v3.26.1
Note 4 - Income and Mining Taxes
 3 Months Ended
Mar. 31, 2026
Disclosure Text Block [Abstract]  
Income and Mining Taxes

Note 4. Income and Mining Taxes

 

Major components of our income and mining tax for the three months ended March 31, 2026 and 2025 are as follows (in thousands):

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Current:

 

 

 

 

 

 

Domestic

 

$

(21,202

)

 

$

(3,057

)

Foreign

 

 

(1,820

)

 

 

—

 

Total current income and mining tax provision

 

 

(23,022

)

 

 

(3,057

)

Deferred:

 

 

 

 

 

 

Domestic

 

 

(25,045

)

 

 

(11,724

)

Foreign

 

 

(2,833

)

 

 

(856

)

Total deferred income and mining tax provision

 

 

(27,878

)

 

 

(12,580

)

Total income and mining tax provision

 

$

(50,900

)

 

$

(15,637

)

 

The income and mining tax provision for the three months ended March 31, 2026 and 2025 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax income or loss due primarily to the impact of taxation in foreign jurisdictions, domestic and foreign mining taxes, percentage depletion, non-recognition of net operating losses and the tax effect of Global Intangible Low-Taxed Income and subpart F income inclusion.

For the three months ended March 31, 2026, we used the annual effective tax rate method to calculate the tax provision. Valuation allowances on Nevada and certain Canadian net operating losses were treated as discrete adjustments to the tax provision.

 

We file income tax returns in U.S. federal and state jurisdictions. Our Canadian subsidiaries file income tax returns in Canada, as well as in the provinces of British Columbia and Quebec, and the Yukon Territory. During the quarter, we concluded a Canada Revenue Agency audit of one of our Canadian subsidiaries with no adjustments to our filed tax positions.