v3.26.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Costs and expenses:    
Exploration expense $ (932) $ (568)
Administrative expense (2,300) (3,580)
Stock-based compensation (313) (404)
Depreciation expense (1)
Total costs and expenses (3,545) (4,553)
Loss from operations (3,545) (4,553)
Other income (expense):    
Interest and other income, net 95 75
Gain (loss) on foreign currency transactions (41) (83)
Total other income (expense) 54 (8)
Loss from operations before income taxes and discontinued operations (3,491) (4,561)
Income taxes (Note 13)
Loss from continuing operations (3,491) (4,561)
Income (loss) from discontinued operations, net of taxes (Note 4) 6,144 (3,039)
Net income (loss) $ 2,653 $ (7,600)
Net income (loss) per common share – basic    
Continuing operations $ (0.23) $ (0.31)
Discontinued operations 0.41 (0.21)
Net income (loss) per common share – basic $ 0.18 $ (0.52)
Weighted-average shares outstanding – basic 15,052,882 14,721,036
Net income (loss) per common share – diluted    
Continuing operations $ (0.21) $ (0.31)
Discontinued operations 0.37 (0.21)
Net income (loss) per common share – diluted $ 0.16 $ (0.52)
Weighted-average shares outstanding – diluted [1] 16,660,242 14,721,036
[1] For the year ended, December 31, 2025, diluted weighted average shares outstanding included 862,719 incremental shares related to unvested restricted stock units, calculated using the treasury stock method Warrants to purchase 7,427,587 shares of common stock were excluded from diluted earnings per share as their exercise price exceeded the average market price of the Company’s common stock during the year and therefore were anti-dilutive. Potentially dilutive shares at December 31, 2024, consisting of 1,070,079 equivalent shares related to stock compensation and 10,819,742 equivalent shares related to warrants outstanding, were not included in the calculation of diluted weighted average shares as the impact would be anti-dilutive. See Note 14 for a discussion of stock-based compensation and warrants.