v3.25.2
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Cash (Note 2) $ 508,852 $ 593,885
Receivables 577 557
Prepaids and deposits 2,286 7,733
Total current assets 511,715 602,175
Investments measured at fair value 1,951 4,152
Restricted cash 288 288
Mineral properties, plant and equipment, net (Note 3) 810,086 398,948
Deferred financing costs 12,066 11,529
Other assets 2,981 27,852
Total assets [1] 1,339,087 1,044,944
LIABILITIES    
Accounts payable 5,952 700
Accrued liabilities (Note 4) 40,165 51,764
Current portion of lease liabilities (Note 5) 5,685 5,816
Total current liabilities 51,802 58,280
Convertible debt and conversion feature (Note 7) 186,901 0
Royalty and production payment arrangements (Note 7) 46,664 20,715
Lease liabilities (Note 5) 14,097 16,821
Reclamation liabilities 288 288
Other liabilities 3,500 3,500
Total liabilities [1] 303,252 99,604
Commitments (Note 14)
Non-controlling interest (Note 6) 419,514 310,336
STOCKHOLDERS' EQUITY    
Common stock, no par value, unlimited authorized; 223,327 and 218,465 shares issued and outstanding, respectively (Note 8) 670,636 655,068
Additional paid-in capital 24,516 35,618
Accumulated deficit (78,831) (55,682)
Total stockholders' equity 616,321 635,004
Total liabilities, non-controlling interest and stockholders' equity $ 1,339,087 $ 1,044,944
[1] The Company is the primary beneficiary in a variable interest entity (“VIE”). See Note 6 for further information related to the Company’s VIE. The consolidated assets as of June 30, 2025 and December 31, 2024, include $1,197,306 and $888,486, respectively, of assets for the VIE that can only be used to settle the obligations of the VIE. As of June 30, 2025 and December 31, 2024, the assets include, respectively: Cash of $387,029 and $452,293; Receivables of $2 and $16; Prepaids and deposits of $2,155 and $6,091; Mineral properties, plant and equipment of $805,384 and $402,540; and, Other assets, non-current of $2,736 and $27,546. The VIE’s liabilities, as of June 30, 2025 and December 31, 2024, of $93,322 and $71,813, respectively, include $67,058 and $50,865 of liabilities whose creditors have no recourse to the Company. As of June 30, 2025 and December 31, 2024, the liabilities include, respectively: Accounts Payable of $5,684 and $684; Accrued liabilities of $38,067 and $24,083; Lease liabilities, current of $5,486 and $5,632; Lease liabilities, non-current of $14,033 and $16,678; Reclamation liabilities of $288 and $288; and, Other liabilities, non-current of $3,500 and $3,500.