Income and Mining Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Income Tax Expense (Benefit)

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


	Year Ended December 31,
In thousands	2025		2024		2023
United States	$	403,735	$	50,194	$	(107,021)
Foreign	278,803		76,156		38,565
Total	$	682,538	$	126,350	$	(68,456)

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


	Year Ended December 31,
In thousands	2025		2024		2023
Current:
United States	$	(637)	$	(145)	$	981
United States — State mining taxes	(33,269)		(11,256)		(7,047)
United States — Foreign withholding tax	(22)		(33)		(119)
Canada	(5,169)		(1,147)		(848)
Mexico	(215,872)		(63,604)		(30,222)

Deferred:
United States	138,893		149		305
United States — State mining taxes	3,479		(1,778)		(1,076)
Canada	(4,798)		(376)		—
Mexico	20,729		10,740		2,870

Income tax (expense) benefit	$	(96,666)	$	(67,450)	$	(35,156)

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	2025		%		2024		%		2023		%
U.S. federal statutory tax rate	$	(143,428)	21.0	%	$	(26,534)	21.0	%	$	14,376	21.0	%
State income and mining taxes, net of federal benefit(1)	(37,331)		5.5		(11,313)		9.0		(1,468)		(2.2)
Foreign tax effects
Mexico
Foreign tax rate differences	(30,341)		4.4		(11,253)		8.9		(5,848)		(8.6)
Foreign permanent differences	1,893		(0.3)		(1,384)		1.1		(1,190)		(1.7)
Mining taxes, net of income tax benefit	(27,276)		4.0		(8,865)		7.0		(6,513)		(9.5)
Change in valuation allowance	4,520		(0.7)		—		—		—		—
Foreign withholding taxes	(10,821)		1.6		(6,900)		5.5		—		—
Foreign exchange rates	(38,893)		5.7		1,434		(1.1)		1,172		1.7
Foreign inflation and indexing	5,724		(0.8)		2,230		(1.8)		2,858		4.2
Uncertain tax positions	(28,820)		4.2		—		—		—		—
Sale of non-core assets	—		—		—		—		(1,322)		(1.9)
Enactment of 1% increase in Mexico special mining duty tax	—		—		(1,696)		1.3		—		—
Other, net	2,967		(0.4)		(175)		0.1		(547)		(0.8)
Canada
Foreign tax rate difference	(2,954)		0.4		(2,434)		1.9		(2,015)		(3.0)
Provincial tax	5,907		(0.9)		4,868		(3.9)		4,029		5.9
Canadian flow through shares permanent	(3,802)		0.6		(7,246)		5.7		(3,448)		(5.0)
Change in valuation allowance	(9,481)		1.4		(3,746)		3.0		(5,986)		(8.8)
Foreign withholding taxes	(3,460)		0.5		(1,523)		1.2		(848)		(1.2)
Other	(3,427)		0.5		40		—		369		0.5
Other foreign jurisdictions
Other	(420)		0.1		(456)		0.4		(117)		(0.2)
Effect of cross border tax laws
Subpart F income	(32)		—		(1,345)		1.1		(758)		(1.1)
Change in valuation allowance	208,938		(30.6)		4,011		(3.2)		(30,242)		(44.2)
Nondeductible items
Percentage depletion	21,092		(3.1)		6,974		(5.5)		5,649		8.3
Equity compensation	1,321		(0.2)		(1,205)		1.0		(780)		(1.1)
Other nondeductible items	(2,185)		0.3		(769)		0.6		(1,502)		(2.2)
Other adjustments
Effect of tax rate changes	—		—		—		—		(1,659)		(2.4)
Other	(6,357)		1.0		(163)		0.1		634		0.9
Income and mining tax (expense) benefit	$	(96,666)	14.2	%	$	(67,450)	53.4	%	$	(35,156)	(51.4)	%

(1)State mining taxes in South Dakota, Nevada, and Alaska made up the majority (greater than 50 percent) of the state tax effect.

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2025 and 2024, the significant components of the Company’s deferred tax assets and liabilities are below:


	Year Ended December 31,
In thousands	2025		2024
Deferred tax liabilities:
Property, plant, and equipment	$	59,006	$	5,529
Mineral properties	261,588		—
Other long-term liabilities	10,103		—
	330,697		5,529
Deferred tax assets:
Net operating loss carryforwards	288,122		304,244
Mineral properties	—		50,824
Mining royalty tax	53,529		8,314
Capital loss carryforwards	17,089		16,910
Asset retirement obligation	58,905		49,306

Accrued expenses	15,323		18,117
Tax credit carryforwards	12,274		13,620
Other long-term assets	—		30,612
	445,242		491,947
Valuation allowance	(303,518)		(490,044)
	141,724		1,903
Net deferred tax liabilities	$	188,973	$	3,626

Summary of Valuation Allowance

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


	Year Ended December 31,
In thousands	2025		2024
U.S.	$	52,394	$	268,119
Canada	216,711		200,319
Mexico	12,594		408
New Zealand	21,643		21,013
Other	176		185
	$	303,518	$	490,044

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, 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	$	—
Gross increase to current period tax positions	$	—
Gross increase to prior period tax positions	$	34,446
Reductions in unrecognized tax benefits resulting from a lapse of the applicable statute of limitations	$	—
Unrecognized tax benefits at December 31, 2025	$	34,446

Summary of Tax Credit Carryforwards

The Company has the following tax attribute carryforwards at December 31, 2025, by jurisdiction:


In thousands	U.S.		Canada		Mexico		New Zealand		Other		Total
Regular net operating losses	$	522,637	$	480,612	$	4,971	$	77,861	$	787	$	1,086,868
Expiration years	2026-2037, Indefinite		2028-2044		2029-2036		Indefinite		2026-2030
Capital losses	55,885		26,363		—		—		—		82,248
Foreign tax credits	10,864		—		—		—		—		10,864

Reconciliation of Cash Taxes Paid for Income and Mining Taxes

The following table provides a reconciliation of cash taxes paid for income and mining taxes:


	Year Ended December 31,
In thousands	2025		2024		2023
Federal	$	—	$	700	$	—
State
South Dakota	15,098		10,800		5,000
All other states	895		—		—
Foreign
Mexico	161,041		31,700		29,800
Canada	1,432		1,900		200
Total net (refunds) payments	$	178,466	$	45,100	$	35,000

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that total the same such amounts shown in the Consolidated Statements of Cash Flows in the years ended December 31, 2025 and 2024:


In thousands	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	553,597	$	55,087
Restricted cash equivalents(1)	2,108		1,787
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	555,705	$	56,874

(1) Restricted cash equivalents are included in Prepaid expenses and other and Restricted assets on the Consolidated Balance Sheet.


	Year ended December 31,
	2025		2024		2023
Non-cash lease obligations arising from obtaining operating lease assets	$	3,045	$	21,230	$	718
Non-cash financing and investing activities:
Finance lease obligations	$	1,127	$	54,330	$	32,978
Capital expenditures, not yet paid	$	30,689	$	26,515	$	44,966
Debt for equity exchange	$	—	$	5,867	$	76,018

Other cash flow information:
Interest paid	$	31,763	$	49,806	$	41,249
Income and mining taxes paid	$	178,466	$	45,100	$	35,000