Income and Mining Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of Income (loss) before income taxes are below:

	Year Ended December 31,
In thousands	2024		2023		2022
United States	$	50,194	$	(107,021)	$	(107,477)
Foreign	76,156		38,565		44,028
Total	$	126,350	$	(68,456)	$	(63,449)

The components of the consolidated Income and mining tax (expense) benefit from continuing operations are below:

	Year Ended December 31,
In thousands	2024		2023		2022
Current:
United States	$	(145)	$	981	$	(21)
United States — State mining taxes	(11,256)		(7,047)		(2,936)
United States — Foreign withholding tax	(33)		(119)		(300)
Canada	(1,147)		(848)		(305)
Mexico	(63,604)		(30,222)		(29,546)
Other	—		—		—
Deferred:
United States	149		305		215
United States — State mining taxes	(1,778)		(1,076)		5,558
Canada	(376)		—		254
Mexico	10,740		2,870		12,423
Other	—		—		—
Income tax (expense) benefit	$	(67,450)	$	(35,156)	$	(14,658)

Schedule of Effective Income Tax Rate Reconciliation

The Company’s Income and mining tax benefit (expense) differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:

	Year Ended December 31,
In thousands	2024		2023		2022
Income and mining tax (expense) benefit at statutory rate	$	(28,465)	$	14,376	$	13,249
State tax provision from continuing operations	(149)		4,859		2,871
Change in valuation allowance	727		(36,778)		(36,670)
Percentage depletion	6,974		5,649		3,538
Uncertain tax positions	2		6		655
U.S. and foreign permanent differences	(7,765)		(3,056)		365
Foreign exchange rates	2,405		1,179		(145)
Foreign inflation and indexing	2,322		3,077		2,897
Foreign tax rate differences	(8,923)		(3,911)		(4,994)
Foreign withholding and other taxes	(8,307)		(1,381)		169
Mining taxes	(26,901)		(16,884)		(11,239)
Sale of non-core assets	—		(1,322)		15,447
Enactment of 1% increase in Mexico special mining duty tax	(1,696)		—		—
Other, net	2,326		(970)		(801)
Income and mining tax (expense) benefit	$	(67,450)	$	(35,156)	$	(14,658)

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2024 and 2023, the significant components of the Company’s deferred tax assets and liabilities are below:

	Year Ended December 31,
In thousands	2024		2023
Deferred tax liabilities:
Property, plant, and equipment	$	5,529	$	—
	$	5,529	$	—
Deferred tax assets:
Net operating loss carryforwards	$	304,244	$	302,114
Mineral properties	50,824		44,244
Property, plant, and equipment	—		12,068
Mining royalty tax	8,314		7,345
Capital loss carryforwards	16,910		5,167
Asset retirement obligation	49,306		45,155
Accrued expenses	18,117		25,321
Tax credit carryforwards	13,620		14,506
Other long-term assets	30,612		11,566
	$	491,947	$	467,486
Valuation allowance	(490,044)		(479,846)
	$	1,903	$	(12,360)
Net deferred tax liabilities	$	3,626	$	12,360

Summary of Valuation Allowance

Based upon this analysis, the Company has recorded valuation allowances as follows:

	Year Ended December 31,
In thousands	2024		2023
U.S.	$	268,119	$	262,059
Canada	200,319		194,727
Mexico	408		723
New Zealand	21,013		22,229
Other	185		108
	$	490,044	$	479,846

Summary of Tax Credit Carryforwards

The Company has the following tax attribute carryforwards at December 31, 2024, by jurisdiction:

In thousands	U.S.		Canada		Mexico		New Zealand		Other		Total
Regular net operating losses	$	614,873	$	457,894	$	1,913	$	76,041	$	814	$	1,151,535
Expiration years	2025-2037, Indefinite		2028-2044		2029-2035		Indefinite		2025-2029
Capital losses	53,483		26,363		—		—		—		79,846
Foreign tax credits	10,864		—		—		—		—		10,864

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount related to unrecognized tax benefits is below (in thousands):

Unrecognized tax benefits at December 31, 2022	$	4
Gross increase to current period tax positions	$	—
Gross increase to prior period tax positions	$	1
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations	$	(3)
Unrecognized tax benefits at December 31, 2023	$	2
Gross increase to current period tax positions	$	—
Gross increase to prior period tax positions	$	—
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations	$	(2)
Unrecognized tax benefits at December 31, 2024	$	—