Note 7 - Income and Mining Taxes (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025, 2024 and 2023 are as follows (in thousands):

	2025			2024			2023
Current:
United States	$	—		$	—		$	—
State income and state mining taxes		(17,469	)		(6,758	)		(3,846	)
Canada		—			—			—
Canada - provincial mining taxes		(9,531	)		(3,968	)		(3,322	)
Total current income and mining tax (provision) benefit		(27,000	)		(10,726	)		(7,168	)
Deferred:
United States		(75,599	)		(24,771	)		(13,929	)
State and state mining taxes		(17,242	)		(5,664	)		(3,129	)
Canada		(15,720	)		3,715			9,418
Canada - provincial mining taxes		(21,906	)		7,032			13,586
Total deferred income and mining tax (provision) benefit		(130,467	)		(19,688	)		5,946
Total income and mining tax (provision) benefit	$	(157,467	)	$	(30,414	)	$	(1,222	)

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, 2025, 2024 and 2023 are as follows (in thousands):

	2025			2024			2023
United States	$	340,021		$	121,273		$	43,745
Canada		141,327			(52,568	)		(122,637	)
Mexico		(2,169	)		(2,489	)		(4,103	)
Total	$	479,179		$	66,216		$	(82,995	)

Schedule Of Income And Mining Tax Payments Net of Refunds Received TableTextBlock

The Company paid the following income and mining tax payments net of refunds for the years ended December 31, 2025, 2024 and 2023(in thousands):

	2025	2024	2023
United States	$—	$—	$—
Alaska	6,213	3,926	3,197
Idaho	263	9	247
Canada	—	27	—
Quebec	2,259	2,747	5,463
Other	—	3	3
Total	$8,735	$6,712	$8,910

Schedule of Effective Income Tax Reconciliation

The annual tax (provision) benefit is different from the amount that would be provided by applying the United States statutory federal income tax rate to our pretax income (loss). The reasons for the difference for the years ended December 31, 2025, 2024 and 2023 are (in thousands):

	2025		2024		2023
Income and mining tax (provision) / benefit at statutory rate	$(100,628)	21%	$(13,905)	21%	$17,429	21%
State and local income tax, net of federal (national) income tax effect
State taxes, net of federal tax benefit (a)	(18,182)	4	(6,058)	9	(3,135)	(4)
US Mining and other taxes (b)	(16,884)	4	(6,611)	10	(3,867)	(5)
Foreign tax effects
Canada
Canada - Rate differential on foreign earnings	8,480	(2)	(3,154)	5	(7,887)	(9)
Canada - Currency remeasurement	(1,178)	—	1,623	(2)	(2,471)	(3)
Canada - Mining taxes	(24,927)	5	(757)	1	3,736	5
Canada - Provincial taxes	(12,480)	3	6,965	(11)	13,144	16
Canada - Other	5,013	(1)	1,806	(3)	790	1
Canada - Change in valuation allowance	4,437	(1)	(7,000)	11	(6,731)	(8)
Provincial - Change in valuation allowance	3,495	(1)	(5,598)	8	(4,764)	(6)
Provincial - Currency remeasurement	(319)	—	1,856	(3)	(1,888)	(2)
Mexico
Rate differential on foreign earnings	195	—	224	—	369	1
Currency remeasurement	1,543	—	(2,297)	3	283	—
Change in valuation allowance	(2,179)	1	1,617	(2)	(3,098)	(4)
Other	(15)	—	(67)	—	1,584	2
Effect of Cross-Border Tax Laws
Global intangible low-taxed income	(12,202)	3	—	—	—	—
Subpart F	(6,368)	1	—	—	—	—
Change in valuation allowance	(3,875)	1	(3,387)	5	(5,712)	(7)
Nontaxable or nondeductible items
Percentage depletion	23,571	(5)	9,896	(15)	4,205	5
Transfer Pricing Allocation	(1,795)	—	(755)	1	—	—
Compensation	(838)	—	(2,588)	4	(1,536)	(2)
Other	(2,331)	1	(2,224)	3	(1,673)	(2)
Total (provision) benefit	$(157,467)	33%	$(30,414)	46%	$(1,222)	(1)%
(a) State taxes in Alaska made up the majority (greater than 50 percent) of the tax effect in this category. (b) Mining taxes for Alaska Mine License Tax made up the majority (greater than 50 percent) of the tax effect in this category.

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,
	2025			2024
Deferred tax assets:
Accrued reclamation costs	$	62,340		$	34,538
Deferred exploration		21,691			21,591
Foreign net operating losses		55,637			50,763
Domestic net operating losses		126,185			191,583
Foreign exchange loss		21,348			29,292
Foreign tax credit carryforward		516			1,576
Miscellaneous		43,301			38,443
Total deferred tax assets		331,018			367,786
Valuation allowance		(111,426	)		(115,105	)
Total deferred tax assets		219,592			252,681
Deferred tax liabilities:
Miscellaneous		(17,950	)		(8,648	)
Properties, plants and equipment		(448,067	)		(354,299	)
Total deferred tax liabilities		(466,017	)		(362,947	)
Net deferred tax liability	$	(246,425	)	$	(110,266	)

Schedule of Changes in Valuation Allowance

The changes in the valuation allowance for the years ended December 31, 2025, 2024 and 2023, are as follows (in thousands):

	2025			2024			2023
Balance at beginning of year	$	(115,105	)	$	(100,910	)	$	(72,856	)
Valuation allowance on deferred tax assets acquired with the ATAC (2023) and Alexco (2022) acquisitions		—			—			(8,077	)
Decrease (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		(7,113	)		(16,965	)		(21,114	)
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		10,792			2,770			1,137
Balance at end of year	$	(111,426	)	$	(115,105	)	$	(100,910	)