| Schedule of Segment Information |
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Fiscal Year Ended December 31, 2025 |
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Exploration |
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Peak Gold JV |
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Corporate and other reconciling items |
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Consolidated |
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EXPENSES: |
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Claim rental expense |
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$ |
(463,949 |
) |
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$ |
— |
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$ |
— |
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|
$ |
(463,949 |
) |
Exploration expense |
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Johnson Tract |
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$ |
(3,565,869 |
) |
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$ |
— |
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$ |
— |
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|
$ |
(3,565,869 |
) |
Lucky Shot |
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$ |
(1,842,696 |
) |
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$ |
— |
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$ |
— |
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$ |
(1,842,696 |
) |
General exploration expenses |
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$ |
(412,331 |
) |
|
$ |
— |
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$ |
— |
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$ |
(412,331 |
) |
Total exploration expense |
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$ |
(5,820,896 |
) |
|
$ |
— |
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$ |
— |
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$ |
(5,820,896 |
) |
Depreciation expense |
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$ |
(130,543 |
) |
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$ |
— |
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$ |
(10,186 |
) |
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$ |
(140,729 |
) |
General and administrative expense |
|
$ |
(463,048 |
) |
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$ |
— |
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$ |
(12,619,826 |
) |
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$ |
(13,082,874 |
) |
Total expenses |
|
$ |
(6,878,436 |
) |
|
$ |
— |
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$ |
(12,630,012 |
) |
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$ |
(19,508,448 |
) |
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Income from equity investment in Peak Gold, LLC |
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$ |
— |
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$ |
88,585,112 |
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$ |
— |
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$ |
88,585,112 |
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Total income/(loss) from operations |
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$ |
(6,878,436 |
) |
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$ |
88,585,112 |
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$ |
(12,630,012 |
) |
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$ |
69,076,664 |
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OTHER INCOME/(EXPENSE): |
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Interest and other income |
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$ |
— |
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$ |
— |
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$ |
1,772,675 |
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$ |
1,772,675 |
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Interest expense |
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$ |
— |
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$ |
— |
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$ |
(7,598,562 |
) |
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$ |
(7,598,562 |
) |
Loss on derivative contracts |
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$ |
— |
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$ |
(109,108,194 |
) |
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$ |
— |
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$ |
(109,108,194 |
) |
Gain on metal sales |
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$ |
— |
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$ |
5,324,700 |
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$ |
— |
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$ |
5,324,700 |
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Gain on marketable securities |
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$ |
— |
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$ |
— |
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$ |
4,749,312 |
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$ |
4,749,312 |
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Total other income/(expense) |
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$ |
— |
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$ |
(103,783,494 |
) |
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$ |
(1,076,575 |
) |
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$ |
(104,860,069 |
) |
LOSS BEFORE INCOME TAXES |
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$ |
(6,878,436 |
) |
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$ |
(15,198,382 |
) |
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$ |
(13,706,587 |
) |
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$ |
(35,783,405 |
) |
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As of December 31, 2025 |
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Total Assets |
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$ |
53,156,804 |
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$ |
47,397,378 |
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$ |
71,397,045 |
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$ |
171,951,227 |
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Total Liabilities |
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$ |
(1,910,751 |
) |
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$ |
(103,657,337 |
) |
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$ |
(41,284,850 |
) |
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$ |
(146,852,938 |
) |
Net Assets/(Deficit) |
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$ |
51,246,053 |
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$ |
(56,259,959 |
) |
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$ |
30,112,195 |
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$ |
25,098,289 |
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Fiscal Year Ended December 31, 2024 |
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Exploration |
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Peak Gold JV |
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Corporate and other reconciling items |
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Consolidated |
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EXPENSES: |
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Claim rental expense |
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$ |
(589,461 |
) |
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$ |
— |
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|
$ |
— |
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|
$ |
(589,461 |
) |
Exploration expense |
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Johnson Tract |
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(4,059,505 |
) |
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— |
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— |
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(4,059,505 |
) |
Total exploration expense |
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(4,059,505 |
) |
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— |
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— |
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(4,059,505 |
) |
Depreciation expense |
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(112,184 |
) |
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— |
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(9,692 |
) |
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(121,876 |
) |
Accretion expense |
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(9,542 |
) |
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— |
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— |
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(9,542 |
) |
General and administrative expense |
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(325,500 |
) |
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— |
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(10,285,771 |
) |
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(10,611,271 |
) |
Total expenses |
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(5,096,192 |
) |
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— |
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(10,295,463 |
) |
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(15,391,655 |
) |
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Income from equity investment in Peak Gold, LLC |
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— |
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41,669,216 |
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— |
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41,669,216 |
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Total income/(loss) from operations |
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(5,096,192 |
) |
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41,669,216 |
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(10,295,463 |
) |
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26,277,561 |
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OTHER INCOME/(EXPENSE): |
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Interest and other income |
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28,327 |
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127,365 |
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324,543 |
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|
480,235 |
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Interest expense |
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— |
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— |
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(11,731,622 |
) |
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(11,731,622 |
) |
Loss on derivative contracts |
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— |
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(54,150,141 |
) |
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— |
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(54,150,141 |
) |
Gain on metal sales |
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— |
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|
1,209,293 |
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— |
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1,209,293 |
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Loss on marketable securities |
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— |
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— |
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(199,018 |
) |
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(199,018 |
) |
Total other income/(expense) |
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28,327 |
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(52,813,483 |
) |
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(11,606,097 |
) |
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(64,391,253 |
) |
LOSS BEFORE INCOME TAXES |
|
$ |
(5,067,865 |
) |
|
$ |
(11,144,267 |
) |
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$ |
(21,901,560 |
) |
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$ |
(38,113,692 |
) |
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As of December 31, 2024 |
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Total Assets |
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51,908,779 |
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60,706,964 |
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21,276,520 |
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133,892,263 |
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Total Liabilities |
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(2,143,570 |
) |
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(57,692,107 |
) |
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(72,783,941 |
) |
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(132,619,618 |
) |
Net Assets/(Deficit) |
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$ |
49,765,209 |
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$ |
3,014,857 |
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$ |
(51,507,421 |
) |
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$ |
1,272,645 |
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