| Schedule of Segment Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2026 |
|
Exploration |
|
|
Peak Gold JV |
|
|
Corporate and other reconciling items |
|
|
Consolidated |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Claim rental |
|
$ |
(141,851 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(141,851 |
) |
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
Johnson Tract |
|
|
(1,950,725 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,950,725 |
) |
Lucky Shot |
|
|
(3,033,863 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,033,863 |
) |
Dolly Varden |
|
|
(6,858,104 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,858,104 |
) |
General exploration |
|
|
(421,690 |
) |
|
|
— |
|
|
|
— |
|
|
|
(421,690 |
) |
Total exploration |
|
|
(12,264,382 |
) |
|
|
— |
|
|
|
— |
|
|
|
(12,264,382 |
) |
Depreciation |
|
|
(37,277 |
) |
|
|
— |
|
|
|
(2,647 |
) |
|
|
(39,924 |
) |
Accretion |
|
|
(85,429 |
) |
|
|
— |
|
|
|
— |
|
|
|
(85,429 |
) |
General and administrative |
|
|
(153,671 |
) |
|
|
— |
|
|
|
(5,108,221 |
) |
|
|
(5,261,892 |
) |
Total expenses |
|
|
(12,682,610 |
) |
|
|
— |
|
|
|
(5,110,868 |
) |
|
|
(17,793,478 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from equity investment in Peak Gold, LLC |
|
|
— |
|
|
|
9,289,390 |
|
|
|
— |
|
|
|
9,289,390 |
|
Total income/(loss) from operations |
|
|
(12,682,610 |
) |
|
|
9,289,390 |
|
|
|
(5,110,868 |
) |
|
|
(8,504,088 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME/(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income |
|
|
— |
|
|
|
— |
|
|
|
903,033 |
|
|
|
903,033 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
(936,304 |
) |
|
|
(936,304 |
) |
Gain on derivative contracts |
|
|
— |
|
|
|
10,308,985 |
|
|
|
— |
|
|
|
10,308,985 |
|
Gain on metal sales |
|
|
— |
|
|
|
605,226 |
|
|
|
— |
|
|
|
605,226 |
|
Gain on marketable securities |
|
|
— |
|
|
|
— |
|
|
|
541,959 |
|
|
|
541,959 |
|
Total other income |
|
|
— |
|
|
|
10,914,211 |
|
|
|
508,688 |
|
|
|
11,422,899 |
|
INCOME/(LOSS) BEFORE INCOME TAXES |
|
$ |
(12,682,610 |
) |
|
$ |
20,203,601 |
|
|
$ |
(4,602,180 |
) |
|
$ |
2,918,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
Exploration |
|
|
Peak Gold JV |
|
|
Corporate and other reconciling items |
|
|
Consolidated |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Claim rental |
|
$ |
(270,112 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(270,112 |
) |
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
Johnson Tract |
|
|
(2,817,084 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,817,084 |
) |
Lucky Shot |
|
|
(5,967,178 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,967,178 |
) |
Dolly Varden |
|
|
(6,858,104 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,858,104 |
) |
General exploration |
|
|
(456,832 |
) |
|
|
— |
|
|
|
— |
|
|
|
(456,832 |
) |
Total exploration |
|
|
(16,099,198 |
) |
|
|
— |
|
|
|
— |
|
|
|
(16,099,198 |
) |
Depreciation |
|
|
(74,220 |
) |
|
|
— |
|
|
|
(5,294 |
) |
|
|
(79,514 |
) |
Accretion |
|
|
(167,761 |
) |
|
|
— |
|
|
|
— |
|
|
|
(167,761 |
) |
General and administrative |
|
|
(332,591 |
) |
|
|
— |
|
|
|
(8,793,142 |
) |
|
|
(9,125,733 |
) |
Total expenses |
|
|
(16,943,882 |
) |
|
|
— |
|
|
|
(8,798,436 |
) |
|
|
(25,742,318 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from equity investment in Peak Gold, LLC |
|
|
— |
|
|
|
22,047,618 |
|
|
|
— |
|
|
|
22,047,618 |
|
Total income/(loss) from operations |
|
|
(16,943,882 |
) |
|
|
22,047,618 |
|
|
|
(8,798,436 |
) |
|
|
(3,694,700 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME/(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income |
|
|
— |
|
|
|
— |
|
|
|
1,773,053 |
|
|
|
1,773,053 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
(1,856,012 |
) |
|
|
(1,856,012 |
) |
Loss on derivative contracts |
|
|
— |
|
|
|
(8,717,397 |
) |
|
|
— |
|
|
|
(8,717,397 |
) |
Gain on metal sales |
|
|
— |
|
|
|
1,277,539 |
|
|
|
— |
|
|
|
1,277,539 |
|
Loss on marketable securities |
|
|
— |
|
|
|
— |
|
|
|
(192,270 |
) |
|
|
(192,270 |
) |
Total other expense |
|
|
— |
|
|
|
(7,439,858 |
) |
|
|
(275,229 |
) |
|
|
(7,715,087 |
) |
INCOME/(LOSS) BEFORE INCOME TAXES |
|
$ |
(16,943,882 |
) |
|
$ |
14,607,760 |
|
|
$ |
(9,073,665 |
) |
|
$ |
(11,409,787 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
379,444,032 |
|
|
|
51,271,809 |
|
|
|
66,100,350 |
|
|
|
496,816,191 |
|
Total Liabilities |
|
|
(2,156,138 |
) |
|
|
(61,479,229 |
) |
|
|
(101,668,152 |
) |
|
|
(165,303,519 |
) |
Net Assets/(Deficit) |
|
$ |
377,287,894 |
|
|
$ |
(10,207,420 |
) |
|
$ |
(35,567,802 |
) |
|
$ |
331,512,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2025 |
|
Exploration |
|
|
Peak Gold JV |
|
|
Corporate and other reconciling items |
|
|
Consolidated |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Claim rental |
|
$ |
(115,315 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(115,315 |
) |
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
Johnson Tract |
|
|
(977,408 |
) |
|
|
— |
|
|
|
— |
|
|
|
(977,408 |
) |
Lucky Shot |
|
|
(17,369 |
) |
|
|
— |
|
|
|
— |
|
|
|
(17,369 |
) |
General exploration |
|
|
(43,692 |
) |
|
|
— |
|
|
|
— |
|
|
|
(43,692 |
) |
Total exploration |
|
|
(1,038,469 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,038,469 |
) |
Depreciation |
|
|
(18,696 |
) |
|
|
— |
|
|
|
(2,541 |
) |
|
|
(21,237 |
) |
Accretion |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
General and administrative |
|
|
(30,904 |
) |
|
|
— |
|
|
|
(3,083,148 |
) |
|
|
(3,114,052 |
) |
Total expenses |
|
|
(1,203,384 |
) |
|
|
— |
|
|
|
(3,085,689 |
) |
|
|
(4,289,073 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from equity investment in Peak Gold, LLC |
|
|
— |
|
|
|
27,326,184 |
|
|
|
— |
|
|
|
27,326,184 |
|
Total income/(loss) from operations |
|
|
(1,203,384 |
) |
|
|
27,326,184 |
|
|
|
(3,085,689 |
) |
|
|
23,037,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME/(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income |
|
|
— |
|
|
|
— |
|
|
|
326,609 |
|
|
|
326,609 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
(2,033,871 |
) |
|
|
(2,033,871 |
) |
Loss on derivative contracts |
|
|
— |
|
|
|
(12,844,803 |
) |
|
|
— |
|
|
|
(12,844,803 |
) |
Gain on metal sales |
|
|
— |
|
|
|
959,453 |
|
|
|
— |
|
|
|
959,453 |
|
Gain on marketable securities |
|
|
— |
|
|
|
— |
|
|
|
6,427,915 |
|
|
|
6,427,915 |
|
Total other income/(expense) |
|
|
— |
|
|
|
(11,885,350 |
) |
|
|
4,720,653 |
|
|
|
(7,164,697 |
) |
INCOME/(LOSS) BEFORE INCOME TAXES |
|
$ |
(1,203,384 |
) |
|
$ |
15,440,834 |
|
|
$ |
1,634,964 |
|
|
$ |
15,872,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2025 |
|
Exploration |
|
|
Peak Gold JV |
|
|
Corporate and other reconciling items |
|
|
Consolidated |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
Claim rental |
|
$ |
(224,154 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(224,154 |
) |
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
Johnson Tract |
|
|
(1,215,457 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,215,457 |
) |
Lucky Shot |
|
|
(208,943 |
) |
|
|
— |
|
|
|
— |
|
|
|
(208,943 |
) |
General exploration |
|
|
(74,072 |
) |
|
|
— |
|
|
|
— |
|
|
|
(74,072 |
) |
Total exploration |
|
|
(1,498,472 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,498,472 |
) |
Depreciation |
|
|
(49,896 |
) |
|
|
— |
|
|
|
(4,963 |
) |
|
|
(54,859 |
) |
General and administrative |
|
|
(188,504 |
) |
|
|
— |
|
|
|
(5,373,613 |
) |
|
|
(5,562,117 |
) |
Total expenses |
|
|
(1,961,026 |
) |
|
|
— |
|
|
|
(5,378,576 |
) |
|
|
(7,339,602 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from equity investment in Peak Gold, LLC |
|
|
— |
|
|
|
49,646,218 |
|
|
|
— |
|
|
|
49,646,218 |
|
Total income/(loss) from operations |
|
|
(1,961,026 |
) |
|
|
49,646,218 |
|
|
|
(5,378,576 |
) |
|
|
42,306,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME/(EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income |
|
|
— |
|
|
|
— |
|
|
|
558,549 |
|
|
|
558,549 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
(4,781,584 |
) |
|
|
(4,781,584 |
) |
Loss on derivative contracts |
|
|
— |
|
|
|
(53,320,459 |
) |
|
|
— |
|
|
|
(53,320,459 |
) |
Gain on metal sales |
|
|
— |
|
|
|
2,130,273 |
|
|
|
— |
|
|
|
2,130,273 |
|
Gain on marketable securities |
|
|
— |
|
|
|
— |
|
|
|
6,654,375 |
|
|
|
6,654,375 |
|
Total other income/(expense) |
|
|
— |
|
|
|
(51,190,186 |
) |
|
|
2,431,340 |
|
|
|
(48,758,846 |
) |
LOSS BEFORE INCOME TAXES |
|
$ |
(1,961,026 |
) |
|
$ |
(1,543,968 |
) |
|
$ |
(2,947,236 |
) |
|
$ |
(6,452,230 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
53,156,804 |
|
|
|
47,397,378 |
|
|
|
71,397,045 |
|
|
|
171,951,227 |
|
Total Liabilities |
|
|
(1,910,751 |
) |
|
|
(103,657,337 |
) |
|
|
(41,284,850 |
) |
|
|
(146,852,938 |
) |
Net Assets/(Deficit) |
|
$ |
51,246,053 |
|
|
$ |
(56,259,959 |
) |
|
$ |
30,112,195 |
|
|
$ |
25,098,289 |
|
|