| Equity Method Investments and Joint Ventures Disclosure [Text Block] |
5. Investment in the Peak Gold JV The following table is a roll-forward of the Company’s investment in the Peak Gold JV as of June 30, 2026:
|
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Investment |
|
|
|
in Peak Gold, LLC |
|
Investment balance at December 31, 2024 |
|
$ |
60,523,622 |
|
Distributions received from Peak Gold, LLC |
|
|
(24,000,000 |
) |
Income from equity investment in Peak Gold, LLC |
|
|
22,320,034 |
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Investment balance at March 31, 2025 |
|
$ |
58,843,656 |
|
Distributions received from Peak Gold, LLC |
|
|
(30,000,000 |
) |
Income from equity investment in Peak Gold, LLC |
|
|
27,326,184 |
|
Investment balance at June 30, 2025 |
|
$ |
56,169,840 |
|
Distributions received from Peak Gold, LLC |
|
|
(33,000,000 |
) |
Income from equity investment in Peak Gold, LLC |
|
|
29,533,425 |
|
Investment balance at September 30, 2025 |
|
$ |
52,703,265 |
|
Distributions received from Peak Gold, LLC |
|
|
(15,000,000 |
) |
Income from equity investment in Peak Gold, LLC |
|
|
9,405,468 |
|
Investment balance at December 31, 2025 |
|
$ |
47,108,733 |
|
Distributions received from Peak Gold, LLC |
|
|
(9,000,000 |
) |
Income from equity investment in Peak Gold, LLC |
|
|
12,758,228 |
|
Investment balance at March 31, 2026 |
|
$ |
50,866,961 |
|
Distributions received from Peak Gold, LLC |
|
|
(9,000,000 |
) |
Income from equity investment in Peak Gold, LLC |
|
|
9,289,390 |
|
Investment balance at June 30, 2026 |
|
$ |
51,156,351 |
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|
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As of June 30, 2026 the Company has contributed approximately $106.2 million to and held a 30% membership interest in the Peak Gold JV and received distributions of $160.5 million. During the six months ended June 30, 2026, the Company received cash distributions of $18.0 million. The following table presents the condensed unaudited results of operations for the Peak Gold JV for the three and six month periods ended June 30, 2026 and 2025 in accordance with US GAAP:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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|
June 30, 2026 |
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June 30, 2025 |
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|
June 30, 2026 |
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|
June 30, 2025 |
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Revenue |
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$ |
124,997,378 |
|
|
$ |
195,062,829 |
|
|
$ |
258,967,821 |
|
|
$ |
363,292,223 |
|
Cost of sales |
|
|
(78,438,505 |
) |
|
|
(85,591,495 |
) |
|
|
(154,526,580 |
) |
|
|
(164,214,219 |
) |
Gross profit |
|
|
46,558,873 |
|
|
|
109,471,334 |
|
|
|
104,441,241 |
|
|
|
199,078,004 |
|
Other expenses |
|
|
(15,594,240 |
) |
|
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(18,384,055 |
) |
|
|
(30,949,181 |
) |
|
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(33,590,612 |
) |
Net Income |
|
$ |
30,964,633 |
|
|
$ |
91,087,279 |
|
|
$ |
73,492,060 |
|
|
$ |
165,487,392 |
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The Peak Gold JV income does not include any provisions related to income taxes as the Peak Gold JV is treated as a partnership for income tax purposes. As of June 30, 2026 and June 30, 2025, the Company's cumulative investment in the Peak Gold JV exceeded its cumulative losses, which allowed the Company to recognize its investment of $51.2 million and $56.2 million, respectively.
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