v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (14,305,590) $ (22,548,325)  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Stock-based compensation 978,063 532,621  
Depreciation expense 39,590 33,622  
Accretion expense 82,332 0  
Non-cash portion for lease expense 12,180 12,180  
Equity earnings from investment in Peak Gold, LLC (12,758,228) (22,320,034)  
Cash distribution from Peak Gold, LLC 9,000,000 24,000,000  
Unrealized (gain)/loss from derivative contracts (31,904,363) 40,475,656  
Unrealized (gain)/loss from marketable securities 734,229 (226,460)  
Interest expense paid in stock 99,994 99,995  
Amortization of debt discount and debt issuance fees 117,146 882,721  
Drawdown of silver royalty (339,263) (113,122)  
Deferred tax (benefit)/expense (23,008) 223,681  
Changes in operating assets and liabilities, net of acquisition:      
Increase in prepaid expenses and other 1,489,164 (70,480)  
(Decrease)/increase in accounts payable and accrued liabilities (2,830,101) 7,576,595  
Net cash (used in)/provided by operating activities (49,607,855) 28,558,650  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Transaction costs paid as part of the Dolly Varden acquisition (5,237,255) 0  
Cash acquired as part of the Dolly Varden acquisition 36,022,607 0  
Net cash provided by investing activities 30,785,352 0  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Principal repayments on debt (1,000,000) (13,800,000)  
Cash proceeds from common stock and warrant issuance, net 52,436,119 798,922  
Shares repurchased for tax withholdings on share-based awards 0 (659,279)  
Net cash provided by/(used in) financing activities 51,436,119 (13,660,357)  
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 32,613,616 14,898,293  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 64,943,982 20,315,522 $ 20,315,522
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 97,557,598 35,213,815 $ 64,943,982
Supplemental disclosure of cash flow information      
Interest expense 896,491 7,229,674  
Non-cash investing and financing activities      
Common stock issuance for acquisition 228,423,981 0  
Exchangeable shares issuance for acquisition 26,658,954 0  
Replacement options issuance for acquisition 2,138,173 0  
Capitalized deferred acquisition costs 1,934,483 0  
Total non-cash investing and financing activities $ 259,155,591 $ 0