Debt, net

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt, net

Debt, net

Principal payments

On October 15, 2025, the Company made payments totaling $125.5 million to fully extinguish its remaining debt, including accrued interest. The Company first prepaid the outstanding $15.0 million principal balance of its first lien debt, the Sprott Credit Agreement, along with $0.1 million in accrued interest. Subsequently, pursuant to Note Repurchase Agreements with each of the 17 then-current holders of its 10% Senior Secured Notes due 2027 (the “Subordinated Notes”), the Company repurchased $120.8 million in principal and $0.5 million in accrued paid-in-kind interest for $110.4 million, reflecting a 9% discount to face value. Additionally, the Company paid $0.1 million on its other notes payable.

In 2025, the Company recorded a net gain of $9.2 million on the extinguishment of debt, after accounting for $0.1 million in direct expenses related to the principal payment activities.

In 2024, the Company made payments totaling $38.0 million related to its first lien debt and $0.1 million related to its notes payable.

The following table provides the components of principal payments (in thousands):

	Year Ended December 31,
	2025		2024
Principal payments on Sprott Credit Agreement	$	(15,000)	$	(37,994)
Principal payments on Subordinated Notes (net of $6,417 discount)	(64,880)		—
Payment for paid-in-kind interest (net of $4,457 discount)	(45,062)		—
Principal payments on other notes	(75)		(126)
Total	$	(125,017)	$	(38,120)

Interest expense

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

	Year Ended December 31,
	2025		2024
Subordinated Notes(1)	$	9,113	$	10,551
Sprott Credit Agreement(3)	1,264		1,795
Amortization of original issue discount(2)	536		7,473
Amortization of debt issuance costs(2)	111		148
Other interest expense	1		2
Total	$	11,025	$	19,969

(1)    The Subordinated Notes bore interest at 10.0% per annum (non-cash), payable in-kind on a quarterly basis. The Subordinated Notes were fully paid on October 15, 2025 and the agreement was terminated.

(2)    As of December 31, 2025 and 2024, the effective interest rate for the amortization of the discount and issuance costs was nil and 2.4%, respectively.

(3)    The Sprott Credit Agreement bore interest monthly at a floating rate of SOFR plus 0.26161% adjustment plus 6.00%. As of December 31, 2025 and 2024, the effective interest rate was nil and 18.1%, respectively.

Debt covenants

Prior to the repayment of debt on October 15, 2025, the Company’s debt agreements contained representations and warranties, events of default, restrictions and limitations, reporting requirements, and covenants that are customary for agreements of these types. The Company currently has no debt-related covenants.