INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

For financial reporting purposes, Income before income taxes includes the following components (amounts in thousands):

	Years Ended
	December 31, 2024		December 31, 2023		December 31, 2022
United States	$	127,366	$	64,105	$	86,321
Foreign	298,726		218,035		186,547
	$	426,092	$	282,140	$	272,868

Our Income tax expense consisted of (amounts in thousands):

	Years Ended
	December 31, 2024		December 31, 2023		December 31, 2022
Current:
Federal	$	51,643	$	24,046	$	29,228
State	715		(68)		467
Foreign	32,901		24,499		23,067
	$	85,259	$	48,477	$	52,762
Deferred and others:
Federal	$	(92)	$	(763)	$	(957)
State	(2)		(14)		(18)
Foreign	8,448		(5,692)		(18,861)
	$	8,354	$	(6,469)	$	(19,836)
Total income tax expense	$	93,613	$	42,008	$	32,926

The provision for income taxes for the years ended December 31, 2024, 2023, and 2022 differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to pre-tax income (net of non-

controlling interest in income of consolidated subsidiary and loss from equity investment) from operations as a result of the following differences (amounts in thousands):

	Years Ended
	December 31, 2024		December 31, 2023		December 31, 2022
Total expense computed by applying federal rates	$	89,480	$	59,249	$	57,303
State and provincial income taxes, net of federal benefit	914		625		545
Excess depletion	(2,473)		(2,259)		(1,907)
Statutory tax attributable to non-controlling interest	(195)		(224)		(363)
Effect of foreign earnings	(887)		(10,116)		(8,846)
Unrealized foreign exchange gains	896		(988)		853
Rate adjustment	1,279		(6)		—
Changes in estimates	(1,062)		11		119
Valuation allowance	3,842		(6,030)		(15,877)
Other	1,819		1,746		1,099
Total income tax expense	$	93,613	$	42,008	$	32,926

The effective tax rate for the year ended December 31, 2024, was 22% which included a $13.0 million U.S. GILTI income tax expense related to the consideration from the Mount Milligan Cost Support Agreement. The effective tax rates for the years ended December 31, 2023 and 2022, were 14.9% and 12.1%, respectively, which included income tax benefits attributable to the release of a valuation allowance on certain foreign deferred tax assets.

The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2024 and 2023 are as follows (amounts in thousands):

	December 31, 2024		December 31, 2023
Deferred tax assets:
Stock-based compensation	$	1,989	$	1,952
Net operating losses	5,863		4,683
Foreign tax credits	39,748		35,751
Amortizable tax goodwill	37,672		46,821
Other	6,487		5,044
Total deferred tax assets	91,759		94,251
Valuation allowance	(44,656)		(40,814)
Net deferred tax assets	$	47,103	$	53,437
Deferred tax liabilities:
Mineral property basis	$	(123,482)	$	(122,543)
Unrealized foreign exchange gains	(582)		(582)
Other	(1,179)		(97)
Total deferred tax liabilities	(125,243)		(123,222)
Total net deferred taxes	$	(78,140)	$	(69,785)

We review the measurement of our deferred tax assets at each balance sheet date. Considering all available positive and negative evidence, including but not limited to recent earnings history and forecasted future results, the Company believes it is more likely-than-not that all net deferred tax assets not currently burdened with a valuation allowance will be fully realized. As of December 31, 2024 and 2023, we recorded a valuation allowance of $44.7 million and $40.8 million, respectively. The valuation allowance remaining at December 31, 2024 is attributable to US foreign tax credits of

$39.7 million and capital losses of $1.9 million, net operating losses of $2.2 million, and other tax attribute carryforwards of $0.9 million in non-US subsidiaries.

As of December 31, 2024 and 2023, we had $5.9 million and $4.7 million of net operating loss carryforwards offset by a valuation allowance of $2.2 million and $1.7 million, respectively. The majority of the tax loss carryforwards are in jurisdictions that allow a twenty-year carry-forward period. These losses do not begin to expire until the 2038 tax year, and the Company anticipates utilizing $3.7 million of the net operating loss carryforwards as of December 31, 2024.

As of December 31, 2024 and 2023, we had zero unrecognized tax benefits. We file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal, state and local, and non-U.S. income tax examinations by tax authorities for fiscal years before 2021.

Our continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as part of our income tax expense. For the years ended December 31, 2024, 2023, and 2022, we had zero accrued income-tax-related interest and penalties.