v3.25.4
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities

At December 31, 2025, and December 31, 2024, the Company had no accrued interest and penalties related to uncertain tax positions. The income tax provision differs from the amount of income tax determined by applying the U.S. federal tax rate of 21.0% (December 31, 2024 – 21.0%) to pretax loss from operations for the periods ended December 31, 2025 and December 31, 2024 as follows: 

 

                 
  

Year Ended
December 31, 2025

  

Year Ended
December 31, 2024

 
                 
(Loss) income before income taxes  $(93,132,015)       $(26,880,213)   - 
Expected income tax (recovery) expense   (19,557,723)   21.0%   (5,644,845)   21.0%
Change in estimates in respect of prior periods   1,473,299    -1.6%   104,648    -0.4%
Change in tax rate   -    0.0%   135,998    -0.5%
Change in fair value of derivative liability   8,944,583    -9.6%   (176,059)   0.7%
Loss on warrant issuance   1,358,495    -1.5%   -    0.0%
State and local taxes, net of federal benefit   -    0.0%   (463,643)   1.7%
Convertible debentures   775,040    -0.8%   -    0.0%
Nondeductible interest   612,379    -0.7%   -    0.0%
Loss (gain) on debt settlement   -    0.0%   37,723    -0.1%
Other   685,638    -0.7%   39,876    -0.1%
Change in valuation allowance   5,708,289    -6.1%   4,427,712    -16.5%
Total  $-    0.0%  $(1,538,590)   5.7%
Current tax (benefit)/ expense   -         1,050,000    -3.9%
Current tax (benefit) / expense   -         (2,588,590)   -9.6%
Total   -         (1,538,590)   -5.7%

 

The components of deferred tax assets and liabilities are as follows:

    

   December 31,   December 31, 
   2025   2024 
         
Deferred tax assets:          
Net operating loss carryforwards  $20,295,812   $9,692,247 
Mining interests   4,856,139    7,097,179 
EPA liabilities   2,712,725    2,282,217 
Stream debenture   -    15,212,680 
Lease liabilities   24,060    67,178 
Silver loan   12,198,318    - 
Plant and equipment   603,576    - 
Other deferred tax assets   1,717,659    2,489,658 
Total deferred tax assets   42,408,289    36,841,159 
Valuation allowance   (42,251,751)   (35,631,961)
Total deferred tax assets   156,538    1,209,198 
Deferred tax liabilities:          
Deferred revenue   -    - 
Convertible debentures   -    (429,087)
Right of use assets and lease obligations   (156,538)   (202,381)
Equipment   -    (577,730)
Unrealized foreign exchange gain   -    - 
Total deferred tax liabilities   (156,538)   (1,209,198)
Net deferred tax liabilities  $-   $-
Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows:

    

   December 31,   December 31, 
   2025   2024 
         
Deferred tax assets:          
Net operating loss carryforwards  $20,295,812   $9,692,247 
Mining interests   4,856,139    7,097,179 
EPA liabilities   2,712,725    2,282,217 
Stream debenture   -    15,212,680 
Lease liabilities   24,060    67,178 
Silver loan   12,198,318    - 
Plant and equipment   603,576    - 
Other deferred tax assets   1,717,659    2,489,658 
Total deferred tax assets   42,408,289    36,841,159 
Valuation allowance   (42,251,751)   (35,631,961)
Total deferred tax assets   156,538    1,209,198 
Deferred tax liabilities:          
Deferred revenue   -    - 
Convertible debentures   -    (429,087)
Right of use assets and lease obligations   (156,538)   (202,381)
Equipment   -    (577,730)
Unrealized foreign exchange gain   -    - 
Total deferred tax liabilities   (156,538)   (1,209,198)
Net deferred tax liabilities  $-   $-
Schedule of Ownership Change

 

   Section 382 Tax Loss Carryovers 
Ownership Change Date  Annual Limitation   December 31, 2025   December 31, 2024 
June 30, 2019  $3,458   $18,336,999   $18,336,999 
August 30, 2019  $16,523   $222,627   $222,627 
June 5, 2025  $1,245,671   $32,207,053    ¬N/A