net, including current maturities, for the five years subsequent to March 31, 2025 (in thousands):

April 1, 2025 through December 31, 2025	$	21
2026	22
2027	129,995
2028	—
2029	—
Sub-total	130,038
Less, original issue discount, net of accumulated amortization of $18,577	(1,754)
Less, debt issuance costs, net of accumulated amortization of $4,567	(320)
Total debt, net	$	127,964

Interest expense

The following table summarizes the components of recorded Interest expense (in thousands):

	Three Months Ended March 31,
	2025		2024
Sprott Credit Agreement(1)	$	394	$	502
Subordinated Notes(2)	2,806		2,541
Amortization of original issue discount(3)	159		158
Amortization of debt issuance costs(3)	34		46
Other interest expense	(6)		1
Accelerated amortization of original issue discount and issuance costs	—		6,871
Total	$	3,387	$	10,119

(1)The Sprott Credit Agreement bears interest monthly at a floating rate of SOFR plus 0.26% adjustment plus 6.00%, and the current effective interest rate is 18.08%, including amortization.

(2)The Subordinated Notes bear interest at 10.00% 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, 2025, was 2.42%.

Second Amendment to the Second Amended and Restated Credit Agreement (“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”), 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.

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, 2025, the Company was in compliance with all financial covenants under its debt agreements.