Note 7 - Income and Mining Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021 are as follows (in thousands):

	2023			2022			2021
Current:
Domestic	$	(3,846	)	$	(3,915	)	$	(7,073	)
Foreign		(3,322	)		(5,119	)		(6,316	)
Total current income and mining tax provision		(7,168	)		(9,034	)		(13,389	)
Deferred:
Domestic		(17,058	)		2,064			43,708
Foreign		23,004			14,536			(750	)
Total deferred income and mining tax benefit		5,946			16,600			42,958
Total income and mining tax (provision) benefit	$	(1,222	)	$	7,566		$	29,569

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, 2023, 2022 and 2021 are as follows (in thousands):

	2023			2022			2021
Domestic	$	43,745		$	(6,343	)	$	38,003
Foreign		(126,740	)		(38,571	)		(32,477	)
Total	$	(82,995	)	$	(44,914	)	$	5,526

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):

	2023					2022					2021
Computed “statutory” benefit (provision)	$	17,429		21	%	$	9,432		21	%	$	(1,161	)	21	%
Percentage depletion		4,205		5			8,542		19			8,076		(146	)
Change in valuation allowance		(20,016	)	(24	)		(8,113	)	(18	)		38,058		(689	)
State taxes, net of federal tax benefit		(2,731	)	(3	)		(158	)	—			965		(17	)
Foreign currency remeasurement of monetary assets and liabilities		(4,155	)	(5	)		4,559		10			(3,625	)	66
Rate differential on foreign earnings		6,553		8			1,515		3			2,445		(44	)
Compensation		(1,636	)	(2	)		173		0			1,094		(20	)
Mining and other taxes		(1,359	)	(2	)		(6,609	)	(15	)		(13,799	)	250
Other		488		1			(1,775	)	(3	)		(2,484	)	45
Total (provision) benefit	$	(1,222	)	(1	)%	$	7,566		17	%	$	29,569		(535	)%

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,
	2023			2022
Deferred tax assets:
Accrued reclamation costs	$	33,451		$	33,007
Deferred exploration		22,341			22,584
Foreign net operating losses		52,091			71,391
Domestic net operating losses		214,137			211,381
Foreign exchange loss		22,247			24,235
Foreign tax credit carryforward		2,026			2,493
Miscellaneous		35,060			39,628
Total deferred tax assets		381,353			404,719
Valuation allowance		(100,910	)		(72,856	)
Total deferred tax assets		280,443			331,863
Deferred tax liabilities:
Miscellaneous		(12,950	)		(9,020	)
Properties, plants and equipment		(369,445	)		(427,584	)
Total deferred tax liabilities		(382,395	)		(436,604	)
Net deferred tax liability	$	(101,952	)	$	(104,741	)

Schedule of Changes in Valuation Allowance

The changes in the valuation allowance for the years ended December 31, 2023, 2022 and 2021, are as follows (in thousands):

	2023			2022			2021
Balance at beginning of year	$	(72,856	)	$	(39,152	)	$	(77,210	)
Valuation allowance on deferred tax assets acquired with the ATAC (2023) and Alexco (2022) acquisitions		(8,077	)		(25,591	)		—
Increase related to non-recognition of deferred tax assets due to uncertainty of recovery and increase related to non-utilization of net operating loss carryforwards		(21,114	)		(13,256	)		(20,304	)
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		1,137			5,143			58,362
Balance at end of year	$	(100,910	)	$	(72,856	)	$	(39,152	)