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INCOME TAXES
 12 Months Ended
Dec. 31, 2025
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,
2025		December 31,
2024		December 31,
2023
United States$153,710 $127,366 $64,105 
Foreign420,156 298,726 218,035 
Income before income taxes$573,866 $426,092 $282,140 
Our Income tax expense consisted of (amounts in thousands):
Years Ended
December 31,
2025		December 31,
2024		December 31,
2023
Current:
Federal$43,294 $51,643 $24,046 
State(716)715 (68)
Foreign63,638 32,901 24,499 
Current tax expense$106,216 $85,259 $48,477 
Deferred and others:
Federal$589 $(92)$(763)
State104 (2)(14)
Foreign(4,619)8,448 (5,692)
Deferred tax expense$(3,926)$8,354 $(6,469)
Total income tax expense $102,290 $93,613 $42,008 
The provision for income taxes for the years ended December 31, 2025, 2024, and 2023 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,
2025		December 31,
2024		December 31,
2023
 Tax Effected Rate Tax Effected Rate Tax Effected Rate
Income taxes at statutory rates$120,512 21.0 %$89,479 21.0 %$59,249 21.0 %
State income taxes, net of federal benefit429 0.1 %914 0.2 %625 0.2 %
Foreign tax effects:
Canada
 Withholding tax less foreign tax credits 7,619 1.3 %— — %(92)— %
 Change in valuation allowance 6,816 1.2 %— — %— — %
 Non taxable income and expenses 7,979 1.4 %(16)— %22 — %
 Other 731 0.1 %1,382 0.3 %397 0.1 %
Switzerland
 Statutory tax rate differential - federal (58,136)(10.1)%(37,273)(8.8)%(27,491)(9.7)%
 Cantonal taxes 19,675 3.4 %13,216 3.1 %9,504 3.4 %
 Other 2,247 0.4 %1,298 0.3 %(1,024)(0.4)%
 Additional recoverable basis (16,264)(2.8)%— — %— — %
 Change in valuation allowance — — %— — %(8,462)(3.0)%
Mexico
 Withholding taxes, net of refund 11,893 2.1 %15,656 3.7 %8,125 2.9 %
Other foreign jurisdictions315 0.1 %826 0.2 %293 0.1 %
Effects of cross-border tax law:
GILTI & subpart F, net of foreign tax credits15,576 2.7 %22,087 5.2 %7,235 2.6 %
Tax credits:
Foreign tax credits(10,944)(1.9)%(16,166)(3.8)%(8,598)(3.1)%
Change in valuation allowance(4,118)(0.7)%3,873 0.9 %3,180 1.1 %
Nontaxable or nondeductible items:
Excess depletion(2,548)(0.4)%(2,473)(0.6)%(2,259)(0.8)%
Statutory tax attributes to non-controlling interest(1,044)(0.2)%(74)— %(118)— %
Other(63)— %884 0.2 %1,421 0.5 %
Non-deductible acquisition cost1,615 0.3 %— — %— — %
Total income tax expense$102,290 17.8 %$93,613 22.0 %$42,008 14.9 %
The effective tax rate for the year ended December 31, 2025, was 17.8%. which included a $16.3 million tax benefit for additional recoverable basis and a tax benefit for an $11 million recovery of foreign withholding tax, partially offset by $2.9 million of U.S. and foreign capitalized acquisition costs. The effective tax rates for the year ended December 31,
2024, was 22% and 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 rate for the year ended December 31, 2023, was 14.9%, which included income tax benefits attributable to the release of a valuation allowance on certain foreign deferred tax assets.
Cash taxes paid consisted of (amounts in thousands):
Year Ended December 31, 2025
United States$41,111 
Switzerland
Federal21,859 
Cantonal8,616 
Mexico11,187 
Australia6,825 
Other5,750 
Total cash taxes paid$95,348 
Year Ended December 31, 2024
United States$33,608 
Switzerland
Federal15,794 
Cantonal3,502 
Mexico12,058 
Australia5,118 
Other2,028 
Total cash taxes paid$72,108 
Year Ended December 31, 2023
United States$14,261 
Switzerland
Federal17,070 
Cantonal1,967 
Mexico10,160 
Canada2,362 
Other4,483 
Total cash taxes paid$50,303 
The tax effects of temporary differences and carryforwards, which give rise to our deferred tax assets and liabilities on December 31, 2025 and 2024 are as follows (amounts in thousands):
December 31,
2025		December 31,
2024
Deferred tax assets:
Stock-based compensation$3,229 $1,989 
Net operating losses54,455 5,863 
Foreign tax credits35,630 39,748 
Amortizable tax goodwill41,249 37,672 
Other tax attributes10,871 1,784 
Capital losses8,673 1,853 
Lease liability9,805 1,067 
Other1,896 1,788 
Total deferred tax assets165,808 91,764 
Valuation allowance(86,747)(44,656)
Net deferred tax assets$79,061 $47,108 
Deferred tax liabilities:
Mineral property basis$(1,117,909)$(123,482)
Equity method investments(84,036)— 
Marketable securities(6,941)— 
Lease right-of-use asset(8,913)(930)
Other(793)(836)
Total deferred tax liabilities$(1,218,592)$(125,248)
Total net deferred taxes$(1,139,531)$(78,140)
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, 2025 and 2024, we recorded a valuation allowance of $86.7 million and $44.7 million, respectively. The valuation allowance remaining at December 31, 2025 is attributable to U.S. foreign tax credits of $35.6 million and capital losses of $8.7 million, tax basis in excess of book basis in Mineral Properties of $39.0 million, net operating losses of $2.7 million, and other tax attribute carryforwards of $0.7 million.
As of December 31, 2025 and 2024, we had $54.5 million and $5.9 million of net operating loss carryforwards offset by a valuation allowance of $2.7 million and $2.2 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.
As of December 31, 2025 and 2024, 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 2022.
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, 2025, 2024, and 2023, we had zero accrued income-tax-related interest and penalties.