LEASE LIABILITIES

12 Months Ended

Dec. 31, 2024

LEASE LIABILITIES

LEASE LIABILITIES

NOTE 10 LEASE LIABILITIES

The Company’s lease obligations include equipment, vehicles and office space. For further information on leased assets, refer to Note 8. Mineral Property Interests and Plant and Equipment. The terms and conditions contained in the Company’s leases do not contain variable components.

Lease liabilities as at December 31, 2024 and 2023 are as follows:

	Year ended December 31,
	2024		2023
Finance leases	$	897	$	1,117
Operating lease		1,214		349
Lease liabilities	$	2,111	$	1,466
Current portion		(788)		(978)
Long-term portion	$	1,323	$	488

Lease liabilities as at December 31, 2024 are recorded using weighted average discount rates of 6.58% and 6.30% for finance and operating leases, respectively, and have average remaining lease terms of one year. By comparison, as at December 31, 2023, lease liabilities were recorded at average rates of 5.05% and 7.36% for finance and operating leases, respectively, and had average remaining lease terms of two years.

During the year ended December 31, 2024, the Company recorded $0.8 million (December 31, 2023 – $2.7 million) in interest and other finance costs related to leases. A breakdown of the lease-related costs for the years ended December 31, 2024 and 2023, is as follows:

	Year ended December 31,
	2024		2023
Finance leases:
Amortization of ROU assets	$	740	$	2,606
Interest expense		78		132
Total	$	818	$	2,738
Operating lease:
Rent expense	$	43	$	72

Minimum undiscounted lease payments as at December 31, 2024 are as follows:

	Payments due by period
	2025		2026		2027		2028			2029	Total
	(in thousands)
Operating lease obligation	$	431	$	256	$	262	$	275	$	183	$	1,407
Finance lease obligations		542		525		45		—		—		1,112
Total minimum lease payments	$	973	$	781	$	307	$	275	$	183	$	2,519
Less: Imputed interest												(408)
Total											$	2,111