Fair value measurements

12 Months Ended

Dec. 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 liabilities measured at fair value on a recurring basis (in thousands).

	Hierarchy Level	Year Ended December 31,
		2025		2024
Equity investment securities, current	1	$	776	$	454
Equity investment securities, non-current	1	—		151
Total (1)		$	776	$	605
5-Year Private Warrants (2)	2	$	—	$	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 5 – Equity investment securities to the Notes to the Consolidated Financial Statements for additional information.

(2)     The value of certain warrants to purchase shares of the Company’s common stock that were issued to the special purpose acquisition company sponsor and/or underwriter in a private placement and/or pursuant to a forward purchase contract (collectively, the 5-Year Private Warrants) as of December 31, 2025, was nil due to the expiration of the warrants on May 29, 2025. See Note 12 – Warrant liabilities to the Notes to the Consolidated Financial Statements for additional information on the fair value of the Company’s liability classified warrants.

Items disclosed at fair value

Debt, net

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