v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ (36,086,645) $ (38,030,291)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Stock-based compensation 3,356,510 2,638,635
Depreciation expense 140,729 121,876
Accretion expense 0 9,542
Non-cash portion for lease expense 47,529 180
Equity earnings from investment in Peak Gold, LLC (88,585,112) (41,669,216)
Cash distribution from Peak Gold, LLC 102,000,000 40,500,000
Unrealized loss from derivative contracts 45,965,233 34,274,326
Unrealized (gain)/loss from marketable securities (4,020,712) 199,018
Realized gain from marketable securities (728,600) 0
Interest expense paid in stock 466,610 400,048
Amortization of debt discount and debt issuance fees 2,388,559 4,108,887
Drawdown of Silver Royalty (584,589) (127,366)
Deferred tax expense/(benefit) 310,358 (90,511)
Changes in operating assets and liabilities:    
(Increase)/decrease in prepaid expenses and other 71,572 339,627
Increase/(decrease) in accounts payable and accrued liabilities 449,730 (1,326,643)
Decrease/(increase) in income taxes receivable 542,882 (649,125)
Net cash provided by (used in) operating activities 25,734,054 698,987
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash invested in Peak Gold, LLC 0 (31,290,000)
Proceeds from the sale of marketable securities 1,025,674 0
Cash consideration paid for Avidian Alaska Acquisition (350,000) (815,613)
Acquisition of property and equipment (162,492) (23,667)
Net cash provided by/(used in) investing activities 513,182 (32,129,280)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash proceeds from debt 0 30,000,000
Principal repayments on debt (37,500,000) (7,900,000)
Cash proceeds from common stock and warrant issuance, net 56,540,503 15,477,398
Shares repurchased for tax withholdings on share-based awards (659,279) 0
Debt issuance costs 0 (1,568,974)
Net cash provided by financing activities 18,381,224 36,008,424
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 44,628,460 4,578,131
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR 20,315,522 15,737,391
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR 64,943,982 20,315,522
Supplemental disclosure of cash flow information    
Total income tax paid, net of received (550,000) 656,235
Interest expense 3,817,877 7,229,674
Non-cash investing and financing activities:    
Commitment fee derecognized and added to debt discount 0 787,306
Shares issued for acquisitions 207,945 35,331,402
Change in estimate in contingent consideration liability 1,657,472 0
Capitalized deferred acquisition costs 2,231,519 0
Consideration payable for Avidian acquisition 0 557,945
Accrued transaction costs for HighGold acquisition 0 21,919
Total non-cash investing and financing activities $ 4,096,936 $ 36,698,572