Note 6 - Income and Mining Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income and Mining Tax Benefit (Provision)

Major components of our income and mining tax benefit (provision) for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands):

	2022			2021			2020
Current:
Domestic	$	(3,915	)	$	(7,073	)	$	(7,246	)
Foreign		(5,119	)		(6,316	)		(8,745	)
Total current income and mining tax provision		(9,034	)		(13,389	)		(15,991	)
Deferred:
Domestic		2,064			43,708			5,096
Foreign		14,536			(750	)		2,696
Total deferred income and mining tax benefit		16,600			42,958			7,792
Total income and mining tax benefit (provision)	$	7,566		$	29,569		$	(8,199	)

Schedule of Domestic and Foreign Components of Income (Loss) Before Income and Mining Taxes

Domestic and foreign components of income (loss) before income and mining taxes for the years ended December 31, 2022, 2021 and 2020 are as follows (in thousands):

	2022			2021			2020
Domestic	$	(6,343	)	$	38,003		$	(1,400	)
Foreign		(38,571	)		(32,477	)		142
Total	$	(44,914	)	$	5,526		$	(1,258	)

Schedule of Effective Income Tax Reconciliation

The annual tax benefit (provision) is different from the amount that would be provided by applying the statutory federal income tax rate to our pretax income (loss). The reasons for the difference are (in thousands):

	2022					2021					2020
Computed “statutory” benefit (provision)	$	9,432		21	%	$	(1,161	)	21	%	$	264		21	%
Percentage depletion		8,542		19			8,076		(146	)		5,327		423
Change in valuation allowance		(8,113	)	(18	)		38,058		(689	)		786		62
State taxes, net of federal tax benefit		(158	)	—			965		(17	)		(1,164	)	(93	)
Foreign currency remeasurement of monetary assets and liabilities		4,559		10			(3,625	)	66			(4,824	)	(383	)
Rate differential on foreign earnings		1,515		3			2,445		(44	)		2,362		188
Compensation		173		—			1,094		(20	)		(458	)	(36	)
Mining and other taxes		(6,609	)	(15	)		(13,799	)	250			(9,245	)	(735	)
Other		(1,775	)	(3	)		(2,484	)	45			(1,247	)	(99	)
Total benefit (provision)	$	7,566		17	%	$	29,569		(535	)%	$	(8,199	)	(652	)%

Schedule of Components of Net Deferred Tax Assets and Liabilities

The individual components of our net deferred tax assets and liabilities are reflected in the table below (in thousands).

	December 31,
	2022			2021
Deferred tax assets:
Accrued reclamation costs	$	33,007		$	31,558
Deferred exploration		22,584			17,959
Foreign net operating losses		71,391			18,152
Domestic net operating losses		211,381			213,637
Foreign exchange loss		24,235			19,542
Foreign tax credit carryforward		2,493			2,493
Miscellaneous		39,628			31,329
Total deferred tax assets		404,719			334,670
Valuation allowance		(72,856	)		(39,152	)
Total deferred tax assets		331,863			295,518
Deferred tax liabilities:
Miscellaneous		(9,020	)		(2,751	)
Properties, plants and equipment		(427,584	)		(396,911	)
Total deferred tax liabilities		(436,604	)		(399,662	)
Net deferred tax liability	$	(104,741	)	$	(104,144	)

Schedule of Changes in Valuation Allowance

	2022			2021			2020
Balance at beginning of year	$	(39,152	)	$	(77,210	)	$	(86,634	)
Valuation allowance on deferred tax assets acquired with the Alexco acquisition		(25,591	)		—			—
(Increase) decrease related to non-recognition of deferred tax assets due to uncertainty of recovery and (increase) related to non-utilization of net operating loss carryforwards		(13,256	)		(20,304	)		786
Decrease related to either or a combination of (i) utilization, (ii) release due to future benefit, and (iii) expiration of deferred tax assets as applicable		5,143			58,362			8,638
Balance at end of year	$	(72,856	)	$	(39,152	)	$	(77,210	)