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| Property and Equipment | NOTE 4 - Property and Equipment As of June 30, 2026 and December 31, 2025, the Company’s property and equipment consists of the following:
Depreciation expense for the three and six months ended June 30, 2026 and 2025 is included in exploration expenses and general and administrative expenses. At June 30, 2026, the Company has agreements for office and building space in Lead, South Dakota and Vancouver, British Columbia, Canada, which have been determined to be operating leases. The lease agreements do not contain extension options or variable lease payments. For measurement of the original lease liability and ROU asset, the Company applied a discount rate of 11.66% based on an estimated incremental borrowing rate. Rent expense is included in general and administrative and exploration expenses on the consolidated statements of operations. The weighted average remaining lease term for operating leases as of June 30, 2026 was 0.6 years. On June 1, 2026, the Company entered into an agreement for office and building space in Lead, South Dakota, which has been determined to be a finance lease. The lease agreement does not contain an extension option or variable lease payments. The lease contains a purchase option for $1.1 million, reduced by an initial payment and monthly rent credits resulting in a potential net closing payment of approximately $1.0 million on March 31, 2030. For measurement of the original lease liability and finance lease asset, the Company applied a discount rate of 11.66% based on an estimated incremental borrowing rate. As the Company does not have readily observable borrowing rates, management estimated its incremental borrowing rate by considering current market interest rates, recent financing transactions of comparable development-stage mining companies, the Company’s stage of development and credit characteristics, the terms of the underlying leases and other relevant economic factors. The remaining lease term for the finance lease as of June 30, 2026 was 3.8 years. As of June 30, 2026, the remaining undiscounted lease payments under these lease agreements are as follows:
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