Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 5.Leases
We have entered into various lease agreements, primarily for equipment at our operations, which we have determined to be finance leases. At June 30, 2026, the total liability associated with the finance leases was $0.7 million (December 31, 2025: $0.2 million), with $0.2 million (December 31, 2025: $0.1 million) of the liability classified as current and $0.5 million (December 31, 2025: $0.1 million) classified as non-current. The assets related to these finance leases are recorded in Buildings and Equipment, net, on our consolidated balance sheets and totaled $0.7 million as of June 30, 2026 (December 31, 2025: $0.2 million), net of accumulated depreciation. During the six months ended June 30, 2026, expense related to finance leases was $0.08 million (June 30, 2025 - $nil) for amortization of the related assets, and $0.01 million (June 30, 2025 - $nil) for interest expense. Our finance leases as of June 30, 2026, had a weighted average remaining term of 3.5 years and a weighted average discount rate of 7.0%. At June 30, 2026, the annual maturities of finance lease commitments, including interest, were (in thousands of U.S. Dollars):
We have entered into various lease agreements, primarily for our corporate offices and land at our operations, which we have determined to be operating leases. At June 30, 2026, the total liability balance associated with the operating leases was $3.0 million (December 31, 2025: $0.03 million), with $0.7 million (December 31, 2025: $0.03 million) of the liability classified as current and $2.3 million (December 31, 2025: $nil) classified as non-current. The right-of-use assets for our operating leases totaled $3.0 million as of June 30, 2026 (December 31, 2025: $0.03 million). During the six months ended June 30, 2026, operating lease expense and cash paid for operating leases included in operating activities totaled $0.3 million (June 30, 2025 – $0.02 million) and $0.3 million (June 30, 2025 - $0.02 million), respectively. Our operating leases as of June 30, 2026 had a weighted-average remaining term of 3.96 years and a weighted average discount rate of 8.5%. At June 30, 2026, the annual maturities of undiscounted operating lease payments, were (in thousands of U.S. Dollars):
|