Note 7 - Income and Mining Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

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

Major components of our income and mining tax (provision) benefit for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):

	2024			2023			2022
Current:
Domestic	$	(6,758	)	$	(3,846	)	$	(3,915	)
Foreign		(3,968	)		(3,322	)		(5,119	)
Total current income and mining tax (provision) benefit		(10,726	)		(7,168	)		(9,034	)
Deferred:
Domestic		(30,435	)		(17,058	)		2,064
Foreign		10,747			23,004			14,536
Total deferred income and mining tax (provision) benefit		(19,688	)		5,946			16,600
Total income and mining tax (provision) benefit	$	(30,414	)	$	(1,222	)	$	7,566

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, 2024, 2023 and 2022 are as follows (in thousands):

	2024			2023			2022
Domestic	$	121,273		$	43,745		$	(6,343	)
Foreign		(55,057	)		(126,740	)		(38,571	)
Total	$	66,216		$	(82,995	)	$	(44,914	)

Schedule of Effective Income Tax Reconciliation

The annual tax (provision) benefit 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):

	2024					2023					2022
Computed “statutory” benefit (provision)	$	(13,905	)	22	%	$	17,429		21	%	$	9,432		21	%
Percentage depletion		9,895		(15	)		4,205		5			8,542		19
Change in valuation allowance		(14,195	)	21			(20,016	)	(24	)		(8,113	)	(18	)
State taxes, net of federal tax benefit		(4,823	)	7			(2,731	)	(3	)		(158	)	—
Foreign currency remeasurement		590		(1	)		(4,155	)	(5	)		4,559		10
Rate differential on foreign earnings		3,293		(5	)		6,553		8			1,515		3
Compensation		(2,684	)	4			(1,636	)	(2	)		173		—
Mining and other taxes		(7,661	)	12			(1,359	)	(2	)		(6,609	)	(15	)
Other		(924	)	1			488		1			(1,775	)	(3	)
Total (provision) benefit	$	(30,414	)	46	%	$	(1,222	)	(1	)%	$	7,566		17	%

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,
	2024			2023
Deferred tax assets:
Accrued reclamation costs	$	34,538		$	33,451
Deferred exploration		21,591			22,341
Foreign net operating losses		50,763			52,091
Domestic net operating losses		191,583			214,137
Foreign exchange loss		29,292			22,247
Foreign tax credit carryforward		1,576			2,026
Miscellaneous		38,443			35,060
Total deferred tax assets		367,786			381,353
Valuation allowance		(115,105	)		(100,910	)
Total deferred tax assets		252,681			280,443
Deferred tax liabilities:
Miscellaneous		(8,648	)		(12,950	)
Properties, plants and equipment		(354,299	)		(369,445	)
Total deferred tax liabilities		(362,947	)		(382,395	)
Net deferred tax liability	$	(110,266	)	$	(101,952	)

Schedule of Changes in Valuation Allowance

The changes in the valuation allowance for the years ended December 31, 2024, 2023 and 2022, are as follows (in thousands):

	2024			2023			2022
Balance at beginning of year	$	(100,910	)	$	(72,856	)	$	(39,152	)
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		(16,965	)		(21,114	)		(13,256	)
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		2,770			1,137			5,143
Balance at end of year	$	(115,105	)	$	(100,910	)	$	(72,856	)