(8) Inventory

Inventory is stated at the lower of cost or net realizable value in accordance with ASC 330.

Inventory, when held, consists of finished or near-finished precious metal products, such as doré bars, bullion, or metals held for matched purchase and sale transactions, that are intended for sale in the ordinary course of business within a reasonable operating cycle.

Materials requiring substantial processing, development, or capital expenditure before becoming saleable, including mine tailings and similar materials, are not classified as inventory and are instead presented as mineral assets or other long-lived assets, as appropriate.

As of December 31, 2025, and 2024, the Company did not report any inventory on its consolidated balance sheets.