v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Recurring fair value measurements
The following table sets forth by level within the fair value hierarchy, the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands):
Hierarchy
Level		September 30,
2025		December 31,
2024
Equity securities, current1$796 $454 
Equity securities, non-current1— 151 
Total(1)
$796 $605 
5-Year Private Warrants(2)
2$— $6 
(1)    The value of equity securities was determined using the closing price of the publicly traded Canadian gold mining company on the last day of the period as quoted on the TSX Venture Exchange. See Note 4 – Equity Securities for additional information.
(2)     The value of certain warrants to purchase shares of the Company’s common stock that were issued to the special purpose acquisition company sponsor and/or underwriter in a private placement and/or pursuant to a forward purchase contract (collectively, “5-Year Private Warrants”) as of September 30, 2025 was nil due to the expiration of the warrants on May 29, 2025. See Note 12 – Warrant Liabilities for additional information on the fair value of the Company’s liability classified warrants.
Items disclosed at fair value
The Sprott Credit Agreement and the 10% senior secured notes (collectively, the “Subordinated Notes”) are privately held, and, as such, there is no public market or trading information available for such debt instruments. As of September 30, 2025 and December 31, 2024, the estimated fair value of the Company’s debt instruments was $127.5 million and $108.0 million, respectively, compared to the carrying value of $134.2 million and $125.0 million, respectively. The estimated fair value of the principal of the Company’s debt instruments, including capitalized interest, was determined using a market approach in which pricing information for publicly traded, non-convertible debt instruments with speculative ratings was analyzed to derive a mean trading multiple to apply to the September 30, 2025 and December 31, 2024 balances.