v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases
8.
 
Leases
During the six months ended June 30,
 
2025, the Company entered into a number of agreements to lease mining
equipment.
 
On
 
mobilization,
 
based
 
on
 
the
 
Company’s
 
assessment
 
of
 
terms
 
within
 
these
 
agreements,
 
the
Company recognized right-of-use assets and operating lease liabilities of $
14.7
 
million and plant and equipment
and finance lease liabilities of $
23.7
 
million and $
21.1
 
million, respectively.
Information related to the Company’s right-of-use
 
assets and related lease liabilities are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
Six months ended
(in US$ thousands)
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Operating lease costs
$
9,008
$
6,918
$
17,325
$
14,486
Cash paid for operating lease liabilities
5,968
4,997
11,532
11,105
Finance lease costs:
Amortization of right-of-use assets
599
34
732
67
Interest on lease liabilities
421
1
459
2
Total
 
finance lease costs
$
1,020
$
35
$
1,191
$
69
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in US$ thousands)
June 30,
2025
December 31,
2024
Operating leases:
Operating lease right-of-use assets
$
97,398
$
90,143
Finance leases:
Property and equipment
24,071
—
Accumulated depreciation
(756)
—
Property and equipment, net
23,315
—
Current operating lease obligations
24,759
19,502
Operating lease liabilities, less current portion
77,628
74,241
Total
 
Operating lease liabilities
102,387
93,743
Current finance lease obligations
4,964
—
Finance lease liabilities, less current portion
15,648
—
Total
 
Finance lease liabilities
20,612
—
Current lease obligation
29,723
19,502
Non-current lease obligation
93,276
74,241
Total
 
Lease liability
$
122,999
$
93,743
 
 
 
 
 
 
 
June 30,
2025
December 31,
 
2024
Weighted Average Remaining
 
Lease Term (Years)
Weighted average remaining lease term – finance
 
leases
2.7
-
Weighted average remaining lease term – operating
 
leases
3.8
4.3
Weighted Average Discount
 
Rate
Weighted discount rate – finance lease
10.1%
-
Weighted discount rate – operating lease
9.4%
9.3%
The Company’s
 
operating
 
and finance
 
leases have
 
remaining
 
lease terms
 
of
one year
 
to
four years
, some
 
of
which include options to extend the terms where the Company
 
deems it is reasonably certain the options will be
exercised. Maturities of lease liabilities as at June 30, 2025,
 
are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in US$ thousands)
Operating
Lease
Finance
Lease
Year ending
 
December 31,
2025
$
16,462
$
3,344
2026
32,679
6,630
2027
31,244
6,951
2028
27,922
5,665
2029
12,881
1,772
Total
 
lease payments
121,188
24,362
Less imputed interest
(18,801)
(3,750)
Total
 
lease liability
$
102,387
$
20,612