MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT

MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT

NOTE 8 MINERAL PROPERTY INTERESTS AND PLANT AND EQUIPMENT

The cost and carrying value of mineral property interests and plant and equipment at December 31, 2024 and 2023 are as follows:

	December 31, 2024		December 31, 2023
Mineral property interests, cost	$	264,495	$	207,601
Less: accumulated depletion		(98,752)		(80,004)
Mineral property interests, carrying value	$	165,743	$	127,597
Plant and equipment, cost
Land	$	12,884	$	18,043
Construction in progress		30,151		6,963
Plant and equipment		73,633		79,972
Subtotal	$	116,668	$	104,978
Less: accumulated depreciation		(71,489)		(62,625)
Plant and equipment, carrying value	$	45,179	$	42,353
Mineral property interests and plant and equipment, carrying value	$	210,922	$	169,950

Mineral property interest carrying value at December 31, 2024 and 2023 includes the following:

Name of Property/Complex	State/Province	Country	2024		2023
Fox Complex, other than Lexam	Ontario	Canada	$	37,015	$	32,519
Lexam Properties	Ontario	Canada		42,320		41,595
Gold Bar Mine	Nevada	United States		20,566		11,031
Tonkin Properties	Nevada	United States		5,623		4,602
Elder Creek Exploration Property - 1.25% NSR	Nevada	United States		150		150
Lookout Mountain Project	Nevada	United States		22,369		—
Los Azules Copper Project - 1.25% NSR	San Juan	Argentina		28,821		28,821
Fenix Project Properties	Sinaloa	Mexico		8,879		8,879
Total mineral property interests			$	165,743	$	127,597

Gold Bar mineral property interests are depleted based on the units of production method from the production commencement date over the estimated proven and probable reserves.

The El Gallo mine and Fox Complex are depleted and depreciated using the straight-line or units of production method over the stated mine life, as the projects do not have proven and probable reserves that conform to S-K 1300.

The definition of proven and probable reserves is set forth in S-K 1300. If proven and probable reserves exist at the Company’s properties, the relevant capitalized mineral property interests and asset retirement costs are charged to expense based on the units of production method upon commencement of production. The Company’s Gold Bar Mine and San José properties have proven and/or probable reserves estimated in accordance with S-K 1300.

The Company conducts a review of potential triggering events for impairment for all its mineral projects on a quarterly basis or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. During the years ended December 31, 2024 and 2023, no impairment has been noted for any of the Company’s mineral property interests.