v3.26.1
Note 14 - Derivatives and Hedging Activities (Tables)
3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Not Designated as Hedging Instruments [Table Text Block]

As of March 31, 2026, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships:

 

Period

 

Commodity

 

Volume

 

 

Weighted
Average Price
($/oz)

 

2026

 

Gold

 

 

7,000

 

 

$

2,025

 

2027

 

Gold

 

 

15,000

 

 

$

1,933

 

 

 

 

 

22,000

 

 

$

1,962

 

 

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The table below presents the fair value of the Company’s derivative financial instruments, as well as their classification on the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

 

 

 

 

As of March 31, 2026

 

 

As of December 31, 2025

 

Derivatives not designated as hedging instruments

 

Balance Sheet
Location

 

Gross
Recognized
Assets /
Liabilities

 

 

Gross
Amounts
Offset

 

 

Net
Recognized
Assets /
Liabilities

 

 

Gross
Recognized
Assets /
Liabilities

 

 

Gross
Amounts
Offset

 

 

Net
Recognized
Assets /
Liabilities

 

Commodity Contracts

 

Derivative contract asset - current

 

$

769,400

 

 

$

(324,491

)

 

$

444,909

 

 

$

 

 

$

 

 

$

 

Commodity Contracts

 

Derivative contract liability - current

 

$

(58,576,154

)

 

$

324,491

 

 

$

(58,251,663

)

 

$

(66,465,622

)

 

$

 

 

$

(66,465,622

)

Commodity Contracts

 

Derivative contract liability - noncurrent

 

$

(13,946,223

)

 

$

 

 

$

(13,946,223

)

 

$

(37,191,718

)

 

$

 

 

$

(37,191,718

)

Derivative Instruments, Gain (Loss) [Table Text Block]

The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2026 and 2025, respectively.

 

Derivatives Not Designated as Hedging Instruments under Subtopic 815-20

 

Location of Gain or (Loss) Recognized in Other Income (Expense)

 

Amount of Loss
Recognized in Other Income (Expense)

 

 

 

 

Three Months Ended
March 31, 2026

 

 

Three Months Ended
March 31, 2025

 

 

 

 

 

 

 

 

 

 

Commodity Contracts

 

Unrealized gain/(loss) on derivative contracts

 

$

31,904,363

 

 

$

(40,475,656

)

Commodity Contracts

 

Realized loss on derivative contracts

 

$

(50,930,745

)

 

$

 

Total

 

 

 

$

(19,026,382

)

 

$

(40,475,656

)