Property, plant, and equipment and assets held-for-sale, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, plant, and equipment and assets held-for-sale, net

Property, plant, and equipment and assets held-for-sale, net

The following table provides the components of property, plant, and equipment, net (in thousands):

	Depreciation Life or Method	Year Ended December 31,
		2025		2024
Production leach pads	Units-of-production	$	11,190	$	11,190
Test leach pads	18 months	6,241		6,241
Process equipment	5 - 15 years	18,029		18,030
Buildings and leasehold improvements	10 years	9,536		9,446
Mine equipment	5 - 7 years	5,143		5,050
Vehicles	3 - 5 years	1,854		1,854
Furniture and office equipment	7 years	1,141		713
Mineral properties	Indefinite life	50		50
Construction in progress and other		35,257		35,287
		88,441		87,861
Less, accumulated depreciation and amortization		(38,329)		(36,273)
Total		$	50,112	$	51,588
Assets held-for-sale		$	2,893	$	5,698
Total		$	53,005	$	57,286

Depreciation expense related to Property, plant, and equipment, net was $2.0 million and $2.2 million for the years ended December 31, 2025 and December 31, 2024, respectively.

Construction in progress and other

The primary project included in construction in progress at December 31, 2025 and December 31, 2024, was construction of a new larger leach pad. Construction on this project commenced in 2020 and continued until February 2021 when it was temporarily suspended. As of December 31, 2025, the value of the construction costs for the new, larger leach pad were $35.0 million.

Assets held-for-sale

In September 2025, the Company entered into an Equipment Purchase Agreement to sell one Ball Mill for $4.0 million, before commissions and expenses. For the year ended December 31, 2025, the Company recorded a $2.8 million reduction to Assets held-for-sale for the Ball Mill and recognized $0.7 million as Other income (loss), net, for the gain on sale.

As of December 31, 2025, the Company still held title to and risk of loss of the one semi-autogenous mill. The Company is actively seeking buyers for its Assets held-for-sale and anticipates completing the sale within one year, subject to market conditions and the successful negotiation of terms with prospective buyers.

As of December 31, 2025 and 2024, the Company estimated the fair value of the Assets held-for-sale and determined that the fair value estimate exceeded the carrying value and as such no impairment loss was recorded.