v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES        
Net loss $ (52,527) $ (30,215) $ (131,128) $ (71,420)
Adjustments        
Depreciation, depletion and amortization 1,114 951 2,065 1,694
Accretion expense 1,067 977 2,133 1,954
Share-based compensation 2,538 1,809 5,057 2,502
Non-cash items included in other expense 11,363 2,936 44,332 20,500
Loss on loan extinguishment 0 782 7,110 782
Non-cash interest expense 6,538 7,843 12,470 16,047
Finance fee expense 142 0 6,368 0
Other (2,931) (392) (3,003) (238)
Net change in operating assets and liabilities (16,888) 3,974 (40,068) (5,857)
Cash used in operating activities (49,584) (11,335) (94,664) (34,036)
INVESTING ACTIVITIES        
Additions to property, plant and equipment (21,540) (1,094) (33,396) (1,450)
Cash used in investing activities (21,540) (1,094) (33,396) (1,450)
FINANCING ACTIVITIES        
Proceeds from equity offerings 0 176,476 0 195,095
Warrant and stock option exercises 5,978 0 16,179 8
Debt and other liability issuance costs (614) (1,759) (25,248) (2,053)
Other 230 (41) (983) (58)
Cash provided by financing activities 5,594 132,695 513,103 151,011
Cash, cash equivalents and restricted cash, beginning of period 555,831 54,423 105,263 59,290
Net change in cash, cash equivalents and restricted cash during the period (65,530) 120,266 385,043 115,525
Effect of exchange rate changes on cash, cash equivalents and restricted cash (13) 314 (18) 188
Cash, cash equivalents and restricted cash, end of period 490,288 175,003 490,288 175,003
Reconciliation of cash, cash equivalents, and restricted cash:        
Cash and cash equivalents 464,555 133,691 464,555 133,691
Restricted cash and cash equivalents 25,733 41,312 25,733 41,312
Total cash, cash equivalents, and restricted cash 490,288 175,003 490,288 175,003
2026 Convertible Debentures        
FINANCING ACTIVITIES        
Gross proceeds 0 0 287,500 0
NSR Royalty        
Adjustments        
Finance fee expense     6,400  
FINANCING ACTIVITIES        
Gross proceeds 0 0 225,000 0
Principal repayments (400)   (600)  
2026 Gold Prepay        
FINANCING ACTIVITIES        
Gross proceeds 0 0 150,000 0
Convertible Debentures        
FINANCING ACTIVITIES        
Principal repayments 0 0 (67,600) 0
Orion Convertible Loan        
FINANCING ACTIVITIES        
Principal repayments 0 0 (49,347) 0
Orion Gold Prepay        
FINANCING ACTIVITIES        
Principal repayments 0 (30,989) (22,398) (30,989)
New Gold Prepay And Silver Purchase Agreement        
FINANCING ACTIVITIES        
Gross proceeds 0 31,045 0 31,045
Principal repayments 0 (31,045) 0 (31,045)
Silver Purchase Agreement        
FINANCING ACTIVITIES        
Principal repayments $ 0 $ (10,992) $ 0 $ (10,992)