| Segments |
18. Segments The Company engages in exploration and development for gold and silver ore and associated minerals in Alaska and British Columbia. The Company also holds a 30% membership interest in Peak Gold JV which achieved production in 2024. The reportable segments are those operations whose operating results are reviewed by the chief operating decision maker ("CODM") to make decisions about resources to be allocated. The Company's CODM is the President and Chief Executive Officer and is responsible for the management of the Company. An operating segment is a component of an entity that engages in business activities, operating results are "regularly" reviewed by the CODM to make resource allocation decisions and assess performance and for which discrete financial information is available. Inter-segment transactions are recorded at amounts that reflect normal third-party terms and conditions, with inter-segment profits eliminated from the cost base of the segment incurring the charge. The Company has identified two operating and reportable segments: (i) Peak Gold, JV and (ii) Exploration. The Company's general corporate administration are included within "Corporate and other reconciling items" to reconcile the reportable segments to the consolidated financial statements. The Company's CODM reviews the quarterly results of the Company's exploration projects based on the expenditures associated with the exploration in the regions where the Company's mineral claims are located. The Peak Gold JV, engages in business activities from which the Company recognizes operating income or loss. The CODM uses quarterly financial information (income from equity investment from Peak Gold JV) of the Peak Gold JV, in his evaluation of the performance of the Peak Gold JV and can make decisions regarding resource allocations within the Company. Segment information is prepared on the same basis that the CODM manages our segments, evaluates financial results, and makes key operating decisions. The CODM considers budget to actual and forecast to actual comparison of exploration expenditures and income from equity investment of Peak Gold JV on quarterly basis when making decisions about the allocation of operating and capital resources to each segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2026 |
|
Exploration |
|
|
Peak Gold JV |
|
|
Corporate and other reconciling items |
|
|
Consolidated |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Claim rental |
|
$ |
(128,261 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(128,261 |
) |
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
Johnson Tract |
|
$ |
(866,359 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(866,359 |
) |
Lucky Shot |
|
$ |
(2,933,315 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(2,933,315 |
) |
General exploration |
|
$ |
(35,142 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(35,142 |
) |
Total exploration |
|
$ |
(3,834,816 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(3,834,816 |
) |
Depreciation |
|
$ |
(36,943 |
) |
|
$ |
— |
|
|
$ |
(2,647 |
) |
|
$ |
(39,590 |
) |
Accretion |
|
$ |
(82,332 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(82,332 |
) |
General and administrative |
|
$ |
(178,919 |
) |
|
$ |
— |
|
|
$ |
(3,684,920 |
) |
|
$ |
(3,863,839 |
) |
Total expenses |
|
$ |
(4,261,271 |
) |
|
$ |
— |
|
|
$ |
(3,687,567 |
) |
|
$ |
(7,948,838 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from equity investment in Peak Gold, LLC |
|
$ |
— |
|
|
$ |
12,758,228 |
|
|
$ |
— |
|
|
$ |
12,758,228 |
|
Total income/(loss) from operations |
|
$ |
(4,261,271 |
) |
|
$ |
12,758,228 |
|
|
$ |
(3,687,567 |
) |
|
$ |
4,809,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME/(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
870,018 |
|
|
$ |
870,018 |
|
Interest expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(919,708 |
) |
|
$ |
(919,708 |
) |
Loss on derivative contracts |
|
$ |
— |
|
|
$ |
(19,026,382 |
) |
|
$ |
— |
|
|
$ |
(19,026,382 |
) |
Gain on metal sales |
|
$ |
— |
|
|
$ |
672,313 |
|
|
$ |
— |
|
|
$ |
672,313 |
|
Gain on marketable securities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(734,229 |
) |
|
$ |
(734,229 |
) |
Total other income/(expense) |
|
$ |
— |
|
|
$ |
(18,354,069 |
) |
|
$ |
(783,919 |
) |
|
$ |
(19,137,988 |
) |
LOSS BEFORE INCOME TAXES |
|
$ |
(4,261,271 |
) |
|
$ |
(5,595,841 |
) |
|
$ |
(4,471,486 |
) |
|
$ |
(14,328,598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
375,974,311 |
|
|
$ |
51,427,328 |
|
|
$ |
68,844,785 |
|
|
$ |
496,246,424 |
|
Total Liabilities |
|
$ |
(3,949,376 |
) |
|
$ |
(72,197,883 |
) |
|
$ |
(98,571,182 |
) |
|
$ |
(174,718,441 |
) |
Net Assets/(Deficit) |
|
$ |
372,024,935 |
|
|
$ |
(20,770,555 |
) |
|
$ |
(29,726,397 |
) |
|
$ |
321,527,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2025 |
|
Exploration |
|
|
Peak Gold JV |
|
|
Corporate and other reconciling items |
|
|
Consolidated |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Claim rental |
|
$ |
(108,839 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(108,839 |
) |
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
Johnson Tract |
|
|
(238,050 |
) |
|
|
— |
|
|
|
— |
|
|
|
(238,050 |
) |
Lucky Shot |
|
|
(191,574 |
) |
|
|
— |
|
|
|
— |
|
|
|
(191,574 |
) |
General exploration |
|
|
(30,379 |
) |
|
|
— |
|
|
|
— |
|
|
|
(30,379 |
) |
Total exploration |
|
|
(460,003 |
) |
|
|
— |
|
|
|
— |
|
|
|
(460,003 |
) |
Depreciation |
|
|
(31,200 |
) |
|
|
— |
|
|
|
(2,422 |
) |
|
|
(33,622 |
) |
General and administrative |
|
|
(157,600 |
) |
|
|
— |
|
|
|
(2,290,466 |
) |
|
|
(2,448,066 |
) |
Total expenses |
|
|
(757,642 |
) |
|
|
— |
|
|
|
(2,292,888 |
) |
|
|
(3,050,530 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from equity investment in Peak Gold, LLC |
|
|
— |
|
|
|
22,320,034 |
|
|
|
— |
|
|
|
22,320,034 |
|
Total income/(loss) from operations |
|
|
(757,642 |
) |
|
|
22,320,034 |
|
|
|
(2,292,888 |
) |
|
|
19,269,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME/(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income |
|
|
— |
|
|
|
— |
|
|
|
231,940 |
|
|
|
231,940 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
(2,747,712 |
) |
|
|
(2,747,712 |
) |
Loss on derivative contracts |
|
|
— |
|
|
|
(40,475,656 |
) |
|
|
— |
|
|
|
(40,475,656 |
) |
Gain on metal sales |
|
|
— |
|
|
|
1,170,820 |
|
|
|
— |
|
|
|
1,170,820 |
|
Loss on marketable securities |
|
|
— |
|
|
|
— |
|
|
|
226,460 |
|
|
|
226,460 |
|
Total other income/(expense) |
|
|
— |
|
|
|
(39,304,836 |
) |
|
|
(2,289,312 |
) |
|
|
(41,594,148 |
) |
LOSS BEFORE INCOME TAXES |
|
$ |
(757,642 |
) |
|
$ |
(16,984,802 |
) |
|
$ |
(4,582,200 |
) |
|
$ |
(22,324,644 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
53,156,804 |
|
|
|
47,397,378 |
|
|
|
71,397,045 |
|
|
|
171,951,227 |
|
Total Liabilities |
|
|
(1,910,751 |
) |
|
|
(103,657,337 |
) |
|
|
(41,284,850 |
) |
|
|
(146,852,938 |
) |
Net Assets/(Deficit) |
|
$ |
51,246,053 |
|
|
$ |
(56,259,959 |
) |
|
$ |
30,112,195 |
|
|
$ |
25,098,289 |
|
|