RELATED PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Prepaids, related party During 2025, Artmin Madencilik Sanayi ve Ticaret A.Ş (“Artmin”) advanced payments to Gap İnşaat Yatırım ve Dış Ticaret A.Ş (“Gap İnşaat”) associated with development activities at Hod Maden. Gap İnşaat is a wholly owned subsidiary of Calik Holding. Calik Holding owns 100% of Lidya Madencilik Sanayi ve Ticaret A.Ş (“Lidya Mines”), the Company’s joint venture partner. The Company advanced $24.5 million to Gap İnşaat. During the three months ended March 31, 2026 and 2025, approximately $0.7 million and nil, respectively, of the advance was reclassified to Mineral properties, plant and equipment, net. As of March 31, 2026, the carrying amount of the advance was approximately $23.9 million. Related party loan Artmin entered into loan agreements with Mariana Turkey Limited, as lender, to fund Horizon Copper Corp.’s (“Horizon”) portion of working capital spend of the Hod Maden project. The loans are unsecured and bear interest at the credit default swap premium of Türkiye plus a fixed spread of 4.0% at the end of each calendar quarter. The loans have a five year maturity with maturity dates ranging from June 2028 to March 2031. Artmin’s loans with Horizon had a total borrowing capacity of $66.1 million, of which $66.1 million was outstanding as of March 31, 2026. The liability is included in Debt, related party in the Condensed Consolidated Balance Sheets. As of March 31, 2026, no repayments have been made. Interest expense for these loans totaled $0.9 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. The interest expense on the loan is included in Interest expense in the Condensed Consolidated Statements of Operations. Related party line of credit During 2024, the Company’s majority owned subsidiary, Anagold Madencilik Sanayi ve Ticaret A.Ş, entered into loan agreements with Aktif Bank, as lender, to fund Lidya Mines’ portion of reclamation and environmental obligations. Aktif Bank is a wholly owned subsidiary of Calik Holding. The loan agreements provide for a non-revolving credit facility in an aggregate principal amount of up to $11.0 million. During the third quarter of 2025, the Company amended the terms of the outstanding loan agreements to extend the maturity date from August 8, 2025 to August 7, 2026 and to increase the stated interest rate from 10.0% to 10.15% per annum. The loans are guaranteed by Lidya Mines. As of March 31, 2026, the outstanding balance of the loans was $11.0 million and is included in Liabilities held for sale in the Condensed Consolidated Balance Sheets. As of March 31, 2026, no repayments have been made. Interest expense totaled $0.3 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. The interest expense on the loans is included in Net income (loss) from discontinued operations in the Condensed Consolidated Statements of Operations. Refer to Note 3 and Note 4 for further details related to held for sale and discontinued operations.
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