| SEGMENTED INFORMATION |
SEGMENTED INFORMATION The Company currently has four principal assets which represent the Company's reportable and operating segments. All operating segments are located in Nevada, United States. Results of the operating segments are reviewed by the Company's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segments and to assess their performance. The Company's CODM is the chief executive officer. In the fourth quarter of 2024, the CODM reassessed their approach to evaluating the Company's performance and accordingly has revised the presentation of its operating segments. The CODM uses adjusted loss from operations to evaluate each operation's financial performance. The Corporate and other segment relates to the corporate administration function and includes other non pre-development properties in total assets. Inter-segment expenses and expense recoveries are not eliminated and shown in the respective segment. The results from operations for these reportable segments are summarized in the following tables:
| | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | Granite Creek | Ruby Hill | Lone Tree | Cove | Corporate and other | Total | | Revenue | $ | 28,422 | | $ | 3,678 | | $ | 9,784 | | $ | — | | $ | — | | $ | 41,884 | | Costs applicable to sales1 | (30,386) | | (2,808) | | (2,306) | | — | | — | | | | Pre-development, evaluation and exploration | (9,719) | | (5,089) | | (33) | | (3,721) | | (28) | | | | Property maintenance | (276) | | (1,356) | | (4,918) | | (407) | | (356) | | | Adjusted loss from operations | (11,959) | | (5,575) | | 2,527 | | (4,128) | | (384) | | (19,519) | | Unallocated expenses: | | | | | | | Depletion, depreciation and amortization | | | | | | (923) | | Royalties | | | | | | (1,757) | | | General and administrative | | | | | | (12,328) | | | | | | | | | | | | | | | | | | | | | | | | Loss from operations | | | | | | $ | (34,527) | |
| | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2024 | Granite Creek | Ruby Hill | Lone Tree | Cove | Corporate and other | Total | | Revenue | $ | 6,487 | | $ | 2,127 | | $ | 6,983 | | $ | — | | $ | — | | $ | 15,597 | | Costs applicable to sales1 | (20,894) | | (2,241) | | (3,000) | | — | | — | | | | Pre-development, evaluation and exploration | (12,115) | | (713) | | (45) | | (4,615) | | (222) | | | | Property maintenance | (378) | | (1,009) | | (4,907) | | (501) | | (308) | | | Adjusted loss from operations | (26,900) | | (1,836) | | (969) | | (5,116) | | (530) | | (35,351) | | Unallocated expenses: | | | | | | | Depletion, depreciation and amortization | | | | | | (451) | | Royalties | | | | | | (1,618) | | | General and administrative | | | | | | (9,958) | | | | | | | | | | | | | | | | | | | | | | | | Loss from operations | | | | | | $ | (47,378) | |
| | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2025 | Granite Creek | Ruby Hill | Lone Tree | Cove | Corporate and other | Total | | Revenue | $ | 19,727 | | $ | 2,288 | | $ | 5,821 | | $ | — | | $ | — | | $ | 27,836 | | Costs applicable to sales1 | (22,067) | | (1,726) | | (1,484) | | — | | — | | — | | | Pre-development, evaluation and exploration | (5,949) | | (1,898) | | (10) | | (1,174) | | (14) | | — | | | Property maintenance | (130) | | (519) | | (2,170) | | (194) | | (153) | | — | | | Adjusted loss from operations | (8,419) | | (1,855) | | 2,157 | | (1,368) | | (167) | | (9,652) | | | Unallocated expenses: | | | | | | | | Depletion, depreciation and amortization | | | | | | (547) | | | Royalties | | | | | | (1,214) | | | General and administrative | | | | | | (7,338) | | | | | | | | | | Loss from operations | | | | | | $ | (18,751) | |
| | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2024 | Granite Creek | Ruby Hill | Lone Tree | Cove | Corporate and other | Total | | Revenue | $ | 3,288 | | $ | 1,214 | | $ | 2,682 | | $ | — | | $ | — | | $ | 7,184 | | Costs applicable to sales1 | (15,988) | | (1,373) | | (1,705) | | — | | — | | — | | | Pre-development, evaluation and exploration | (7,634) | | (296) | | (37) | | (2,343) | | (126) | | — | | | Property maintenance | (144) | | (513) | | (1,714) | | (248) | | (162) | | — | | | Adjusted loss from operations | (20,478) | | (968) | | (774) | | (2,591) | | (288) | | (25,099) | | | Unallocated expenses: | | | | | | | | Depletion, depreciation and amortization | | | | | | (74) | | | Royalties | | | | | | (356) | | | General and administrative | | | | | | (5,733) | | | | | | | | | | Loss from operations | | | | | | $ | (31,262) | |
____________________________ 1 Cost of sales excluding depletion, depreciation, amortization, and royalties | | | | | | | | | | | | | | | | | | | | | | As at June 30, 2025 | Granite Creek | Ruby Hill | Lone Tree | Cove | Corporate and other | Total | | Capital expenditures | $ | 1,491 | | $ | 911 | | $ | 661 | | $ | — | | $ | — | | $ | 3,063 | | | | | | | | | | Total assets | $ | 120,905 | | $ | 119,130 | | $ | 260,980 | | $ | 53,788 | | $ | 228,078 | | $ | 782,881 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | As at December 31, 2024 | Granite Creek | Ruby Hill | Lone Tree | Cove | Corporate and other | Total | | Capital expenditures | $ | 1,138 | | $ | 407 | | $ | 762 | | $ | — | | $ | — | | $ | 2,307 | | | | | | | | | | Total assets | $ | 115,414 | | $ | 117,277 | | $ | 259,689 | | $ | 53,412 | | $ | 109,837 | | $ | 655,629 | | | | | | | | |
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